It’s True! The lost tax savings for homeowners who waited too long, were not aware or were just playing ostrich will have potentially cost themselves thousands in lost debt relief tax savings after December 31, 2012. Debt Relief Act Ending Soon! The sand is quickly pouring into the bottom of the Mortgage Forgiveness Debt Relief [...]
Mortgage Forgiveness Debt Relief Act Will Cost Sellers $1000’s!
It’s True! The lost tax savings for homeowners who waited too long, were not aware or were just playing ostrich will have potentially cost themselves thousands in lost debt relief tax savings after December 31, 2012. Debt Relief Act Ending Soon! The sand is quickly pouring into the bottom of the Mortgage Forgiveness Debt Relief [...]
click here –>Phoenix Bank Owned, Fannie Mae properties roll out HomePath Buyer Incentives
Fannie Mae Rolls Out HomePath Buyer Incentives Fantastic HomePath buyer incentives for eligible Fannie Mae home buyers has just rolled out for the summer. The quick summary: if all conditions are met, owner occupant buyers can receive closing cost assistance of up to 3.5% of the final sales price from Fannie Mae with the latest HomePath buyer incentives. HomePath [...]
click here –>2 Ways to Strengthen Your Phoenix Home Offer without Increasing Price
Multiple Phoenix home offer scenarios requires Buyers to keep on their toes during negotiations This does not necessarily mean a higher purchase price. In this market, multiple offers on homes and competition among buyers can be common. There are ways to strengthen your Phoenix home offer other or in addition to raising the price to [...]
click here –>Is a Phoenix Home Warranty Worth the Money?
Phoenix Home Warranty Can Save Homeowners Money Now as much as ever homeowners are looking for savings where ever they can be found. With that thought in mind we ask, is a Phoenix Home Warranty worth the money? There is a Phoenix Home Warranty to fit every homeowner or Buyer With the price of a [...]
click here –>Best Phoenix Real Estate Rental Investment Areas
Get the best bang for your investment buck with Phoenix real estate… Right now veteran and novice investors alike from all over the World are flocking to Phoenix real estate opportunities and heavily focusing in the East and West Valley cities for obvious reasons. Phoenix real estate has suffered some of the greatest drops in [...]
click here –>Featured Gilbert Community–Chaparral Estates
Chaparral Estates in Gilbert, Arizona is a master planned community Chaparral Estates is about 20 miles SE of Phoenix and offers an abundance of parks throughout including a recreational park with a playground, basketball court, tennis courts and plenty of grassy areas as well as a K-8 school, Chaparral Elementary. It’s easy access to major freeways such [...]
click here –>Phoenix MLS is the BEST Buyer Home Search Tool
A Phoenix Realtor will utilize the Phoenix MLS (ARMLS) and FlexMLS portal to streamline your home search A Phoenix Realtor will have the greatest technology at their fingertips to assist you with your home search, primarily the Multiple Listing Service (MLS). For the purpose of this post we will be referencing the MLS used primarily [...]
click here –>11 Steps to Buying a Phoenix Home Series-Closing
Your almost ready to move into your Phoenix Home When do I get the keys? A question that is commonly asked by anxious home buyers anticipating getting settled into their sometimes long awaited Phoenix home. The answer=As soon as it records. In most cases Buyers can not take occupancy of their Phoenix home until the [...]
click here –>Event for Chase Struggling Phoenix Homeowners, Feb. 3-7
Phoenix Homeowners Assistance Event, February 3 – 7. Chase is holding an event for struggling Phoenix Homeowners. If you are considering doing a loan modification or currently working on one, or simply struggling with your payments and your currently have a home loan with Chase you may want to attend this Phoenix event. You can [...]
click here –>11 Steps to Buying a Phoenix Home Series-Accepted Offer!
This is a very happy day in the Phoenix home buying process Each buyers experience leading up to an acceptance on their Phoenix Home is unique. The acceptance of terms by both parties is a very delightful milestone when rejections, multiple offers and multiple counters are the norm. Next up: Open escrow on your Phoenix [...]
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It’s True!
The lost tax savings for homeowners who waited too long, were not aware or were just playing ostrich will have potentially cost themselves thousands in lost debt relief tax savings after December 31, 2012.
Debt Relief Act Ending Soon!
The sand is quickly pouring into the bottom of the Mortgage Forgiveness Debt Relief Act hour glass to forever vanish leaving wanton underwater Sellers no hope of the tax relief currently being offered through this unprecedented debt relief act.
What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007.
If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.
Depending on the situation, this would include homeowners who did a “short-sale” on their home due to a negative equity situation, or now commonly known as “being underwater” (this is where the value of the home is less than what is owed).
CRITICAL: Do NOT Delay and Come up Short…Know Your Options on Mortgage Forgiveness Debt Relief
If you are a homeowner who is facing imminent foreclosure, is uncertain of whether you owe more on your home than what it is worth or are considering a short sale or loan modification, please fill out the form below and we will be happy to provide you a professional Maximum Value market analysis of your home at no-cost or obligation.
This is important to you as a first step in determining what your best option is between foreclosure, bankruptcy, doing a short sale or considering a loan modification.
Know your options on debt relief – let us help educate you. I have a national network of experienced agents I work with across the United States, so whether you’re in Florida, New York or Arizona, we want to help you get educated about your options regarding the Mortgage Forgiveness Debt Relief Act before it’s too late.
Don’t Miss Out on the Mortgage Debt Relief Tax Savings You Deserve
Please fill out the form below and we will get you the information you need to know your options – we truly do want to help. Please don’t get caught missing out on the debt relief tax savings you deserve by delaying too long to make the decision to get out or take action.
It’s True!
The Debt Relief Act is Ending Soon!
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Phoenix Home – Costs vs Value…
This is a question consistently arising from Sellers and homeowners about what improvements or repairs should of should not be done to improve the value of a Phoenix home when preparing to market or remodel their home. One of the resource tools I’ve found handy you can use is Remodeling Magazines “Costs vs Value Tool“.
It compares data with their annual report on the relationship between remodeling costs and resale value. You can compare national and regional averages for 33-35 popular remodeling projects and you can also download a PDF with project data for any one of 80 U.S. cities, including Phoenix homes.
Phoenix Home city data for the projects include:
- City Job Costs
- City Resale Value
- City Cost Recouped
- City/Region Comparison
- City/National Comparison
Here’s the link to the 2010-2011 Phoenix Home city data:
Phoenix Home Data
Remodeling Magazines tool can help Phoenix Home-owners compare and answer some of these common homeowner questions:
- How do current year numbers compare to the previous three years for homes in Phoenix or in your city?
- Are national or regional averages for some projects improving or declining compared with 2007, 2008-09 and 2009-10 results in your area?
- Are some projects performing better for homes this year than in the previous three years?
- How do numbers compare to those in other markets to your hometown?
Remodeling Magazine offers three types of data comparison reports and the best part is they’re FREE:
Some of the top fixes I personally believe are critical due to increased buyer appeal are:
- Paint (Interior and Exterior)
- Yard Cleanup / Landscaping
- Fixtures / Appliance updating
- Update Flooring
- Update Front Door
If you are considering making a move, would just like to compare values or have a desire to search for a new Phoenix home…you can begin your search by clicking on the big Search for Listings button below.
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Fannie Mae Rolls Out HomePath Buyer Incentives
Fantastic HomePath buyer incentives for eligible Fannie Mae home buyers has just rolled out for the summer. The quick summary: if all conditions are met, owner occupant buyers can receive closing cost assistance of up to 3.5% of the final sales price from Fannie Mae with the latest HomePath buyer incentives.
HomePath Buyer Incentives Help HomePath Property Buyers Pay for Closing Costs
The HomePath buyer incentives will provide HomePath property buyers the ability to spend some of that hard-earned cash on decorating, fixing their place up or just bank it for future needs instead of on their closing costs. You can search for Fannie Mae homes at www.HomePath.com or you can search the MLS here for available HomePath properties. I’ve included a recent article from RIS Media about the HomePath buyer incentives below…
Fannie Mae Expands HomePath Buyer Incentives
RISMEDIA, Thursday, June 16, 2011— Fannie Mae (FNMA/OTC) announced the expansion of incentives to encourage sales of HomePath REO properties to owner occupants. Now through October 31, qualified buyers and selling agents can receive financial incentives on sales of HomePath properties, which can be found at www.homepath.com. The incentives are part of Fannie Mae’s commitment to neighborhood stabilization, and are available on sales to buyers who will reside in the home as their primary residence.
“Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover,” saya Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. “Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.”
The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to put towards closing costs. The incentive must be requested in the initial offer. Eligible initial offers must be submitted after June 14, 2011 and must close by October 31, 2011. Investor sales are not eligible for the incentive.
HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
In addition to the HomePath buyer incentives, a $1,200 bonus is available for selling agents in eligible transactions. The HomePath buyer incentives bonus is available if the initial offer is submitted on or after June 14, 2011 and the sale is closed by Oct. 31, 2011.
The stars are in alignment – HomePath buyer incentives are available AND rates and prices are down – a perfect opportunity to pick up an outstanding value and the perfect home. So get out there and find yourself a great HomePath property.
Homepath Buyer Incentives Terms and Conditions
- Buyers and/or selling agents (the agent representing the buyer) must request the HomePath buyer incentive upon submission of initial offer.
- Initial HomePath Buyer Incentive offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
- Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
- Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
- Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
- Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
- Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.
- Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
- Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.
NOTE: this incentive will be identified on the purchase contract, and must close by October 31, 2011 to receive the incentive from Fannie Mae.
If you’re in the market for a great home, I’d encourage you to utilize one of our HomeStyle Team buyer agents who are well versed in the HomePath Buyer incentives and specialize in HomePath properties.
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Multiple Phoenix home offer scenarios requires Buyers to keep on their toes during negotiations
This does not necessarily mean a higher purchase price. In this market, multiple offers on homes and competition among buyers can be common. There are ways to strengthen your Phoenix home offer other or in addition to raising the price to make your home offer more competitive.
1. Increase your Earnest Money to strengthen your Phoenix home offer
The earnest money is due once you enter a fully ratified agreement with a Seller and usually due within 24 hours or 1 business day. Unless otherwise negotiated the earnest money will remain refundable through your inspection period and if you are financing your Phoenix home purchase through the inspection period in the event the appraised value does not meet or exceed the purchase price and through closing day if for some reason you are unable to qualify for your loan. That being said a higher earnest money amount can make your offer more desirable to a Seller. Ask yourself, If everything else remained the same with two competing offers regarding price, loan type, inspection period, etc and you were the Seller would you consider the offer with $10,000 earnest money stronger than the offer with just $1,ooo?
2. Strengthen your Phoenix home offer by reducing inspection period time
This does not meant to waive your inspection period and this blog post does not advocate that you do so. Each property, each offer, and more importantly each Buyer is different with different comfort zones. Each Phoenix home offer is structured with terms on a case by case basis. With that being said it should be noted that a shortened inspection period time could be appealing to a Seller. This negotiation tactic is most practiced by Phoenix real estate investors that are happy with the condition as-is provided they get their offer accepted at a certain price. Also, this does not leave out the possibility to have a professional inspect the home before you even write your Phoenix home offer!
If you are a cash buyer than you will want to write an offer that can close in 5-7 business days or upon completing your Phoenix home inspection. Of course there are things out of your control such as the HOA taking their full 10 days to get the resale statement to the title company which could make your offer take longer to close but that’s okay. As long as your Phoenix home offer shows you are ready to close quickly with HOA and other parties permitting your offer will be stronger than a cash buyer asking for a full 30 day close for obvious reasons.
A good real estate agent will be savvy with effective negotiation strategies to increase the strength of your Phoenix home offer. Do you have any negotiation tactics that were successful? Please share your experiences regarding your Phoenix home offer with our readers by posting your comments below.
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