Real Estate Blog

HUD Waives 90-Day FHA Waiting Period
January 18th, 2010 12:31 PM
 

If you're looking to purchase a home using an FHA backed loan OR you want to purchase a home to renovate and sell (also known as a fix and flip), this is GREAT news!

You might want to know what the rule was to start with. Well, if a person purchased a home, they could not sell that home to a buyer who was using FHA lending for at least 90 days.  This was to prevent people from buying, increasing price for financing, then selling to "a friend" etc. to pull cash out of the home.  This was leading to over-inflated home prices in the past.  Now, however, we need investors to buy damaged homes and fix them up for resale. The waiver was severely hampering these investors, thus, stalling the home market recovery and shutting FHA buyers out of the newly renovated homes.

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, such as Arizona, HUD Secretary Shaun Donovan today announced a temporary waiver of the 90-day FHA waiting period. Many times, it doesn't take someone 90 days to repair a home for resale. 

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The waiver will take effect on February 1, 2010 and is effective for one year.  This waiver is limited to those sales meeting the following general conditions:

  • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
  • In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions (such as proof of the renovations costing 20%+ of the original cost)
  • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.


Posted by Lisa Bartlett on January 18th, 2010 12:31 PMPost a Comment (0)

Tourism give an economic boost to the West Valley
January 5th, 2010 11:09 AM

If you’re considering buying a home in the Valley and don’t know where to begin. You should really consider the West Valley: Glendale, Peoria, Surprise. I really think home values are stabilizing and these areas should be among the best for resale in the future. One reason is the tourism trade. This brings with it JOBS!

The recession has hit The Valley pretty hard, everywhere. Housing prices are down, foreclosures are up, commercial property sits vacant and people are losing there jobs. OK, pretty depressing. However, there is a bright spot: tourism in the West Valley.

The region was the only metro area in the Valley to have a month of positive growth in hotel occupancy compared with the previous year, Smith Travel Research reports. Hotels west of Interstate 17 were at 75.2 percent capacity in March, a 4.6 percent boost from the same month in 2008.

A large part of this can be contributed to baseball’s spring training in Glendale, Goodyear and Surprise.

"Spring training definitely has an influence," said Bobby Bowers, senior vice president of operations at Smith Travel Research.

Glendale particularly stood out for tourism growth in 2009, even as travelers shortened trips, hunted for bargains and canceled vacations.

The city saw an 8.9 percent jump in hotel stays from January to November compared with the same period a year earlier, including the rooms booked for Super Bowl XLII in 2008.

Other sports, such as college bowl games will also lend a boost to the economy. Fiesta Bowl numbers are expected to be quite high for businesses around the University of Phoenix Stadium in Glendale. Restaurants, sport memorabilia stores, hotels, rental cars etc. should all see a good business this week.

The Chicago White Sox and Los Angeles Dodgers, the two teams occupying the spring-training stadium that Glendale built on land it owns in west Phoenix, are known for having lots of fans who travel to see their teams warm up before the start of the regular season. Snowbirds from these areas often buy their homes with this in mind.

" The Glendale Visitor Center may soon turn into a full-fledged convention and visitor bureau, Pino said, if the number of visitors and business travelers to the city continue to surge.

Arizona Cardinals games at University of Phoenix Stadium and concerts at Jobing.com Arena also boosted hotel business, even though SpringHill Suites by Marriott is 9 miles north of the sports and entertainment district, at 78th Avenue and Bell Road, general manager Mina Bermudez said.

"We can have a really slow week, and then something's happening at University of Phoenix Stadium and we're booming," she said.

Although we have great events to draw in tourists, hotel rates were cut to make it even more attractive.

The average cost per night in 2009 was $106.44, down 15.4 percent from the 2008 average of $125.76, according to Smith Travel Research This is a smaller rate cut than other parts of the Valley, such as Scottsdale, but still quite considerable.

We have a lot of great things to do in Arizona. Come out and join us in the Valley of the Sun. If you’re interested in a vacation home or relocating to Arizona. Don’t hesitate to call or email me for information!

Have a wonderful day.


Posted by Lisa Bartlett on January 5th, 2010 11:09 AMPost a Comment (0)

Beware when choosing wood laminate flooring - Eco Forest not good quality
December 31st, 2009 10:37 AM

When choosing wood laminate flooring, you have much to consider: price, quality of the surface finish, thickness of the product and what underlayment you'll use.  You WILL get what you pay for.

If you want to stay on a budget, you can choose either a thinner "wood" that will feel and sound more like laminate, or you can choose a "cheap" thicker product that might have a not-so-durable finish. 

I looked at many products before I made my choice. I though I found a great deal when I found 12mm thick, hand scraped flooring at Floor and Decor for just $2.49 a square. The man at the store assured me would not scratch easily and that it would withstand both kids and large dogs.

Well, I put the flooring in, with much effort as it wasn't easy to "click together" like they said. Then, on day 1 we got our first scratch from a chair that weighs less than 20 lbs.  Today, I found a huge chip in the floor. I'm not abusing this floor in any way. It looks great, but now I'm very worried that it's going to get ruined in a short amount of time.

To stay within my budget, I now wish I'd chosen a more durable, well known product that might not look so "real" but would last for years.

So, if you want a real looking wood AND you have no kids, no dogs, and are gentle in that room, go for a bargain. However, research carefully if your floor will be getting regular use.

My review for Eco Forest flooring by Floor and Decor is STAY AWAY from it.


Posted by Lisa Bartlett on December 31st, 2009 10:37 AMPost a Comment (0)

Peoria Loose Trash Pickup Schedule for 2010 (Peoria, Arizona)
December 30th, 2009 3:44 PM

Don't forget to put your large trash items out on the spceified dates below.

It is only offered once a year, however, you can call and schedule a pick up for a small fee.  I believe it's around $25 for "normal" items.

For more information including a schedule map, you can visit the City's website at http://www.peoriaaz.gov/content2.asp?ID=813.

 

FROM THE WASTE COLLECTION WEBSITE FOR PEORIA, AZ:

Once a year, the City offers free pickup of large items from your home. The 2010 Loose Trash Cleanup Program will start the week of January 18, 2010 and end the week of May 24, 2010. Please view the map below to obtain your scheduled week of service. 

 View the 2010 Loose Trash Clean Up map » 

 This program is for residents with City of Peoria refuse collection services only. To setup refuse collection services with the City of Peoria, please call 623-773-7160.   If you have questions, please contact the Solid Waste Division at 623-773-7431.

 

Acceptable Items Unacceptable Items

Appliances: 
Stoves, refrigerators, washers and dryers
(Please remove doors on appliances to insure child and pet safety)

 

Furniture: 
Sofas, chairs, tables, bookcases, desks, patio furniture, exercise equipment.

 

Trees: 
Branches, tree limbs, bagged grass/leaves, cacti (boxed)

 

Wood: 
Fences, building material

Hazardous Waste:

Motor Oil, Paint, Paint Thinner, Cleaners, Gasoline, Batteries

Medical Waste

 

Inert Materials:

Rocks, Bricks, Dirt, Blocks, Concrete 

Auto Parts:

Tires,Auto Body Parts, etc.

 

Misc. 
Roofing Material, Separate Glass doors/windows, animal feces

 

Guidelines

 To ensure that your items are picked up on a timely manner, please follow these guidelines:

  • DO place loose trash out on Thursday before your scheduled week and no later than 6:00 am on the Monday of your scheduled service week.
  • DO place loose trash curbside, at edge of property or end of driveway.  Items should be 5 feet away from parked cars.
  • DO remove, tape, or tie doors to all appliances to ensure they remain closed as a safety precaution.
  • DO place cacti in sturdy boxes, cut tree limbs into 5 - 8 foot sections and stack so all point in same direction.
  • DO NOT place loose trash near to or behind parked vehicles, fences, utility boxes, water meters, vehicles,mailboxes or other fixed objects.  Your items WILL NOT be picked up.
  • DO NOT place loose trash over sprinklers, cable boxes, near ornamental borders or on grass/desert landscaping.  It is the responsibility of the resident to maintain landscaping if disturbed by equipment.
  • Items that are close to a structure, in backyards, garages or vacant lots will not be collected.
  • Maximum Per Household is: 2000 Pounds and/or 10 cubic yards (approx. the size of a minivan).

 If you have questions or need assistance with your schedule, please feel free to contact the Solid Waste Division at 623-773-7431.

Para solicitar este folleto en español por favor de llamar al Departamento de Sanidad al 623-773-7431.

The Solid Waste Division would like to thank you for your assistance and participation during the Loose Trash Cleanup Program. As a reminder, your refuse collection will change during the holidays observed by the City of Peoria. Keep informed of these changes by checking the Holiday Collection Schedule on this website, referring to your Solid Waste Collection and Information Brochure or contacting the Solid Waste Division.

For Hazardous Waste Disposal, click here for a list of the upcoming dates of the Household Hazardous Waste drop off events. You must have City of Peoria Residential Refuse Services to participate in this program.

For more information, contact us during our business hours, 6 am - 5 pm - Monday through Friday, at 623-773-7431or email us at SolidWaste@peoriaaz.gov. You can also call the 24 hour Solid Waste Service Information Line at 623-773-7441.


Posted by Lisa Bartlett on December 30th, 2009 3:44 PMPost a Comment (0)

Terramar Elementary Wins 2009 Award of Excellence
December 16th, 2009 7:30 AM

I am proud to announce that Terramar Elementary on 67th and Happy Valley Road has won the 2009 Award for Excellence.  Being the parent of one of the students, I can attest to the quality of teaching and the caring of the teachers at this school.  I can't say enough about how much they have done for my son, who is in kindergarten. He has some learning issues and everyone has gone above and beyond what I ever expected.  Thank you to Mrs. Tellier, Mr. Schmidt, Ms. Hicks, and Mrs. Sadler and all the staff!!!! Thank you! You guys rock!

Terramar School is currently reviewing the opportunity to become a Core Knowledge school.  The Deer Valley Unified School District will be selecting two in district schools to implement the Core Knowledge curriculum in grades preschool through 8.

What is Core Knowledge?

An Idea...that for the sake of academic excellence, greater fairness, and higher literacy, elementary and middle schools need a solid, specific, shared core curriculum in order to help children establish strong foundations of knowledge, grade by grade.

Core Knowledge markets themselves through the four S's:

*Solid

*Sequenced

*Specific

*Shared

Visit coreknowledge.org to learn more about the Core Knowledge philosophy and approach.


Posted by Lisa Bartlett on December 16th, 2009 7:30 AMPost a Comment (0)

What timezone is Arizona?
December 10th, 2009 8:12 AM

Hi Everyone:

Some people from outside of Arizona may not know this, but Arizona does NOT observe Daylight Savings. It makes it a bit confusing, especially if your job involves setting meetings or other contact with people across the United States and around the world.

Technically, Arizona is in the Mountain Time zone without Daylight Savings.  The effect of this is that Arizona is on the same time zone as Mountain Time states during the winter months. In the summer months Arizona is on the same time as Pacific Daylight Time states.


Posted by Lisa Bartlett on December 10th, 2009 8:12 AMPost a Comment (0)

Terramar and Westwing Meeting re: land at 83rd Ave/Happy Valley rezoning
December 5th, 2009 7:16 AM

I received this meeting notice and am passing it along to all residents of Terramar and Westwing.

EMAIL NOTIFICATION:

Residents of Terramar and West Wing are invited to attend a community meeting regarding the 78 acre parcel of land located north of Happy Valley Road and east of 83rd Avenue.  Aloravita, LLC ("Aloravita") is proposing a Minor General Plan Amendment for this parcel.
The proposed Minor General Plan Amendment seeks only to redesignate the property from its current designation to a Mixed-Use designation. Aloravita is not seeking to rezone the property at this time.

At the community meeting, Aloravita will present an overview of the proposed Minor General Plan Amendment and will be available to answer questions and provide more information. The community meeting will also afford area residents and business owners an opportunity to provide feedback and comment on the proposed amendment.

If you have questions about the meeting or the proposed amendment, please contact:

Lisa Urias
480-751-5569

What:  Community Meeting for Terramar Residents
When: Thursday, December 10, 2009
Time:  7:00 p.m.
Place:  Terramar Elementary School, Library, 7000 W. Happy Valley Road


Posted by Lisa Bartlett on December 5th, 2009 7:16 AMPost a Comment (0)

Home Warranty - What's covered, what's not and should I get one?
November 30th, 2009 11:45 AM

What is a Home Warranty:  It is like an insurance policy that covers some home repairs. You pay a yearly fee, around $350 - $500, and if you have a problem, such as a broken air conditioner, they will come out and fix it for just the charge of a service fee (usually around $35 - $65).  If the unit cannot be repaired, it will be replaced.

Not all home warranty policies are the same. The "basic" plan of most policies do NOT cover the refrigerator, washer, dryer and some other appliances. They will not repair anything that was broken before the purchase of the policy. If your home inspection states that the a/c was broken, then the home warranty will NOT fix it.  They do look at your home inspection when you purchase the plan during the home buying process.

Here is a very generic list of what MAY be covered when you get a home warranty with the purchase of your home:

NOT COVERED: refrigerator, washer, dryer - this can usually be purchased for an higher price upgrade. Might not be worth it if the appliances are new.

COVERED (generally):

Air Conditioning System

A/C Pre-Season Tune-up ($59 service fee)

Heating System

Heating System Tune-up ($59 service fee)

Evaporative Cooler

Ductwork

Plumbing System

Water Heater

Electrical System

Dishwasher

Range/Oven/Cooktop

Built-In Microwave

Garbage Disposal

Trash Compactor

Ceiling & Exhaust Fans

Central Vacuum

Pest Control Service

Sprinkler System and Timer

Re-Key Service

Termite Control Coverage

Garage Door Opener

Preferred Upgrade Coverage

Refrigerator & Ice Maker

Washer/Dryer

Service Call Fee

 


Posted by Lisa Bartlett on November 30th, 2009 11:45 AMPost a Comment (0)

Home Buyer's Tax Credic has been extended to June 30, 2010
November 6th, 2009 1:36 PM

President Obama today signed a bill extending and expanding the Federal Tax Credit for Home Buyers. The bill passed the U.S. House of Representatives yesterday and the U.S. Senate late Wednesday.  It's now official, the deadline for the first time home buyer's tax credit has been extended to June 30, 2010*. Also, current home buyers can now take advantage of a $6,500 tax credit in some cases.

The new provisions include the following changes:

  • *Taxpayers must purchase their home, or be locked into a contract to close, before midnight on April 30, 2010. The closing must occur before midnight on June 30, 2010.
  • The credit is allowed in full for those with incomes up to $125,000 ($225,000 if married filing joint). The credit is reduced for taxpayers with an income between $125,000 and $145,000 ($225,000 and $245,000 if married filing joint) and is not available for taxpayers with an income higher than $145,000 ($245,000 if married filing joint).
  • Taxpayers (and their spouses) who have lived in their home for five consecutive years out of the eight years preceding closing on a new house may qualify for a reduced credit ($6,500 or $3,250 for those who file separately

Posted by Lisa Bartlett on November 6th, 2009 1:36 PMPost a Comment (0)

Discount Fees for Home Sellers
November 6th, 2009 8:36 AM

To celebrate the newly expanded home buyer's tax credit, I'm offering a 1% discount on my fees to list your home for sale.  If you've been waiting to move, now's the time. Homes are indeed selling, a lot better than a year before.  Prices have leveled off, which is great. They even rose a tiny bit recently. 

If you'd like to know what your home is worth in today's market, please don't hesitate to call or email me.  I can provide a full price analysis, FREE for you with no obligation. I'm here to provide you any information you need to help you make your decision of whether or not it's time to sell your home.

If you're upsidedown in your home, you owe more than it is currently worth, and you would like to sell.  Ask me about "short selling" your home. 

 


Posted by Lisa Bartlett on November 6th, 2009 8:36 AMPost a Comment (0)

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