Category Archives: Bank REO

Will a Foreclosure Affect my Job?

So can a foreclosure not only affect your credit but also your job? Well I guess that would depend on your job.

Certainly potential employers look at a prospective employees credit before hiring them and and if the job entails having a security clearance there seems to be a strong possibility that a credit mark like a foreclosure may be enough to disqualify someone, based on what I was reading from the U.S. State Departments website under the

Adjudicative Guidelines for Determining Eligibility for Access to Classified Information page guideline F – financial considerations 19a states “inability or unwillingness to satisfy debts “ sounds like foreclosure to me.

So it seems credit is not the only reason to consider a Short Sale for a distressed homeowner. For more information on the current market value of your Arizona home as well as additional short sale information including the short sale advisory guide from the Arizona Department of Real Estate, you can find that here.

As always, no matter if you want to keep your home or not I cannot stress enough the importance of learning the possible tax ramifications, from possible capital gains (yes even if you see no money) to you under all scenarios from a tax professional as well as your legal rights and possible ramifications of any possible deficiency of the amount owned the lender by contacting a real estate attorney so that you can make informed decisions.

This information is for general informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.

Will 2012 be the Year of “Short Sale Home for Sale” ?

According to the recently released mid-month pricing update and forecast from the Cromford Report, sales prices continue to increase across the valley, REO inventory continues to go down and Short Sale homes for sale hits a new record high.

As REO inventories continue to decline the sales prices of both REO and short sale homes for sale have been going up. I would be surprised to see that change as we finish the 4th quarter of 2011.

As we go into 2012 with significantly less REO inventory than we had at the beginning of 2011 and as many of the distressed homeowners who actually pay a professional to prepare their tax returns next spring learn from those tax professionals that the The Mortgage Debt Relief Act of 2007, which generally allows taxpayers to exclude income from the discharge of debt on their principal residence and  applies to debt forgiven in calendar years 2007 through 2012. Talk to your tax professional or visit the IRS website to see if you would qualify. I would not be at all surprised if in 2012 we saw a jump in the number of short sale homes for sale, if this takes place no doubt many of the buyers would be investors as REO properties have been a favorite for them the past couple of years and with that supply dwindling they will need inventory from somewhere.

equal housing opportunity

 

 

 

 

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax advisor to obtain further information you deem necessary. I want you to be prepared.

Homes for Sale in Queen Creek – Market Report Prices Increase Again

We have been talking about shrinking inventories for months (down to 67 days compared to 140 one year ago), particularly REO inventory, according to the Cromford Report.

Bank owned homes for sale in Queen Creek are down significantly to 30% of the market compared to bank owned homes for sale in Queen Creek a year ago at 44% of the market. Short Sale homes for sale in Queen Creek currently make up 36% of the market, up from 26% of homes for sale in Queen Creek a year ago sold as a short sale.

Homes for Sale in Queen Creek for example were selling at $58.19 per square foot as of 11/03/2011, up from $52.45 /sf on 5/06/2011 and prices of Queen Creek Homes for Sale are up over 4% for the year.

There are some listing brokers than believe that as the REO ( a favorite for investors ) inventories will continue to decline in 2012, they expect HUD inventories will increase, which will benefit any owner occupants that want to buy a home at the current market rates, which is less than you can build one for. ( subject to change I’m sure)

To do a Property Search of the MLS for homes for sale in the valley.

To search bank owned homes for sale in the east valley.

 

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.


 

Richard D Chapin, PLLC - Realtor

equal housing opportunity

Bank Owned Homes for Sale in Queen Creek – Prices up slightly

Bank Owned Homes for Sale in Queen Creek – Prices up slightly.

The Cromford Report published it’s mid mouth update the other day with no surprises, with REO inventories continuing to decrease and as a result the prices for those bank owned homes is increasing. Short Sale homes for sale in Queen Creek and the surrounding area are increasing in number although the selling prices have decreased.

This summary mirrors pretty closely to what is happening in the Queen Creek, San Tan Valley area where we have seen an incredible volume of distressed sales take place in the past couple or years or so.

Bank Owned homes for Sale in Queen Creek

 

In Queen Creek and San Tan Valley, while sales are down slightly from last month, sales are still higher than the same period last year. With inventory levels at a ( sellers market ) low 71 days, and the inventory of bank owned homes for sale in Queen Creek and San Tan Valley representing a smaller percentage of that inventory it is not surprising that according to the Cromford Report sales prices in Queen Creek are up 3.9% compared to last year.

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.

 

 

Queen Creek Homes for Sale

Queen Creek Homes for Sale – Market Report Prices Increase

Queen Creek Homes for Sale – Market Report Prices Increase

That’s right!! For months I’ve been  talking about shrinking inventories, particularly REO inventory, according to the Cromford Report Trustee Sales in Maricopa County AZ in September 2011 were 2689 compared to 4808 in September 2010( 44% fewer). Of which only 1280 single family homes went back to the lender, the fewest number since November of 2007, 61% fewer than the lenders received back in September of 2010.

I’ve been stating for months that price is a lagging indicator following a decrease in inventory and telling people inventories have been going down, and asking, when will prices start to increase?

Homes for Sale in Queen Creek for example were selling at $57.10 per square foot as of 10/06/2011, up from $52.45 /sf on 5/06/2011 and prices of Queen Creek Homes for Sale are up 4.3% for the year.

Ok, so maybe you missed the bottom, but the good news is you may still be able to  invest in a home for less than you can build one for. ( subject to change I’m sure)

To do a Property Search of the MLS for homes for sale in the valley.

To search bank owned homes for sale in the east valley.

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.

 

San Tan Valley Homes for Sale – 130’s or – San Tan Valley Homes for Sale – from 70’s

San Tan Valley Homes for Sale – 130’s or – San Tan Valley Homes for Sale –  from 70’s

Yesterday I was driving by a local community and noticed the big sign the builder had up saying homes starting in the 130’s and the best part was the big red star in the upper right hand corner of the sign that said Last Chance.

That sign reminded me of a conversion I had a few weeks ago with an investor “suspect” , he hasn’t made it to investor prospect status. This suspect had told me he didn’t think it was a good time to invest in a house in the area.

When I saw that sign I felt like shooting a picture and sending it to him ( but I didn’t) because I happen to know of several houses that same builder build 2 and 3 years ago that are listed as bank owned or short sale starting at 71k. As a matter of fact I was in one that closed about a month ago that was move in ready that sold for 58k which was over the listing price at the time so that would have been a better time.

But even a 71k slap a little lipstick on it ( new carpet, paint the inside, a few scented candles ) for 59 thousand less.

Some are seeing the opportunity they have and taking action. Some are watching what is happening, and some will wake up someday and wonder what the heck happened.

And in all fairness their some see the opportunity and would like to take advantage of the opportunity now but don’t think they have the money to invest. For those people see my previous post about self-directed IRA‘s

To search bank owned homes for sale in San Tan Valley.

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.

 

Seller Carrybacks – owner carries – lease options

Seller Carry backs – owner carries – lease options are making a comeback.

For the past couple of years or so I have been in many conversations where a realtor refers to a normal sale ( like it’s really rare ) or how they can’t wait till the market gets back to normal.

Guess what change happens this is normal now. Are these people waiting for the government to do something or for the banks to do something. Well guess what the government gave the banks the taxpayers money to fix the problem can’t you see it was taken care of years ago( neither can I)?

Don’t wait for the banks to fix the problem or the government to fix the problem with even more taxpayer money. The people are going to have the fix the real estate market.

We are about to enter another stage in the real estate crisis and its the people and free markets without government interference that will get us trough in my humble opinion. WE in Arizona have seen an incredibly high number of foreclosures and short sales in recent years, many families loosing their homes, so now we have all these people that would like to buy a home, many are working and may have the money for a down payment but do you think the bank will give them a loan anytime soon. And so we have a need, who will fill the need? the banks? The government? Guess again seller carry backs, owner carries, lease options these are not new words back in the 1960’s &1980’s ( before we became accustom to easy financing from banks ) 30% of the marketplace was alternative financing of one form or another ( lease option, owner carry back etc..) Americans will create the solution.

I just today was introduced to a new concept that I think will be commonplace in a half a dozen years ( main stream media should catch on in about 5 years I think ) I can’t go into details yet because the program isn’t scheduled to launch until early next year, but it sounded to me as a revolutionary concept that will benefit those displaced former homeowners as well as an opportunity for any investors. This program doesn’t’ involve banks or the government. Stay tuned for more program I am really excited about it and think we may just look at home ownership a whole different way

To search for bank owned homes for sale in the east valley.

 

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.

Thinking about doing a Short Sale or a Foreclosure?

Thinking about doing a Short Sale or a Foreclosure?

Have you considered the short and long term credit and financial implications of walking away from your property and allowing it to be foreclosed on?
Learn what are realistic expectations for a potential outcome before doing so. Whether you opt for a Short Sale or Foreclosure, there will be a impact on your credit.

Before you decide to walk away from your property and allow it to be foreclosed on, we feel it is important to consider all of the short and long term credit and financial implications of doing so. Make an informed decision about getting the help you need.
Whether you are successful in your short sale your home or allow your home to go into foreclosure, I recommend expert advice one involving whether Arizona’s “anti-deficiencystatutes would apply.

I cannot stress enough the need to seek legal counsel for each individual case and how they may or may not be affected with their individual circumstance.
The other area would be in the area of any possible Tax Consequences as a result of any forgiveness of debt by the lender. Again each individual should seek advice of any impact in their individual circumstance.

Contact me to discuss the options that may be available to you.

Real Estate investing – in your – IRA

Real Estate investing – in your – IRA

Are you giving up control of Your retirement plan?

How’s your 201K plan doing? Maybe you should take control, could you do any worse? Maybe you should rollover your 401k or IRA into a self-directed IRA, and you decide what to invest in.

Maybe its time you considered real estate investing, historically, over time real estate has appreciated in value.

Even with the sales price of homes in the past few years has dropping by a greater percentage than it did even during the Great Depression, if you had purchased (with your self-directed IRA) a rental property even 10 years ago, not only should you have had positive cash flow (your IRA growing in value, tax deferred) and if you sold it now( even after that huge drop in price) you should have sold it for considerably more than you bought it for just 10 years ago (your IRA growing in value, tax deferred) (and your renter is the one that gave your IRA the money ).

So why is the money in your retirement plan ALL wrapped up in wall street? If you were told that is the only option, you were part of the truth, that is not your only option it may be their only option, you can go somewhere else, but I don’t suppose they want to suggest that to you. You should have been told, the custodian (Company your plan is with) doesn’t offer any other option, after all they obviously have a securities license, so what do they offer – only securities, go figure.

I would suggest to you if your financial adviser or whoever told you can’t invest in anything but wall street in your retirement plan, that unless you are married to them, you fire them. If you are married to them then do them a favor an enhance their knowledge by referring them to IRC section 408 of the Internal Revenue Service code.

A self-directed IRA is a retirement plan that allows you to choose where to invest your IRA money as permitted under IRA rules. Under your direction, your plan can invest in real estate such as commercial, residential, rentals, undeveloped land, foreclosures, rehabs, lease options, as well as limited partnerships, LLC’s, notes, commercial paper and many other holdings.

To search bank owned homes for sale in the east valley.

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared. Anything I can do to help, just ask!

Take back control of Your retirement plan.

 

Short Sale homes in Johnson Ranch – San Tan Valley AZ homes for Sale

Short Sale homes in Johnson Ranch – San Tan Valley AZ homes for Sale

Johnson Ranch is a master planed community in the San Tan Valley AZ, just south of Queen Creek AZ.
The Johnson Ranch community not only offers affordable homes, but many of the amenities include: community recreation centers, playgrounds, pools, spas, lighted basketball/tennis courts as we as the Johnson Ranch golf course, a 18 hole championship golf course open the the public. Johnson Ranch homes for sale are not only affordable but, homes for sale in Johnson Ranch, offer a genuine value with the many amenities, designed for an active Family lifestyle.
Whether you are looking for a personal residence and/or investment property to produce passive income for you through positive cash flow, you owe it to yourself to check out the Johnson Ranch homes for sale today.


To search for Bank owned Johnson Ranch homes.
To search for Short Sale Johnson Ranch homes.

This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.