From the monthly archives: March 2009
The seller may; Accept your offer Ignore your offer and not respond at all Reject your offer outright Make a counter offer to your offer Counter Offers The original offer you made was likely 9+ pages but the counter offer is usually only one page. The seller’s counter offer will only change the things in [...]
This was an interesting story about an historic adobe home in Paradise Valley, Arizona. A historic Paradise Valley home was sold last month after it went to foreclosure in August. The 1.67-acre property northwest of McDonald Drive and Invergordon Road includes one of the area’s original adobe homes, built in 1931 by Duncan MacDonald. The [...]
Maybe. That 52-inch flat screen TV might come with the home. The question really is, “What is considered to be part of the home – like a door – and what is considered to be part of the personal property of the seller – like a chair – which is not part of the home [...]
I just updated the zip code real estate notebooks in the right hand column. For a brief analysis of the current Phoenix, Arizona real estate market, play the video below.
Second homes: Rain, rain stays away almost every day in Scottsdale, Ariz. Scottsdale has a lot to offer the second-home owner, but much of the appeal can be summed up in one word: sunshine. That is the forecast for as many as 330 days each year, coupled with famously low humidity — which, combined with [...]
“Yet the FDIC has turned up the heat on Petrucelli’s bank, giving it an apparently rare “needs to improve rating,” for not making more risky loans under the Community Reinvestment Act.”
Fannie Makes Life Harder for Condos The government-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%. In addition, the company won’t back loans for sales in buildings where 15% of current owners are delinquent on association fees or where more than 10% [...]
Price (green line) The median single family home price in metro Phoenix of homes sold via the MLS fell to $127,900 in February 2009. The median home price in Phoenix, Arizona hasn’t been that low since January 2001. At $127,900, the median home price in metro Phoenix has fallen 52% from the peak median home [...]
Theoretically, you could write an offer on a restaurant napkin but nearly all Arizona home purchases use a pre-made contract form. Many different contract forms are used to transfer ownership of residential real estate in Arizona. For example, most every Arizona home builder has its own specially written contract and the builders require home buyers [...]
Jay Butler of Realty Studies at ASU came out with his Phoenix area residential real estate sales and median price numbers for February 2009. Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus (although they are apparently going to become part of the W.P. Carey School [...]
Just because a home is being sold “as is” does not mean there is no Inspection Period. Usually, you can still cancel a contract during the Inspection Period even if the home is being sold “as-is.” Listing a home “as is” is just the seller telling potential buyers that he does not intend to make [...]
Below is an email I received from Robyn Robertson of Suburban Mortgage. The Housing and Economic Recovery Act of 2008 has a tax credit provision which is designed to help first time home buyers purchase their first home. With low interest rates and declining house prices this is a wonderful opportunity to buy a home. [...]
“Only one home building permit was taken out in Chandler in February, the lowest monthly total since the city started keeping records 17 years ago and a far cry from the 300 to 400 monthly home construction permits before the recent downturn.” Arizona Republic
When you make an offer to buy an Arizona home, you can make your offer stronger by offering a higher price, of course. However, here is a way you can strengthen your offer that doesn’t cost you any money. Get pre-approved for a mortgage loan If you can show a seller that you will have [...]
“I had a $600,000 home but down-sized to a $300,000 home and didn’t even have to move.”
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