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Apache Junction, Scottsdale
Apache Junction, Scottsdale
Apache Junction, Scottsdale

Welcome to Saguaro Mountain Realty

  If you are thinking of buying a home in the next few months, you need to be aware of all the changes taking place. Many loan programs are lowering loan limits. Talk with a lender in your area to see how this will affect you.
 
Are you confused at all the information you hear on foreclosures. Most of it is confusing, you don’t know what to believe or how it will effect you. It is hard watching property values go down all around you.  Banks are not concerned with property values and sell houses cheap.

      I heard one realtor on TV say if you are $40,000 upside down  in your mortgage you should consider walking away and another realtor on a Home Real Estate Show say if you are $100,000 upside down in your mortgage it will take you 15 years to recoup the loss if you stay. How do you decipher all the information and how could the information work best for you?  What if you don’t qualify for any of the assistance out there and yet your neighbor is getting the loan modification with a 2% interest rate?

     I have heard from one client that did not made a payment for a year that their bank is working with them. Another client who went to the bank because of a pay cut at work and the bank said too bad, we are foreclosing as soon as possible, and did. I also know a seller that had a buyer, and a valid contract, the bank collected the mortgage insurance, while the payments were not delinquent, or upside down in equity, finally let the property close after 2 yrs. and then came after the seller for more money? (This in another state.)

 I know, for many Americans, it is very hard to think of having a foreclosure on a credit report. If a short sale works for you, then that is good, but please let me tell you a few things the banks will do. If you have two loans, you have to get permission from both lenders for the short sale. The lender in second position usually walks away with very little. Once you have a contract, the lender sends a letter stating what the bottom line is for the dollar amount they accept to release the deed and close you loan. The letter also states that the lender will turn in a 1099 c to the IRS for the amount of debt written off.  In one deal I was working on the seller was going to get a 1099 for $224,000. (Original Loan: $385,000—Short sale price: $174,000, Bank bottom line: $161,000.)  That is a lot to handle when it comes to tax season next year!

If you bank with the same institution that you home loan is with, consider moving your accounts elsewhere as one client I know had all accounts frozen and money taken ($25,000) by the bank (local) because of his debt owed. Yes, this is legal! He still lost his home and had no money for his family!

     One thing is for sure. There is no set system in the system. We made Banks gods when they were given TARP money with no rules, regulations, or guidelines.

     There is one thing to be learned from all of this, the people with good credit that didn’t over mortgage their home will get no benefits from the government programs while others may.

     Who will be hurt financially the most  is middle America! We will all pay and not all benefit.

Please call if you have any questions.

 

HOUSES, SELLERS, BUYERS, INSPECTORS, APPRAISARS, TITLE COMPANIES, LENDERS, LOAN DOCS...

OH MY...

CALL A PROFESSIONAL REALTOR TO MAKE SURE IT ALL GOES SMOOTHLY FOR YOUR TRANSACTION ON YOUR NEW HOME!!!

In today''s challenging Real Estate market, selecting the right real estate agent, whether buying or selling,  is crucial. The knowledge of an agent should be an important factor for a buyer and seller. Whether the sale or purchase is of a residental home or a 1031 exchange, let me put my knowledge to work for you. My goal is to make the transaction and transition go smoothly. I work mainly in the East Valley, but have sold homes throughout the Phoenix area. Let me put my experience to work for you

Saguaro Mountain Realty''s Flat Rate Fee allows you as a seller to price your home below the competition and walk away with more money.

Saguaro Mountain Realty

Not the biggest, just the best!!!

ALERT FOR BUYERS: REO PROPERTIES ARE OFFERING SPECIAL WARRANTY DEEDS UPON CLOSE OF ESCROW... FIND OUT HOW WELL THAT PROTECTS YOU IF A PROBLEM SHOULD ARISE WITH THE HOA OR ANY OTHER LIENS ON A PROPERTY. THIS DEED IS TO PROTECT THE SELLER NOT YOU!!!

INFORMATION FOR  BUYERS: WHEN YOU WALK INTO A HOME, IT IS FUN TO IMAGINE THE HOME WITH YOUR UPGRADES AND TOUCHES. FOR THE SELLER, THEY ARE USUALLY COMFORTABLE WITH THE HOME AND DO NOT SEE IT NEEDING A LOT OF UPGRADES. TRYING TO REDUCE THE PRICE BY YOUR UPGRADES DOES NOT USUALLY WORK FOR A SELLER AND THE SELLER DOES NOT UNDERSTAND IF YOU LIKE THE HOME AND ARE PUTTING IN AN OFFER,  WHY YOU ARE TRYING TO GREATLY REDUCE A PRICE WHEN AN APPRASAIL OR REALTOR COMP HAS TOLD A SELLER WHAT IS HOME IS WORTH.

BUYING A HOUSE SHOULD BE  A TEAM EFFORT.  YOU WILL BE WORKING WITH A REALTOR, TITLE COMPANY, AN INSPECTOR AND INSURER. EACH TEAM MEMBER HELPING YOU THRU EVERY STEP OF HOME BUYING.

ALERT FOR SELLERS: IF YOU ARE GOING TO DO A SHORT SALE, WILL THE BANK ALLOW YOU TO KEEP YOUR ASSESTS OR WILL THEY REQUIRE THEM TO BE SOLD. ALSO IF YOU BANK WITH THE SAME INSTITUTION THAT HOLDS YOUR MORTGAGE WILL THEY FREEZE YOUR BANK ACCOUNTS?

SHORT SALES: A SELLER IS ASKING THE BANK TO ACCEPT A LESSER AMOUNT OF MONEY THAN IS ACTUALLY OWED ON THE PROPERTY. IF THE SHORT SALE IS BANK APPROVED THIS MEANS THE BANK HAS GIVEN A DOLLAR AMOUNT THAT  CAN BE ACCEPTED AND THE PROPERTY CAN BE SOLD. IF THE SALE OF A PROPERTY IS NOT PRE-APPROVED, A REALTOR HAS SET A DOLLAR AMOUNT AND HOPES THE BANK WILL ACCEPT IT. THE PROCESS OF A SHORT SALE VARIES DEPENDING ON THE BANK. MOST SALES TAKE BETWEEN 60 AND 90 DAYS TO GET APPROVAL FROM THE BANK BEFORE AN INSPECTION PERIOD CAN BEGIN.

 

   Sandra Griffith

No Upfront Fees

Integrety, Honesty, Family Oriented

Multi-Million Dollar Producer

Designated Broker

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Saguaro Mountain Realty
2604 N. Robin Ct. • Mesa, AZ 85213
Phone: (602)568-5039 • Fax: 480 654 4242 (480)832-3101
Serving the White Mountains
Serving the East Valley