A look back and a view forward into the Phoenix real estate market!
Through the Eyes of Real Estate Experts, with over
100 years of experience and over 2 billion dollars in closed Sales. Plus, Mike Orr with the Cromford Report will be on hand to deliver the most up to date data trends for 2010.
Separating fact and fiction of where we are today and where we are going. Plus, a great Q&A session where the audience will get to “Ask the Experts”.
Current Relevant Topics to Include:
Short Sales, Top Banks’ Perspective, REO's
Education and data you can take with you
and apply to your every day transactions.
Panelists to include:
Sandra Wilken, Sandra Wilken Properties
Don Matheson, Scottsdale Arizona Golf Homes
Lester Cox, The Cox Team
Curtis Johnson, Curtis Johnson Realty
Kenny Klaus, The Kenny Klaus Team
Scott Gibson, Gibson Laughton Group
Mark Parris, Parris Homes, RE/MAX Renaissance Realty
Mark Monson, Branch Manager, Bank of America
Top Local Bank Representative
Reginald Givens, Arizona Department of Housing Program Coordinator
Cost will be $10 of which a portion of the proceeds will go to Habitat For Humanity.
Space is limited, Sign Up Today!
Contact: Jean Clements
Email: jean.clements@fnf.com
Phone: 480-214-4540
Location Details
Tempe Arts Center
700 W. Rio Salado Parkway
Tempe AZ 85281
Monday, December 28, 2009
Monday, December 21, 2009
The Anti-Deficiency Laws In Arizona Make It A Great Place To Invest
Arizona is one of a few states that have an Anti-Deficiency Statute on the books. As a result, it may be a good place for investors to consider buying property. As a whole, the market in Arizona has taken a huge hit. That may be bad for owners, but for investors it creates the perfect niche to investigate when attempting to purchase rental properties or simply build up a real estate portfolio.
Many homeowners have gone into foreclosure or are listing their homes as short sales, and banks are beginning to let these properties go for a significant amount less than is owed. The homeowners losing their properties generally have protection under our Anti-Deficiency statute, and cannot be pursued for the debt if their property was utilized as a single or two family dwelling, and on 2.5 acres or less. That means they are not on the hook for the debt in most cases and are now in the market to rent.
That’s where the investment comes in to play. Not only can an investor pick up properties for less than is owed or valued, he can also benefit from the protection that the statute provides in the case that he himself loses the property. The statute does not qualify any property as a primary residence in order to get protection from creditor, it simply must be utilized as a single or two family dwelling. That can include a rental property being rented out.
Not that anyone in the state wants to add to the foreclosure rates, but this information may make Arizona an attractive state for investors. An investor just may want to know that in the end, if he has to let the property go, he will be protected for now from the obligation of debt.
Mary Frances Coleman, JD
AVP/Default Services Division Manager
Fidelity National Title Insurance Company
60 East Rio Salado Parkway 11th Floor
Tempe, Arizona 85281
480.214.4559 (Direct)
mfcoleman@fnf.com
www.fntarizona.com
Many homeowners have gone into foreclosure or are listing their homes as short sales, and banks are beginning to let these properties go for a significant amount less than is owed. The homeowners losing their properties generally have protection under our Anti-Deficiency statute, and cannot be pursued for the debt if their property was utilized as a single or two family dwelling, and on 2.5 acres or less. That means they are not on the hook for the debt in most cases and are now in the market to rent.
That’s where the investment comes in to play. Not only can an investor pick up properties for less than is owed or valued, he can also benefit from the protection that the statute provides in the case that he himself loses the property. The statute does not qualify any property as a primary residence in order to get protection from creditor, it simply must be utilized as a single or two family dwelling. That can include a rental property being rented out.
Not that anyone in the state wants to add to the foreclosure rates, but this information may make Arizona an attractive state for investors. An investor just may want to know that in the end, if he has to let the property go, he will be protected for now from the obligation of debt.
Mary Frances Coleman, JD
AVP/Default Services Division Manager
Fidelity National Title Insurance Company
60 East Rio Salado Parkway 11th Floor
Tempe, Arizona 85281
480.214.4559 (Direct)
mfcoleman@fnf.com
www.fntarizona.com
Monday, December 7, 2009
2010 From A Banker’s Perspective
Currently in our market, quite a few of the business decisions being made in our real estate market are occurring out of state. Why is that? It is because so many of the properties in are market are owned by out of state banks; REO’s and Foreclosures are the front end of the transaction.
Our believe at Fidelity National Title is that 2010 will be the “Year of The Realtor”, putting Realtors in front of the transaction again. This will be transitioned through the new banking focus of Short Sales. When a bank sells a property as a Short Sale rather than an REO, Wachovia for example has saved $39,000 on average per property by going the Short Sale Route, rather than the REO route.
Short Sales will be 2010. Using Wachovia as another example, other banks will follow, they have also put in place a cash for keys program giving the seller $2500-$5000 in cash for doing a short sale rather than letting their property lapse into Foreclosure.
Banks do not want to pay a 3rd party negotiator or asset manager to handle the sale anymore. Remember, banks are new to this process and will needed some time to figure out how to get the properties going into foreclosure off of their books, hence, the year of the Realtor.
Tips for working with banks-
-BofA is a 60-90 Day turnaround time for an offer
-Wachovia is 42 days
-Wells Fargo will be soon to following
-When speaking with a bank, ask quick yes or no answers.
-Use your resources, at Fidelity, we have relationships with the top national banks.
-75%-85% of Trustee Sales are postponed
-Banks 1 year ago did about 6% of their business as Short Sales and now it is up to 24% and growing
For more information on Short Sale education, Short Sale Tools and Lead Lists call 480-214-4500 and ask for the Marketing Department or go to www.fntarizona.com and look for the Elite Short Sale Division link.
Our believe at Fidelity National Title is that 2010 will be the “Year of The Realtor”, putting Realtors in front of the transaction again. This will be transitioned through the new banking focus of Short Sales. When a bank sells a property as a Short Sale rather than an REO, Wachovia for example has saved $39,000 on average per property by going the Short Sale Route, rather than the REO route.
Short Sales will be 2010. Using Wachovia as another example, other banks will follow, they have also put in place a cash for keys program giving the seller $2500-$5000 in cash for doing a short sale rather than letting their property lapse into Foreclosure.
Banks do not want to pay a 3rd party negotiator or asset manager to handle the sale anymore. Remember, banks are new to this process and will needed some time to figure out how to get the properties going into foreclosure off of their books, hence, the year of the Realtor.
Tips for working with banks-
-BofA is a 60-90 Day turnaround time for an offer
-Wachovia is 42 days
-Wells Fargo will be soon to following
-When speaking with a bank, ask quick yes or no answers.
-Use your resources, at Fidelity, we have relationships with the top national banks.
-75%-85% of Trustee Sales are postponed
-Banks 1 year ago did about 6% of their business as Short Sales and now it is up to 24% and growing
For more information on Short Sale education, Short Sale Tools and Lead Lists call 480-214-4500 and ask for the Marketing Department or go to www.fntarizona.com and look for the Elite Short Sale Division link.
Subscribe to:
Posts (Atom)
Posts
