Appraisers Are Not My Favorite People in the world

First a Quick Poll Do you Think Appraisers Should See a Purchase Contract Before Appraising a home?

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     I recently helped a family get into a beautiful home over in the Val Vista Lakes community.  The home is 2911 St, two story with 4 bedrooms, 3 full bathrooms and a loft.  The home Was listed at $330,000 and with my help and negotiation skills we were able to get the seller down to $310,000 for the sales price with $1,500 paid towards our closing costs.  The buyer stated and I quote , “I am as happy as a pig in mud”  classic and comical.

     So we got off to a good start we were $21,500 below list price.  The average home was listed for $133 a sf, we just locked down our contract at a value of $106 a sq ft.  There were some minor repairs that needed to be done from when we did our walk through. But we still needed to get into our deep dark home inspection and really break down the integrity of the home.school reports 2

     The DAY OF THE INSPECTION.  The home is in pretty good shape except the roof has some minor issues.  We got a licensed roofer, well actually 2 roofer’s to come out and inspect the roof more thoroughly.  To replace the roof it would be $6,500 dollars, to just make repairs it would be about $1500. ( Yea $6500 to replace the roof, Hit me up if you need a good roofer that is cheap ).  So not to big of a deal.  We are $21,500 below the list price of the home and $27 below the average price per sq foot for the community.  We are still in great shape.

     DAY THE APPRAISAL COMES IN –  The lender calls me up and says congrats the appraisal came in at the contract price.  My response was not  excitement.  I was not happy with the results and asked the lender to forward me a copy to review.  Upon reviewing there was not one comparable that the appraiser used that supported the low $310,000 sale price in fact he used homes that were $20 to $30 thousand dollars more. One  was $27 a sq foot more than our property. If you take 2911 sq feet x $27 a sq ft that equals $78,597, just a small difference here, right?  Now you may be wondering why I was upset.  Well when your client thinks they are getting a great deal and the appraisal only comes back at the purchase price of the home, some buyers get discouraged and want to back out.

     Luckily I had explained to the buyers that it was very likely that we would get an appraisal just like the one we received because appraisers now a days are too conservative and worried that the banks will get upset with them if they appraise the home higher.  Now this brings me to my thought process, appraisals are supposed to be done by a non biased, licensed 3rd party to the transaction.  Well if the appraiser is supposed to come up with the true value of the home, the appraiser should never receive a copy of the purchase contract.  They don’t get a contract when they do appraisals for a refinance!

    Make sure you educate your clients before hand to help set the expectations so that you don’t have a deal killer later.

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Ahwatukee HOT LIST of 4 Bedroom Homes Under $300k

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Your Ahwatukee HOT List of 4 Bedroom Homes Under $300,000

Here you will find access to the latest listing in the Ahwatukee area for under $300,000 dollars. These 4 bedrooms homes sell very quickly in the 85044 & 85048 zip codes. We have got the quickest and most up to date access to all these high demand homes in the Ahwatukee area.

Stop RentingAhwatukee is a very family oriented community, with award winning schools, South Mountain recreational area for hiking and mountain biking, clean parks, pecos swimming pool and skate park. People want to live here so they can be a part of all these amazing attractions. The Ahwatukee entertainment district down on Ray road provides an AMC theater, restaurants and shopping for everyone to enjoy. Ahwatukee is also located in a very convenient location next to to I-10 Freeway, US 60 Free Way, South 202 Freeway and 15 minutes from Phoenix Sky Harbor Airport.

Phoenix Area Homes

We thank you for reading about the Ahwatukee area and we hope you find our HOT LIST tool beneficial. Reminder all our clients are enrolled in the VIP BUYER Program with People’s Mortgage and American Family Insurance. You receive a Free Home Warranty, Free Appraisal and 12 Months Free Home Owners Insurance. As a VIP BUYER you also get our 100% satisfaction Guarantee. If the home we help you purchase makes you unhappy after 18 months we will sell the home for FREE!

THE HOT LIST OF 4 BEDROOM HOMES IN AHWATUKEE UNDER $300K CLICK HERE

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Phoenix and Surrounding areas New FHA rules for past Homeowners that did a SHORT SALE can now buy again

Short Sales New FHA Guidelines for

Former Arizona Homeowner can now Buy Sooner

buying home after short sale

As a Short Sale Specialist in Arizona we know bad things happen to good people.

So don’t let your previous short sale paralyze you into thinking that you are not able to purchase a home again anytime soon.  This means that potential home buyers in the Phoenix, Ahwatukee, Gilbert, Chandler & Mesa areas in Arizona who would like to take advantage of the low rates and buy a home in the Phoenix area should contact us today 480-239-5468 and we can put you in touch with a lender to find out if you qualify for the Back at Work Program FHA. This is your second chance and its important to start the process now and learn about all the new guidelines available.

If your thinking about a short sale in Phoenix, Ahwatukee, Gilbert, Chandler & Mesa areas in Arizona, now is the time to start the process.

The worst thing you can do is nothing, if your falling behind on your mortgage or facing a hardship. Not only are the new FHA rules, helping homeowners who have previously had a short sale or foreclosure.

Phoenix Area HomesThese new rules are going to add a new group of buyers in the market, this may be the perfect opportunity to short sell your home and take advantage of all the new short sale guidelines. If you have had a short sale in past here is your chance to purchase a home again. There are some amazing homes on the market in Phoenix and surrounding areas.

 

 

What about the Taxes?

HomeSmartTop08There may be tax consequences to a Short Sale but every situation is unique. You may have been told that you should not do a short sale because you will get a 1099 and have to pay taxes on the difference between what you owed on your property and what you sold it for. That might be true, but it is not the whole truth.

If you borrow money from a bank and the bank cancels or forgives your debt, you might have to include the cancelled amount in income for tax purposes, depending on your personal situation.  When you borrowed the money you weren’t required to include the loan proceeds as income because you were obligated to repay the lender.

When a obligation to repay is forgiven, the amount you received from your loan is normally reported as income because you don’t have an obligation to repay the lender. The lender is typically required to report the amount of that canceled debt to you and to the IRS on a Form 1099-C, Cancellation of Debt.

The thing that most people won’t tell you is that with a Foreclosure, you will also get a 1099. With a Foreclosure the 1099 is called a “1099-A”  and the ‘A’ stands for “Acquisition or Abandonment of Secured Property”. It is critical to understand that while there are a number of differences, the tax consequences for the ‘C’ and the ‘A’ are the same. Because of The Mortgage Debt Relief Act of 2007 you may not even be required to pay taxes on the ‘income’ as shown on the 1099-C. However, don’t assume that you don’t have to pay these taxes. While we are very good at successfully closing Short Sales, we are not tax experts.

Before making your final decision, we always suggest that you first consult a CPA or Tax Preparer.

You may also want to check out some information regarding The Mortgage Debt Relief Act of 2007. It provides relief to many, many homeowners. For more information on the Mortgage Debt Relief Act, how it works, who it applies to, and more, please read more directly from the IRS website. Read The Mortgage Debt Relief Act of 2007.

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Why the Bank Would Say YES!

ready-to-sell (2)With the foreclosure boom in the United State, lenders were looking for any way they could to minimize their foreclosure losses. Basically, it is much more cost effective for a lender to agree to a short sale instead of a foreclose on a home.

Lenders aren’t in the business of owning real estate and collecting monthly mortgage payments, so a bank will take a minor loss on a short sale to start that payment cycle again.

In addition, if the home is in foreclosure, a bank must pay for upkeep, insurance, landscape, repairs, Legal Fees and other costs.  Plus, through the foreclosure process, the bank would incur legal and court fees that are in the thousands.  But most importantly is the lost time to do a foreclosure.

*Banks Can minimize their loss by up to 30% of completing a short sale instead of a foreclosure*

Thinking_of_selling_on_your_own_pros_and_consHomeSmartTop08

Homes for sale by Ward Traditional Academy Elementary School in Tempe Arizona

Homes For Sale By WARD TRADITIONAL ACADEMY Elementary School

WARD TRADITIONAL ACADEMY Elementary School

1965 EAST HERMOSA DR Tempe AZ 85282

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Find homes for sale near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ. Our For Sale property information is a direct feed from the Arizona MLS and is updated multiple times per day.

The homes near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ have easy access to schools, shopping, freeways and parks. You will love coming home to your Home Near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ every day!

To find out what your home near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ is worth, fill out this simple form.

Awesome Schools

school reports 2To get local school scores and more information about the Elementary and High schools serving the WARD TRADITIONAL ACADEMY Elementary School Area, check out Tempe School Reports on my website, put the zip code in click search then scroll down till you see the map and the report.

Super Convenient Tempe Location

WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ is conveniently located in Tempe AZ. This location offers convenient access to several parks, freeways, restaurants, grocery stores and shopping malls. Here is a list of a few 3 miles or less from the school.

  1. I-10 Freeway
  2. 101 Freeway
  3. Harkins Arizona Mills
  4. Tempe Diablo Stadium
  5. LA Fitness
  6. AMF Bowling Center
  7. Shalimar Golf and Country Club
  8. Tempe Parks & Recreation
  9. Sea Life Aquarium
  10. YOYO Yogurt
  11. Ted’s Jumbo Red Hots
  12. Rainforest Café
  13. Outback Steakhouse
  14. Whole Foods Market
  15. Sprouts Farmers Market
  16. Fry’s Food Store
  17. Albertson’s

 

Find out about everything that is nearby to WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ including places of worship.

  1. Worship Center Christian
  2. University Presbyterian Church
  3. Tempe Church of Nazarene
  4. Tempe Church of Christ
  5. Our Lady of Mt Carmel Church
  6. Oasis House Church
  7. Lamb of God Christian Center
  8. King of Glory Lutheran Church
  9. Grace Community Church
  10. Church of Jesus Christ of LDS

The homes near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ are a great place to call home. You will not be disappointed if you end up living here. You can find homes for sale near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ (if there are any available today) as well as all available Tempe AZ homes for sale on my website.

Community Information

  1. Median Household Income by Tempe is $50,616
  2. 23.67% of people in the area have completed their bachelors degree
  3. 21% of People in the area are married
  4. The Median age is 31 years old
  5. Estimated 4952 homes in the area have children

Affordable Low and No Down Payment Options

Phoenix Area HomesHomes near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ are approved for several types of financing with low or no down payment required. Find out what programs you qualify for. VA Zero Down Financing approved, FHA financing approved, Tempe Housing Finance Programs, Conventional Financing approved. Learn more about How To Buy A House With A Low Down Payment In Tempe AZ.

Free Market Report For The Homes Near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ

The data used this Free Market Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Call or email anytime to discuss how this information can benefit you!

Thank you for reading about the Homes near WARD TRADITIONAL ACADEMY Elementary School in Tempe AZ!

Provided courtesy of the Bradley Potter, PLLC Home Selling Team Homesmart Realty Hire a positive and proactive Team of Realtors to help you find your next home! Call or text 480-239-5468 for information on Buyer’s Representation Services (NO COST TO HOME BUYERS) Search entire Arizona MLS for FREE at www.MyPhoenixAreaHomes.com/search Get a FREE report on YOUR HOME’s Value at www.MyPhoenixareahomes.com/sell Like us on Facebook! Facebook.com/BradleyPotterteam

Sold Homes In Tempe AZ by WARD TRADITIONAL ACADEMY Elementary School

Homes for sale by Curry Elementary School in Tempe Arizona

Homes For Sale By CURRY Elementary School

CURRY Elementary School

1974 E MEADOW DR Tempe AZ 85282

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Find homes for sale near CURRY Elementary School in Tempe AZ. Our For Sale property information is a direct feed from the Arizona MLS and is updated multiple times per day.

The homes near CURRY Elementary School in Tempe AZ have easy access to schools, shopping, freeways and parks. You will love coming home to your Home Near CURRY Elementary School in Tempe AZ every day!

To find out what your home near CURRY Elementary School in Tempe AZ is worth, fill out this simple form.

Awesome Schools

school reports 2To get local school scores and more information about the Elementary and High schools serving the CURRY Elementary School Area, check out Tempe School Reports on my website, put the zip code in click search then scroll down till you see the map and the report.

Super Convenient Tempe Location

CURRY Elementary School in Tempe AZ is conveniently located in Tempe AZ. This location offers convenient access to several parks, freeways, restaurants, grocery stores and shopping malls. Here is a list of a few 3 miles or less from the school.

  1. I-10 Freeway
  2. 101 Freeway
  3. Harkins Arizona Mills
  4. Tempe Diablo Stadium
  5. LA Fitness
  6. AMF Bowling Center
  7. Shalimar Golf and Country Club
  8. Tempe Parks & Recreation
  9. Sea Life Aquarium
  10. YOYO Yogurt
  11. Ted’s Jumbo Red Hots
  12. Rainforest Café
  13. Outback Steakhouse
  14. Whole Foods Market
  15. Sprouts Farmers Market
  16. Fry’s Food Store
  17. Albertson’s

 

Find out about everything that is nearby to CURRY Elementary School in Tempe AZ including places of worship.

  1. Worship Center Christian
  2. University Presbyterian Church
  3. Tempe Church of Nazarene
  4. Tempe Church of Christ
  5. Our Lady of Mt Carmel Church
  6. Oasis House Church
  7. Lamb of God Christian Center
  8. King of Glory Lutheran Church
  9. Grace Community Church
  10. Church of Jesus Christ of LDS

The homes near CURRY Elementary School in Tempe AZ are a great place to call home. You will not be disappointed if you end up living here. You can find homes for sale near CURRY Elementary School in Tempe AZ (if there are any available today) as well as all available Tempe AZ homes for sale on my website.

Community Information

  1. Median Household Income by Tempe is $50,616
  2. 23.67% of people in the area have completed their bachelors degree
  3. 21% of People in the area are married
  4. The Median age is 31 years old
  5. Estimated 4952 homes in the area have children

Affordable Low and No Down Payment Options

Phoenix Area HomesHomes near CURRY Elementary School in Tempe AZ are approved for several types of financing with low or no down payment required. Find out what programs you qualify for. VA Zero Down Financing approved, FHA financing approved, Tempe Housing Finance Programs, Conventional Financing approved. Learn more about How To Buy A House With A Low Down Payment In Tempe AZ.

Free Market Report For The Homes Near CURRY Elementary School in Tempe AZ

The data used this Free Market Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Call or email anytime to discuss how this information can benefit you!

Thank you for reading about the Homes near CURRY Elementary School in Tempe AZ!

Provided courtesy of the Bradley Potter, PLLC Home Selling Team Homesmart Realty Hire a positive and proactive Team of Realtors to help you find your next home! Call or text 480-239-5468 for information on Buyer’s Representation Services (NO COST TO HOME BUYERS) Search entire Arizona MLS for FREE at www.MyPhoenixAreaHomes.com/search Get a FREE report on YOUR HOME’s Value at www.MyPhoenixareahomes.com/sell Like us on Facebook! Facebook.com/BradleyPotterteam

Sold Homes In Tempe AZ by CURRY Elementary School