What Can I Buy for a Thousand Bucks a Month in the West Valley?

Let's say that you really want to buy a house, but you only have a budget of around $1000 a month? What does that buy you in the West Valley of Phoenix? Check out the list below for a sampling of what that grand gets you with the following "small print": Monthly payment is $1000 or less, including principal, interest and FHA mortgage insurance Assumes an FHA loan with an interest rate of 4.25% or less Assumes a down payment of 3.5% or more Does not include property taxes, home insurance, utilities or HOA fees. Actual mortgage terms are estimated and subject to change based on your individual borrowing power Interested … [Read more...]

Phoenix Real Estate Market – May 2012 – INSANITY

The insanity is not just continuing, it's out of control. Inventory is still falling, prices are climbing, and tears are flowing as buyers suddenly realize the home-ownership train is leaving the station without them. Here are the cold hard numbers and a couple of survival tips for you! Kristin LaVanway Kristin@HereInPhoenix.com 480-282-7464 … [Read more...]

Phoenix Real Estate Investing – It Ain’t Rocket Science!

Fix and flips? Rental properties? Everybody dreams of success in real estate investing, right? But where to start?? It really boils down to three easy steps: 1. Plan your strategy - are you setting long term or short term goals? For long term goals you are looking for buy and hold opportunities - rental properties. For short term plans, you will be buying property then re-selling it right away. You need to know which way you are heading to you can develop a successful strategy. 2. Know your numbers - Depending on your strategy, you can use some simple rules to determine which properties are the best candidates. For fix and flips, yoiu will … [Read more...]

Loan Mod Scams from the Grave!!

Unbelievable how far these loan mod scammers will go!! Watch out for GINO! Oh yes, lucky me, I got a call from my lender, CitiMortgage, extending an offer to modify my loan. Only problem there is that my house was foreclosed on 6 MONTHS AGO! I had to check this out...turns out it wasn't exactly CitiMortgage., but Gino from the United Mediation Group in California. What followed was a classic scam pitch which, if I bit would end up costing me thousands and put me a worse financial situation with my lender (well, former lender). The pitch contained many red flags that hinted that Gino and his buddies were not exactly straight shooters. Yes, … [Read more...]

Can the Bank REALLY Lock Me Out?

The Answer May Surprise You...OK, Not Really... Before her house was foreclosed on, a friend of mine discovered that she had been locked out by the lender...can they do this? You bet they can! There is plenty of language in most deeds of trust to allow banks to take measures to "protect" the property that is securing the note, including entering the property without your permission and changing the locks. Seriously... … [Read more...]

Hey Short Sale Buyers: You May Be Writing The Check, But You Are Not Calling the Shots

Short sale negotiations are between the Seller and the Seller's Creditors...while the Buyer waits Everybody knows that a short sale is a real estate transaction in which the proceeds from the sale are less than what's owed on the property. But sometimes buyers forget that the Seller's creditors have complete control over that deal - they can change the terms or cancel the deal altogether. Unlike a typical real estate transaction, a short sale requires approval from multiple entities, including the lender or lenders, mortgage insurance companies, investors, government entities like Fannie Mae and Freddie Mac...the list goes on and on. The … [Read more...]

Lease Purchases & Lease Options: Are They A Good Idea?

Is a lease option or lease purchase a good option after a foreclosure or short sale? Lease purchases - where the buyer leases with a purchase contract in place - and lease options - where the buyer leases with an option to buy in the future - have most often worked much better for the seller than the buyer.  In both the lease option and lease purchase, the buyer pays upfront money - usually 1% of the purchase price or more - as an earnest money deposit or an option fee - and a higher amount in rent, a portion of which is credited at the time of purchase. If you want to buy a house, but can't currently qualify for a mortgage, this alternative … [Read more...]

How Long After A Short Sale Or Foreclosure Before I Can Buy A House?

Fannie Mae publishes new guidelines for home purchases after short sale or foreclosure The new Fannie Mae guidelines defining the waiting period required for a home buyer after a short sale or foreclosure are probably just the first of many tweaks to the guidelines that govern the mortgage industry. The new guidelines clearly define how long a homebuyer must wait, and how much they must provide as a down payment after one of these events has occurred. The new guidelines give a clear indication that policies will be shifted to support the re-entry of homebuyers into the real estate market after losing their him. This is an important step in … [Read more...]

How Much Will It Cost Me To Do A Short Sale?

When you sell your home in a short sale, how much does it actually cost the Seller? Just like a lot of things in real estate, the answer depends on your situation. That's why it is always advised to seek legal and financial counsel when considering a short sale. Contact me at kristin@hereinphoenix.com or 480-282-7464 … [Read more...]