Elaine Beery, Short Sales, HAFA,Home Affordable Foreclosure Alternatives, near Mesa, Arizona

www.AzBuysHomes.com

Pending Sales of Existing Homes Swell by 3.5%: NAR

2011-01-03T21:21:00.000-07:00

The number of contracts signed for purchases of previously owned homes climbed again in November, according to data released by the National Association of Realtors (NAR) late last week. The organization’s pending home sales index rose 3.5 percent based on contracts signed in November. That follows a record 10 percent jump recorded for the month of October and beat even the most modest market expectations. The median forecast in a Bloomberg News survey pegged the November figure to come in 0.8 percent above the previous month. For the rest of the story please click on the link; http://www.dsnews.com/articles/index/pending-sales-of-existing-homes-swell-by-35-nar-2011-01-03

So although things aren't stable, there is a growth factor, and that tells us, it is only a matter of time!! If you need to sell, it is likely you will get a contact on your home, perhaps not for as much as you would like, but nonetheless, it will sell...and there is something to be said for that.

Call or email me if you have questions about this or any other topic in the Arizona Real Estate market! I would be happy to help in any way I can.

Take care,

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

www.AzBuysHomes.com

my blog

Happy New Year!! :)

2010-12-31T12:35:00.001-07:00

Every New Year’s Eve, people around the world sing Auld Lang Syne. But do they know what it means? Read this brief history below and be the smartest one at your New Year’s Eve gathering.

History of "Auld Lang Syne"

"Auld Lang Syne" started its life as a poem written by Scottish poet Robert Burns that was set to the tune of an old Scottish folk song. Although Burns' poem was dated to 1788, there are some lyrics that appear to have been taken from an earlier poem by James Watson, titled "Old Long Syne." It wasn't long before the song became traditional in Scotland and the British Isles as a folk song to be sung to commemorate the New Year. As folks from that area of the world emigrated to the States, they brought the tradition with them and it became enmeshed in American tradition.

"Auld Lang Syne" lyrics

The literal meaning of "Auld Lang Syne" is "Old Long Since," or "Long, Long Ago." The lyrics talk about raising a toast to days gone by and all the joyous adventures embarked upon between friends.

The most commonly remembered verse in America is the opening: "Should old acquaintance be forgot / and never brought to mind? / Should old acquaintance be forgot / and days o' lang syne?" These lines ask whether one can forget the days that have gone by and the friends with whom those days have been spent. Consecutive verses recall those days, before ending with the verse:

And there’s a hand my trusty friend
And give us a hand o’ thine
And we’ll take a right good-will draught,
for auld lang syne.

Happy New Year to you and yours.

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

www.shortsaleaz-elaine.blogspot.com/

www.AzBuyshomes.com

Mortgage Interest Rates on the Move Again ... Upward

2010-12-03T08:29:00.000-07:00

They’ve been sitting at half-century lows for months now, but that trend appears to have snapped as mortgage interest rates across the board rose again this week. One industry report released Thursday points out that long-term rates have been heading upward for three weeks straight; another says they’ve now hit a four-month high For the rest of the story click on

http://www.dsnews.com/articles/mortgage-interest-rates-on-move-againupward-2010-12-02

Ok get ready, this is what was inevitable, the mortgage rates are starting to go up again, slowly but steadily. If you are thinking of buying a home, now is the time…I know you hear that all the time no matter what is going on, but look at the facts.

· Prices are still very low

· interest rates are still around 4.5% or so,

· down payment requirements are starting at 3.5%

· your payments are lower now than paying rent!

How can you go wrong? In Arizona, Condo’s are starting at $50,000 and homes are starting around 80,000, yes you may have to do some fix up on these starting prices, but the inventory is great, so why not give me a call and we can start looking for your new home to start your new year off right!

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

www.AzBuysHomes.com

http://www.realtor.org/rmolaw_and_ethics/Articles/2010/1011_law_estoppel

Pitfalls of short sales- the buyer can control...

2010-11-08T14:09:00.001-07:00

There is nothing more frustrating than having the seller sign the contract on the short sale, the bank providing the acceptance letter to the short sale but there is a term that isn’t met, and the deal falls apart!

After your short sale contract is accepted, there are still things you need to know to get to the closing table and actually close the deal! Here are a few of the common things that have stopped the contract and they are are in control of the buyer, but you need to know what they are.

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

Poor scores for some of the biggest banks according to The Treasury Department ...

2010-10-02T09:08:00.001-07:00

Remove

Are you in Arizona and thinking of doing a short sale, asking the bank for help before it is too late and getting nowhere?? Did you try to do a loan mod, and the bank wouldn't work with you?? Well, take a look at this article and understand the problem is with the servicer of the loan. Article/ largest servicer graded poorly Call me if you have questions or if you are up against something and need help...I will do my best to give you good answers in a timely manner. Or go to my website at www.AzSellsHomes.com for more information!! Elaine Beery..."Beery Good Agent" with RE/MAX Achievers

Elaine Beery CSSN, ABR, SFR, CDPE, CNE

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

10 reasons it is a good time to buy.

2010-09-15T10:38:00.000-07:00

Everyone always asks me “with the market so crazy, is it a really good time to buy?” My answer is there really hasn’t been a better time! Read this article for explanation; http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html?mod=e2tw

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

http://www.dsnews.com/articles/shadow-inventory-shrinks-for-fifth-consecutive-month-barclays-2010-09-03

According to Barclays Capitol the Shadow Inventory Shrinks for Fifth Consecutive Month

2010-09-08T13:05:00.001-07:00

This is good news, the less inventory that is in the shadows, means the banks are doing what they should by getting the properties on the market, and selling them! Here is the link for the rest of the story;

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

http://www.dsnews.com/articles/foreclosures-and-late-stage-delinquencies-drop-2010-08-26

Has the Bleeding of the Housing Market Hindered?

2010-08-27T09:10:00.001-07:00

New Report shows Foreclosures and Late-Stage Delinquencies Drop

Ok, well here is a bit or refreshing news, perhaps we are not out from under the clouds, but I think there is sunshine coming! According to the Mortgage Bankers Association (MBA), Foreclosure starts dropped during the second quarter and the inventory of homes in the process of foreclosure fell for the first time since 2006. the market I am in is Metro Phoenix, Arizona, I can say there has been a bit of an increase, and the properties that look the best (beauty contest) and are price correctly will get multiple bids on them...and the ones that don't win the beauty and price contest don't get the looks or the bids.

Well enough of my theory, here is the link to the rest of the story!!

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

Striving to Exceed Your Expectations!!

2010-08-10T08:18:00.000-07:00

Zillow: Smaller Percentage of Homeowners Underwater in Q2

The percentage of borrowers underwater on their mortgage declined during the second quarter, but that welcome change of pace could come to an abrupt end as home values are again beginning to fall in markets across the country.

The real estate data provider Zillow reported Monday that negative equity — which refers to the percentage of single-family homeowners with mortgages who owe more on the loan than their home is worth — dropped to 21.5 percent in Q2.

That’s down from Zillow’s negative equity reading of 23.3 percent in the first quarter of this year, and 23 percent during the second quarter of 2009.
Zillow reports that home values in Q2 fell 3.2 percent year-over-year and 0.6 percent from the first quarter. It marked the second consecutive quarter of slowing declines. Based on Zillow’s market data, the national median home value last quarter was $182,500.

Meanwhile, home values in Florida and Arizona continued to show dramatic declines. In the Miami-Fort Lauderdale MSA, they fell 15.2 percent year-over-year, while home values in the Phoenix metro were down 11.8 percent from a year ago.
Humphries says markets like Miami and Phoenix are not yet showing signs of reaching a bottom in property values, with high inventory levels still proving to be a challenge.
He called the picture of individual local markets “a mixed bag,” but said nationally, home values are moving in the right direction as rates of decline continue to decelerate.

However, Humphries says there is a large unknown on the horizon, since second-quarter numbers are still heavily influenced by the federal homebuyer tax credits. Home sales are declining significantly in the post-tax credits environment, but the impact of falling home sales on already-declining home values is yet to be seen, according to Humphries.
“Recent trends in home values suggest the nation could reach a bottom in the latter half of 2010, but we continue to be cautious about the impact of declining home sales,” Humphries said.

Zillow also reported that foreclosures again reached a new peak in June, with more than one out of every 1,000 (0.11 percent) U.S. homes foreclosed on during the month.
According to Zillow’s study, foreclosure resales fell in June, making up 16.9 percent of all home sales during the month, down from a 2010 high of 19.8 percent in February. Foreclosure resales continued to be high in most markets hit hardest by value declines, the company said.
Additionally, Zillow found that more than one-fourth — 26 percent — of the homes sold in June went for less than what the seller originally paid.

Now, this is one companies/person's perception...I hope you enjoyed the read, and as always let's stay on top of this market!!

What is the market doing in Arizona?

2010-08-04T20:46:00.001-07:00

It is not just hot outside our market is picking up…

Fall is about to lower our temperatures, and bring the Kids back to school---So, I thought you might be interested in the year to date stats through July as compared to last year regarding MLS sales. As you can see we are slightly ahead of last year in closed units and up in both average sales price and median sales price. You will also note that Seller owned closings are slightly ahead of lender owned properties. Last year at this time 62% of the closings were lender owned as compared to 39% this year. Short sales have almost doubled in number and will continue to be a factor in our market and currently represent about 21% of the market. Seller owned property was only 27% of our closings last year as compared to 40% this year which is a good sign for our recovery. Finally, the active inventory currently is at 35,900 only slightly up from January when it was 33,400 while pending and AWC escrows seem to be holding steady at around 16,500 units.

		Closed	Avg SP	Median SP
Jan/July 2009	Lender Owned	33,242	$ 119,845	$ 95,000
	Short Sale	5,680	$ 192,345	$ 149,000
	Seller Owned	14,661	$ 265,321	$ 189,900
		53,583	$ 167,438	$ 122,000

Jan/July 2010	Lender Owned	21,784	$ 129,875	$ 103,000
	Short Sale	11,743	$ 165,767	$ 125,000
	Seller Owned	21,928	$ 228,395	$ 158,533
		55,455	$ 176,499	$ 127,000

Please let me know if you have any questions, or If you know anyone looking to buy or sell a home I would be happy to assist them. J

Take care,

Elaine Beery CDPE, ABR, SFR, CNE

RE/MAX Achievers

333 N Dobson Rd #5
Chandler, AZ 85224

Toll Free 1800-525-9471

BeeryRealty@gmail.com
www.AzBuysHomes.com

FAX 480-248-2826

Telephone:

480-570-1912

Want to always have my latest info?

Want a signature like this?

P Think Green. Please only print this email when necessary.

FW: 5 Things to do when thinking about Short Selling your home

2010-06-26T12:11:00.000-07:00

Navigating Short Sales: Who, When, and What to Do

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs. A short sale is different from a foreclosure, which is when your lender takes back the title of your home through a lengthy legal process and then sells it.

1. Consider Loan Modification First. If you are thinking of selling your home because of financial

difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender

may agree to a modification such as: (HAMP)

• Refinancing your loan at a lower interest rate • Providing a different payment plan to help you get caught up •

Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, or if your loan isn’t more than 31% of you income, a short sale could be your best option.

• Your property is worth less than the total mortgage you owe on it. • You have a financial hardship, such as a job loss, relocation or major medical bills, divorce, etc.

2. Hire A REALTOR. The first step to a short sale is to hire a qualified real estate professional and a

real estate attorney. Short sales have proliferated only in the last few years, you want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. If you don’t already have an agent/broker already selected that would be your first step. A qualified real estate professional can:

• Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

• Help you set an appropriate listing price for your home, market the home, and get it sold.

• Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs

permit, and some now require, that the short-sale status be disclosed to potential buyers).

• Negotiate the contract with the buyers and walk you through the process.

3. Begin Gathering Documentation BEFORE Any Offers Come In.

Your agent/broker or attorney will give you a list of documents your lender will require to consider a short sale. The short-sale “package”

that accompanies any offer typically must include:

• A hardship letter detailing your financial situation and why you need the short sale

• A copy of the purchase contract and listing agreement

• Proof of your income and assets to show you can NOT afford the monthly payments (Full disclosure is a must)

• Copies of your federal income tax returns for the past two years, etc. etc.

· They have 6 years to audit you, and if you do or make more that you initially tell the lien holders you could be facing serious charges, like loan fraud.

4. Prepare Yourself For What May Be A Lengthy Waiting Period. Even if you're well organized and have provided all the necessary documents, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to several months. When the bank does respond, it can:

• Approve the short sale, or

• Make a counteroffer asking, or

• Deny the short sale.

The last two actions can lengthen the process or put you back at square one. Your real estate attorney and/or real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.

5. Be Aware Of The Associated Financial Issues. Even if your lender does approve the short sale, it may not be the end of all your financial challenges. Here are some things to keep in mind:

• You may be asked for cash to settle your account by your lender or to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If we can put you into the HAFA program this will not happen and all debt it forgiven. (that is another article http://shortsaleaz-elaine.blogspot.com/2010/06/hafa-in-nutshell.html) If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about the best approach before you begin the process.

• Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay income taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify as not everyone does….or what other options are available to you.

• Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy. This issue is something your real estate attorney and or your Real Estate Professional can negotiate with your lender about during the process of securing the approval for the short sale.

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax

http://www.fanniemae.com/loanlookup/

HAFA in a nutshell

2010-06-24T11:48:00.001-07:00

Home Affordable Foreclosure Alternatives a quick overview…

There are many details and each person’s circumstance are different, to be certain you qualify please contact me.

Under the Making Home Affordable initiative there are several different government programs. HAMP is the loan modification program. This program allows loans owned or back by Fannie Mae and Freddie Mac to be modified. HAFA is the short sale program; it was created for the people who were not eligible for HAMP or who were not able to make it through the trial loan modification stage. HAFA does not allow for loans owned or backed by Fannie Mae and Freddie Mac to go through the program. That is what is currently in place, but major changes are happening as of August 1. For information on HAFA and the other programs under the Making Homes Affordable plan, please visit: www.makinghomesaffordable.gov.

Please note that as of August 1, 2010 Fannie Mae and Freddie Mac will be releasing their own HAFA programs which will then make the Fannie or Freddie loans eligible for this program. They do, of course, have their own specific stipulations, but will use the same documents as the current HAFA program.

Below are the criteria that the 1^st mortgage must meet in order to be considered for HAFA:

For a loan to qualify, it must meet the following criteria:

· The property is the borrower's principal residence

· The mortgage loan is a first lien mortgage originated on or before January 1, 2009

· The mortgage is delinquent or default is reasonably foreseeable

· The current unpaid principal balance is equal to or less than $729,750

· The borrower's total monthly mortgage payment exceeds 31 percent of the borrower's gross income (as defined in HAMP Supplemental Directive 09-013)

· The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac4

In order to find out if the property is owned or backed by Fannie Mae or Freddie Mac:

Fannie Mae:

1-800-7FANNIE (8am to 8pm EST)

Freddie Mac:

https://ww3.freddiemac.com/corporate/

1-800-FREDDIE (8am to 8pm EST)

To find out which loan servicers/banks are participating in HAFA, go to: http://www.makinghomeaffordable.gov/contact_servicer.html and click on “Show All Servicers.” This is a live link that is updated regularly. This site also includes the contact information for each servicer’s department that is handling HAFA/HAMP requests.

There are 2 ways to apply for a HAFA short sale. The first is if the seller/borrower has already applied for a HAMP loan modification and has been denied the loan mod, either during the trial period or before it started. Please use the attached RASS form to apply for a HAFA short sale if the seller meets the first mentioned criteria. The second way is by attempting a short sale without having applied for a HAMP loan modification. Please use the attached ARASS form to apply for a HAFA short sale if the seller meets the second mentioned criteria.

Each loan servicer/bank participating in HAFA/HAMP is required to follow of all the program’s guidelines, unfortunately many of these servicers do not know about this policy nor do they know what guidelines are. If the bank/loan servicer is not being responsive despite its obligations to the program, the short sale seller may contact Hope Now at www.HomeNow.com which is managed through HUD. HUD has a lot of weight with the lenders/loan servicers. The seller will be assigned to a local credit counselor who will help address the situation. The seller may also contact the National Association of Consumer Advocates at www.naca.net. This organization offers pro-bono attorney services.

Please let me know if you have any questions of there is anything at all we can do for you.

Elaine Beery

RE/MAX Achievers

480-570-1912 Direct

800-525-9471 Tolll Free

480-248-2826 Fax