Your Arizona Realtor

Short Sales 2009

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Tue, 29 Sep 2009 20:39:31 -0500

I must say 2009 has been full of short sales and with more ARM's adjusting in 2010, I have a feeling there will be more in my future. I felt prompted to write something on short sales when I received a phone call from an agent in my brokerage. She said that she had been researching agents within our brokerage, which has 3000+ plus agents. She was looking for agents that are successful in closing short sales in a certain part of the city. She said, that my name came up a couple times as a "successful" short sale agent.

Wow! I am honored, and my head was so big for a few hours after the phone call. But, now worries, I'm back down to earth and my head can fit in the same room with my kids and hubby. With that said I wanted to share a bit about my short sale experience.

1. When I take a short sale listing I interview the home owners. I try and weed out people who may not qualify. I also educate them on the process and the uncertainty of the outcome. I never guarantee that I can get an approval, but I will do everything in my power to get your file in front of the right people at the bank/lender.

2. I interview the buyer's agent over the phone. I want to know if their clients are in it for the longhaul, and if they are willing to compromise if the bank/lender isn't willing to pay certain closing fees.

3. I eat, breathe and sleep short sales. I educate myself on each bank and learn their process. Every bank/lender has a different process and it helps to know where the file is, and where it will go next.

My favorite banks/lenders to work with have been Wells Fargo, GMAC, and Aurora Loan Servicing.

My middle rated bank is JP Morgan Chase. I find it is really hit or miss with them. BOFA/Countrywide is at the bottom of my list. They are so slow!!! I don't care I how well I interview the buyer's agent, they are never prepared for their snail like pace.

I am just learning about CitiMortgage and hope to have a positive experience with them.

If you are in the Phoenix-Metro area and think that your only option is a short sale please give me call. If you list with me you get more than 1 agent, you get the whole Phoenix Metro Group - brokered by HomeSmart.

Visit the Phoenix Metro Group at http://www.Phoenix-Metro.com. I am the group manager and would be happy to talk to you about short sales.

From extremely overinflated to extremely undervalued - Is middle ground even in sight???

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Wed, 05 Aug 2009 12:08:37 -0500

Ok – so for the most part most banks had ended their moratoriums at the beginning of spring. In my market Queen Creek/San Tan Valley, 95% of home sales results from a REO (bank owned foreclosure) or a short sale (owner owned pre foreclosure). As a result of the moratorium, REO’s slowly disappeared and short sales began to pick up. Even the lenders were banging out short sale approvals more quickly. And, for those of us that don’t list REO’s having listings that sell in this market is a great feeling!

So, my listing’s were selling, getting offers within 8 hours of hitting the market. As a result, I knew we were under priced. I started increasing my listing prices. And guess what? Even they sold in 8 hours!!!!

Now, I’m a little miffed. The buyers are really getting frustrated because they see all the low prices and after being out bid on 10 -15 homes they are not understanding that our market is way under priced!!! They want the home that’s listed at $50k for $50k – not $65k. Now that REO’s are picking up, it’s the banks that are grossly under priced. I know they want to unload their REO inventory to sell quickly, but it’s getting a little ridiculous. When the listing says “Home must be on the market for 5 days before we can submit offers”, it tells me that they are ready for the multiple offer situation. Why not just increase the price instead of playing games with the buyers??

You Can Buy This Home - Asking $7

Creative Financing Available

(This is not an offer to sell real estate - mearly a joke people)

I don’t mind writing up offers on homes, but even when they are offering full asking price plus almost $10k and we still lose out something has to change! Even after educating them on the market situation they still don’t want to pay the increased price. They are totally disillusioned and want the house for less. Sometimes even less than the asking price.

What I’m afraid of this – after educating them on the market, it’s going to turn into the scenario that we see so many times with sellers. You know – you’re home has been on the market for 3 months with no lookers. Perhaps your home is a little overpriced. You back that up with the comps from the house that sold down the street for $20k less. You show them all the details but they still don’t believe you. Then when the listing expires you find out they list with someone else and reduce the price!!! I’m afraid that I’m going to start losing buyers to other agents that “convince” them to start increasing their offers. How can I retain buyers like this?? Do I even want to? Of course I want to! My job is to help buyers turn houses into homes and if I didn’t want to I wouldn’t be so upset about this.Where is the middle ground - is it in sight yet??

I also know that this is not just a phenomenon here in the extreme south east valley. As a part of the Phoenix – Metro Group, my partners are relaying the same thing happening in Gilbert, Scottsdale, Phoenix, Surprise and so on. Who’s got the Aleve? The rest of 2009 is going to be busy bumpy ride!

Arizona Beach Front Property!

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Tue, 04 Aug 2009 22:30:49 -0500

This is definitely a Gem here in Arizona! If you are looking for the perfect retreat and sun 360 days out of the year, then this is it!!!
In Arizona waterfront property is few and far between. This is a bank owned foreclosure - they want it sold! Make your offer today.
For details and pics go here: Arizona Beach Front Home

Foreclosure Moratorium Update - Arizona

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Wed, 08 Jul 2009 01:32:12 -0500

At the end of June, M&I bank announced that they are extending their foreclosure moratorium until September 30th, 2009. Don't expect to see their REO inventory anytime soon.

Fannie and Freddie had quietly lifted their moratorium back in April. The homes that were unable to get modifications or short sell are still facing foreclosure and should be hitting the auction block. If they don't sell at the courthouse, buyers should be seeing more and more of those as REO's available.

The Phoenix Metro Group|www.Phoenix-Metro.com|480-294-8680

Blackbird Music Center - Open Mic Night

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Fri, 03 Jul 2009 15:37:36 -0500

Open Mic Night - Friday, July 3rd 8-10pm - PARTY!!!!

Independence Day Party on July 3rd during Open Mic Night at Blackbird Music & Art Center on Friday July 3rd from 8-10pm.

Snacks available, raffles and fun for all ages. P.A. Provided - just bring your instrument and your amp and your groupies!

Blackbird Music & Art Center is located at 18911 East San Tan Blvd. Queen Creek. 1/2 mile East of Power.

Visit www.SanTanEvents.com for Queen Creek/San Tan Valley Events

Amy Gerrish | www.Phoenix-Metro.com | 480-294-8680

Your Credit and Home Buying

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Fri, 24 Apr 2009 11:33:41 -0500

For the most part, a 620 fico score is now required for FHA, VA and Conventional loans. If a borrower is trying to raise their score to this level, here are some pointers. It is very difficult to erase or change the old, bad, credit history unless it is false. Therefore, they need to focus and creating a positive credit history going forward.

Ideally they should have 2 or 3 open, active, on-time lines of credit that report to the credit bureaus (cars, credit cards, student loans). The best and safest way to do this is by opening a secured credit card. You send the creditor money and then you can spend that money with the credit card (like a debit card except that they report to the 3 credit bureaus as a perfectly paid credit card).

There are several “no credit check, automatic approval” secured credit cards that can be found on www.bankrate.com (then click Credit Card tab, then “Select by credit type”, then select “Bad Credit”).
Having a family member add them as an authorized user would also work. If they already have credit, they should try to get their balance on the credit card under 35% of the max credit limit. Once they start getting ready to apply for their mortgage they should not have their credit run for 90 days prior to applying for the mortgage.

The best way to check your credit and dispute inaccuracies is by ordering your free credit report (www.annualcreditreport.com or 877.322.8228) and use the dispute form they give you. This will not count as an inquiry on your credit and you are entitled to one report per credit bureau, per year. The report is free but you will have to pay to see your Fico scores.

Homes are flying off the market!!

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Thu, 02 Jul 2009 12:32:32 -0500

The competition for desirable homes under $150k sales price has increased dramatically over the past several months. Multiple offers above list price are not uncommon. It is important to note that the buyer/borrower is still “protected” by the appraisal. Re-negotiations even on bank owned properties normally seem to end up setting the new purchase price equal to the appraised value. The appraisal on FHA and VA loans stays with the property for 6 months.
Also, the new national appraisal ordering system for all Conventional appraisals keeps the seller from wondering if the buyer and “his” appraiser are working together to get a lower sales price. Just some food for thought as you hopefully work to find your buyer homes in the market.

If have a home that you need to sell, whether you are upside down or not give us a call at the Phoenix Metro Group.

Amy Gerrish | www.phoenix-metro.com| 480-294-8680 | amygerrish@gmail.com

San Tan Valley, AZ - The new name for Northern Pinal County

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Thu, 02 Jul 2009 15:13:30 -0500

The area of Pinal County that shared the name Queen Creek for their address now has a new name: San Tan Valley, AZ. It was voted on by residents in a somewhat last minute vote. Out of 23 names voted on, San Tan Valley beat out the other popular name Bella Vista. With this change, there will be new zip codes as well.

If you live in these subdivisions, you will now be known as San Tan Valley, AZ.

* Arabian Trails
* Bella Vista
* Bella Vista Farms
* Bonanza Ranch
* Borgata
* Caballero
* Cambria
* Canyon Rock
* Castlegate
* Circle Cross
* Copper Basin
* Dobson Farms
* Equestrian Manor
* Estates
* Fairways I, II & III
* Gallery I, II & III
* Goldmine Equestrian
* Greens I & II
* Home Place
* Horseshoe Canyon
* Ironwood Crossing
* Johnson Ranch Phase I
* Johnson Ranch Phase II
* Lakeview Gardens

* Laredo Ranch
* Lariat
* Legends
* Magic Ranch
* Magma Ranch
* Masters
* Meadow Vista
* Moonshadow
* Morning Sun Farms
* Mustang Ridge
* Northern Johnson Ranch
* Oasis Magic Ranch
* Ocotillo Trails
* Ocotillo Verde
* Ocotillo/Kenworthy
* Pecan Creek
* Pecan Farms
* Pecan South
* Ponderosa
* Quail Run
* Rancho Bella Vista
* Riding Stables
* Rodeo Ridge

* Rurals

* RV Park
* San Tan Heights
* San Tan Shadow
* Silverado Ranch
* Skyline Estates
* Skyline Ranch
* Solera
* Sonoran Villages
* Southern Johnson Ranch
* Stagecoach Pass
* Sterling
* Stonegate, Rosewalk
* Superstition Views
* Taylor Ranch
* The Crossings
* The Links
* The Springs
* Torrey Park
* Trilogy
* Ware Farms
* Wayne Ranch
* Whitewing

For complete facts about the name and zipcode change please visit the Pinal County website: http://pinalcountyaz.gov/Residents/Pages/SanTanValley.aspx

Amy Gerrish, Realtor| http://www.phoenix-metro.com |480-294-8680|amygerrish@gmail.com|

Do you have a Fannie Mae or Freddie Mac Loan?

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Thu, 16 Apr 2009 20:20:33 -0500

Low-cost refinancing for responsible homeowners suffering from falling home prices

In response to the Homeowner Affordability and Stability Plan, CFS Mortgage is pleased to announce a new refinance option. The Fannie Mae Refi Plus Program is a fixed rate, fully amortizing, conventional conforming first lien mortgage loan program.

The Refi Plus Program is designed to allow individuals refinance their properties at historical low interest rates in areas of the country where home values have declined.

Features of the Refi Plus Program:

Loans up to 105% of the value of your home
Primary Homes -105%
Second Homes – 105%
Investment Properties – 105%
620 Fico Scores
Loan amounts to 417,000
No limit to the number of properties owned
Loan must be a Fannie Mae Loan
Salaried borrowers require one paystub
Self-employed borrowers require one year's federal tax return
No mortgage insurance required if you do not currently have it
Existing mortgage insurance remains same if you have it
Existing second mortgages must remain in place

Please call for details and to see if your home has a Fannie Mae eligible loan.

In Arizona Call:

Marvin Elkin Jr.
Lion's Gate Mortgage
4550 East Bell Road
Building 5, Suite 150
Phoenix, Arizona 85032
Direct Phone 480-250-7401
Direct Fax 602.218.7494

Spring Swap Meet - Queen Creek

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Tue, 07 Apr 2009 17:17:12 -0500

The economy is rough and money is tight. The Celebrate Recovery Team from LifePoint Church is organizing a Spring Swap Meet. It’s time to do your spring cleaning. Clean out your offices, garages, attics etc…this is a great chance to sell your unwanted items for some extra cash.

We are currently looking for vendors:

Residents looking to sell their items.

Crafters looking to sell their wares.

Businesses looking to sell their products or services.

Food Vendors

Etc…

We will have booth space available in 10x10 sections. Be advised, this is space only. No power, shade or other amenities will be provided. If you have a lot of stuff or are a business that requires more space you can reserve 2 or more 10x10 sections.

The swap meet will take place on Saturday, May 9^th, 2009 and will be open to the public from 7am – 12pm. It will be held on LifePoint Church’s property located on Main St. in Copper Basin, directly across the street from the Copper Basin K-8 School.

All the proceeds from booth sales will benefit the Celebrate Recovery program, a ministry sponsored by LifePoint Church. Celebrate Recovery is a step oriented program designed to help people heal from the hurts, habits, and hang-ups of life. Celebrate Recovery has groups for just about any issue: Men & Women’s Healing Substance Abuse, Past Hurts, Co-Dependency, and many more. www.LifePointPeople.com

To sum it all up:

What: Spring Swap Meet – Queen Creek Area

When: Saturday, May 9^th, 2009. From 7am – 12pm.

Where: Main Street in Copper Basin. Directly across from the Copper Basin K-8

School.

Cost: FREE Admission to the public.

Vendor Booths $20 each or for 2 or more booths $15each.

Contact: LifePoint Church. CR@lifepointpeople.com or Amy at 480-294-8680

Get Your $8,000 Tax Credit This Year!!!

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Tue, 31 Mar 2009 10:10:16 -0500

The big news right now is the first time homebuyer $8000 tax credit for purchases between January 1 and December 1, 2009.

*One of the lesser known facts about this program is that buyers are allowed to get their $8000 credit without having to wait until next year’s tax return.

The IRS is allowing buyers to file an amended 2008 tax return for the sole purpose of getting their $8000 this year (detailed in IR 2009-27). This is great news for the buyer who wants buy a home that needs some remodeling but is using all of their funds for their down payment.

A great website for more information on the tax credit is www.federalhousingtaxcredit.com.

Annual JEm Ranch Farm Fling - FREE EVENT

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Tue, 03 Mar 2009 21:26:12 -0600

Round up the family:
April 4th , Saturday 10am-2pm

Located at 27718 N Desert Sky Rd in Florence

Activities Include:
Music
Food (provided for a small cost by Two Buzzards Pit BBQ)
Face Painting
Games & music
HORSE RIDES
Animal Interaction
Hay Rides
Horseshoes
Silent Auction
Free to the public
Handicap accessible

Call for info and directions or view our map at
www.azjemranch.com
480-235-4480

For More Queen Creek Events Visit www.SanTanEvents.com

2009 Queen Creek Market Report

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Fri, 13 Feb 2009 10:31:59 -0600

Wow - what a year!

I wrote a market update last year in January 2008 for Queen Creek. Touting foreclosures and what you need in order to purchase one.

Here's a small portion of the how to:

So, you may be asking, "How can I get one of those homes?"

Many of the lenders that own the homes are making it easy for you because they have hired Realtors to list the properties for them. Below are a few requirements and suggestions to make the buying process run smooth.

You must be ready to buy. If you have been pre-qualified by a lender to make a purchase you must ask your lender for an "LSR", Loan Status Report. The LSR proves that you are ready to rock and roll and are serious about buying this property. Many banks won't even look at your offer unless the LSR is attached.
If you are offering cash, you must have proof of funds available to show the bank. (Bank Account, Money Market Account, 401k etc)
This one is a suggestion and not necessarily a requirement: Have earnest money available and write it in your offer. Most banks take that as a sign of a serious buyer.
Once the bank accepts your offer, they will more than likely send a purchase contract from their office, not a standard one that Arizona buyers are used to. That is why I recommend hiring an agent to represent you, it is their job to read over that contract and protect your best interests. They will also help coordinate inspections and help with the escrow closing process. Many times you don't have to pay them out of your own pocket, they will share the commission with the listing agent.

Be patient, the banks are overloaded with these properties and may take a while to close.

Your next question may be, what about 2009????

Well, pretty much more of the same, except with lower prices. I know my friends that own there will not be happy with me for saying that, but it's true. Prices dropped even lower since the beginning of 2008.

In January 2009, 286 homes closed in Queen Creek. Ranging in price from $40,000 up to $780,000.
In January 2008, 131 homes closed in Queen Creek. Ranging in price from $75,000 up to $580,000.

Record breaking right? Let's put this into perspective.

Right now there are 1,695 homes for sale in Queen Creek.
Queen Creek has been averaging about 300 homes sold per month.
An average of 520 homes hit the Queen Creek Market every month, that leaves us with 220 homes added to the surplus every month.

Every month our inventory grows by 220 homes, and has been for a while - which is driving down the prices. Unless there is some miraculous slow down of the foreclosures or our economy does a major swing shift, prices will continue to be on the decline throughout the year.

The majority homes hitting the market are Bank Owned Foreclosure (aka R.E.O's) and pre-foreclosures (aka Short Sales). According to the foreclosure notices recorded by the Counties (Pinal & Maricopa both serving Queen Creek) there will not be a shortage of REO's. The ones that were recorded in January will probably hit the market around March/April - by that we know that inventory is high, and will get higher - prices will come down more and the buyers market will continue undoubtedly.

So when is the right time to buy???

This all depends on your situation. Analyze your motives for buying a house. Do you need to upgrade to a larger house because of a growing family? Downgrade because of the economy? Are you looking for an investment property? Are you looking for a retirement home? Relocating?

Another factor to consider is time! If you are relocating and only have 60 days to find something, you won't be dissapointed by your choices - so much to see, so little time.

Another factor is mortgage rates. If they are going down to 4% then that is also another thing to take advantage of!

If the time is right for your situation, then start looking. I would be happy to tour you around Queen Creek. I also do Foreclosure Tours tailored to your specific needs. Just call or email me to set up a tour!

Thank you for reading my blog!

Amy Gerrish, Realtor

HomeSmart Real Estate
Direct: 480-294-8680
Fax: 602-710-2057
www.phoenix-metro.com

Glendale Wholesale Property

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Wed, 21 Jan 2009 11:57:52 -0600

W. Reade Rd, Glendale, AZ Single Family Home. 3b/2ba, year built 1997, square feet 1306, Cash Price $83,400.00 plus 2.5% Brokerage Fee.

3 bedroom, 2 bath, Tile Roof house, with swimming pool, appears to be in good condition, Cover Patio in Backyard, quiet family neighborhood, block wall in backyard, 2 car garage, property in overall good shape, Estimated Rehab around 7-8K including new kitchen and some minimal repairs. Perfect Rental Property, exact property across the street just rented for 1,100 per month. Nice Cashflow Opportunity on newer inexpensive tile roof house.

Contact Amy Gerrish for area comps, pic's etc.
480-294-8680
AmyGerrish@gmail.com

The Phoenix-Metro Group - www.phoenix-metro.com

Bank Approved Sale! 3b/2ba plus Den and Pool! $100k

Amy Gerrish, Realtor (Phx to San Tan Valley) (HomeSmart Real Estate) — Sat, 10 Jan 2009 23:24:31 -0600

Amy Gerrish, Realtor | HomeSmart Real Estate | 480-294-8680

1055 Vineyard Plains Dr, Queen Creek, AZ

3B/2BA plus Den. POOL! Bank Approved Sale!

3BR/2BA Single Family House

offered at $100,000

Year Built	2005
Sq Footage	1,706
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	5,227 sqft
HOA/Maint	$72 per month

DESCRIPTION

Bank Approved Sale. $100,000 is the lender approved price. Can get offer approval within a week!! Great 1 story home, Freshly Painted, Corian Counters, fenced pool. 3 bedrooms plus den. Walking distance to elementary school.
$500 Buyer Rebate if I represent you! Rebate Offer Ends 1/31/09.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Family room	Office/Den	Dishwasher
Stove/Oven	Microwave	Laundry area - inside
Swimming pool

ADDITIONAL PHOTOS

Seller contact info:

Amy Gerrish, Realtor

HomeSmart Real Estate

480-294-8680

For sale by agent/broker

Equal Opportunity Housing

Posted: Jan 10, 2009, 9:12pm PST