About Chandler's Valencia

I must say I am impressed with Bank of America and the short sale process. If you can recall I, like many other real estate practitioners have written Blogs complaining about Bank of America short sale process, and shuttered at the thought of working with them. They were the proverbial "black hole". Paper work would go in and NEVER COME OUT. BUT TODAY, TODAY IS A NEW DAY.

I received a request from B of A to resubmit my short sale contract through the "Equator" computer bases system. Reluctantly I resubmitted and felt "put out" that they could not just take the information I gave them and run with it. However, once I placed the information into the system - within a week, I was assigned a negotiator, and a Broker's Price Opinion, (BPO) ordered. Through this computer system, I even have the email address of the negotiator. Additionally, everything is submitted via PDF files, and you are able to download pictures, to boot. HOW REFRESHING!

No more faxing, re-faxing, and re-faxing - it is all there on site.

Bank of America, You desire a standing ovation, you are a game changer!

If you are facing foreclosure, and looking to sale your home as a Short Sale, we hold the distinctive designation as a Certified Distressed Property Expert, CDPE.

Call today for more information or assistance.

Cynthia Smitherman, ABR, GRI, DB, CDPE, VP-AAREB

Emage` Fine Properties, LLC

602 697-4487

www.homes4saleaz.com email: cynthia@emagehomes.com

I am a Jazz lover, I cut my teeth on Miles Davis when I was just 16 years old. The first album (yes I said album, not CD) was a Miles Davis goodie by the name of "Miles Ahead". By the time I learned to like Miles, I had become a Jazz aficionado.

Prior to Jazz, I listened to Classical while reading Russian Novels. I had a thirst for understanding different cultures and their music. However, I found early on Jazz transcends all cultures, all races, and all nationalities -in other words it is universal. (Something like what we strive to be as Real Estate Professionals)

Another favorite of mine has the same name as the title of this Blog: "Old Socks, New Shoes", by the Jazz Crusaders.

Sometimes as a person, as a woman, as a mother, as a wife, as a daughter, as a Real Estate professional, I feel like Old Socks, in New Shoes. I am ever changing, ever evolving, running to stay in tune, stay in step, and stay up to date. I have FB friends, I try to Tweet, and want to be Linkedin, but sometimes I have to realize that sometimes those old socks get holes in the toes, and are just plain worn out. However, just like a new pair of shoes make those socks look good, my clients make me feel good when they tell me my job is "well done". I feel like a new person - like a pair old of socks in new shoes.

So let me flip the album over, and start anew tomorrow, I won't give up, or give in, there's a lot of work to be done.

Cynthia Smitherman, ABR, GRI, DB, CDPE, VP AAREB

602 697-4487 , www.homes4saleaz.com email: cynthia@emagehomes.com

Offering outstanding real estate services - I care and not afraid to show it!

Specializing in serving Chandler, Arizona, Mesa, Arizona, Tempe, Arizona, Gilbert, Arizona.

Do You Know There Are Programs Available to Help Home Buyers?

The $8000 tax credit has been renewed, so if you have your real estate professional help you write a contract to purchase a home before May 1, 2010, and close by July 1, 2010, you will be eligible for the tax credit. The tax credit would be equal to 10% of the purchase price of the home, however, it will not exceed $8000.

If you are a first time home buyer - someone who has not purchased a home within the past three years, you would be eligible for the tax credit. The credit does not have to be paid back if you stay in the home for at least three (3) years as your primary residence. The purchase must be less than $800,000 and income is a factor as well. If you are married your combined income can not be more than $225,000, or if single, no more than $125,000 yearly to still be eligible for the tax credit.

City of Chandler has a program available Neighborhood Stabilization Program, (NSP) which allows a home buyer to purchase a home that has been abandoned or foreclosed. You must be a first time home buyer, and your income, if single is bwtween $55,320 and up to $79,090 for a family of four. What makes the homes affordable for individuals is that they are purchasing the structure only, and not the land. The individual can live on the property for an indefinite period of time, and can actually pass the property on to their heirs. For more information on the program you may want to visit www.newtowncdc.org and of course you want to have your real estate professional help you in your search for the home and writing the contract.

City of Phoenix also has a Neighborhood Stabilization Program which will provide up to $15,000 loan for down payment and closing cost for the buyer. The loan would not have to be paid back until the home buyer sells or refinance the home. Again this program is to help eliminate all of the foreclosed homes, in the City. There are income limits that range from $55,250 to $104,400 depending on your family size. For more information contact City of Phoenix.

City of Mesa- has a very similar program that gives $15,000 towards down payment and closing cost, which does not have to be repaid if you stay in the home for five to fifteen years. As with all the programs housing counseling is required and a small down payment is required from the Buyer, usually no more than $1000. For more information on this program contact the City of Mesa, NSP program.

To find out more about the tax credit, or to get pre-qualified for a loan, feel free to visit:

http://www.samuelmelvin.com/Homebuyer_20_Tax_20_Credit_20_Update.html

When looking to buy or sell a home call Cynthia Smitherman, ABR, GRI, DB, CPDE, VP_AAREB,

602 697-4487 or email: cynthia@emagehomes.com or web: www.homes4saleaz.com

It is a Buyer's Market - So Why Do I See Multiple Offers?

Is a question that is posed to me by my Buyers when trying to purchase a home within the past few weeks. The Buyers want to move on a deal pretty quick so they can take advantage of the $8000 tax credit. We know that the clock is ticking, and the longer we delay, the less chance that we will be successful. However, we are finding that REO's are in high demand and receiving multiple offers, for the same reasons we are offering - short sales take too long.

We know that most banks are finding it advantageous to accept a short sale opposed to forecloseon a home, however the time line between contract on short sale and closing on a short sale is toooooo, long; especially when buyers need to move with in a month or so.

While multiple offers are reminiscent of days of past, these multiple offers are not pushing prices to ridicules highs as in the past. We are finding that pricing is jumping a few thousands, but pretty close to what the comps are showing in a given community overall.

Sometimes the Buyers get discouraged or even frustrated, but I am happy to say that they are pretty focused on staying within their budget or comfort zone, even though they are approved from more than they are currently shopping for in terms of pricing on the homes. They refuse to over bid their comfort zone, which is something we are learning from the past.

Multiple offers- yes, I guess we need them to clean out the muck from the housing fiasco of past. If you are a Buyer hang in there, you too will find the perfect home.

Cynthia Smitherman, CDPE, ABR, GRI, DB, VP AAREB

Emage` Fine Properties, LLC

602 697-4487

www.homes4saleaz.com

BUYING A HOME IN ARIZONA

When purchasing a home in the Phoenix Metro area, there are procedures to follow that will make the transaction run smoothly. They are as follows:

1) Pre-Qualify

Pre-qualifying is your road map to use when looking for your new home. Call your local mortgage banker and ask to pre-qualified for a home loan. He will take vital information regarding your income, both incoming and outgoing, and will run a credit check to see what the bureaus are reporting regarding your paying habits. Once that information has been complied he will tell you how much you can afford to purchase and at what interest rate.

2) Select a REALTOR

Look for a REALTOR who has experience, and has the credentials to show it. Most REALTORs have designations which are displayed by acronyms following their names in print such as ABR, MRE, CRS, GRI which means they take their business seriously enough to seek higher education in real estate procedures and practices. Additionally REALTORs opposed to real estate agents are held to a higher standard of practice as mandated by the National Association of REALTORs.

3) Select a Home

Your Real Estate Professional will help you select the home that meets your needs and wants, and will help you stay within the financial guidelines set by your mortgage banker.

4) Contracts

Upon selection of your home, your REALTOR will help you submit a contract to purchase the property. Your REALTOR will go over the contract word by word to make sure you fully understand the process. If the contract is countered, your REALTOR will be there to help you negotiate your best interest.

4) Inspection

Upon acceptance of your offer to purchase the home, your REALTOR will suggegst you order a home inspection, and will attend that inspection with you. The inspection is done by a professional inspection company who will tell you all the items both right and wrong with the property. Based upon that inspection, you will make a determination as to whether or not you want to continue with the process.

5) Close of Escrow

If your inspection goes well, and you are continuing with the purchase of the property, you will proceed to the closing of the escrow. Closing of escrow is where you will sign documents, money is exchanged, and the home is deeded into your name.

Now the above five steps are a quick guide to the procedures, however, there are many parts to each piece, which can be extensive and confusing without proper guidance. Additonally the purchasing of a home has many time sensitive items that have to be addressed within those time frames to keep you from breaching the contract.

6) Commissions

Here's the nice part - the Seller's REALTOR splits his commission with the Buyer's REALTOR, for bringing the buyer to the property. So therefore you don't have to worry as to how you are going to pay your REALTOR.

7) Be Loyal to Your REALTOR

Your REALOR will work hard for you from the beginning to the end of your home purchase. They put in many hours to help you purchase your home, and are not paid for the work they do until you close on the home. So if you select a REALTOR, allow him/her to finish the job from the start to the finish.

For information on Buying a Home in Arizona , specifically in Mesa, Tempe, Chandler, Gilbert, Ahwatukee and Scottsdale. Call:

Cynthia Smitherman, DB, CDPE,ABR,GRI, AHWD,C-REO, VP. AAREB, REALTOR, REALTIST

Emage` Fine Properties, LLC

602 697-4487

www.homes4saleaz.com