Fort Mohave, AZ

Fort Mohave, AZ, Real Estate ~ the best of all worlds literally in your back yard.

There's a reason this unincorporated area of Mohave County, AZ has been one of the fastest growing in the state. Easy living, light traffic, wide open spaces, great golfing, state of the art medical and of course, the beautiful Colorado River.

There's nothing cooler than a really gorgeous and immaculately maintained home, and this lovely slice of Fort Mohave real estate is as good as it gets!

1639 E. Segovia Way stands out in its Rodeo Park neighborhood because of its pride of ownership and the additional square footage the owner had custom built into this suburban subdivision property.

While most of the Rodeo Park, Fort Mohave homes are around 1100-1400 square feet, this is a 1741 (+/-) square foot semi-custom home with an extra large, dramatic kitchen and dining area, oversized living and master bedroom areas and a lovely entryway.

The kitchen and dining area has tiled counters and black/stainless designer range, microwave and dishwasher. Wood-look ceramic tile is practical, low maintenance and beautiful.

Gorgeous touches such as a tile snail shower with glass block privacy entry, entertainer's niche and never-used-new gas fireplace give this home a little extra something.

And the best desert homes must have an outdoor living area! This gorgeous landscaping includes balanced amounts of concrete, decorative rock and colorful foilage with a flowing water feature to babe out your backyard parties!

Exclusively offered by Next Wave Real Estate Investments LLC at a list price of $145,000, this is a lot of home for the money and with no HOA dues and convenient location in a homes-only subdivision minutes from Safeway and Smith's Shopping Centers, the Avi Resort and Valley View Medical Center, a perfect home for seasonal visitors or year round residents.

For more information about this or any of our awesome Fort Mohave properties for sale, give us a holler--e-mail, text message, fax, call.

We're easy to find . . .

I don't know about you, but hard as I've tried, I have never even come close to growing a tomato THIS big.

This organic heirloom tomato was grown and purchased locally in Fort Mohave, AZ, weighed just shy of 1.9 lbs and measured almost 6 inches from side to side.

What should I do with you, my little pretty? Slice you up for paninis, grill you for a gourmet pizza or dice you up for a fresh salsa?

I have scoured for a layperson's informational process for those interested in bidding, purchasing and enjoying a HUD home, and have found the resources lacking.

What I usually do as an Arizona Certified HUD Broker is provide my buyer client with a copy of the Broker Handbook, but for most of them it is TMI.

So hopefully, this will demystify and clarify the HUD homebuying process.

Pre-Bidding Phase:

• First step: view the property listing online at www.MCBREO.com which will include a Property Condition Report. You will get an inspection period opportunity but being prepared is best. HUD has had the property appraised and inspected, and it is priced according to professional assessment of the property. Still, get and look over area comps.
  

• Physically view the property. If you're not a contractor, rehabber or investor with contractor resources, do NOT bid on a HUD home you have not seen. Even then, it's best to walk the property!

• Look into due diligence items such as flood plain determination, unpaid assessments or easements, insurability etc. HUD will clear up unpaid assessments, but there is often a delay involved. It's best to have the paperwork ready for them when escrow is opened.

• If you are getting financing, you will need to talk to your lender about whether the house can be financed in its present condition--you cannot do repairs in escrow, even if lender requires them. There are certain types of loans that wiill provide for repairs to a HUD home:

1. FHA 203b Repair Escrow -“IE” When a property has less than $5000 in repairs to bring it up to Minimum Property Standards, FHA will insure the loan provided the repairs are completed by the Buyer or the Buyer’s agent within 90 days from the date of Closing. Buyer can finance and add the amount to the mortgage. The Lender monitors and keeps the funds in an escrow account for disbursement on completion of repairs to the Lender’s satisfaction.

1. FHA 203K Rehab Loan - “IK” When the property has more than $5000 in Minimum Property Standards repairs to be done. The Lender must obtain an Inspection report from an approved 203(k) consultant and a new appraisal.

• Review the Bid Statistics. Get an idea of the list to sale price ratios. HUD homes are already priced to move, and your bid will not be countered if it is too low. You can make another bid, unless someone else outbids you during that round. It's best to make a realistic bid. This is not an emotional seller. This is Bureaucracy and its responses are quite arbitrary--both a minus AND a plus.

Bidding Phase:

Only a HUD Broker can place a bid for you. The online bidding process is short and fast.

Once you have decided to bid on a HUD home, you will need your

• Social Security number
  
• If purchasing in a company name, the Articles Of Incorporation showing you as an authorized signer and TIN number.

You will need to give your HUD Broker the

• Names of all buyers
  
• Manner of taking title (consult with your attorney, CPA or estate planner for the appropriate manner of holding title prior to bid),
  
• Mailing address
  
• Phone number
  
• Amount of bid
  
• Closing costs
• Copy of your loan approval letter.
• Investor or Owner Occupant? IF YOU ARE NOT OCCUPYING THE HOME AS YOUR PRIMARY RESIDENCE, YOU ARE NOT AN OWNER OCCUPANT. Second homes are not an exception.

You will also fill out the HUD Contract, though that will not be submitted until after the bid is accepted. It must be filled out in BLUE ink and live signatures only are accepted. There is a movement to get HUD to accept e-signatures, but that hasn't happened as of this writing.

Once the bid is submitted electronically, it will take about 24 hours for the bid to be either accepted or not. If it is not accepted, the property will remain on market.

If the bid is accepted, you will be notified via your broker, who will receive notification via e-mail from HUD. The property listing will also say "Offer Accepted.".

At that time, you will need to get a Cashier's Check for the earnest money, made payable to yourself OR to HUD.

If your purchase is less than 50,000, the earnest money amount is $500; otherwise, it is $1000.

Make a copy of the check and give that to your Broker. Hold on to the check until you are instructed where to mail it. Your bid has been accepted, but the Contract not yet signed. So it is still not yet a deal.

In Buying A HUD Home In Arizona Part 2 of 3, I'll walk you through the HUD Contract and Escrow Process.

In Buying A HUD Home In Arizona Part 3 of 3, the Escrow, Inspections, Funding and Closing Process will be reviewed.

DISCLAIMER: HUD is the final authority on procedure. Check with them before submitting any documentation.

I found 3 good comps for a Fort Mohave commercial property I listed, when I was researching it.

None of the comps I used are REO's or short sales. There weren't any that compared to the subject. And the subject is not a distressed property, but a high quality custom build with a long history of generating income. The owners retired, the business was moved to another location and now this one's available.

I gave my opinion of value based on building costs, and, after doing a rent survey, proforma rents using a conservative cap rate.

Recently, a nearby bank owned commercial property pended--listed with an out of area agent who may or may not know anything about our Fort Mohave commercial real estate market. Someone scooped up a smokin' deal and sale is pending.

I recently received an offer on my listing, and the buyer's agent told me the offer was based solely on the list price of the distressed property in escrow.

We don't know how much the property sold for--or if the sale will ever close.

Things that make you go Hmmm.

Made me wonder:

How much weight should be given to commercial distress sales where there are more non-distressed comps?

This situation will likely be quite different than in a residential market with distress sales so preponderant, they would have to be included.

My opinion is that the closed sale price of EVERYTHING THAT COMPARES should be used.

If the subject is distressed, a distress sale would compare. If not, it shouldn't unless there were no others that compared size, age and style wise. Focus, then, on the income and replacement cost.

Commercial real estate appraisers? How do you weigh distress sales against non distress sales? Would you then give more weight to the income or cost approaches? Toss out altogether? Or include with equal weight?

Luna doesn't mind dressing for the holidays, which is more than can be said for her humans... after months of running, with one semi-guaranteed day of low pressure (or at least having everything under control), I'm good in sweats and a T really.

We were laughing last night hearing her out back, barking at something that caught her attention--while her collar jingled.

Woof-jingle-WOOF-jingle jingle...

The birds had no idea what to make of it, I'm sure.

Taking a break with Daddy, eBaying for something or another...in HIS seasonal gear. :)

Hope all are enjoying the holiday as much as we are!