Localism: Fountain Hills, AZ

DON'T DO THAT ! The Top 3 Mistakes Realtors make when handling Short Sales.

Tue, 07 Oct 2008 13:01:37 -0500

With as many as 25%-30% of the real estate market consisting of short sales, I have found that realtors consistently make 3 mistakes when handling them. Here are the 3 scenarios:

Scenario # 1. A second offer comes in 1-2 days after the first one for more money. Some realtors submit both offers to the lender...DON'T DO THAT ! Instead, if the first offer is signed by the seller, then submit that one. If the first offer has not been signed by the seller, then pick one and submit that one. By presenting 2 offers to the lender of lenders if there is a second, will only "muddy" the water and thus make the time for approval longer.

Scenario #2. A seller receives a 2^nd offer, for $10,000 more, about a week after you submit the first signed contract to the lenders. The seller now wants to cancel the first and accept the second offer and have you submit the 2^nd offer to the lender...DON'T DO THAT ! Not only will this lengthen the time for the lender's approval of the short sale, because basically their review procedures will probably start back at the beginning, but the seller has a signed contract with the first buyer. This could open you and the seller up for a law suit. If the first buyer backs out after the lender's approval, then you'll have a back up offer for more money, or at least you'll know what the lender will accept, which will speed up the new approval process.

Scenario #3. Commissionechtomy from the lender. Does the buyer's broker have to reduce his commission offered to him in the MLS? No...DON'T DO THAT ! Instead, as the seller's agent, adjust the total commission on the listing agreement, with the seller's approval at the time that you know that the listing will be a short-sale. I have done this twice this year and received 6% and 6.5%, respectively.

I hope this helps clear some consistent problems that occur in the handling of short-sales.

Jack "Doc" Holliday, MBA, GRI is a realtor, serving Fountain Hills, Scottsdale and Phoenix, Arizona.

Oh Canada!

Mon, 06 Oct 2008 11:03:04 -0500

There has never been a better time to buy real estate in Arizona! There is an unbelievable selection and prices are back to about 2003-2004! There are many reasons to buy real estate in the United States. If you're Canadian, parity of the two currencies (USD and CD) could be one of them. While I'm not going to make a recommendation on the wisdom of purchasing real estate in Arizona, I would like to inform you of what you might expect when financing a home as a foreign national. If you are considering a second (vacation) home in the United States the terms are a bit more favorable for you. The following is a list of requirements you can expect when obtaining financing:

1. Copies of passport and visa.
2. Last two pay stubs.
3. Last two bank statements.
4. Last two years tax returns. If self employed, a letter from an accountant stating how many years you've been in business, and business tax returns.
5. Verification of 2 years employment history.
6. International credit report - lender will order.
7. Set up American bank account for transfer of money.
8. Generally, the lender will require 25% to 35% down payment.

Of course, it wouldn't hurt to have a great real estate agent! For additional information on Fountain Hills real estate or any other communities you can contact me direct at 602.400.0250 or email me at Lisa@ISellFountainHillsAZ.com.

Adventure Town - Live & Play in Fountain Hills, AZ - Bicycle Racing

Fri, 03 Oct 2008 15:08:21 -0500

Tour de Scottsdale - Sunday, October 5, 2008

Don't let the name fool you. This extraordinary cycling adventure begins in Scottsdale and circumnavigates the beautiful McDowell Mountains in North Scottsdale, going right through the heart of Fountain Hills. The race benefits The McDowell Sonoran Conservancy, an organization committed to preserving the Sonoran desert and its mountains for the benefit of this and all future generations.

The race begins at 7:00am at the Market Street Bridge at DC Ranch. From there, the course will wind through approximately 70 miles of rolling hills and spectacular desert views through Scottsdale, Rio Verde and Fountain Hills. COURSE MAP

Click here for more information.

Adventure Town - Where to Live & Play - Fountain Hills, AZ 85268

Fri, 03 Oct 2008 14:44:38 -0500

I have been a long time subscriber of National Geographic Adventure Magazine. The magazine covers the exciting world of adventure, from travel destinations and outdoor pursuits to accounts of cutting-edge expeditions and profiles of modern-day explorers. Each issue features at least one Adventure Town, someplace that is an ideal location to live & play in the United States. They typically include a brief overview of the town, local adventure activities (like hiking, mountain biking, etc), lodging and the real estate market.

I really like this feature as it introduces you to new aspects of communities that you may not be aware of. I thought it would be fun to do my own take on this and share with you some information about my favorite adventure town, Fountain Hills, AZ and why I love it so much.

Most people who know of the community think of it as a retirement community, artist haven, or sleepy suburb. In reality, Fountain Hills is a very active community close to some of the greatest indoor & outdoor adventures in Arizona. Over the next few months, I'll share with you some of these great adventure activities in and around Fountain Hills.

Please let me know if you have any questions about Fountain Hills or if you would like to make it your Adventure Town. I'd be happy to help you find your new home!

Fountain Hills Market Update

Thu, 25 Sep 2008 18:26:13 -0500

As of September 25, 2008 there are 476 single family detached homes for sale in Fountain Hills. They range in price from $159,000 to $7,750,000. The home at the top end features an indoor pool area!

There are 22 Patio homes for sale ranging in price from $250,000 to $1,525,000.

140 townhomes are currently for sale. They range in price from $87,000 to $946,000 for a 4,572' residence.

There are 152 condos for sale ranging in price from $102,900 - $700,000.

If you have been thinking of buying a home in Fountain Hills now may be the time!