Randy Hooker ~ Gilbert, Chandler, Mesa, Queen Creek

MESA, ARIZONA

...continues with its long-standing reputation of being one of the most desirable communities in The Valley of the Sun!

March 2009 vs. March 2008

• 552 single family detached homes were purchased last month vs. 310 last year.

• The average price paid was $152,191 vs. $256,219 last year.

• The median price came in at $130,000 vs. $205,000 last year.

• The ratio of purchase price to list price was 100% vs. 97% last year.

• 346 of the homes (63%) were bank owned vs. 70 homes (23%) last year.
  

• The average time on the market was 82 days vs. 105 days last year.

• There were 4,114 Active single family listings vs. 4,555 last year.

Click Here for full current Mesa Market Report

Mesa Homes

photo by Miguel Folch

CHANDLER, ARIZONA

...is truly a sparkling gem in The Valley of the Sun!

March 2009 vs. March 2008

• 280 single family detached homes were purchased last month vs. 234 last year.

• The average price paid was $238,112 vs. $291,644 last year.

• The median price came in at $208,900 vs. $249,500 last year.

• The ratio of purchase price to list price was 99% vs. 96% last year.

• 142 of the homes (51%) were bank owned vs. 52 homes (22%) last year.
  

• The average time on the market was 89 days vs. 93 days last year.

• There were 2,340 Active single family listings vs. 2,843 last year.

Click Here for full current Chandler Market Report

Chandler Homes

photo by Miguel Folch

GILBERT, ARIZONA

...a shining star in The Valley of the Sun!

March 2009 vs. March 2008

* 318 single family homes were purchased last month vs. 263 last year.

* The average price paid was $224,572 vs. $285,589 last year.

* The median price came in at $200,000 vs. $245,000 last year.

* The ratio of purchase price to list price was 97% = 97% last year.

* 162 of the homes (51%) were bank owned vs. 58 homes (22%) last year.

* The average time on the market was 79 days vs. 94 days last year.

* There were 2,635 Active single family listings vs. 3,220 last year.

Click Here for full current Gilbert Market Report

Gilbert Homes

photo by Miguel Folch

1 Southbound Loop 101 (Price Freeway) closed between Broadway and Baseline roads in Tempe for carpool lane construction. US 60 ramps to southbound Loop 101 also closed. Southbound Loop 101 narrowed to one lane between Rio Salado Parkway and Broadway Road for carpool lane construction. 2 a.m. Saturday to 5 a.m. Monday (April 6)

2 Eastbound Loop 202 (Red Mountain Freeway) narrowed to two lanes between Priest Drive and Scottsdale Road for freeway widening work. Eastbound Loop 202 on-ramps at Van Buren Street and Center Parkway closed. 11 p.m. Friday to 9 p.m. Saturday (April 4) Eastbound Loop 202 on-ramp at 32nd Street closed. 9 p.m. Friday to 5 a.m. Sunday (April 5).

3 Westbound Interstate 10 narrowed to one lane overnight between Dysart Road and Sarival Avenue for freeway widening work. 11:30 p.m. to 9:30 a.m. Saturday (April 4)

4 Westbound Interstate 10 on-ramp at Litchfield Road and westbound off-ramp at Bullard Avenue closed for approximately one month starting Friday night for freeway widening project. 9 p.m. Friday night (April 3) through approximately May 4

5 Eastbound Interstate 10 narrowed to one lane overnight between Sarival Avenue and Litchfield Road for freeway widening work. 11 p.m. Saturday to 9 a.m. Sunday (April 5)

6 Southbound State Route 143 (Hohokam Expressway) closed overnight between Loop 202 (Red Mountain Freeway) and Washington Street and northbound SR 143 ramp to westbound Loop 202 closed overnightfor freeway widening work. 10 p.m. Sunday to 5 a.m. Monday (April 6)

7 Arizona Avenue (SR 87) narrowed to one lane in both directions at Riggs Road in Chandler area for paving work. 5 a.m. Sunday to 2 a.m. Monday (April 6)

May an Outstanding Weekend Be Yours!

Queen Creek Homes ~ Mesa Homes ~ Phoenix Homes ~ Chandler Homes ~ Gilbert Homes

I'm in the final stage of a transaction in which I'm the Buyer's Agent and the seller is Freddie Mac (bank owned single family detached house). All inspections have been completed, appraised value is in, and by all appearances, we were good to go ~ until we received a letter from the buyer's lender. Here are the key parts of the letter:

"The purpose of this letter is to address the empty pool at [referenced] property. The buyers have applied and been approved for an FHA loan in order to purchase the property. The credit approval part of this process has been finalized and is complete.

To obtain full and final approval and successfully close this transaction we need to obtain property approval. Upon reviewing the appraisal it came to our attention that the pool is currently empty. According to FHA guidelines, the pool must contain enough water to allow the pool's pump to successfully circulate the water. The pool's current state will not allow us to move forward on this transaction at this point.

In order to approve the property, the pool must be filled with water to meet the above mentioned criteria for a period of time long enough for the appraiser to re-inspect the pool. This is for 2 reasons. The first is to ensure that the pools systems are functioning. The second is that to ensure that the pool can hold water to avoid any safety issues."

At this late stage in escrow, the questions raised by this letter are numerous and potentially devastating:

1. Who is going to pay for the water to fill the pool?
2. Is the FHA appraiser qualified to determine if the pool equipment is functioning properly?
3. Who is going to pay for repairs to the pool equipment if it is not functioning properly?
4. What are the implications for the seller if they refuse to cooperate and effect the pool filling and/or repairs?

Personally, I'm in favor of dropping a water hose in the pool, filling it up and calling the appraiser back to re-inspect as quickly as possible. But the "what if" questions come into play, so who knows what's gonna happen! Any thoughts?

Gilbert Homes ~ Chandler Homes ~ Mesa Homes ~ Queen Creek Homes ~ Phoenix Homes

photo by Jono Rotten