BUYERS ! This is your time. Many home prices are down as much as 20% and in some cases even more. Don't let a good thing get away from you while the interest rates are much lower as well. Loans are available !!!!!!
We are now running a monthly "Forclosure Tour". See bank and lender owned properties. For information please call or email.
Try my Virtual Home Finder. One of the most detailed for searching for a home at http://rlecinski.longrealty.com
For a list of Bank or Lender owned properties or short sales please email or call.
email rlecinski@longrealty.com
http://rlecinski.longrealty.com
$274900 Sun City Vistoso (Oro Valley)
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REDUCED $15,000 ------- Motivated seller !! Well maintained Pacifica floor plan. Newer A/C. Lovely Catalina Mtn views from patio. Huge master suite w/walk-in closet. Seperate shower/garden tub. Oak cabinets w/lazy susans + big pantry w/roll outs. beautifully landscaped w/drip system. To see other retirement homes http://rlecinski.longrealty.com Just click on the Quick Links |
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REALTORS® face Transfer Tax in Tucson!!!
For months now we have been talking about Proposition 100 and that by voting Yes, we can stop real estate transfer taxes once and for all. Now the Tucson City Council is talking about a 1% transfer fee for any new development in the City and it won't be covered by Prop 100 because it would be a "voluntary" deed restriction even though it would be a mandatory requirement imposed on all new development. It's time to contact the City Council and the Mayor and let them know what a bad idea this is. (Link to Star Article)
•· This would add another burden to our already shaky market.
•· Loss of equity. Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.
•· This is double taxation. We already pay a property tax on our homes
•· This would hurt low income families the most. A 1% tax would add an additional $2,000 on to a $200,000 home making it less affordable.
•· This would push development out of the city. By making it more expensive for home builders to build within the city limits we are going to push development out into the county and other neighboring cities and towns. We are going to spend more money on infrastructure to supply services to these homes and we are going to develop more land that is currently desert. Last, by pushing development out of the city we are going to loose the property takes and revenue that the new home and home owners would have produced
•· This will bring infill and development and annexations to a grinding halt.
The Tucson Association of REALTORS® is urging you to contact your city council members and let them know that as REALTORS® and as citizens of Tucson this is not what our community needs.
Sun City Vistoso is a 1000 acre active adult retirement community conveniently located northwest of Tucson, at the base of the Catalina Mountains in the Town of Oro Valley. The beautiful setting is only the beginning of the quality of the Sun City Vistoso community. With a population of over 4500 active adults, Sun City Vistoso offers a friendly hometown feeling - close enough to the city for convenience but far enough away for tranquility.
The amenities offered include an 18-hole championship golf course intricately blended with its desert base, miles of wide, clean streets and sidewalks ideal for walking and bicycling, and three recreational facilities that offer many programs and opportunities active adults enjoy.
The community, with 2488 homes (single family, garden villa and patio homes) was established in 1986 by the Del Webb Corporation. Control was turned over to Sun City Vistoso Community Association, Inc. in 1995. Sun City Vistoso is governed by a seven member Board of Directors elected by the residents with day to day operations managed by professional staff.
Sun City's governing documents include a Master Declaration of Covenants, Conditions and Restrictions (CC&R's), individual tract declarations, Articles of Incorporation, Bylaws, Architectural Development Standards and Rules & Regulations.
Age Restriction
Under HUD's Fair Housing Amendment of 1988, housing is intended for occupancy by at least one person 55 years of age or older per unit, although the occupants of a limited number of dwelling units may be younger. One person must be at least 45 years of age in each unit. No one allowed in permanent resident under 19 years of age.
Homeowner Fees
Every homeowner is automatically a member of Sun City Vistoso. Annual Homeowner Fees are used for financing the operation and maintenance of the Association, to landscape and maintain the common areas, to preserve, enhance and protect the assets of the community, and to finance the programming and management of amenities.
The 2008-2009 Annual Homeowner Fee is $1,440.
Asset Reserve Fund
Sun City Vistoso maintains an Asset Reserve Fund from annual homeowner and golf fees. The fund, started in 1988, provides money for replacing and refurbishing capital assets owned by the Association.
Annual Report
Sun City Vistoso prepares an Annual Report with information from the Board President, Treasurer, General Manager. It includes an annual budget, asset reserve report, and information on the annual golf fees and daily green fees.
Housing
We are a built-out community. Realtors listed on our realtor's page can assist you in all the details for finding the right home for you in our community. Most homes are a modified Mediterranean style with lovely tile roofs and desertscaped yards. All the original floor plans are also listed on the realtor's page. Prices range from $1800,000-$550,000 and the original square footage ranges from 1,050 to 2,660.
Search for Sun City Vistoso homes at:
http://rlecinski.longrealty.com
Just click on the Quick Links
Richard Lecinski
Long Realty Company
Oro Valley - Tucson Arizona
520-834-4663
For additional information on Sun City, Oro Valley or other retirement communities please call or amil.
Facing Foreclosure?
Loan Modification and New Legislation Could Be the Answer
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The pathways to foreclosure are varied and numerous, especially in today's tougher economy. Increasing mortgage payments or mounting credit card debt, a sudden loss in income or employment, a serious illness, or a divorce or separation are all unexpected changes that can quickly lead to delinquency and even foreclosure.
And whether or not you personally are having trouble with your mortgage, it doesn't matter, because foreclosures affect everyone. After all, a single foreclosure in your neighborhood will often lower the value of every home - including yours - even if you've never missed a single payment.
The good news is that there is hope for you or anyone you know who might be on one of these unfortunate paths. This month YOU Magazine will take a closer look at how foreclosure can now be avoided thanks to loan modifications and new legislation that won't result in the traumatic loss of your home.
Lenders Really Don't Want to Foreclose
It's important to understand that lenders are not in the business of owning real estate, and would much rather help a struggling homeowner than to take possession of their home.
The numbers speak for themselves.
The average loss incurred by a mortgage company on a foreclosure is approximately 40%. In comparison, the average loss on a modification of the mortgage is approximately 20%.
With this in mind, let's say a $200,000 mortgage is facing foreclosure. A mortgage lender can expect a loss in the area of $80,000. Compare this to just the $40,000 loss it can expect by working something out with the homeowner. Multiply these numbers by hundreds or even thousands of delinquent loans, and it becomes clear why working with homeowners is in a mortgage lender's best interest - especially in today's challenging market where foreclosures are reaching record levels in some areas.
RealtyTrac®, a company that tracks foreclosure statistics, recently reported that bank-owned inventory hit the three-quarter million mark in July. Bank repossessions have increased 184% since last year at this time as default and auction notices continue to climb.
In the second quarter of this year, 1 in every 171 households nationally reportedly received a foreclosure filing. While the majority of the fallout is limited to states like Nevada, California, and Florida, states from the Midwest and Sun Belt have not been exempt. In fact, add in foreclosures from states like Michigan, Ohio, and Arizona, and the number of homes in foreclosure increases to as many as 1 in every 43 homes.
With staggering numbers like these, it's easy to understand why mortgage lenders are so willing to work with homeowners right now to save their homes through loan modifications.
Why Should a Homeowner Try to Modify?
Just because someone missed his or her last three mortgage payments, triggering the foreclosure process, doesn't mean that it is necessarily time to start packing up and moving out. As we mentioned earlier, the reasons borrowers may miss a few payments are valid and often understandable. More importantly, not all of the unfortunate scenarios that lead to missed payments are permanent or irreversible. People can and do get back on track very quickly - and lenders know this and, now more than ever, are willing to help these homeowners avoid foreclosure.
According to Hope Now, a non-profit company helping distressed homeowners, mortgage servicing companies have successfully negotiated 522,000 workouts in the second quarter of 2008. In the month of June alone, approximately 76,000 of 105,000 homeowners received loan modifications. With so much on the line, homeowners in financial distress need to be proactive and make every attempt to help themselves.
Remember, with a foreclosure on your record, under most circumstances you will not be able to buy another home with a conforming mortgage for five years. Not to mention the lost opportunities of being a homeowner, which include increased wealth through home price appreciation and decreased income tax liability from deducting mortgage interest and property taxes.
If you or someone you know is facing financial challenges and can't pay the mortgage right now, don't just bury your head in the sand. The first thing you need to do is reach out to your mortgage company right away.
What Should You Do?
For a homeowner to be considered for a loan modification, the lender will want to know exactly where you stand financially and what you can afford.
The first thing to do is to find the courage to pick up the phone and call someone for help. Picking up the phone may not be easy, but if you want to avoid the financial ramifications of a foreclosure, you have to do it.
There are three calls you should make right away. The first call could be to the existing servicing company for the mortgage. The second option could be to a non-profit company like Hope Now. The third would be to contact a company that negotiates loan modifications. Either way, for direction on the best path to take, contacting an experienced mortgage professional is also a good idea.
Once you have made contact, let the company know that you would like to stay in the home. Assure them that you are committed to honoring your mortgage, but that you are in need of a little assistance right now to get back on your feet.
To enter into a modification agreement, the company will need to know, in writing, exactly what caused your sudden financial distress - so be prepared to tell your story in writing. This is also known as a "hardship letter," which will clearly explain the circumstances behind your missed payments and justify why you're in a good position to continue to make your modified payments in the future.
Be advised, investors or property flippers who were simply caught in a falling real estate market are not usually considered hardship cases. These homeowners may not find the same willingness to help that lenders will offer someone whose home in question is his or her primary residence. That means your chances are much better if you live in the home that you're trying to save.
Next, you will need to provide detailed financial information to help prove your case, so be prepared once you make that call to provide this information. Documents may include pay stubs, income tax returns, W-2s, liquid assets (bank and brokerage accounts), and current expenses (food, utilities, insurance, and other common expenses).
With this information, a lender may be willing to offer assistance in the form of a mortgage modification. This could include a reduction of your interest rate, a reduction of your principal, or even an extension of your existing mortgage. A combination of these options could also be in the mix, depending on your situation. Remember, the goal of a loan modification is to keep the homeowner in the home, so be open and up front and willing to help this process along in any way that you can.
Another Option for Struggling Homeowners
New legislation was put in place recently that could also assist homeowners whose mortgage balance is higher than the current value of the home - also known as being "upside down" or "under water." The bill is called the Homeowner Recovery Act of 2008, and it goes into effect October 1, 2008.
This law has provisions that will allow qualified homeowners to refinance their mortgage, with the mortgage company's approval, at 90% of the newly appraised value. There is one catch, though. To take advantage, the homeowner will have to share in future appreciation with the government. While some may be reluctant to do so, this could be an outstanding option for many homeowners who want to avoid foreclosure and keep their homes.
Details of exactly how this will be accomplished by the government, however, are still a little unclear at this time. But if you're under water with your mortgage, don't wait. You don't have to lose your home. There are many options available to struggling homeowners, but you have to be proactive before it's too late. Call the professional who supplied you with your copy of YOU Magazine and get the answers you need today.
Source Primier Mortgage
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Real estate services in the Oro Valley, Greater Tucson, Vail and Marana areas. I work with a team and we can cover much of Southern Arizona including Rio Rico and Nogales. My phone is always on.
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