Troy Erickson - Your Chandler, Gilbert, Queen Creek Realtor

Looking for a way to buy a new home without having to sell your current home first?

The sales price on homes in many areas is not projected to increase for at least another year or more. Renting instead of selling can be a good option, as oftentimes you can rent for more than your mortgage payment, which will cover additional repair costs and a higher insurance rate. The change in rents since 2005 have increased on average 11%, while the change in home prices since 2005 have decreased on average 30% according to a recent article in Money Magazine. It may also take you less than a month to find a tenant, where it may take 6 months or more to find a buyer.

Here is a good way to screen for applicants. First of all, you can go to ezlandlordforms.com and find a rental application. When qualifying applicants, you should look for applicants whose income is at least 3 times the rental payment. Ask for a copy of their pay stubs to make sure. The length of time with their current employer should be at least 6 months, preferably a year. Don't be afraid to call the employer to validate their work history. Ask for the social security number of all applicants. You can run a credit check on the applicants through either e-renter.com or youcheckcredit.com for about $25. Find out the previous living conditions of each applicant, and call any former landlords to find out if there were any problems. Hopefully these recommendations will help if you choose to rent your current home.

If you are wanting to move from your currrent home, another option to consider may be renting it instead of selling.

I would recommend you check with your tax accountant or an attorney, as renting your home will have tax implications.

Chandler Arizona named All-American City.  Chandler was named one of the nation's 10 All-American Cities by the National Civic League on Friday in Kansas City, Mo.  Chandler was the only nominee in Arizona this year, and had been a previous finalist back in 1988 and 1992.  What put Chandler over the top this year was the promotion of an underage drinking task force, a health clinic for indigent students, and the Chandler Heights Community Facilities that includes an environmental-education center and water-recharge ponds.

Mayor Boyd Dunn says, "This puts the stamp of approval on what we're doing... This will bring pride to our city."  There were 26 finalists across the nation that went to Kansas City and spent three days showcasing their hometown projects.  The winners had to demonstrate innovation, inclusiveness, civic engagement, and cross-sector collaboration by describing successful efforts to address pressing local challenges according to the National Civic League Website.

Other cities in Arizona who have earned the title of All-American City this decade are Tempe (2003), Sedona (2005), Flowing Wells (2007), Goodyear (2008), and Phoenix (2009).  The City of Chandler title of All-American City should help Chandler with grants and attract more employers.

Way to go Chandler!

Tenants rights in a Foreclosure

First of all, I must preface this by saying I am not an attorney, and I would always recommend that someone consult with a legal and/or tax advisorbefore making any decision. With that said, I recently read an article where a couple had rented a condo, and their lease did not expire until June 30th. The tenants received a notice in the mail from the bank that the condo they were renting was being auctioned off within the next 90 days. When they contacted the landlord, he said that he had stopped making payments for the condo to the bank months ago. I know of several homeowners who are no longer making their mortgage payments, yet are still collecting rent on their home from a tenant. So the questions arose: about the responsibility of the tenants to continue making their rental payment until the condo is auctioned, whether they will be able to stay in the condo until the lease expires, and will they get their security deposit back?

Christopher Combs, a real estate attorney with Combs Law Group PC, responded to this question. He said that under federal law that took effect in May 2009, a tenant is generally entitled to stay in the rented premises until the term of the lease expires, even after a foreclosure sale. The lender, or buyer of the foreclosure property has no obligation to refund the security deposit when the lease expires, so Mr. Combs suggests that you negotiate with the landlord for the return of the security deposit in exchange for continuing to make the rental payments. Mr. Combs also said that by "your landlord not making the mortgage payments for several months," it is probably an "anticipatory breach" of your lease. "Therefore you may not have an obligation to continue making rent payments to the landlord." However, before the foreclosure sale, the bank does have the right to have a receiver appointed by the court in order to collect the rents. If that does happen, you would have to make the rental payments to the bank's receiver and not your landlord.

I don't know about the rest of the country, but this is becoming more and more common here in Arizona.

Hopefully this is beneficial information to tenants currently renting from a homeowner who may end up in foreclosure.

Other great news about new construction in West Chandler neighborhoods. It looks like there is interest in developing single family homes west of the Price/101 Freeway again. There are only a "few remaining parcels available for development" according to the City of Chandler's principal planner David De la Torre, and they are starting to see inquiries about building on them. There are two parcels in particular; one on the northeast corner of McClintock and the 202 Freeway, and another just west of the Chandler Fashion Center.

Permits for single-family units only increased by 34 during the last year, but interest is starting to grow. Not only from original developers, but also from companies that have taken over incomplete projects. Some of the parcels have already had roads and other infrastructure completed several years ago, but mainly due to the market change, many of the projects were stalled. David De la Torre says "It's kind of exciting to see some renewed interest". These parcels represent some of the few parcels still available for residential subdivisions in Chandler. Building homes on these parcels would mark a milestone in Chandler's development. This renewed interest means Chandler is expecting to see "continued slow growth" over the next few years. Something West Chandler neighborhoods look forward to as the City nears completion in the development of the few remaining parcels of land.

Chandler Twelve Oaks neighborhood voted among top 20 U.S. neighborhoods in nationwide search. I could hardly believe this when I read it as this neighborhood is literally less than a mile from where I actually live. The Twelve Oaks area in Chandler, located on two square miles south of Chandler Boulevard between McClintock Drive and Kyrene Road, has been listed among America's Best Neighborhoods for the Money by NeighborhoodScout.com. The Twelve Oaks neighborhood consists of several subdivisions, including Twelve Oaks, Glenview Estates, and Suncrest Villas in Chandler.

The Chandler neighborhood was nationally ranked based on analysis of neighborhood data including public school ratings and test scores, crime rate statistics, home prices, real estate appreciation rates, and neighborhood demographics such as homeowner education and income levels. Andrew Schiller, creator of NeighborhoodScout.com said, "the neighborhoods are not the least expensive neighborhoods, but rather premium neighborhoods at remarkable bargain prices for their metropolitan area". The website went on to say the median home values in the Chandler neighborhood were around $272,000 and that a buyer would have to pay around $520,000 for a similar home in a "Comparable Premium Neighborhood" in the Phoenix area.

The neighborhood of Twelve Oaks is conveniently located near the Chandler Fashion Center Mall, as well as being within close proximity to the Interstate 10, Price, and San Tan freeways. It is in the Kyrene School District where my son attends school, and is close to Desert Breeze Park, where I sometimes jog to from my home and my son has played soccer. Twelve Oaks is right across the street from the West Chandler Aquatic Center and Park where my son plays little league. This park not only has an aquatic center, but three baseball fields and a bark park, as well as picnic ramadas. Twelve Oaks is also near the Sunset Library, Stellar Airpark, as well as a police substation and fire station. It is a wonderful area, and a great place to live. I should know, as I live within walking distance.

There are currently 50 homes listed for sale with prices ranging from $84,500 to $580,000. There is also one home in Stellar Airpark Estates that is listed at $3,300,000. There have been 69 sales since January 1, 2010 ranging from a sales price of $55,000 to $1,400,000. Obviously the neighborhood of Twelve Oaks is nationally ranked as one of America's Best Neighborhoods for the Money because it has something for everyone.

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