Patricia Paul Properties

In the past couple weeks I have been working with several different buyers trying to find them homes to purchase.   They didn't specifically start out to buy foreclosures, but they soon learned that more than half of the homes on the market in certain areas are either short sales or foreclosures.  They're hard to avoid these days.  In general, foreclosures are quicker and easier to purchase than short sales.  Some of the banks have actually gotten their acts together and can close a transaction in a reasonable length of time.
 
Some of these short sales and foreclosed homes have sat on the market for a long time.  As time goes by, like most private sellers, the banks discover they might need to lower the price of their homes to get them to sell.  
 
Here's the disappointment my buyers have recently experienced.  After diligently viewing and exploring a number of homes, they eventually find one they really like that meets their needs.  They decide they want to make an offer on the property.  
 
Couple #1 finds a home in Vail that they really like and before we can get together to write the offer, we discover that an offer has come in and the bank has accepted it.  
 
Buyer #2 finds a fixer-upper on the south side of town that is a bargain.  He wants to renovate it to live in it himself.  I call the listing agent before we write the offer to make sure it is still available, and I'm told it is.  We write a cash offer and submit it to the listing broker.  The agent does not respond by the time specified in the offer, and does not return my phone calls and e-mail.   Finally after a few days of me trying to hunt him down, he takes one of my phone calls and lets me know they had actually received a few offers on the property, and the bank chose one and countered it, instead of sending out a multiple counter offer to all buyers.
 
Couple #2 have looked at probably 20 houses or so, and find one on the east side they consider perfect for them.  I watched as their faces lit up as they always do when they find the right home.  The home had been on the market for 160 days.  We agree to meet the next day to write up the offer.  I prepare the offer in advance, and make an appointment to meet them at the house they want to purchase to sign the offer.  They get tied up in the Phoenix area and can't make it until the following day.  We drive up to the home to finish the offer, and find a new rider sign on the For Sale sign that says:  Sale Pending.   Even though the house has been for sale for over 4 months, we blink and the house gets plucked up.
 
It can be heartbreaking!  To avoid this kind of disappointment, I suggest the following:
 
     *  Get your details worked out with a lender in advance, and have your Loan Status Report (LSR) ready for when you find that perfect home.
 
     *  Don't assume that a long time on market means the home will stay available.  The
         good ones eventually sell.
 
     *  When you find the home you want to purchase, think carefully, then move on it!
 
Remember, interest rates are at an all time low.  Now is a fabulous time to buy a home!
 
 
Patricia Paul, GRI  ***  www.PatriciaPaulProperties.com  ***  (520) 548-2078

            


Great new listing in Rita Ranch on the southeast side of Tucson.   This home features 3 bedrooms, 2 bathrooms, 1,569 square feet, living room with fireplace, and formal dining.  Master suite features large walk-in closet, extra large garden bathtub, separate shower, and double vanity.  New neutral ceramic tile and carpeting.  Kitchen has been renovated with dark mahogany cabinets and beautiful granite countertops.  
 
For more information, visit:      www.9182SugarSumac.com

Patricia Paul, GRI ** www.PatriciaPaulProperties.com ** (520) 548-2078 

     
 
  How would you enjoy views like this from your back yard?

                             Perched high on a hill

                              One acre lot

                              3 Bedrooms plus den

                              2,434 squre feet

                              Respected Vail School District


Patricia Paul, GRI * www.PatriciaPaulProperties.com * (520) 548-2078



             

           
                ~ Open House - Sunday, March 28, 1:00 - 4:00 ~

                        1365 E. Zulema Loop, near Campbell & Irvington


                    * *      ~ ~      * *       ~ ~      * *      ~ ~      * *      ~ ~      * *

Nice clean, newer townhouse features 3 bedrooms, 2 bathrooms, 2-car carport, 
central A/C, galley kitchen with appliances and laundry, ceiling fan, window coverings, covered rear patio, enclosed back yard, extended paving stone patio, 
and more!                                                                                                                                                               

                                         All this for only  $64,900!


          
**  Patricia Paul, GRI **  www.PatriciaPaulProperties.com ** (520) 548-2078

The number of applications for home loans and refinance loans reached a six-week high as interest rates slipped slightly lower.  Many buyers expect the rates to start rising in the spring of 2010, and want to complete their purchases before then.

Also driving some of the recent mortgage activity is the extended first-time homebuyers tax credit of up to $8,000, and a move-up tax credit of up to $6,500.  In order to qualify for these credits, home purchases must be under contract by April 30, 2010.

Buying a home still makes good sense now:  Mortgage interest rates are still at historic lows, home prices have fallen between 25-30% from the highs in 2005 and 2006, depending upon the location.  There is still a good amount of inventory out there to choose from. 

If you'd like to get pre-qualified for a mortgage, please contact me for a list of reputable, ethical lenders.  If you've been thinking about purchasing a home, please contact me for a free no-obligation consultation. 

If you've even been thinking about it, now is a great time to check it out!

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078

For the past couple of years the real estate market has been dominated by REO's (Real Estate Owned); or in other words, bank-owned properties that were acquired through foreclosures.

Banks were neither equipped nor knowledgeable about suddenly becoming Property Managers.  In many cases, by the time they took back the homes, the properties were in poor condition.  Sometimes appliances, cabinets and fixtures were removed.  Unattended swimming pools were green with mold and yards were covered with weeds.  They had homeowner's association rules they had to abide by.  The carrying costs were huge.  Plus, in order to sell these homes, the banks had to price them well below the market value of privately owned homes.

But the banks have come to the realization that they can cut their losses by about 25% if they agree to accept a short sale, rather than to foreclose on a property.   So in the future expect to see more short sales on the market, and fewer REO's.  This could be good news for both buyers and sellers.  Plus, new government regulations are attempting to standardize the short sale process.  It is a bit easier and quicker to accomplish now than those first few shorts sales when this whole mortgage mess began.

If you find yourself in the position of needing to sell your home to be rid of a  mortgage you can no longer afford, please contact me.  I can explain the short sale process, and help you work with your lender to get your house sold.

If you can afford your mortgage or don't have one, but still want to sell your home either to move up, downsize, or relocate, I can help you, too.  You may even qualify for a federal homebuyer tax credit.  Please call me today for your free no obligation consultation.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078

           3 BR Near Pima & Swan                                 3 BR Near Midvale Park

                       $950/month                                                        $850/month

Both of these single family homes feature 3 bedrooms, 2 bathrooms, 2-car garages, central air conditioning, ceiling fans, window coverings, and other extras.  For more information, please click on the menu tab marked "Home Rentals".   Call today to see these great homes in person!

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078

 Stop by on Sunday January 31 from 1:00 - 4:00 for my Open House located at 10315 E. Cowhead Saddle Lane, near Broadway and Houghton.  This beautiful home in Barrio Rincon was built in 2004 and features 3 bedrooms and 2 bathrooms.

Directions:  From Broadway, take Houghton Road south to Cowhead Saddle Lane.  Go east to #10315.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078

Have you been thinking about selling your Tucson home, but have been holding off because of the depressed real estate market?   It's true, the past couple of years have been a buyer's market, and it was fairly brutal to sellers.  Home values dropped significantly, yet sellers still had to do even more to stand out from the crowd of other homes for sale.

But the real estate market has been improving slowly over the past year, at the same time that the inventory has been shrinking.   The federal First-Time Homebuyers tax credit of up to $8,000 was extended for the 1st quarter or so of 2010, along with the program being expanded to offer a tax credit of up to $6,500 to qualifying existing homeowners who purchase a primary residence.  The tax credits have time deadlines; buyers must have their home purchase under contract by April 30, 2010, so they should start looking now.  This will create a larger pool of buyers out there in the first quarter of 2010 to make their qualifying purchase.   Now's the time to get in on the action!

Call me now for a free consultation.  We can discuss the value of your home, how to prepare it to put on the market, and potential marketing plans to get it sold.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078

The very popular FHA insured home loans will be increasing some of their costs.  The first change will entail an increase to the up-front mortgage insurance premium paid at closing.  It is scheduled to increase to 2.25% of the loan amount in the spring. (It is currently at 1.75%).  So on a home loan of $100,000, the up-front fee would go from $1,750 to $2,250, or a $500 increase.  The FHA also intends to ask Congress to allow an increase in the annual premium (think higher monthly payments). 

The Agency will also be limiting the amount of sellers concessions allowed to apply to buyers closing costs.  Currently it can be up to 6% of the purchase price, but will be decreasing to a maximum of 3%.

Also, buyers with lower FICO credit scores may have to come up with larger down payments.  

These changes are being implemented to try to offset some of the losses the FHA has recently sustained.   The FHA (Federal Housing Authority) does not make the loans, they only insure them.  Currently more than 30% of home loans are FHA backed.  They are especially popular because they require far less down payment than conventional mortgages do.

What does this all mean?   If you are thinking about purchasing a home, the time to do it is now, before the changes.  And if you are thinking of selling a home, you might want to do that before costs increase for the buyers.  Their increased costs mean that much less is available to them for their purchase.

Please contact me if I can clarify any of this for you, or if you would like me to put you in touch with quality lenders.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078