Remax Alliance Group was recently notified the company reached over 100 Million in Total Office Volume.  This is an amazing accomplishment in the current economic climate.  The award is a testament to the hard work and dedication every agent has shown to each of their clients.  The award can be viewed below.

100 Million in volume Certificate

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New BofA Short Sale Process

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More than 11 million homeowners owe more on their mortgage than the property is worth, this is 25 percent of all homeowners with a mortgage. But the Obama administration’s offers of assistance have largely failed to help these troubled homeowners.

In its first attempt the administration’s  Making Home Affordable was supposed to stem the rising foreclosure crisis through multiple initiatives, the most prominent being the Home Affordable Modification Program (HAMP).  This plan was supposed to be an incentives-based approach to helping homeowners avoid foreclosure by paying lenders, services, investors and homeowners for every successful loan modification.

The Administration had a goal of helping 4 million borrowers, however current numbers estimate the amount of homeowners who have been helped are closer to 175,000.   Based on this massive failure the Obama Administration is taking another crack at it.

The new plan consists of two parts. One, through HAMP, will work by encouraging lenders and servicers to consider principal cuts early on in the mortgage modification process, rather than first relying on interest rate cuts and extending the life of the loan. Mortgage servicers forgave principal on less than two percent of HAMP trial loans, according to a report this week by the Office of the Special Inspector General for the Troubled Asset Relief Program. That’s despite the fact that on average, homeowners in HAMP owe $1.14 on their mortgage for every $1 in their home’s current market value, according to Treasury Department estimates cited in the report. “HAMP allows principal reduction, but it is not typically implemented in practice,” the report states.

The second is through the Federal Housing Administration. About $14 billion from Making Home Affordable will be earmarked for the agency to fund the refinancing of severely underwater mortgages. Only homeowners current on their loans are eligible. Eligible homeowners owing more than $1.15 for every dollar in their home’s current market value will be able to lower their total mortgage debt to that $1.15 level; anything higher than that will be extinguished. The outstanding principal has to be reduced by at least 10 percent, though the administration “expects” the write-down to be “significantly more than that,” according to an announcement.

Who Qualifies?

In a modification, your lender makes a change to your original mortgage agreement and you continue to make monthly payments. The lender either lowers your interest rate or stretches out the length or term of the loan so that your monthly payment is more affordable.

In some cases, your lender may be willing to forgive a portion of the loan principal.

With the Home Affordable Modification Program (HAMP) in effect, eligible borrowers could have their month payments reduced to 31% of their pre-tax income.

Here’s how to qualify for HAMP:

• You must be the owner-occupant of your home.
• You must have a mortgage balance less than $729, 750.
• Mortgage payments must be greater than 31% of your income.

For a full list of qualifications, go tomakinghomeaffordable.gov.

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Foreclosure filings were up 6 percent in February compared to a year ago — the smallest year-over-year increase in records dating to January 2006.

The 308,524 U.S. properties hit with foreclosure filings during the month represented a 2 percent decrease from January, and February was a shorter month by three days.

The leveling of foreclosure filings is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, RealtyTrac CEO James Saccacio said in a press release.

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A recent policy change by the U.S. Department of Housing and Urban Development is encouraging flipping to foster more sales of foreclosure homes.   This is a major shift in policy, as the regulations until now required a home to be on the market for 90 days before a home could be flipped.

“Flipping” Coplan said, ” is when a house is bought and quickly resold for a profit.”  ”Foreclosed homes, typically damaged like the one [pictured] here, are being bought, fixed up, and resold for substantial profits.”

Until now there have been seasoning requirements that do not allow a property to be resold for 90 days on some loan types.  The FHA which is a large part of mortgage activity taking place is valley has suspended the 90 day seasoning requirements for 1 year starting February 1st.

Last Month, foreclosure activity was up 4 percent from the previous month in the Valley, over one in every 100 houses received a foreclosure filing during January.  Phoenix had the second highest foreclosure rate among metropolitan areas  according to the latest report from Realtytrac.

The Valley was the only metro area among the top 10 to post a month-overmonth increase in foreclosure activity.  The anti-flipping waiver isn’t the solution to the foreclosure crisis, but it’s a step in the right direction, said Jay Butler, associate professor of real estate in the W.P. Carey School of Business at Arizona State University.  The waiver includes numerous safeguards to prevent inflated pricing, such as if the price of the home is 20 percent over the previous sale, the seller has to justify that increase, he said.

Josh Coplan has been in Real Estate for 6 years and is Certified in Short Sales & Foreclosures Resources(SFR).  We congratulate Josh for making it to the front page of the East Valley Tribune, and also congratulate the Tribune for their excellent selection.

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A big concern in today’s market is how advice and suggestions are given to sellers when they need to sell their house that is underwater. Underwater means more money is owed on a property than its current market worth.

Often agents are asked to explain foreclosure/REO transactions. they are asked if a short sale is what they should do. Clients want to know which method of selling their property is best for there situation.

Clients want and need good advice, and have a right to expect agents to advise them. The problems arise when agents go beyond their level of expertise and legal capabilities. The Arizona Association of REALTORS®, through their legal counsel Michelle Lind, worked with the Department of Real Estate Short Sale Committee to develop the “Short Sale Seller Advisory” that is now available.

You can download The Form From the Arizona Department of Real Estate Here.

What you can expect in the form.

discussion of lender options,
discussion of scams and fraud,
directions to information for websites and telephone contacts for legal advice, tax advice and helpline services that are available,
discussion of options other than short sales including but not limited to Loan Modifications, Deed-In-Lieu of Foreclosures, Foreclosures, and Bankruptcy.

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1. Use CFLs

You can replace incandescent light bulbs (the cheap ones that glow yellow) with qualified compact fluorescent light bulbs (CFLs). Replacing even your five most frequently used light bulbs, will save $100 per year. You can find your exact savings here. If every family in the U.S.A. did this, greenhouse gas emissions would be reduced by one trillion pounds.

2. Program Your Thermostats

You can save 10% on your heating and cooling costs just by setting your thermostat back when you’re not home and while you’re sleeping. Program your thermostat to 78 degrees for higher in the summer and 62 degrees F or lower in the winter. If you tell it to return to your preferred temperature before you return home, you won’t ever know the temperature changed, until you look at the reduction in your energy bills.

3. Plug Air Leaks

Air leaks are the greatest energy waster in the home, but they can be simple to plug. Install weatherstripping and caulk to stop those expensive drafts and improve comfort. It’s cheap and easy, and almost anyone can do it. Look for leaks around windows, doors, electrical outlets, plumbing penetrations, and in the attic floor.

4. Tune-Up Your HVAC

HVAC maintenance is key to healthy and efficient heating and cooling. Get a professional tune-up every two years. It will cost around $100, but will save 5% to 10% on your heating and cooling bills. Also, clean or replace your filter every month. Dirty filters block normal airflow and significantly reduce the efficiency of the system, which wastes your money.

5. Go Low-Flow

Install low-flow showerheads and faucet aerators to save resources without sacrificing water pressure. An efficient showerhead will save a family of four up to $285 per year. They can cost less than $15, and installing them couldn’t be easier: they just screw on.

6. Optimize Your Water Heater

If you don’t have one installed already, put an insulative jacket around your hot water heater, and insulate the pipes around the water heater. Insulative jackets cost between $10 and $20, and you can get pipe insulation for less than $1 for six feet. Also consider turning the temperature on the water heater down to 120 degrees. It will save you money and prevent scalding.

7. Plant a Tree

Shade trees can significantly lower your cooling costs by up to 25% . They also make your home more comfortable, and provide habitat for song birds. In addition, properly placed trees and shrubs act as windbreaks, shielding your home from cold winds and reducing heating costs by 20%.

8. Check Insulation

Make sure that there are no areas in your attic floor with inadequate insulation. Insulation is your ‘Great Wall of China’ against heat loss. Imagine the effectiveness of the Great Wall in protecting against invaders if it had a 300 foot gap in it, or only stood a couple of feet high. Insulation works the same way. Even a small area with limited or no insulation, or insulation that has been damaged or compressed, can significantly decrease the effectiveness of the area’s insulation. How much insulation do you need? Follow the Department of Energy’s recommendations.

9. Request a Blower Door Test

A blower door test will uncover the hidden holes and cracks that are the main source of energy loss in your home. For example an open fireplace damper can let 8% of your heating costs slip out the chimney. Hiring a certified Home Energy Rater (HERS) costs $200 to $400 and is worth every penny. You should have the inspection cost paid for within two years, and your home should be significantly more comfortable, and green.

10. Use Low-VOC products

After painting, the volatile organic compound level can be 1,000 times the healthy normal level. Select low or no-VOC paints and finishes to combat this health hazard. When selecting paints, look for the Green Seal. When cleaning around the house, use non-toxic natural products or make your own green cleaning products.

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Bode Miller Skis For RE/MAX

As a RE/MAX Agent who specializes in Phoenix Real Estate it is always a pleasure to see the powerful RE/MAX brand at work. To be a part of RE/MAX Alliance is truly a joy! Check out this Wall Street Journal Article where a photo of U.S. skier Bode Miller accompanied a story about tape delays for 2010 Winter Olympics in Vancouver on the front of the Marketplace section. CLICK HERE to read the full article.

The photo was snapped January 25, 2010 when Miller competed during the slalom of the FIS Alpine Skiing World Cup in Wengen, Switzerland. For the second year in a row, RE/MAX sponsored the event in Wengen and in Kransjka Gora,Slovenia.

RE/MAX will get even more exposure during the Olympics.

Thank you RE/MAX The power of the brand is always at work!

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Even with the current economic downturn and challenging housing market, there is still one city in Arizona that has been able to weather the storm and continue to grow… Gilbert, AZ.  Gilbert homes have been able to withstand the decline that other surrounding cities have been impacted by, and because of that Gilbert continues to attract residents from all over the United States. With gorgeous communities such as Power Ranch, Trilogy, The Groves and many more, it is no wonder why Gilbert continues to prosper.

In a study that analyzes trends for total crime, Gilbert was named the safest municipality in Arizona.  Gilbert has a population of 220,000 and was ranked 24th in the entire united states.

The good news continues to pile up this year for Gilbert. In the annual heads of households survey 97 percent expressed satisfaction with the town of Gilbert.  Also, 2009 showed a great deal of community involvement.  The Gilbert days parade was revived by its citizens after being canceled due to a lack of funding, also there was an uptick in participation at community events such as block parties and watch programs

Gilbert Homes have and will continue to see an increase in sales over the next several years. Already, since August of 2008 to August of 2009, Gilbert home sales have seen an increase of nearly 20% which is far better than most other cities located in Arizona. 

Please take some time and go through out site. The Reeves Team has been buying and selling Gilbert Homes for over 15 years. Whether you are looking to buy a home or sell a home in Gilbert or any other surrounding cities, the Reeves Team is confident in their ability to make your next home buying experience pleasurable and memorable.

Contact us today to learn more about Gilbert and why we think it is one of the best cities to live in!