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Gilbert Homes Mortgage Borrowers to Get Reduced Payments

stay in your gilbert home

The start of July marked the beginning of relief for thousands of people who have been struggling to pay their  mortgage. Borrows of Gilbert Homes mortgages could get help getting back on track with their loan payments and save money in the process. Troy Reeves with the Troy Reeves Team has seen many homeowners able to recover from late mortgage payments already – making it easier to stay current with their loan or sell their Gilbert Homes properties and buy new. Learn about the new efforts to help homeowners who are struggling because they are behind on their mortgage payments of Gilbert Homes.

 

How Gilbert Homes Borrowers Are Getting Help

A new program known as Streamlined Modification Initiative is helping borrowers who have mortgaged backed by Fannie Mae and Freddie Mac. This program is intended to help borrowers of Gilbert Homes and other nationwide wide homes mortgages who are at least 90 days behind on their loan payments. The loan must be at least 1 year old and the borrower cannot be more than 2 years behind on payments.

 

These borrowers will behind to receive offers from lenders that will help to lower their mortgage payments. The Federal Housing Finance Agency, or FHFA, is the agency that oversees Fannie Mae and Freddie Mac – they have yet to release how many homeowners will receive mortgage payment modification offers, but the number is expected to be in the hundreds of thousands. Currently, around 1.1 million people are behind on their mortgage loans nationwide.

 

Why This is Better for Gilbert Homes Borrowers Than Programs of the Past

This process is set up to be easier for homeowners than previous programs set to help borrowers keep their homes. Unlike other similar efforts, this program will bypass filing any financial paperwork by the homeowners. Gilbert Homes borrowers and others from around the nation will get a three month trial period for the new payment until it becomes permanent.

 

Lenders will begin to lower monthly payments by extending the Gilbert Homes mortgage loan terms or reduce the interest rates. This program could equate to big savings for people who have high rate loans or those who haven’t qualified for refinancing to lower rates.

 

“by Troy Reeves” at Google

Why Some Chandler Homes Get Negative Leads

Gilbert homes for sale

Believe it or not, not all leads are good leads when it comes to selling your property in Chandler, AZ. According to Troy Reeves, founder of the Troy Reeves Team, some Chandler Homes on the market draw in negative leads because of the way the homeowner decides to go about selling their house. Learn about the ways you might be drawing negative attention to your properties for sale in Chandler.

 

There is a Right Way to List Chandler Homes

When it comes to the best way to list Chandler Homes, there is a right way and a wrong way. Listing Chandler Homes on the wrong sites could lead to the wrong kind of attention. Popular sites which offer free listings may seem attractive, but lister beware! When you list Chandler Homes on a free site, you are doing many things wrong. To start, you are listing your home amongst many fake ads created to draw people in for illegal and unsavory purposes (to collect information for identity fraud, scams, etc.). The free sites are also heavily saturated and your postings can easily get lost in a sea of other Chandler Homes. Many of the responses you will get off free sites are also 100% fake and might even open you up to becoming a victim of internet crimes. List your home with reputable sites only.

 

Advertising Chandler Homes the Wrong Ways

 

Much like listing your home the wrong way, you might also be advertising your home in way that’s drawing in people who are only trying to kill time, not buy a house. It may sound like a contradiction, but being too available for showings might attract non-serious buyers and scare off real buyers. To stave off people who are just curious about your floor plan, or snoopy neighbors looking for decorating ideas, make your home available for a virtual tour online. Show your home by appointment only to keep the open house ‘lookie loos’ at a minimum – an appointment will also give the interested buyers an opportunity to get individualized attention from your agent.

 

Why Using a Chandler Homes Agent is Beneficial

 

Professionals like the agents at the Troy Reeves Team are experts in what works and how to get quality buyers to your listings and showings. An agent can advise you on all aspects of the selling of your Chandler Homes, including which tactics you should avoid. Chandler Homes agents also have more pull with qualified leads as they have an earned reputation that both buyers and sellers can trust when purchasing a new home.

 

“by Troy Reeves” at Google

Don’t Wait: NOW is the Time to Sell in East Valley!

Due to an unusual shortage in inventory of homes for sale in East Valley, now is the perfect time to sell your home. The Reeves Teams has been watching the Arizona MLS very carefully and we can see that buyers are very active right now and houses are being snatched up. While Troy Reeves believes that the market will continue to grow in East Valley, it will do so at a more manageable rate and buyers will no longer be making knee jerk decisions based on low inventory.

 

Based on our expert projections and by gauging the current market, we do not anticipate there being a better time in the near future to list your property for sale.

 

Get the most money for your home by acting on an extremely ideal situation in the market that has been created by a very specific set of factors – these unique factors are inspiring people to make offers 5-7% above list price. With buyers so ready to purchase a home that they are making those kinds of offers for already inflated prices, your home is a hot commodity right now! Read on to discover why the next 90 days could mean the best offers and quickest sale of your home.

 

Why is NOW so Important?

The urgency to sell now is based off of a frenzy created in the market due to the lowest inventory of homes for sale over the last 26 weeks, and counting. April, May, and June are by far our busiest months for showing homes with May, June, and the beginning of July being our top months for closing. People are getting their tax refunds back and can afford the down payment on a new house – this is something people wait all year to do! Parents are looking to move and get settled into a new community by the time their children go back to school and are not going to wait until the new school year starts to relocate.

gilbert real estate market_listings_2013

 

Why This Year is the Year to Sell

Anyone who sold a home in the 2005-2006 year range remembers a time when multiple offers were being made on homes, and that was during a time when prices were around double what they are now! The situation is very similar in the sense that there are fewer homes for sale than there are interested buyers. Adding to the situation is the fact that there are new six figure industries establishing branches in the area and East Valley is becoming home to several high dollar employment positions – this is helping the median price range of East Valley real estate! With the economy showing signs of stabilization, people are more confident now than they have been since the crash in making important financial decisions.

 

What’s Going to Change in 3 Months? 

What we are going to see very soon is the construction market catching up due to the financial recovery of individuals and businesses. Home builders will start building again very soon and the amount of new homes on the market is going to match or exceed demand. The summer is also a major time for the new home industry since longer working hours allow builders to complete homes in less time. When the new builds catch up to the demand, there will be far less buyers willing to compete with high offers for your home.

 

gilbert real estate market_listings_2013

In three months, people will also be less excited about looking for new homes when they are facing back to school expenses and the approaching holidays once we roll into the fall season. On the other hand, homebuyers do not want to start moving when it is super hot out and prolonged periods loading and unloading moving trucks become dangerous. Sellers have also caught word from the local and national news that the market is coming up and the REO/Bank owned business is on its way down, meaning short sales are not nearly as common as they were this time last year. These factors create a very specific window, and this may be the best year in almost a decade to sell.

 

There’s No Time to Wait

Arizona residents should not wait any longer to list their homes as we believe the window will be closing over the next two months. When the amount of homes listed versus wanted catches up, the market will stabilize and homeowners will find that they have to settle on low ball offers. There’s also no need to hold out on new builds, the Troy Reeves Team can help you purchase a new build at no cost to you! Let us help you get your home sold quickly and at an amazing price, but don’t wait too long or you might miss the best offers for years!

gilbert real estate market_listings_2013

 

“by Troy Reeves” at Google

Gilbert Real Estate Foreclosures

Buying a high value foreclosure at a low cost price is how savvy homebuyers purchase properties these days. Whether you intend to buy the home to live in yourself, to invest in it as rental, or flip and sell it for a profit, finding the right foreclosure can save you thousands, if not hundreds of thousands of dollars. Discover how to find a foreclosure in Gilbert, AZ and what you need to know before buying.

 

How to Find Foreclosures in Gilbert, AZ

Finding foreclosure homes and finding any important information about properties going into foreclosure can be the hardest part about buying this type of property. Often, larger investment companies are dialed in with their finger on the pulse of the foreclosure market and have a tendency to snatch up these properties before you ever knew they existed. These companies take the property and quickly renovate it then turn around and resell it or rent it out at a premium.

 

What the individual can do to keep from missing the best deals is to use the same tricks investment companies use to find homes – use the power of public records and a little digging. If you suspect a home in your area is going into foreclosure you can usually find out for sure by calling the bank; if the home is already in foreclosure you can find out by searching public records/tax records. Newspapers are also a very valuable research tool for finding Gilbert real estate foreclosures as they have weekly listings on these properties.

 

Deciding to Buy a Foreclosed Home

When you have found the home of your dreams at an unbeatable bargain in Gilbert, Arizona, you must act fast but proceed with caution. Many foreclosed homes in any area are not move in ready but that might be somewhat of an understatement. Unlike homes for sale by owners, properties in foreclosure are often not maintained to very high standards. The most the bank is likely to do to a foreclosed property is keep the house secure, and sometimes that’s not a top priority.

 

In addition to probably needing a good cleaning, inspect the house thoroughly before investing any money or time into the closing process. Foreclosed homes are often targeted in petty thefts and break-ins since they are not under the watchful eye of a private homeowner. Check for signs of common copper/wire theft by inspecting outdoor A/C units, electrical wiring – especially in the attic, and signs of damage to the walls. Otherwise, be on the lookout for tampering with entry ways or missing appliances before you make any offers. With a little wisdom and caution, you can find an amazing deal on foreclosures in the Gilbert real estate market.

 

“by Troy Reeves” at Google

Why Foreclosures Will Go Up In 2010

foreclosureLast year there were 2.82 million foreclosures, the most since RealtyTrac began compiling data in 2005. Some Analysts expect more than 4.5 million filings are expected this year. There is little doubt among analysts that foreclosures will top 3 million this year.

“As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans,” said James Saccacio, chief executive officer of RealtyTrac.

Saccacio said that monthly foreclosure filings hit their peak in July, then declined for four months before rebounding at years end. He said trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline were the main factors contributing to the second-half declines.

But “in the long term, a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond, as lenders gradually work their way through the backlog,” he said.

There were a record 41,000 single-family home foreclosures in the Phoenix area last year. A new Realty Studies report from the Arizona State University’s W.P. Carey School of Business and ASU economist Jay Butler also said there were 4,000 foreclosures in Phoenix in December and 3,000 in November.

Median home price in the area was $140,000 in December compared to $148,600 in December 2008.

There were also 600 condos that were foreclosed on in December versus 285 such defaults in 2008.

Butler said the rebound of Phoenix’s housing market remains elusive to many.

“Recovery is a perception issue,” said Butler. “Some people believe they will see recovery when their home values are back where they were, and that’s going to take a long time. As for the economic recovery, Phoenix-area layoffs are still coming, and there’s an expectation interest rates may get higher, so the housing market will probably bounce around for a while longer.”

Home Sales Rise For Nine Months Straight

pendulumThe Pending Home Sales Index was established in 2001. Since its inception there has never been 9 consecutive months of growth, until now. December 1st it was reported from the National Association of Realtors that the index reached 114 marking the 9th month in a row that the index has risen.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

“Home sales are experiencing a pendulum swing.” said Lawrence Yun, NAR chief economist “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Lawrence Yun said.

Treasury Announces New Short Sale Process Legislation

us_treasury_deptThe U.S. Treasury Department released a plan intended to speed up and encourage the short sale process.

A short sale is the final step a homeowner may take before giving up on a house and letting it slide into foreclosure.  However, in the past the foreclosure process has been time consuming and has not delivered the desired results.  Currently 3 out of 4 houses that start the short sale process end up failing and falling into foreclosure.  If the process does close it takes on average 8 months before the transaction is complete, this makes if frustrating not only for the seller but for the buyer as well.

The new plan A lender must give a yes or a no answer to an offer within 10 days.  It will also offer incentives to sellers buyers and lenders to complete the transaction.  The incentives include:

  • Borrowers would receive $1,500 from the government in relocation expenses.
  • Servicers receive $1,000 from the government per transaction.
  • Second liens holders can receive up to $3,000 of the sales proceeds for releasing their liens.
  • First lien investors can receive $1,000 from the government for signing off on payments to subordinate lien holders.
  • Borrowers must be fully released from any further liability.

More information will be released shortly.

If you have any questions on the new program please contact Remax Alliance.

What is FHA 203k?

The fastest growing home loan on the market is the FHA 203k.  in 2008 there were 10,000 FHA 203k loans, this year there will be 80,000 and next year estimates are over 500,000 FHA 203k loans will be processed.  What is this loan? and do you qualify? read the FAQ below.

What is an FHA 203k Loan?

The FHA 203k renovation loan program provides the funds for both the purchase and renovation of a home packaged into one mortgage loan. Once the home purchase is closed, the funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors.

The purchase of a house that needs repair is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased.

HUD’s 203(k) program can help you overcome this obstacle by enabling you to borrow funds for the purchase or refinance of a property plus the cost of making the repairs and improvements in one mortgage. The FHA-insured 203(k) loan is provided through approved lenders nationwide and is available to owners who will occupy the home themselves.

Down payment, credit qualification, loan limits and other requirements are the same as standard FHA loans. Additional guidelines are set forth specific to 203k loans to provide for renovation of the home.

How many types of 203k loans exist?

  1. The Standard 203k is intended for more complicated projects that involve structural changes, such as room additions, exterior grading and landscaping, or renovation that would prohibit you from occupying the residence. A Standard 203k is also used if your project requires engineering or architectural drawings and inspections.
  2. The Streamlined 203k is designed for less extensive improvements and for projects that will not exceed a total of $35,000 in renovation and related expenses. This version does not require the use of a consultant, architect, and engineer or as many inspections as the Standard 203k. As a result, when applicable, the Streamlined 203k generally becomes the simpler, less costly option.

Does the 203k program work for Single-family homes?

No. This program is eligible for use on 1 to 4 unit buildings only.

How does the appraisal work?
The appraiser is given a copy of the contractors bid documents to identify the repairs and remodeling to be done along with their costs. The appraiser then determines the value of the home after completion, “subject to” the improvements to be made. Up to 110% of this value may be used for loan approval purposes.


Can Investors Use a 203k?

A 203k loan is for use by owner occupants, local governments or  non-profits. However, an owner occupant can use a 203k loan to purchase and renovate up to a 4-unit building as well as multi-use building in some situations.

Is there a time limit for renovation of the property?

The renovation must begin within 30 days of the closing of the loan and must be completed within the time frame established in the loan agreement. The total time for renovation must not exceed six months.


Banks Willing To Rent Tenants Back Their Foreclosed Home

fanniemae_3In a surprise move, Fannie Mae announced it will begin allowing homeowners facing foreclosure to rent back their homes for up to one year.   This program allows homeowners to pay market value for rent, a sum typically lower than the price they are currently paying for their mortgage.

“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”

Many see this as a calculated bet from Fannie Mae, that home prices will be higher another year into the economic recovery.  The question that remains is, will it work?  Big banks got into this crisis by over leveraging themselves during the subprime mortgage days.  This move sees them once again putting all their eggs in one basket and betting on a rise in home values.

Fannie Mae will not have to list the homes as “for sale” so on their books they will show a revenue increase and will not have to write off the loss.  This will also make the ever growing shadow inventory even more complicated to dissect.  Many economists guess the number of homes that are currently foreclosed on but have not yet been listed on the market at over 7 million.  The move by Fannie Mae will significantly increase the shadow inventory, but it will be difficult to know by how much, given that the house will not technically be foreclosed on until the lease runs out.

If the bet pays off, it could be a win/win.  The homeowner will have cheap rent for at least one year, while Fannie Mae will take less of a loss when they do finally sell the house.  If however the shadow inventory starts making news and home prices decline even further, tax payers will be left with the bill. Again.

Q3 Foreclosure Rate Breaks Record

Housing downThe recent economic crisis has seen multiple records set, unfortunately most records are being set in the wrong direction.  The third quarter of 2009 was no exception.  The months of July, August and September saw a 5% rise in the already staggering foreclosure rate in the U.S.

There were 937,840 filings in the third quarter representing a 5% increase from the second quarter.  The foreclosure filings also represent a 23% increase from the third quarter of 2008.  The nearly 1 million foreclosures are the highest on record, this means that 1 in 136 U.S. Households is currently in foreclosure.

Arizona and California are tied for the Nations highest foreclosure rate.  1 in every 53 households in the two states were in foreclosure during the quarter.  Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois round out the top ten respectively.

Despite high foreclosures the housing market has seen some stabilization in recent months.  Prior to the end of Q3 there had been 5 straight months of growth in the sector.  Some economists say that the stabilization may be allowing lenders to work through their excess inventory and as a side effect, increasing the total foreclosure filings.

The future still looks uncertain as many predict foreclosure filings to continue to increase into 2010.  This may continue to put a downward force on the prices in the housing market.  Some economists predict the market could fall another 10% before hitting a bottom for good.