Phx Homes Online Real Estate Blog

Do you Know how to spot Gaps In the chain of Title?

sylviahoward — Wed, 26 Oct 2011 15:13:48 +0000

It came to my attention yesterday ( Thanks Jim, our Broker who keeps us in line!) that there is another little detail that we must all be aware of when purchasing a Foreclosure or Short Sale

Let me start with some basic loan information about traditional Real Estate mortgages, a mortgage is a loan secured by Real Estate. Once the loan is created , the information about the debt is recorded in local property records. When the debt is sold the name of the new owner must be recorded, if the loan isn't paid and the property must be foreclosed the identity of the lender can be found in the local property records. This system is still in place , but another system was created to further the sales of Mortgage Backed Securities ( MBS).
To create an MBS Wall Street firms buy local mortgages. Title to these mortgages is then often recorded by a third party called Mortgage Electronic Registration System or MERS
With MERS as the mortgage holder, the loan can be bundled with thousands of other loans to create an MBS. Since the title remains in the name of MERS, there are no additional state recordation fees to be paid each time the loan is bought or sold, a savings of better than $1 billion dollars for what lenders claim are unnecessary costs.

Changing loan owners under MERS without the need to record each transfer of ownership has been largely unchallenged until recently. Now, at least seven state supreme courts have ruled against the MERS concept.

The issue of loan ownership leads directly to foreclosures. A lender can't foreclose unless it has “standing” and to have standing it must own the note.

So how does this affect you? Well the bottom line is check your preliminary title report, look at the exceptions. (Yes you really have to READ it!)

If you see an exception regarding the foreclosure of the property , look into it further. Ask your Realtor and Your title company to do a more thorough search. And buy extra title insurance that will cover gaps in the chain of title. The Gaps caused by MBS and MERS.

If a homeowner wants to file an illegal foreclosure suit and go to court and you don't have the extra coverage you could lose the property. So go out there and get a GREAT deal on a foreclosure… just be careful and watch your back, dot your i's cross your t's

It pays to be informed. Do you have an experience you can share with me? I'd love to hear of any challenges and how you overcame them.

HAPPY HOME HUNTING!

Thank you!
Sylvia Howard | Your Friend In Real Estate

Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty

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Do you Know how to spot Gaps In the chain of Title?

sylviahoward — Wed, 26 Oct 2011 14:56:08 +0000

It came to my attention yesterday ( Thanks Jim, our Broker who keeps us in line!) that there is another little detail that we must all be aware of when purchasing a Foreclosure or Short Sale

The issue of loan ownership leads directly to foreclosures. A lender can't foreclose unless it has “standing” and to have standing it must own the note.

So how does this affect you? Well the bottom line is check your preliminary title report, look at the exceptions. (Yes you really have to READ it!)

It pays to be informed. Do you have an experience you can share with me? I'd love to hear of any challenges and how you overcame them.

HAPPY HOME HUNTING!

Thank you!
Sylvia Howard | Your Friend In Real Estate

Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty

SEARCH Phoenix Properties!
PhxHomesOnlineBlog

P.S. will you do me a favor? Help me reach 300 likes on my facebook page like me at http://www.facebook.com/SylviaHowardAZRealtor

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Pork chops ??

sylviahoward — Fri, 14 Oct 2011 02:23:05 +0000

PORK CHOPS

In a zoo in California , a mother tiger gave birth
to a rare set of triplet tiger cubs.
Unfortunately,
Due to complications in the pregnancy,
the cubs were born prematurely
and due to their tiny size,
they died shortly after birth.
The mother tiger after recovering from the delivery,
suddenly started to decline in health,
Although physically she was fine.
The veterinarians felt that the loss of her litter
had caused the tigress to fall into a depression.

The doctors decided
that if the tigress could surrogate
another mother's cubs,
perhaps she would improve.
After checking with many other zoos across the country,  the depressing news was that there were no tiger cubs
of the right age to introduce to the mourning mother..
The veterinarians decided to try something
that had never been tried in a zoo environment.
Sometimes a mother of one species
will take on the care of a different species.

The only orphans' that could be found quickly,
were a litter of weanling pigs.
The zoo keepers and vets
wrapped the piglets in tiger skin
and placed the babies around the mother tiger…

Would they become cubs or pork chops?
Take a look…you won't believe your eyes

Now, please tell me one more time ….
Why can't the rest of the world get along?


I am sending this to all that love animals………….It is just too great not to pass along.


       –

Thank you!
Sylvia Howard | Your Friend In Real Estate

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Market Update – Sept. 2011

sylviahoward — Thu, 06 Oct 2011 22:03:21 +0000

Total sales in September were 8,050 which were comprised of 2,884 normal transactions which represent 36% of the market. Short Sales were 2,127 which represent 26% of the market and REO sales were 3,041 which comprised 38% of the market.

In total, distressed properties continue to dominate the market with over 64%. Inventory is at 19,519 which is made up of 2,857 REO listings which is only 15% and 3,457 Short Sale listings which is only 18% and 13,210 normal listings which is 68%. See Graph below:

Thank you!
Sylvia Howard | Your Friend In Real Estate

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Keller Williams Integrity First Realty

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Agency encourages short sales by offering money

sylviahoward — Wed, 28 Sep 2011 00:16:48 +0000

Agency encourages short sales by offering money

by Catherine Reagor, columnist – Sept. 21, 2011 12:00 AM
The Arizona Republic

Money to help struggling homeowners complete short sales is the latest way the Arizona Department of Housing is trying to spend its $269 million in federal foreclosure-prevention funds.

The state agency is offering homeowners $4,500 and to pay their 3 percent closing costs if they work with their lender to complete a short sale instead of losing their home to foreclosure. But, of course, like the principal-reduction loan modifications the Housing Department has been trying to use the money for, it's all up to the lenders whether the deals go through.

The Arizona Housing Department's annual 2011 housing forum starts today at the Talking Stick Resort in Scottsdale. The conference draws housing advocates, counselors, builders, lenders and government officials from not only Arizona but other states and Washington, D.C. The purpose of the meeting is to discuss the tough issues facing housing. Of course, now there are many, including a growing number of homeless people in Arizona.

Housing Director Michael Trailor said the state agency will start taking applications for the short-sale program today. Go to housingaz.com to apply. It's the same site that is taking applications for the principal-reduction loan-modification program and unemployment mortgage aid, both of which also are being funded by federal money from the Hardest Hit Housing program.

The Arizona housing agency has been able to persuade lenders only to match their principal reductions to modify six loans, so far. The program was launched a year ago, and Trailor said as many as 30,000 Arizona homeowners should qualify.

He said the miserable results, because of lender's reluctance to cut principal and Fannie Mae and Freddie Mac's policy not to reduce loan amounts, have been a frustrating and time-wasting effort for his agency during the past year.

So, to try to spend some of the money to help homeowners, the agency received approval from the U.S. Treasury Department to start the short-sale program.

The Housing Department is also expanding its program to cover mortgage payments for more unemployed and underemployed homeowners who are eligible.

"We want to spend this money to help homeowners, but we need lenders' help," Trailor said. "Anyone who thinks they are eligible should immediately apply at our website."

Statewide MLS?

An agreement for the Arizona Association of Realtors and its member groups to buy the Arizona Regional Multiple Listing Service, or ARMLS, is on hold. The deal would have given Arizona the largest statewide MLS in the country. But after a year of research and surveys to members to see how it could work, the Southeast Valley Realtors Association voted against it.

ARMLS CEO Bob Bemis said that a similar plan was voted down before but that there are many supporters of a statewide MLS in Arizona, so discussions continue about creating one.

YOUR INVITED! When Selling A House Images Matter

sylviahoward — Thu, 15 Sep 2011 17:31:02 +0000

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This Month in Real Estate – September Edition

sylviahoward — Sat, 10 Sep 2011 13:32:36 +0000

Sylvia Howard

http://www.yourwinningteamaz.com
sylviahoward@kw.com

(480)889-7300 (Office)

Keller Williams Integrity First Realty
18940 N. Pima Road Suite #100
Scottsdale, AZ 85255

September 2011 Market Update

The U.S. housing market has shown notable stability in 2011 compared to the previous two years when the tax credit made a clear impact. Although recent economic indicators have been less than expected, including a downward revision of GDP and consumer confidence that mirrors early 2009, owning a home is still valued by the majority of Americans. 72% of renters say owning is a top priority for their future, up from 68% a year earlier.

However, most aspiring homeowners are held back by two main factors: funds for a down payment (82%) and confidence in their job security (80%). Federal Reserve Chair Ben Bernanke emphasized the importance of a healthy housing market to a robust recovery. He stressed the adverse effects of tighter credit conditions for borrowers, urging Congress to take tax and policy measures to help stabilize the market. He also noted the significance of addressing long-term fiscal policies including debt levels, upcoming expenses to support an aging population, and taxes.

Buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability. Although the Fed made a commitment to keep its interest rate at the current level until mid-2013, mortgage rates can, and often do, still fluctuate. In the midst of these reports, it is important to keep in mind the path to recovery was always expected to be a long and uneven road. As we progress toward a stronger recovery, economic improvement typically spurs rising interest rates in order to keep inflation in line.

This Month's Video

Interest Rates

Mortgage rates hit a new record low in August of 4.15%, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to be fully realized, lending conditions must loosen to enable more buyers to take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates will not last forever.

Home Sales

Home sales in July were up by 21% from the same month last year when the expiration of the tax credit resulted in a significant drop in sales. However, they were down 3.5% compared to June. This could be due in part to NAR's report that 16% of members experienced a contract failure from issues in underwriting and appraisals during July. NAR President Ron Phipps states, "For both mortgage credit and home appraisals, there's been a parallel pendulum swing from very loose standards, which led to the housing boom, to unnecessarily restrictive practices as an overreaction to the housing correction."

Home Price

Home prices dipped by less than 1% in July with median home price at $174,000. This is 4.5% below the year-ago level which followed a strong spring season of sales driven by the tax credit. Median home prices remain close to 2002–2003 levels. Distressed sales continue to count for almost 1 in 3 homes sold. The combination of low prices and record-breaking low interest rates means that home affordability is extremely favorable.

Inventory

The supply of homes measured in months on the market at their current pace of sales was up slightly during July compared to June. This is in keeping with historical trends, which show that inventory levels typically rise during the summer months. The month's supply remained 25% below the peak of 12.5 months in July 2010 and 13% above April of 2010 when the home buyer tax credit was in full swing.

Home Updates

As the weather gets cooler, some homeowners could be considering undertaking home renovations or updates before the holiday season. Here are a few findings about updates and home sales:

• Homeowners typically spend considerably more on updates to their home when planning to live in and enjoy it, with an average of nearly $9,000.

• In contrast, they only spend an average of $3,400 when making updates in preparation to sell.

• The most common updates sellers performed before listing were paint, flooring, and light fixtures.

• Although the majority of buyers were least likely to compromise on the location, 16% were least likely to compromise on updates.

• 75% of homes sold were either fairly updated or very updated.

• Sellers began repairing their home 1 to 8 weeks in advance of listing.

Each Office is Independently Owned and Operated.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.
The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

This email was sent by Sylvia Howard of Keller Williams Integrity First Realty
18940 N. Pima Road Suite #100 Scottsdale, AZ , 85255

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Home Ownership Matters

sylviahoward — Wed, 07 Sep 2011 19:29:48 +0000

Home Ownership Matters

Published: February 11, 2011

Home ownership has a significant impact on net worth, educational achievement, civic participation, health, and overall quality of life. And, home ownership helps create jobs—lots of them—right here at home.

Progress	C K

8Comments

Home Ownership matters…to people, to communities, and to America. Why?

For every two homes sold, one job is created in the U.S.

Each purchase generates as much as $60,000 in economic activity over time.

The home ownership debate

Some who care about creating jobs also argue that home ownership may be overrated, and that we might be better off as a nation of renters.

If that’s of concern to you, follow the debate about federal government incentives to home ownership—the outcome of which will determine whether the average American can still get an affordable mortgage and whether home owners can continue to deduct their mortgage interest as a benefit of home ownership.

Stay in the know on this debate by subscribing to the HouseLogic newsletter and following us on Facebook and Twitter. Sign up in the “Stay Connected” box at the top of this page.

Read about the issues affecting you as a home owner right now:

Home ownership

It Pays to Support Responsible Home Ownership
Protect your home’s value and build stronger communities.

Home Ownership Matters Bus Tour Hits the Road
The Home Ownership Matters bus tour, sponsored by the NATIONAL ASSOCIATION OF REALTORS®, is revving up to celebrate the benefits of home ownership with you.

Home Ownership Matters Ad

Mortgages

How Fannie Mae, Freddie Mac Save You Money
Home owners who use Fannie Mae and Freddie Mac mortgages save thousands of dollars in interest payments each year.

Show Your Support for FHA
FHA supports home values by providing a steady source of mortgage financing for families across the country, but critics worry it has taken on too much risk.

Mortgage deduction

Your Mortgage Deduction: Turn Tax Savings into Home Value
Sock away your mortgage deduction tax savings, and you’ll have a nice cushion for life’s necessities—and a few luxuries. Here’s how a typical household might spend their tax savings at various life stages.

7 Mortgage Interest Deduction Myths
Think losing the mortgage interest deduction would be no big deal? We bust seven myths to show why the cost is bigger than you think.

Mortgage Interest Deduction Vital to Housing Market
The mortgage deduction saves the average home owner thousands of dollars at tax time, supports home values at the community level, and helps American home buyers get into their first house.

Deduct Mortgage Interest and Home Equity Loans
Deducting mortgage interest, as well as interest on home equity loans and HELOCs, can save you money on taxes.

MID app
Estimate your tax savings based on the mortgage interest deduction.

Track Your Progress

Mark as Read

Join the discussion

(8)

A hallmark of the “American Dream” is becoming a homeowner, among other things. I read this here:Homeownership questioned by growing number of skeptics A increasing number of well qualified experts are starting to openly and notoriously challenge home ownership as an expense, as they assert it doesn't hold up to scrutiny as a significant investment. Though many would be quick to dismiss such criticism as the act of a crackpot, evidence is piling up that critics have a serious point.

March 24, 2011
nikimari

Thanks for your comment. A few other thoughts on home ownership: Home owners’ net worth has ranged between 31 and 46 times more than that of renters in the years 1998 to 2007 (source: Federal Reserve SCF). The NATIONAL ASSOCIATION OF REALTORS® estimate of what the Fed survey might find for 2010 suggests the ratio of home owners’ wealth is now 40 times that of renters—within that historical range. Home ownership also provides social benefits. According to data from the U.S. Census Bureau, owners don’t move as frequently as renters, providing more neighborhood stability. In turn, involvement in community quality-of-life issues helps prevent crime, improve childhood education, and support neighborhood upkeep. In addition, Census data shows that in 2009, 51.5 percent of renters spent 30% or more of their household income on housing costs, compared with 37.6 percent of home owners.

April 08, 2011
HouseLogic

Tell that to those of us who bought at the height of the market and are stuck with properties that will never be worth what we paid. Add that to this mortgage interest deduction mess and home owning sounds like quite the "picnic". Wish we would have rented – at least then I could afford to could put food on the table.

April 16, 2011
SueFarrel

I wish someone would tell the banks this – they seem to be the major road block at this point for qualified buyers. That's the thank you we get for bailing them out!

April 18, 2011
mikedjr

DO YOUR HOMEWORK BEFORE BUYING. The MLS gives realtors the ability to give their own opinion of sf of homes, very deceptive if listed as 1200 sf but on the tax assessors records its 944 sf. Larger homes sell for more money which creates unreliable inflated home sales for marketing comparisons which will again result in inflated appraisals due to the Realtor found additional sf not being reported to be taxed appropriately. Tax records will remain at the lower sf. Gone will be fair market analysis once again. If you feel you are being deceived or find that on tax assessor records the sf is less than what is advertised, make sure you mention this in your call to potentially initiate an investigation. Perhaps, Sellers will have to explain why renovations were not reported. Another thing Realtors are not telling people regarding current tax payments is if the taxes on homes are discounted due to elderly, disability, veteran status. Call the tax assessor and ask if taxes are discounted so you, like I experienced, do not find yourself in budget shock once that discounted rate ends due to the seller discount ending. Realtors should be required to report the additional FOUND sf. Due to owners not obtaining proper permits to do renovations and then once you buy, through assessments (our City just had assessment done with people coming to view the homes) you again may face budget shock. SF will be found meaning you pay the taxes the deceptive homeowners never reported to assessors. If Realtors continue to be allowed this deception our country is in for another round of over-inflated appraisals. Did we not learn our lesson yet, our economy has suffered enough due to this practice

June 29, 2011
InHomeownershipNightmare

Thanks for your comments. It's always good for buyers to ask lots of questions when shopping for a home. Keep in mind that not all real estate agents are REALTORS®; REALTORS® subscribe to a strict code of ethics.

June 29, 2011
HouseLogic

Exactly how does selling 2 homes create 1 job? In order to purchase a home you need a job. Here in the USA jobs a scarce. Still trying to wrap my brain around the every 2 homes sold = 1 job. I guess it's like the food stamps. Food stamps = jobs too….

August 18, 2011
okay12

Thanks for your comment. Each home sale contributes about $60,000 to the economy, contributing to such diverse industries as furniture, gardening, and home improvement. This stimulus contributes to job growth. For more info: http://www.realtor.org/statsanddata/homeownership/job_impact_purchase

August 19, 2011
HouseLogic

"Your Friend In Real Estate"
Sylvia Howard |602-432-9246
Keller Williams Integrity First Realty

CLICK HERE TO SEARCH MLS FREE!
www.PhxHomesOnline.com
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www.AZRealEstatebySyl.com

Home Prices Up for Third Straight Month – Today’s Rates

sylviahoward — Tue, 06 Sep 2011 18:05:23 +0000

Special Thanks to Lisa Brown for this update!

Home Prices Up for Third Straight Month

Spring buying pushed home prices up for a third straight month in most major U.S. cities in June.

The Standard & Poor's/Case-Shiller home-price index showed Tuesday that prices increased in June from May in 19 of the 20 cities tracked. Prices rose 3.6 percent in the April-June quarter from the previous quarter. Neither of those numbers is adjusted for seasonal factors.

Chicago, Minneapolis, Washington and Boston posted the biggest monthly increases. Metro areas hit hardest by the housing crisis, including Las Vegas and Phoenix, reported small seasonal increases.

Analysts say home prices have stabilized in coastal cities over the past six months. Seasonally adjusted prices have fallen a modest 1 percent over the past six months, according to the index. That's less than a third of the decline from the previous six months.

Foreclosures and short sales-when a lender agrees to sell for less than what is owed on a mortgage-made up about 30 percent of all home sales last month, up from about 10 percent in past years. And 1.7 million potential foreclosures are being held up, according to real estate firm CoreLogic, either by backlogged courts or lenders awaiting state and federal probes into troubled foreclosure practices.

Mortgage Interest Rates*

Rates as of Tuesday, 6th September, 2011:

	Conforming	APR	Payment per $1,000	Jumbo	APR	Payment per $1,000
FHA 30 Year Fixed	4.125%	4.373%	$4.85	%	0.000%	$0.00
Conventional 30 Year Fixed	4.125%	4.373%	$4.85	4.625%	4.830%	$5.14

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Minimum fico score required is 720 for rates listed

Lisa Brown
Sr. Mortgage Officer
CNN Mortgage
Phone: (602) 680-8816
Fax: (480) 452-0962
lbrown@cnnmortgage.com
www.cnnmortgage.com/lisabrown

Thank you!
Sylvia Howard | Your Friend In Real Estate

Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty

SEARCH Phoenix Properties!
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The Dream Makers Program

sylviahoward — Fri, 26 Aug 2011 13:21:33 +0000

The Dream Makers Program offers grants for down payments to first-time homebuyers of modest means who valiantly work to protect our country’s national security.
You don't have to be a Pentagon Federal Credit Union member to benefit from Dream Makers, and your buyers can apply the grant to a CNN Mortgage.
Your buyers are eligible for a Dream Makers grant if:
1. They are Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
2. They are a first-time home buyer, or they have not owned a home for the last three years, or they lost your home through divorce or disaster.
3. The gross household income, including allowances that they use to qualify for their mortgage loan is:

A maximum of $55,000 per year, or
A maximum of 80% of your community’s median income based on your family size

Click here to determine your community's median income based on family size.
What Steps Do You Need To Take?
1.
Decide the amount of money you will contribute to your mortgage financing.
$500 is the minimum amount for you to contribute.
Dream Makers will match that three-to-one, up to our maximum of $5000.
Estimate the size of your mortgage loan. Decide if the money you contribute, plus the Dream Makers grant, will be at least 3% of mortgage amount. You must put 3% down to qualify for the grant.
2.
Fill out Dream Makers application. The fastest way to complete it is online. You may apply when you start to think about purchasing a home: you don't have to select a home and/or a mortgage company before you submit your application. To fax or email, download this form.
3.
We will respond to your application with instructions on the process. When you select your mortgage company, you will share the contact information with the Foundation who will coordinate the grant paperwork process with your lender.
4.
Attend a home-buying educational seminar in your area. See upcoming seminars and locations
Restrictions
1. Buyer must own the home for five years from the time of purchase. If the buyer sells before the five years are up, the grant must be repaid on a sliding scale.
2. If your buyer sells the home because of a permanent change of station (PCS) or transfer by a government job before the five years are up, they do not have to repay the grant. If the buyer is PCS’d or transferred and keeps the home, they may rent it while they serve in their new duty station.
3. You buyers mortgage must be a 30-year, fixed-rate loan, maximum of 97% financed, i.e. your buyer made a down payment of 3%.
4. The property must be a 1-4 family unit dwelling including townhomes and condominiums.
Sliding Repayment Scale
The buyer must own for five years. If the house is sold before then, the grant must be repaid:

100% before year one is up
80% before year two is up
60% before year three is up
40% before year four is up
20% before year five is up
No repayment after 5th anniversary

Mortgages for 30-year fixed-rate loans, maximum of 97% financed. 3% down payment required. Property must be a single family dwelling including townhomes and
condominiums. Must be at or below maximum income guidelines to qualify.
Thank you again for requesting information on the Dream Maker.
Sincerely,
CNN Mortgage

Thank you!
Sylvia Howard | Your Friend In Real Estate

Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty

SEARCH Phoenix Properties!
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