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If you are considering purchasing a home in the Valley of the Sun, now may be just the right time. Sales numbers have been holding the first quarter of 2010, there is a good inventory of homes to choose from and  values remain down 30-50% from their highs in 2005 and 2006. 

If you are serious about owning a home in the "Valley of the Sun" while values remain low, now is the time to begin. The first step is to identify the area, amenities, size, schools and lifestyle you desire. Most buyers begin their search on the internet and ultimately get on a daily mailing list to receive listings as soon as they come on the market. This gives you an education on values and gives  you the first option to view a property and get an offer in right away. Homes that are in very desirable areas and priced below market often see multiple offers the first week on the market.  Call or email and I will get you set up right away on your daily search.

When it's time to view properies, mortgage approval or proof of cash in accounts is a must. Banks only consider offers with loan approval or proof of funds attached to offer.  Many of my listings are Bank owned and are assigned to me for marketing by the banks that own them through foreclosure. I specialize in working with buyers who want to purchase bank own homes.

Many people are confused about the terms that have become everyday language now in the news and in your neighborhood. Examples are; "Foreclosure" "REO" "Short Sale" , "Preforeclosure", and "Bank Owned",.

Let''s look at each one separately, then give me a call and I will find just what you are looking for.

"Foreclosure":

Foreclosure is the legal process a lending institution goes through to take title to the home so they can resell it to pay back the loan. Anything less than the loan balance plus foreclosure costs is a loss to the mortgage company. This process generally takes 5 months from the time the owner stops paying the mortgage loan. When the bank owns it, it is called "Bank Owned" or "REO".

"Bank Owned" and "REO":

These terms refer to the properties that have come through the Foreclosure process and are now owned by the Bank or Lending Institution, such as Bank of America or Wells Fargo. They all have an inventory of homes waiting for new owners and are listed on the MLS with Realtors. In my opinion, this is where the best deals are and the banks are ready to sell, respond and get it done quickly. They have already held the properties for 6 or 7 months and are motivated to get them sold.

"Short Sale":

This one is causing the most confusion. Here's what it means. It is a "Sale" that is "Short" of what is owed on the home. In other words, the Lender accepts an amount less than what is owed on the home from a buyer in a sale. This happens somewhere BEFORE the foreclosure process is complete. Not all properties can be sold this way because not all lenders are willing to negotiate at this point and to simplify, not all sellers will qualify for this type of sale. It is very complicated and often unsuccessful. It can be a very frustrating process for a buyer to make an offer on a Short Sale as many lending institutions take months to respond to offers.

"Preforeclosure"

A "Preforeclosure" is a property that is somewhere in the process of late payments to the day before the legal foreclosure is executed by the court.

Researching recent sales, neighborhood trends, and current listings gives you the most comprehensive information to make this important decision. Let my expertise help you make a great investment in your next home.

Call Catherine Now at 480-213-4672

 Email: SouthwestLiving@Gmail.com