The gov't should let me fix the real estate industry. Here's how:'
1. First, I would make whatever banks have to service whatever loans they grant. No passing them off to Greece or Iceland.
2. Second, I would start adding one per cent a year or every second year to the down payment amount people would have to pony up, till everyone had to have at least 20% down. However, I would make savings for a down payment a before tax saving, as long as it was in a certified down payment account. The interest on the account would also be tax free.
3. HELOCs would only be allowed if the bank was able to certify that the funds were actually used for home improvements. No rolling in car loans, trips, boats, credit card payments etc. or taking out cash for something unrelated to the house.
4. Only certified appraisers would be allowed to appraise. No broker price opinions. No bank rules for appraisers.
5. No gov't bailouts for banks, no gov't guaranteed loans like FHA except for low income housing. Low income housing only for those with low incomes, who would be able to 'rent-to-own' by adding a down payment amount to their rent each month.
6. Get banks out of the real estate business, because they are artificially depressing prices. As long as they can do foreclosure sales & short sales & the gov't makes up the difference between what they are owed & what the house sells for, there is no incentive for the banks to allow prices to settle into a normal supply & demand mode.
Friday, July 8, 2011
Mary's Funny Real Estate Stories
A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply.(Actual reply from FHA): "Upon review of your letter adjoining your client's loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803. Before final approval can be accorded, it will be necessary to clear the title back to its origin." Annoyed, the lawyer responded as follows: (Actual response):"Your letter regarding title in Case No.189156 has been received. I note that you wish to have title extended further than the 206 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased by the United States from France, in 1803 the year of origin identified in our application. For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain. The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Queen Isabella. The good Queen Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus's expedition...Now the Pope, as I'm sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin and His origins date back to before the beginning of time, the world as we know it, and the FHA. I hope you find God's original claim to be satisfactory. Now, may we have our loan?"The loan was immediately approved.
Thursday, March 31, 2011
Mary's Funny Real Estate Stories
This is from a realtor with 30+ years of experience. She says this is the first time she has been truly speechless in all that time. She had a referral from an old client that a lady wanted to sell her rental condo. Realtor picked up the owner & they went to look at the condo, which was supposed to be vacant. When they opened the door, they heard noises, & found the lady's husband naked with his secretary! The realtor & the lady backed out of the door, as the husband was saying the classic words, "But Honey, I can explain...". Realtor didn't get the listing, because now the husband is living in the condo as part of the divorce settlement!
Wednesday, March 30, 2011
Phoenix Market Update
Phoenix area gains 7,200 jobs from January 2010 to 2011 - bizjournals.com - The Phoenix area added 7,200 jobs during the past year, ranking it 26th among 372 metropolitan areas across the nation. A total of 266 metro areas gained employment between January 2010 and January 2011, according to new figures from the U.S. Bureau of Labor Statistics. Ninety-three suffered declines, and 13 were unchanged. Peoria enters talks on development near sports complex - Plans are in the works for a four-star hotel, a three-story parking structure, retail shops, restaurants and luxury lofts on what is now a city-owned 17-acre parking lot west of the spring-training ballpark. The Peoria City Council Tuesday voted unanimously to accept a development proposal submitted by Osage West LLC, a partnership between local developer Mike Oliver and Osage LLC, a business arm of the Oklahoma-based Osage Nation. Read article:http://www.azcentral.com/community/peoria/articles/2011/03/28/20110328peoria-development-sports-complex.html Real estate: It's time to buy again - Metrostudy is finding an extraordinary reversal of the new-home glut that helped sink prices just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That's less than one-fourth of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. "If we had anything like normal levels of buying, those houses would sell in 2½ months," says Mike Castleman of Metrostudy. "We'd see an incredible shortage. And that's where we're heading." Read article:http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/ Free Stuff from Mary@marymaxie.com FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale FREE Tips on Home staging your house for better showings FREE Tips for First Time Home Buyers FREE Tips for First Time Home Sellers FREE The 10 Things Most Often Cited on Home Inspections FREE Info on 180 day rule for foreign home buyers FREE Info on FIRPTA Rules for foreign investors FREE Info on what Canadian buyers of Arizona Real Estate need to know. FREE shopping, golf, sports, Arizona Living info FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament FREE Market News from www.ArizonasRealEstate.com Maxiemize Lifestyle with PhoenixAreaCanadianRealtor Mary Maxie, Associate Broker, Desert Dwellers Realty GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Thursday, March 24, 2011
1 in 5 Canadians wants to buy US Real Estate
20% of Canadians want to buy US Real Estate
- With the Decline in Value of American Real Estate, Leger Study Shows 20 per cent of Canadians Would Consider Purchasing a Home or Property South of the Border
- Men Are More Likely Than Women to Purchase a Home in the U.S. (29 per cent Versus 16 per ce
Mar. 24, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- As many Canadians return from south of the border after the March Break, a new survey from BMO Bank of Montreal shows they may have been doing more than visiting theme parks and beaches. The survey conducted by Leger Marketing reveals that one in five Canadians would now consider purchasing property in the United States.
In the study, Canadians indicated that both lower prices and the strong Canadian dollar have added to their interest in purchasing property in the U.S. and growing their assets.
Overall housing prices in the United States have fallen by 30 per cent over the past four years. However, prices in regions that are traditionally destinations for Canadian snowbirds have dropped even more. For example prices in Tampa have dropped 44 per cent, Phoenix, fell 54 per cent, Las Vegas, 57 per cent, and Miami, 49 per cent.
"Now, with the American economy and employment gaining strength, home sales should pick up and put a floor under soft prices," said Sal Guatieri, Senior Economist, BMO Bank of Montreal. "We expect prices to rise over time as the overhang of unsold homes eases."
He adds that beyond this year over the long term the U.S. greenback should strengthen as well. This would provide an opportunity for capital appreciation for Canadians who purchased U.S. property at a low price while the Canadian dollar was high.
The Leger survey also revealed:
Men are more likely to consider purchasing a home south of the border, 29 per cent in comparison to 16 per cent of women.
Regionally, those in Alberta (31 percent), British Columbia (28 per cent), and the Prairie Provinces (27 per cent) are most interested buying property in the U.S.
BMO Mortgage Specialist, Laura Parsons, advises that if the funds to purchase your property are not readily available, consider for example a homeowners line of credit. "By speaking with a BMO Banking Representative, they may be able to set up a line of credit against your current real estate assets. You can then use this to finance your property in the U.S. and give you a realistic spending budget."
Another option is for customers interested in purchasing U.S. properties to finance the new purchase with a U.S. based financial institution. Customers can visit a branch of BMO Financial Group's U.S. subsidiary Chicago bank, Harris Private Bank, which has branches in Illinois, Indiana, Arizona, Florida, and Wisconsin. "Staying within the family can save a lot of time and headache," adds Mrs. Parsons. "Alternatively, seek out Canadian banks that are already established in the U.S. and in the area you are looking to purchase in."
BMO offers the following tips for Canadians interested in purchasing property in the U.S.:
What states and neighbourhoods fit your needs?
Since you are responsible for property maintenance, consider how easily you can access your property from your Canadian home throughout the purchasing process and after acquisition.
Consider flights and airlines, if you can fly there direct, and the cost.
Research and even ask locals about the community to ensure it suits your needs.
What to consider when financing the purchase with a U.S. based financial institution?
It is important to be aware of the differences in mortgage financing and how interest is charged in the U.S.
Furthermore, understand the impact of penalties and withholding taxes if and when you decide to sell your home in the U.S.
Do you understand the status of the property?
Understand the terms of the property. For instance, is it labelled as short-sale or on foreclosure?
The status of the property can have a variety of implications. Be sure to consult an expert before making any buying decisions.
How will you use your property?
Is your purchase for investment or lifestyle purposes? This will affect where you buy and how you hold the property. Also, understand the options available and what will benefit you in the long run.
If your purchase is for income purposes, keep in mind that renting your property means added responsibility. Research the possibilities of increased utility usage, property management needs and the vacancy rate in the area to ensure you're prepared. Investment properties can be subject to taxation in two countries, so make sure you speak to a taxation specialist.
How much time will you spend south of the border?
Consider how many months of the year you'll be living there so that your purchase reflects your lifestyle.
Be aware that there are rules regarding the amount of time you can spend in the U.S. before being considered a U.S. resident and subject to paying income tax.
Internet Address: www.bmo.com
Source: CCN )
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
- With the Decline in Value of American Real Estate, Leger Study Shows 20 per cent of Canadians Would Consider Purchasing a Home or Property South of the Border
- Men Are More Likely Than Women to Purchase a Home in the U.S. (29 per cent Versus 16 per ce
Mar. 24, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- As many Canadians return from south of the border after the March Break, a new survey from BMO Bank of Montreal shows they may have been doing more than visiting theme parks and beaches. The survey conducted by Leger Marketing reveals that one in five Canadians would now consider purchasing property in the United States.
In the study, Canadians indicated that both lower prices and the strong Canadian dollar have added to their interest in purchasing property in the U.S. and growing their assets.
Overall housing prices in the United States have fallen by 30 per cent over the past four years. However, prices in regions that are traditionally destinations for Canadian snowbirds have dropped even more. For example prices in Tampa have dropped 44 per cent, Phoenix, fell 54 per cent, Las Vegas, 57 per cent, and Miami, 49 per cent.
"Now, with the American economy and employment gaining strength, home sales should pick up and put a floor under soft prices," said Sal Guatieri, Senior Economist, BMO Bank of Montreal. "We expect prices to rise over time as the overhang of unsold homes eases."
He adds that beyond this year over the long term the U.S. greenback should strengthen as well. This would provide an opportunity for capital appreciation for Canadians who purchased U.S. property at a low price while the Canadian dollar was high.
The Leger survey also revealed:
Men are more likely to consider purchasing a home south of the border, 29 per cent in comparison to 16 per cent of women.
Regionally, those in Alberta (31 percent), British Columbia (28 per cent), and the Prairie Provinces (27 per cent) are most interested buying property in the U.S.
BMO Mortgage Specialist, Laura Parsons, advises that if the funds to purchase your property are not readily available, consider for example a homeowners line of credit. "By speaking with a BMO Banking Representative, they may be able to set up a line of credit against your current real estate assets. You can then use this to finance your property in the U.S. and give you a realistic spending budget."
Another option is for customers interested in purchasing U.S. properties to finance the new purchase with a U.S. based financial institution. Customers can visit a branch of BMO Financial Group's U.S. subsidiary Chicago bank, Harris Private Bank, which has branches in Illinois, Indiana, Arizona, Florida, and Wisconsin. "Staying within the family can save a lot of time and headache," adds Mrs. Parsons. "Alternatively, seek out Canadian banks that are already established in the U.S. and in the area you are looking to purchase in."
BMO offers the following tips for Canadians interested in purchasing property in the U.S.:
What states and neighbourhoods fit your needs?
Since you are responsible for property maintenance, consider how easily you can access your property from your Canadian home throughout the purchasing process and after acquisition.
Consider flights and airlines, if you can fly there direct, and the cost.
Research and even ask locals about the community to ensure it suits your needs.
What to consider when financing the purchase with a U.S. based financial institution?
It is important to be aware of the differences in mortgage financing and how interest is charged in the U.S.
Furthermore, understand the impact of penalties and withholding taxes if and when you decide to sell your home in the U.S.
Do you understand the status of the property?
Understand the terms of the property. For instance, is it labelled as short-sale or on foreclosure?
The status of the property can have a variety of implications. Be sure to consult an expert before making any buying decisions.
How will you use your property?
Is your purchase for investment or lifestyle purposes? This will affect where you buy and how you hold the property. Also, understand the options available and what will benefit you in the long run.
If your purchase is for income purposes, keep in mind that renting your property means added responsibility. Research the possibilities of increased utility usage, property management needs and the vacancy rate in the area to ensure you're prepared. Investment properties can be subject to taxation in two countries, so make sure you speak to a taxation specialist.
How much time will you spend south of the border?
Consider how many months of the year you'll be living there so that your purchase reflects your lifestyle.
Be aware that there are rules regarding the amount of time you can spend in the U.S. before being considered a U.S. resident and subject to paying income tax.
Internet Address: www.bmo.com
Source: CCN )
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
What do older buyers want in a home?
What do older buyers want in a home?
As many older Americans choose to remain in their homes as they age, they will become more concerned about issues related to mobility, home safety & care-giving options. To address these concerns, the MetLife Mature Market Institute has published the MetLife Aging in Place Workbook-- Your Home as a Care Setting, a free guide to help individuals & families assess potential care needs, determine whether assistive devices are needed, identify potential care sources & understand costs. The workbook also includes a list of organizations & government agencies that can provide additional assistance. The free publication is available at www.maturemarketinstitute.com
Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
As many older Americans choose to remain in their homes as they age, they will become more concerned about issues related to mobility, home safety & care-giving options. To address these concerns, the MetLife Mature Market Institute has published the MetLife Aging in Place Workbook-- Your Home as a Care Setting, a free guide to help individuals & families assess potential care needs, determine whether assistive devices are needed, identify potential care sources & understand costs. The workbook also includes a list of organizations & government agencies that can provide additional assistance. The free publication is available at www.maturemarketinstitute.com
Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Monday, March 14, 2011
Living Rooms on the way out
Less is more for new homes - The market is changing out there, and the latest reports are showing that when it comes to buyers, less is more in some cases. A recent study from the National Association of Home Builders (NAHB) indicates that the recent housing slump has meant buyers are looking for smaller houses. The NAHB reports that the builders they "surveyed expect homes to average 2,152 square feet in 2015 - 10% smaller than the average size of single-family homes started in the first three quarters of 2010. To save on square footage, the living room is high on the endangered list. Read article:http://realtytimes.com/rtpages/20110314_realestateoutlook.htm
Wednesday, March 9, 2011
Real Estate Most Searched are sunny areas
Sunny Areas are the most searched on the web. Apparently people snowed or rained indoors have time on their hands to dream about the sun. Nine of the 10 most searched markets on Realtor.com last year were sun-drenched cities, suggesting the Sun Belt will continue to have many of the hottest real estate markets in the country. "Changing conditions throughout 2010 in the sunshine states resulting from forecosures, the tax credt, interest rates, and other factors created more interest in real estat there compared with other states," says Realtor.com President Errol Samuelson. The most searched cities were Las Vegas, Los Angeles, Orlando, San Antonio, Miami, Phoenix, San Diego, Austin TX, Tampa and-- the odd man out, Chcago.
Cheaper to Own than Rent?
Buying a home makes more financial sense than renting in 72% of the largest US cities, says home search website Trulia, based on an index that compares the median sales price of homes with the median rent on two bedroom apartments, condos, & townhouses The top five metro areas favoring ownership are Miami, Las Vegas, Arlington TX, Mesa AZ & Phoenix. "Since the start of the 'Great Recession', many former home owners have flooded the rental market," says Trulia CEO Pete Flint. "Following the principles of supply & demand, renting has become relatively more expensive than buuing in most markets."
Phoenix Real Estate Market Update
Selective First-Time Buyers Can Miss Deals - In a recent poll, 87% of respondents felt that finding a "move-in ready" home was important. Some agents say first-timers are being more selective; and some are turning away from well-priced homes because they do not have granite countertops or they need a new carpet. Agents believe TV shows have made buyers more knowledgeable about home design, but some worry that such programming also has given buyers unrealistic expectations. Read article:http://www.realtor.org/RMODaily.nsf/pages/News2011030804
New Rules for First-Time Home Buyers - Without a house to sell , first-time home buyers have had a field day in the depressed housing market. Until recently, anyway. A series of new rules, regulations and policies have changed the landscape, making buying that new home harder and more expensive. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike. Meanwhile, more lenders are requiring larger down payments, and new proposals from the Obama administration call for mortgages to become more expensive and limited in size. Read article:http://www.smartmoney.com/personal-finance/real-estate/new-rules-for-firsttime-home-buyers-1299539050817/
Who's buying homes? The rich - The rich are buying real estate. After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick. On average, these cities saw an 18.6% jump in high-end home sales. "It hasn't been a good six months for all people, but it was a good six months for rich people," said Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin. "When Wall Street goes up, rich people buy homes." Read article:http://money.cnn.com/2011/03/07/real_estate/million_dollar_homes/index.htm
New Rules for First-Time Home Buyers - Without a house to sell , first-time home buyers have had a field day in the depressed housing market. Until recently, anyway. A series of new rules, regulations and policies have changed the landscape, making buying that new home harder and more expensive. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike. Meanwhile, more lenders are requiring larger down payments, and new proposals from the Obama administration call for mortgages to become more expensive and limited in size. Read article:http://www.smartmoney.com/personal-finance/real-estate/new-rules-for-firsttime-home-buyers-1299539050817/
Who's buying homes? The rich - The rich are buying real estate. After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick. On average, these cities saw an 18.6% jump in high-end home sales. "It hasn't been a good six months for all people, but it was a good six months for rich people," said Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin. "When Wall Street goes up, rich people buy homes." Read article:http://money.cnn.com/2011/03/07/real_estate/million_dollar_homes/index.htm
Friday, February 18, 2011
Mary's Funny Real Estate Stories
Mary's Funny Real Estate Stories: Sold houses a block apart to 2 couples from Canada, who didn't know each other. I introduced them & now they are planning a block party for all the Canucks. Only rule: Mrs Costco isn't allowed to be the caterer. Have to bring home made!
Mary's Funny Real Estate Stories
Mary's Funny Real Estate Stories: Gotta love the karma of showing houses. I was showing new model homes yesterday to a couple from Calgary, & another couple from Calgary were touring the same house! We have known each other for many years, but they didn't know Peter & I lived here. Be funny if both couples bought model homes. Keep your fingers crossed.
Thursday, February 3, 2011
Mary's Funny Real Estate Stories
Mary's Funny Real Estate Stories: We have lots of citrus fruit on the trees here now. My clients from Canada think it's great that you can just pick it off the trees & eat it while we are out looking at houses! Also great to have fresh squeezed orange juice and grapefruit for breakfast every day at home. Can't do that back in Canada-- best you can do there is crabapples in summer, & the occasional saskatoons.
Wednesday, January 26, 2011
Tips for a Successful REO Purchase
Tips for a Successful REO Purchase
1. Become a bank customer- With dozens of investors & broker calls about purchasing REOs every day, lenders often give preference to depositors
2. Be a bank resource- Lenders appreciate brokers who can offer sound market information, but take care not to cross that fine line from being an asset to a nuisance.
3. Go with proof of funds- either cash or a loan from another lender.- a few lenders will loan on REO, but that's still the exception
4. Do due diligence promptly- It should be conducted before you make an offer since sellers usually want to close in 30 days or less.
5. Don't expect complete property records.- Lenders usually don't have them & won't obtain them.
6. Don't ask for an extension on the closing- You'll probably face financial penalties or a lost deal.
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
1. Become a bank customer- With dozens of investors & broker calls about purchasing REOs every day, lenders often give preference to depositors
2. Be a bank resource- Lenders appreciate brokers who can offer sound market information, but take care not to cross that fine line from being an asset to a nuisance.
3. Go with proof of funds- either cash or a loan from another lender.- a few lenders will loan on REO, but that's still the exception
4. Do due diligence promptly- It should be conducted before you make an offer since sellers usually want to close in 30 days or less.
5. Don't expect complete property records.- Lenders usually don't have them & won't obtain them.
6. Don't ask for an extension on the closing- You'll probably face financial penalties or a lost deal.
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
2011 or MMXI-- it's my year
2011 or MMXI-- it's my year.
A friend who knows Roman Numerals wrote to tell me that 2011 will be my best year ever, because in Roman Numerals the year is MMXI which looks an awful lot like Mary Maxie, don't you think?
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
A friend who knows Roman Numerals wrote to tell me that 2011 will be my best year ever, because in Roman Numerals the year is MMXI which looks an awful lot like Mary Maxie, don't you think?
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Monday, January 17, 2011
Make sure you measure a house before buying
Make sure you measure a house before buying
In many areas, the realtor is responsible for correctly measuring the square footage of a house they list, & if the measurements are off, the buyer can demand recompense from the realtor. In other areas, an independent laser measurement of a house is required before sale.
In Arizona, the buyer is responsible for verifying measurements, & often the square footage shown in the tax records or the MLS is not correct.
As an example, a house we owned was correctly measured by the appraiser when we bought it, as 1450 sq ft. We sold it because it couldn't be added onto, & we needed a bigger house. I noticed in the MLS a couple of years later that the seller was showing it as 1700 sq ft. We knew it hadn't been added onto, because the lot & pool prevented adding on, unless a second storey was added, which obviously hadn't been done. The tax records still said 1450 sq ft.
The reason it makes a difference, is that the sq ft price is often used in AZ as a comparable. In the case of bank owned houses, it is usually the only comparison allowed. (Banks tend to exclude pools, garages, improvements such as granite, hardwood, travertine, high end lighting, plumbing etc from their comparables).
Therefore, a higher sq footage in MLS leads to a lower price per sq ft value, which skews the neighborhood values. Likewise, lower sq footage in MLS leads to a higher price per sq foot value.
People fill in garages & patios to get more sq feet in their homes, but then there is no garage or carport, so the sq footage added is offset by not having a place to park.
So an accurate sq footage is needed to acurately decide on the house value.
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.ArizonasRealEstate.com
Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
In many areas, the realtor is responsible for correctly measuring the square footage of a house they list, & if the measurements are off, the buyer can demand recompense from the realtor. In other areas, an independent laser measurement of a house is required before sale.
In Arizona, the buyer is responsible for verifying measurements, & often the square footage shown in the tax records or the MLS is not correct.
As an example, a house we owned was correctly measured by the appraiser when we bought it, as 1450 sq ft. We sold it because it couldn't be added onto, & we needed a bigger house. I noticed in the MLS a couple of years later that the seller was showing it as 1700 sq ft. We knew it hadn't been added onto, because the lot & pool prevented adding on, unless a second storey was added, which obviously hadn't been done. The tax records still said 1450 sq ft.
The reason it makes a difference, is that the sq ft price is often used in AZ as a comparable. In the case of bank owned houses, it is usually the only comparison allowed. (Banks tend to exclude pools, garages, improvements such as granite, hardwood, travertine, high end lighting, plumbing etc from their comparables).
Therefore, a higher sq footage in MLS leads to a lower price per sq ft value, which skews the neighborhood values. Likewise, lower sq footage in MLS leads to a higher price per sq foot value.
People fill in garages & patios to get more sq feet in their homes, but then there is no garage or carport, so the sq footage added is offset by not having a place to park.
So an accurate sq footage is needed to acurately decide on the house value.
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.ArizonasRealEstate.com
Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
How Many Bathrooms in this house?
How Many Bathrooms in This House?
Mary's funny Real Estate Stories: MLS said house had 3 bedrooms, 2 baths. We discovered that one bathroom was in the master suite. The other, which had been the hall bath, had been walled off the hall, & a door cut through from a secondary bedroom to what used to be the hall bath. The owner told us he wanted his teenage daughter to have her own bathroom. However, what about guests wanting to use the bathroom? Or the pre-teen son, who had to go through the teenage princess' bedroom to get to the bathroom? Some people have strange ideas of what is or is not acceptable in a house.
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.ArizonasRealEstate.com
Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Mary's funny Real Estate Stories: MLS said house had 3 bedrooms, 2 baths. We discovered that one bathroom was in the master suite. The other, which had been the hall bath, had been walled off the hall, & a door cut through from a secondary bedroom to what used to be the hall bath. The owner told us he wanted his teenage daughter to have her own bathroom. However, what about guests wanting to use the bathroom? Or the pre-teen son, who had to go through the teenage princess' bedroom to get to the bathroom? Some people have strange ideas of what is or is not acceptable in a house.
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.ArizonasRealEstate.com
Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Mary's Funny Real Estate Stories: Builder charged a large lot premium for houses backing onto a 'wash'. Only trouble was that the 'wash' was actually a utility right of way, with power poles in it. Some lot premium! Most people don't want to back onto a bunch of high tension wires, & some people still believe that proximity to power lines affects fertility!
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.ArizonasRealEstate.com
Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.ArizonasRealEstate.com
Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Tuesday, January 4, 2011
Canadians Love Phoenix, Arizona
Canadians Love Phoenix, Arizona
Over 7000 residential properties in Maricopa County have Canadian addresses listed as their primary residence. The five primary reasons for this are:
1. Timing: the Canadian dollar is high, bargains abound in the valley, boomers have retirement money and oil bonuses in Canada.
2. Similar architecture to what the Canadians are used to, as well as similar amenities
3. Arizona weather: winter seems to last from September to June in Canada. It's not just the snow and cold, but the lack of greenery for 8-10 months a year in many areas.
4. Outdoor lifestyle: Canadians are used to an outdoor lifestyle, and they love to bike, hike, golf, shop, attend sporting events and spend days by the pool, not to mention just dining al fresco.
5. Easy travel: most Canadians only have to change one or at most two time zones to get here, and it's an easy non-stop three hour flight from western Canada. It's only a 24-28 hour driving time from most points in western Canada, a bit more hauling a trailer.
The winter visitors' bureau estimates 90,000 Canadians live in the valley permanently (that's the ones who don't take out US citizenship-- likley twice as many who are now American citizens) Another estimate is 600,000 Canadians who visit the valley for at least part of every year, coming in by plane. The don't keep track of those coming by car, so double that number and you'll see why there seem to be a lot of Canadians around here.
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Over 7000 residential properties in Maricopa County have Canadian addresses listed as their primary residence. The five primary reasons for this are:
1. Timing: the Canadian dollar is high, bargains abound in the valley, boomers have retirement money and oil bonuses in Canada.
2. Similar architecture to what the Canadians are used to, as well as similar amenities
3. Arizona weather: winter seems to last from September to June in Canada. It's not just the snow and cold, but the lack of greenery for 8-10 months a year in many areas.
4. Outdoor lifestyle: Canadians are used to an outdoor lifestyle, and they love to bike, hike, golf, shop, attend sporting events and spend days by the pool, not to mention just dining al fresco.
5. Easy travel: most Canadians only have to change one or at most two time zones to get here, and it's an easy non-stop three hour flight from western Canada. It's only a 24-28 hour driving time from most points in western Canada, a bit more hauling a trailer.
The winter visitors' bureau estimates 90,000 Canadians live in the valley permanently (that's the ones who don't take out US citizenship-- likley twice as many who are now American citizens) Another estimate is 600,000 Canadians who visit the valley for at least part of every year, coming in by plane. The don't keep track of those coming by car, so double that number and you'll see why there seem to be a lot of Canadians around here.
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Banks giving away homes?
Banks giving away homes?
There are homes that for several reasons may not be saleable. The reasons may include too many repairs necessary, neighborhood problems, death or other crime on the property, no return to be made in relation to what is owed, etc.
Whatever the reason, several banks are prepared to give certain houses at no cost, to non-profit groups like Habitat for Humanity. These groups rely on volunteer labor, gifted materials, second hand materials, etc, plus the labor of a family who wants to live in the house, but can't afford to buy it or fix it up. Once the fixup is complete, the total cost of rehabbing is much lower, because there are no labor costs involved. The buyers move in, take care of the place, remove a former blight on the neighborhood, & they have a monthly payment that is much lower than renting in most cases.
Is this a good thing? I'm not sure. For the reasons above, it's likely a good thing. However, the lowered value of the house because of the same reasons above, lower the comparables in the vicinity. We have to hope that this lower value is offset by someone living in the house, becoming part of the community, & paying taxes. I suggest that anything is better than having an eyesore on the block.
I showed a lovely house recently which my buyers loved, but the house next door had three foot weeds, boarded over windows, a large hole in the roof, & discarded junk & car bodies in the yard. Wouldn't it have been better to have the house fixed up, looked after, & occupied rather than bringing down the values as it was?
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
There are homes that for several reasons may not be saleable. The reasons may include too many repairs necessary, neighborhood problems, death or other crime on the property, no return to be made in relation to what is owed, etc.
Whatever the reason, several banks are prepared to give certain houses at no cost, to non-profit groups like Habitat for Humanity. These groups rely on volunteer labor, gifted materials, second hand materials, etc, plus the labor of a family who wants to live in the house, but can't afford to buy it or fix it up. Once the fixup is complete, the total cost of rehabbing is much lower, because there are no labor costs involved. The buyers move in, take care of the place, remove a former blight on the neighborhood, & they have a monthly payment that is much lower than renting in most cases.
Is this a good thing? I'm not sure. For the reasons above, it's likely a good thing. However, the lowered value of the house because of the same reasons above, lower the comparables in the vicinity. We have to hope that this lower value is offset by someone living in the house, becoming part of the community, & paying taxes. I suggest that anything is better than having an eyesore on the block.
I showed a lovely house recently which my buyers loved, but the house next door had three foot weeds, boarded over windows, a large hole in the roof, & discarded junk & car bodies in the yard. Wouldn't it have been better to have the house fixed up, looked after, & occupied rather than bringing down the values as it was?
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
Mary's Funny Real Estate Stories
Mary's Funny Real Estate Stories:
I heard this from an appraiser called to evaluate a home for estate purposes. A brother & sister were at odd over the estate & she tried to have the brother whacked. She paid a homeless person $10,000 cash and showed him where to put the body. The homeless guy went to the brother and told him, "Your sister really hates you!". He gave the money to the brother and left. The brother wants him for a witness to prosecute the sister but they can't find him now.
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
I heard this from an appraiser called to evaluate a home for estate purposes. A brother & sister were at odd over the estate & she tried to have the brother whacked. She paid a homeless person $10,000 cash and showed him where to put the body. The homeless guy went to the brother and told him, "Your sister really hates you!". He gave the money to the brother and left. The brother wants him for a witness to prosecute the sister but they can't find him now.
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS
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