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
Wednesday, January 26, 2011
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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