foreclosed Phoenix homes
FHA Extends Anti-Flipping Waiver Through 2012
Phoenix bank foreclosures for sale
FHA’s action to extend the anti-flipping waiver through all of 2012 is very good news! This waiver has made it possible for investors to buy, repair, remodel and resell Phoenix bank foreclosures and HUD homes. As a result we will continue to liquidate our inventory of bank foreclosures and provide quality Phoenix homes for sale that have been repaired, beautifully remodeled and remain affordable.
Before the anti-flipping waiver was put in place back in 2010, the cost to buy, fix up and hold onto the home for 90+ days until it qualified for the buyer’s new loan was prohibitive. The restriction increased the cost of habbing homes at a time when there were thousands of beat up Phoenix bank foreclosures and HUD homes on the market that had to be resold. It also limited the number of investors who were able to raise the money for the repairs and the additional ownership costs for more than 90 days. Banks wouldn’t finance investors and contractors with the expertise to do these fix and flips and those considered credit worthy were forced to get high cost, short term, “hard money” loans.
While FHA offers the 203K loan that allows a buyer to add the cost of repair into the loan, the average buyer does not have the time and expertise to manage a major renovation that has to be done after they own it. Nor does the buyer want to buy a home that is uninhabitable until the work is completed - even though they could finance into the loan their temporary living costs while renovation is being done. This added to the loan amount and made the purchase more expensive and more difficult to qualify for the home loan. The anti-flipping waiver removes the roadblocks to getting foreclosed Phoenix and HUD homes repaired and remodeled so they can be purchased by grateful buyers.
After reviewing an up-to-date list of foreclosed Phoenix homes, HUD homes and short sale homes for sale in Chandler, Gilbert, Mesa, Scottsdale and Tempe, contact me to schedule a viewing.
Please share your experiences and comments. Thank you.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
Buyers Like Chandler and Gilbert homes above $200K
Metro Phoenix Real Estate Sales Soar in May, 2011
Demand for Phoenix AZ Homes is Up
Comparing Maricopa County May 2011 sales to May 2010, Single Family Detached Sales are up 10% while the average Sales Price is down 10% to $178,204 and the average Days on Market is up 10% to 84 days.
There is a great deal of buyer demand for real estate bargains available in today’s market. While distressed sales (Phoenix foreclosures and short sales) were 65.5% of sales, Traditional Sales including investor Fix and Flips were 34.5% of Sales. Sales in Maricopa County totaled 7,283 units and there were an additional 977 sales in Pinal County – so there are plenty of single family homes selling.
May Average Sales Price by City
| CITY | Single Family/Patio Home | Condo/Town Homes |
| Chandler homes for sale AZ | $204,606 – UP vs April | $82,026 – UP vs April |
| Gilbert homes for sale AZ | $185,406 – UP vs April | $90,607 – UP vs April |
| Mesa homes for sale AZ | $142,837 – DOWN vs April | $61,703 – UP vs April |
| Phoenix homes for sale | $128,022 – DOWN vs April | $71,896 – DOWN vs April |
| Scottsdale homes for sale AZ | $480,782 – DOWN vs April | $183,581 – UP vs April |
| Tempe homes for sale AZ | $169,759 – DOWN vs April | $107,344 – UP vs April |
Summary of Listings by Type
Foreclosures & Short Sales = 65.5% of Sales
| Type of Listing | Active listings Percentage | Closed listings Percentage |
|
REO/Foreclosures |
18.8% |
44.5% |
| Short Sales |
21.4% |
21.0% |
|
Traditional/Non-Distressed |
59.8% |
34.5% |
Former Phoenix homeowners who were foreclosed or were a short sale are unable in most cases to buy a home for several years and likely candidates to rent a single family home until they get their finances in order. As a result the high demand for clean and well maintained rental homes is causing rents to rise. This is a good time to be or become a landlord.
Under $200,000 Phoenix distressed sales dominate market
Under $100,000 – 86% of Single Family Detached home sales were distressed sales
Under $200,000 – 74% of Single Family Detached home sales were distressed sales
Above $200,000 – 39% of Single Family Detached home sales were distressed sales
Non-Distressed Sales by City – May, 2011
| CITY | Non Distressed < $200,000 | Non Distressed > $200,000 |
| Chandler real estate for sale |
26% |
55.5% |
| Gilbert real estate for sale |
24% |
52.4% |
|
Mesa real estate for sale |
29% |
59.4% |
| Phoenix real estate for sale |
22% |
58% |
| Scottsdale real estate for sale |
24.5% |
62.6% |
| Tempe real estate for sale |
31% |
76% |
Homes for sale in Chandler, Gilbert, Mesa, Phoenix, Scottsdale and Tempe AZ valued over $200,000 have a much better chance of selling without having to go to foreclosure or become a short sale. Buyers will pay fair market value for a home. Price your homes to market value, fix, repair and stage your home to maximize buyer appeal and you’ll discover there are buyers who will pay what your home is worth today.
Have questions? Email Phoenix real estate Broker Sam Elam today to for a no obligation assessment of your ability to get a great real estate buy or the current market value of your home.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.January 2011 Stats of Chandler, Gilbert and Mesa AZ homes for sale
January 2011 Sales Summary for Chandler, Gilbert and Mesa homes AZ
Phoenix Real Estate MLS Sales Update for January 2011
In January 2011 there were 6609 sales of all Phoenix residential property types reported in the Arizona MLS with:
48% – Foreclosures
22% – Short Sales
30% – Other sales including Investor Fix and Flips and Traditional sales
70% of January 2011 metro Phoenix sales were distressed sales (foreclosures or short sales) and most of these previous homeowners are ineligible to qualify for a home loan to purchase a home for 2-7 years. Therefore, these homeowners are looking for homes to rent and this explains the red hot Phoenix rental housing market.
Phoenix investors are trying to meet the rental housing demand by buying distressed properties and fixing them up to rent out to displaced former homeowners.
But this is an excellent time for homeowners to take advantage of the low housing prices to upgrade into their dream home that seemed impossibly out of reach just a few years ago. With the strong rental demand, they can rent out their current home and wait for the real estate market to turnaround and then sell.
While the average January 2011 price of Gilbert AZ homes for sale was – 0.3% lower than December 2010, the average price of Mesa homes for sale AZ was up + 0.7%.
The average January 2011 price of Chandler AZ homes for sale was – 3.6% lower, while homes in Phoenix AZ were – 6% lower and Scottsdale homes for sale were –16% lower.
Tempe AZ homes for sale had a very good month with the average January 2011 sales prices up + 10%, as compared to the December 2010.
Scottsdale had the lowest percentage of distressed home sales at 51%, followed by Tempe at 66%, Mesa at 67%, Chandler and Gilbert at 71% and finally Phoenix with 77% of its total January 2011 sales being either a Foreclosure or Short Sale.
The good news is the January 2011 Median Sales Price remained the same as December 2010 at $110,000 – the lowest Phoenix area Median Sales Price in over a decade.
If you are one of the fortunate ones able to buy a home in any of the cities in the Phoenix area, you will be getting an unbelievable housing value!
Average January 2011 Sales Price for Single Family Detached and Patio Homes by city in the metro Phoenix area are:
Avg. Units Avg. % of
Sales Price Sold List Price
Chandler AZ homes for sale $195,841 277 96
Gilbert AZ homes for sale $192,715 334 98
Mesa AZ homes for sale $145,601 506 96
Phoenix homes for sale $120,695 1,367 96
Scottsdale homes for sale $447,145 352 94
Tempe AZ homes for sale $175,328 69 95
Go to Phoenix real estate market statistics for a comprehensive review of what is happening in Phoenix real estate
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.New Home Loan Waiting Period After A Short Sale or Foreclosure
Life after Your Phoenix home has been foreclosed
When distressed owners of homes in Chandler, Gilbert, Mesa and Queen Creek are unable to make their Phoenix house payment and lose their home through Deed-in-Lieu of Foreclosure, Pre-foreclosure, Short Sale, Foreclosure or Bankruptcy, they are barred from being able to finance the purchase of another home for a period of time. The chart below shows the current waiting periods to be able to get a conventional or FHA loan:
| FINANCE WAITING PERIOD: | CONVENTIONAL LOAN | FHA LOAN | |||||||
| Deed-in-Lieu of Foreclosure, | 2 Years – 20% down payment | 3 Years from completion | |||||||
| Pre-foreclosure or Short Sale | 4 Years – 10% down payment | ** | No waiting Period | ||||||
| Foreclosure Sale | 5 Years from completion | 3 Years from completion | |||||||
| ** | 3 Years from completion | ||||||||
| Bankruptcy – except Chapter 13 | 4 Years from discharge | 2 Years from discharge | |||||||
| ** | 2 Years from discharge | ||||||||
| Bankruptcy – Chapter 13 | 2 Years from discharge – 4 Years from dismissal | 1 Year of on-time payments | |||||||
| ** | 2 Years from discharge – 2 Years from dismissal | ||||||||
| NOTE: | |||||||||
| ** with Extenuating Circumstances | |||||||||
Your extenuating circumstances that resulted in you losing your Phoenix home may shorten the period before you qualify for a new home loan. You just have work your way through your financial issues in the meantime. You have suffered a setback, but you get back on track stronger than before.
In the meantime rebuild your credit by paying bills and rent on time, paying off debt, working with a lender to clean up your credit report, save for a down payment and keep up-to-date on great opportunities to buy homes for sale in Chandler, Gilbert, Mesa and Queen Creek AZ.
These waiting periods have been reviewed and revised several times and you need to be checking back for the latest rulings. As lending institutions get their balance sheets in order, they will be able to make more home loans than they can today.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Some Banks Ignore Arizona Anti-Deficiency Laws
Arizona anti-deficiency laws limit the homeowners liability in the event of loan default to the amount the lender can recover at at trustee sale or judicial sale providing the real property is 1) on a 2.5 acre or smaller lot, 2) restricted to and utilized for a single-family or dual- family dwelling and the 3) proceeds of the purchase loan (or a subsequent refinance loan) used to pay all or part of the purchase price of the property (better that all of it was). However, some lenders are forcing sellers to take back a personal note in favor of the lender as an inducement for the lender to cooperate in a short sale.
J. Robert Eckley, a prominent Arizona real estate and banking attorney, argues in Counselor’s Corner – Unlawful Acts of Banksthat some banks ignore the Arizona anti-deficiency protection during their negotiations with the seller, who is requesting the bank accept less than the balance owed on the loan and release the lien so the home can be sold in a “short sale”. Some sellers have refused to accept these terms and let their Phoenix property to be foreclosed to avoid any additional financial obligations. Other sellers, who were not made aware of the limitations of the bank to request a personal note, agreed to accept a personal note for all or a portion of the shortfall in the amount the lender received at the time of the short sale closing.
Sellers with limited assets and income at the time of the short sale have been told they may be subject to a deficiency judgment lien for a period of six years from the date of the Phoenix short sale or the banks may opt to sell off the right to recover against the defaulted loan to collection agencies. We’ll have to stay tuned for Mr. Eckley’s next addition of Counselor’s Corner to learn more about your rights and protections under the law.
My area of service and expertise is the Phoenix southeast valley including Chandler homes AZ, Mesa homes AZ, Queen Creek, Tempe and Gilbert AZ homes for sale. If you find you are unable to make your house payments or won’t be able to in the future, call me. I will send you the Arizona Seller Short Sale Advisory and Disclosure and recommend local attorneys who know Arizona law to explain your options and liabilities. If a Chandler, Gilbert, Mesa or Queen Creek short sale is your best option, I will list, market and get it sold for you so you can get on with your life and build for the future.
Sam Elam, Associate Broker with Prudential Arizona Properties, 480-213-1799
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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