Scottsdale homes for sale AZ
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.
Arizona Shadow Inventory Low in Maricopa County
Arizona Shadow Inventory in Maricopa County is very low compared to the rest of the U.S.
Much has been written about the housing “shadow inventory” and there are a lot of theories about what it is and where it can be found. I concur with those who think the lenders are able to identify Shadow Inventory because they are aware of those who are not paying their house payment or are late or struggling to make their house payment on time and are more likely to go into default on their home loan, if they are not there already. The map below will show you where the shadow inventory can be found. And I am happy to report Maricopa County in Arizona has very little. Eager home buyers have been buying distressed homes for sale in Chandler, Gilbert, Mesa and Phoenix AZ causing our shadow inventory to shrink dramatically.
Low Shadow Inventory in Maricopa County means it is a great time to buy Phoenix AZ homes
While I haven’t understood why lenders continue to discount the listings they are putting on the market when we have so much buyer demand, I have to acknowledge they are successful at getting troubled properties off the books and sold to new home buyers who can afford to own a home. (If you can’t identify Maricopa County in Arizona, just look for the very light color in the Arizona Map. Pinal County has a more significant issue with 36 – 48 months supply.)
Phoenix MLS Listings chart below shows the # of ACTIVE listings as of December 1, 2011, # of November 2011 CLOSED transactions, Months of Inventory per City (with 6 months of inventory being a balanced market) and the percentage of the total # of November 2011 closed “distressed” transactions that were either Lender Owned or Short Sale Closed listings.
| Single Family Detached Homes | Listings 12/1/11 | Closed during November 2011 | Months of Inventory | Distressed as a % of Closed |
|
Arizona MLS-wide |
15194 | 6085 | 2.5 | 62 |
| 2727 | 1557 | 1.75 |
67 |
|
| 647 | 324 | 2.0 |
60 |
|
| 653 | 385 | 1.7 |
59 |
|
| 1031 | 564 | 1.8 |
63 |
|
| 1780 | 325 | 5.5 |
39 |
|
| 197 | 100 | 2 |
49 |
There has never been a better time to be in the market for buying homes for sale in Chandler, Gilbert, Mesa, Ahwatukee, Phoenix, Tempe and Scottsdale AZ! Mortgage loan rates are unbelievably low and prices are back to where they were at the beginning of the last decade.
First time home buyers can own for less than they are paying in rent and move up buyers can get into beautiful homes in great neighborhoods in Chandler, Gilbert, Mesa, Phoenix, Tempe and Scottsdale AZ that would not have been even remotely possible just 5 years ago.
Contact me today to schedule an appointment to discuss all the opportunities available to the wise home buyer looking for a very nice place to live at a very affordable price in today’s real estate market with depressed prices.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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