Archive
Is It Time to Make Your Move? The cost of waiting! Part 1
Available inventory is VANISHING!
Detecting signs of VANISHING Shadow Inventory
Check out this chart! —> Buyer Purchasing Power
The percentage of shadow inventory is down 78% in Arizona!
What is Shadow Inventory: A looming mass of delinquent and foreclosed-upon homes that threatened to destabilize the market.
In April 2014, Corelogic released its most recent figures on Shadow Inventory.
- The national residential shadow inventory declined 23% year over year this past January.
- The inventory has experienced double digit year over year declines for each of the past 16 consecutive months.
- The shadow inventory from Jan 2013- Jan 2014 has decreased an average monthly rate of over 41000 properties, according to CoreLogic.
Why the decline?
- Healthy housing market.
- Prices have been going up at a steady pace, positive home equity, simple increase in home value over the last few years.
- An abundance of short sales or modifications.
- Reducing inventory=less opportunity= higher prices= QUESTION? Why wait?
Is it time to make your move? What are you waiting for?
Apply today! www.fcfs.net
First Class Financial Services
Leslie Nilsen
602.294.9288 http://www.fcfs.net
MB#0902810 / NMLS # 162494
AZ Mortgage Buyer Checklist as provided by the Arizona Department of Real Estate
AZ Mortgage Buyer Checklist as provided by the Arizona Department of Real Estate
In researching some information through the Arizona Department of Real Estate, I found a handy Buyer Checklist!
You can find it here: http://www.re.state.az.us/PublicInfo/PropertyBuyerChecklist.aspx
This checklist has infomation on:
New homes in a Subdivision…….specifically to reading the contract completely (builder contracts can vary greatly from the typical purchase contract), how to get the public report, and notes on what to do BEFORE you sign the contract.
Previously Owned Homes……..specifically to the realtor’s representation, getting a home inspection, termite inspection and what to do BEFORE you write an offer.
Undeveloped Land…….. specifically to advise regarding asking for the ” Arizona Department of Real Estate Disclosure Report “(Public Report), reviewing the Arizona Department of Water Resource, and parcel requirements, if intent to build.
The checklists are kept up to date by the Arizona Department of Real Estate and have all of the important information for each category that you or your buyer might forget!
Although dry, the department can be a wealth of information. The more we know the better off we are.
Having a dream is good, owning one is better!
Leslie Pelletiere, Owner
First Class Financial Services, proudly mortgage lending since 1999!
602.294.9288(O)
602.294.9830(F)
MB#0902810 NMLS #162494
AZDFI Loan Officer # LO-0911453
More AZ First Time Home Buyer Tips (really tips for ANY buyer!)
In Arizona, as in most places, if you are a first time home buyer, you can be overwhelmed with the process of purchasing a home.
Here is a bit more guidance:
First, when your realtor says “Location.Location.Location.” Just trust them. It is critically important. The bottom line is, you can change virtually anything about a house, you cannot change where it is located. Again, just trust us on this one. Clients like to convince themselves into things. This one cannot be compromised.
Second, USE your realtor. Remember, your BUYER agent is paid by the seller so there is NO reason not to use a realtor and use them to your advantage. They have done this “home buying” thing before. They know what, when, who, where and how to look for real estate…. and how much! The “how much” is the biggest thing on everyone’s minds these days…”how much” is not everything though… You realtor can walk you through all sides of it.
Third, get pre-approved. I know. I’m beating a dead horse here but full disclosure, it will not be the last time I bring it up. Use the mortgage calcuator at http://fcfs.net/loancenter-calculators-monpmt.aspx – this will help you get an idea of your potential monthly payment. Get your head around what you are comfortable with AND what is realistic. Fourth, after you have your monthly payment from using the calculator- don’t forget to add in your property taxes (go estimate is .78% of your purchase price is ANNUAL taxes – divide that by 12 to get your MONTHLY taxes) and go to http://www.iii.org/media/facts/statsbyissue/homeowners/ to get stats on average home owners insurance rates. You can use a factor of .35% (same way as above) to get an estimated amount as well. These will be added into your monthly payment so you want to be prepared for your FULL payment not just principal and interest.
NOTE: Don’t forget about potential home owner association fees!
Fifth, not sure? You may want to see the comparison of what is costing you to rent versus the benefit of home ownership- try out this handy tool to see the true impact – http://fcfs.net/loancenter-calculators-rentvsown.aspx – I can save you some time and just tell you that the value of home ownership will substantially outway renting (in this current Arizona market) but sometimes seeing it is believing it. Remember, these are just items to give you some direction. Your loan officer and your realtor will walk you through all of these steps. The more you know before you start the better educated you will be during the process!
Having a dream is good, owning one is better!
Leslie Pelletiere, Owner
First Class Financial Services, proudly mortgage lending since 1999!
602.294.9288(O) 602.294.9830(F) www.fcfs.net
MB#0902810 NMLS #162494 AZDFI Loan Officer # LO-0911453
FREE credit report!
Remember, the law states you can get a FREE copy of your credit report annually!
Through the Fair and Accurate Credit Transactions Act (FACT Act) consumers are entitled to receive a copy of all three credit reports, annually, for free.
You need only go online to:
Enter your state of residence and follow the instructions to request a copy. IF the copy is requested online, you will have access to print it immediately from the site.
You can request a copy by phone at 1-877-322-8228 or in writing. If you request a credit report by mail, download the “request form” by going to www.annualcreditreport.com, print and complete the form and mail to:
Annual Credit Report Request Services
P O BOX 105281
Atlanta, GA 30348-5281
If you order by phone or mail it will take up to 15 days to process.
IF you find any errors or corrections, you can dispute any item found on your report by going to:
Equifax – www.investigate.equifax.com
Experian – www.experian.com
TransUnion – www.transunion.com
It is important to monitor your credit report annually and this is an easy way to do it for FREE! (as always, if it’s FREE, it’s for me!)
Having a dream is good, owning one is better!
Leslie Pelletiere, Owner
First Class Financial Services, proudly mortgage lending since 1999!
602.294.9288(O)
602.294.9830(F)
MB#0902810
NMLS #162494
AZDFI Loan Officer # LO-0911453
AZ Mortgage Question of the Day: How long do I need to be out of an Arizona bankruptcy, short sale or foreclosure to be eligible to mortgage a new home?
AZ mortgage Question of the Day:
How long do I need to be out of an Arizona bankruptcy, short sale or foreclosure to be eligible to mortgage a new home?
Here is a generic guideline – keep in mind that many lenders have additional requirements depending on their own guidelines:
Bankruptcy:
Chapter 7:
FHA – 2 years with re-established credit / 1 year if bankruptcy was from extenuating circumstances and have shown substantial ability to manage new affairs since. A minimum 640 score.
CONVENTIONAL – 4 years and a minimum 680 credit score.
Chapter 13:
FHA – 1 year has elapsed since filing, all payments have been made to the trustee on time and ONLY with trustee prior approval.
CONVENTIONAL – 4 years and a minimum of a 680 score. All payments have been made to the trustee on time and ONLY with trustee prior approval.
Foreclosure:
FHA – * 3 years has elapsed from the finalized date of the foreclosure.
CONVENTIONAL –
* 3 years if borrower can prove extenuating circumstances. Additional occupancy, credit score and down payment requirements.
* 7 years if financial mis-management. Additional occupancy, credit score and down payment requirements.
Short Sale:
FHA – * 3 years has elapsed from the finalized date of the short sale.
CONVENTIONAL – * 4 years – Additional occupany, credit score and down payment requirements.
One additional note to consider: Many lenders will NOT follow these guidelines if they had their own prior loan included in the bankruptcy, foreclosure or short sale so keep this in mind when applying. All of this information is in a generic sense and can only be guaranteed with an approval directly from your lender. This is another reason that applying and getting loan approved BEFORE you start home shopping is so important.
Having a dream is good, owning one is better!
Leslie Pelletiere, Owner
First Class Financial Services, proudly mortgage lending since 1999!
602.294.9288(O)
602.294.9830(F)
MB#0902810
NMLS #162494
AZDFI Loan Officer # LO-0911453
