Tuesday, February 23, 2010

Steps to selling your home

Write down all the reasons for selling your home. Ask yourself, „Why do I want to sell and what do I expect to accomplish with the sale?“

Selling your Arizona HomeSTEP 2 – PRICING STRATEGY
Your next objective should be determine the best possible selling price for your house. You will need to take into account the state of the local market, the condition of your home and sales of comparable homes in your neighborhood. It is often hard to maintain a non-biased view of your property, so you will want to gather the necessary information in the most objective way possible. If you want a truly objective opinion about the price of your home you could have an appraisal done. This may cost between $300-$500. Be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price too high. If your home stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price.

Get your home in „showing and selling“ condition. First impressions are the most important. Work with your real estate agent to help you take a fresh look at your home.

  • Organize your closets and kitchen cabinets
  • Make sure items stored in the attic or basement are tidy
  • Open the curtains or blinds during the day to maximize the natural light
  • Turn on the lights at night to create a welcoming environment for prospective buyers
  • A home with too much „personality“ is harder to sell. Consider painting walls white/neutral color, remove clutter. This will help the buyer to visualize the home as theirs

Now that your home is ready, it’s time to put it up for sale and market it. Establishing a marketing strategy with your real estate agent is a must. Your agent will expose your home to the greatest number of potential buyers possible. He or she will use a marketing plan that will bring not only the most buyers, but also most qualified buyers to your doorstep. You and your agent should structure your marketing strategy so that the first 3-6 weeks that your house is on the market will be the busiest.

When you receive a written offer, your real estate agent will advise you as to whatever or not the prospective buyer is qualified to purchase your home. After determining the buyer’s qualifications, you and your agent will review the written contract, taking care to understand what is required of both parties to execute the transaction. The contract should protect the interests of all parties.

Most offers to purchase your home will require some negotiating to come to win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent will review the written offer with you to make sure you thorougly understand what the buyers are offering and what they are asking you for in return.
Once both parties have agreed on the terms of the sale, your agent will prepare a contract. Remember...bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

Once you accept an offer to sell your house you will need to make a list of all the things you and your buyer must do before closing.

Selling your Arizona HomeSTEP 8 – PRE-CLOSE PREPARATION
A few days before the closing you will want to contact the entity that is closing the transaction and make sure the necessery documents are goiing to be ready to sign on the appropriate date.

„Closing“ refers to the meeting where ownership of the property is legally transfered to the buyer. Your agent will be present during the closing to help explain the process and forms to you and make sure everything goes as planned. Be sure to read all the documents and ask questions. It is important you understand every document you are signing.

Congratulations on the successful sale of your home! Now that you have closed, prepare to vacate your home in the time frame agree upon.

Monday, February 22, 2010

Is there deficiency judgment after foreclosure?

When a mortgage company-Lender- forecloses upon a house, more than likely, it will turn around and sell the house to recover any money owed by the previous homeowner. This amount includes the prior mortgage balance, lawyer’s fees, late payment fees and administrative expense acquired during the foreclosure process. In many cases, in today’s real estate market situation, a lender is able to sell the property at a portion of the cost. The consequence is that the lender losses money on the transaction.
For example, a lender loans a borrower $300,000 to buy a house. 1 year later, the homeowner fails to make the payments and the lender is forced to foreclose. When lender sells the property, it is only able to sell it for $250,00. This results in a $50,000 loss to the lender plus all the fees mentioned above.

In some states, the lender may be entitled to receive the deficiency judgment in court for the remaining balance owed. This means that the lender could sue the home owner for $50,000 loss, that lender incurred. Not in Arizona though. There are some limitations written in State laws: "anti-deficiency" statutes prevent a lender from suing a person for any losses on a home after foreclosure.

Arizona Anti-Deficiency Law says if home is secured with Deed of Trust and sold at Trustee’s Sale no action may be maintain to recover deficiency if:

  • The property is 2.5 acres or less
  • Used for single family or two family dwelling
  • Sold pursuant to the Trustee's power of sale.

The only exceptions to Arizona’s anti-deficiency statutes are VA loans.
If a lender seeks a deficiency judgment, it has 90 days after the sale of the property to begin judicial proceedings to recover.

Friday, February 19, 2010

Megan Izdebska & Hanna Manoufar announce new Arizona Real Estate website / www.SoldWithMegan.com

Megan Izdebska & Hanna Manoufar - Arizona Real Estate Agents are pleased to announce the launch of our new website - www.SoldWithMegan.com - to help residents buy and sell homes in the Phoenix area (Chandler | Scottsdale | Gilbert | Tempe | Quenn Creek, Apache Juncion, Maricopa).

Arizona, Chandler, Gilbert, Scottsdale, Phoenix Real Estate Agent

The website will offer home buyers and sellers real estate tips and resources about the area, neighborhoods, current listings and much more.

Get ready to have some fun.

Valuable Real Estate education tools www.soldwithmegan.com offers:

  • Free Neighborhood Report
    Would you like to know what's going on with the Real Estate market in your neighborhood? You can choose the radius around your home to search in as well as how often you'd like a report emailed to you.

  • Real Estate Updates
    Get ready to have some fun searching for your next home on our map-based search. You'll be able to see area price averages and research available homes, save homes and searches, and keep track of everything in your own account, right here on our website

  • Mobile Search
    Now you can search for listings from any web-enabled phone, from anywhere. Search every listed home on the MLS with just a few strokes of the keypad. Searching for a home while on the go has never been this easy.


Tuesday, February 16, 2010

The new, old El Chorro in Paradise Valley will reopen this month (February 18th 2010)

El Chorro Lodge
5550 E. Lincoln Drive, Paradise Valley


Sunday 10 a.m. - 10 p.m.
Monday-Thursday 11 a.m. - 10 p.m.
Friday 11 a.m. - 11 p.m.
Saturday 10 a.m. - 11 p.m.

The new, old El Chorro in Paradise Valley will reopen this month February 18th 2010

After an astonishing 72-year run, the last 57 under the direction of Joe and Evie Miller, El Chorro restaurant closed last May. But new ownership is bringing it back to life at 11 a.m. Thursday, Feb. 18. The restaurant is now in the hands of Jacquie Dorrance.

El Chorro Lodge built in 1934, in the shadows of Camelback and Mummy mountains, on 11 desert acres in Paradise Valley, Arizona, is the perfect place to enjoy Saturday and Sunday breakfast with friends, share a romantic dinner or celebrate a special occasion.

The new menu features many of the original El Chorro comfort classics, including famous sticky buns and relish tray served with every meal, and a variety of new fresh, healthy lifestyle selections.

The kitchen is now under the direction of Charles Kassels, who worked at the Boulders and Westin Kierland before his last post at the AAA-four diamond Old House Restaurant in Santa Fe.


  • Best Sunday Brunch 2007
    New Times Best of Phoenix
  • James Beard Foundation 2005
    National Award for Excellence
  • Best Outdoor Dining 2006
    City's Best Outdoor Dining
  • City's Best Brunch Spot
    City Guide 2004
  • Best Sunday Brunch 2003
    New Times Best of Phoenix
  • Best Example of Old Arizona Charm 2003
    Phoenix Magazine Best of the Valley
  • New Times Best of Phoenix
    The Arizona Republic - The Rep's Best
  • Best Outdoor Dining 2003
    Phoenix Magazine Best of the Valley
  • Most Money Donated 2003
    Waste Not Celebrity Chef Challenge 2003
  • Neighborhood Favorite 2003
    Elite Dining Magazine
  • Best Spot for Old Arizona Charm 2001
    The Arizona Republic - The Rep's Best

source: elchorro.com

Saturday, February 13, 2010

The Arizona Renaissance Festival, Apache Junction

The Arizona Renaissance Festival is one of the largest of the Renaissance events in the nation; costumed fantasy village with:
  • Twelve Stages of Continuous Live Entertainment
  • An Outdoor Circus
  • A Medieval Arts & Crafts Fair
  • A Jousting Tournament with Three Performances Each Day
  • A Day - Long Feast

During the months of February and March every year - Apache Junction, Arizona (about 36 miles from Phoenix) is transformed into a 16th Century European Country Faire and opens to the public.

The Arizona Renaissance Festival is a wonderful combination of amusement park, shows, comedy, music, feats of daring, street performers, shopping, and indulging. The Festival is spread out over 30 acres, and it is easy to spend an entire day there.


  • every Saturday and Sunday
  • February 6, 2010 through March 28, 2010
  • Open on President's Day
  • Hours are 10 a.m. to 6 p.m


  • State Highway 60 East, east of Apache Junction, just east of Gold Canyon Golf Resort

Advance discount tickets are available at Fry's Stores and Fry's Marketplace

  • $18 for adults
  • $8 for children 5-12
  • Children under 5 are free
  • Tickets are $2 more if purchased at the event or on line
  • Senior (60+) tickets can be purchased at the Festival Ticket Booth for $17

The admission price includes parking, all entertainment shows, including the Tournament Jousting and Birds of Prey show.
It does not include the purchase arts and craft items, food or beverages, or rides and games.
You can also buy a season pass that's valid for any festival day.

For more information, visit the Arizona Renaissance Festival online or call for information 520-463-2700.

Friday, February 12, 2010

New mortgage fraud by big banks

Short Sale in Gilbert, Chandler, Scottsdale

In order for a short sale with two loans to happen, the second lien holder has to drop the lien.

If they don’t, and there’s no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.

In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn’t have to agree, but more and more are doing so.

That’s all legal.

But here’s what’s not legal and what’s apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. On the side means in cash, off the HUD settlement statements, so the first lien holder doesn’t see it.

And some agents are doing it to get the transaction closed, with probably very little awareness that is a RESPA violation.

RESPA is the Real Estate Settlement Procedures Act, the 2008 law requiring that consumers receive disclosures at various times in the transaction. It outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD.

Source: By: Diana Olick , Jan 15, 2010

Wednesday, February 10, 2010

Arizona February Real Estate Updates. Short Sales are still hot.

Current Statistics
(from the Cromford Report as of 2.8.10):

Current Active Short Sale Listings:
Pending Short Sale Sales:
Short Sale Sales for the last 30 days:
Short Sale Sales have increased by
$/SqFt for all sales for the last 30 days:

$/SqFt for Short Sales for the last 30 days:
$/SqFt for REOs for the last 30 days:

Short Sales currently represent


* over last year Month for Month
** of the sales for the last 30 days

The Active listings have gone up and sales have dropped slightly leaving the Valley at a 6.7 Months of Supply
Pending sales are way up at 11,412 which tells us that closing will go back up.

Right now

  • 46% of the sales are REO properties
  • 23% are short sales
  • 31% are normal sales
  • 92% off sales are under $400,000

The Breakdown for months of supply by area:

Valley Wide

Apache Junction
Camelback Corridor

Cave Creek

East Valley

Fountain Hills


$1.0 Plus

Northwest Valley
Peoria and Glendale

Paradise Valley



Residential Market Update: Percentage
of Distessed Properties / February 2010

Residental Market Update, Chandler, Gilbert, Scottsdale Homes, Arizona

REO, Short Sale and Normal are Single Family Residences only
OTHER includes all non-Single Family Residences (Land, Commercial, Condo, etc).

Residential Market Update: East Valley
February 2010

Residental Market Update, Chandler, Gilbert, Scottsdale Homes, Arizona

Data Used:
Cities: Chandler, Tempe, Gilbert, Mesa
Single-Family Residences

Chandler: A:1531; P:409; C:243
Tempe: A:490; P:111; C:74
Gilbert: A:1804; P:549; C:274
Mesa: A:2581; P:762; C:439

Residential Market Update: Luxury Homes
January 2010

Residental Market Update, Luxury Homes, Arizona

Data Used:
Single Family Residences
"Luxury" properties include those listed at $1,000,000+

Residential Market Update: Paradise Valley
February 2010

Residental Market Update, Paradise Valley, Arizona

Data Used:
City: Paradise Vally
Single Family Residences

Residential Market Update: Scottsdale
February 2010

Residental Market Update, Scottsdale, East Valley Arizona

Data Used:
City: Scottsdale
Single Family Residences

Information deemed reliable but not guaranteed

Tuesday, February 9, 2010



Sunday, February 7, 2010

55th Annual Scottsdale Arabian Horse Show February 11-21, 2010

55th Annual Scottsdale Arabian Horse ShowThe 55th Annual Scottsdale Arabian Horse will open February 11th through 21, 2010 at Westworld in Scottsdale, Arizona.
Prize - over $1 million dollars and the prestigious title of “Scottsdale Champion”!

The Annual Scottsdale Arabian Horse Show since 1955 has set the pace in the Arabian horse world. The first show was held at Arizona Biltmore and was a first class show from the very first day.

After the show's beginnings at the Arizona Biltmore, Ann McCormick bought 150 acres in Scottsdale and made it into the horse facility known as Paradise Park, which served the needs of the show for many years.

Since then, the show has been held at Westworld in Scottsdale and is sponsored by the Arabian Horse Association of Arizona. The Show began with just 50 horses and has grown to nearly 2000 horses. The Scottsdale Arabian Horse Show brings top owners, trainers and breeders from around the world competing for a chance at winning.


General Admission
Children 12 & under
Reserved Bleacher Seating

Evening Performance – February 20, 2010:
General Admission
Reserved Bleacher Seating

Additional Tickets Types:
Eleven Day Button General Admission

Box Seats for Entire Show



$50 (Can only be purchased at the gate ONLY, once show starts)

$250 (Can only be purchased by calling AHAA at 480-515-1500

Friday, February 5, 2010


1105 W SELDON LN Phoenix, AZ 85021

1105 W SELDON LN Phoenix, AZ 85021
MLS 4333070

  • BEAUTIFUL 3 bedrooms +DEN and 3.5 baths + CASITA WITH FULL KITCHEN AND BATH.

1105 W SELDON LN Phoenix, AZ 85021

1105 W SELDON LN Phoenix, AZ 85021

1105 W SELDON LN Phoenix, AZ 85021

1105 W SELDON LN Phoenix, AZ 85021

1105 W SELDON LN Phoenix, AZ 85021

1105 W SELDON LN Phoenix, AZ 85021

Beds/Baths: 4 / 4.5
SF: 4,422
Guest House SqFt: 350
Year Built: 2008
Approx Lot SqFt: 15,167 / County Assessor
Apx Lot Size Range:
15,001 - 18,000
Level: Single Level

Subdivision: Village
Tax Municipality: Maricopa
Model: Custom
Builder Name: Custom

Ele Sch Dist: 006 - Washington Elementary District
Elementary School: Richard E. Miller
Jr. High School:
Royal Palm

High School Dist #: 205 - Glendale Union High School District
High School: Sunnyslope

Thursday, February 4, 2010

Is it MORAL to Walk Away From Your Mortgage?

Is it moral to walk away from your mortgageThe answer to this should be very simple but actually there is no universal response. Is there the morality involved at all? The mortgage industry is doing everything it can to stop this, including telling homeowners that they have a "moral obligation" to re-pay their mortgage.

Lenders to protect their money, require pledging the house as collateral. As a result of borrower defaulting on payment, the Lender has a right to seize the house. It is spell out in the Contract/Promissory Note: if you stop paying, bank gets the house back. Pretty simple.

Lender and borrower made a business decision. Lender concluded that was a smart investment to loan 125% of the value to make a profit. Borrower took a risk to buy a house counting on instant equity. Well, it turned out that both parties of the transaction made a bad business decision.

Many borrowers ask the lender for solution before they decide to walk away. They cannot afford payment for a reason. Either loan needs to be restructured, or principle balance reduced, or rent it back, or something. And then, if the lender says no and… no, then here you go - take the collateral.

In some states banks have recourse; lenders can go after personal asset, so that could be dangerous. But is that OK? Again, banks made a business decision while loaning the money. Why are borrowers held to a higher standards then banks?Is it moral to walk away from your mortgage

Another issue: is it immoral to stop making payments on the mortgage? In most of the cases banks do not even talk to borrower unless he is 3 months behind. Otherwise you are not a priority. Call back when you late on the payment, then bank may notice the issue.

Is it okay to walk away from the mortgage for no other reason that it doesn't make financial sense? Did financial institutions approach anything from a moral standpoint?

Some opinions state: “There is no moral issue as long as the contract is legally addressed.

Morality cannot be legislated or made a clause in a contract. If the lender thought at the beginning that you had a "moral obligation to pay," it would have specified that in the contract”.

I am not an advocate for any solutions but certainly this question is being asked more often by troubled homeowners. And many times leaves me speechless.

The Egg & Cafe wakes up Ocotillo, Chandler

egs and cafe in ocotillo, chandlerLocation:
2625 W. Queen Creek Road
, AZ. 85248
Phone: 480-899-5050
Price Range: $3.50 to $9.50

Located west of Dobson at Queen Creek Road, the Santa Barbara architecture is accented by fountains and lakes. Inside big windows tables and booths give the visitors conteporary atmosphere with great views.

Menu has something for everyone and clientelle veries from young couples, families, retired people and golfers.
Breakfast and lunches serves from 6.00 am to 2.30 pm daily.

Eggs are the featured ingredient on the menu and it's served in a variety of ways. Order an omelet or eggs Benedict. Add additional items like chorizo to kick up the flavor. Lunch favorites like hamburgers are also offered. The children's menu, priced form $3.50 to $4.50, features a selection form waffles and sausage to chicekn tenders and fruit.
The restaurant has a private dining area that seats 25.