What Can I Do Right Now To Increase The Value Of My Home??

March 2, 2012 By Nathan Mitchell

What Can I Do Right Now To Increase The Value Of My Home?

When you’re selling a home, a little curb appeal can go a long way! You could possibly start with some less expensive things such as making sure your yard (front and back) is clean and tidy. Consider putting in some new plants/flowers if it’s the right time of year. Your first impression can really make a difference.

From there you can follow suit inside the home and make sure that it’s also clean and tidy. If some cosmetic repairs are needed, take care of them. Air out the home frequently and make sure there’s adequate lighting available.

There are plenty of other things you could do, such as remodeling the kitchen and bathrooms. Try to make a great first impression with neatness and cleanliness and you might be surprised what that could bring you, without heavy remodeling expenses.

Good luck!

Time Is Running Out To Sell Your Home!

February 20, 2012 By Nathan Mitchell

You’ve read that correctly. Time is running out to sell your home as a short sale – If you want to take advantage of the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act.

As many Americans already know, Congress enacted a law to limit tax burden on homeowners who short sell their homes between January 1, 2007 and December 31, 2012. Homeowners who sell their home as a short sale and their deficiency is forgiven, may be eligible to not have any tax burden if they meet certain criteria. Click here for the IRS explanation of the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act.

Here is the critical point to keep in mind – It takes time to market and sell a home, not to mention negotiate the short sale with the lender that holds the note. December 31st, 2012 is the deadline to close a home. That means that a seller would want to get their home on the market no later than June of 2012 if they wanted to feel confident that they would get the home closed by December 31st, 2012. Time is really running out.

In most instances, without the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, if a homeowner sold their home as a short sale and had a $100,000 deficiency, that deficiency would count towards their income on their taxes for that year. For example, if you owed $300,000 on your home and sold it for $200,000, you would have a $100,000 deficiency. $100,000 would be counted as income on your taxes.

If you are considering putting your home up for sale here in Arizona, or anywhere else in the country, now is the time to act!

We recommend consulting a real estate attorney and tax adviser regarding ramifications of completing a short sale on your home.

The Anatomy of the Arizona Purchase Contract – The Cover Page

August 25, 2011 By Nathan Mitchell

The cover page is the first page of the Arizona Purchase Contract and it is a page that is packed with great information for the buyer.

Please reference: Cover Page – Arizona Contract

Here are the highlights of the cover page:

1. When you make an offer and it’s been executed (signed and accepted by the Seller) you’re entering into a legally binding agreement with the seller, so be sure to read the entire contract and ask questions about anything you don’t understand.

2. The Seller’s Property Disclosure Statement is a document that gives information as far as what the seller knows about the property. It is typically delivered to the buyer shortly after contract execution. Look for this document and further explanation in a future post.

3. A home inspection on the property you’re buying is always strongly recommended! A home inspector will check your home thoroughly and recommend additional inspections by qualified technicians in specialized fields, such as mold, roof, pest, etc… if necessary.

4. The ability to purchase home (hazard) insurance is considered part of your inspection of the home and should be done during the inspection period, which is typically 10 days here in Arizona.

5. You should finalize your loan application with your lender within 5 days of receipt of the executed contract from the Seller. Get all the necessary financial information to your lender, in order to keep the loan approval process flowing!

6. Thoroughly review the title commitment and any other documentation provided to you from your title company.

7. Read all HOA documentation and CCR’s within 5 days of receipt from the HOA.

8. You should always perform a final walkthrough as close to the closing day as possible. You do this in order to make sure the home is in the same condition it was when you made the offer with the exception of repairs, if applicable.

It all seems pretty self explanatory, which is perfect. That’s what the cover page is for. To give you, the Buyer, a road map during your transaction to purchase your new home.

Beware Of Foreclosure Scams!

August 24, 2011 By Nathan Mitchell

In an effort to help spread the word and protect consumers from fraudulent mortgage relief scams, I submit the following warning from AG Horne. Contact the Attorney General if you have any questions or feel you are a victim of mortgage fraud.

AG HORNE WARNS HOMEOWNERS: MORTGAGE LAWSUIT SCAM HITS ARIZONA

PHOENIX (Monday, August 22, 2011) — Attorney General Tom Horne today issued a warning to consumers to be wary of any notices or advertisements that claim to offer homeowners facing foreclosure “complete forgiveness of the loan” or other monetary relief if they join a class-action lawsuit. Such ploys are likely a pretext to collect illegal up-front fees for foreclosure assistance.

In class action litigation, consumers generally do not have to pay to join, and most reputable firms will not charge a fee for attorneys to review your case or to determine if you are eligible to join a lawsuit.

“The mortgage crisis is only made worse by predators who take advantage of consumers who are already facing the loss of their home,” Horne said. “State and federal law ban almost all types of up-front fees for foreclosure assistance. I am committed to prosecuting anyone who engages in this type of consumer fraud, and it is just as important that consumers be vigilant against these types of scams.”

The California Attorney General recently filed a lawsuit against California lawyer Philip Kramer, the Law Offices of Kramer & Kaslow, plus 19 other lawyer and non-lawyer individuals and companies, for deceptively marketing class action or “mass joinder” lawsuits. The defendants in that case are believed to have taken over $7 million in fees from homeowners in 17 states – including Arizona – after sending out hundreds of thousands of flyers advertising the program. The lawsuit alleges that the defendants advertised nationwide settlements against lenders that did not exist and that many servicers were not provided by lawyers or legal staff.

Notices may be mailed to homeowners or posted on their doors. Typically, the business claims that the fee they are charging is for a forensic audit of your loan documents to see if you are eligible to join the class action litigation. However, the Federal Trade Commission’s Mortgage Assistance Relief Services Rule (“MARS Rule”) contains a broad ban on requesting or collecting up-front fees for almost all types of mortgage assistance, including forensic audits related to foreclosure relief. Arizona’s foreclosure consultant statute also prohibits companies from collecting an up-front fee for assisting homeowners in foreclosure.

Foreclosure rescue companies may promise to refund your fee if you are not eligible to join the litigation. However, the Office’s experience with guaranteed refunds indicates that they are very difficult to obtain, or the company may disappear before the refund is paid. If you are facing foreclosure, refuse to pay up-front fees and instead contact the Arizona Foreclosure Prevention Helpline at (877) 448-1211 for free assistance provided by HUD approved housing counseling agencies.

If you feel you’ve been a victim of a class joinder scam or any other type of consumer fraud, please contact the Arizona Attorney General’s Office Consumer Information & Complaints Unit at (602) 542-5763 / (520) 628-6504 / (800) 352-8431. You can also file a consumer complaint online at: http://www.azag.gov/consumer/complaintform.html

Search Like An Agent

July 15, 2011 By Nathan Mitchell

Now you can have live access to all the available listings in the Phoenix Metro Area, including cities such as Chandler, Gilbert, Mesa, Queen Creek, San Tan Valley and Tempe. You can use the very same interface all Realtors® in the Valley use when they do the home searching for you. Don’t waste your precious time on 3rd party websites that have all the old information that you don’t need!

Search Like An Agent Here.

Short Sales

September 15, 2010 By Nathan Mitchell

THERE ARE ALTERNATIVES TO FORECLOSURE. You have options if you owe more than your home is worth and you need to sell, no matter what the reason. We are real estate brokers and Realtors® and have vast amounts of knowledge and experience with short sales negotiations. Our marketing expertise will get your home the maximum amount of exposure necessary to bring the right buyer. When your home is under contract, we have a team of attorneys working on your behalf to help you get the outcome that you require.

Get Your Foreclosure Information Book Here

What Can I Do Right Now To Increase The Value Of My Home?

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