Posts filed under ‘Short Sales’
Portello (Village at Dobson Crossing), Chandler AZ
Here’s a look at a new home community in the very popular Ocotillo area of south Chandler known as PORTELLO. Formerly Village at Dobson Crossing, PORTELLO has a total of 162 lots comprised of 87 1-story and 75 2-story homes, built between 2006-2010. This community was started by Randall Martin who then lost the remaining vacant 86 lots to a trustee sale which were purchased by Blanford Homes in April 2009 who then completed the project.
PORTELLO is located just south of Queen Creek road and west of Arizona avenue and is a lovely community located close to Intel, Hancock, Elementary School, Hamilton High School and several public golf courses including Bear Creek, Loan Tree Golf Club, Ironwood, Oakwood and Ocotillo Golf Course as well as all the restaurants and shopping that Chandler has to offer. A brand new Target is almost completed and is located a mile south of this community.
There is only 1 active listing in PORTELLO which is 2,929 square feet, a 4 bedroom, 2.5 bath and listed at $229,990 or $78 psf and a short sale. Properties of this same size in 2006 were closing at $142 psf or approximately $434,000. That’s 53% of the value from 2006!
There are 2 pending transactions at $237,900/$82 psf (2,910sf) and $259,900/$79 psf (3,273sf) both of which are lender owned properties.
There have only been 2 closings since January 1, 2011. One was an 1,800 square foot property which sold for $194,900, the other a 2,746 square foot property which sold for $229,900. These 2 closing fetched 97% and 100% of list price.
In case you hadn’t noticed, our inventory is shrinking and with interest rates still historically low, this is a great time to buy!
If you’re thinking of making a move whether buying or selling in the southeast valley, why not check out PORTELLO or the many communities that I have put together for your review at Stephanie Weiss Moves and then give me a call.
Stephanie Weiss, REALTOR® 480.273.7472 Stephanie Weiss Moves
Why Short Sales Aren’t Working!
Please visit this link:
http://www.thinkbigworksmall.com/mypage/archive/1/32274
Sun Groves Chandler Arizona
If you’re looking for well priced homes in the Chandler area, SUN GROVES has it all with approximately 50 active listings and a “list price” range of $130,000 (1,512 sq ft) to $310,000 (4,330 sq ft). The average list price of homes in SUN GROVES is $202,000 and closing at $202,000 or an average per square foot price of $83. The lowest price paid was $123,000 and the highest price was $298,000. The properties in SUN GROVES are on the market an average of 92 days with 43 properties currently pending and 43 closings in the past 3 months! The closings were made up of 35% short sales, 21% lender owned properties and 44% regular transactions.
SUN GROVES was built between 2001 thru 2010 by Beazer, Blanford Homes, Continental, DR Horton, Elite Homes, Fulton Homes, KB Homes, Morrison Homes, Richmond American, Standard Pacific, Sunwest and Taylor Woodrow to name a few and has a good mix of single and two-story homes. If you’re thinking of making a move, give me a call. 480.273.7472 http://StephanieWeissMoves.com
Chandler Closing Comps AUG 2010 (Zip Codes 85224, 85225 and 85226)
Here’s a market update on Chandler closings for the month of August 2010, zip codes 85224, 85225 and 85226. Total inventory in this area as of today is currently 1,368 with 913 of those being ACTIVE and 455 PENDING. There were 226 closings in August 2010. Here is a link to the statistical information sorted by community name: Chandler Closings Aug 2010 (85224 85225 85226). Some of the communities included are
ALMA RAY ANDERSEN SPRINGS Arcadia Village Arrowhead Meadows Biagio Blakeman Ranch Boardwalk at the Village BRENNA PARK Brooks Crossing Cameo East Capriana Carrillo Ranch CENTRAL ESTATES CHANDLER Chandler Crossing CHANDLER MEADOWS Chandler Parc CHANDLER RANCH COLLEGE PARK COLONIA CORONITA COLONIA GRANADA Continental Terrace COPPERFIELD ESTATES CORONA VILLAGE Country Place COUNTRY PLACE COUNTRYWALK CRESCENT VILLAGE CRESTVIEW CHATEAUX Darcy Ranch DAVE BROWN Dawn Dillin Addition Dobson Estates DOBSON TERRACE FAIRVIEW MEADOWS FESTIVA COURT Fulton Homes at the Province GREATER CHANDLER GREEN VALLEY ESTATES Harmon Ranch HEARTHSTONE HEATHER PLACE HOY HOMES Joshua Village Karen Manor KEMPTON CROSSING Kingston Manor KNOELL EAST KNOX LANDING La Costa Espana Lakepoint at Andersen Springs LAKESHORE LAKESHORE AT ANDERSEN SPRINGS LAKESIDE VILLAGE LUNDQUIST MANOR McQueen North Metes & Bounds MIRAGE MANOR Mirage Park Mission Manor at Ray Ranch Mission Park Ranch MISSION TIERRA Mission Valley MONTAGE AT TIBURON Monte Vista Monterey Point MONTEREY VISTA Nicholas Point ORANGETREE Pamela Park Park At Twelve Oaks Parkside Estates Parkwood Estates PELHAM MANOR PENNINGTON PLACE PEPPERWOOD PINEVIEW PROVINCES PUEBLO SANTA FE TOWNHOMES Raintree Ranch East RAY MANOR SAN MARCOS ESTATES San Mateo Estates SAN VINCENT Sandstone Place SIERRA POINT Sonoma Village SORRENTO SOUTHERN MEADOWS SOUTHRIDGE ESTATES Springs STONEGATE CROSSING Strawberry Point SUGGS CORONA VILLAGE Summerset Suncrest Villas Sunridge Sunset Park Manor Sunstone Suntech Patio Homes SUPERSTITION RANCH Talavera Tesuque at Gila Springs THE COVE AT TIBURON THE GRANT The Home Place THE SPRINGS THUNDERBIRD MANOR Thunderbird Park Tierra Dobson TRADITION TRADITION EAST TRADITIONS WEST Travelwinds TUSCAN SPRINGS Tuscan Springs Twelve Oaks Valencia Village at Tiburon Villas At Savona Condominium WARNER RANCH Wild Tree Willis Ranch WILSHIRE PARK Windmill Villas WOODGLEN Woods at Tiburon and WOODSIDE AT THE PROVINCES
This information from the ARMLS (Arizona Regional Multiple Listing Service). If you’re thinking of making a move or looking for an east valley REALTOR®, give me a call. Stephanie Weiss 480.273.7472. http://StephanieWeissMoves.com
Gilbert Closing Comps 2010 July
Here’s an update on closings in the Gilbert area, zip codes 85233, 85234, 85295, 85296, 85297 and 85298. I extract this information from the ARMLS (Arizona Regional Multiple Listing Service). Total inventory in this area is currently 2,687 with 1,638 of those being ACTIVE and 1,048 PENDING. There were 430 closings in July 2010. Here is a link to the statistical information sorted by community name: Gilbert Closing Comps 2010 July. There are too many communities to name so please check the link provided.
If you’re thinking of making a move, give me a call.
Stephanie Weiss 480.273.7472. http://StephanieWeissMoves.com
Chandler Closing Comps 2010 July 85224 85225 85226
Here’s an update on closings in Chandler area, zip codes 85224, 85225 and 85226. I extract this information from the ARMLS (Arizona Regional Multiple Listing Service). Total inventory in this area is currently 1,347 with 880 of those being ACTIVE and 467 PENDING. There were 208 closings in July 2010. Here is a link to the statistical information sorted by community name: 2010 July-Chandler 85224 85225 85226. Some of the communities included are ANDERSEN SPRINGS, ARBORLANE, ARCADIA PLACE, ASHLEY PARK, BIAGIO, BLAKEMAN RANCH, BOARDWALK AT THE VILLAGES, BRENNA PARK, CAMELOT ESTATES, CAMEO EAST, CAPRIANA, CARRIAGE LANE, CARRINGTON PLACE, CENTRAL ESTATES, CHANDLER CROSSING, CHANDLER MANOR, CHANDLER MEADOWS, CHANDLER PARC, COLLEGE PARK, COLONIA CORONITA, CONTINENTAL TERRACE, CORONA VILLAGE, COUNTRY PLACE, COUNTRYWALK, CRESCENT VILLAGE, CRESLEIGH AT DRIFTWOOD RANCH, CRESTVIEW CHATEAUX, CRYSTAL COVE, DAVE BROWN, DAYBREAK VISTA, DISCOVERY, DOBSON ESTATES, DOBSON PLACE, DOBSON TERRACE, DRIFTWOOD RANCH, FESTIVAL, GLENVIEW, GREEN VALLEY ESTATES, HARMON RANCH, HARTFORD COURT, HARTFORD ESTATES, HEARTHSTONE, HEATHER GLEN, HEATHERBROOK, KAREN MANOR, KEMPTON CROSSING, KNOELL, LA BUENA VISTA, LAKEPOINT and LAKESHORE AT ANDERSEN SPRINGS, LAKESIDE SHORES, LAKESIDE VILLAGE, LAURELWOOD PARK, LUNDQUEST MANOR, MADELINE COURT, MARLBOROUGH ESTATES, MASTERCRAFT EAST, MAYS POND, McQUEEN NORTH, MIRAGE MANOR, MIRAGE PARK, MONTAGE AT TIBURON, MONTE VISTA, MONTEREY POINT, MULBERRY GROVE, NEW HORIZONS, OLSEN ADDITION, ORANGETREE, PARK AT TWELVE OAKS, PARK PROMENADE, PARKWOOD ESTATES, PELHAM MANOR, PENNINGTON PLACE, PEPPERWOOD, PROVINCES, PUEBLO AT ANDERSEN SPRINGS, PULTE VILLAS, RAINTREE RANCH, RAY MANOR, RIALTO HILLS, SAN MARCOS ESTATES, SARATOGA SQUARE, SIERRA POINT, SILVERGATE, SOUTHERN MEADOWS, SOUTHMOORE, SOUTHRIDGE ESTATES, SPRINGS, STONEGATE CROSSING, STRAWBERRY POINT, SUN RISE, SUNCREST VILLAS, SUNLAND ESTATES, SUNRISE VISTA, SUNSET PARK, SUNSTONE, SUPERSTITION RANCH, THE SPRINGS, VILLAGE AT TIBURON, THUNDERBIRD, TIERRA DOBSON, TRADITION, TRAILS END ESTATES, TWELVE OAKS, TYSON MANOR, VALENCIA, VIA DE CIELO, WARNER PARK, WARNER RANCH, WILD TREE, WILLIS RANCH, WILSHIRE PARK, WOODGLEN and WOODSIDE AT THE PROVINCES. If you’re thinking of making a move, give me a call. Stephanie Weiss 480.273.7472. http://StephanieWeissMoves.com
Understanding Short Sales
A Short Sale is when a homeowner owes more on their home than the home is actually worth (similar to being “upside-down” in a car), and a lender agrees to accept less for the home than the borrower owes. Short sales can sometimes be a good buy, if the buyer is willing to accept the risks and liabilities, and has the patience to wait while there is no communication from the bank, or even an acknowledgement that an offer has been received.
Very often, homes are priced very low by the listing agent (without lender approval) just to generate interest, draw traffic and multiple offers and or postpone a pending foreclosure, and then sell well above the list price shown in the MLS. Multiple offers are common, however the bank has the final say. Multiple offers often received within days, but still shows active while lenders wait for better offer.
Short Sale homes can be in poor condition; overgrown landscaping and neglected maintenance; sometimes trashed by the owner, especially while foreclosure is in process. I saw one in which the electrical wiring was cut inside the wall.
Short Sale homes often do not have any Seller Property Disclosures (SPDS) and Insurance History documentation (CLUE).
Almost always sold AS IS, therefore no repairs will be made on the property. However, it is extremely important for a buyer to conduct a home inspection to establish what “AS IS” actually is.
The goal of Banks’ Loss Mitigation Departments is to sell homes for as close to market value as possible. Lowball offers often get slow or no response.
Bank addendums can negate virtually all seller warranties in the Arizona Purchase Contract.
Releasing lien-not debt forgiveness. Sellers are often, not always, required to sign a promissory note for some of the difference between the sales price and debt. Seller may decline to sign promissory note—contract cancels. If seller has other assets, approval is rare.
Buyers are sometimes responsible for paying to have the utilities turned on for the inspections, contrary to the Arizona contract.
The MOST frustrating part of this process is the lack of communication or even acknowledgement that an offer has been received or that an attempt to communicate has occurred. Knowing this up front does help to ease the frustration a bit. There is often literally no communication or update whatsoever from the bank for months at a time. It is just a state of waiting in limbo.
Possibility exists that buyers may have to pay broker commissions, it banks decline to pay.
Just because the 1st lender agrees to a short sale, there is no confirmation that other lien holders will agree to accept a reduction in the debt. Examples: 2nd lender, Home Equity loan, HOA, Tax Lien, Child Support, etc. Without release of all liens, no sale occurs.
As a Buyers Representative, my contact would be with the listing agent who will communicate, as he or she is able with the bank. In a nutshell, short sales are not for the impatient. Do not call bank every day.
Rejections or falI-out rate is about 75% to 85%.
Once you get approval, the deal must close on time, or there is usually a per diem (penalty) charge.
Although the process does vary from lender to lender, here’s the generic process:
1. Lenders have pretty much set the standard that they will not even discuss a possible short sale until a borrower is delinquent on their house payment.
2. A seller must compile required paperwork which includes such things as a Hardship Letter, Proof of Income and Assets, Bank Statements, etc., however, the bank will not begin the short sale approval process unless and until an offer is presented with the required paperwork. If seller is missing even one document, offer will not be considered by bank.
3. When an offer is made, it is signed by the seller and then submitted to the lender at which point a Loss Mitigator Specialist or a Negotiator is assigned.
4. Lender response time can be from several weeks to many months. It is hard to understand why response to an offer takes so long. With the real estate market in decline over the last couple of years, many banks have downsized considerably, so they don’t have the staff to support this huge surge of delinquent loans.
5. Upon receipt of an offer and the short sale paperwork from the seller, the bank orders an appraisal (BPO=Broker Price Opinion) of the property to help them evaluate what price would be a reasonable number for them to accept from their delinquent/short sale borrower. Remember, the list price on the MLS is often a below market price set by the Realtor and the owner, without lender approval and is often not acceptable to the lender.
6. When the appraisal is received, the bank chooses one of five options which can take from several weeks to several months:
a. Ignore the Offer … this DOES happen;
b. Accept the offer as written;
c. Counter the offer;
d. Call for “best and final offers if there are multiple offers and there often are;
e. None of the above, send it to collections, trying to make the borrower pay in full; with no assets, it’s usually futile;
f. Initiate Foreclosure proceedings on the property, by notifying the seller and setting a Trustee Sale, with 90 days notice. (Often Trustee Sales do not have a successful result, because no one wants to pay the bank reserve limit, the bank takes a loss anyway and they get the property back which then become the “bank owned” (REO) property.
7. If the banks have an acceptable offer and IF they agree to a short sale, they submit their bank addendums to the buyer for signature. These addendums always supersede the purchase contract and often remove all seller warranties.
8. Once all the addendums have been signed and returned to the bank, they are ratified and sent to the buyers. (This process also can take several weeks.)
9. Upon receipt of the ratified contract and addendums, the approximate 30-40 day time period to Close of Escrow begins, and a normal loan application process, inspection period, CC&R request etc. commences.
You may be waiting for an offer that has little or no chance of being accepted.
Stephanie Weiss, REALTOR®
480.273.7472 cell
http://StephanieWeissMoves.com
Campo Verde, Chandler AZ Real Estate
Campo Verde Chandler AZ Real Estate located at the southeast corner of Frye and Alma School roads is probably one of my favorite Chandler area neighborhoods for it’s Santa Fe and Tuscan style home designs, location and general overall appeal. Campo Verde in Chandler was built in 2005 and 2006 by Meritage Homes and has approximately 102 lots. Prior to the homes being built back in 2004-05, there was a furious lottery going on for these lots. People were signing up just to get in the community without knowing where their lot would be located. Campo Verde has a mix of one and two-story homes ranging from 2,300-4,200 square feet and is a unique and lovely community! Centrally located, it is just 3 miles from Chandler Fashion Center and across the street from San Marcos Golf Course.
Currently there are only 2 active listings available in this community priced at $399,900 (4,180 sf) and $499,999 (3,711 sf). I usually pull comps for no more than the past three months but in Campo Verde there were only 2 properties that closed in May and December of 2009 and 1 so far in February of this year as evidenced on the Campo Verde Chandler AZ Statistical Market Analysis. The lowest price was $327,000 (3,570 sf) while the high was $399,900 (3,711 sf). The price per square foot is up from last year which is good, however there are 5 potential foreclosures in the neighborhood and those will bring down values. The HOA fees in Campo Verde are approximately $210 quarterly. If you are interested in buying or selling a home in the Chandler area or neighboring cities such as Queen Creek, Gilbert, Sun Lakes, Phoenix, Tempe or Scottsdale, please give me a call. I love living in the east valley of metro Phoenix.
Campo Verde Chandler AZ Video
StephanieWeissMoves@gmail.com
http://StephanieWeissMoves.com
Clemente Ranch, Chandler Arizona Homes
If you’re looking for well priced homes in the Chandler area, Clemente Ranch has it all with approximately 27 active listings and a “list price” range of $165,000 (1317 sq ft) to $380,000 (3537 sq ft). The average list price of homes in Clemente Ranch is $235,000 and closing at $207,000 or an average per square foot price of $116. The lowest price paid was $156,000 and the highest price was $295,000. These properties in Clemente Ranch are moving folks! They are on the market an average of 73 days with 16 properties currently pending and 12 closings in the past 3 months! Clemente Ranch was built between 1994-1998 by Shea, Continental and UDC Homes (subsequently acquired by Shea in 1998) and has a good mix of single and two-story homes.
Chandler homes in Clemente Ranch are located close to major employers such as Orbitol, Intel and Wells Fargo. Tarwater Elementary School is within walking distance to almost all homes in Clemente Ranch and several community parks are within the Clemente Ranch area. There’s plenty of shopping too! 
The Frye’s Shopping Center is located at the southwest corner of Alma School and Germann, Las Teindas Village Shopping Center is on the northeast corner of Alma School and Queen Creek with anchor tenants such as Stein Mart, Sprouts and OfficeMax, Fresh n’ Easy is located on the southwest corner of Dobson and Queen Creek Road and Keegan’s is a very popular bar and restaurant where all the locals hang out. Chandler Fashion Mall is less than five miles from Clemente Ranch with too many restaurants, bars and shopping to name. The south Chandler area is gorgeous this time of year with all the flowers and desert plants in bloom. If you’re looking for Chandler homes, give me a call. I live and work in the area and needless to say love it!
Clemente Ranch Video
Clemente Ranch stats
480.273.7472 cell
StephanieWeissMoves@gmail.com
http://StephanieWeissMoves.com (property search)
