The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA), which is intended to forgive the income tax due on the difference between what a home short sells for and the debt owed. This is causing the upward trend in Mesa AZ Short Sales we see today. There are some restrictions and people considering a mortgage modification, short sale or foreclosure should check with their tax accountant before assuming they have no tax obligation.

This upward trend to short sale in Mesa AZ is helped by low inventories, high buyer demand. For someone needing to short sale a home now may just be the best time since the real estate market turned down. Large servicers like Bank of America are expecting large increases in the number of short sales in 2012. This is in part because banks are better at processing short sales and systems are in place that uniform the process between banks.

If you are considering a short sale in Mesa AZ you can get more information on this week’s R.E Scott Real Estate Talk radio program replay

RE Scott Real Estate Talk broadcast on Short sales will continue to dominate the Mesa Arizona real estate market



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Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

Often we overlook the condition within our inner cities and focus on our lives outside these core areas. Inner city Mesa Arizona’s real estate is not exempt. With housing values being down over 50% compared to just a few years ago, homeowners are facing the reality of needing to short sales or foreclosure. Large numbers of investors in Mesa have been buying homes at large discounts.

When investors begin to dominate a community there is harm that can come from it. We see lower levels in ownership pride and engagement in the local community. When owners dominate a community they take greater pride in keeping and improving their home and thus their community. Owners spend more time volunteering, more time helping in communities and assisting in local schools. Homeownership leads to more local jobs as homeowners spend more money improving and maintaining their homes than renters do. Inner city stabilization in Mesa Arizona real estate will help to bring about recovery.

At the forefront of helping to bring about stabilization of home ownership in the inner city is a non-profit organization that is making a difference throughout the Phoenix-Mesa valley. The National Association of Hispanic Real Estate Professionals (“NAHREP”) is helping the Hispanic community with sustainable homeownership. This makes perfect sense since a large population of people who are of Hispanic decent are living in the inner cities in Arizona. Mesa Arizona real estate price recovery needs to start in these core inner city areas where prices have been driven down for the rest of the market to begin to see real positive change.

While Interviewing Grey Sehnert, President of NAHREP Arizona Chapter and Gail Buck, Former President and Chairman Emeritus of NAHREP Arizona Chapter, we discusses how NAHREP-AZ has taken a hands on approach. A perfect example of NAHREP’s influence can be seen in one Phoenix community we known as Maryvale. Maryvale is a planned community development within the city or Phoenix. Located in Maryvale is the major league baseball spring training facility of the Milwaukee Brewers. This area has been one of the hardest hit locations anywhere in the Phoenix-Mesa valley. NAHREP-AZ has put on charity events to raise money for student athletes, sports facilities and school programs. At the fore front is NAHREP education of real estate professionals to be capable of providing home affordability and sustainability services to home buyers and foreclosure alternatives to homeowners.

Mesa Arizona real estate can plan on seeing a strong recovery if we can manage to stabilize the inner city through sustainable homeownership. Then we will see stabilized prices on these lower priced homes located in the inner city communities and price stabilization on homes in neighboring communities as well.

You can listen to the full interview of Grey Sehnert, President of NAHREP Arizona Chapter and Gail Buck, Former President and Chairman Emeritus of NAHREP Arizona Chapter.

RE Scott Real Estate Talk broadcast on Inner City Mesa Arizona Real Estate



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Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

Buyers who can overlook condition issues can find a good deal. When buying a home for sale in Phoenix, the competition for move in ready homes is high. If you are willing to paint, replace flooring and make some minor repairs, you may very well find a gem overlooked by others.

That is where people like Jason James of Jason James Development come in. Jason is a well respective home reconditioning expert. As a Phoenix native he understands the industry and needs of people looking for good work at a great value. When buying a home for sale in Phoenix AZ, having Jason James Development on your side can render the repairs moot.

I had an opportunity to interview Jason on the radio program and you can listen to the replay here. You can reach Jason James Development at www.jasonjamesdevelopment.com or 602-468-6937

RE Scott Real Estate Talk broadcast on Home Repairs & Remodels Done Right



Don’t miss a thing by following Scott’s blog and real estate broadcast…

Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

The decreasing levels of inventory have made finding and acquiring the perfect home challenging. That is where you need a good Realtor® that can assist in getting that home for sale in Mesa AZ under contract. And as evidenced by the growing number of investors buying properties at a heated rate… Real estate is ON SALE!

Think you cannot qualify to buy a home? Think again! There are many options for those who have little money for a down payment and ailing credit to buy a home for sale in Mesa AZ.
1. FHA financing provides a viable option for people with little money available for a down payment. The buyer only need 3.5% of the purchase price and this 3.5% can be money in savings, a gift from a family member and even a loan on a secured asset.
2. Your tax refund may also provide the needed funds to turn your dream of homeownership into reality. Many people overlook their refund as a source of down payment.

Think your credit score is too low to buy that home for sale in Mesa AZ. Maybe not! Speaking with a qualified lender like John Burgoyne of American Pacific Mortgage 480-883-6633 www. apmdirectlender.net (http://apmdirectlender.net) is the first step to homeownership. A qualified lender can help you take steps to improve your credit score and qualify for your Mesa home.

With interest rates at historic lows and real estate prices at such affordable levels this is a great time to buy a home for sale in Mesa AZ. Find out what you can afford or what it will take to be a home owner in Mesa AZ.

RE Scott Real Estate Talk broadcast Tax Refund? Tax Refund? Buy A home for sale in Mesa AZ Now!

Don’t miss a thing by following Scott’s blog and real estate broadcast…

Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

It seems that each year brings a new real estate dynamic and 2012 may just be the year of the short sales in Mesa AZ.

Many homeowners that have been faced with the choice of depleting their life savings and making payments on their home are adding to short sales in mesa AZ. Many CPAs, Financial advisors and attorneys are faced with client questions surrounding upside down and underwater homes that are dragging on a family’s ability to meet their financial obligations.

Homeowners who hoped that the downswing in the economy was temporary, have held out through depletion of savings are faced with another stark reality; this reality is increasing short sales in Mesa AZ. The fact that people’s homes are worth much less than what they were worth and the potential of a homeowner running out of funds, has short sales in Mesa on the rise.

Many who had built up a six month or year worth of cash reserve are now on the verge of depletion of all cash reserves. This is causing homeowners to reconsider their stance on maintaining their homes. Since short sales in Mesa AZ have lost a stigma, the big factor is now ones financial future. One of the big factors that will cause 2012 to be a year in which many choose short sale is the expiration or the Mortgage Forgiveness Debt Relief Act of 2007.

Homeowners who wait on deciding to short sale may find that they have a big issue to resolve in 2013. This issue? The loss of a home and a huge IRS bill. It is bad enough for homeowners are in a position of not keeping their home but also to be faced with a tax bill of $10,000, $20,000 or more is a reality for many. No doubt that this is leading to short sales in Mesa AZ to be on the rise.

If you are a homeowner struggling with protecting your future, listen to January 14th, 2012 R.E. Scott Real Estate Talk radio program.

RE Scott Real Estate Talk broadcast on 2012 The Year Of The Short Sales in Mesa AZ

Don’t miss a thing by following Scott’s blog and real estate broadcast…

Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

Hear all of my 2012 predictions on this week’s R.E. Scott Real Estate Talk Radio Program.

RE Scott Real Estate Talk broadcast on
2012 Real Estate Market Predictions

Don’t miss a thing by following Scott’s blog and real estate broadcast…

Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

What can you do to make sure when you advertise house for sale that your home stands out when buyers arrive? Following a few simply steps can ensure your Mesa AZ home shines its very best. Consider these important steps before placing your house for sale in the first place.

One of the simplest steps can be landscaping and yet it is one of the most important changes you can make to your house. This one small step will often produce significant returns. Start with basic maintenance, like pruning trees and bushed and general upkeep, like pulling weeds. This can completely alter the image that remains in buyer’s memory after viewing your house. Simply pruning trees, trimming back overgrown plants and bushes and crafting a more appealing street view is important. Improving curb appeal to promote your house for sale in Mesa AZ will pay in the end.

Another important factor worth considering is the exterior of the house and the type of small changes that can be performed to improve curb appeal. From broken fences to chipped or faded paint, these little things will make a significant impact when you place your house for sale. I recommend looking at all the noticeable blemishes on the houses exterior and determining which repairs can have the greatest impact on improving curb appeal. It is true that high dollar items like a new roof might add value, but you will not likely recoup your investment when you sell. Focus on things than can be handled with relative ease, at a low cost. Remember improving curb appeal will help promote your house for sale in Mesa AZ.

Some more small changes like a fresh coat of paint on the front door, shaped hedges or a groomed lawn can really give that extra pop and stand out to a buyer’s first impression. Pick up any garbage or junk lying around your Mesa AZ home will improve your house is for sale. Focus on presenting a fresh, clean look, is a good way to make your home look its best.

When you take these basic and effective steps, you may radically improve your home’s chances of selling. Always remember “Improving curb appeal will help promote your house for sale in Mesa AZ”.

Buying a home in Mesa AZ during the Christmas and New Year’s holidays has additional challenges and opportunities.

1. When a home is decorated it can create an optical illusion making an otherwise good size living space look small. Christmas trees can take up a significant amount of space and cause a potential opportunity to be passed by.

2. One should always be cautious of presuming that a nicely decorated home is without issue. When buying a home this time of year, you need to be aware that decorations can cover up defects. Make sure you get a home inspection!

Selling a home this time of year normally is tough. But due to low inventories selling a home in Mesa AZ could be opportune. There are a couple of pointers for sellers who want to get the best offer in the least amount of time.

1. Make your home available. The biggest complaint buyers have over the holidays is that people don’t make their homes available for showings. You can’t sell it if it does not show.

2. The next biggest tip… is keeping it clean. This is difficult for all of us. Making cookies, cooking pie, wrapping presents and just normal life make it difficult to keep a house in showing condition. When buyers see dirty dishes and messy rooms it creates a certain level of stress. In their mind it makes the home worth less. Homes that show well, sell faster and for more money that unprepared competitive homes.

Listen to the R.E. Scot Real Estate Talk Christmas show

RE Scott Real Estate Talk broadcast on Buying A Home or Selling A Home In Mesa AZ at Christmas

Don’t miss a thing by following Scott’s blog and real estate broadcast…

Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

Unsuspecting homeowners are targeted by the fraudsters looking to take advantage of distressed homeowner’s desperation. On the R.E. Scott Real Estate Talk radio program this week, I conducted an interviewed Supervisory Special Agent David Condo of the FBI. The discussion covered short sales and mortgage fraud related issues.

Local law enforcement in mesa AZ, in cooperation with the FBI, is compounding the enforcement efforts. Since cities like Mesa is a prime location for short sale scams the FBI has a much greater reach working with state and local law enforcement to investigate and prosecute these crimes. A common pre short sale and pre foreclosure scams are when a company promises, for a fee in advance, to resolve the homeowner’s issue. Unless you are working with a bar licensed attorney under a retainer, you should be aware if asked to pay any money up front.

Special Agent Condo said that fraudsters pray on the desperation of homeowners underwater and requiring money up before any help. In the end the services are never provided and the homeowner is left worse off than before. Short sale fraud is actively being pursued in Mesa AZ.

Fraud related to short sales can be packaged many ways. Scammers take advantage of homeowners who are desperate for help. Often the fraudster seeks to develop a personal or professional relationship with a homeowner for the purpose of executing their plot or by convincing the homeowner that the scam is perfectly legal, thereby sucking the homeowner into a fraud. Places where scammers seek their victims include churches, foreclosure fairs, employment events. Basically anywhere people who may need help are, these fraudsters seek to meet people in need of hope.

Here are two examples of potential short sale frauds:

1) The Lease Back – When a homeowner fails to disclose during the short sale transaction that the sale is not Arms-Length and after the sale, or prior to the close of the sale, leases the home from the buyer or enters a rent to own agreement.

2) The buy and bail – When a homeowner buys a second home while their credit is good and their income supports payments on both properties. And with no other change in situation claim a hardship with the intent of dumping the underwater home “The Bail”. Generally to do this the homeowner fails to disclose, partially discloses or covers up some material fact, in either the purchase or subsequent short sale. Bailing on a home under false disclosure either through short sale or foreclosure is on the FBI list for investigation.

Special Agent Condo, said that to avoid short sale or mortgage fraud “fully disclose”. This means disclose everything in the transaction. Don’t rely on others, read the documents you are signing and know what you are agreeing to.

To contact the FBI related to mortgage or short sale fraud in Mesa AZ

(602) 279-5511 or by e-mail px_cashback@ic.fbi.gov

You can also contact the Arizona Attorney General
www.azag.gov
(602) 542-5763
consumerinfo@azag.gov

RE Scott Real Estate Talk broadcast on Mesa AZ Short Sale Fraud & The FBI

Don’t miss a thing by following Scott’s blog and real estate broadcast…

Scott Whitwam Realtor
Crown Key Real Estate
Mesa AZ

About 2 weeks ago he and I spoke about some homes he wanted to see when he got down here. I told him that we should wait and re-look at the list of homes for sale in Mesa until a couple of days before his arrival.  He was expecting to find what we have seen the last couple of years. Large inventories and low prices with little competition and easy to buy.

Things have changed in the last six months as inventories have dropped in half and prices have been creeping upward. Many of my out of state buyers find themselves asking the question “What happened to the homes for sale in Mesa AZ?” The reality for my customer was that not one of the homes that were available two weeks prior were still available.

I pulled an expanded list of homes including Mesa, Gilbert & Chandler. There was a total of six homes but none were what he was looking to buy. The reality is that prices are on the rise & inventories are less. Fortunatly for him, his is not in a hurry but if things continue as they are it is likely what he wants will not be available for what he is willing to pay.

Here are the fact surrounding the Mesa Arizona real estate market:

Active Yearly Homes For Sale in Mesa AZ Dec 2011 = 1,532

Active Yearly Homes For Sale in Mesa AZ Dec 2010 = 2,953

Active Yearly Homes For Sale in Mesa AZ Dec 2009 = 2,391 

Active Yearly Homes For Sale in Mesa AZ Dec 2008 = 3,407

Active Yearly Homes For Sale in Mesa AZ Dec 2007 = 3,559

Active Yearly Homes For Sale in Mesa AZ Dec 2006 = 2,848

Median Price of Homes For Sale in Mesa AZ Nov 2011 = $115,700 (low)

Median Price of Homes For Sale in Mesa AZ Oct 2011 = $116,900 (high)

Median Price of Homes For Sale in Mesa AZ Sep 2011 = $115,000 (high)

Median Price of Homes For Sale in Mesa AZ Aug 2011 = $107,000 (low)

Note: Each figure is for the last reporting of the month and whether the value was the month’s highest, midrange or lowest value for the month.

Sales of Homes in Mesa AZ Nov 2011 = 559

Sales of Homes in Mesa AZ Oct 2011 = 580

Sales of Homes in Mesa AZ Sep 2011 = 617

Sales of Homes in Mesa AZ Aug 2011 = 687

Active Listings of Homes For Sale in Mesa AZ Nov 2011 = 1,532

Active Listings of Homes For Sale in Mesa AZ Oct 2011 = 1,593

Active Listings of Homes For Sale in Mesa AZ Sep 2011 = 1,577

Active Listings of Homes For Sale in Mesa AZ Aug 2011 = 1,613

(The Cromford Report)

There is no way to tell if this is a permanent shift or a temporary bounce back. Either way home prices in AZ are far below cost of construction and that makes them a value.

Scott Whitwam – Realtor
Crown Key Real Estate
Mesa AZ
480-223-3858
www.ScottWhitwam.com
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