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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693

Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

Financing

FHA Throws Lifeline to Would Be Buyers With Short Sales and Foreclosures

Yesterday, FHA announced that it was cutting the timeframes which some qualified would-be buyers who had gone through a short sale, foreclosure or bankruptcy would have to wait before purchasing another home. “FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” said FHA Commissioner Carol Galante, in a letter to mortgagees announcing the changes. Until the announcement, buyers would need to wait two years after completion of a bankruptcy or three years after a short sale or foreclosure before they would be […]

Bernanke Declares the End of the World is Near

Did you hear the news yesterday? From the CNNMoney article … If unemployment falls to 7% by mid-2014, the Federal Reserve will stop buying U.S. bonds and mortgage backed securities, he said. That’s the first hard number the Fed has given for when it may end its stimulus policy, known as quantitative easing. For now, though, the Fed’s policy and pace of asset purchases remains unchanged. “The fundamentals look a little better to us, in particular the housing sector,” Bernanke said. “State and local governments are now coming to a position where they don’t have to lay off a lot of workers. […]

FHA and VA Buyers – Think About New Builds

Here’s the basic reality of purchasing a home with either a VA or FHA loan. It’s bloody difficult in this market, especially under $175,000. Why? It’s rather simple … Multiple offers are the norm and, if someone else comes in with cash, an FHA or VA offer is DOA. FHA offers often have seller concessions to closing costs attached which, when placed side-by-side with a conventional loan, renders a FHA or VA loan DOA. VA loans come with additional costs to the seller. So, while these offers often are golden – it’s hard not to get a VA loan approval […]

Phoenix Real Estate Appraisal Trends

I touched on this ever so briefly on my Memorial Day/VA loan post yesterday (and thank you to all who shared that one across the interwebs.) Some 17 months after the real estate market well and truly turned here in the Phoenix area, appraisers are catching up. I’ve had recent listings where we had no trouble getting a contract but the sellers and I were crossing any appendage we could think of in anticipation of the appraisal. On at least two of these occasions, I didn’t there there was a snowball’s chance in hell of getting the appraisal. And yet […]

Memorial Day Surprises

On Sunday, a buyer of mine sent me a list of properties he wanted to look at yesterday. He’s a veteran and using a VA loan (because, really, if you can, why wouldn’t you.) On Monday – Memorial Day – I e-mailed the agents to set appointments, since only a couple of the properties were vacant. And on one, I also inquired whether the seller would accept a contract with a VA loan since neither FHA or VA was indicated. Long story short – the seller wouldn’t work with any VA buyers. Enjoy your Memorial Day, when we remember the […]

Realities About Loan Preapprovals

There has been a radio ad running on ESPN Radio where one person is telling the other how much smoother their effort to buy a home has been since they received a pre-approval from XYZ Mortgage (not the actual name, and my apologies if there really is an XYZ Mortgage out there.) In the ad, the pre-approval is positioned as a unique benefit of this company. And maybe that’s the case outside the Phoenix real estate market. But here, any lender who can’t provide you with a quick pre-approval is next to worthless because any offer that comes in without […]

FHA Home Buyers – The News is Getting Worse

Here’s a little known (dubious) fact … In the original script for Groundhog Day, the character played by Bill Murray was supposed to be an FHA appraiser, not a weatherman. The studios, however, felt it would be difficult for the public to relate to the all-too-real scenario of an FHA appraiser trapped forever in the past. Think it’s just fiction? Ask anyone trying to purchase a home in the Phoenix real estate market by using FHA financing whether the appraiser for their loan has any idea what year this is. From the Phoenix Business Journal this week … Median single-family home […]

HARP Revision – Some Additional Info

Here’s an interesting aspect of the changes to the Home Affordable Refinance Program, better known as HARP, according to a story on Fox Business: Those who bought a house as their primary residence but now hold the property as an investment will be able to refinance through HARP at an additional cost. In other words, those folks who became unintended landlords over the past handful of years when they were unable to sell now can refinance. Mortgages sold to Fannie Mae or Freddie Mac before May 21, 2009 are eligible for the program; those who participated in the HARP program […]

HARP Finally Comes to the Phoenix Real Estate Market

Let’s jump into the Wayback Machine to February 2009, when President Obama visited my alma mater, Dobson High School in Mesa, and unveiled the Home Affordable Refinance Program. At the time I wrote: The overall goal is to modify loans in manners that allow homeowners to remain in ther homes rather than face foreclosure. Eligibility is limited to mortgages on primary homes (no second, vacation or investment properties) and appears to be limited to situations where the first mortgage is no more than 105% of the value of the home. You don’t need to be behind on your payments to […]

An Appraisal Tale

So what does an appraisal really mean? Buyers usually view the appraisal as a declaration of a property’s value. Lenders view an appraisal as a benchmark for risk assessment. Real estate agents view appraisals and, more to the point, appraisers, as the bane of our existence. Cached amidst the flowery legalistic language, disclaimers and overly long and complicated appraisal forms, the agents see what few others realize – the appraisal only is one person’s opinion of value. Nothing more. Nothing less. It’s not even a pure opinion. Appraisers start the process with the purchase contract in hand. Since market value […]

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