Short Sale Inspection Period

by Evette Cecena, the Queen of HUD on November 28, 2010

When working with an agent on a short sale be aware of when the inspection period begins. It has been a debate amongst real estate professionals that could cause problems for you. Generally, an inspection period begins when the seller and buyer sign off on a purchase contract. The AAR short sale addendum states that contract acceptance occurs when the seller notifies buyer that seller and lender have come to an agreement on short sale terms.

“If Seller and Seller’s creditors enter into a short sale agreement, the Seller shall immediately deliver notice to Buyer.”

Some agents argue that notice is anything in writing, which is consistent with the AAR Purchase Contract. Other agents argue that without the short sale approval letter, there is insufficient notice, and inspection period cannot begin. When a buyers agent is notified of acceptance they should advise the buyer to pursue the inspection because it has actually begun. It is imperative to obtain a copy of the approval letter, but you shouldn’t wait until you receive it to begin the inspection period. It won’t protect you in the end as a buyer. The seller could have given you notice of acceptance a week before getting you a copy of the approval letter.. now you are 7 days into your inspection!

How to buy Government Foreclosures

by Evette Cecena, the Queen of HUD on November 27, 2010

Anyone can by government foreclosures in Arizona (otherwise known as HUD homes). What are HUD homes? The U.S. Department of Housing and Urban Development (HUD), becomes the property owner of 1 to 4 unit residential property with FHA-insured mortgages to recover losses on foreclosure claims.  When a home with an FHA loan (meaning the loan was insured by FHA)  is foreclosed on HUD pays of the Lender and takes over the property.  HUD turns the property over to MCB to maintain and sell the property. MCB is an asset management company not the listing broker, however. You do not buy HUD homes directly from MCB.

Nearly anyone who has the cash or can qualify for a loan can buy HUD homes in Arizona.  These government foreclosure properties are offered first to owner occupants.  Properties that do not sell to owner occupants after a specified period are offered to investors.

These homes are appraised and offered for sale at fair market value.  Buyers make an offer during the “Offer Period.”  At the end of the Offer Period the bid that provides the highest net return to HUD may then be accepted. Real estate brokers who are registered with HUD may, write up an offer and contract to purchase, and submit it on your behalf.  HUD pays your agents commission as specified in the contract.

Contact me today at (480) 206-6425 to schedule a HUD homes tour.

Home Buyer Incentives

November 2, 2010

If you haven’t heard, Fannie Mae is currently offering seller assistance incentives. The incentive is expanded to real estate agents as well. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price toward closing cost assistance, including a home warranty, if desired and available. In addition, selling agents [...]

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Is Your Home Inspector Licensed?

October 21, 2010

I’ve been so busy that I have neglected my beloved blog lately. Well I’ve updated it for everyone and I hope you like the new look and easy to follow navigation. One thing I want to share with everyone today is the value of a home inspection by a licensed home inspector. I recently learned [...]

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Does My Lender Have to Modify My Loan?

September 13, 2010

If you are one of the thousands of Americans trying to avoid foreclosure you may find this piece worth reading.  It’s not easy to avoid foreclosure, but it can be done.  You own your home until the trustee sale and can try for a loan modification or short sale until then.  Lenders are not obligated [...]

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What Effect Will SB1070 Have on the Housing Market?

September 7, 2010

Yes, I know, I know… talking politics is not the in thing, but oh well.  Regardless, his has to do with Arizona real estate, so if you don’t agree then feel free to comment.  Be tactful, of course.  Real estate in Arizona is indirectly affected by legislation.  New legislation has the power to turn the [...]

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Does Arizona Anti-Deficiency Statute Help Investors Too?

August 13, 2010

Arizona real estate investors often wonder if they are protected by Arizona’s anti-deficiency statutes.  On the other hand, Arizona homeowners, wonder why investors are protected.  Although we often think of real estate investors as rich guys, that buy up a bunch of homes and rent them out or flip them, this is not usually the [...]

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Is Deed-In-Lieu of Foreclosure as Bad as a Foreclosure?

July 24, 2010

DEED-IN-LIEU One question that I am often asked:  Is Deed in Lieu as bad as foreclosure? First, allow me to explain what a deed-in-lieu of foreclosure is.  What is deed-in-lieu? The Borrower transfers ownership VOLUNTARILY to the Lender to satisfy a loan that is in default. It is a common misconception that DIL is just [...]

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Change in Arizona Trustee Sale Law You Need to Know

July 18, 2010

The new Arizona Foreclosure law, House Bill 2626, applies to lenders using the trustee sale to recover the house given as collateral for the loan.  The law takes effect on July 30, 2010.  Lenders holding first lien deeds of trust recorded from January 1, 2003 to December 31, 2008 will be required to attempt to contact borrowers [...]

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Not so fast renters, You have rights too

July 17, 2010

I often get calls from renters who say they need to find a place immediately due to a trustee sale notice being placed on the door of the home they have been renting.  Fact is that tenants rights have come a long way in Arizona and you are now protected from such things. Bona Fide Tenancies Survive Foreclosure For At [...]

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The Queen of HUD
(480) 206-6425
Realty One Group
4041 S. McClintock Rd Ste 310
Tempe, AZ 85282

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