Archive for April, 2009

A Meeting with The President of Blandford Homes

I recently visited the trailer where the temporary sales office at Chandler’s new Portello Community to get a price list for future homes in the community. I had learned about Portello through conversations with friends and fellow Realtors and was surprised by the tremendous drop in the new prices under the new ownership of Blandford Homes.

When I stepped into the trailer, no one was in the front room, so I peeked into a doorway and saw two gentlemen sitting on a couch.. They looked like they were about to sign a contract to buy a home. I turned around to get a price sheet and to avoid interrupting their conversation, but one of the two gentleman stood up to ask how he could help me. My initial reaction was to reply , “Are you Mr. Blandford?” The man’s reply was, “No, but he’s right here,” and he directed me back through the doorway where the other man, wearing casual clothes, was sitting.

Mr. Blandford is a successful and respected Arizona real estate tycoon. He is the owner of Tuscany Villas Community and Mountain Bridge Community in Mesa and the upcoming Portello Community in Chandler. Tuscany Villas just opened last month and has already sold 60 homes in 45 days — that’s more than one home a day in a difficult real estate market. Mountain Bridge has sold almost 20 homes in two weeks — not bad in an economy where people are losing jobs, losing homes and sometimes losing their minds.

The Portello Community is attracting many home buyers who are price-driven. The homes start at $180,000 for an 1,800-square-foot home. Blandford Homes is selling brand new houses at a foreclosure-level prices. Why? Because Mr. Blandford bought the land so inexpensively from the previous developer, which tanked, and is now passing the savings to the homebuyers. What a deal!

My chance meeting with Mr. Blandford and his Vice President, Mr. Underwood, was truly inspiring. I hope I have the opportunity to sell their well-priced homes to clients in the future.

April 29, 2009 at 11:16 pm 10 comments

Who is Eligible to Refinance or Modify their Loan?

There is so much information going around about foreclosure alternatives available to homeowners who are facing foreclosure limbo.

The things homeowners hear may be conflicting or confusing by the time the information reaches them. Borrowers are asking more questions about exactly what lies in their future three or five years down the road.

Here are some simple questions you should ask yourself to determine if you may be eligible for either a refinanced mortgage or a loan modification under the Home Affordable Refinancing and Loan Modification Plan recently initiated by the Obama administration:

Are you eligible for a Home Affordable Refinance?

1. Are you the owner of a one- to four-unit home?
2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?
(If you don’t know, ask your lender.)
3. Are you current on your mortgage payments?
(“Current” means that you’ve never been more than 30 days late on your mortgage payment in the last 12 months.)
4. Do you believe that the amount you owe on your first mortgage is about the same
or less than the current value of your house?

If you answered YES to ALL the questions above, then you are eligible for a Home Affordable Refinance. To find out if you are qualified, you’ll need to talk with your lender and submit necessary supporting financial documents..

Are you eligible for a Home Affordable Loan Modification?

1.. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
(For example, have you had a significant increase in your mortgage payment OR a reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses, like medical bills?)
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage (including principal, interest, taxes,
insurance and homeowner’s association dues, if applicable) more than 31% of
your current gross income?

If you answered YES to ALL these questions, then you are eligible for a Home Affordable Loan Modification. To find out for sure if you are qualified, you’ll need to talk with your lender and submit necessary supporting financial documents.

You may visit www.makinghomeaffordable.gov for more information. To find out if you should modify your loan or short-sell your home, please contact Maria Hass with Realty Executives at (480) 650-0075 for a FREE, NO OBLIGATION consultation.

April 21, 2009 at 6:57 pm Leave a comment

Foreclosures Are Up Again

CNBC reports nationwide foreclosures are up 24 percent for the first three months of this year due to the lifting of the moratorium by big lenders who were awaiting the Obama loan modification plan. It will be interesting to find out how the surge in buying activity that we’ve experienced recently will be affected by the increase in foreclosure rate.

Under the Obama administration’s “Making Homes Affordable Plan,” lenders are not required to refinance or modify the loans of distressed home buyers, and the bonus incentives given to lenders for modifying current loans are not causing a significant decrease in foreclosures as of yet. Also, there are many foreclosed homes that are sitting unsold because they require costly repairs or updating that buyers don’t want to be bothered with.

Unless the government requires lenders to modify eligible loans and also requires them to clean up and get foreclosed homes into move-in-ready condition, the supply of homes may continue to rise and home values may continue to decline.

These lenders who we bailed out with hard earned taxpayers’ dollars because of their reckless greed are in the driver’s seat again, directing the outcome of this process. A close accounting to determine that taxpayers’ money is used to curb foreclosures should be in place before all the money is gone and the lenders come back to us for another serving.

Click on http://news.yahoo.com/s/ap/20090416/ap_on_bi_ge/foreclosure_rates for a video and story relating to the new report on increasing foreclosures.

April 16, 2009 at 1:57 pm 1 comment

ONE MORE REASON CHANDLER, AZ, IS A GREAT PLACE TO LIVE

The Chandler School District is hiring new teachers for the 2009-2010 school year. This welcome news is in contrast with many other school districts. Scottsdale, Kyrene, Mesa, Higley & Gilbert school districts will be trimming down their work force due to the economic crunch. Chandler was spared from the budget cut owing to increased enrollment this school year.

Many people find Chandler School district as a great choice for educating their kids. The district has over 20 schools that are ranked as excelling or highly performing schools. The homes in Chandler are still affordable compared to neighboring cities like Tempe and Scottsdale. It provides a great option for buyers seeking a quality life at an affordable price. One more reason why Chandler is a great place to live.

Click below for the complete AZ Republic story.

http://www.azcentral.com/community/chandler/articles/2009/04/03/20090403cr-budget0403.html

April 13, 2009 at 2:08 pm Leave a comment

Published Interview: Maria Hass – Talking Real Estate

I’m looking forward to a 2 mile run/walk this Saturday with my family to benefit at-risk youths in Arizona. If you are interested in participating in the event, you may contact Sun Tan News at (480) 732-0250 to sign up or get more information.
My views and opinions on the changing real estate market is available on page 16-17 of the April 2009 issue of Chikka magazine. Please click on the link below for the complete interview.
http://chikkamagazine.com/component/option,com_flashmagazinedeluxe/Itemid,69
Chikka is a monthly Filipino community magazine based in Phoenix that is of interest to all. You may access Chikka magazine FREE on line at chikkamagazine.com or pick up a FREE copy at designated supermarkets and restaurants all over the Metro Phoenix area. You may contact Jen Lewis at (602) 327-6357 to advertise or for a list of drop-off locations.
I am hosting a Short Sale seminar on Thursday, April 30, at 6 p.m. in Chandler. If you know anyone who is facing “Foreclosure Limbo”, this would be a great event to clear out myths surrounding foreclosure alternatives. Seats are limited! Please RSVP at (480) 650-0075 by Monday, April 27, to reserve your seat.

April 8, 2009 at 6:31 pm Leave a comment

Did We Hit Bottom Yet?

Here’s an interesting and comprehensive article about the current Real Estate Market in Arizona. Click here for the complete story.

People have varying opinions about the article. All I can say is, we are making tremendous improvements in our local real estate market that every homeowner should be happy about.

April 5, 2009 at 11:38 am Leave a comment


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