With the advent of 90%-100% LAV loans on investment properties, many investors are taking the opportunity to finance or refinance their properties at a higher percentage of value than normal. Many are taking cash out at the closing, and many are choosing to pay close to retail for properties that qualify for this financing, on the theory that a no money down deal is a good deal, even if it only cash flows a little. Smart investors avoid the temptation (and the strong come-ons by mortgage brokers) to do this. Here’s why: 1. You can’t "dump" properties in an emergency. I get calls from landlords in this position literally every day. Like from a guy who paid $78K (full value) for a rental last summer and got a purchase money loan for $76K. Now his tenants are driving him crazy and destroying the place, and he wants to sell now. He can’t sell to an investor, because he’s over-leveraged, and he can’t sell to a homeowner, because his tenants have destroyed the house. Or from the lady who bought a $100,000 duplex for $59,000…but then got a 2nd mortgage for another $50,000. She took cash out, spent it, and now can’t afford to sell the pain-in-the-rear property. 2. You can’t get consistent cash flow. I got a call yesterday from the owner of a 3 family who got a 2nd mortgage a few years ago to take some cash out. Now the city’s on his back and he wants to sell…but the 2 payments total more than the property would gross fully rented. Unless he pays off the 2nd of $20K, he won’t be able to sell. 3. You’ll pay an arm and a leg in the long term. Check out the difference in total interest payments between a property financed at 80% of it’s value vs. 100%, and you’ll see what I mean. There’s nothing wrong with having no money in a property—as long as your total debt is less than 80% of the retail value. Borrowing more may make you feel richer in the short term, but it’s a recipe for disaster.

RefNum: 2010207180-37604-56407

Are you thinking about buying or selling at a live Arizona auction? This article is designed to provide you with the details on how a live Arizona auction works. Specifics may vary from auction to auction; however, the following information includes helpful and important guidelines from which everyone can benefit.

The date, time and place of the very first auction is often disputed, but there is one thing we do know: auctions have been a part of civilizations for thousands of years. Auctions have been held in temples and monasteries, taverns and coffeehouses, barns and educational institutions. They have been used to sell animals, people, natural resources, homes, cars, debt, credit and many other items.

In today’s day and age, there are basically three types of auctions:

Simulcast Auctions: Live bidders are physically present onsite at an auction compete against online bidders who have either placed proxy bids or are bidding live in real time. This is a common type of auction.

Live Arizona Auctions: Only bidders who are physically present at an auction onsite are able to bid. These auctions usually have a notation that reads "Sorry No Online Bidding."

Online Only Auctions: Only registered online bidders are able to bid and complete against other registered bidders. These auctions usually have a notation that reads "Online Only."

For the purposes of this article, we’ll be discussing how a live Arizona auction works.

First, bidders must acquire a bidder card from the auction cashier. Bidder cards are needed to make a bid on any item. In most cases, a refundable cash deposit is required before the bidder card is dispensed.

At the start of the live Arizona auction, the auctioneer announces the terms of the sale so that all bidders are aware of their responsibilities in bidding. When a bidder is ready to make a bid on a particular lot or item, they simply raise their hand or their bidder card. The auctioneer or ringman will acknowledge the bid with a nod or a call. The ringman assists the auctioneer in spotting bids, holding up merchandise so the bidders can see the item for bid and marking the item with the bidder’s number once it has been sold.

Upon successful winning of the bid, the auctioneer tells the clerk what the bidder paid for the item and their bidder number. This information is recorded and given to the cashier who tabulates the bidder’s purchases for check out from the sale. The bidder pays by either cash or cashier’s check. In most cases, the bidder must remove their property from the auction location immediately following the sale.

And finally, here are some auction industry terms that will help you understand your responsibilities as a bidder:

Absolute Auction: All items in the auction will be sold to the highest bidder, regardless of the bid. There is no reserve or minimum on the item for bid.

Auction with Reserve: Some or all items in the live Arizona auction have a minimum bid that must be reached by a bidder before the auctioneer can sell the item. This type of auction is reserved mainly for items with a high value such as construction equipment, homes or commercial real estate properties.

"As-Is" or "Where-Is": In these types of auctions, there is no warranty on the merchandise and the bidder is responsible for removal from the auction location. This means that the bidder must rely on their own inspection and knowledge to make bidding decisions.

Choice: Auctioneers use this buying option when more than one product is being offered for sale. The bidder may bid for an individual item, and the winning bidder may take as many of the set as they wish. If the bidder does not want all of the items, the remainder items go back up for sale at the same price to any bidder.

All for One Money: Multiple items are being offered for sale and the bidding price is one amount for all of the items. Bids for individual items are not accepted.

So Much Each & All Go: Multiple items are being offered for sale and the bidder’s price is per item, however; the bidder must take all the items.

Sold: When the auctioneer says the word "sold" or the gavel falls after the bidding has ceased, that means the item is sold as the auctioneer directs to the clerk. The bidding cannot be reopened after the word "sold" is said.

Final Word: The auctioneer has the final word in all bidding situations. If the ringman took your bid and the auctioneer did not see the bid, the item is sold as the auctioneer directs.

RefNum: 2010202125-36836-10762

Earlier this year, a couple of local real estate agents scored a major coup, the sale of a luxury home for $2.55 million. What made the sale particularly profitable for them was the fact that, because there was no buyer\\\’s agent involved to split it with, they got to \\\"double dip\\\" the sizable commission and keep both ends for themselves and their broker. Great day for the agents. Considering the price, an even better one for the sellers.

How about the buyers? Well, not so great.

If you believe that what you don\\\’t know can\\\’t hurt you, think again. Because the buyers did not have their own agent representing them exclusively, they probably had no idea that for over four months at the end of 2005, when the market for luxury homes was much stronger than in early 2008, the home was listed for sale with a different agent for $1.975 million.

Yet, the buyers paid $2.55 million.buyers paid $2.55 million That\\\’s nearly $600,000 above the original asking price.

Adding insult to injury, they did so at a time when desperate sellers would have been grateful to get anything close to their asking prices.

Background.

Considered a bit too pricey at the time – back in 2005 – by many agents in the know, the house went unsold. It went off the market, to return in mid 2007 with new agents and no significant changes in the property – just as the luxury market was about to tank – for $2.875 million.

Those agents performed something of a miracle for the seller in getting the property sold for $575,000 more than the previous list price – at a time when the luxury home market was at its lowest ebb.

Again, great for the agents and the seller, but a very expensive turn of events for the buyers.

It\\\’s not clear whether the buyers were entirely unrepresented or were given the option of Dual Agency by the listing agents. Most likely the latter. In either case they did not have the benefit of independent representation by an Buyer\\\’s agent. Any such buyer\\\’s agent would have been sure to have done his or her homework and passed on the property\\\’s listing history and Sedona\\\’s general market conditions to the buyer and bargained far more aggressively – perhaps saving the buyer at least an extra $500,000 or $600,000.

As it was, without someone to work with their interests exclusively, the buyers might well have thought they were a getting a good deal by getting the price down from $2.875 million to $2.550 million. Were they given the information about the previous list price? We can\\\’t say for sure. If they were, though, one would have to conclude that the listing agents were indeed phenomenal salespeople to have persuaded the buyers to pass up an additional half million or so that they might otherwise have saved.

Now…The Good News…

Fortunately, Sedona is one of the few places in the country that has Certified Buyer\\\’s Agents who work only for buyers – never the sellers. That means no double dipping (dual agency) or conflicts of interest.

Spearheading this revolution against the \\\"Buyer Beware\\\" mindset of the conventional real estate business model, is Russ Lyon/Sotheby\\\’s Buyer Brokers Group of Sedona & Flagstaff and its president, Dr. Roy Grimm. The agency boasts a highly successful fourteen year track record of buyers-only representation and unparalleled service. Despite being a small firm with a very personal touch, it is one of the top producing companies in Northern Arizona and the number one Buyer\\\’s Agency in the state. Mavericks though they are, Roy and his crack team of elite agents are members of the Sedona and Flagstaff associations of Realtors® and are highly regarded by their peers. They currently occupy the top two positions for buyer\\\’s agent market share by a wide margin in Sedona and the Verde Valley. Furthermore, Roy was recently elected President-Elect of the Sedona Luxury Real Estate Professionals. They\\\’ve clearly earned the respect of their colleagues and their clients and, given the opportunity, they\\\’ll earn yours as well.

RefNum: 2010202125-36821-9277

Earlier this year, a couple of local real estate agents scored a major coup, the sale of a luxury home for $2.55 million. What made the sale particularly profitable for them was the fact that, because there was no buyer’s agent involved to split it with, they got to "double dip" the sizable commission and keep both ends for themselves and their broker. Great day for the agents. Considering the price, an even better one for the sellers.

How about the buyers? Well, not so great.

If you believe that what buyers paid $2.55 million you don’t know can’t hurt you, think again. Because the buyers did not have their own agent representing them exclusively, they probably had no idea that for over four months at the end of 2005, when the market for luxury homes was much stronger than in early 2008, the home was listed for sale with a different agent for $1.975 million.

Yet, the buyers paid $2.55 million. That’s nearly $600,000 above the original asking price.

Adding insult to injury, they did so at a time when desperate sellers would have been grateful to get anything close to their asking prices.

Background.

Considered a bit too pricey at the time – back in 2005 – by many agents in the know, the house went unsold. It went off the market, to return in mid 2007 with new agents and no significant changes in the property – just as the luxury market was about to tank – for $2.875 million.

Those agents performed something of a miracle for the seller in getting the property sold for $575,000 more than the previous list price – at a time when the luxury home market was at its lowest ebb.

Again, great for the agents and the seller, but a very expensive turn of events for the buyers.

It’s not clear whether the buyers were entirely unrepresented or were given the option of Dual Agency by the listing agents. Most likely the latter. In either case they did not have the benefit of independent representation by an Buyer’s agent. Any such buyer’s agent would have been sure to have done his or her homework and passed on the property’s listing history and Sedona’s general market conditions to the buyer and bargained far more aggressively – perhaps saving the buyer at least an extra $500,000 or $600,000.

As it was, without someone to work with their interests exclusively, the buyers might well have thought they were a getting a good deal by getting the price down from $2.875 million to $2.550 million. Were they given the information about the previous list price? We can’t say for sure. If they were, though, one would have to conclude that the listing agents were indeed phenomenal salespeople to have persuaded the buyers to pass up an additional half million or so that they might otherwise have saved.

Now…The Good News…

Fortunately, Sedona is one of the few places in the country that has Certified Buyer’s Agents who work only for buyers – never the sellers. That means no double dipping (dual agency) or conflicts of interest.

Spearheading this revolution against the "Buyer Beware" mindset of the conventional real estate business model, is Russ Lyon/Sotheby’s Buyer Brokers Group of Sedona & Flagstaff and its president, Dr. Roy Grimm. The agency boasts a highly successful fourteen year track record of buyers-only representation and unparalleled service. Despite being a small firm with a very personal touch, it is one of the top producing companies in Northern Arizona and the number one Buyer’s Agency in the state. Mavericks though they are, Roy and his crack team of elite agents are members of the Sedona and Flagstaff associations of Realtors® and are highly regarded by their peers. They currently occupy the top two positions for buyer’s agent market share by a wide margin in Sedona and the Verde Valley. Furthermore, Roy was recently elected President-Elect of the Sedona Luxury Real Estate Professionals. They’ve clearly earned the respect of their colleagues and their clients and, given the opportunity, they’ll earn yours as well.

RefNum: 2010202125-36838-1459

is a great place to live because of the friendly atmosphere and nice people. Homes on the market here have an average price of $311,986. To see the 40,995 listings, visit Foreclosed Houses for Sale in East Valley Phoenix. To see some that caught my eye, take a look at the featured listings below.

Hot Property: 4,336 Square Feet for $199,900 in Gilbert, Arizona

Possibilities are endless on this recent foreclosure! Five bedrooms and four bathrooms sprawl across this large 4336 sf home. Three car garage has been contructed for drive through! Home is situated on a large lot at just over one acre. Please see MLS #4269349 for example of a home with same floorplan that has been completed. Now priced ”AS IS” ALL offers will be considered.

Listing Courtesy Of:
Jeff Cameron, Keller Williams Integrity First Realty

Listing Source: MLS# 4322621

Hot Property: 1,800 Square Feet for $199,900 in Chandler, Arizona

3 BEDROOM SPLIT FLOOR PLAN, MASTER BEDROOM HAS EXTERIOR DOOR TO PATIO. LARGE GREAT ROOM WITH KITCHEN AND INFORMAL DINING OPEN TO GREAT ROOM. MAPLE CABINETS, GRANITE COUNTERTOPS, STAINLESS STEEL APPLIANCES. A FIREPLACE (GAS) IN GREAT ROOM….PROPERTY IS SOLD AS IS. AGENTS, READ REMARKS AND SEE DOCS TAB FOR IMPORTANT INFORMATION REGARDING SHOWING AND AVAILABILITY.

Listing Courtesy Of:
William G. Curtis, Bertram Realty

Listing Source: MLS# 4338574

If you would like additional information, please visit Staci Miles’ site.
   

   

Copyright 2010 Arizona Regional Multiple Listings Service, Inc. All rights reserved. Listing provided by the Arizona Regional Multiple Listings Service. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Listing information was last updated on 5/18/2010 1:12:00 AM.

RefNum: 2010138163-33212-25722

To be pleasantly surprised by the affordable prices of homes in , visit Phoenix Metro Area Foreclosed Real Estate. Below are a few listings that I liked and right now there are 42,273 property listings on the market. The average price is $323,858 so finding a home you can afford is easy.

With 1,833, this home in Phoenix, Arizona is on the market for $199,900

**BANK OWNED** Partially renovated single level home located near the near several of North Phoenix’s hottest spots. This home features 3 bedrooms, with an office/ den. Rich wood floors, custom tile, and two-tone paint. The master suite has a sitting area for a relaxing escape. There is so much more!!!! Tour this home today!!

Listing Courtesy Of:
Raul Siqueiros, HomeSmart

Listing Source: MLS# 4261409

With 2,561, this home in Buckeye, Arizona is on the market for $199,900

This Property is now under Auction terms. ***LENDER OWNED*** HANDYMAN SPECIAL. THIS IS 5/4 HOME WITH A GUEST HOUSE. HOME IS NOT FINISHED AND WILL REQUIRE WORK TO COMPLETE. HOME IS BEING SOLD AS IS. SELLER HAS NEVER OCCUPIED SO NO SPDS OR CLUE REPORT WILL BE PROVIDED. BUYER TO VERIFY ALL FACTS AND FIGURES.

Listing Courtesy Of:
Michael Williamson, Keller Williams Arizona Realty

Listing Source: MLS# 4270517

For additional information, please visit www.vieweastvalleyforeclosures.com
   

   

Copyright 2010 Arizona Regional Multiple Listings Service, Inc. All rights reserved. Listing provided by the Arizona Regional Multiple Listings Service. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Listing information was last updated on 3/12/2010 1:03:00 AM.

RefNum: 2009347160-17494-57665

Tucson, Arizona, is highly regarded for its efforts to promote eco-friendly practices. Residents have taken a great interest in reducing their carbon footprint by purchasing a home that has been specifically designed to minimize environment strain. New Tucson homes for sale use a variety of nontoxic materials, making it a safer living environment for families. Green features include nontoxic paint, solar panels, wood from certified forests, compost areas, rainwater gardens and organic flowerbeds. To learn more about what you can do for your home, attend any of the workshops at the Tucson Botanical Gardens. Or check out energy-saving innovations at the Sustainability and Energy Expo. Even local attractions such as Tucson Reid Park Zoo have incorporated green practices into their design. Move to a city that wants to make a positive impact for the health of Arizona and residents.