Mexico, Home Buyer in Menlo Park/Panorama...

Briarwood Subdiv foreclosure has a land lease. What is a land lease when you are buying the house?

Asked by Mexico, Menlo Park/Panorama Estates, Tucson, AZ Fri Aug 21, 2009

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2
Kelli Michelle’s answer
Land leases are revised most of the time on a 10-15 year basis. The MOST important thing to remember is that if the revision comes in 2010 that you will likely pay more as the value of the "leased' land is probably higher than it's previous adjustment. Many people are waiting until 2010 to see if the land leases on many homes in SCOTTSDALE will double or stay put based on property values. Scottsdale has held more to it's value than most. I would say that the land leases in the 85251,50 and 54 area will be increasing. They will re adjust and you have to be prepared for that type of uncertainty. There are also concerns in LENDING as well. Most lenders need a 20-30 year land lease period in order to loan on the property. There are certain banks that won't touch them as the house is a LEASEHOLD, NOT A "Fee Simple" ownership.
If you have further questions, please email or call anytime. This is my farm area! Brairwood is a great community just has a land lease that can be steep for some people. Camelback house is also another subdivision with land lease. There are sevearl in the 68th north of Camelback area that are.. .
Kelli Michelle-Century 21 ALL STAR REALTORS 602-579-0854 Cell myhomegirl@gmail.com
0 votes Thank Flag Link Fri Aug 28, 2009
Land lease are fees you need to pay - in Briarwood, these are paid monthly. The link below contains active listings in Briarwood and you'll see what the land lease fees are for the homes currently...

http://www.flexmls.com/link.html?oubi00fwz4i,12,1

If you'd like to see a list of homes that don't have land lease fees, just let me know and I can set-up a custom search for you...

Patty Fisch
West USA Realty Revelation
pattyfisch@westusa.com
0 votes Thank Flag Link Wed Aug 26, 2009
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