Tammy Medigovich

Mike -

Your best option is to contact the Lender to get clarification. Ultimatley they make the final decision.

Tammy - Fri Sep 26 2008, 12:04

Anything can happen in the market, however it is not likely interest rates will increase in the next 3 months. Availability of credit is tightening and obtaining new financing could be challenging depending on your situation. - Tue Sep 23 2008, 15:43

Linda,

The price range of your condo is smack dab in the middle of the price range of homes which are currently moving in this market. A study of market trends for this year show home prices are down however sales are up. The home you are selling is mostly likely ideal for a first time home buyer.

In addition to reviewing the current list price you may also want to consider seller financing. The recent tighting of available credit from Lenders and elimination of down payment assistance programs could also has had an impact on new home buyers.

If there are no current liens on the property you may want to offer seller financing. This will allow you to earn interest on your investment until the buyer is able to obtain conventional financing.

Be sure your agent or escrow officer is familiar preparing the necessary documents.

Good Luck and don't give up!

Tammy - Tue Sep 23 2008, 15:27

During the years 2003-2006 homes prices hyper inflated due speculative buying by investors.
The market is currently in a corrective cycle. To say home prices are dropping rapidly is a misleading statement.

Homes in the outlying areas of Maricopa & Pinal County have taken the hardest hit in price declines. Homes in the Greater Phoenix Metro area have adjusted downward however you will not see home prices decline by another 10% or even 8% and it will not take 15-20 years to breakeven if you purchase a home today.

I do not recommend getting involved in a bidding war on a property. There are over 52,000 homes available on the MLS, it is not necessary to bid up the purchase price on a home.

There are a large number of foreclosures and short sales on the market right now. If you investigate beyond what the media is reporting you find that a large number of these foreclosures are from investors which speculated and were not able to resale and leveraged thier interest in the property beyond its worth.

This does not discount the correction in the lending arena! Go figure.....you now have to have money, a job, and prove it to borrow money. Many homebuyers purchased at the beginning or during the incline in prices. Interest rates declined and at everyone oppportunity they used the equity in thier home to buy new cars, nice vacations, and other non-home related purchases.

Mona, as someone who is relocating to Arizona now is a good time to buy. Most likely you will put anywhere from 10-20% down on your new home. If you intend to stay in the home for at least 5 years you will not loose money and you will be very happy with the areas of Chandler or Gilbert. - Fri Jul 11 2008, 16:09

Mona,

Now is a great time to buy if you intend to hold on to the property as a long term investment.

The Gilbert and Kyrene school districts are both great. For more detailed information such as test scores etc click on the Stats & Trends section of this site or view the link http://www.GreatSchools.com.
You will find great information.

Additionally, the Gilbert and Chandler areas both offer affordable home options starting in the mid $100s. There are many new and established neighborhoods in each city which have maintained value and will be a good real estate investment in the long term.

A real estate professional can provide you with a lot of background information to assist you in making an informed decision.

Good Luck
Tammy - Thu Jul 10 2008, 12:03

Deb -

I would agree with the other posters regarding working with a real estate professional. If you have had two offers it would seem your home is being marketed well.

I would however recommend asking your agent if they have any relationships with mortgage brokers in the area. If so, perhaps you would consider offering an incentive for buyers to use your preferred broker. This will allow you to stay in loop regarding the loan process and hopefully be able to cut your losses sooner rather than later if you don't have a qualified buyer.

I am both a REALTOR and an mortgage broker and I have found it to be very helpful to both the buyer and seller.

Just a thought, but definately consult with your agent and allow him/her to present you with some creative solutions. Financing is a challenge right now but if you are working with a solid team you can get it done!

Tammy - Thu Jul 10 2008, 10:07