Cooley Station is a great example of a subdivision that got hit really hard by the timing of the run up and crash. So many of the sales in Cooley Station were near the peak prices originally and as a result the drop was dramatic. Of course prices have rebounded some but most expect it to be many years of single digit appreciation in the market. 2012 saw a higher level of appreciation, personally I think that was due to values be so incredible low and that we may not see another year like that for a while.
I believe strongly in the Phoenix market, prices should go up (single digits) steady for years to come, rental demand is still high, purchase demand is greater than supply, many positive signs that we will remain a great market overall.
I would be glad to review your personal situation on the property and provide options based upon what the trends indicate.... more
It depends on the bank on how long it takes for a short sale. Some banks take longer than others and there are many different factors in a short sale. If the seller has submitted the short sale package then it will be less time but if there has been nothing submitted to the bank you are probably looking at 3 months plus.... more
In order to best protect yourself do consult with an attorney who specializes in real estate before your short sale, and for any tax related questions you may have, do consult with your your tax professional and or tax attorney.... more
You do have some options Melissa. I am a realtor w/RE/MAX Alliance Group in Gilbert and assist many homeowners like yourself Short Sale your home in the event you choose that option. I always suggest you speak with your tax advisor and real estate attorneys to make certain that you are making the right decision for yourself. I have some charts and Q&A's that might be helpful and I'm always happy to sit down with you with no obligation to discuss your options in further detail in the privacy of your own home. Denise Pias email@example.com 480.694.2320... more
You will want to consult with a tax expert in this matter. A Realtor can help you, but a good realtor will always tell you to talk to your accountant/CPA/tax professional. This way you are sure to get the correct answer and advice to your specific situation.
Go to yelp.com - search for an accountant in near you and read their reviews. Find one you are comfortable contacting based on their reviews.
If you have any other questions please feel free to call or email me.
I don't see it anywhere on the realtor MLS but did find the county record for the Notice of Trustee's Sale.
According to that, there was a sale that was supposed to have occurred on April 24th of this year.
If that is the case, there is no record of what it did or did not sell for, only what the original mortgage balance was.
Your question will be best answered by a real estate lawyer, as we can not practive law nor we are qualified to give that type of advice.
Given that disclosure I can tell you about what I understand. The anti-deficiency statute for mortgages applies only to â€œpurchase moneyâ€ mortgages, Accordingly, if a mortgage is not â€œpurchase moneyâ€, the mortgagee can seek a deficiency. So the general understanding is that the lender can seek a judgement and go after other assets, including other properties, your wages, etc... on HELOCs and other non-purchase money loans.
Again, we are no lawyers here and to be sure you should seek the advice of a lawyer or a qualified professional.
It says you are an agent in your profile. If you are you should be able to look that up on the MLS yourself, if you are not an agent I would be more than happy to send you a freedaily email list of foreclosed homes in your desired area, just send me an email and I can set it up for you.... more
Keep in mind you are dealing with two issues here. One is the foreclosure of the house you are living in, not exactly your problem, however it sure does create issues for you and your lease.
Your lease and breaking it: as stated you most likely went by default to a month to month lease after your lease expired. Unless your lease states something otherwise the normal is to give 30 day notice. Read the lease you were in, talk to your property manager and plan to give 30 daysâ€™ notice right away. Working with the property manager will give you the best chance to get your deposit returned and have a good reference for your next home.
Sorry to see you have been placed in this difficult situation. I helped some people thru this earlier this year after the same thing had happened to them. Unfortunately some investors are walking away from homes and often the property managers are not aware of it until the tenant lets them know of the notices.
As far as showing the home you have a right to demand 48 hours notice.... more