Short Sale with Citi Mortgage
By Michael Fahey | October 6, 2009
Working of a short sale with Citi Mort. Short sale approval received Aug 24 with a Sept 23 close date. Buyer obtaining a VA loan. Requested an extension prior the Sept 23 close date. No response from our contact Citimortgage Lori Chattelle Loss Mitigation Specialist -Short Sale 1000 Technology Dr Mail Station 420 O’Fallon MO 63368-2240 – After weeks of emails and phone calls with no response, as of Oct 1st buyer signed loan docs and brought in money and sellers escrow instructions also complete. Package over nighted to Citi per their instructions as well as emails with Hud sent to Lori from me and my escrow officer. Package is received on Oct 2. Still no response, spoke to Shaki at Citi Mort, her manager (no name) verbally instructed Shaki to tell me to close and she would get with Lori. Of course our escrow officer can not close without the HUD and new escrow date approved. Called today spoke to John, nice person but unable to help. He advised calling back at the end of the week. Buyers loan docs expire on Friday. Any suggestions????
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The Value of Homeownership
By Michael Fahey | September 21, 2009
Homeownership may be the most important asset-building strategy for individuals. The value of homeownership gives homeowners a feeling of control, a greater sense of security and stability.
Homeownership is typically given a lot of importance and homeowners are generally allowed to do whatever they wish in their homes. Homeowners have the right to make choices and decisions regarding changes to their homes that renters may not be able to make.
Homeownership is a financial goal most families share. There are significant community benefits to homeownership as well. Owning a home gives residents a stake in the community and a sense of “rootedness” in their neighborhoods. Enjoying the privacy that a home brings, making long lasting friendships with neighbors and best of all taking pride in your home. The pride you’ll feel in owning and improving your home is an emotional value that cannot be expressed in dollars and cents. The value of homeownership has been thought to pro-mote thrift, stability, and neighborliness.
Homeownership is thought to be an important element in achieving personal fulfillment. When asked to define the good life, polls have shown that many Americans value owning a home over such factors as an automobile, a happy marriage, an interesting or high-paying job, and good health. The value of homeownership is credited with increasing self-esteem, life satisfaction, and an overall feeling of worth. Owning a home embodies the promise of individual independence but there are also many responsibilities that come with owning a home. The value of homeownership has been thought to pro-mote thrift, stability, and neighborliness.
If you are looking to buy your own home in Bullhead City, Fort Mohave, Mohave Valley Arizona areas, these are some points to consider when seeing the value of homeownership. Allow me, your Real Estate agent, Michael Fahey to help you see the value of homeownership.
Topics: Bullhead City Arizona Real Estate, Fort Mohave AZ Homes for Sale, Laughlin Nevada Real Estate, Mohave Valley Arizona Real Estate | No Comments »
Median Sales Prices on the Rise
By Michael Fahey | September 8, 2009
Wow! August single family home sales in Bullhead City, Fort Mohave and Mohave Valley leaped in front and took the lead reporting a record of 99 sales. As I mentioned in my February update, I felt all real estate market indications were showing that we would finish strong in sales for 2009. This is definitely true as of the end of July 2009 we have enjoyed 656 single family homes sales. Contrast this number with the 645 sales we saw in all of 2008. With 268 single family homes pending/under contract and 4 month remaining in the year, I believe we could see more than 900 sales for 2009.
Foreclosures continue to lead the pack and making up of 61% the sales for the month. Short sales accounted for 7% of the sales. On a positive note of the “regular home sellers” Country Ranch Realty successfully sold 33% of that market. We definitely have the strategies to help our home sellers get their property sold.
Perhaps some of the best news is that for the first time in 2 months we saw the median sales price increase. August median sales price was $136,000 up from July of $130,000. The average sales price jumped to $151,557 in August over $137,712 in July.
The American Recovery and Reinvestment Act of 2009, which has provided an $8,000 tax credit for first time homebuyers who purchase their primary residence is coming to an end. Unless the government extends this Act, buyers must close escrow prior to November 30, 2009.
Considering purchasing real estate in the Bullhead City, Fort Mohave or Mohave Valley Arizona? Give us a call and let us help you achieve your real estate goals.
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Facing Financial Hardships?
By Michael Fahey | August 27, 2009
Local Agent Provides Free Information Resource to Mohave County Homeowners Facing Financial Hardships
New Web site presents options for homeowners confronted
with the possibility of foreclosure.
Bullhead City, AZ 8/27/2009 – Local real estate agent and community advocate, Pamela Mello & Petra Fahey of Country Ranch GMAC , today announced the creation of a new information Web site for Mohave area homeowners in distress. www.foreclosurebhc.com contains vital facts about the options available to these homeowners, to help them make the educated decisions about their future.
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Going Green in Arizona
By Michael Fahey | August 26, 2009
Have you heard the news! Green real estate is getting lots of buzz. More and more homebuyers are looking for ways to increase their green footprint. They are looking for that perfect home and yard that will give them eco-luxury. Going Green in Bullhead City, Fort Mohave, Mohave Valley Arizona is happening as we know it.
Not only are we worried about our cleaning supplies being green, but now we want our homes to be green also. Homes with amenities like Gammpar floors, LEED-certified building materials, double-paned windows and even docking stations for electric cars! Also, homes that boast features like rainwater harvesting, passive air ventilation, reclaimed fixtures and recycled content tile and flooring.
This may all seem very over-whelming, but there are a lot of sites on the web that will help you fully understand just what finding a “green” home entails. It will be worth the research and will make your life more comfortable in the long run. Just “Google” the words “green real estate”, for starters. Enjoy the search and learn what makes a “green” home; a home that you want to be a part of. We all want to do our part and so let’s enjoy all of the eco-luxury that we can.
Just a side note – there’s no denying that the mortgage meltdown has meant tragedy for many home owners. But take a look around. You’ll see there’s very positive activity in many vibrant markets throughout the US especially in Bullhead City, Fort Mohave, Mohave Valley Arizona areas. By focusing on the good news and passing the message around, we can help speed up the market recovery. Don’t panic, let’s all do our part!
Topics: Bullhead City Arizona Real Estate, Fort Mohave AZ Homes for Sale, Laughlin Nevada Real Estate, Mohave Valley Arizona Real Estate | No Comments »
Home Staging is Quickly Becoming a Necessity, According to Local Real Estate Professionals
By Michael Fahey | August 13, 2009
According to the Fahey’s, staging should involve as many areas of the home as possible. Two of the most important areas to stage are the family and living rooms, because potential buyers so often focus on these spaces when considering a home. Country Ranch GMAC Real Estate offers these home staging suggestions, which local real estate professionals have used with good results:
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Will we be the Caboose?
By Michael Fahey | August 8, 2009
Will we be the “caboose” when it comes to following the real estate market in Southern California? I ran across the following market update and decided to share it with you…..
There is a significant decrease in number of available homes for sale and an increase in pending home sales in Orange County California. In May of 2007, there were 16,238 active listings and only 3,001 properties in pending status, today’s figures are reversed, half actives and almost doubled pending sales. As of August 5 th 2009, there are 8,750 active listings in Orange County and 6461 properties in pending status according to SoCal Tempo MLS.
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Real Estate – it’s not going away!
By Michael Fahey | July 19, 2009
The oldest use of the term “Real Estate” that has been preserved in historical records was in 1666. In other words, real estate has been around for a very long time. However, it is not going away! It will be around until the end of time. What a comfort that is. With the slump that is happening, it is a reassurance to know that even if the economy gets bad, real estate is here to stay.
Real Estate is a legal term, according to Wikipedia, that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. The word “fixed” is the keyword here, meaning unmovable. Real Estate is here to stay!
Wikipedia also states that it has been argued that the word Real is derived from “royal”. For hundreds of years the Royal family and/or King owned the land, and the peasants paid rent or property taxes to be on the Royal’s land. Today, just like hundreds of years in the past, we pay property taxes, or rent to be on the government’s land or the Royal Estate. Isn’t it great to know that even though we do have to pay property taxes our homes are owned by us and not a king or government or royal family!
This article has been a little bit about the history of Real Estate, but thankfully there is a great future for real estate. Make your own future and invest in “Real” estate.
If you are looking for a home or selling real estate in the Bullhead City, Fort Mohave, Mohave Valley Arizona areas then we can help!
Topics: Bullhead City Arizona Real Estate, Fort Mohave AZ Homes for Sale, Laughlin Nevada Real Estate, Mohave Valley Arizona Real Estate | No Comments »
Real Estate Udate July 09 Bullhead City Arizona
By Michael Fahey | July 6, 2009
Wow! We have finished the first half of 2009. All numbers indicate that we finished the first half of the year strong in the Bullhead City, Fort Mohave and Mohave Valley, Arizona markets.
Gazing back over the first half of 2009, our market sales are up from 301 single family homes sales in 2008 to 467 single family home sales 2009. Wow, that is a 153% increase in sales over the first half of 2008. Unfortunately the median sales price for the first half of 2008 was $202,500 compared with first half of 2009 coming in at $135,500. We’re also seeing an indication that active inventory has been decreasing. As of January, 2009, we started at 844 active homes and as of today’s date there are currently 591 single family homes on the market in the Bullhead City, Fort Mohave and Mohave Valley, Arizona areas.
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Avoiding Foreclosure
By Michael Fahey | June 29, 2009
NEW HELP/HOPE FOR TROUBLED HOMEOWNERS
Everyone is aware of the “Foreclosure” crisis effecting most of the country and our home town of Bullhead City real estate is also affected. Much has been written about Homeowners who are “upside down” or “underwater” with home loans that are now higher than the value in their homes. Since our Bullhead City, Fort Mohave and Mohave Valley real estate market saw the values rise at an amazing rate, we are now experiencing the downside of a declining market. What can a person do who is faced with this situation and is falling behind with loan payments?
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