Makaz Real Estate

Moondance Subdivision Mesa, Arizona

2011-01-04T10:56:00.000-07:00

There is a subdivision located in North East Mesa, AZ called Moondance located in the 85207 zip code. Cute homes with great homes available from $95K to $140K. Currently there are 9 homes in Moondance available for sale. 1 of which is pending. There have been 8 homes sell in Moondance in the last 6 months from $82K to $141K. There are great schools located in this community. Falcon Hill Elementary School is located in the subdivision while Fremont Jr High and Red Mountain high School are both located right outside the subdivision. Moondance is located near shopping and entertainment and has great freeway access. It is also close to hiking at Usery Pass, boating at Saguaro Lake , tubing down the Salt River, and other outdoor recreational activities. Red Mountain Multigenerational Center is located within walking distance as well as Red Mountain Park with a catch and release pond. If this sounds like the neighborhood for you, contact me at makalani@cox.net or 602/370-5177 to see some of the homes available here.

Window to Homeownership

2010-11-10T13:19:00.000-07:00

Buying a City of Phoenix NSP home has its advantages

The city of Phoenix Neighborhood Stabilization Program (NSP) offers a homeownership assistance program for recently renovated foreclosed homes, providing $15,000 for down payment, closing costs and a 3 year home warranty.

And, if you buy an NSP home by 12/31/10 (and closes by 2/28/11):

You get an energy-efficient Washer and Dryer*

Eligible buyers must be FHA creditworthy and have completed the NSP-required eight-hour Homeownership Education Class and Credit/Budget Assessment counseling course. Buyers must maintain the property as their principal residence and the total household income must be below 120% of area median income. For example, a household of four earning $79,100 or less has the potential to become eligible to participate. Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs.

The $15,000 is paid back to the city when the homebuyer sells the home or refinances.

Funds are still available.

For more information feel free to email me at makalani@cox.net or call me at 602/370-5177.

Use this link to view the current list of qualified homes, Phoenix NSP Move-in Ready Home Inventory List

Only valid on NSP renovated homes (NSP's Move-in ready Program) under contract by 12/31/10, and closing by 2/28/11. Buyer must be eligible for NSP. The city of Phoenix reserves the right to remove any property from promotion, or end the promotion at any time. Any dispute regarding this special offer shall be resolved by the city of Phoenix at its sole discretion. *Appliance make and model will be chosen by the city and/or its contractors.

Should I short sale my property?

2010-09-29T09:40:00.000-07:00

Lots of you are facing hard times here in Arizona. Tough challenges are being faced and tough questions are having to be answered. Some of you don't know where to begin or even what to do. I deal with lots of people everyday asking me if short selling my property is the right thing to do.

A short sale is when the lender is willing to sell the property for less that what you owe. For some people, there are tax implications that could arise and for others there is not. Best thing to do is seek professional information for either a tax attorney, CPA, real estate attorney, and/or bankruptcy attorney. In most cases, they will all give you different answers, but the bottom line is go with what helps you sleep at night.

You can find out more about the Debt Relief Act of 2007 here. This link to the IRS website should be able to give you an over view of what you are looking at as far as taxes go.

Feel free to call me if you have questions or are considering short selling your home at 602/370-5177 or email me at makalani@cox.net.

New FHA Mortgage Insurance Premium Information

2010-09-28T10:13:00.000-07:00

As previously noted in FYI 10-260, FHA has announced changes to both the up-front and annual premiums that will be applied to FHA loans with a case number assignment date on or after October 4, 2010. The FHA Up Front MIP will be reduced; however, the annual MIP premiums will be increased.

These changes will improve the overall end housing payment for loans with a 15-year term, but FHA loans loan terms greater than 15 years will increase. The exact amount may vary slightly based on the loan scenario, but the housing payment for an average 30-year Fixed FHA loan (with a 5% interest rate) will increase approximately $25 on a $100,000 loan amount.

Anyone of these fine loan officers will be able to help you get prequalified and see if FHA is right for you.

Nick Watland
Senior Mortgage Loan Originator
Pinnacle Bank
14287 North 87th Street, Ste. #123
Scottsdale, AZ 85260
(480) 609-0055 Main
(480) 609-8958 Fax
(602) 821-5214 Cell
nwatland@pinnaclebankaz.com

Glen Barnett

FNB / The Platinum Group
Mortgages and Loan Modifications
Direct 480-628-0579
EFax 480-302-5896
Glen@GlenBarnett.com
http://www.glenbarnett.com/

Judi Gustin
Senior Loan Officer
Sun American Mortgage
4140 E Baseline Rd. # 206
Mesa, AZ 85206
(888)863-5245
judi.gustin@sunamerican.com

Woman's Council of Realtors Superstition Mountain: Sweet Indulgence at Encanterra

2010-09-20T10:32:00.000-07:00

Woman's Council of Realtors Superstition Mountain: Sweet Indulgence at Encanterra: "Have you been out to see this community yet? You have gotta go! Seriously, it is gorgeous. Encanterra is a Trilogy Country Club and the ame..."

Top 5 Trends in Social Media for 2010

2010-01-28T11:57:00.000-07:00

1. Marketers need a clear social media strategy
2. Maximize social marketing
3. Social is not a role, it’s the business fabric
4. Social is media
5. Social ROI becomes measurable

To see more on how they explain these trends read the full article

10 Things to Know about Real Estate in 2010

2010-01-22T18:09:00.000-07:00

1. Prices to bottom
2. Mortgages delinquencies up
3. Foreclosures move upstream
4. Mortgages rates to rise
5. Buyer’s market remains
6. Modification plan could be modified
7. FHA lending standards may increase
8. Tax credit available through June
9. Markets will vary a great deal by region
10. Mobile maps can help

To get more information and read the complete article go here

When buying Real Estate Negotiate the Price with Property Defects

2010-01-22T08:39:00.000-07:00

To give yourself the opportunity and time to inspect a property is to provide in your purchase contract that “final acceptance of this contract is subject to the buyer’s approval of the condition of the premises, title, and financial information on the date of settlement.” The reason for this is so that at settlement the contract can be carried through with or rejected.

You will first have everything at that point that you will need to know about the financing.

You will also at that time have had a chance to examine the title being conveyed for any discrepancies as well as any issues that will arise from the title insurance policy.

Finally, you will be able to have enough time to inspect the property once the seller has removed all their furnishings and can discover the big whole in the wall that the living room couch was hiding. No, not really, but you will be able to make a better informed decision on one of the biggest purchases you will be making in your life time.

At settlement, if defects were found that were not disclosed to you previously, you can approach the possibility of renegotiating the sales price, or ask for seller contributions if your loan allows, or reject the property all together.

In any case, it is always wise to hire a professional home inspector or any other professional that would help you make a better and more informed decision on the purchase of real estate. For instance, if you are concerned about a pool on the property you would hire a professional pool person, or the roof on the home you would get a professional roofer.

East Valley Market in Phoenix, AZ

2010-01-21T21:22:00.000-07:00

Numbers looking good for the 1st half of the month here in the East Valley. Mesa currently has 2183 single family homes actively being sold, Gilbert has 1386, Apache Junction 284, Queen Creek 749, Chandler 1187, Tempe 397, and the new San Tan Valley 473.

Homes that have sold in the 1st half of this January 2010 are slow. Mesa has 170 sold single family homes for the first half, Gilbert has sold 106, Apache Junction 30, Queen Creek at 98, Chandler 112, Tempe 28, and San Tan Valley 38.

Lots of homes pending for all these cities so hopefully stronger numbers produce by the end of the month.

If you want to know about your neighborhood email me at Makalani@cox.net.

This Month In Real Estate

2010-01-21T18:35:00.000-07:00

HUD to speed up sales of foreclosres

2010-01-19T09:34:00.000-07:00

HUD has announced a policy to expand FHA mortgage insurance to allow quick resale on foreclosed homes. Currently FHA will not insure mortgages where to home has not been owned by it current owner for more than 90 days. With this new policy in place it will allow FHA borrowers to purchase foreclosed homes as well as homes from “flippers”.
To get more information on this, visit HUD’s press release.

$8000 First Time Home Buyer Tax Credit

2010-01-17T10:48:00.001-07:00

Here are a few questions and answers that I thought you needed to know. All of this information can be credit?found on the IRS website.

Q. What is the the First Time Home-buyer Tax Credit

A. The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 if you purchased your home in 2009. It is for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $80,000 in 2009.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as your principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before May 1, 2010 (with closing to take place before July 1), to qualify for the credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase are considered first-time homebuyers. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Q. How do I apply for the credit?

A. The credit is claimed on IRS Form 5405, First-Time Homebuyer Credit, and filed with your 2009 federal income tax return.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). Different income limits apply to purchases on or before Nov. 6, 2009 and those after that date.

For purchases on or before Nov. 6, 2009, for a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

For purchases after Nov. 6, 2009, for a married couple filing a joint return, the phase-out range is $225,000 to $245,000. For other taxpayers, the phase-out range is $125,000 to $145,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $225,000 or less and for other taxpayers whose MAGI is $125,000 or less. (11/19/09)

Looking for a treecycle place near you...

2010-01-02T11:13:00.000-07:00

With the holidays over and the new year beginning, it's time to take down the decorations and recycle your christmas tree. In the easyvalley there are several locations.

East Mesa Service Center, 6935 E Decatur St
Solid Waste Management Dept, 730 N Mesa Drive
Susperstition Springs Police/Fire Station, 2430 S Ellsworth Rd
Mountain View Park, 845 N Lindsay Rd (enter off of Adobe St)
Dobson Ranch Park, 2363 Rd

For more info you can visit www.mesarecycle.org

Foreclosures and the consequences, or are there any?

2010-01-01T14:17:00.000-07:00

I got the information from AAR online realtor magazine. It is taken from their Legal Hotline section. This may help answer some of your questions on the Anti-Deficiency Statute. Also, if you are a tenant do you have rights if your landlord is facing foreclosure?

"Anti-Deficiency Statute Protects Borrower Only after Foreclosure
The lender approved the short sale, but as a condition of approval the lender required that the seller sign an unsecured promissory note payable over three years for the short sale difference of $30,000. The short sale transaction closes. The seller is now refusing to make payments under the unsecured $30,000 promissory note because the seller asserts that the anti-deficiency statute prohibits any deficiency after foreclosure. If the anti-deficiency statute does not protect the seller, the seller intends to file bankruptcy. Does the anti-deficiency statute protect the seller from a collection lawsuit by the lender on the $30,000 unsecured promissory note? If not, can the seller discharge in the bankruptcy the $30,000 unsecured promissory note?

Answer: First, the anti-deficiency statute only prohibits a deficiency action against the borrower after the foreclosure of a home and does not apply to short sales. If the seller agreed to make payments under the $30,000 unsecured promissory note, the anti-deficiency statute does not protect the seller. Second, if the seller files bankruptcy, the $30,000 unsecured promissory note will probably be discharged in the bankruptcy proceedings.

Tenant Obligated to Pay Rent Payments during Foreclosure
The tenant is a college student and signed a one-year lease terminating June 30 at the end of the school year. The landlord has not been making the mortgage payments, and the tenant received notice that a foreclosure sale is scheduled in February. The tenant refuses to make any more rent payments to the landlord because the landlord is not making the mortgage payments. The landlord has delivered to the tenant a five-day notice of non-payment of rent and intends to evict the tenant. Can the landlord evict the tenant if the tenant refuses to make the rent payments?

Answer: Yes. The failure of the landlord to make the mortgage payments is probably an “anticipatory breach” of the lease entitling the tenant to terminate the lease and move out. (If the AAR lease was used, the AAR lease, line 206, specifically says that the landlord is in breach if the leased property is “the subject of a trustee’s sale.”) Therefore, if the tenant wants to terminate the lease and move out because of the February trustee’s sale, the tenant can furnish ten days notice of the breach to the landlord and, if the landlord does not cure the breach, the tenant can move out. On the other hand, the landlord is entitled to collect rents under the lease agreement until the trustee’s sale occurs or the lender procures a court-appointed receiver. Therefore, if the tenant does not make the rent payments, the landlord is entitled to evict the tenant."

Fustrated with Foreclosures, REOs, other agents?

2009-10-06T08:43:00.000-07:00

Are you fustrated with dealing with the listing agent on REOs or foreclosures? If you are, you need to check this out. You need it!

http://bit.ly/2EGZMD

Real Estate Commissioner wants to address some changes

2009-09-17T16:52:00.000-07:00

It was great being addressed yesterday from Real Estate Commissioner Judy Lowe at our Superstition Mountain WCR September Business Resource Luncheon. She had lots of information to share with our Chapter. Here are just a few of the things she discussed.

She wanted us to inform other agents to be aware of the 24 hour continuing education hours required every 2 years.

She wants to move back licensing to every 2 years again instead of 4 years.

The majority of the complaints that the board receives is for advertising.

She encouraged us as REALTORS® to communicate with each other before we call a complaint in.

There have been no property management audits in the last year. She is looking to change the way audits are done.

Wants full Broker audits to be put back into effect.

The boards # 1 complaint is property management fraud/

More questions for Sales pre licensing test.

Make Broker test completely different from Sales test.

Have a provisionary license so that new licensees will be able to get exposure to real estate.

She is looking at the process of becoming an instructor, monitoring, school, and the content of a course.

They are looking for volunteers at the Board, email mutley@azre.gov

Looking for these changes to happen as soon as 2010 fiscal year.

Hope to see you at our next event on Thursday, September 24 @ 5pm for Family Night at Peter Piper Pizza on Baseline and Ellsworth. Email Susan Anderson for information at Susan@advisorsaz.com

What is a short sale?

2009-08-28T10:34:00.000-07:00

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

Typically the bank or the person holding the note for the property needs to agree to the short sale as well as the buyer and the seller.

A short sale is not always the answer to selling your home. In some circumstances it is best to seek other options.

You can get more info here

New Listing in Queen Creek $125K

2009-08-27T10:12:00.000-07:00

Makalani Adolpho | Farnsworth Realty & Management | 602/370-5177

35074 N Aubrac Circle, Queen Creek, AZ

Charming home on private cul de sac in centerally located

subdivision in Queen Creek.

4BR/3BA Single Family House

offered at $125,000

Year Built	2005
Sq Footage	2,513
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	Unspecified
Lot Size	6,969 sqft
HOA/Maint	$70 per month

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- High/Vaulted ceiling
- Walk-in closet	- Tile floor	- Family room
- Living room	- Bonus/Rec room	- Dining room
- Dishwasher	- Stove/Oven	- Stainless steel appliances
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Welcome Home	Open kitchen
Inviting Family Room	Nice open area
Great loft area	Balcony View

Contact info:

Makalani Adolpho

Farnsworth Realty & Management

602/370-5177

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 27, 2009, 9:09am PDT

Welcome....

2009-08-17T10:55:00.000-07:00

This blog is intended to update clients on current issues, information, events dealing with the real estate industry. My name is Makalani Adolpho and I am a REALTOR for Farnsworth Realty & Management in Mesa, Arizona.

I have been in the real estate industry for more than 10 years and have enjoyed helping clients with the biggest financial decision that most clients have to make. I have been doing short sales for over 3 years and have the expertise and knowledge to get them closed.