If you were one of those homeowners who had a foreclosure recently, did you know that you could become a homeowner again sooner than you think?

There is no doubt that a foreclosure affects your credit score, but according to Jeannie Bolger, Senior Loan Officer with Nova Home Loans, it all depends on your situation.

“After a foreclosure, your credit score will definitely go down between 100 and 200 points on the credit FICO score,” said Bolger. “But it’s a tough question because everyone’s situation is so different and it depends on past payment history, mortgage late payments and debt.”

But Bolger also said the waiting period after a foreclosure for an FHA loan is 3 years, for a VA loan it is 2 years, and a conventional loan is 4 years. Although this seems like a long time, it is a perfect time to re-establish your credit and make yourself more desirable for a loan.

And if you did foreclose on your home, Bolger believes there are some important tips you need to follow.

“Do not overbuy and really know what your budget is,” she said. “Have an emergency fund to allow for ‘unexpected’ emergencies and have a savings account to make mortgage payments if you lose employment or get sick.” Have your credit run 6 months after the Foreclosure by a mortgage professional so you will be better prepared to meet the minimum FICO score requirements required by the loan terms.

If you or someone you know foreclosed on a home, there are options available to ensure homeownership again. The US Department of Housing and Urban Development offers tips about foreclosure and information about the process.

If you would like more information on what it takes to buy a home again after foreclosure, give me a call today at 602-456-9388 and I can find you the perfect home in the valley!

Let’s face it, everyone and their grandmother has a cell phone these days.

Aside from the fact that teenagers can’t hold a conversation that includes eye contact, they are great things.

They are so amazing that 90% of Americans send text messages. This is a staggering number! I wonder if they count the “ppl wh txt w/o vwls”?

Another increasing trend is the number of Americans using smartphones! Over 34% of Americans use a smartphone in their daily life and that number is only increasing.

So what does this have to do with you? Well, if you are selling a house, there are new ways to give buyers instant access to information about a home! The number of people using apps, text messages, and a new thing called Quick Response code, or QR for short, are on the rise.

This is what I am most interested in when it comes to using this new technology as an advantage.

Remember last week’s blog post about how short sales are an increasing share of the Central Phoenix market? Unfortunately, this is the new reality for at least the next few years. But if you need to short sell your home, don’t worry! Using tools such as text messages and QR codes, I can help your home get seen above the other homes on the market. (See also my post from yesterday on other Short Sale Resources I’ve developed.)

Want to know how it works? It’s so simple and you can try it yourself!

Text the special 6-digit code on the flag to the number and you will receive information on this house.

Or, if you have a smartphone and a barcode scanner app on your phone, scan the special code and you will be directed to a special website with information on the house.

HOW COOL IS THAT?!?

Using this technology is a great idea and can really help increase the number of people that view the home. Using the old-fashioned flyer box is fine; the problem with those is the fact that you will have to continuously check and replace the flyers otherwise there might be a missed buyer.

Smartphones are amazing pieces of technology and having the ability to quickly access information can make buying or selling a home much easier.

I wrote last week about how the market inventory is shrinking, and that an increasing number of homes are short sales.

Ironically, the average days that a house sits on the market is actually going down dramatically this year. See the graph below.

That tells you that people are making offers faster and short selling banks are getting answers quicker than last year.

If you are thinking to short sell, now is the best time since the crash started.

I want to tell you how I work to get them closed. If you’ve been thinking to short sell, the following could save you some greenbacks.

Many agents work with large law firms that charge you a huge retainer to represent you to the bank short selling the property. In my experience, these firms are not necessarily any faster at getting them closed. In fact I represented buyers who waited 4 months for the firm’s negotiator to get an agreement letter from a bank, only to find that they lost the agreement letter for a month. The deal fell apart due to this.

I’m sure most attorneys are working hard. But I think some are taking on too many clients, or are promising too much.

Here is how I work.

First, if you are thinking to short sell, I refer you to the Law Offices of Roberta Voss (602-697-0730). She won’t represent you as a negotiator to the bank. But she will sit with you for a reasonable fee and make certain you understand the short sale process from the legal perspective. (Whatever you do, don’t skip that talk with an attorney.)

Second, I work directly with either Old Republic Title or Chicago Title, both of whom have dedicated short sale teams that communicate with the bank directly. Why is this such a big deal? Well, because, first, they charge you nothing, zilch, nada! Second, because they are on the phones with the banks all the time, they can get heard above the din.

Third, I use social networks, text networks, QR codes and mobile websites to make certain everybody sees your home.

There is a lot to think about with short sales. If you are thinking to take this step, please give me a call first at 602-456-9388.

What is Condo Chaos you ask? Condo Chaos is only the most exciting thing to happen to Phoenix since the last exciting thing! Come check it out and get an amazingly low price on the condo of your dreams this weekend only! Condo Chaos, CONDO CHAOS, CONDO CHAOS!!!

(Turn off used car salesman speech here.)

OK, that’s better.

I just want to keep you informed about the incredibly low prices of condos in the Central Phoenix and surrounding areas. We already know the housing market isn’t the greatest, but that just means it’s a buyer’s market and you have the opportunity to snag some amazingly awesome prices!

I just want to make sure you know that if there ever were a time to buy, this is it. In fact, since the condo market is the weakest sector of the housing market, the price of condos is lower than low. But just how low is the price of a condo though…

Well, according to the latest data (see below), there are currently 2,156 condo listings across Maricopa county with an average list price of $167,890.  (Remember, this is an average of
the entire county so it includes those multi-million
dollar condos in the Scottsdale and Biltmore area.)

Now you want to know something that will knock your socks off? The average closing price of CenPho condos last year were almost half the price at $84,341! How amazing is this price? All the amenities of a great condo – location, style, and feel – for an incredibly low price.

Living in the Central Phoenix area has never been more affordable. Not only do you get a smokin’ deal, you get to live in an amazing place full of life and excitement.

If you would like help finding the perfect condo, I am here for you! I will make sure you get the best condo during the Condo Chaos madness!

(I think that was the largest number of exclamation points I’ve ever put in a blog post. I need to rest. I think I’m getting the vapors.)

(Click the images below for larger view)

County-wide 2010

County-wide 2011

Central Phoenix 2010

Central Phoenix 2011