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Bonny Puckett ⁽²⁵⁴⁾ Red Level Author

Bonny Puckett

Call Realty

Arizona Foreclosure Rates Rise

Posted Friday, July 20, 2007 (1 year 171 days ago.) Viewed 427 times.

If home ownership is the American Dream, then foreclosure must be the American Nightmare! Foreclosure rates are continuing to rise throughout Arizona leaving many home owners out on the street and lenders taking a loss on houses they can't sell.

Currently there are more than 10,000 home and property owners in Arizona who are facing the threat of foreclosure. Nearly 7,000 of them are within Maricopa County . In fact, during the month of June 2007, an average of more than 107 home owners in Maricopa County received notice that their home is scheduled to be sold at foreclosure auction each day. And those numbers are continuing to rise.

Reasons why homeowners may be facing foreclosure can vary widely from loss of a job to an unexpected illness. A big challenge, though, lies in adjusting mortgage rates. Many home owners took out adjustable rate or interest only mortgages three to five years ago at incredibly low interest rates, borrowing as much as they could. Those mortgages are now adjusting to higher interest rates, increasing the monthly mortgage payments. Combine that with increased gas prices and cost of living, and these home owners are now struggling to make ends meet.

There are also many properties that were purchased sight unseen by out of state investors (or at least those who fancied themselves investors) who were not familiar with the market. Many of those homes have been vacant for long periods of time. If they do have tenants renting the property, the amount of rent often does not cover the owner’s mortgage payment. This creates a negative cash flow situation in which the owner ends up paying additional out of pocket each month. Having a lease agreement with negative cash flow can also make it difficult to resell the property, because most smart investors are not interested in getting into a negative cash flow position.

When creditors are calling daily looking for money, and it appears that there are no other options available, many home owners become stressed out, frustrated and angry. They get burned out trying to find solutions and make ends meet. It suddenly becomes easy for them to throw their hands up in despair saying “I’m done. Let them take my home. I just don’t want to deal with it anymore anyway!" The problem with giving up is that foreclosure affects more than just the home. Many people faced with foreclosure end up losing their jobs and families as well.

The sad thing is that many of these homeowners who are facing foreclosure do not understand the effects foreclosure can have on their lives, and have no idea what options are available to help them avoid foreclosure. What is great is that there area plenty of options available to help them stop foreclosure and get back on track financially. These options can range anywhere from calling the lender to request restructuring of payments to selling the home and downsizing to something more affordable.

Author Bio:

Bonny Puckett is a licensed Real Estate Agent with Call Realty in Arizona . She developed a website www.AZForeclosurePrevention.com to educate home owners about the foreclosure process in Arizona and how they can prevent foreclosure. At www.AZForeclosurePrevention.com you will find FREE Special Reports about the Pitfalls of Foreclosure, Questions to Ask When Facing Foreclosure and Options to Stop Foreclosure. You can also request a No Obligation home evaluation and confidential consultation to learn what options are right for you. If you are intested in purchasing foreclosures, pre-foreclosures or bank owned (REO) properties, you can visit Bonny's investor site at www.InvestInAZHomes.com. For more information contact Bonny by phone at 480-205-6324.

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7 Open House Tips - Get Your Home Sold Fast

Posted Wednesday, June 27, 2007 (1 year 195 days ago.) Viewed 314 times.

1. Hire a good professional cleaning service. A spotlessly clean home is essential; dirt and odors will turn off a prospect faster than anything.

2. Pay attention to curb appeal. Mow your lawn, trim trees and bushes and remove dead plants. Be sure toys and yard equipment are put away. Make sure that your home makes the best first impression it can from the street.

3. Make sure closets, cabinets and drawers are tidy and de-cluttered. Prospective homebuyers will want to see how ample the storage space is throughout your home. Tidy storage spaces that are neatly organized tend to appear larger.

4. Turn on all the lights. Even in the daytime incandescent lights add sparkle and make rooms more inviting.

5. Turn on fountains and light gas fireplaces. Allow visitors to experience the soft trickle of a backyard fountain, or the glow from your gas fireplace.

6. Play some background music. Some soft jazz playing quietly on a home stereo or over your intercom system will add ambiance and distract from noisy neighbors or road noise.

7. Send your pets away for the day. An open house can be very stressful for pets. Send them away for the day to a friend, neighbor, or pet day care facility.

Author Bio:

Bonny Puckett is an experienced REALTOR, Real Estate Agent and real estate investor in Arizona. She specializes in Custom Luxury Home Sales and Real Estate Investment Opportunities in Fountian Hills, Scottsdale, Rio Verde and throughout the East Valley (including Tempe, Mesa, Chandler & Gilbert). She has more than 13 years of experience in real estate sales, real estate investing, real estate development and real estate lending. Bonny enjoys sharing her knowledge with others to help them understand the benefits of owning real estate and become successful real estate investors. Learn more about investing in Arizona real estate.

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The Secret to Finding The Best Real Estate Investment Deals

Posted Wednesday, March 14, 2007 (1 year 299 days ago.) Viewed 171 times.

I often hear the question “How do I beat other investors to the best deals?" Everyone wants to know these mysterious secrets when they hear about the huge profits that can be made on investment properties.

Unfortunately there won’t be a sign in the front yard saying “here is your next investment property!"

It takes time, hard work and perseverance to find good real estate investment deals. In fact, it usually takes more time and hard work than most people are able or willing to commit. That is why the best way to start your search is by contacting a realtor. And not just any realtor, but one who specializes in finding deals for investors.

A realtor is going put in the time and do the hard work for you. One who specializes in working with investors will know the right places to look and the right search terms to look for. They will also have a good understanding of how to evaluate the existing and potential market value of the property, the costs involved, and the profit potential. This means they are going to be presenting you with good investment opportunities and won’t be wasting your time with bad deals.

Foreclosures

A realtor who specializes in working with investors should have access to information on properties in foreclosure. These are great properties to make offers on because the owners are often motivated to sell quickly at prices well below market value in an effort to avoid having their home go to auction.

Notices of properties going to foreclosure auction are public record, and therefore available to everyone. The challenge lies in compiling the information and keeping up to date with cancellations, postponements, etc. There are many websites that offer paid subscriptions to allow you to search properties in foreclosure, however they often have outdated and inaccurate information.

A good investment realtor who works with foreclosures will have detailed, up to date information on all the properties in their area that are scheduled for foreclosure auction. They can then cross reference those properties with the local Multiple Listing Service (MLS) to see which of them are listed for sale and which aren’t.

For foreclosure properties that are listed for sale, you will have a competitive edge when negotiating, because you understand the history of the property and the sellers’ motivation.

For those properties that are not listed for sale, your realtor should have methods of contacting home owners to see if they are interested in selling, and begin negotiating deals.

Your realtor should also have a good understanding of the foreclosure auction process. They should be able to explain the process to you thoroughly and feel comfortable representing you should you choose to purchase a property at auction.

Other Distressed Properties

Some of the other search terms your realtor may use to find distressed properties are: must sell; fixer upper; needs repair; handyman special; motivated seller; estate sale; needs TLC; vacant; and investor special. These are all terms that may indicate a property priced below market value and a seller who is ready to get out.

Another item your realtor may look at is the number of days the property has been on the market. If a property has been on the market for more than the average number of days for the area, the seller may be getting more motivated to accept lower offers.

You and/or your realtor may also be able to find properties that are not listed for sale or are listed for sale by owner. One way to locate these types of properties is to keep your eyes peeled while driving around. Start driving home from work a different way each day. Take the time to drive through neighborhoods that you want to purchase properties in and look at each house as you pass by. Keep a notepad in the car or a voice recorder so you can make note of any properties that interest you and follow up on them later.

Things to look for are properties that appear vacant and/or uncared for. Newspapers piling up on the sidewalk, uncut grass and houses that look to be in disrepair are all signs that a property is in distress and the owner may be willing to sell.

Also keep an eye out for “For Sale by Owner" signs. Many home sellers either don’t know how to market their property or don’t want to spend the money necessary to market it. Because of this, their property won’t get as much attention and you may be able to find a bargain that the rest of the world doesn’t even know is for sale.

Look for Motivated Sellers

The real secret to uncovering real estate investment opportunities is simply to find motivated sellers. The more motivated the seller is, the more power you have when it comes to negotiating a great deal.

Before you make your offer, do your research. Have a full understanding of the property, the cost vs. profit potential, and the seller’s motivation. If the seller is just testing the market and has no real motivation to sell quickly, you probably are not going to get a great price. On the other hand, if the seller is being relocated for work, and has less than 2 weeks to sell, you might have the upper hand.

One trait that many investors lack is persistence. If you make an offer on a property and it is rejected, that doesn’t mean you can’t resubmit your offer later. Keep a file of all the offers you have made. If a property is still for sale 30 days after you made your original offer, make another offer. Continue to make your offer every 30 days or so until the property is sold.

A person’s motivation can change as their property languishes on the market for months. Who knows, you may even be the only person that is even making offers on the house. When you are consistently making offers it may show them that selling to you is their best option to get out.

Most real estate deals don’t just happen they are created. There are a lot of opportunities out there, but finding the one that is right for you may take a lot of hard work. Just try to keep a positive attitude, and don’t worry if a deal doesn’t work out. There will be another one right around the corner.

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Arizona Real Estate Blog - Arizona Real Estate Agent News, Info, Tips

Arizona Foreclosure Rates Rise

7 Open House Tips - Get Your Home Sold Fast

The Secret to Finding The Best Real Estate Investment Deals

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