The numbers are out and the public has spoken with their opinions and wallets. Home builders and home improvement stores spend millions of dollars every year surveying and researching the landscape for what consumers will be clamoring for in options to style their properties. Each year brings new technologies, floor plans options, and color pallets that reflect the constantly changing and shifting tastes of today's home owner. Yesterday's hot, new, must-have carpet color or tile pattern is old news. What are the top 3 new design trends for 2015?...read more.
Breathing new life into the office
As I watched the National Football League Championship game this year I was inspired by all the players who were pouring their hearts out on the field. All the months of training, practices, and long hours in the weight room came down to one last opportunity to achieve the ultimate prize for their efforts. I sat and pondered what it would be like if I had an office full of agents that could live everyday as excited as those players were. What would productivity look like if every player on my team could match the intensity of those athletes giving it their all? So I decided to breathe new life into my office...read more.
Haven't we seen this house before?
It's Groundhog Day. How does Groundhog Day have anything to do with Real Estate you may ask? Well hang in there and it will all make sense. The average home buyer looks at 5-6 homes before they are ready to make an offer to purchase a property. Every individual in the market to purchase a home has different wants and needs when it comes to the house of their dreams. There are so many options to comb through before determining which must-haves are on your list. Do you want an upgraded kitchen? Is a large Master Bedroom a top priority? What about lot size or closet space? Do you need an extra third stall in your garage?...read more.
December 2014 Market Report for Gilbert, Arizona - Listing Prices
The Active Median List price for homes in Gilbert, Arizona has seen an increase month over month since September 2014 when the Active Median List price was only $291,300. That price has increased all the way up to $305,950 ending in December 2014. Meanwhile the Sold Median Sale Price took a slight dip from November 2014, when it was $253,700, to the end of December 2014 when it was $250,000. The New Median List Price for homes being put up for sale in December 2014 was $280,000 which was a sharp increase compared to November 2014 when it was only $264,000. What do all these numbers mean for home buyers and sellers in Gilbert, Arizona?...read more.
Why are more Homeowners not selling?
Since 2001 the average amount of years a homeowner stayed in their home before selling was 7.23 years. In 2014 alone that number jumped to 10 years. Homeowners are now staying almost 3 additional years in their homes before selling. The real question is Why? What is motivating homeowners to stay put?...read more.
What to expect during and after a Foreclosure
After months and perhaps years of uncertainty your bank finally took the steps necessary to foreclose on your property. It might seem unreal at first. In the blink of an eye, or in this case, the spoken words of an auctioneer or judge, the place you called home no longer belongs to you. Regardless of what promises or assurances you may have received that your bank was willing to work with you on a loan modification, the cold reality now is that you are faced with being evicted. But what options do you have? Where do you go from here? The answer to those and many other questions depends on who now owns the home.
Did the home revert back to the beneficiary? The beneficiary is the bank who held the mortgage note. When a home reverts back to the beneficiary it means that no other individual placed a high enough bid to purchase the home at the foreclosure proceedings thus the bank now takes back possession.
Did an individual purchase the property?Whether it's an investor looking for their next rental property or a traditional buyer looking to get a great deal on their next home, whoever has enough cash and is willing to place the highest bid can win the home from a trustee sale. Trustee sales are immediate and final. As soon as the individual is awarded the winning bid the home becomes theirs once the full purchase is paid for usually within 24 hours.
In either of these two above scenarios a homeowner will now be faced with either vacating the property of their own accord, or go through the steps of being evicted. If you do not vacate the property and choose to fight the foreclosure and eviction your best option is to immediately contact an eviction attorney. Each State has their own laws and guidelines as it relates to evictions and it's imperative that you be educated on your rights.
Here in the State of Arizona, the eviction process starts with the previous homeowner being served a Written Demand Of Surrender and Possession. This is the first notice that the new homeowner is demanding the occupant vacate the premises immediately or be faced with an action of Forcible Entry and Detainer. A copy of the Trustee's Deed Upon Sale is included with this demand showing the new owner has indeed taken over possession of the property.
If the Written Demand Of Surrender and Possession is ignored by the occupant a second Notice from the Court will be served. This Notice will inform the previous homeowner of a court date that has been set in which they are required to attend or else a default judgment against them will be made . This date is usually only 7-10 days from the initial foreclosure date. At this Court proceeding you can expect the judge to inform the occupants that they are now considered trespassers on the property and will be forcibly removed by a Sheriff's Officer if they do not vacate the premises. The judge will usually give a time frame for the occupants to vacate which is generally no more than 14 days. The judge will also warn the occupants that the removal of any attached appliances (excluding refrigerators), fixtures, ceiling fans, shelving, or cabinets may result in further criminal prosecution.
Barring any other delay or stay from the Court the occupant must comply with the court order or face being forcibly removed from the property by a Sheriff's Officer if the occupant ignores the vacate date set by the Court. If then the previous homeowner ignores the Court mandate and the Sheriff's Department is called they will forcibly remove the occupants and all remaining personal items in the home will be locked up. The previous homeowners by law will have an opportunity to retrieve their personal belongings from the new owner at the new owner's convenience.
But what now? Not only are you faced with the immediate task of finding a place to live but what will the future hold? How long will this foreclosure affect my credit? Does a foreclosure affect a person's ability to attain employment?
A foreclosure remains on your credit report for 7 years, however, it's impact on your credit score will lessen over that time period. A Foreclosure is considered a negative event but it's a misconception that it will ruin your credit score for a very long time. If you keep all of your other debt obligations in good standing, your credit score can begin to improve in as little as 2 years.
Most apartment or rental homes will run a credit check on an applicant. There are ways to reassure a landlord that in spite of your recent foreclosure you will be a trustworthy tenant. The first way is to offer a higher deposit. Giving a landlord reassurance that they can cover their losses should you not live up to your lease agreement can go a long way in giving them peace of mind in allowing you to rent from them. The second way is to find a co-signer. Having someone with good credit willing to co-sign the lease with you can also help assure the landlord that the rent will be paid each month. The third way is to apply for a rental right before, or shortly after your foreclosure occurs. It can take some time for your foreclosure to show up on your credit report and if you can secure a rental property before that occurs you won't have to worry as much about your rental application being denied. Of course if you were behind in your mortgage payments this information will already be on your credit report and the landlord may ask for an explanation of why you were behind.
Foreclosures can possibly affect your ability to attain employment depending upon what type of job for which you are applying. Bad credit scores are more likely to cause denials for job seekers in the finance and banking industries. Also, jobs at which a person has access to money or the opportunity to steal are more likely to be scrutinized as well. The best way to handle possible employment situations is to be up front with the employer. Companies are much more forgiving if you experienced a hardship outside of your control that caused the foreclosure. Also, explain to them your plans to get back on track.
Having a foreclosure on your record isn't the end of the world. A plan of action will help you fully recover from this unfortunate event. Educate yourself on the foreclosure laws in your State. Know your rights when it comes to the foreclosure process and most importantly seek proper guidance from professionals who will help get you back on track. Zion Realty has helped many Arizona residents achieve home ownership after a foreclosure. If you have any questions about what your next steps are or need assistance in purchasing a home with a foreclosure still on your record, contact us today. We are here to educate and assist you in any way possible.