Everything Fountain Hills!

Arizona Anti-Deficiency Laws - SB 1271

On July 10, 2009 the Arizona senate passed the SB 1271 that will change our anti-deficiency laws and severly impact those who may be doing a Short Sale on their property or going through a foreclosure. You can read the bill in it's entirety at http://www.azleg.gov/legtext/49leg/1R/adopted/S.1271FIN.pdf.  This seems to mostly impact investors and/or new construction. As always, if you find yourself in a potential distressed property situation, it is recommended that you seek legal advice. If you have already begun to miss mortgage payments time is of the essence!  If you would like to persue a Short Sale and need assistance please give me a call at 602.400.0250.  This bill takes effect on September 30th, 2009.

Purchase Assistance Money

Limited amount of funds available!!

The Arizona Department of Housing (ADOH) will offer 22 percent in purchase assistance to qualified home buyers purchasing an eligible foreclosed home in the State. ADOH provides help in the form of a deferred second mortgage loan for purchase assistance. All loans are zero percent interest with no monthly payment.

QUALIFICATIONS

Eligibility for the purchase assistance is based on a variety of factors:

1.) The household must have a gross income (the total income before taxes, health care costs, social security, etc.) of no greater than 120 percent of the average median income for the county they want to purchase a foreclosed house in.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2.) If you own a residence, you must be leasing your primary residence for least 12 months before applying for the program.

3.) Attend and complete an eight-hour Homebuyer Education Class.

4.) MUST be your primary residence.

5.) Maximum debt-to-ratio is 31/43.

Eligible Properties:

6.) Foreclosed properties only. One unit detached single family homes, condos and town homes.

7.) Minimum of 3% down payment, 1% must come from borrower's own funds.

HOW DO I START?

Once you have determined you may be eligible for the ADOH program, contact a reputable lender to get prequalified for a mortgage and ADOH program.

For more information, please contact the Arizona Department of Housing at 602-771-1000

July Market Conditions for Fountain Hills, Arizona

It seems that things have slowed down (just a bit) for the summer. Short Sales and Foreclosures continue to make up a large part of our sales and there are only 30 bank owned properties left in Fountain Hills. You can now easily search Foreclosed properties on my website at www.ISellFountainHillsAZ.com. As of July 1st, there are currently 564 homes for sale in Fountain Hills. This is down again from last month. There are 332 single family homes and the rest are condo's, patio homes, etc. The average price is $711,374. There are 90 homes currently in escrow with an average price of $442,340. The average days on the market were 211. There were 75 homes that sold/closed escrow in June. That means the title companies and home inspectors are busy again! If you are looking for an entry level home in Fountain Hills be prepared to make your best offer since you are likely to encounter multiple offers and bidding wars. It's all about supply and demand, and finally we are seeing a reduction in the supply. Overall, with prices down, interest rates low and a huge selection of available homes, it's a great time to buy!