Home In Tempe

Tempe Housing Improvement Program

Tempe Housing Improvement Program accepting pre-applications from residents

Pre-applications are being accepted for the Tempe’s Housing Improvement Program. This program provides deferred or low-interest amortized loans to income-qualified homeowners to correct code violations, existing deficiencies or other hazardous conditions in their home.

To be eligible, the applicant must be a Tempe resident, the owner-occupant of the home to be rehabilitated and meet program income limit guidelines. Grants are also available for home modifications for persons with disabilities and/or emergency repairs that affect the health, life or safety of the occupants.

To request a pre-application, or for more information, contact the Tempe Housing Improvement Services Division at 480-858-2154 (TDD: 480-350-8913) or visit the office at 21 E. Sixth Street, Suite 214, Tempe, AZ 85281 (Tempe News room)

Tempe Honors Young People

Tempe Homes for Sale

Tempe has 13th highest foreclosure sales among major Metro Phoenix cities - November 2009

Tempe has 13th highest foreclosure sales among major Metro Phoenix cities for the month of November 2009. This chart is very updated and only reflects the sales from November 1st-13th, 2009.

In other words, this chart shows the number of bank owned properties sold in each city expressed as a percentage of TOTAL sales.

Leading the way in November is El Mirage with 51% of all sales being bank foreclosures. Just ahead of Tempe is the city of Surprise with 35% of sales being foreclosures.

Tempe and Queen Creek are tied for 13th position with 33% of all November sales being bank foreclosures. The lowest cities in Sun City West at 10% followed by Paradise Valley at 16%.

Metro Phoenix Foreclosure Report

74.6% of residential sales are "foreclosure-type" in the greater Phoenix area; January 2009

In the single largest increase in the history of foreclosure-type sales in the Phoenix area, January 2009's foreclosure-type sales increased 13.7% from December 2008.  The second largest increase of 7.9% was recorded just last month. The third largest increase was 6.8% from December 2007 to January 2008.

This phenomenon is going to cause "normal sellers" to do one of two things:

1. take their homes off the market because, face it, they can't compete with foreclosure prices
2. reduce their prices to a level where buyers are willing to pay a little more for a cleaner house

Read this chart in the following manner: In January 2009 there were 4,746 residential sales.  3,540 of those sales were "foreclosure-type" sales, or 74.6% of all sales.

 

Then: bad mortgages now: unemployment?

Many industry sources will say that the majority of foreclosures due to bad loans have already transpired.  Granted, there are still five year ARM's  that will be coming due in 2009 and in 2010 ( including one for yours truly). However, for the sake of argument, let's say that the majority of bad loans and three year ARM's have already been foreclosed upon.

Enter unemployment. Many of us know people who have either lost their homes -- or are in the process of losing them -- due to unemployment.  Many people in the real estate industry were looking forward to a real estate recovery in 2009. The chances of such a recovery seem to be getting dimmer. After all, it makes no difference how low your interest rate or monthly payment is if you're not making any money.

Any thoughts?

More than a clogged sink -- always inspect it first

by Kent Lamb
This may look like clogged drains but wait there is more.  Things have not only been stoled from this forclosed home but the crooks also clogged the drainage system for this house.  In this particular case, the vandals poured concrete mix into the drain line piping and have caused thousands of dollars in damage.  This is not the first instance of this type of vandalism.  Many times the drain lines are clogged with rags or other materials.  Ensure that your home inspector is taking the extra steps to determine if the clog is limited to a single drain or a more significant issue with the drainage system of the home.  In the foreclosed homes that I inspect, we allow the water to run for an extended period of time to ensure proper drainage and flow through all drain lines.

Cheap bank owned pool properties in west Phoenix and beyond

Prices are getting really low in the greater Phoenix area.  Click on this link to look at pool properties in the $70,000-$150,000 range:

 

view inexpensive pool properties

Some of these properties are priced for the 1980's era. That's not to say they will all sell that cheaply.  Many times lower-priced properties attract bidding wars. Check it out and see what you think.

Tempe REO for sale at low foreclosure price of $96 per-sq ft

The average price per-sq ft in Tempe, even in this market, is $154 per-sq ft. Anytime a house comes in significantly lower it peaks my interest, and in this case, the interest of a client. Here is a home that was built in 1979, has 2,336 sq ft, 5 bedrooms, 3 bathrooms, a pool, two-sided fireplace, and a 13,395 sq ft lot (.31 acres)!

Here are the financials:

• bought on 12/27/05 for $319,900 
• Listed for sale on 11/06/2007 for $390,000 (what were they thinking?) 
• claimed by the US Bank at the trustee's sale on 7/14/2008 for $217,520 
• listed as a REO property for $224,900

We were there on the 2nd day of the REO listing. My buyer was impressed with the house and took many pictures. Of course it needs paint, carpet, minor repairs, and the poorly installed wood laminate floors ripped out -- but it looks to be a great buy in this foreclosure market.

Mr. Client is out of town on a business trip so Mrs. Client will be sending him the pictures. If they really want this house a quick decision will be necessary.

Tempe home will require a FHA 203K rehab loan

"Honey, would you please call the contractor" will be a familiar battle cry with this Tempe, AZ home. It went back to the lender for $242,000. At 1,411 sq ft, 3 bedrooms, 2 baths, and a 2-car carport, the $184,900 listing price will need to be lower.

The neighbors happened to be outside, and it was learned that an older man had died some time ago and left the home to a family member. The family member was "allegedly" into drugs and the house soon deteriorated. We managed a "sneak peak" at this house before it hit the MLS and discovered a house that is clearly not "habitable nor safe." It's unclear why all the plumbing is exposed, but it's easy to speculate about water leaks and mold or a total re-plumbing of the house.

To see how this house was "decorated" makes it clear the owner WAS on drugs. I'll keep my words to a minimum on this post because, as they say, "a picture is worth..."

From the outside it looks like a peaceful Tempe home in a very nice neighborhood.

We'd rather not sell the house if we have to fill the pool!

DEUTSCHE BANK NATIONAL TRUST COMPANY is the owner of a foreclosure that turned REO in Tempe, AZ 60-days ago. The property is a 2,150 sq ft, 5 bedroom house with a pool located 2 miles from Arizona State University. If you are an investor you may be salivating as you read this. Rents are between $450 - $475 per-month in that proximity to the university for shared housing. Multiply that times 5 college students and your gross monthly income is between $2,250 - $2,375.

We secured the investment property for $238,000 with the seller paying 3% closing costs. We then jumped through the hoops that kept popping up for an investment loan in today's market. We are now a few days from close of escrow and the investor for the lender tells us they won't fund the loan until the empty pool is filled with water. They saw the empty pool on the appraisal. Seems they think falling into an empty pool is worse that drowning in a full one.

The listing agent conveyed our request to the asset manager for Deutsche Bank who promptly declined to fill the pool. My conversation with the listing broker's office went something like this:

Them: The seller will not fill the pool.

Me: You're kidding!? We can close in 2-days and this property will be off their books. Why won't they fill it?

Them: They don't want the risk of a full pool and an empty house. Plus, we already tried to get them to fill the pool when we got the listing. We told them we had an estimate from a pool company to fill it for $100.

Me: I'll do it for free.

Them: Thanks, but they will not fill the pool.

Me: They would rather keep the property than fill the pool? We'll be closing within 2-days of filling the pool! Doesn't that seem silly?

Them: Yes.

Me: So we cancel a deal that is going to close because the bank won't fill the pool. Did it occur to the bank that any investor for any potential buyer may make the same request? Do they want to keep the property and make it a vacation house for their executives who may come to Tempe ... or do they want to sell this property in 2-days?

Them: They will not fill the pool. They say it's the buyer's responsibility.

Me: (Pause ....) But the buyer will not legally own the property until it closes. That is when they can fill the pool.

Them: I know it seems silly.

Me:(Pause) So it is the buyer's responsibility to fill the pool?

Them: Yes.

Me: Thanks! I'll get back to you.

Wink, wink. So perhaps they are really just saying they don't want to authorize the pool being filled ... but the buyer can do it?!

Well, that was my interpretation. There are currently 2 hoses filling the pool and the appraiser is coming out tomorrow to take a new picture for the nervous investor. Looks like the bank won't be making this property a vacation house after all.

Tempe cul-de-sac REO home for $159,500

Someone could be very happy with this recently listed REO foreclosure home in Tempe zip code 85283 (south of Baseline and east of I-10):

• built in 1978 with 1,416 sq ft
• 3 bedrooms, 2 bathrooms, 2 car garage
• 8,843 sq ft cul-de-sac lot

Here is the history:

• previously bought on 9/1/06 for $240,000
• became a Countrywide REO (real estate owned) and reverted back the the V.A. on 4/9/08 for $189,480 when no one would enter a bid at the trustee's sale
• listed for $159,500 in the MLS as a REO on 7/8/2008

The bid deadline is 7/18/2008 for this foreclosure and the house will go to the highest net offer. So what does the house need? I would say the house would be very livable with:

1. paint
2. carpet
3. blinds

There appears to be no serious issues with the house. The roof is decent, though the AC unit is original (get a home warranty).