Real Estate in Phoenix, Arizona

Closing the business

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Tue, 27 Jan 2009 10:21:51 -0600

After a couple of profit-free years, I made the decision to close my real estate sales business and refer my callers to other active agents. Real estate taught me a lot, and I don't regret the effort made. I value the relationships forged and the soul-searching involved in this decision. Although I may continue to post from time to time, bear in mind that I am on the sidelines as an inactive license holder, no longer full time in the sales force.

Titanic Exhibit at Arizona Science Museum

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Fri, 30 Nov 2007 16:55:39 -0600

The Arizona Science Museum is hosting artifacts from the 1901 Titanic disaster from Nov. 10, 2007 to May 4, 2008. In addition to the objects and stories of suvivors, an IMAX film, Titanica, takes visitors through the chain of events that resulted in the disastrous voyage.

For more information about the exhibit, go to http://www.azscience.org/titanic.php.

For real estate in Phoenix, visit www.homekey.org or contact Marsha at (623) 337-8990.

Consumer Protections Lost when Banks become Sellers

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Fri, 13 Jun 2008 10:22:09 -0500

Banks now own more than 45% of the homes on the market in many areas of the nation through Foreclosure and Short Sale status. This has affected the buyer's ordinary rights in purchasing a home, and will have significant long-term effects. Important consumer protection rights which are being eroded or lost in a market situation controlled by Banks through REOs and Short Sales include:

1. Buyer loses the ability to set a firm closing date.

2. Buyer cannot choose the escrow company.

3. Buyer cannot state a time frame to receive an answer from the bank (ordinarily 1-4 days for seller to respond to an offer; banks take months to return a signed contract).

4. Buyer gets a ‘verbal acceptance' rather than a signed contract. Some only sign the contract at COE.

5. Buyer must sign addendums giving up the right to basic warranties on mechanical functions of the home and appliances.

6. Buyer must receive the home in ‘As-Is' condition - in a normal real estate market this means as it is on the date of the offer; for REOs it means as it is on the date of closing. If vandals move in and destroy it between the date of the offer and COE, the bank holds itself under no obligation to return it to the state it was in at the time of offer.

7. Banks have electricity and water turned off, even on ‘Open House' days, so the unsuspecting buyer will not know if there are major leaks or problems with electrical systems without spending $300-$500 for a professional inspection.

8. Since the water is off, the landscape will die in drier climates, further degrading the value of the property over the 3-6 months the banks take to close the deal.

9. Swimming pools left without maintenance are the cause of further value loss as a great deal of money must be spent to bring it back into service. Furthermore, they become mosquito breeding grounds for the neighbors.

10. Vacant homes are easily vandalized. The protracted wait period makes vandalism easier and more likely, further degrading the home's value.

With the market so skewed against consumer protection, why are we surprised that buyers are non-existent? Wise buyers would do well to stay out of this Russian-roulette market; wise sellers (read: Banks) should allow consumer protections to remain in the contract to lure smart buyers back into the market.

Short Sale in 2008?

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Tue, 01 Jan 2008 21:46:00 -0600

Should you Short Sale?

If you're following the news, you've been hearing about the mortgage crisis in America. Three factors have converged to create a difficult situation for many homeowners:

1) The market spiraled out of control in '05 and '06 when many bought their homes at record-high prices.

2) Buyers took ARM mortgages in order to afford the high-priced homes, with low starting rates which they could afford. Now those rates are re-setting to higher, market rates, making the monthly payments too expensive, since wages have not risen dramatically.

3) Home prices have now begun to reduce to normal, affordable amounts - which is great for those in the market to buy right now, but difficult for those who bought when prices were high. Now they may owe more than the home would sell for in today's market.

What should homeowners do in this situation? First, know the terms of your mortgage. Do you have a loan that will adjust? If so, calculate what your new payment is likely to be, and begin putting money aside to carry you through those first tight months. This will give you a buffer to make a sound decision when the time comes.

If your mortgage has already reset, and you are struggling, what are your options?

1) Refinance at a fixed rate - the best option if your credit is good and your home is still worth the amount you owe.

2) Work out a forbearance plan with the mortgage company - they may freeze the rates at the present level for a period of time, to allow the market value of the property to catch up to the loan value.

3) Short sale - if circumstances have caused your finances to bottom out - job loss, major medical costs, etc., the mortgage lender may allow you to sell the home for less than you owe. You will lose any equity you may have built up, but the impact on your credit score will be less than for a foreclosure.

4) Foreclosure - the bank will foreclose if you do not pay your mortgage. Act immediately to pursue one of the above options if you receive a foreclosure notice from the bank, as foreclosure is to be avoided if at all possible.

A Realtor can help you evaluate the best choice for your circumstances. If you have already received notice from your bank, legal advice is highly recommended. Be wary of people ready to ‘help' who have no professional licensing or credentials. Some will take advantage of your predicament.

If you are in a tough situation, don't give up. Call a real estate professional who understands these options and more. There is a way out, and there are professionals ready and qualified to guide your journey. Learn the life lessons that come from the storms, and resolve to carry new wisdom into tomorrow.

For more information and an objective view of your situation, call Marsha Cleaveland at 623 337-8990. www.HomeKey.org.

Are you upside down in your mortgage? Here’s what you can do.

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Mon, 07 Jan 2008 22:12:50 -0600

Homeowners who bought real estate in the '05-'06 boom, especially those who took out mortgages of near 100%, find themselves upside down with nowhere to turn. With a mortgage of $400,000 and a current market value of $320,000, many are frantic to sell and get the load off their back. But is selling the best answer for your situation? Find your scenario and assess your options:

SCENARIO 1: We are staying to raise our family/retire here.

If this is your situation, and your monthly payments are affordable for you, sitting tight may be the answer. Values will climb upward again as time goes by, and when you eventually sell, you will probably have equity. This may require a 2-5 year horizon, but if you love your community and have no financial or life pressures forcing you to move, it works for you.

SCENARIO 2: Our mortgage will re-set next month to a higher interest rate.

In this situation, you need to be doing some serious number-crunching. How much will your monthly payment increase? Do you have the income to maintain that new payment long-term? In some cases, you may be able to negotiate with your lender to keep that re-set from happening, but work it out before it's scheduled or before you miss a payment. If the lender won't negotiate, selling may be the answer. Selling for less than your mortgage payoff amount will require a short sale and the Lender's approval.

SCENARIO 3: We are already behind on our payments and we can't catch up.

Your situation is already desperate. Call a Realtor to discuss selling your home ASAP. This will be a short sale and you will need to give evidence to the Lender of the financial hardship which has caused you to fall behind. You may also try negotiations with the Lender's Loss Mitigation department to keep the house, but do it now - don't wait another day.

SCENARIO 4: We have received a Notice of Default from the bank.

Your homeownership is hanging by a thread. Waste no time - contact a Realtor who can explain the options of forbearance and short sale. Time is crucial and every minute counts to prevent the pain of foreclosure. The Notice of Default officially launches the foreclosure timetable, 90 days to auction/eviction in Arizona. Act now to spare your family this tragedy.

Being upside-down in your mortgage can present special challenges, but your real estate professional can guide you to the best answer for your situation. Contact Marsha Cleaveland at 623 337-8990 for your real estate needs. Or visit www.homekey.org.

Climb Piestewa Peak in Phoenix

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Tue, 08 Jan 2008 21:41:09 -0600

Wondering what to do on a lazy Sunday afternoon?

If you're in the mood for a great Sunday afternoon in Phoenix, here's the answer: climb Piestewa Peak (formerly known as Squaw Peak). There are seven trails to choose from, ranging from easy to moderate to difficult. Only two trails go all the way to the summit; dogs and bicycles are not allowed on these two.

The trail to the summit is difficult, yet is tackled by 4,000 to 10,000 hikers per week. Plan a two hour hike on the Summit Trail, then be pleasantly surprised if it doesn't take you as long. You will be climbing 1,200 feet in elevation on the 1.2 mile long trail. Carry drinking water as well as a nourishing snack to fuel the climb. From the summit you have a view of the valley in all directions. Immediately to the east is the mountain preserve, to the south is the Biltmore area, with Phoenix and Glendale to the west.

Five of the trails are appropriate for equestrian use and dog walking. Dreamy Draw Nature trail even has hitching racks and a horse trough for watering your horse.

Parking is available for all the trails, and restrooms, drinking water and picnic tables are nearby for several. For more information about the Piestewa Peak trails, visit http://phoenix.gov/PARKS/hikphgud.html

If you'd like to live in a city with a mountain reserve in its center, call Marsha at 623 337-8990 for information about real estate in Phoenix. Or search for homes online at http://www.homekey.org/.

When the Super Bowl brings you to Glendale...

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Sat, 05 Jan 2008 20:43:48 -0600

Glendale attracts thousands of visitors and new residents every year. With a growing population and rapidly expanding business network, opportunities flourish. You'll want to know what to see, where to go, and who to meet while you're here. How can you find out about the city before your visit? Check these websites for information about the city and events:

Visitors info

Super Bowl & Game links

Accomodations

http://www.visitglendale.com/hotels.php

Relocation Guide

News about Glendale

Economic Development

http://www.glendaleaz.com/economicdevelopment/index.cfm

Arts & Culture

Glendale Parks

Real Estate in Glendale

http://www.homekey.org/

Historic Craftsman Bungalows in Glendale

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Sun, 09 Dec 2007 22:02:08 -0600

Glendale adds homes to the National Register of Historic Places

Downtown Glendale has a 12-block core of beautiful craftsman bungalow homes built from 1915 to 1940. The area was declared a Historic District by the city, and recently the National Register of Historic Places has added several additional blocks, making a total of 134 historic properties recognized nationally. The area, known as Catlin Court, consists of the home sites of the founders and early business leaders of Glendale. This area hosts the "Glendale Glitters" event every winter, with a million Christmas lights, entertainment in the outdoor amphitheater, carriage rides, and charming restaurants and boutiques in the walking district.

Additional historic properties outside of Catlin Court bring Glendale's total historic properties on the National Register to 290. You can find more details at the Glendale Republic website, December 8, 2007.

After you enjoy a walk through delightful Catlin Court, call Marsha at 623 337-8990 or search at www.HomeKey.org to find your home in Glendale with Keller Williams Realty Professional Partners.

Glendale's Beauty Shines through

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Sun, 23 Dec 2007 21:33:23 -0600

Glendale Glitters continues with every weekend sparkling with entertainment. Murphy Park and the surrounding blocks are hung with over a million Christmas lights, making the area a fairyland of glistening trees. Come enjoy the horse-drawn carriage rides, charming shops with unusual and beautiful wares, and a variety of restaurants. Every weekend brings live entertainment.

For real estate in beautiful Glendale, contact Marsha at Keller Williams, www.HomeKey.org.

Decoding your Credit Report

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Mon, 19 Nov 2007 19:29:22 -0600

Decoding Your Credit Report

Find out what Lenders know about you

Leap over an initial hurdle that faces all borrowers by examining and polishing your credit report. For yourself and your spouse, go to www.AnnualCreditReport.com to order your free once-a-year report from each of the three credit reporting agencies. Get all three if you have not looked over your credit report before; after updating all, plan to get one report every four months to watch over your credit through the year. You must pay for your credit SCORE, about $15.00. Do this about once a year, from Fair Isaac or Experian. When you check your own credit, it does not ding your score; when a lender or credit card company or finance company or auto dealer checks it, it will affect (reduce) your score for the next two years.

GOAL: Credit Score of 680 up; 750 is even better; 800 up is excellent.

Once you have your credit report in hand, the following will help you interpret it.

Check for errors: PERSONAL INFORMATION: Start with the basics: Is it your correct name, address, and social security number? Your address information may be found at the end of the report as well, showing a history of the addresses you gave in the past.

NEGATIVE ITEMS: The report will show these first. Late payments, charge-offs, repossessions, and items sent to collection will be shown here. If they are more than seven years old, you can ask they be removed. If the items are incorrect, file a dispute with the credit reporting agency and/or contact the original creditor to prove the item is wrong. You may also place a statement beside the item to explain the extenuating circumstances that caused the late payment, etc.

ACCOUNTS IN GOOD STANDING: This list shows all accounts for the past 10 years, noting when the account was opened, credit limit (or highest amount ever spent), Duration (such as a 60 month car loan), Frequency (monthly/weekly, etc), Activity (should read paid and closed for a paid-off auto loan), Date reported (shows the most recent date that account reported in to the credit bureau), Balance Amount (as of the previous date; this may be different from your current balance as several months may have passed).

Other categories that may not be filled in include: Amount past due, Date of last payment, Actual payment amount, Scheduled payment amount, Date of last activity, Date major delinquency 1^st reported, Charge-off amount, Deferred pay start date (if you have worked out an arrangement to defer payments, it will be shown here), Balloon pay amount, Ballon pay date, Date Closed.

Some credit agencies show Current Status, Type of Account (installment/revolving), Type of loan (auto, mortgage, etc.), Whose account (joint, individual or authorized user).

Make your credit report sparkle:

no late payments

have only 4 or 5 credit cards: 2 bank cards such as Visa, Mastercard or Amex, 1 gasoline card, and 2 store cards such as Sears

no finance company loans

no bank personal loans

no foreclosures

no unpaid debt judgments

no bankruptcy

no unpaid taxes

no repossessions

Home mortgage loan is a bonus to credit if always paid on time. Any of the above negative items can be removed when they are more than 7 years old. Mortgage lenders give heavier weight to recent negative items (past 2-4 years).

A Strategy for Credit Card Success:

Close out all store credit cards from places where you no longer live, and all cards you no longer use regularly. Keep your oldest cards, as they demonstrate your long-term credit history. (Cancelled and closed cards will still appear on your credit history for 7 years.)

Aim to pay off all cards completely.

Use one card regularly (after all are paid off) paying it off each month. Use the other cards at least 2-3 times a year, paying them off completely when the bill comes.

Keep a ratio of less than 20% of total amount owed to total lines of credit. Example: $2,000 owed on all 4 credit cards combined, with combined total credit limit of $10,600 = 19% credit-to-debt ratio (in other words, don't max out your credit cards)

A basic credit card strategy is to have access to instant credit through having a good payment reputation, but never use the money as a long-term loan.

Financial Health Strategy: Determine to pay down all credit cards and secure a savings stash to rely on instead of credit cards. Gradually put aside enough to cover car repair ($600+), appliance repair/purchase ($500+), medical emergencies ($1000+), and job loss buffer (enough to cover three months of bare necessities. Total financial health savings = $8,000 up. Don't touch this money unless a major disaster strikes (don't use for Christmas, vacations or to shop sales!)

Target date: To have your stash built up in 2-4 years, divide total desired amount by 24 to find amount to put aside each month to save in 2 years ($334 per month = $8,000 in two years) Set up an automatic withdrawal from the bank account where your paycheck is deposited to a savings account to make this happen. If you don't have to make the decision again every month, there is less chance you will fail.

You can have a terrific credit report now that you know the secret: examine and correct it, then pay down your debt and prepare your cash reserves. You'll be in a great place to get a home loan.

Calculate your mortgage or search for a home online at www.homekey.org. For a home in Arizona, call Marsha Cleaveland, Keller Williams Realty 623 337-8990.

Finding a Great Realtor

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Mon, 24 Dec 2007 15:07:24 -0600

Finding a Great Realtor

When you're ready to buy or sell your home, you're looking for a real estate professional. Someone who will listen to your desires and do the research to find a home targeted to your needs, at your requested price point. A person who will keep your business confidential. A professional who will negotiate on your behalf, using appropriate strategies that result in the best possible outcome. You want someone who will keep you abreast of developments as your transaction goes forward.

Buying or selling property can have many unexpected pitfalls, but your professional realtor has the tools and training to guide you through to a successful closing.

Your real estate experience is a passageway to major life change: your new home. Whether you are relocating to a new city, downsizing, buying a first home, moving up, or buying investment property, you deserve excellent representation. Call on a professional known for personal integrity and team cooperation.

For more details and links to real estate information, visit www.HomeKey.org. Have a wonderful day!

Marsha Cleaveland, Keller Williams Realty. Search for a home online at www.HomeKey.org.

Should I buy a home right now?

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Wed, 21 Nov 2007 09:45:05 -0600

Top Three Reasons to Buy a Home Right Now

Lush inventory to select your home from. More than 50,000 homes are on the market right now in the greater Phoenix area, for example. New homes, nearly new homes and older homes -- you will see an abundance of inspiring homes in your price range and in the neighborhood of your choice. With selection at an all-time high, why not buy right now?

Prices have moderated from the highs of 2005. If your favorite area was priced too high a year or two ago, check again this year; you will be pleased to find many reductions. New home builders are also offering price reductions and incentives, letting you put the finishing touches on your home. Sellers and builders want you to buy right now.

Mortgage rates are still close to the lowest in history. Get your credit in order by reviewing your credit report and eliminating debt to take advantage of low interest rates (see Decoding Your Credit Report for more information on how to get and understand your credit report). Work your way through your debt; this is vital to your financial health whether you are buying a home or not. Ideas for eliminating debt can be found in Eliminating Debt for Homebuyers. You'll also need to save up a few thousand toward the earnest money deposit and down payment. With these preparations, you'll likely qualify for special treatment with your mortgage lender when you buy right now.

Don't miss out on the chance to own a choice home now when these vital factors are in your favor.

Contact Marsha at (623) 337-8990 for information on homes in your area. Search for homes at HomeKey.org. Keller Williams Realty Professional Partners.

Make 2008 a financial growth year by doing a check-up now

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Tue, 27 Nov 2007 10:40:21 -0600

My Financial Life from Three Altitudes

Sea level: How much money is in my purse and bank account right now?

What's my debt load? Don't let borrowing be your default plan for 2008

What's my credit score? Get a free credit REPORT (score costs $) at www.annualcreditreport.com

Credit Score: a number between 350 and 850 which grades your financial reliability.

Credit Reporting Agencies:

Experian http://www.experian.com/

TransUnion http://www.transunion.com/

Equifax http://www.equifax.com/

Arial view: What are my plans for a financially healthy future? What action must I take?

saving for retirement

buying a home

paying off all debt

college savings plan for kids

saving for a daughter's wedding

emergency funds for car repair, appliances, etc.

medical insurance and deductible

Celestial view: Where's my heart on financial matters?

Thankful for what I have - relationships and material wealth

Ready to share

Committed to principles that create value

Marsha Cleaveland, Keller Williams Realty. Search for a home online at www.HomeKey.org.

Government in Glendale -- You can be in the know

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Tue, 04 Dec 2007 13:53:16 -0600

2008 Neighborhood Legislative Link in Glendale, Arizona

Learn how city and state government works in this series of six free classes at the Glendale Adult Center, 5790 W. Brown Street in Glendale. Exercise your right and ability as a citizen in our progressive city.

Session 1: Legislative Kickoff -- Dec. 6, 2007, 6-8 p.m.

Session 2: Arizona Legislature on the Web -- Jan 10, 2008, 6-8 p.m.

Session 3: Neighborhood Day at the Capitol -- Jan 17,2008, 9:30 a.m. to 1 p.m.

Session 4: Hot Legislative Issues -- Jan 24, 2008, 6-8 p.m.

Session 5: Mid Session Recap -- March 6, 2008, 6-8 p.m.

Session 6: End of Session Report -- July 10, 2008, 6-8 p.m.

All sessions require advance registration or RSVP. Please call Deanne Burt (623) 930-2813 for more details.

For details about properties available in Glendale, go to www.homkey.org, or call Marsha at (623) 337-8990.

Glendale's Art and Culture

Marsha Cleaveland, GRI, AHWD, CNE (No longer in the sales business) — Fri, 30 Nov 2007 16:24:04 -0600

Glendale's treasured collection of public art can be viewed via a driving tour for Glendale's visitors and residents. Maps can be found at www.glendaleaz.com/arts/PublicArtDrivingTour.cfm. Public art on display includes a mural by Robert McCall entitled "Icarus Triumphant: The Legend Retold" as well as sculpture "Meeting on the Trail" by Allen Houser and "The Irrigators" by Debbie Gessner at the Main Public Library. "The Sun and The Moon" chandilier by Dale Chihuly graces the lobby of the Foothills Branch Library, and "A Tribute to Firefighters" relief by Jay Tschetter fronts the 59th Avenue Fire Station. See photos at VisitGlendale.com.

Arizona Art Alliance is sponsoring an exhibit at the Glendale Visitors Center entitled "Enriching Life Through Art." The exhibit runs Nov. 30 to Dec. 2, 2007. For more information on current AAA sponsored events, go to www.azartalliance.com.

Glendale has art, drama and culture. For properties available in Glendale, contact Marsha at (623) 337-8990 or visit our website at www.HomeKey.org.