We think it should get extended for the second time, but we can’t say for sure.

Here’s the link to the IRS website is case you aren’t exactly sure what it is.

Are you in a home now that is upside down in value?  Have you been “on the fence” about short selling or foreclosing and don’t know which would be best &/or when?

In 2007, it was one of the last things Bush signed and it blew open the doors for Short Sales because before then people had to pay taxes on the “Phantom Income” they received from their creditors (IRS Form 1099 C). 

Until the end of this year, it’s still in effect. 

We do expect it will be extended again, but probably not until the last hour like in 2010 when President Obama had extended it for another 2 years.

We do expect it will cause delays in the last half of this year for short sales in general because of the “rush” of people who will want to short sell their home they are upside down in before it’s they think it’s too late.

We do think it’s a good idea to talk to someone now just in case it doesn’t get extended. But again, we do feel strongly that it should.

Please call at 480-696-5800 OR Click here and get started online if you think you are ready to explore your short sale options.

East Valley MLS Inventory History, 2001-2012

If you’ve been looking for homes in the Maricopa County East Valley recently, you’ve experienced it.  Multiple bidding wars are not fun when you are the Buyer but great for the Sellers out there- which mainly consist of the banks (either via REO or Short Sale). 

What’s different from last time this happened (2005) is we do not have available the “liar loans” any longer that were blamed for the false increase in values and our appraisers and underwriters are very conservative today, so I do not believe we will see pricing sky rocketing anytime soon; but the prices for Real Estate definitely are not going down any longer either.

Between the Local Builders not building homes during 07-11 the way they had in years past and the pricing hitting bottom (with investors buying up everything), not to mention interest rates being so low (4% on average); we’ve hit a perfect storm in our local Real Estate market- which will pass! But for the time being, Buyers Beware- it’s going to take some patience to get the right home at the right price right now.

Please feel free to contact us if you are wondering what your home is worth today or if you are in the market to find a new home and need the right firm with experience to help navigate you through this current madness!  480-243-4242

Rebecca Hidalgo shares our latest tool with you to shop all New Home Builders at the same time online, view floorplans and incentives- SHOP HERE NOW if you are interested in checking out homes with Builder Warranties, NO BIDDING WARS, no waiting on Banks to find out if your offer was accepted, and what’s best is everything is brand new and most of the time can be customized to your taste.  Our inventory in the Phoenix Metro Area is at a record low (just checked today, now only 15734 homes Active on the market, this time last year, 44000 were available to pick from?!?) and with record low rates, now is the time to buy!

Rebecca just helped Jimmy and Helen of Gilbert get the keys to their brand new house  at Ashton Woods in Gilbert.  After helping them with 2 Short Sales in the past, this was such a happy day for them to get the keys to their brand new home.  Tomorrow, Rebecca gets the pleasure of helping another family get the keys to their brand new Pulte home in Mesa.  For the buyer out there that has been beaten up in bidding wars and lost, the local builders are a wonderful alternative.

The Brand New Homes not only have Builder Warranties in place but are also built today with much more energy efficiency than we’ve seen in years past as well.  Shea homes and many others are building their homes GREEN and offering Solar Panels, we’ve seen advertising recently on homes that are so energy efficient they are promoting next to nothing utility bills?!

This is definitely a great alternative to shopping for a home.  Foreclosures and Short Sales may seem like a bargain, but after repairs and updating is done to those homes and taking into consideration the cost of utilities for a used home over a new home, they may not be the best bargain in town ANYMORE. 

Please feel free to ask for help from Rebecca and her team to figure out which is the best option for you. 480-243-4242