One of the facts of the mortgage business today is that it can sometimes be a hurry-up-and-wait game. When it comes to buying a house, I have seen it more than once lately where the seller’s lender who has to approve the purchase contract (because it is a short sale or a bank owned property) takes months to approve the sale and then request/demand that the deal must close in 21 days or less.
It can sometimes be a game of wait, wait, wait… hurry.
Wait, Wait, Wait... Hurry!
I don’t really spend too much time wondering why this is, I just make the observation that sometimes it is.
Which makes it all the more important for you to ask this one important question of your loan officer up front:
“How long will it take to close my loan once I have everything to you that you require?”
By asking this simple question, then if you somehow end up in this situation where you have had to wait, wait, wait… hurry you will know if your loan officer is up to the task or not.
So if you are planning on buying a home in Arizona and find yourself in this situation – who do you call?
Not me.
Call these guys.
They promise with their checkbook that they can get your loan closed in 10 days or less.
Which in my opinion is absolutely-eye-popping-remarkable for today’s lending environment. They have managed to put all of the pieces together under that are required to do this and if it were up to me, I would put them on the Today Show for being able to pull it off on a consistent basis.
But they haven’t asked me to write on their blog.
Yet.
About the Author: Justin McHood is a mortgage broker with VanDyk Mortgage Corporation. You can find him at Arizona Mortgage Team, on the Zillow’s Mortgages Unzipped Blog, and at most East Valley Friday Nights gatherings. He’s the one in the blue shirt.
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Hey! I’m growing a moustache to help raise awareness and funds for men’s cancer.
“Uh, dude you’ve already got a moustache,” you may be thinking.
Not any more!
For only the second time in… 25 something years, the ‘stache is gone.
Why in the world would I do this, and why now?
Because it’s Movember – a worldwide movement to raise awareness and much needed research funds for men’s cancer.
Prostate cancer will strike 1 in 6 men in their lifetime, and testicular cancer is the most common cancer afflicting men aged 18 – 35 (but us older guys are not immune).
Perhaps it’s just me, but I’m rather fond of my prostate and testicles and I have no desire to lose them. Or my life.
Funds raised will go the The Prostate Cancer Foundation and Livestrong.
So fellas, join our team and grow a mo! Ladies, you can join too and be a Mo Sista! (no donation required. A little publicity would be cool though.) We need your support!
And if you can spare ANYTHING, even a buck, you can donate here. Why not give up tomorrow’s latte and donate $5?
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One does not have to drive far in Gilbert (or anywhere in the Phoenix metro area) to see this:
This would be an abandoned subdivision. The streets and sidewalks are in, utilities are run to individual lots, there may even be some common area landscaping done.
But there aren’t any homes.
The builder’s bailed at some point for a variety of reasons – low/no sales, financial difficulties (including bankruptcy), you name it.
Sometimes you’ll even find them with half-built homes – full of tumbleweeds.
It’s a sign of the cratered new home construction market.
However… there are some signs of life, particularly in Gilbert.
Here’s a photo I took yesterday about a half a mile from my house:
That would be active new home construction, and every one of the homes in this photo are already sold.
The Arizona Republic reported yesterday that three builders – Toll Brothers, Pulte and Meritage homes – have purchased about 230 ready-to-build lots in Stratland Estates (near Higley and Germann roads) and plan to start building early next year.
This subdicvision was left nearly empty after the developer, Stratland Estates LLC, filed for bankruptcy on July 2008, according to the Republic article.
Pulte bought 107 lots and plans to build three models ranging from 1900 to 3000 square feet. Sales should begin in March 2010. Meritage expects to build 65 homes and Toll Brothers about 60.
Additionally, 34 spec homes were sold to an independent investor.
This comes on the heels of news that the Town of Gilbert has issued nearly 1,000 new home construction permits this year – twice the number officials expected. In September, Gilbert issued 116 new home permits, more than any other Valley municipality, including Phoenix proper.
What this may mean for “traditional” sellers
From an overall real estate market perspective, an increase in new home construction is generally considered a good sign.
But if you are a “traditional” seller – meaning you are trying to sell the home you are living in – there may now be even more competition for buyer’s eyes. You are already competing against foreclosures and short sales, along with existing new homes – many of which are offering loads of buyer incentives.
That is a LOT to compete with. Many real estate buyers think they can get a “better deal” with a foreclosure or short sale (this is not always a safe assumption, but it’s something you have to contend with). And it’s hard to look past incentives like $30,000 – $80,000 in free upgrades on a new home.
You can’t really directly compete with a new home builder offering crazy incentives. But you CAN make your home clean – immaculate clean – offer a warranty, get it pre-inspected and do repairs, make it easy to show, be willing to negotiate and price it realistically. That will help level the playing field.
A traditional seller in the Phoenix market can get their home sold. It’s not easy, it will probably take time, and in all likelihood you won’t get as much for your home as you’d like. But it can be done.
I know that’s not what anyone wants to hear, but you’ll get no sugar-coating here.
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