Urban Life

Do you need help with a short sale or foreclosure in Phoenix?

There is a lot of confusion for homeowners facing foreclosure or short sale in the Phoenix AZ area. We get phone calls and emails every day with short sale and foreclosure questions like:

• Will I be responsible for the loan deficinecy?
• How do I negotiate with my lender?
• How long does it take to sell a home by short sale?
• What is HAFA?
• My loan modification didn't work so what do I do now?
• Can I stop a foreclosure with a short sale?
• The house I am renting is going to foreclosure, what are my rights?

We like helping people answer these questions or pointing them to people who can help. In times like these we need to do what ever we can to help each other. Below is a list of some places you can find answers to your questions about short sales and foreclosure. If you don't see something that addresses your specific questions or concerns, pop us an email at Gene@UrbanTeamAZ.com or give us a call at 602-234-5777. Most of the time we have answers and if not we'll do our best to point you to a caring pro.

Short Sale Information and Help:

Short-Sale-Phoenix.com is a site dedicated to information about short sales in the Phoenix area. There are dozens of articles from news sources around the country, a step by step guide for selling homes by short sale, contact information for attorneys and much more.

Information About Avoiding Foreclosure:

Know Your Options is a new site put out by Fannie Mae. designed to inform homeowners of the various options avialble to them. It is acutally a pretty good site, but remeber it was put together by the government so they spin things a bit.

Legal Help With Foreclosures & Bankruptcies:

Your local bar association can help you find an attorney who specializes in foreclosure and bankruptcy law. We have found a couple local sources that our clients said were excellent as well. They are:

Nagle Law Group
4530 E. Shea Boulevard, Ste. 140
Phoenix, AZ  85028
602-595-6951
robert.nagle@naglelaw.com or stuart.pack@naglelaw.com

Hymson, Goldstein & Pantiliat, PC
14646 N. Kierland Blvd., Ste 255
Scottsdale, AZ 85254
480-991-9077

We really do hope this information is of help. We spend hours each week studying information about short sales and foreclosures; It can be overwhelming.

Best to you,

Gene Urban & Ron Urban
The Urban Team
602-234-5777

we are bothers... we will treat you like family

Urban Team Lauches Short Sale Phoenix Web Site

The Urban Team is proud to announce the launch of our newest web site... www.Short-Sale-Phoenix.com. By the name you know the topic: Short Sales in the Greater Phoenix and Scottsdale, Arizona region.

The site has a lot of information about selling and buying homes via the short sale process. We have a FAQ section, common forms area, a page with a step by step guide for selling a home by short sale plus legal resources and more.

If you or someone you know has questions about short sales in the Phoenix Arizona area, we have lots of answers, help and information. We hope you enjoy the site and feel free to toss us an email with questions and thoughts.

Best to you,

Gene Urban & Ron Urban
The Urban Team at Realty Executives
602-234-5777

Search Results for Arizona Foreclosure, Bank-owned Homes, Condos, Land and more

We've received a few emails asking us to provide an easy way to search and find the bank-owned listings in Arizona. The search tool at the end of this email will provide you with up-to-date information on the available bank-owned homes in the Greater Phoenix market as well as some, but not all listings in other cities around the State of Arizona.

WHAT'S GOING ON IN THE REO/BANK-OWNED HOME MARKET?

Today, the bank owned market in the Greater Phoenix area is a wild animal. In just the past 4-6 weeks the market has taken a huge shift as Investors are buying everything they can. The nicer bank-owned homes are getting multiple offers and many are cash deals.

Buyers are finding they have to be quick and nimble to compete in this market. Hours can mean all the difference and what you think is a done deal may not be due to loop-holes the banks put in their contract addendum's.

The graph shows the trend for Pending listings in the city of Phoenix only.

For those who like definitions, "Pendings" are properties with accepted contracts and have been submitted to title and escrow company for processing.

As you can see the sales trend is way up. Based on current ARMLS stats, the rise is sales is continuing at a fervent pace. Our current pending count is nearly 14,000 with another 4500 contracts waiting for a few T's to crossed and I's to be dotted before they convert to Pending.

Predictably, the active (for sale) home inventory numbers have fallen. Last Fall we saw inventory levels in the low-to-mid 50,000's; Today the number is just a hair over 36,000 and bank owned homes account for only 5300 listings.

Those who think they have missed the boat, we don't think so. Most every analytic tool we use says a truck load of new bank-owned homes are riding into town. Unemployment and other factors are causing even more people to loose their homes. It's not pretty and a lot of people will need our love, support and help this summer so be kind our there.

Below is our bank owned home search tool. The initial view show the 20 MOST EXPENSIVE bank owned homes on the market. We show this view for two reasons... one... Foreclosures can happen to anyone, two... Someone with money can make a lot on some of these high end homes.

A recent sale happened where a home worth 4.5 million in 2006 sold for 1.55 million. After a few, mostly cosmetic, repairs were made, the home could go back on the market at 2.99 million.

Have fun, explore the market and let us know if you have any questions... you know we're here for you. We hope you have a great Memorial Day weekend. Have fun, play hard and love your kids.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

Use the drop down menus to modify the search criteria. You can also save your searches
and even have the system email you when new bank-owned homes come to market.

Rise in Greater Phoenix Foreclosures Not Being Talked About

Basically, I am an optimist, yet the realist in me feels a need to write this piece suggesting another wave of foreclosures in coming down the pike. Some beasts just don't want to die.

What prompted this post was a wave of news articles saying all is well in real estate-land while the foreclosure data feeds I follow disagree.  A fellow blogger, Dean Ouellette, made a similar discovery on his blog. So I thought I'd add to the mix.

In the past month over 7200 pre-foreclosure letters were sent to home owners in the Valley while 2643 homes completed the foreclosure process through trustee sale. These are pretty high numbers and appear to be rising. (I'll know for sure in 3-4 weeks when there is enough data to see a clearer picture.) Due to some market manipulation by the government, accurate foreclosure tracking has been difficult.

The good news is that foreclosures are selling briskly. In the last month the inventory of REO homes dropped from about 9200 to the mid-6000 range. 71% of the home sales in Phoenix were bank owned and similar numbers could be found throughout the local market. Even esteemed areas like Paradise Valley are seeing foreclosures account for 21% of their sales. Less popular areas like El Mirage saw 92% of their homes sales come from the bank owned inventory. 

Our concern about increased foreclosures is primarily home values. Banks don't care about neighborhood values and home buyers want the best deal possible. The result is bank owned homes sell for much less than privately held homes and depress values. Below is a graph demonstrating the effect of bank-owned homes on both the listing market and the sales market... pretty much speaks for itself. (Just click on the graph to see an enlarged image.)

The graph simply puts into pictures what was described above. Not too pretty is it.. unless you are thinking about buying a home.

For home buyers and investors, this is an inviting market. We won't talk about what this means to homeowners... no need to belabor the obvious.

Bottom line... The media is behind the eight ball once more and you are not. At least that makes me feel a bit better.

Best to you,

Gene Urban
The Urban Team at Realty Executives
602-234-5777

Urban Team & MetLife Home Loans Announce Real Estate Seminar

Some of our readers know about our new blog site, Real Estate Investing 101. If not, here is a quick overview of why we launched the site and what the seminars are about.

There are a lot of people teaching folks how to get rich-quick in real estate. They put on seminars, sell books, CD's, software and "stuff". When the seminars are happening in Phoenix we, as Realtors, know because of the calls we get. Seminar attendees call real estate agents and brokers asking us to make offers on their behalf... lots of offers. They do not want our advise or counsel, only our access to ARMLS and the ability to write contracts. Ron and I have gotten to know a few of these people and some of what they are taught is misleading or outright dangerous.

One example were two brothers from the the southeast. We asked them lot of questions and the answers were either vague such as' "oh they have that handled for us" or the response was simply bad information. The bottom line was last summer, when the market was really tanking, these two brothers were being taught that flipping properties was a great way to make a killing. Those of us in the business knew this was a risky proposition and probably a great way to lose a fortune rather than make one. We tried to caution them and were met with deaf ears.

In response, Ron and I decided to create a web site dedicated to providing new or would be residential real estate investors quality information and advice. To supplement the web site we've created a series of seminars designed to educate people about the ins and outs, dos and don'ts, and nuts and bolts of becoming an owner of residential rental property.

Our first seminar is being co-hosted by the good people at MetLife Home Loans. Ron Urban, who was the designated broker of a mid-size property management firm for several years, will be leading the discussion. His experience at buying and/or managing over 150 investment properties provides the foundation for the class and Judy Giel with MetLife Home Loans will discuss several loan options. A Q & A session will be part of the evening.

To learn more, get time and dates, or sign up for this fun event, go to our investment web site... Real Estate Investing 101. You can sign up for the workshop via a Meet-Up.com link provided on the site or by sending us an email. Naturally, if you have a friend or know someone at work who has an interest, pass on the link to them. The more the merrier is what we say.

Have a great Friday and we hope to see you at one of our events.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

TOP 10 PLACES TO TAKE YOUR VALENTINE TO DINNER IN THE PHOENIX & SCOTTSDALE AREA

It's funny how many people call us asking for our suggestions on things like where to take my valentine for dinner. Being in real estate, we do get around a bit; However, I turned to the experts for answers to this question... top meeting, event and party planners.

 The results of our survey are pretty interesting. Some suggestions include well known, long time favorites and others are a bit less recognized.

Anyway, below are a few ideas the pros say will wow your sweetheart.

#1    Elements @ The Sanctuary Resort in Paradise Valley came in with the most votes. If you have not been to Sanctuary, you are in for a treat. It's a stunning boutique resort with great views and even better food. The menu is worth taking a look at with many tempting items like wild mushroom ravioli.

#2     Different Point of View at the Hilton Pointe Tapitio. This is a long time Valley favorite for many. The views can't be matched and the patio is a great spot for wine before dinner. They've won a bundle of awards including New Times "Most Romantic."

#3    Lon's at the Hermosa Inn. Lon's lies within an historic ranch house on the Phoenix/Paradise Valley border. Named after legendary western artist, Lon Megargee, this place oozes comfort and charm. Chef Michael Rusconi has his own gardens on property and is known for the intoxicating flavors his dishes exude.

#4    Bloom located near Gainey Ranch gets more raves for its interior design than its food... not to say the food isn't great but people especially like the intimacy. They have a special Valentine's menu going on the 14th.

#5    Coup des Tartes gets missed on a lot of lists but rates high on romantic places to go. It is intimate and feels a bit French. It's a BYOB place so go by AZ wines or Sportsman's first. The building was originally a farmhouse on an olive and date farm. Food and Wine magazine say, “A bistro atmosphere worthy of New York City’s Soho”... pretty strong praise and just one of the many fine reviews you'll read about this place.

6)     T-Cooks at the Royal Palms Resort is a worthy addition to this list. It is situated in one of the sweetest properties in town and has a specialness that transcends words. The menu is fanciful with favorites like Pan Roasted Duck Breast with spiced confit pave and Seared Loch Duart Scottish Salmon. Oh help me, my senses go on overload just writing this stuff.

7)    The Estate House at Southbridge in Old Town Scottsdale is getting major raves. Amy and I have not been here yet (this would have never happened when she was an active meeting planner). However, we are told the service is way above average and the food is both creative and tasty. It's not a place for those who like Cheesecake Factory portions and it's not inexpensive. Heck, who wants cheap on Valentines day?

8)    La Fontanella in the Arcadia distinct is rated as one of the bests Italian restaurants by Fodor's. Isabella Mannone-Bertuccio is the owner/chef and has created a Tuscan style menu that truly pleases the pallet. The staff is expertly trained, just aloof enough to make them interesting and always helpful. The Gnocchi is to die for and the ambiance is perfect for a Valentine's night out.

9)    Roy's was mentioned by many of the experts. Amy and I have been to Roy's many times and always enjoy the food. I'm not sure it could be classified as romantic though because of the high activity factor. Its a lively place. The Ahi is exceptional  and I'm a big fan of the tenderloin as well.

10)    Cibo in downtown Phoenix is a must go place.  Tony & Karen, the proprietor's, are always moving about making sure their guests are happy and well cared. Exceptional pizza is what Cibo is about. Add a historic home turned restaurant, patio with fireplace all nestled in a grand Phoenix historic district and you are set for a great time.

Well, we hope this has been of help. If you make it to one of these eateries, please come back and post a comment to this blog about your experience.

Happy Valentines Weekend to you,

Gene Urban
The Urban Team at Realty Executives
602-234-5777

Where to watch the 2009 Super Bowl in Phoenix, Scottsdale, Tempe, Glendale, and Peoria Arizona

Everyone at the office was talking about places to watch the Cardinals and Giants play in the 2009 NFL Super Bowl game this coming Sunday. Oooh... a blog post idea in the making. So I called a few friends and thought about places I've gone to enjoy a game. I asked Fred the Dog for his suggestions too. So, here are some of the best sports hot spots in Phoenix, Scottsdale, Tempe, Glendale and Peoria for your review.  By no means is this a complete list and I would love people to comment on their favorite sports hang.

Below is our list; Click on the highlighted link to visit the individual web sites. Many of these places have Super Bowl events going on all weekend... all well be jammed, so plan on arriving early.

Downtown Phoenix:

You know I love downtown Phoenix. You may want to take the light rail and catch the game at one of the many sports venues downtown offers:

MAJERLE'S SPORTS GRILL:  Majarle's was probably the first sports bar to open downtown. The food is above par and always one of my favorites before a DBacks game. AJ, one of the owners, is a good man and his staff is always easy on the eyes and enthusiastic about their work.They will have Super Bowl specials I hear.

ALICE COOPERSTOWN: This is shock rocker Alice Cooper's place with wide variety of food, over 20 beers on tap and they definitely know how to party.

STOUDEMIRE'S DOWNTOWN:  The place is sweet and a bit more upscale than your usual sports bar. The food is said to be good but it's not cheap... nor are the drinks.

Other Phoenix Sports Hangs:

16TH STREET SPORTS BAR: One of the agents in our office likes this place. He says it's a classic neighborhood sports bar. Not fancy, but a good burger, killer wings and friendly people... well maybe not if your a Giants fan on this day.

HAZELWOODS:   Another neighborhood sports bar. The wings are good, the drinks are cheap, and the Famous 10" burger is just huge. Service tends to be unreliable and not as friendly or well trained as we expect in this resort-industry town.

GALLAGHERS: Gallagher's has 4 locations in Phoenix, 1 in Chandler and 1 in Peoria. I've been known to frequent the 16th & Morton location since it's walking distance from our Realty Executives office. The food is good and the service is generally prompt. They have a lot of regulars so they must be doing something right.

ZIPPS SPORTS GRILL: Zipps is another multi-location sports bar. They are traditional style sports bars with good drink specials, cheap and plentiful food (the fries are darn good) and lots of screens for good viewing. Zipps will be hosting a variety of Super Bowl parties this weekend.

Scottsdale Possibilities:

FOX SPORTS GRILL:  Fox Sports Grill is one of Scottsdale premium sports nightclubs. It's a big place with a variety of rooms, large and small. The place is pricey... not a surprise for where it's located and the amenities, decor and large staff. Food is not typical sports bar either. They usually take reservations but not for this Sunday. It's going to be packed so plan ahead.

FARRELLI'S CINEMA SUPPER CLUB: This option came as a surprise to me. Farrelli's is noted for it's dinner and a movie concept. For Super Bowl Sunday they will be projecting the game on its 12' x 26' screens with food and beverage service as usual. This won't be a sports bar atmosphere but it could be interesting.

SANDBAR MEXICAN GRILL: Sandbar has locations in both Scottsdale and Peoria. They are kind of a Mexican grill/sports bar fusion. Sand is the thing here... just check out the patio. Ladies, don't wear heels though. The fish tacos and nachos generally get raves. They have a lot of screens and service is usually pretty friendly.

Tempe:

THE LIBRARY: This is a great place... definitely a college bar and noted for its eye-catching staff. They have a lot of TV's, if you can keep your eyes on them,  and the best web site I've seen.  

THE TAVERN:  The Tavern is a really big place on Mill Ave. It boasts 7000 sq. ft., 37 HD widescreen TV's, 2 patios and a full menu and bar. Super Bowl 2009 specials will be happening they say.

Glendale and Peoria:

I don't get to the West Valley for sports so I only have a couple suggestions given by a friend. If you know others, let us know in the comment section.

MCDuffy's: This is an offshoot of Roger Egan's original sports bar in Tempe but under new ownership now. It's a sports bar on steroids. Big place with loads of screen, comfortable seating, a patio and good food.

Well, we hope this gives you some ideas for your SuperBowl fun. Go Cardinal's and have a great time.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

ARIZONA... STILL THE PLACE PEOPLE WANT TO LIVE

A recently published report in Forbes Magazine tells us that Arizona was still the place people came to live, work and play in 2008. Only one state, Utah, has a higher growth rate than our desert wonder.

The article suggests growth is mostly about jobs and Arizona may have to work a little harder in that department to keep on top of the list. Speaking of the list...

Utah, 2.53 percent
Arizona, 2.31 percent
Texas, 2.03 percent
North Carolina, 2 percent
Colorado, 2 percent
Idaho, 1.85 percent
Wyoming, 1.8 percent
Nevada, 1.79 percent
Georgia, 1.71 percent
South Carolina, 1.7 percent

Many feel Arizona will continue to be a popular destination for retirees.  Retirees bring dollars to the state with real estate investment and spending while adding economic stability through their retail demands.

I feel the real key lies in our ability to adapt to the changing economy and position ourselves for the future. TGEN is a fine example as well as the ASU downtown expansion. The new convention center, while unlikely to be profitable in pure dollars will add needed exposure to potential new residents and businesses.

Growth is an expression of excitement, energy and creativity. Much has happened in our State to be excited about. We now have the opportunity to utilize the efforts of the past to spark our future.

Gene Urban
The UrbanTeam at Realty Executives
602-234-5777

REO AND BANK OWNED HOMES ARE GETTING EASIER TO BUY

Ron and I have noticed a shift in the mindset of banks trying to sell their foreclosed inventory.  This is good news for everyone, including the banks and buyers.

Just a few months ago it could take several days to weeks to get a response to an offer on a bank owned property. You’d have a willing and able buyer and the banks would simply not reply to the offer in a timely manner. It was frustrating to the buyer and made the agent look like an idiot. I know some of you are saying… the agents are idiots but that is another conversation.

Today, we are seeing the banks respond with blazing speed to our offers. One day answers are not uncommon. However, the process is a little different; verbal verses written replies are common. This, to a seasoned Realtor, is a bit of an adjustment.  We are trained to conduct all transactions in writing as oral agreements are not upheld by the courts in Arizona.

The first time we received an oral counter offer we replied, please put that in writing. We were met with an eerie silence followed by a "banks don't work that way." In fact, most banks conduct their initial counter offers and contract adjustments through conversation. This shift has quickened the process of arriving at a meeting of the minds. Thus far, the new approach has been effective and without problems.

Once the oral bartering is concluded and all parties reach agreement, the bank/seller pops out an addendum to the contract confirming the final deal and sends it to the buyer's agent for signatures. The document is returned for bank sign-offs and you have a fully executed contract. The time period for getting bank/seller signatures can be a week or so.

We've found that Title/Escrow companies, as well as lenders understand this process and will take the the contract and seller addendum with only the buyer's signatures to get their part of the transaction started.

A couple of other notes of interest:

• Like most sellers, the banks are typically not dropping their shorts (price wise) during the first month of listing. They want to test the waters as does any seller of real property.
• Many banks are accepting contracts asking for help with the buyer's closing costs.
• Some banks are offering to pay for home warranties. This is great since the buyer is accepting the home in as is condition.
• If the inspections uncover significant unknown problems, don't be afraid to as the bank to make repairs. You might be surprised, especially when it comes to termites.
• Most of the bank generated addenda require the buyer to pay real estate transfer fees. This  includes real estate transfer taxes (we don't have these in Arizona and won't thanks to Proposition 100) and HOA transfer fees. Make sure you know what the HOA transfer fee are as some are quite high.

We, at the Urban Team, are happy working with bank owned real estate. The transactions are pretty straight forward with only a few hurdles and unconventional  processes. Hope this info helps.

Gene Urban
The Urban Team at Realty Executives
602-234-5777
www.UrbanTeamAZ.com

WIST OFFICE PRODUCTS... A LOCAL FIRST ARIZONA MEMBER REVIEW

Another article in our ongoing series on locally owned businesses. As our loyal readers know, we are BIG fans of buying from local businesses whenever possible and WIST Office Products makes it happen in the Phoenix and Tucson markets.

I headed down to Wist, located in Tempe, and was met by Heather Rodriguez, their director of business development. I was initially surprised by the size of their building and scope of the operation. This is a big place and does a lot of business. 

Speaking of business, Wist has been in it for over 50 years and is being run by 2nd and 3rd generation Wist family members. I got to meet Ian Wist and was taken by his sincere, honest style... the kind of guy you would like as a neighbor and friend.

Heather took me around the building and explained the operation. Customers can utilize a variety of methods to order their supplies. Large clients have their own outside sales reps, access to the Wist on-line catalog, in-house order desk or can even have a customized on-line order portal created. Small to mid-size companies are generally taken care of by in-house service staff or the on-line catalog. All orders are taken by Wist staff, not an outside call center. This is true for their customer service department... you talk to a real live person who can walk down the hall, if necessary, to track down and resolve your problems. I get the sense there are not a lot of problems for Wist customer though. They've won a lot of awards for exceptional service including a #1 in Ranking Arizona.

In addition to fine customer service, WIST is a strong supporter of the community. Their long time relationship with the Boys and Girls Club of Phoenix has ensured thousands of Valley boys and girls have a good day. They also offer special pricing to Local First Arizona business members.

So, before you head to the big box to fill your office needs, give Wist a try. You not only help support a local company, you help boost our economy by keeping our dollars working at home.

Wist Office Products
107 W. Julie Drive
Tempe, AZ
480-921-2900
www.wist.com

Best wishes... Gene Urban