Chateau On Central Open To Buyers At Significantly Reduced Rate. Save  millions!

The brownstone development, Chateau on Central, at Palm Lane and Central Avenue this month opened to buyers again after months of construction led by the developer, MSI West Investments.

MSI West Investments bought the property this year for $7 million after efforts to sort out [...]]]>

Chateau On Central Open To Buyers At Significantly Reduced Rate. Save  millions!

The brownstone development, Chateau on Central, at Palm Lane and Central Avenue this month opened to buyers again after months of construction led by the developer, MSI West Investments.

MSI West Investments bought the property this year for $7 million after efforts to sort out the bankruptcy of Mortgages Ltd.

Luxury homes

The 21 homes in this development are three stories and include a basement or wine cellar. They also include high-end amenities such as granite countertops, elevators and terraces.

Price point

Most homes include about 5,200 square feet of space, but one home has up to 8,200 square feet.

These luxury homes were originally priced at more than $2.8 million, but since MSI West Investments bought and has worked on finishing the homes, the price has been slashed in half to about $1.4 million.

Home business

The homes, which are near the Phoenix Art Museum and Heard Museum, are made for mixed-use. This designation allows owners to operate offices or businesses in the homes.

Call Us Today For A Viewing Appointment of Chateau On Central 602-791-1766

The chief executive officer of a global sports management corporation, an orthodontist, a radiologist and a Canadian homebuilder are among the buyers and sellers in this week’s priciest home sales. $3,950,000.

Paradise Valley Properties LLC, a Florida limited-liability company whose managing members are Thomas J. Gast and [...]]]> The Phoenix Valley’s priciest home sales In February 2010

The chief executive officer of a global sports management corporation, an orthodontist, a radiologist and a Canadian homebuilder are among the buyers and sellers in this week’s priciest home sales. $3,950,000.

Paradise Valley Properties LLC, a Florida limited-liability company whose managing members are Thomas J. Gast and Elizabeth F. Gast, purchased a seven-bedroom, 10-bath, 13,206-square-foot home along the western edge of the Camelback Golf Course in Paradise Valley. The home was sold by Alan L. Nero and Lisa M. Johnson as trustees of the RJLJ Declaration of Trust. Alan Nero was named chairman and CEO of CSMG Sports, a global sports management corporation in Chicago in 2000.

$3,239,000.

Gray U.S. Investments LP of Calgary, Alberta, paid cash for a 6,429-square-foot home with pool originally built in 2007 at the Silverleaf Club in Scottsdale. The home was sold by John J. Harris and his wife, Stephanie.

$2,751,000.

William M. Cannon, as trustee of the William M. Cannon Trust, paid cash for a five-bedroom, 6 ½-bath, 7,693-square-foot property north of Mummy Mountain in Paradise Valley. William Cannon is a personal-injury attorney with Cannon & Dunphy in Brookfield, Wis. The home was sold by A. Paul Serrano as sole member of Sapphire Home LLC.

$2,500,000.

Nataliya V. Plyushcheva and her husband, Imtiaz Ahmed, bought a six-bedroom, 6 ½-bath, 7,980-square-foot home at Mockingbird Square north of the Paradise Valley Country Club. Plyushcheva is a radiologist practicing in the West Valley. The home was sold by Paul Evans and Nicole McCurry-Evans and Scott and Julie Van Drunen.

$2,300,000.

Cal Wenzel, his wife, Edith, and Sharlene G. Rickett, all from Calgary, Alberta, paid cash for a five-bedroom, six-bath, 8,200-square-foot home originally built in 2007 west of the Eagle Mountain Golf Club in Scottsdale. Cal Wenzel is president of Shane Homes Ltd. and Creations by Shane Homes in Calgary, Alberta. Sharlene Rickett is vice president of corporate relations for the residential homebuilder. The home was sold by SAKK Investments LLC, a Nevada limited-liability company in Scottsdale.

Researched by John McLean and the Information Market.

In the heart of uptown Phoenix’s desirable Camelback corridor is latest condominium community -  2211 Camelback. With spacious interiors, exquisite styling and a host of amenities, 2211 Camelback delivers an extraordinary [...]]]> The Residences at 2211 Camelback
Biltmore Phoenix Townhouses, Condo’s

Free Central Phoenix MLS Home Search

In the heart of uptown Phoenix’s desirable Camelback corridor is latest condominium community -  2211 Camelback. With spacious interiors, exquisite styling and a host of amenities, 2211 Camelback delivers an extraordinary lifestyle and value. Plus, it pits you at the doorstep of all the exciting Biltmore district has to offer, such as fine dining, upscale shopping and endless entertainment activities.

It has been said that the measure of extraordinary is in the details. The Valley of the Sun’s finest example of life beyond the expected awaits your discovery at the most preferred urban residential address in the prestigious Camelback Corridor. The Residences at 2211 Camelback – a sanctuary within the heart of the city’s preferred cultural district, teeming with couture boutique shopping, exquisite dining, world-class resorts and spas, championship golf, and a liberal array of fine and performing arts venues – heralds Phoenix’s newest landmark of sophisticated urban living.

An ambience of distinction embraces residents and their guests upon arrival and rewards them with soaring architecture, a palette of graceful interiors that invite individuality, and a bountiful treasure of luxury amenities that ensure personal comfort and the ultimate in security and convenience. The 12-story design affords breathtaking views of the Valley – from majestic mountain views to panoramic skylines – dramatically captivating by day and by night.

Biltmore Fashion Park	- One Block
The Ritz Carlton	- One Block
Arizona Biltmore	- One Mile
Freeway 51	- One Mile
Scottsdale Fashion Square	- 10 minutes
Bank One Ballpark	- 10 minutes
America West Arena	- 10 minutes
Phoenix Civic Plaza	- 10 minutes
Phoenix Sky Harbor International Airport	- 10 minutes

Concierge Staff

• Laundry and dry cleaning service with pick-up and delivery
• Personal spa services
• Travel and driver services
• Dining reservations and catering
• Special events tickets
• Shopping services
• Housekeeping and maintenance services
• Pet services, auto detailing, plant care, etc.
• Business services

Valet parking and underground parking

• Valet parking for residents and guests
• Secured, underground garage with elevator access to the resident floors
• Private, secured entrances to the underground garage from 22nd Street and East Camelback

Technology

• State-of-the-art communications and high-definition television services
• Wiring within each residence to support telephone, high-speed internet, high-definition satellite television, home theater 5.1 surround sound, and multi-room audio
• Wiring hubs in each residence for easy management of telephone, data and television wiring systems

Amenities

• Original artwork by renowned artists throughout common areas
• Gracious lobby with stone floor, coffered ceiling and cascading water wall
• Exclusive resident party room featuring separate guest entrance from porte-cochere, fireplace, 50″ plasma
  screen television, wet bar and catering kitchen with separate service entrance
• Business Center with private boardroom, computer, high-speed internet, fax, and copier
• Fitness Center with state-of-the-art equipment, men’s and ladies’ locker rooms, steam rooms, and massage room
• Roof top pool terrace with zero edge pool, sun deck, spa, fire pit, gas barbeque, and panoramic mountain and downtown views
• Roof top entertainment terrace with lounge seating and breathtaking views of Piestewa Peak
• Private resident storage units located in the underground parking levels

SECURE ENVIRONMENT

• 24 hour on-site security staff
• Bio-metric fingerprint readers control access to resident common areas and resident floors
• Monitored security cameras for exterior entrances, service areas and underground garage
• Each residence includes a stand alone security system with keypad controls

INTERIOR APPOINTMENTS IN RESIDENCE

• 10′6″ coffered ceiling heights on Levels 1 and 12
• 10′0″ coffered ceiling heights on Levels 10-11
• 9′6″ coffered ceiling heights on Levels 2-9
• Recessed lighting in foyer, great room, dining room, kitchen and master bathroom
• Recessed drapery pockets above all windows
• Rounded drywall corners
• Stone flooring in foyer, kitchen, and master toilet room
• Natural gas fireplace with a travertine hearth and surround in the great room
• Solid core doors with raised panel
• 3 1/2″ door casings and 5 1/2″ baseboards

LUXURIOUS MASTER BATHROOMS

• Marble or granite vanities with Kohler® undermount sinks
• High quality cabinets with full overlay maple doors and concealed hinges
• Over-sized mirrors in wood frame over sinks and make-up vanity
• Kohler® steeping tub with stone tile deck and surround
• Kohler® Coralais faucets and shower fixtures with matching accessories

GOURMET KITCHENS

• Granite countertops with 4″ stone backsplash, Kohler® Entrée undermount sink and Kohler® faucet
• High quality cabinets with full overlay maple doors and concealed hinges
• Dacor® stainless steel gas cooktop, convection oven and microwave oven
• Sub-Zero® built-in refrigerator/freezer
• Asko® dishwasher with concealed controls
• Under-cabinet fluorescent task lighting

To receive more information on 2211 Camelback Townhouse lofts and condos in Phoenix, or to set up an appoint for viewing, please  call 602-791-1766 or email bettezerba@cox.net

Schools
Grocery Stores
Restaurants
Banks
Gas Stations
Golf Courses
Hospitals

- Main Marker

Two Biltmore Estates. Biltmore Phoenix Townhouses

Phoenix is  fast becoming the real estate capital of the country. However, there hasn’t been much luxury and master-planned communities for the affluent in Phoenix until now with The Two Biltmore Estates. These private and exclusive homes provide generous single-level floor plans with [...]]]>

Two Biltmore Estates. Biltmore Phoenix Townhouses

Phoenix is  fast becoming the real estate capital of the country. However, there hasn’t been much luxury and master-planned communities for the affluent in Phoenix until now with The Two Biltmore Estates. These private and exclusive homes provide generous single-level floor plans with inspired designer styling throughout. The Two Biltmore Estates define luxury and fine living in Phoenix.

Overlooking the Adobe Golf Course of the world famous Arizona Biltmore Resort and Spa are 38 distinctive residences in a private gated enclave. Now available for purchase, Two Biltmore Estates offers and opportunity to own a home in prestigious Biltmore area.

Two Biltmore Estates and its sister community, the sold out Fairway Lodge, are the first new home communities at the Arizona Biltmore Estates property in more then a decade and will be the last constructed in the area. Perfect for empty nesters looking for greater convenience without downsizing or those looking for luxury second home, Two Biltmore Estates offers four distinct floor plans ranging from 3,500 to 4,800 square feet. Detached guest suites with full baths also are available on select plans.

The plush homes feature 11-foot ceilings and utilize state-of-the-art construction, including concrete block and steel and rubberized sound abatements. The community offers a 2,500 square foot, lavishly appointed clubhouse equipped with a display kitchen, state-of-the-art fitness center and plasma television. A gorgeous pool and spa accent the property, allowing residents to socialize, relax and rejuvenate.

The elegant two-to-four bedroom residences start at $2.2 million.

Currently, the Two Biltmore Estates in beautiful Phoenix are on sale. Built by GK Biltmore LLC, this experience team of construction and designer professionals has also developed luxury residences at The Fairway Lodge and Two Biltmore Phoenix. With over 800 luxury homes under their belt, the developers of Two Biltmore Estates have also a golf course (Adobe Golf Course in Phoenix) master-planned and owned since 1987.

Luxury Residences at Two Biltmore Estates in Phoenix
Quite ironic, but still interesting, is that the Two Biltmore Estates in Phoenix offer more then two spacious and exclusive plans. Termed as ‘resort living at its finest’ the Phoenix Two Biltmore Estates will feature one, two, and three bedroom estate homes of up to 3,000 square feet in size.

1780 Plan at Two Biltmore Estates
The 1780 floor plan tells you what it is …. Essentially a luxury estate with 1780 of square feet of space. With great open and airy common areas including living room, dining area and gourmet kitchen, these Two Biltmore estates in Phoenix will be perfect for entertaining your family and friends. As well, an elegant master suite is matched with amazing finishing in the master bath room with its own Juliet balcony.

2300 Plan at the Estates at Two Biltmore Phoenix
Looking up to the 2300 square foot floor plan, this luxury estate has more room for a spacious gourmet kitchen, with a curving island breakfast bar that is perfect for formal dinners and simple snacks at the Phoenix exclusive estates. Great amenities and styles grace these 2300 Plan luxury estates at the Two Biltmore in Phoenix.

2400 Plan at Two Biltmore Estates in Phoenix
No where else in Phoenix will you find a more exclusive and private estate as the 2400 Plan at the Two Biltmore Estates. With generous dining area, living room and kitchen, these Two Biltmore Estates luxury homes offer great rooms that open onto a covered terrace. Everything is elegant, luxurious and truly exceptional at The Two Biltmore Estates in Phoenix.

The Amenities at Phoenix’s Two Biltmore luxury estate residences
With amazing finishing, high-end kitchen appliances, granite counters and amazing wood floors, the Two Biltmore Estates are what you have often dreamed about. These Phoenix estates also have lavish master baths and separate showers as well as the most amazing finishing you will ever see in any luxury development in this city. The Two Biltmore Estates in Phoenix define fine living.

There are breathtaking views of golf courses and landscapes surround the Two Biltmore Estates residences. If you’re accustomed to such luxury living, then you’ll feel right at home at the Two Biltmore Estates in Phoenix.

The Site at Two Biltmore Estates in Phoenix
An amazing master-planned exclusive community, The Biltmore in Phoenix is all about great planning, style, architecture and management. From lush landscaping to inspired architecture throughout the community, The Two Biltmore Estates will be a part of the Biltmore community that consists of six luxurious buildings, a main entry, clubhouse for Phoenix Biltmore owners, as well as the resort, spa and surrounding golf course. The current phase sees the construction of building one at Two Biltmore Estates and the clubhouse and main entry. Future phases includes the development of the remaining luxury residences and estates for The Biltmore Phoenix in Arizona.

To receive more information on Two Biltmore Estates Townhouse in Phoenix, or to set up an appoint for viewing, please  call 602-791-1766 or email bettezerba@cox.net

A major joint venture for Short Sales was announced late Tuesday (Oct.20). RE/MAX International issued this press release: Contact The Cutty Group of Re/Max Desert Showcase  For More Info on This Short Sale Program 623-252-5591

Real Estate Leaders Unite to Reduce Foreclosures New Short Sale Strategy Designed to [...]]]> Short Sale Plan Will Help Phoenix AZ Families

A major joint venture for Short Sales was announced late Tuesday (Oct.20). RE/MAX International issued this press release: Contact The Cutty Group of Re/Max Desert Showcase  For More Info on This Short Sale Program 623-252-5591

Real Estate Leaders Unite to Reduce Foreclosures New Short Sale Strategy Designed to Help Homeowners Avoid Foreclosure

RE/MAX International of Denver, Colorado and HEART Financial Services of Northbrook, Illinois have agreed to work together to help homeowners avoid foreclosure. The real estate franchisor and loan modification leaders have created a unique pre-foreclosure or “Short Sale” strategy that will make it easier for families to sell their homes and avoid the trauma of a foreclosure.

“It’s unfortunate that the Short Sale process has been so difficult to navigate in this marketplace,” says Dave Liniger, Chairman and Co-Founder of RE/MAX International. “We’ve been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start.”

At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure. Lenders that offer loan modifications to their at-risk borrowers will be invited to participate in this new Short Sale program.

Trained customer service representatives will provide detailed Short Sale information to all homeowners who cannot obtain a loan modification or do not wish to retain their property. If a homeowner believes that a Short Sale might be appropriate, they are directed to a secure Internet website where they can obtain more information, and select a real estate agent in their community who has received comprehensive training on the Short Sale process. RE/MAX has designed this unique online database to assist homeowners with Short Sale information and easy agent referrals, and will use the closing management services Integrated Asset Services of Denver, Colorado.

“It’s been our experience that many homeowners aren’t even aware that Short Sales are a reasonable alternative to foreclosure,” says Jerry Alt, President and Chief Executive Officer of HEART Financial Services. “Each month we speak with thousands of homeowners who can’t qualify for or don’t want a loan modification. For the most part, when we refer them back to the servicer for a potential Short Sale, we lose the opportunity to help the borrower while we have them on the phone. Now, we can offer these homeowners some hope and a more efficient process to list and sell their home.”

The number of homeowners who could rely upon a Short Sale may be in the millions. According to realtytrac.com, July, August and September had the highest foreclosure numbers on record and some analysts say there is a “shadow” inventory of foreclosed properties as high as 7 million, which could start hitting the market in a few months. Out of all the applications reviewed for a loan modification, less than 50% are successful. And a high percentage of successful loan modifications eventually re-default.

“We have been talking to numerous industry leaders, legislators and Administration officials trying to draw attention to the Short Sale situation,” says Liniger. “It’s just not possible for the housing market to recover fully until the inventory of foreclosed properties is significantly reduced, and Short Sales offers one practical way to help do this.”

There are over 11,000 real estate agents in the United States who have received the Certified Distressed Property Expert (CDPE) professional designation. Over 60% of those are affiliated with RE/MAX. In addition, the National Association of REALTORS also offers a similar Short Sale, Foreclosure and REO (SFR) designation. Agents who have received special Short Sale training like these designations could be selected to participate in this new Short Sale program.

Short Sales can occur when a lender agrees to accept a sales price for a home that is lower than what the homeowner owes on the mortgage. The Short Sale transaction is more complicated than the average real estate sale and consumers are urged to deal with agents who have specific training in the process.

Contact The Cutty Group of Re/Max Desert Showcase  For More Info on This Short Sale Program 623-252-5591

HEART Financial Services will begin offering the newly developed Short Sale process to the loan modification applicants of their clients within the next few weeks.

# # #
About HEART Financial Services
HEART Financial Services, LLC is headquartered in Northbrook, Illinois and has over 200 professional customer service representatives and loss mitigation negotiators dedicated to assisting mortgage borrowers. Since mid-2008 HEART Financial has worked with over 800,000 consumer mortgage borrowers and has achieved closing rates in excess of 40%. No fees are charged to the consumer for working out a suitable plan for home retention. As one of the largest loan modification facilitators in the country, HEART Financial has a proven record of reaching the problematic “no contact” borrowers before a decision to foreclose has been made and achieves higher resolution rates than industry averages. HEART Financial is dedicated to developing successful outreach programs for our servicing clients to engage their customers in a meaningful manner to work out a suitable solution to avoid foreclosure.

Free Phoenix MLS Search
Features Full  and FREE access to ALL Phoenix  MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, Peoria, Glendale, Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona. Find REO’s, Short Sales,Bank Owned, Foreclosures! The Cutty Group!

Some Valley residents actually benefited from the housing crisis. Here are some of their stories:

First-time owners take advantage of tax credit

Christina and Chad Haller said the First-Time Homebuyers Tax Credit motivated them to buy their first home sooner than they had planned.

“We probably would’ve waited a year if [...]]]> Some Valley residents benefit from housing crisis

Some Valley residents actually benefited from the housing crisis. Here are some of their stories:

First-time owners take advantage of tax credit

Christina and Chad Haller said the First-Time Homebuyers Tax Credit motivated them to buy their first home sooner than they had planned.

“We probably would’ve waited a year if it weren’t for the tax credit,” Christina said.

More than 38,000 Arizonans have taken advantage of the tax credit, which expires Nov. 31, according to the IRS. It covers 10 percent of the home’s purchase price, up to $8,000.

The Hallers closed on a 1,200-foot, three-bedroom, two-bathroom home in Gilbert in June. After spending about six weeks repainting most of the home and fixing up a few things, such as adding new stainless steel appliances to the kitchen, they moved in the first week of August.

“We saw a million houses, so I was just happy to finally find one that my husband and I were happy with,” said Christina Haller, whose home cost $132,500. “We really wanted to live in Tempe, but we were on a budget, and it was a cute house that we could afford.”

Former renter finds $75,000 deal in Buckeye

Buckeye newcomer Geanna Gute had never imagined homeownership would be so affordable.

Gute, a bill collector who had been a longtime renter, purchased a pristine 1,860-square-foot bank-owned home, built in 2005, for $75,000.

It had been appraised at $200,000 in October 2008.

Like many Arizona home buyers in 2009, she took advantage of an alternative federal loan-guarantee program through the U. S. Department of Agriculture that does not require a down payment.

Gute, 58, said her monthly payment is $650, and the only thing she had to pay for up front was a reshoot of some inspection-related photos.

“I had to pay $60 – that’s all I paid,” she said.

The USDA-guarantee program is similar to the FHA’s in that private banks still provide the loans, and the government promises to pay off the loan if the borrower defaults.

Despite the lack of a required down payment, USDA loans historically have the lowest default rate among government-insured loans.

The lesser-known federal-guarantee program has provided a shot in the arm to outlying areas of the Valley, where an oversupply of speculative homes and abundance of foreclosures have lowered home values significantly. According to the USDA, it has guaranteed more than $400 million in home loans this year in Arizona.

Although the loans are restricted to “rural areas,” the definition includes Buckeye, Queen Creek and most of suburban Pinal County.

Phoenix fireman buys bank-owned residence

Phoenix firefighter Korey Young said he wasn’t cut out for living in an apartment.

Because of the foreclosure crisis, he doesn’t have to.

“I need space,” said Young. “I make a lot of noise. I like to ride dirt bikes. I always have a bunch of friends over.”

The 24-year-old Phoenix resident purchased one of more than 28,000 Valley bank-owned houses that sold in the first eight months of 2009.

Young paid about $195,000 in July for the north-central Phoenix home
, which had been gutted and came with no major appliances. Fortunately for Young, another prospective buyer had backed out of the deal after repainting the interior and laying new carpet.

Still, Young said his home, like most of the bank-owned homes he saw, is a fixer-upper. Buyers who don’t like weekend trips to Home Depot probably should look elsewhere.

“There’s always a project going on here,” he said.

Source http://www.azcentral.com/business/realestate/articles/2009/10/09/20091009biz-vhv-bargains1011.html

Free Phoenix MLS Search
Features Full  and FREE access to ALL Phoenix  MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, Peoria, Glendale, Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona. Find REO’s, Short Sales,Bank Owned, Foreclosures! The Cutty Group!

Thinking of living in Scottsdale. Here is a nifty little video about Scottsdale AZ

Free Phoenix MLS Search Features Full  and FREE access to ALL Phoenix  MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, [...]]]> Scottsdale AZ Living.

Thinking of living in Scottsdale. Here is a nifty little video about Scottsdale AZ

Free Phoenix MLS Search
Features Full  and FREE access to ALL Phoenix  MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, Peoria, Glendale, Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona. Find REO’s, Short Sales,Bank Owned, Foreclosures! The Cutty Group!

According to Wikipedia, “foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court-ordered termination of a mortgagor’s equitable right of redemption.” To put it simply, foreclosure is a legal process in which a lender takes over ownership of a property when the borrower [...]]]> Phoenix Foreclosure Facts

According to Wikipedia, “foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court-ordered termination of a mortgagor’s equitable right of redemption.” To put it simply, foreclosure is a legal process in which a lender takes over ownership of a property when the borrower is in default of payment. Foreclosures can end in several ways, including pre-foreclosures, auctions and Real Estate Owned (REO), all of which are explained in further detail in this section. For prospective buyers, foreclosures can result in significant savings, since the lenders that take back the properties typically aren’t in the business of being landlords and will do whatever they can to sell them.

The Cutty Group can show you every foreclosure throughout the Phoenix metro area and lists all foreclosures in their free mls search

What are the two types of foreclosure?

1. Non-judicial, which occurs in deed of trust states. In this type of foreclosure, a third party that is empowered to foreclose or take back the property when the mortgage is in default holds title. Since the lender does not need to file a lawsuit against the mortgage holder to foreclose or take back the property, these foreclosures can take as few as 60 to 120 days.

2. Judicial, which occurs in mortgage states. Since the mortgage holder holds title and has to go to court to rectify the matter when the mortgage goes into default, this type of foreclosure can take much longer than non-judicial.

Four steps to foreclosures

Understanding the four steps to foreclosure can help prospective buyers to purchase properties at the best possible price.

1. Pre-foreclosure. This is the period during which a property owner starts missing payments but before formal legal action has been taken. During this time, a property owner may be more likely to consider any offer if it means saving their credit and avoiding full foreclosure.

2. Notice of Default (NOD). This is the first legal step taken in a formal process of foreclosure.

3. The foreclosure sale. Depending on whether it is a judicial or non-judicial process (each state varies), the foreclosure sale can take as long as a year. Judicial foreclosure sales are often held on courtroom steps as soon as a judgment is reached.

4. Redemption period. This is the time period some states allow for a property owner to get title back, provided they pay the full balance of the loan and various fees. Prospective buyers need to know if they are purchasing a foreclosed property that has a redemption period, since they won’t want to make major improvements to the property until they know for sure it is theirs.

A pro — and some cons — to consider

Since no transaction is truly without risk, here are some downsides to foreclosures — and one very good reason why purchasing a foreclosure may be right for you:

Pro

- A foreclosed property can often be purchased at a better price. In fact, the savings can be so significant it can outweigh all of the following cons:

Cons

- Foreclosures can be emotionally draining since they are the result of another person or family losing their American dream.

- Very often, foreclosed properties have been left empty, neglected and vandalized, resulting in immediate expenses for the new owner.

- The legalities of purchasing a foreclosed property can be much more complex and challenging than a traditional real estate sale.

Where to turn for help?

When purchasing a foreclosed property, you will likely want one or all of the following professionals on your team:

1. Realtor®. A Realtor® , like the Realtors of The Cutty Group are professionally trained to deal with all types of transactions, including foreclosures. Some real estate firms even have departments devoted entirely to foreclosures.

2. Home inspector. Since foreclosed properties have often been neglected and vandalized, this is especially important here. Even auctions leave a window for interested parties to examine properties before they’re put on the block. If you’re unable to inspect a property prior to purchase, follow your gut, but you might want to move on to the next property on your list.

3. Mortgage broker or lender. Even if you find the foreclosed property of your dreams and can agree on a purchase price, securing a loan has never been more difficult. Before you even begin your search, you should consult with a mortgage broker or lender to determine if you’re qualified to purchase and for how much.

Free Phoenix MLS Search
Features Full  and FREE access to ALL Phoenix  MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, Peoria, Glendale, Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona. Find REO’s, Short Sales,Bank Owned, Foreclosures! The Cutty Group!

A developer, two doctors, an estate-planning attorney and a builder are among the buyers and sellers in this week’s priciest home sales.

$6,000,000.

Marcarco III, a limited partnership based in Delaware, paid cash for a four-bedroom, four-bath, 5,215-square-foot home originally built in 1958, with a 1,175-square-foot pool. The home sits on more [...]]]> Phoenix AZ  September Luxury Home Sales

A developer, two doctors, an estate-planning attorney and a builder are among the buyers and sellers in this week’s priciest home sales.

$6,000,000.

Marcarco III, a limited partnership based in Delaware, paid cash for a four-bedroom, four-bath, 5,215-square-foot home originally built in 1958, with a 1,175-square-foot pool. The home sits on more than 9 acres of land northeast of the Paradise Valley Country Club in Paradise Valley. The home was sold by Northern Trust NA in Phoenix, as successor trustee of the J.D. Trust.

$2,750,000.

James Beatty and his wife, Stephanie, bought a seven-bedroom, 6 1/2-bath, 9,143-square-foot home with a pool. The home was originally built in 2007 on 4 acres west of Troon Country Club
in Scottsdale. James Beatty is managing member of Brighton Land Development Group in Scottsdale. The home was sold by Joanne Tedesco, managing member of JHT 1 LLC, an Arizona limited liability company

$2,635,000.

Ali Mojaverian-Majd and his wife, Neda Kobari-Ghotbi, purchased a five-bedroom, 5 1/2-bath, 7,656-square-foot home built in 2008. The home is northeast of Paradise Valley Country Club in Paradise Valley. Mojaverian-Majd specializes in internal medicine and pulmonary critical care and is a member of the Phoenix Medical Group in Peoria. The home was sold by NC Mockingbird LLC, an Arizona limited-liability company managed by NC Properties LLC whose sole members are Craig Banner, president/CEO American Traditions Builders, and Neil Ginsberg, principal/president/CEO of Pinnacle Diversified LLC.

$2,500,000.

PVC OPS LLC, an Arizona limited-liability company whose sole member is Lawrence Scaringelli, as trustee of PVC Operations Revocable Trust, bought a six-bedroom, 6 1/2-bath, 7,549-square-foot home with a heated pool. The home was built in 2007 in Paradise Valley. Scaringelli is an estate-planning attorney at Becker & House in Scottsdale. The home was sold by Paradise Valley Holdings 6307 LLC, an Arizona limited-liability company, whose sole managing members are Richard and Linda Fisch, principals of Mountain Shadows Custom Homes.

$2,375,000.

RGOI Investments Ltd., a Texas limited partnership, paid cash for a five-bedroom, five-bath, 6,019-square-foot home built in 2007 in the north Scottsdale golf community of Mirabel. RGOI Investments Ltd.’s principal is William D. Snyder, an orthopedic surgeon in McAllen, Texas. The home was sold by Dynamic Land Investments LLC, an Arizona limited-liability company, whose managing member is Ronald J. Zaha.

Researched by John McLean and the Information Market.

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