Foothills Insider News, January 29th, 2008

As more and more investment properties (a.k.a “rental properties”) hitting the market, the increased number of Sellers claim no knowledge of property conditions on SPDS – Seller’s Property Disclosure Statement. This adds an additional uncertainty into the Real Estate transaction and hurts both, Buyers and Sellers. Buyers are more concerned with the conditions and soundness of the home they chose and more likely to walk-out from the deal. Which in turn affects the Sellers, who now have to wait for another Buyer to show up. In the current market conditions it most likely will cost them both, time and money.

One of the possible solutions in that situation is to ask Sellers to provide a history of repairs from the property management company. This could indicate problem areas and its severity to the Buyers (and to the Sellers).

Meanwhile, if you are a Short Seller or a potential Short Seller (A short sale in real estate occurs when the outstanding loans/obligations against a property are greater than what the property can be sold for. Short sales are a possibility for homeowners to avoid foreclosure on their homes while paying off their loans by settling with lender.), you might want to consider receiving counseling from one of the approved by HUD (US Department of Housing and Urban Development) counseling agencies: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.

QUOTE
A positive attitude may not solve all of your problems, but it will annoy enough people to make it worth the effort.
Herm Albright

Long Realty Agent’s tour:

MLS #:20804194: 56321 N Via Acacia, Tucson, AZ 85718. La Paloma Ridge Estates. $1,249,000.
MLS #:20800637: 2436 E Placita De La Victoria, Tucson, AZ 85718. Enclave at Pima Canyon. $1,795,000.
MLS #:20748957: 6651 N Campbell St, #255, Tucson, AZ 85718. Skyline Village Condominium. $210,000.
MLS #:20803103: 3820 N Via Avellana, Tucson, AZ 85718. Rio Cancion Estates. $1,295,000.
MLS #:20802550: 7050 E Sunrise Dr, #13201, Tucson, AZ 85750. Pinnacle Canyon Condominium. $219,000.
MLS #:20802011: 6091 N Golden Eagle Dr, Tucson, AZ 85750. Ventana Canyon Golf Villas. $529,000.
MLS #:20801316: 7203 E Stone Canyon Dr, Tucson, AZ 85750. Ventana Canyon Mountain Estates. $2,599,000.
MLS #:20801896: 6426 N Desert Wind Cirl, Tucson, AZ 85750. Ventana Canyon Estates. $2,350,000.