Jerry Raviol

1640 S. Stapley Dr., #124 • Mesa, AZ 85204
TOLL FREE: 1888-JRAVIOL (572-8465)
CELL: (602) 695-5478
Office: (480) 820-3333
Fax: (480) 907-1443

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West USA Realty

Archive for Foreclosure

An honest assessment of the impact of the coronavirus (COVID-19) on my clients has to include a whole bunch of “I don’t know”, but it likely won’t be good. I think it will take a week or so until we get a sense of the number of people that will fall into the groups below.

Group 1 – Folks that don’t want to go look at homes.
Group 2 – Folks that don’t want people in their homes to look at them.

The results will be-
1) Some folks in both group 1 & 2 = trouble.
2) Lots of folks in both group 1 & 2 = big trouble
3) Many more folks in one group than the number of folks in the other group = big trouble

I’m an expert in helping local people buy and sell, not heath issues or national real estate. I’ll keep you posted as the answers to these questions become more clear.

 

Jerry Raviol, Associate Broker
West USA Realty
Direct: (602) 695-5478
Office: (480) 820-3333
Fax (480) 907-1443

JerryR@HouseAZ.com
www.HouseAZ.com

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– Current coronavirus policy –
Any clients with a house for sale that does not want to have visitors (occupied or vacant), I will take the property off the market. Buyers who want to see homes must know that each homeowner has the ability to accept or reject my request for an appointment. All my open houses are cancelled.

Jerry Raviol, Associate Broker
West USA Realty
Direct: (602) 695-5478
Office: (480) 820-3333
Fax (480) 907-1443

JerryR@HouseAZ.com
www.HouseAZ.com

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The market has turned around.  5 homes have sold already for an average price of $413,600.

Check out more details below about the homes recently sold and currently for sale in the neighborhood.

If you would like a Free market analysis of what you home is worth in today’s rising market, just give me a call.

Jerry Raviol
West USA Realty
www.houseaz.com
602-695-5478

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Now that you have watched part 1 of The Real Scoop on Real Estate you know how the market can be flooded with foreclosures and short sales, yet home values are on the rise in the Arizona market.  In part 2 of The Real Scoop, let Jerry Raviol tell you what he thinks the future holds for homeowners. Both buyers and sellers need to be prepared for what is to come. To find out more – watch the video message below and then contact Jerry with your questions.

Jerry Raviol
West USA Realty
www.houseaz.com
602-695-5478

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Have you been wondering how the market can be flooded with foreclosures and short sales, yet home values are on the rise in the Arizona market? Jerry Raviol can explain how these contradictory things can actually be taking place in our market today. To find out more – watch the video message below and then contact Jerry with your questions.

Stay tuned – Next week Jerry will talk more about this topic in part 2 of  “The Real Scoop on Real Estate – 2012”.

Jerry Raviol
West USA Realty
www.houseaz.com
602-695-5478

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There have been some recent sales, new listings and homes that have gone off the market in the neighborhood these past few weeks. To see more details about the current listings in the WildHorse neighborhood click the image below.

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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Dec
13

Foreclosures During the Holidays

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Watch the video below to learn about the only town that does not have any foreclosures and how to handle foreclosures during the holidays.

Click the play button to watch the video.

 Happy Holidays,

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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Sellers often ask me what’s the difference if they do a short sale or just let the bank foreclose?  Most of the time property owner’s long term financial health is better off if they do a short sale. There are, however, some cases where the property owner’s long term financial health is better off by letting the bank foreclose or doing a bankruptcy.   

Your current situation is temporary, your finances will change in the future, and the choices you make now can affect you long term.  The most popular tools available to fix your situtaion include –
  • Short Sale
  • Foreclosure
  • Deed in lieu of foreclosure
  • Loan Modifications
  • Bankruptcy

Each of these tools will have a different impact on both your short and long term financial health.  Don’t let the bank foreclose before you know the difference, and you and I talk about the details. My initial consultation is free.

A short sale occurs when you negotiate with the mortgage company to accept less than the full balance of the loan.  When you consider a short sale or foreclosure you need to consider how they will impact the following items:

 Credit History
A foreclosure will hurt your score by approximately 250 to 300 points for at least three years. In addition the loan will show on your credit report as foreclosed for 7 years.

With a short sale only the late or missed payments prior to the short sale will be reported, the points off your credit report can be far less, and if you make all you other payments on time the impact will only be 12-18 months.  Furthermore, if the lender agrees to accept nothing more than the proceeds from the sale the loan is typically reported as “settled” or paid in “full”.

Getting a Mortgage in the Future
In addition to the difference in your credit score with a foreclosure you will not be able to get a Fannie May backed loan for 5-7 years, and you will have to answer yes to the question have you ever been foreclosed on.  Having to say you have been foreclosed on will increase your future interest rates.  With a short sale you will only be prevented from getting a Fannie May loan for 2 years, and you never have to answer yes to whether you have been foreclosed. 

Security Clearances
With a foreclosure if you are a police officer, in the military, or any other position that requires a security clearance, the clearance will be revoked.  A short sale on its own does not challenge most security clearances.

Remember my golden rule – friends don’t let friends get foreclosed on until after they have figured out if short sale can help them more.  You cannot know what is best for you without knowledge of the following:
  • The AZ Deficiency Statute
  • Bankruptcy
  • Loan Modifications
  • Short Sales
  • Foreclosures

As a public service to AZ homeowners I am glad to offer you a free consultation.  If you take advantage of this free service and then go to speak to an attorney and tax expertyou will be armed with information that will help you get more from their consultation fee.

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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Huge Cul-de-Sac Lot with Private Pool!

Over 1/2 off the previously sold price!!

Huge cul-de-sac lot w/RV gate and beautiful fenced pool! Large backyard has lush green grass and landscaping. Decorator tile in the vaulted Great Room, dining & breakfast room & entry!  Oak cabinets in skylight kitchen. Smooth cooktop oven with built in microwave. Separate tub/shower in master bath w/large walk in closet. Upgraded cabinets and workbench on two garage walls.

MUST SEE TO BELIEVE!!!

3813 E. Wyatt Way
Gilbert, AZ 85297

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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How real estate can put cash in your pocket every month.

Everything old is new again –  Back in the days before housing prices zoomed through the roof like a rocket, the way to make money on rentals was to create a positive monthly cash flow, and to count future price appreciation as gravy for a later day when you wanted to sell.  Right now is the first time in years that 4 important factors have aligned so that you can once again both make money every month and build your wealth the old fashioned way –

  1. Low purchase prices – Many homes can be purchased for less than it cost to build them, and sell for 70% less than their market high. 
  2. Crazy low interest rates that you can lock in for 30 years – Today’s rates mean your monthly expenses for principal and interest payments are easily 30% less than a few years ago.  Combine the low interest rate with a low purchase price and your monthly nut can easily be 50% less than in years gone by. 
  3. Stable rent prices – Although rents have fallen, they haven’t fallen by nearly as much as the purchase price of the homes.  This is in part due to the increased number of renters.
  4. A larger pool of renters / increased customer base New mortgage guidelines which make it harder to buy a home + the large number of folks that have lost their homes and need to rent = more renters

Another benefit to a positive cash flow with a one year lease is that it eliminates the need to stress over resale prices every month.  When you are putting cash in your pocket every month, a change in resale prices is less of a concern.  Many of the landlords that got knocked out of the rental business were completely invested in double digit price inflation.  They did not care about the good old fashioned benefits of positive cash flow because they thought they would make it back when they “flipped” it.  When prices went in the wrong direction, and they were sitting on a negative cash flow, all their potential profit was gone. 

I’m buying rentals and I think it is something you should also consider.  Contact me and I’ll be glad to discuss if it makes sense for you to try and get both a monthly return on investment (ROI) combined with future asset appreciation.

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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