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

Connect with Jerry

West USA Realty

Archive for foreclosure in AZ

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

View the current homes available for sale, pending sales and homes already sold in 2011 in the neighborhood – WildHorse at Allen Ranch in Gilbert, AZ.

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]
Apr
07

WildHorse at Allen Ranch – Gilbert, AZ

Posted by: | Comments (0)

What houses are for sale and how much are they selling for today? View the most recent neighborhood real estate information for WildHorse at Allen Ranch by clicking the image below.

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]
Dec
13

Foreclosures During the Holidays

Posted by: | Comments (0)

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

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

4W5ZS84SDCT5
[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

A current listing in the neighborhood saw a price reduction this past week. Check out the current real estate market information below for WildHorse at Allen Ranch.

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

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]

Should you do a short sale or a foreclosure? Is a short sale or foreclosure better for your credit rating? How do you qualify for a short sale? If these are some of the questions you may have then a short sale and foreclosure specialist is what you need. I can help with these kind of questions and issues. I know how to deal with the short sale process and I always recommend my clients speak to an attorney and tax accountant. Read more about the short sale process below and if you know someone that is thinking about a short sale or foreclosure be sure to share this link with them. It could save them from future legal and financial problems they didn’t know could happen.

10 Things They Didn’t Teach You in Short Sale School

Issues that Could Cost You and Your Client Money

By Neil Thomson & Don Doerr
Arizona REALTOR® Magazine – August 2010

Everyone involved with short sale transactions has run into issues trying to get them closed.  Problems with lenders are an everyday occurrence.  But the following examples are beyond the normal and expected issues.   These are the kind of events that could result in a borrower having to file a lawsuit against the lender.  REALTORS® need to be aware of these potential problems to avoid fallout in their direction.  We hope that this information helps REALTORS® avoid these traps.

A note from AAR: You’ve heard it before, but we’ll say it again. REALTORS® working with clients on a short sale should always strongly advise their clients in writing to seek legal, tax and credit advice from those qualified to deliver it. The Short Sale Seller Advisory is a great resource to begin this conversation. Be the source of the source, not the source itself!

  1. Most people know that the fine print in the account agreement signed when opening a new bank account provides the bank the ability to sweep funds in an account to pay other delinquent accounts.  We recommend that our clients close all accounts they may have at any bank that services their mortgage(s).  But in one case, the bank took it far beyond simply sweeping an account.  A borrower had a nearly empty checking account with $1000 of overdraft protection.  The bank, without the consent or permission of the borrower, increased that overdraft amount to $10,000 so that the bank could process a mortgage payment through this account (even before the borrower was late).  This action changed this amount from a potentially non-recourse obligation to a recourse obligation, and since there is now an unpaid balance on this checking account, the borrower could not close the account until this negative balance was corrected.
  2. Homeowner arrives home to find out the locks on the house have been changed and several boxes of their personal belongings were taken.  The trustee’s sale had not been completed, and the lender admitted to having the locks changed.  In one case, after settling with the lender, the lender did the same thing a second time. 
  3. Pursuant to RESPA, when a lender accepts a Qualified Written Request (QWR), it cannot report that borrower to any credit agencies until the issue has been resolved.  RESPA also specifies that the lender has 60 days to resolve the disputed issue.  In the past, lenders generally adhered to these requirements.  However, early in 2009, lenders started to ignore this requirement and started reporting on borrowers in violation of RESPA regulations.  Because the reward to the borrower from the lender who violates this regulation is maxed at $1,500, borrowers are unlikely to take this to court.   Many lenders have apparently made the decision to disregard the requirements and continue to report borrowers to credit agencies.
  4. The second lien holder refuses to allow a short sale to close unless money is paid by the borrower outside of escrow.  This is referred to as “greenmail.”  In many of these cases, the borrower would have no obligation to this lender if they let the home go to foreclosure, so there would be no legal reason to submit to these demands.  This is where the borrower should definitely get legal advice before paying any funds to a lender.
  5. Lender makes promises for a modification or extension of trustee sale only to later deny or retract the offer.  We have seen this in the case of both verbal and written offers from some lenders. 
  6. Temporary modifications can be used against the homeowner if payments are missed.  Because the temporary modification involves a payment less than the original loan terms, the lender can interpret this as missed payments, therefore placing the borrower in a default position.  The lender may file for trustee sale, even if the borrower was current before accepting a temporary modification.  This removes the borrower’s leverage of not making payments to force the lender to re-evaluate the borrower’s loan modification request and minimizes the chances of a successful short sale.
  7. Lender attempts to retain homeowner’s payout on the sale of a property to offset loss on another delinquent property serviced by that lender (no language in loan documents to support the lender’s claim to these funds).
  8. The lender’s mortgage insurance company demands a note from the homeowner before a short sale closing.  This usually occurs at the eleventh hour and comes as a complete surprise to the borrower.  In most cases, the borrower was unaware that the lender had purchased mortgage insurance on their loan.  Again this is an example where the borrower needs legal counsel prior to any payments being made.
  9. A borrower vacates their home in preparation of a foreclosure.  The home is vandalized while empty.  The borrower is responsible for this damage as long as they still own the home.  The borrower’s homeowners insurance covers the damages, but the lender directs the homeowner to sign the check over to the lender for disbursement to the contractor after close of escrow (COE).  After COE, the lender refuses to pay the contractor and sends funds to the note holder for missed payments, leaving the homeowner with an unpaid bill from the contractor.
  10. Second lien holder gives amount in a short sale for release of lien.  This is not a full release from deficiency.  This is just the amount they require to allow the short sale to close.  From a borrower’s point of view, it makes no financial sense to agree to pay this if there is not a full release, as the lender could still pursue a deficiency suit against the borrower.  If the second lien holder persists and the first lien holder will not provide the funds to the second lien holder, it is generally better to let the home go to foreclosure.
  11. Jerry Raviol
    West USA Realty
    http://www.houseaz.com
    602-695-5478

[Facebook] [Google] [LinkedIn] [Mixx] [Reddit] [StumbleUpon] [Windows Live] [Yahoo!] [Email]