The Willo home tour is a self guided tour and lets you peek into some of the best houses as well as see the tree lined streets and there are also shuttle busses as well.

There will be 13 homes on the tour and the historic firehouse at 13th and Jewel will also be available for a tour. In addition to touring the homes, there is a LOT of excitement around the Willo street fair that will have food, artisans, music and more. It’s a great way to spend a Sunday.

2012 Willo Home Tour:

Date: Sunday, February 12th, 2012
Time: Tour open 10am-4pm ( pick up will call tickets starting at 9am)
Place: Willo! ( McDowell to Thomas – 1st Ave to 7th Ave
Tickets: You can BUY TICKETS for $15.75 before the tour, $18.00 day of tour
Parking: Free parking at 1st Ave and Holly ( just north of Chateau )

If you don’t already live in downtown Phoenix, here is an idea – TAKE LIGHT RAIL! Just a hunch, but I think it might just make the parking situation slightly better for you and your family.

Here is a video that gives a great overview of what to expect at the Willo home tour:

The Willo home tour is a family friendly way to see plenty of homes in the historic Willo district in a fun way. Maybe that is why many people come back for the Willo home tour year after year!

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Upfront Fees – don’t pay them. You shouldn’t have to pay any upfront fees to a real estate agent or to the home seller to make an offer. If you are asked to pay an up front fee to a real estate agent to make an offer on a short sale home, then you should find yourself another agent to work with to represent you.

Get your financing figured out first – if you are a VET for example and are planning on taking advantage of low VA rates, then you’ll want to let everyone know you are trying to use a VA loan, or whatever type of financing you are planning on using so everyone knows the scoop. Ahead of time, get your financial matters in order so you know exactly what you are approved for, and that you have fixed any issues that may come up in getting your loan.

Inspections – while you won’t have to pay upfront fees, you may have to pay upfront for inspections if your offer gets accepted. You may even consider having an appraiser appraise the home to determine the fair market value of the home to help give you an idea of what you would want to offer on the home. It is also a good idea to have your home inspection. Talk to an experienced short sale agent about what you should do when buying a short sale home.

Get legal advice – if you are going to buy a short sale home, make sure you get in touch with an experienced real estate attorney who is familiar with Arizona real estate law. You will also want to speak with a CPA or other tax preparer about any obligations you may have when buying a short sale.

Disclosures – Make sure you get property disclosures about the home from the home seller. They should disclose the history of the property since they have owned it.

Get an experienced real estate agent – this is important. You must work with someone who has dealt with short sales before, unless you want a headache. Ask for the number of short sale deals they have done, and some referrals. You need to do your homework. See if you can find them online and talking about themselves as someone who has experience in short sales.

Last but not least – give yourself time, be patient, and be aware that just because you are negotiating a short sale offer with the lender they may still sell the home through a trustee sale. YOu should find out from the real estate agent if they know of any trustee sale information. Has foreclosure been initiated etc.? Most of this information is public so they should be able to help you determine if there is a risk that home may be sold while you are trying to buy it.

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There are several ways to find the best deal on rates or lower your existing insurance rates by following a few important tips.

Firstly, buyers should shop around for homeowners insurance before buying any insurance policy. For homebuyers, a real estate agent can be a good person to recommend a specific company and can give you tips on what kind of coverage you need. Consumer guides are also a good place to look when searching for lowest rates, but remember, the lowest price may not be as important as seeking the appropriate level of coverage. When inquiring with an insurance agent about rates, ask what discounts you would qualify for in order to cut costs.

Check with your state department to see if it publishes a comparison guide for homeowners insurance. Most state departments also post complaint information on their web sites for homeowners. Ask your friends, neighbors and relatives who they would recommend, and check reviews for insurance coverage online. Good customer service is important when dealing with claims so companies with too many complaints shouldnt be considered in your search for a policy.

Use comparative shopping to narrow down policies offered by different companies, but before that, consider what coverage and policy limits you need to accurately compare quotes. Some companies may charge more for the same or similar coverage, so its a good idea to compare rates before committing to an insurer.

Once youve found an insurance company that suits your needs you consider what you can do to lower your rates. Some factors that may influence your rate are:

• Raising the deductible could save you up to 25% on your premium.
• Buy your home and auto insurance policies together
• Updates for your home includes electrical and plumbing systems, installing storm shutters, etc
• High credit score affects the cost of premiums
• Senior discounts those 55 and older could see discounts up to 10%
• Check your policy annually review policy and update your list of valuables and home value
• Improve home security and safety installing smoke detectors, deadbolt locks, fences and alarm systems can save on premiums
• Know rate killers Pools, hot tubs and trampolines cause accidents and will raise rates considerably, and certain breeds of dogs, such as Rottweilers and Pit Bulls, can increase rates.

When considering different insurance companies make sure you understand the policy terms and choose coverage that best suits your needs, because protecting your most valuable asset could be the smartest decision you ever make.

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And there are also investors coming in and buying properties “on the cheap” (?) who are first time investors and have never actually managed a property as an investment before.

And at different times in the last few weeks, people from both of these groups have asked me “should I use a property management firm?” And based on my many conversations with my friend who happens to run a Las Vegas Property Management company, my answer has been “well, it depends on what kinds of things you care about”. There is no one right reason to use a property management firm (or not) — there are only shades of gray, so to speak.

But here are just a few of the benefits of using a property management firm…

For Investors:

• When you work with a quality property management company, they take care of all of the accounting. Don’t under-estimate this. Things like rent collection, deposits and pretty much all-things accounting.
• Finding tenants. Many times finding tenants can be painful. Finding the “right” tenants is what you really want – and a property management company takes care of this.
• Managing the maintenance. Broken toilet at 2am? If you have a property management company in place, they are taking care of it – not you. If you don’t have a property management company in place, be ready for that call because it will come sooner or later.

For Tenants:

• Most of the time, if you work with a property management company, they will be local. Which means that even if the landlord lives out-of-state, you will still have someone who can respond in person when needed.
• A property management company has experience – they are not someone who has just bought their first investment property and is making-it-up-as-they-go-along.

Should you use a property management firm?

It depends.

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Not anymore.

And you can also forget about Nevada, Florida or California.

Or anywhere else on either coast.

2010 seems to be the year of the “center”.

As in, if you are a hot real estate market, chances are that you are in the center of the US.

Top real estate markets in 2010:

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Recently, I have had the opportunity to become familiar with Casas del Oso, a custom luxury home builder in Scottsdale, Arizona. They build the most beautiful homes based upon the romantic architecture of Spain, Italy & Mexico. Most of their homes are located predominantly in golf communities in the greater Phoenix area.

I had the chance to tour one of their homes, and I must tell you, the craftsmanship, care and passion is very impressive and nothing but stellar. Over the past few months, I have also had the opportunity to speak with Barry and Christy Smith, the owners of Casas del Oso. Barry is the architect of the homes they build. He has a deep passion for building the client’s life experiences and lifestyles into their homes. He takes great pride in the close relationships they build with clients and the authenticity and craftsmanship these homes bring to the neighborhoods. These homes are truly a work of art.

Barry explained to me how when meeting with clients, he takes their passion, heart and soul and creates an authentic home that meets their needs, wants and desires. As no two clients are ever the same, Casas prides itself on its innovative design. Barry feels that every home they build is custom designed and calculated to meet each homeowner’s specifications.

Don’t take my word for it; head on over their website and take a look at the slideshow under “the details” section. It is truly amazing!

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As you can see in the chart below, after peaking at about 5.60% in the first week of June this year, the 30 year fixed rate has been hovering very close to 5.00%. The 15 year mortgage is also on a similar trend but at a slightly lower rate.

The good news is rates remain at historically low levels. The graph above is based on an average weekly mortgage rates provided by Freddie Mac. Of course the exact rate you receive is dependent on many factors.

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Under the 203k you are allowed to purchase or refinance a property and finance the construction costs for home improvements at the same time. The loan amount is based on the projected value of the property with the work completed. The 203k program is excellent for properties that need home repairs to be liveable or for home buyers that want to give a home a makeover.

Many listing agents who represent properties in need of repair have used the 203K program to market these distressed properties. This program allows borrowers that otherwise could not purchase the property to buy it and do the necessary rehabilitation. Some contractors who are familiar with the requirements of the 203k program will put together a proposal for necessary repairs on the property listed for sale. The agent can then market the property similar to a new build. The buyer can pick the paint color, cabinets, flooring, etc.

Many buyers agents use the program to find homes for their clients at bargain prices or to make a potential home work when it needs a little help.

Many lenders have stayed away from this program because on the additional layers of risk involved and some have added additional requirements to those of FHA. From our experience the key to a smooth transaction is to have an experienced, reliable 203k consultant and contractor. Surety companies can be very helpful in this type of transaction. This program will take longer and will be more stressful than a regular FHA loan even with the most competent team. The process can be a nightmare if your team is lacking. However, if you work with the right group of professionals who are experienced then you don’t have to pass up on a REO just because it needs a little bit of love.

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FHA loans are some of the most sought-after loans when people are planning to buy a home, more so now because of the fiasco that happened with the sub- prime market. For the uninitiated, a Federal Housing Administration (FHA) loan is one that is administered by the federal government for people who fit in the low income bracket. The FHA does not actually give out the loans; it only insures the loans provided by private lenders.

FHA loans are perfect for those who are buying a home for the first time and don’t have too much money to offer as down payment. It also helps that monthly installments are not too high and that they do not fluctuate beyond one or two percentage points (if you go in for an adjustable rate loan).

The FHA Construction/Rehabilitation 203(k) loan is available if you want to buy an existing home and perform any renovation work on it or add to the existing building. The FHA does not insure loans for building new homes, ones where you want to buy the land and secure finance for the materials, labor and the design. However, if you are planning to build a new nursing facility or a home for the aged and infirm, the FHA 232 loan allows you to borrow money for the construction costs.  You can also take out a loan to buy an existing facility and renovate or improve it.

If you are looking for a way to build a new home with an FHA loan, you could apply for the 203(k), buy an old house, tear it down completely, and then build the house of your dreams. If not, you’re better off choosing a construction loan offered by private lenders, or you could go in for the HomeStyle loan offered through lenders who are approved by Fannie Mae.

By-line:

This article is written by Kat Sanders, who regularly blogs on the topic of construction management degrees at her blog The Fixer-Upper Blog. She welcomes your comments and questions at her email address: katsanders25@gmail.com.

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Note:  Some hyperlinks were added for editorial reasons.

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Here is Joe welcoming everyone to the event:

As I mentioned earlier the property we were at (25940 N 115th PL, Scottsdale, AZ) is one of Joe’s listings. It’s a beautiful house with some great views. Here is Joe introducing the property.

I did take some shots before it got dark:

Brief snap of the rest of the evening:

If you want to get in touch with Joe about this property, feel free to do so. I on the other hand look forwad to connecting with Jenn, who has her own marketing consulting business where she helps companies adopt the use social media.

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