Pinetop White Mountain Blog

Hello Everyone,

Well, 2009 has been one challenging year in the Real Estate world. Between the Banks making lending difficult, the huge volume of inventory of homes on the market, and the Foreclosures & Short Sales, this has been a year of new experiences in the Real Estate world. Buyers were pretty scarce for most of the year and then when they did venture in to take a look it was hard for them to understand why our prices in the White Mountains hadn’t fallen to the levels they had in the larger metro areas. While we have had some Foreclosures and Short Sales in our market, we have not had the shear volume of them that there have been in the larger cities. Sellers have remained strong in determination not to let the Foreclosures and the Short Sales destroy values in our community. As a result, sales this year have been slow in coming with buyers reluctant to commit because they were convinced prices would fall more in the future. All in all we in the Real Estate Business have faced challenges that many of us have not encountered before. If nothing else can be said for 2009, it was an educational experience for us all.

For all outward appearances it looks like property values are stabilizing a bit and the number of homes on the market has dropped. Whether this is a result of the winter season and sellers deciding not to keep the homes on the market through the winter or because individual circumstances are improving making it less critical that the home be sold remains to be seen. We quite often see a drop in inventory during the winter months because there is a common misconception that nothing sells in the wintertime. That really isn’t true for our market as a whole. The summer buyers are gone certainly but there are still many people who are looking for a retirement home or are planning to move here, and let’s not forget those First Time Buyers out there who are still hoping to get in on the $8000 tax credit offered through the Federal Government that has been extended until April 2010.

We also have the $6500 tax credit for people who are looking for a different home in this market. That is a real goodie if you are looking to retire or move to this area. If you have sold your home and need a place to live, it’s a great time to get back in the market and start looking again. It is limited to Primary Residences so it won’t help the Second or Summer Home Buyer, but if you are thinking of a move to the area, it is a great incentive to get that house sold where you are and make the move now.

So the conclusion here is that not all is bleak and dark. There is a glimmer of hope in the Real Estate world because everyone in this industry and it’s related industries have learned a lot in 2009. The Banks are finally getting a handle on how to handle the Foreclosures and Short Sales. We as agents have learned how to cut through some of the red tape to get things done, and overall, I do see things improving some in 2010.

Bruce will be acting as my Assistant next year and will not be actively licensed. But he will still be around to help hang those signs, put on those key-safes, find those corner pins, or do any multitude of tasks associated with the Listing and Sale of Real Estate.

If you or someone you know is thinking about Real Estate in the White Mountains, we are always happy to work with them. We love those referrals.

As Always,

We are at your Service

Sandra Paulow, Associate Broker, GRI

Your High Country REALTOR®

(928) 242-0300

Email: spaulow.realestate@gmail.com or sbpaulow@frontiernet.net

Website: www.whtemtnsazrealestate.com

Bruce Paulow, Assistant, GRI

(928) 242-0315

Good Morning Everyone,

I hope this finds you all happy with how you were treated by Santa this year and that you had a wonderful day with good fun, family, & food.We spent a quiet day at home watching movies & reading.  It was very nice.  My husband Bruce is the cook in our home and he made a wonder Prime Rib of Beef, mashed potatoes, & broccoli for our Holiday Dinner.  My mother Emma who turned 91 in September baked an Apple Pie for the occasion.  All and all we had a very pleasant day.

The Day after Christmas is sometimes a hard one for people.  For me it always feels like a bit of a let down because we work so hard getting ready for the big day and the next thing you know it is over for another year and time to prepare for the New Year.

That is exactly what I am doing today, I'm working.  It is a little hard to get back in to the groove after a few days off but here I am.  My office is open and we are ready to help with any Real Estate questions or needs you might have in the new year. 

Changes are coming in 2010 that may affect your plans for Real Estate you own and want to sell, or the way your loan will be handled if you want to buy.  The FHA is considering raising the bar for qualifying for an FHA Loan and raising the Down-payment requirements.  The lenders have been given guidelines for Short Sales in 2010 that may make it harder for you to qualify to sell your home at a Short Sale price.  There is a new Good Faith Estimate coming in January that will delay things when you apply for a loan.  There are just tons and tons of changes coming that will effect the Real Estate Industry as a whole that you need to be aware of if you have Real Estate plans in 2010.

If you haven't already done so add me as a friend on your Facebook & Twitter Accounts.  Much that I read I post to those two entities because it is easier posting links from the experts than for me to paraphrase what someone else has already taken the time to write.  I subscribe to many daily feeds that give me information on happenings in this industry and much of it is information you should know.   Learn everything you can so you can make good sound Real Estate decisions for your future.  You don't need to be an expert, you just need to be informed so there are no surprises.  I can help, just add me as a friend on FACEBOOK or mark this blog to your favorites.  I will be posting many things in 2010 that will help you know what is really happening in the Real Estate world.  

I truly hope you had a wonderful Christmas Holiday and that the New Year will bring some positive news to the State of the United States in the New Year. 

Best wishes and I look forward to hearing from you soon.

SANDRA PAULOW, ASSOCIATE BROKER, GRI

(928) 242-0300 or email me at:  spaulow.realestate@gmail.com

Good Morning Everyone,

Well winter is officially here and Mother Nature cooperated and blessed us with at least a foot of new snow.  Today is the opening for the season for Sunrise Ski resort too.  What a delightful way to begin the season, it should be a skier and snowboarder's paradise!  This is such a nice powdery snow, you shushers should be really happy.

I though I would provide you with a link here to the resort so you can follow happenings at the Ski area throughout the season. 

Sunrise Park Resort

You will also want to check the road conditions today as it may take a while for the State and Local crews to get the roads cleared.  Here is the link to the Road Conditions website for Arizona.

ADOT Freeway Management System

While you are visiting our wonderful area, why not stop by our office for a cup of hot coffee and a travel break.  Our beautiful office is decorated to the hilt and it's worth a stop by just to see them.  Our office is on the way to or from Sunrise and is easy to find.  We will be closed Christmas Eve and Christmas Day, but we will be open on Saturday and would be happy to see you.  Our office is located at: 4600 Buck Springs Rd. in Pinetop.  The coffee pot will be on and we'd love to see you.

Enjoy your Holidays. 

MERRY CHRISTMAS FROM ALL OF US AT ASPEN PROPERTIES, INC.

SANDRA PAULOW, ASSOCIATE BROKER, GRI  (928) 242-0300

Call me for a free list of our office listings in the Pinetop, Lakeside, & Show Low areas.

Who's jolly and cute,



Wearing a beard and

a red flannel suit,







And if he is chuckling

and laughing away,






While flying around

in a miniature sleigh,


With eight tiny reindeer

to pull him along,





t hen let's face it...







Your eggnog's too strong!

Merry Christmas and

a Happy 2010

Good Afternoon Everyone, 

Below is an article I found that talks about Short Sales.  l have been wanting to write about them for quite a while because so many consumer are not sure what they are or how to get their lender to consider one if they are upside down on their mortgage.  It is a hard article to write however because every circumstance is different.   

Navigating Short Sales: What to Do When the Sale Price Leaves You Short

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

· Refinancing your loan at a lower interest rate

· Providing a different payment plan to help you get caught up

· Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:

· Your property is worth less than the total mortgage you owe on it.

· You have a financial hardship, such as a job loss or major medical bills.

· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

· Help you set an appropriate listing price for your home, market the home, and get it sold.

· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

· Ease the process of working with your lender or lenders.

· Negotiate the contract with the buyers.

· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in.  You will need to do the following to get the process started:

· A hardship letter detailing your financial situation and why you need the short sale

· A copy of the purchase contract and listing agreement

· Proof of your income and assets

· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

· If you have only one mortgage, the review can take about two months.

· With a first and second mortgage with the same lender, the review can take about three months.

· With two or more mortgages with different lenders, it can take four months or longer.

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one.

(Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:

· You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.

(In Arizona there is an Anti-deficiency Statute that prevents a lender from trying to collect on the deficiency or sue on the note after the fact)

· Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Good Sunday To Everyone,

It looks like we may get that White Christmas in the White Mountains after all.  Big snow storm in the forecast for tomorrow but it is already snowing.   Good news for you ski buffs down in the deserts!  They haven't opened Sunrise Ski yet but if we get some significant snowfall this week it may be open by Christmas.  For all you who like to take your life in your hands swishing down the slopes that is good news.

Me, I'm just packing in my supplies in case the roads get nasty.  I love to sit in my house and watch it, I am not too fond of driving in the white stuff.

Hope you all had a wonderful Thanksgiving and are busily getting ready for the Holidays.  We got our home decorated over the weekend and our office looks gorgeous.  I'll take some pictures of the office and post them for all to see.

Have a great day everyone, until next time.

Sandra Paulow, Associate Broker, GRI