Archive for Phoenix


After finding documentation problems, Wells Fargo says it's going to re-file paperwork for 55,000 foreclosures. But it's not going to issue a blanket moratorium on foreclosures.

There will probably be a temporary decrease in the number of foreclosures in the last quarter of this year. But they're go back up once the paperwork is re-filed. Wells Fargo, and all the other banks, say they're just having problems with the documentation.

Foreclosures are expected to be back up next year, for a couple of reasons. Banks are going to be re-filing their paperwork.

Those foreclosures will go through, barring any more problems with documentation. But the bigger driver behind foreclosures next year will be the fact that adjustable rate mortgages are going to adjust upward.

When you think about the fact that a lot of these borrowers were only marginally qualified to begin with and would now be faced with paying a thousand dollars more a month on a property that's lost 30, 40, 50 percent of its value since the time they bought it, it's a pretty toxic mix.

Pundits predict that foreclosures will actually peak next year. 2011 will set records for the number of foreclosures and bank repossessions of homes.

For any financial questions, refer to your lender and mortgage company. For any legal questions, consult a lawyer.

For all real estate questions, please contact us at: 602.687.9933 or




The Amazing Chris Bianco owner of Pizzeria Bianco

 Before Friday, I had never been to Pizzeria Bianco. Bon Appetit had rated it the Number One pizza place in the United States, Oprah and the Food Network had also supported that claim. Shockingly, I live only two Metro stops away from this iconic establishment. There were no excuses except for the fact that I had heard that the lines were long and the wait time was exorbitant. There was no way I was going to wait for hours for PIZZA!

 My opportunity arrived in the form of my web master, Victor. ( )  He and his wife, Amy had helped me create my website ( and had gone the extra mile in its creation. I could also go the extra mile for them. 

Victor wanted Italian food so the decision was made-  the trekking to the Number One pizza place in the United States, Pizzeria Bianco was to begin.

I googled and asked around for advice on how to make this experience an enjoyable one. First, I discovered that you can make reservations a month in advance. Everyone I spoke to had tried that method and failed. Reservations were always taken up in a matter of minutes.

With no possibility of a reservation, I decided to wait in line like so many other Phoenicians before me. Conventional wisdom on the internet told me to show up at 3:30 PM as the doors opened at 5:00 PM.

Pizzeria Bianco is located in a small house in the charming Heritage Square. I decided to go with the flow and relax. I knew that the wait would not be that terrible. Thinking that perhaps everyone would show up at 3:30 PM, I decided to show up at  2:00 PM.  I was the first to arrive and had the opportunity to observe the staff making the pizza dough. In the front of the restaurant, there is a patio and plenty of benches and tables. It made the wait a little more comfortable.

Bianco Margherita Pizza

I brought a book to read and never opened it. The next group arrived at 2:15 PM and the flow of humanity began.

I met people from Oregon, San Francisco, Germany, and Italy whose conversations were interesting and exciting (there is a common thread among people who would wait hours in line for pizza) and time passed very quickly.

At 4 PM, an hour before the restaurant opened, Bar Bianco opened and scouts were sent from the line to the bar to buy drinks and appetizers. The “Bar Next Door” is conveniently located in a cozy and relaxing home-like building and has comfortable seating in the bar. Bar Bianco also has a polite staff who attend to your drinking needs. It was a beautiful night so we had our drinks outside.

The wait was long, yes-BUT if you have some alcoholic beverages in your veins it makes the wait almost a delight.

After waiting for three hours, the doors finally opened and the first shift of fortunate foodies entered the restaurant. I was, of course, first in line and had my choice of seating. The first 30 people were able to sit in the first shift. Those who arrived after those 30 would have a 2-3 hour wait.

What can you say about this pizza… For me, it was the best pizza I have ever eaten. I love New York pizza but this pizza is very different. It was more of a Neapolitan type pizza, brick oven, thin crusted concoction with absolutely amazing ingredients for the toppings. 
My two favorite pizzas were  The ROSA  (Red Onion, Parmigiano Reggiano, Rosemary, AZ Pistachios) and the BIANCOVERDE (Fresh Mozzarella, Parmigiano Reggiano, Ricotta, Arugula).  The cheese is the secret ingredient in all of these pizzas; homemade to perfection. The Biancoverde was my absolute favorite and the arugula on top gave the pizza not only a beautiful presentation but a very unique taste.

Pizzeria Bianco: Heritage Square: Downtown Phoenix

Dining at Pizzeria Bianco is an event and the waiting is part of the fun. If you want a relaxed and memorable night out with plenty of fun, check it out. If you are in a hurry, forget it.

The prices are fantastic for this quality.  The pizzas range in price from $11 to $14. 

Click here for  Pizzeria Bianco’s website.

Contact Catherine for any other questions about her experience, or 480.239.7447.

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If you have ever dreamed of owning in Downtown Phoenix... this is an incredible deal!

SHORT SALE: PENTHOUSE IN TAPESTRY ON CENTRAL- Located at 2302 North Central Avenue, Phoenix, AZ 85004

This top floor unit has a premium east view which overlooks Piestwa (Squaw) Peak, Papago Buttes, Supersitition Mountains and the city lights of the Biltmore Area.
It is a 2 bedroom, 2 bath unit with two decks, one on each floor with the 2nd floor deck the largest of the two. Granite countertops and 25 foot soaring ceilings add distinct elements to the unit. 
The condo comes with a two car gated garage and luxury amenities which include a heated salt water pool and spa, a 15 seat movie theatre, a large sauna, and clubhouse.
It is across the street from the Heard Museum, down the street from the Phoenix Art Museum, a light rail away from most entertainment with a price that cannot be beat.
This unit is in the ideal downtown location and is on the Encanto/ Central Avenue metro stop.
For more information, contact us at: 602.687.9933 or .



HUD No. 10-190
HUD Public Affairs
(202) 708-0685
September 7, 2010

Effort designed to encourage principal write-downs for responsible borrowers

WASHINGTON – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today will begin providing an additional refinancing option for underwater borrowers.

Originally announced in March, , this enhancement of Federal Housing Administration (FHA) refinance program will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lien
holders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – also known as being ‘underwater’ – because their local markets saw large declines in home values.

As announced earlier this year, this change as well as other programs that have been put in place will help the Obama Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

Participation in FHA’s short refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under
standard FHA underwriting requirements.

The property must be the homeowner’s primary residence and the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance.

 In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent and a combined loan-to-value ratio no greater than 115 percent.

To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens.

To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.

For more information on FHA Short Refinance option, read FHA’s mortgagee

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving
quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business.

More information about HUD and its programs is available on the Internet at and

Making Home Affordable  <>

Help for America’s Homeowners   <>
HUD Implementation of the Recovery Act  <>

HUD.GOV/Recovery  <>

Federal Housing Administration Insuring More Than 37 Million Mortgages Since 1934

Public and Indian Housing Ensuring safe, decent, and affordable housing 


Please refer all financial and mortgage questions to your financial and mortgage provider.

For real estate questions, contact us at or 602.687.9933.

Unless you have been left with truckloads of money by your deceased Uncle Sal, you will need to pay a down payment and get a mortgage.

A down payment is a percentage of the total purchase price of the home. The mortgage loan is the money used to cover the rest of the expense of buying the home.

Mortgages work as follows:

  • Loan: A lender, such as a bank, agrees to lend the home buyer an amount equal to the difference between the down payment and the full purchase price of the home.  The amount of the loan is called the pricipal.  If a home costs $100,000 and the buyer pays a 20% down payment of $20,000, the pricipal is $80,000.
  • Repayment: The buyer must repay the lender over time through monthly mortgage payments. These payments typically pay down the principal plus interest. If the buyer fails to pay the mortgage, the lender can foreclose on the house, taking it back from the buyer.

Frequently, lenders today expect a 20% down payment of the total purchase price. Ask your mortgage adviser if there are any special mortgage programs available to first time homebuyers. Some first time homebuyers are eligible for a FHA (Federal Housing Administration) loan. These types of loans require down payments of just 1-3%. Talk with your lender, find out your best options, and you will better informed of the type of loan that best suits you.

For any questions on mortgages or financial matters, consult your mortgage and financial adviser.

For any other real estate questions, contact us at or 602. 687.9933.

Phoenix real estate, residential,Phoenix homes, first time homebuyers

Okay, so you were young and did not take care of your bills like you should have. Now, you want to buy a house. Do not despair!

You can improve your credit over time. Credit reports and scores generally cover only the previous two year. Major credit issues such as bankruptcy remain on your report for 10 years. Improving your credit involves displaying good credit behavior:

  •  Pay monthly bills: Pay all loans and other monthly bills promptly and in full every month.
  •  Pay off credit cards: Pay off your credit car bills on time and in full every month. Always pay more than the minimum monthly payment on your credit cards.
  • Never max out credit cards: Maxed-out cards send out a “red flag” to creditors. They will question your spending habits.
  • Don’t get more credit cards than you need: Owning several credit cards can suggest that you have cash flow problems, even if no problem exists. 

If you have good credit, apply for a mortgage and then get turned down ask the lender to provide you with a written explanation. The lender must supply one. The explanation will identify the problems with your credit so that you know what needs improvement.

For any questions relating to your financial history, ask your financial adviser.

For any other questions, please do not hesitate to contact us at: or 602.687.9933.

I know most of you have moved before and probably have it down to a science but the information below will help remind you of the important items to do. Moving to a new home requires a lot of preparation. To make sure you get it all done and have a smooth transition into your new address, begin planning months in advance. Here is a moving checklist.

Two months Before Moving
The first step is determining whether or not you’ll do it yourself or have a professional mover do it for you. Check rates, get quotes and, if it’s a work-related move, find out what expenses your employer may cover. This is also the time to start alerting the people and businesses in your life that need to know about your move and begin dealing with the stuff that will go with you or stay behind.

• Create a “move file” to keep track of estimates, receipts and other important information.
• Check with the IRS to see what expenses can be deducted on your next tax return.
• Start pulling together medical and dental records, including prescriptions and immunization dates. Ask your existing
doctors if they can refer you to a care provider in your new city or area.
• Arrange to have school records transferred to your children’s new school district and/or daycare.
• Call your insurance agent to see what changes to expect in your policies. Ask if moving is covered and arrange for
insurance for your new home.
• Contact member organizations you have joined. Ask how you can end, sell or transfer your membership.
• Clear out your household clutter. Start planning a yard sale or contact your local charities to make donations.
• Make a list of friends, relatives and businesses that need to be notified of your move.
• Plan to use up things that can’t be moved, such as frozen foods and harsh chemicals and cleaners.
• Purchase or collect boxes and other packing supplies.

Two to Four weeks before Moving
Time to start fine-tuning your moving process, making plans to disconnect or transfer all of your services and wrapping up loose ends at local businesses, if you’re moving out of the area.

• Begin packing and finish dealing with the items you won’t be taking with you.
• Get an itemized list of all moving related costs and review with mover, including packing, loading, special charges,insurance, vehicles (if needed), etc.
• File a change of address with the post office.
• Contact utility companies to disconnect, transfer or connect services. This can also be done online. Do not have your telephone disconnected until the day after your move. You may need it for last-minute emergencies.
• Call your newspaper courier, lawn services and others and set a date to cancel your subscription.
• Start packing items you don’t use often. Also start disposing of the items you’ve designated for a yard sale, donation or the junk yard. If you donate, be sure to get a receipt for income tax purposes.
• Inventory all items to be moved.
• Decide if you will keep your plants or give them away. Plants cannot be loaded with your other household goods.
• Dispose of flammables, corrosives and poisons.
• Have your automobile(s) serviced.
• Contact your bank and/or credit union to transfer or close accounts. Clear out safety deposit boxes. Pick up traveler’s checks or cash for “on the road” expenses. Close any accounts you will not be transferring.
• Confirm travel arrangements.
• Confirm movers or truck rental reservation.

One Week Before Moving
Now it’s time to make final preparations by completing your packing, except for what you’ll need till the last minute at your old home and as soon as you reach your new home. These items can go into a suitcase and several “essentials” boxes, consisting of cleaning supplies, linens and non-perishable food.

• Make sure all library books have been returned and that all dry cleaning or items out for repair have been picked up.
• Finish packing and prepare an “essentials” containers. Designate items as “last load” items. Pack your suitcases and valuables separately.
• Drain gas and oil from your mower and other motors. Gas grills, kerosene heaters, etc. need to be emptied as well.
• Empty, defrost and clean your refrigerator at least 24 hours before moving day.
• Prepare all appliances for loading.
• Fill any necessary prescriptions needed for the next two weeks.
• If you’re moving out of a building with elevators, arrange with management for use of elevators on move day.
• Prepare specific directions to your new home for your moving company (drivers), including your travel itinerary and
emergency numbers.
• Check to ensure that closets, cupboards, attics and basements are empty.
• If you have pets or children, make arrangements for someone to watch them while the moving truck is being loaded.

The Day of the Move
Here we go! Moving day is exciting and usually fast-paced, but if you’ve working steadily up to this point, it doesn’t need to be stressful. Your most important tasks are to make sure that you and your movers have no uncertainties about the load, the destination or how to reach each other in transit and that you close down your house properly.

• If you are using a moving company, go with the driver as he/she inspects what will be taken and confirms the inventory list. You’ll want to be sure that the true condition of furniture is taken down, in case something gets damaged in the move. Now is the time to iron out any differences in load estimates and pricing from what you were originally quoted.
• Make sure you have the name and telephone number of the moving company’s crew chief and that he or she has yours.
• If you are moving yourself, take extra care in securing your load. Make sure the truck is locked and not parked in a vulnerable location.
• Be sure that your essential items are set aside, so they don’t accidentally get loaded on the truck.
• Do a final check of the entire house, closets, cupboards, basement, attic, shed and yard to be sure that nothing was left behind.
• Shut off all lights and faucets and turn down the thermostat.
• Make sure all windows and doors are locked.
• Leave keys, garage door opener, appliance manuals and any important instructions for the new owners.

Congratulations! You are on the road and on your way to your new home. Now you can enjoy your trip, with the peace of mind that you’ve made all your preparations on both ends of your big move.
For more helpful moving resources check out Also, has tips to help you through the moving process.

If you have any questions, please do not hesitate to contact us at 602.687.9933 or


via Realty Times – Top Ten Things to Know When Investing in Real Estate Notes in Your IRA.

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Downtown Phoenix-The long-awaited Health Sciences Education Building will likely begin construction in the next 6-8 weeks following a hearing held this morning by the Joint Committee on Capital Review.

The shovel-ready project had received approval and funding, but was delayed over concerns with funding other capital improvement projects in the near future. The $187 million building will become part of the U of A College of Medicine – Phoenix in partnership with ASU campus, near the northwest corner of 7th Street and Van Buren.

The 268,000 square foot building is expected to be completed in 2012 and will allow the College to expand to 110 students per class. Currently, the school can only accommodate 48 students per class. The project will be funded through bonds to be repaid by future lottery funds, not by state general funds.

Real Estate Corner… by Dennis Kolodin, CCIM Metro Realty

Q: How Long Do Potential Buyers Need to Wait after a Bankruptcy, Foreclosure or Short Sale before Obtaining Financing?
A. This is a frequent question these days. Below is a summary by loan type of the waiting period to obtain financing post a Bankruptcy, Foreclosure or Short Sale.


* Chapter 7 Bankruptcy: 4 years from discharge date
* Chapter 13 Bankruptcy: 2 years from discharge date
* Foreclosure: 4 years from completion date
* Deed-In-Lieu of Foreclosure: 4 years from completion date
* Short Sale: 2 years from completion date


* Chapter 7 Bankruptcy: 2 years from discharge date
* Chapter 13 Bankruptcy: 1 year of the payout must elapse and payment
* Performance must be satisfactory- buyer must receive permission from the court to enter into a mortgage
* Foreclosure: 3 years from completion date
* Short Sale: 1 year from completion date if the borrower was current at the time of the short sale and all installment payments for a 12 month period: 3 years from completion date if in default at time of short sale


* Chapter 7 Bankruptcy: 2 years from discharge date
* Chapter 13 Bankruptcy: 1 year of the payout must elapse and payment performance must be satisfactory-buyer must receiver permission from the court to enter into a mortgage
* Foreclosure: 2 years form completion date
* Short Sale: No specific information on this yet, assume foreclosure rule of 2 years

USDA Rural

* Bankruptcy (Ch 7 & 13): 3 years from discharge date
* Foreclosure: 3 years from completion date
* Short Sale: No specific information on this yet, assume foreclosure rule of 3 years

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