Scottsdale Paradise » Adele Coffman

What The HECK Is Title Insurance?

Adele Coffman — Tue, 05 Feb 2013 00:19:29 +0000

If you are a buyer of real property…you might be asking what is this thing called “title insurance”? You may also be thinking it is a pretty big dollar line item on the settlement statement and that just maybe you are being sold something you do not really need. After all…you might have been renting for YEARS without renters insurance…and that turned out OK. RIGHT?

WRONG!

This is the ONLY thing you have that really PROVES you are the legal owner. Title insurance also makes you sleep easy knowing you are buying the property with a guarantee that it is free of unknown encumbrances and that YOU have the legal right to deed the property as you wish. You want to sell? No problem. If there is a issue when that time comes…it is not YOUR problem. It is the problem of the title insurance company that issued your policy. They will take steps to correct the problem.

MANY negative situations can result when folks make the bad decision to NOT purchase title insurance. These problems can range from everything to forgery or liens recorded prior to ownership. Not to mention easements, leases and defective deeds. And…best of all…this is a ONE TIME payment on the premium.

If you are financing your purchase your lender will likely insist on title insurance as they want to be sure they are lending on a property you will legally OWN.

Bottom line…you can not afford to NOT have title insurance.

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Metro Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

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WHY Do Good Loans Go BAD?

Adele Coffman — Sat, 19 Jan 2013 00:51:50 +0000

Well…I can answer this question! The loan process is just that…A PROCESS. Have you ever heard someone say they thought they were approved for a home loan and in the end they did not qualify? Let me tell you some “insider” secrets as to why…

Lender, Gina Chavez, shared with me some of the main reasons people end up NOT qualifying for a loan…AFTER they were told they WERE qualified. And it was well said! Notice…it is sometimes NOT the lenders fault (although often this CAN be the reason). Could it be that it is the borrowers decisions that cause them to not be able to complete the transaction? MAYBE if they break one of the 10 Commandments!

The Ten Commandments

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make ANY deposits that are not payroll related or must keep and provide all documentation

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

So…if you are in the process of buying a home…FOLLOW THESE COMMANDMENTS!

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“Fiscal Cliff” Bill… What Does It Mean To Real Estate

Adele Coffman — Tue, 08 Jan 2013 22:06:27 +0000

All of us in the business of real estate have been talking about the Mortgage Debt Relief Act being extended. (READ MORE ABOUT THAT HERE) But there are a few other key points that have an effect as well.

Here are some highlights I thought worth mentioning:

1. DEDUCTION OF MORTGAGE INSURANCE PREMIUMS

If you have an adjusted gross income of below $110,000, and pay private mortgage insurance premiums or guarantee fees on conventional, low down payment home loans, FHA, VA and Rural Housing mortgages, you will be able to write off those premiums along with their mortgage interest on federal tax returns. This is retroactive to cover all of 2012 through 2013.

2. TAX CREDITS FOR ENERGY-EFFICIENCY HOME IMPROVEMENTS

Things like new windows, insulation and other energy saving upgrades can provide a modest tax credit of $200 to $500.

3. TAX CREDITS FOR NEW ENERGY-EFFICIENT NEW HOUSES

As with other energy-related tax provisions, this had expired last year and will now be continued through 2013. Builders and contractors building new homes meeting federally specified energy-conservation standards are allowed to claim a $2000 tax credit

So…what is the downside? Well…unless you are in the highest income brackets…not much. But if you earn $400,000 or more as a single filer or $450,000 as a joint filer, your new marginal federal tax rate is 39.6 percent. AND…you will also get slammed with a 20 percent rate on long-term capital gains…like those from investment real estate and home sales that show gains beyond the $250,000/$500,000 thresholds.

Well…no matter what side of the isle you like…it is not over. This entire fiasco…in my opinion…is a band aid. All these issues will rise again this spring and summer, when more debates over the tax code get under way. Once that process starts, OH MY: Home real estate tax issues WILL be on the chopping block.

YOU are supposed to be the BOSS of our representatives. Do you call, fax, text and email them with your opinions? No? Why not? Housing is EVERYONES issue!!!

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RELAX and Move Ahead With Your Short Sale

Adele Coffman — Wed, 02 Jan 2013 17:11:58 +0000

Well…in typical Washington fashion…at the 11th hour…Congress extended the Mortgage Debt Forgiveness Act of 2007 for one more year.

This is GREAT news for those folks still wanting to short sale a property. If this had NOT been extended, debt forgiven as a result of a short sale or mortgage modification would have counted as income for tax purposes. For example, if someone owes $300,000 on their mortgage and their lender agrees to accept a $200,000 short sale, $100,000 would have been taxable.

All over the United States, but even more so here in Sunny Arizona, short sales make up a large portion of our market. They are a very important piece to help clear negative equity from the housing market. Some data such as RealtyTrac show short sales make up 22% of all sales.

Additionally, often short sales can cause less long term damage to sellers credit. I have many folks who have a short sale in their past and are now purchasing homes again. In some cases, they can go directly into a new home with no waiting period!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

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Thinking About Short Selling YOUR Home? Better HURRY!

Adele Coffman — Tue, 09 Oct 2012 18:06:22 +0000

I really don’t like pressure. I prefer to work and manage my life in a planned manner to avoid pressure and stress. But if you are an “upsidedown” homeowner considering a short sale…the pressure IS ON.

Why? Because…

Time is running out on tax amnesty for short sales and foreclosure

A couple of years ago, Congress decided to give homeowners who were losing their homes a break from the additional tax hit they would normally sustain when their lenders forgave part of the debts they owed.

Now with a federal government annual deficit well above a trillion dollars and an ever increasing federal debt, we don’t know if there will be much enthusiasm to extend this break for homeowners.

As an example, if you purchased a home at the height of the real estate bubble in a fast growing real estate market like the Metro Phoenix Area, you might have seen your home value drop in half. Suppose you purchased a home for $300,000 with a mortgage of $240,000. And lets say now that your home is now worth $150,000. If you sell that home in a short sale, your lender may forgive $90,000 of debt.

BUT…if the short sale happens after December 31, 2012, that forgiven $90,000 will be added to your income tax liability and you will most likely climb the income tax bracket ladder. You also may have to pay a higher state income tax rate.

The $90,000 forgiven debt from your lender could end up costing you upwards of $30,000 in additional income taxes. So not only would you have lost your initial down payment in the home …but you could also take an additional hit of $30,000 on your income taxes.

Here’s a heads-up to all homeowners facing foreclosure or a short sale:

You have the common the goal of closing your deal by the end of 2012.

Most short sales take months to complete. SO NOW IS THE TIME PEOPLE! Call me to talk about YOUR situation and let’s see what makes the best sense for you.

Could congress extend the “gift” they have given us of forgiving the taxes on the forgiven debt? Yes. Will they? Who knows.

I have a terrific record of getting the banks to agree to short sales. Not all agents are qualified and experienced in this specialized area.

Call me at 602-504-3898 or send me a text… or e-mail Adele@AdeleCoffman.com AND HURRY…let’s get going!

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FHA Changes Buyers Need To Know

Adele Coffman — Tue, 06 Mar 2012 20:31:45 +0000

If you have been around for awhile in the “game” of real estate…you know the rules of lending have changed time and time again. And now…AGAIN.

The most recent changes apply to people seeking a FHA loan. Mortgage insurance premium (MIP) is going up 4/1/2012 – The upfront financed premium is going from 1.00% to 1.75% and the annual (collected monthly) is going up from 1.15% to 1.25%. The change takes effect on case numbers assigned on or after April 1, 2012 for mortgages under the amount of $625,500.

So…lets take a sales price of $250,000. With 3.5% down payment (minimum required) the loan amount would be $241,250. If you bought a home TODAY with this example your monthly MIP (mortgage insurance premium) would be $180.94. AFTER April 1, 2012 that amount would increase to $231.20. A monthly payment difference of $50.26. This will make a difference in the average buyer’s ability to qualify for the home they might want. They may have to shop in a lower price range.

But wait…there is another issue! Any borrower with over $1000 in collections will have to go under a repayment program for ALL collections and be under the repayment program for at least 3 months. Or, of course, pay them all off.

These are just a couple of changes that borrowers need to be aware of. There are SO MANY lending guidelines the lenders are working with now…it reads like a mystery novel! And every situation is very different. Buyers need a QUALIFIED PROFESSIONAL to guide them through the maze and help achieve the dream of home ownership.

Please…do not try to get a loan with someone who is a “part-time” lender. You need a dedicated professional who knows the business to help you. I have a few GREAT lenders I have worked with for years that I would be happy to refer to you. Having a good lender FOR SURE makes or breaks the deal.

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ATTENTION AGENTS…Is your Real Estate Career or Company taking you where you want to go?
Need MORE business? Need MORE leads? What has your company done for you lately?
Ask Me Why… I joined eXp Realty.

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Michelina’s Ristorante Phoenix, AZ~~~Yummy!

Adele Coffman — Tue, 24 Jan 2012 00:00:46 +0000

I am blessed…and the next blog I write will give MORE examples of that…but as a result of my blessings…my hubby and I were invited to have dinner at a local Phoenix restaurant where we have never had the pleasure of dining before. Michelina’s at 3241 E. Shea.

OMG (oh my goodness)! I can’t even describe how good the food was. I think you will be able to see the “yummieness” in these pictures.

Chicken Marsala
Marsala wine and mushrooms

Cannelloni Pasta filled with meat and spinach with alfredo sauce

Chicken Parmigiana
Marinara sauce and mozzarella Cheese

This was the SPECIAL of the day…Super Yummy Salmon

Pasta Shells Stuffed with Spinach and Ricotta
Choice of marinara or alfredo sauce

This is top grade olive oil and balsamic vinegar available for dipping the crusty bread. AGAIN…super yummy! And check out the container…so cool.

The decorating is attractive and inviting…and the service was impeccable. From “soup to nuts” as it is said (even though we had no soup or nuts)…it was great. The entire experience was fabulous.

A little surprise at the end of the meal…they served a complimentary “Michelina’s kiss” after dinner drink which completes a great experience. I am not sure what it was…but it was tasty.

I would say if you are looking for a nice place for a great dining experience…this is the place.

Check out their menu here.

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In Phoenix, AZ…We Eat Tamales…CHOCOLATE ONES! :)

Adele Coffman — Sun, 11 Dec 2011 23:58:45 +0000

This is something we do every year for gifts….CHOCOLATE TAMALES. And they are easy…AND I am giving away the recipe…TO YOU! :)

OK…Here is what you need:

For a single batch:

1 bag chocolate chips

1 bag butterscotch chips

1/2 jar dry roasted peanuts

Tamale corn husks

First…get the corn husks soaking as they have to be clean and soft enough to roll.

Next…melt the choclate and butterscotch chips in double broiler. Or…two sauce pans that fit into each other as I do…

Next add nuts if you want them. (Remember some people have allergies…so I typically make a batch without nuts as well)

Now…make sure you wash and rinse all of the corn husks. I have had ones that are very close to clean when I bought them and have taken little time…and ones that literally have had LOTS of ICK in them…and needed much time for cleaning. (The ones used in this post are from Safeway and came easy to clean).

If you have some help…it is easiest to have someone with paper towels getting all of the water off of them for you to get ready to “fill”.

Next…cover your work space with waxed paper. DO NOT TRY cling wrap or foil…trust me…use waxed paper!

OK…next you will need to individually spray each tamale corn husk with a short spurt of non-stick cooking spray. You spray…then fill one at a time….so again…a TEAM ROCKS for this project. (I use PAM…but I am sure other brands would do).

Next…just put a small amount of the yummy chocolate into the husk and fold (roll) over and place on platter.

OK…so you have them all made? GREAT. At this point I put them in the fridge to make sure they get very firm. If you live somewhere cold…maybe you could just put them outside?

From here it is all about your imagination. I make it easy as I do hundreds of them…so I just print small labels and use curling ribbon to “tag” each tamale.

At this point I often put 5-6 of them into mugs…or use baskets if I need a larger amount.

And that is IT folks!!! Easy…fun gift for the Christmas Season! Merry Christmas to all… :)

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

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AMC Dine-In Theaters in Phoenix, AZ…VERY COOL!

Adele Coffman — Sun, 04 Dec 2011 19:12:39 +0000

So…my hubby and I wanted to do something different…so we decided on a movie and lunch…at the SAME TIME!

We went to the AMC Theater Esplanade Cinema Suites in the Biltmore area of central Phoenix. AND WE LOVED IT! :)

OK…well…I maybe liked it more than my hubby…as we saw the new Twilight movie, Breaking Dawn Part 1. I am a fan of the series…so I thought it was OK…my hubby on the other hand has been to all of the “vampire” movies with me just because he is a great guy! But we both LOVED the experience to be sure.

I bought our tickets online and was able to choose seats at the time of purchase. As it turned out there was no reason to do so…as I do not think there is any such thing as a BAD seat…but of course…if it is opening night you might want to do so.

The theater is AWESOME…from the time you walk in to the theater you will see the comfortable seating areas and the bar…yes…the BAR! ;)

So…there are WONDERFUL…huge…reclining seats with swing out tables. My hubby had on his favorite Christmas shirt…and looks like a relaxed Santa wannabe…. :)

So…we sat there for a minute and took a look at the menu….which was just the right size with the right amount of choices….of food and libations!

I decided on the fried shrimp…hubby had fish and chips. I elected the parmesan fries…and they were crispy and yummy. I forgot to take a pic of the food as it came out as I just started eating…and hubby had already downed 1/2 of his plate by the time I remembered to take pics… ;)

The server was AWESOME! She was attentive…but not a distraction. You can push the “call” button for a request…but we never had to use it. She quietly moved through and made sure we were well taken care of …without disrupting the movie watching experience. She ROCKED! AND…as we exited…she was there with an offering of CHOCOLATE! What could be better????

All in all…I think almost anyone would like this new movie watching experience. I know we did!

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Phoenix, Az Homes and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

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Kitchen Switchin’ in Phoenix, AZ

Adele Coffman — Mon, 14 Nov 2011 16:34:37 +0000

Do you still have that bread maker in the garage that you just HAD TO HAVE…but used only once? Or how about the set of cookware your Mom passed on to you but you have never had out of the box?

I have just the place for you. Kitchen Switchin’ in the central Phoenix, AZ area. It is a consignment boutique that carries high end, gently used, electric kitchen items as well as cookware, bake ware, cookbook, and on and on.

You just bring in your “stuff” and they pay 45% to 55% trade on sold items. Look at some of hundreds of items they have.

They even have a SALE room!

There is really no need to pay full price anymore for your crock pots, stock pot or kitchen gadgets. It is an experience to take the time to stop in this unique store in Phoenix, AZ. Or you can check out their inventory here.

As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Phoenix, AZ Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!

THIS IS THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS

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