News to You by Doug Brown, GRI

Consultants helping banks assess, manage foreclosed properties, an article from Phoenix Business Journal, reports that regional and national banks are tapping asset consultants to salvage thousands of reclaimed properties throughout the Phoenix metro area. Companies such as Pilot Asset Management are being hired by companies like GMAC LLC, National Bank of Arizona and Bank of America Corp. Asset management and realty firms are helping more national mortgage servicers maintain and market real estate-owned properties, or REOs. http://phoenix.bizjournals.com/phoenix/stories/2009/01/05/story1.html?b=1231131600%5E1754933 Staging can provide big dividends, an article from azcentral.com, examines how sellers in a financial pinch can gain many of the benefits of staging without hiring a professional stager. Real estate agents recognize that a home that has been staged sells more quickly and for more money. Buyers want a home that is ready to move into right now. After decluttering, homes often need additional pieces to update and complete the look. Fortunately, now is a great time to buy good quality furniture as reduced prices. Older, sturdier furniture can be purchased at local consignment stores or auction houses. Friends and family may also have furniture that can be used for free. Books such as Dress Your House for Success and Home Staging for Dummies are great resources. Showrooms and catalogs, such as Pottery Barn and Crate and Barrel, provide free decorating ideas. http://www.azcentral.com/realestate/articles/2009/01/02/20090102biz-re-smartmoves0103.html Mortgages: What you need to know in 2009, an article from MSNBC, reports that now is the time to get a great deal on a 30-year, fixed-rate, conforming loan, if you have a good FICO score, a manageable debt burden and proof of reliable income. Lenders are all over the map in terms of how much risk they are willing to take on - therefore it's prudent to shop around. Today, fixed-rate loans are unquestionable the way to go. Buyers should check their finances. A FICO score of at least 720 is need to get the best rates. However, for a big enough fee, Fannie and Freddie will guarantee loans with FICO scores as low as the mid-600s. A 20% down payment may also be needed. Debt-to-income ratios also need to be considered. Before making an offer, a buyer should get pre-qualified for a loan. This will likely get them a better deal, as sellers will know that deal can get done quickly. http://www.msnbc.msn.com/id/28471137/ Additional articles that you may find of interest: Want a free luxury car? Buy a Paradise Valley home http://www.abc15.com/content/news/phoenixmetro/story/Want-a-free-luxury-car-Buy-a-Paradise-Valley-home/DdA8eApADkOnQSr3PQoDhA.cspx Barney, 62, remembered as big-hearted http://www.azcentral.com/community/gilbert/articles/2009/01/06/20090106mr-barney0107update.html Chandler, Tempe to add path along Western Canal http://www.eastvalleytribune.com/story/133749 Tax Write-Off Plan Could Boost Builders http://www.realtor.org/rmodaily.nsf/pages/News2009010603 Buyers Lured to Bargain Luxury Properties http://www.realtor.org/rmodaily.nsf/pages/News2009010604 Commercial Real Estate Market to Hit Bottom Next Year, Urban Land Institute http://realtytimes.com/rtpages/20090107_combottom.htm Opening Doors http://realtytimes.com/rtpages/20090107_opendoors.htm Raffles, weekend stays used to attract home buyers http://www.usatoday.com/money/economy/housing/2009-01-06-home-sales-buyers-raffles_N.htm Mortgage applications dipped as consumers awaited Fed http://www.usatoday.com/money/economy/housing/2009-01-07-mortgage-apps_N.htm