Sunday, April 13, 2008

Property Valuation In Tolleson Arizona as of 04/05/2008

Our clients would like Citi and Homecoming to reconsider their decision to reject the current offer of $169,600. Based on new data that emerged over the weekend of (April 5th 2008) we feel that it is critical for both mortgage companies to re-evaluate their positions.

Over the past 72 hours, the Maricopa County Tax Assessor’s office released tax assessment values for 2009. 100% of Maricopa County has been impacted to the negative. Negative values as low as -24% to as high as -13% in lost tax revenues are expected for all of Maricopa County.

Within the subject property’s subdivision, there has been only ONE resale sale within the past 90 days. Two additional properties show as sold within this same time period, in the tax records database, but these are foreclosed properties, purchased by each respective mortgage holder.

The lone residential re-sale, located at 8554 W SUPERIOR AVE, TOLLESON, AZ 85353-3697, was purchased from DEUTSCHE BANK NATIONAL TRUST CO for $153,300. DEUTSCHE BANK NATIONAL TRUST owned the property for a foreclosed purchase price of $259,893. DEUTSCHE BANK NATIONAL TRUST settled for a net loss of $106,593.

The two foreclosed properties are 8713 W SUPERIOR AVE, TOLLESON, AZ 85353-7602, purchased at the foreclosure sale for $292,966 on 03/20/2008 and 8562 W SUPERIOR AVE, TOLLESON, AZ 85353-3697, purchased at the foreclosure sale for $199,000 on 01/03/2008.

The Maricopa County Tax Assessor has published an expected net loss of tax revenue of 14.7% for properties within the subject property’s subdivision. These figures produce calculations that conclude that homes within the subject property’s subdivision will lose value monthly at a rate of over $2,100 per month, therefore sustaining the logic that the price offered for the Parr’s property, of $169,600, is well within the realm of realty. If Citi and/or Homecoming choose to reacquire our client's property at the foreclosure sale, scheduled for July 7th / 8th 2008, these projections predict that the net loss to Citi and Homecoming, would be an estimated $8,400 loss from the current sale scenario.

Please give careful re-consideration to your position and try to get back to us at your earliest opportunity.

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