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short sales: Investor's Business Daily Article: Homebuying Via 'Short Sale' Takes Time - 07/23/10 03:15 AM
Investor's Business Daily Article: Homebuying Via 'Short Sale' Takes Time
Kathleen Doler with Investor's Business Daily called me two weeks ago, wanting my insight into the current short sale market. I was happy to share what I was seeing, as was fellow AR Member Bryant Tutas (who I hold in high regard when it comes to short sales).
I think the article does a good job of explaining some of the challenges we are facing in the "short sale world". I'm always happy to see those in the mainstream-media sharing the experiences of "real-world" short sales with the general public.
The … (1 comments)
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short sales: OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One! - 02/19/10 09:27 PM
OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!
Kudos to Scott Reckard with the LA Times. He wrote an article today that is sure to open some eyes. The article, titled "OneWest Bank Profit: $1.6 Billion" does an excellent job of pointing out some very interesting observations.
According to the article, OneWest paid the FDIC $1.55 Billion for the failed IndyMac Bank, and turned a profit of $1.57 Billion in it's first year. The article specifically addresses the shared-loss agreement that was also put in place by the FDIC, which is expected to cost … (111 comments)
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short sales: Yet Another Heart-Breaking IndyMac/One West Bank Story - 10/02/09 12:44 PM
YET ANOTHER HEART-BREAKING INDYMAC/ONE WEST BANK STORY
I ran across an article today regarding IndyMac (now One West Bank) that came out in August/2009. Basically, it was one of those "Pound your chest and tell the world how great you are" type of articles. To read the article, CLICK HERE.
Yesterday, I received the following email from a very distressed homeowner who happened to read my recent blog post titled, "Is The FDIC Killing IndyMac OneWest Bank Loan Modifications & Short Sales?". They have given me permission to post it on AR. Here is the email, word for word...
… (9 comments)
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short sales: Business Week Magazine Quoted Me Today - 10/01/09 10:18 PM
BUSINESS WEEK MAGAZINE QUOTED ME TODAY
I just wanted to share with everyone that Business Week finally decided to publish their article titled "Short Sales: A Fraying Lifeline For Homeowners". In the article, they quoted me on the case that I've been blogging on for the past two weeks. Here is a "snippet" from the article:
As a policy, OneWest Bank requires borrowers who sell their homes for less than the mortgage to pay part of the difference. One West, formerly IndyMac Bancorp, was taken over last year by the Federal Deposit Insurance Corp. and purchased in March by a … (7 comments)
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short sales: Amazing Active Rain Statistics! - 10/01/09 06:29 PM
AMAZING ACTIVE RAIN STATISTICS!
As some of you know, I recently posted two blogs that received a TON of comments. I appreciate everyone who took the time to not only share their thoughts, but chose to re-blog the posts as well. I have some AMAZING statistics to share with you (at least I am amazed).
For the blog titled "Is The FDIC Broke? How Could That Be?"... As of today, this blog has received 2,413 Views and 2,249 Clicks!
For the blog titled "Is The FDIC Killing Short Sales?"... As of today, this blog has received 4,567 Views and 4,146 Clicks!
Between … (18 comments)
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short sales: Attn Short Sale Agents: Thinking About Taking on a Bank of America 2nd Mortgage? You May Want To Reconsider... - 08/14/09 09:17 PM
I hate to be so negative, but the BANK OF AMERICA 2ND MORTGAGE division is making me nuts! I'll explain the scenario...IndyMac in 1st, $480,000BofA 2nd, $40,000After two months, we get an offer (on 6/25/09) for $275,000 (the comps support this value, and I send them in with my package).We send packages to both lenders. BofA takes 30 days to tell me everything needs to be on their forms, HUD-1 at 5% of total purchase price, yada yada yada....We jump through hoops, change the HUD to reflect this, send the revised HUD to IndyMac, etc. Indymac is ready to approve, … (13 comments)
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short sales: Multiple Offers On A Scottsdale Short Sale - 06/26/09 01:07 PM
Multiple Offers On A Scottsdale Short Sale
Time and time again, I am faced with the dreaded Multiple Offers situation on my Scottsdale short sale listings. Our policy is to submit only one offer to the lender at a time, and this tends to infuriate some Buyer's Agents. Let me explain why we have this policy in place.
Let's say we have a home listed for $300,000. We get an offer for $290,000, and submit it to the lender, along with comps, to support the offered price (assuming the comps support it). Sounds easy so far, doesn't it?
Along comes Buyer B … (10 comments)
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short sales: ATTN BUYERS: LOOKING FOR A NORTH PHOENIX FORECLOSURE? CHECK OUT THESE NUMBERS!!! - 05/05/09 09:36 AM
If you are a Buyer or Investor, times couldn't be better to buy a North Phoenix Foreclosure or Short Sale!
We have done extensive research in the Scottsdale and North Phoenix Foreclosure and Short Sale Market, and have come up with two zip codes with the following numbers for April/2009:
Zip Code 1:
82 Active Listings
56 Pending Sales
20 Closed Escrows
Average Asking Price: $194,781
Average Sales Price: $156,985
Zip Code 2:
81 Active Listings
50 Pending Sales
31 Closed Escrows
Average Asking Price: $142,847
Average Sales Price: $112,334
These are single-family residences (not townhomes or condos) that are either … (0 comments)
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short sales: 85254 Scottsdale Foreclosures & Short Sale Statistics for April/2009 - 04/07/09 05:24 PM
I just wanted to give everyone a quick "snap-shot" of the current conditions in the 85254 Zip Code. These numbers reflect Scottsdale Single Family Residences that were (or still are) in Pre-Foreclosure (Short Sale), Foreclosure, and REO (Bank Owned).
Number of Current Active Listings: 97
Number of Pending (In Escrow): 70
Number of Sold (Closed during March/2009): 21
The Average List (asking) Price was $327,958 (Down from $353,778 in March)
The Average Sold Price was $298,157 (Up from $277,809) This is a 7% increase over last month!
Folks, these are impressive numbers! If they hold up, this could be great news … (1 comments)
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short sales: Bob Hertzog, North Phoenix and Scottsdale CDPE (Certified Distressed Property Expert) - 04/07/09 04:03 PM
What Is A CDPE?
The developers of the Certified Distressed Property Designation (CDPE) believe that in almost all cases, the best person for a homeowner in distress to speak with is a well-informed Licensed Realtor that has the tools needed to help that homeowner find the best solution for their situation.
Foreclosure is a devastating financial and emotional process for a Phoenix or Scottsdale Short Sale or Foreclosure homeowner to go through, and in many cases they go through it alone and without help of any kind.
An Agent who has earned the CDPE Designation has dedicated their time, effort, and … (1 comments)
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Bob Hertzog Phoenix Short Sale Agent, Designated Broker
Phoenix,
AZ
More about me…
Summit Home Consultants
Address: 7702 E Doubletree Ranch Rd., Suite 300, Scottsdale, AZ, 85258
Office Phone: (602) 957-1583
Cell Phone: (602) 909-5994
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