Monopolyman Blog

Wachovia Short Sales for sellers in the Arizona Market

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Mon, 02 Nov 2009 21:29:01 -0600

Homeowners with Wachovia short sales can really benefit. Those out of state buyers from Canada for vacation homes can really take advantage of not having to wait FOREVER for an answer.

Just what this market and the buyers needed. Pre-approved short sales. It turns out that not only Wachovia but World Savings and borrowers with loans with Golden West can benefit from the streamlined short sale process that has started.

Hopefully, all other banks will begin to pick up on this process and we can see some market stability.

I am just happy to be able to help those homeowners that can no longer afford their home mortgage payment especially if their adjustable rate mortgage starts to put the squeeze on their budget. Feel free to comment with questions you may have about your particular situation.

Pre-Approved Short Sales in Gilbert and Tempe Arizona for Sun Devils

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Mon, 02 Nov 2009 21:24:31 -0600

Finally, normal may be moving in the right direction.

Homeowners with loans at World Savings, Wachovia and Golden West may be the lucky ones getting some relief.

It turns out that World Savings for homeowners in areas to include Gilbert, Mesa, Chandler, Tempe, Ahwatukee and other Phoenix Cites close to Phoenix Sky Harbor Airport will be getting some relief. Homes for sale as short sales may give great opportunities for student housing near Arizona State University and Mesa Community College because those above banks have started rolling out their pre-approved short sale program.

Many homeowners can benefit from doing a short sale and if they can get pre-approved, it allows those homes to sell within a very short period of time. Especially since the approval process can be as short as 7 to 10 days from file opening and you don't have to have a contract in place to start the process.

Finally, some relief.

Prestine Cleaners for those that live or sell in The Lakes of Tempe

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Tue, 22 Sep 2009 23:27:06 -0500

It's tough to find a dry cleaner that doesn't double crease pants or shirts. Prestine Cleaners not only provides excellent quality in the work that they do, every morning I go in, I am greeted by either Mary the manager or Randy the owner.

Mary's son Danny recently started working there as well and the two of them do on-site alterations. They have become almost like family. Often, we discuss life experiences when we have the time. Recently, I was invited over to Mary and Danny's for dinner when their new build home is completed.

It's always great to do business with a customer oriented staff. Their professionalism matches their quality and they even have a cool motto: "Life is too short to wear wrinkled clothes!"

They are extremely close to The Lakes in Tempe and Tempe Royal Palms.

Prestine Cleaners
1813 E Baseline Rd
Tempe, AZ 85283

(480) 854-3157

Gilbert Arizona Flip shows that Staging proves its value once again

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Wed, 12 Aug 2009 13:01:27 -0500

My best client is a REALTOR!

A full time agent helping buyers and sellers.

He came across some work I did on selling a short sale quickly and approached me with a plan:

He will buy properties at auction for investors he represents and I will sell them

at a premium and I get a full 6% co-broke. So, what's the catch?

I gotta fetch a premium!

One way I do that...STAGING. The staging industry "claims" that a staged home will fetch a 7% higher sales price than a vacant home. "So, that's how I'll fetch the premium," I thought to myself, "and I'll just keep knocking down 6%!"

THE BEFORE STORY:

After buying at auction, the home is listed at $288,500.00 with a $3,000 bonus to the selling agent. The place goes nuts with activity but after 6 days, NO OFFERS! The seller is fully convinced that a little work here and there will get more money...

He commits to "yummying" up the home to the tune of $18,000.00 for some touch up things.

The AFTER STORY:

The interior is painted, the baseboards are cleaned, granite tile is added to the kitchen and master bathroom counters, the tile and carpet are steam cleaned, the windows are professionally washed, sinks are changed, hall and bathroom lighting is changed, the exterior is power washed and the landscaping is touched up...

THE HOME IS READY FOR THE ICING ON THE CAKE...THE STAGING

Thanks to my stager's urging, I have accumulated almost 20 silk floor plants, artwork, pottery, glassware, silk desk plants, silk plants in styrofoam (for shelves), a fake TV, mirrors, towels, etc. My garage literally looks like a jungle as I have almost 100 plant units alone. She had me bring some stuff over and...

In 4 days we had 6 contracts!!! All of them OVER list price!!!!

In closing: My seller would've taken a net of $285,500 before the staging. Instead, he ended up with a sales price at $315,000 with huge earnest money, no contingencies and made an extra $12,000+ on the sale of the home that took only 5 days to go under contract. I'm glad I met Brenda Tucker of Haverhill Staging. She did a phenomenal job. Enjoy the rest of the photos!

The photos in the column above on the right are the "Before" and the ones below are the "After"

AFTER:

Tempe Arizona 5 bedroom home for sale near ASU great for student housing

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Mon, 04 May 2009 18:34:03 -0500

That's the headline that I have been using for the home that I have listed in the Casa Fiesta subdivison in Tempe, AZ.

This home is near Phoenx Sky Harbor airport, Arizona State University, freeway access, shopping malls and more.

Any critique of the following advertisement for the property would be helpful. Feel free to comment away. Thank you in advance, Mark Organek

Tempe, AZ 5 Bedroom Homes for Sale near ASU State University Student Housing Opportunity

If you or anyone you know want to search for homes, feel free to go to www.monopolyman.com to either search the foreclosure lists or to set up a custom search.

Eloy, Arizona Land for Sale Photos questions for those that have time to help

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Mon, 04 May 2009 18:27:02 -0500

I have put a bunch of photos on a land listing that I have in Eloy, Arizona which is about 30-40 minutes from Phoenix and about an hour from Tucson.

It's a pretty large parcel of land sitting at 40 acres. I didn't know what else to do but stand in the middle area and take a bunch of pictures. Some of them look the same as others. If you have the time, please provide feedback, otherwise, thanks for stopping in.

Eloy, Arizona vacant residental land for sale 40 acres near Arizona City, Phoenix and Tucson.

The Islands in Gilbert Short Sale Listing for Arizona near Luxury Waterfront Properties

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Mon, 04 May 2009 18:14:15 -0500

Thank goodness that in Gilbert, Arizona, our process to foreclose is a non-judicial foreclosure. As such, it helps us to get properties under contract quickly. This one went from listing to accepted offer from seller in 11 days. Hopefully, Countrywide will move quickly to get things going now that they have control of the file.

This 4 bedroom homes for sale in Gilbert, Arizona The Islands sits in a lake community.

There are many other properties to choose from in Gilbert, AZ in The Islands and the surrounding communities. Search on your own at www.monopolyman.com if you'ld like.

-Mark

Photos aren't coming up clearly but look well in thumbnail, HELP!

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Sun, 03 May 2009 14:53:46 -0500

I recently started working with large families and since they new others with large families, I decided to menu out 5 bedroom homes for them.

I contacted agents in Tempe, Arizona near ASU to see if I could "borrow" their listings and market them. I got permission from them first but now some of the pictures aren't coming up clearly. The link will open in a new window and you will see the pictures look fine in the thumbnail images but don't when clicked on to enlarge.

Tempe 5 Bedroom Homes for Sale

I worry that students at Arizona State University or their parents looking for student housing for college may pass on the opportunity to get a new home just because of the photos. Is there a way to focus these photos or will I have to go the driving distance to get new shots.

Any advice will be helpful.

Help Wanted: Agents to handle the business that I cannot

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Fri, 24 Apr 2009 20:12:28 -0500

I used to read and post frequently on Active Rain. It turns out that since I averaged about 20 comments per day from reading blog posts, I learned a ton. I'm about to hit my first full year in real estate, if I haven't hit it already, and I still have the same problem I did a couple of months after I started:

I just have too much business to handle! See below:

For a while, I didn't refer any of the business out because I was concerned about the quality of service that the clients would receive. Would the agents dress professionally, return phone calls, show up on time, etc.? Then, I started to refer out to random agents, each with many, many years in the business thinking that these people would be handled properly and that:

some service was better than the "no service" I was providing by not being able to get back to them.

Recently, I took a class to learn how to better manage the business. It turns out that I need to have a job description laid out for people that I want to handle my buyer and listing business.

How can I write a job description for people when I only have one year in the business?

I know how to help a buyer and be attentive to their needs but so do other agents. I know how to get listings and put them on the market but I know that others out there have better structured listing procedures but just lack in the ability to get listings.

Where do I find these people?

Whenever I feel down or blue, I turn to Active Rain and read things that people like Margaret or Gary post.

Now, I need someone that can help me with leads, both buyer and seller!

I need someone that can work with me that has expertise in a particular area of real estate that will say, "I specialize in helping people that are _________ (first time homebuyers, investors, short sellers, multi-family, cash buyers, etc.) and if you bring them to me, I'll do xyz and we can profit together."

If anyone can help me with this issue that I am struggling with, please comment, email or call. I just need help and want to make sure that the people that trust my marketing, referral partners or past clients get taken care of.

Thank you!

Taking babysteps on technology and open to advice.

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Fri, 17 Apr 2009 11:46:23 -0500

I know that I haven't been posting for a while but now I have reached the point where I have to. I can't keep in communication with my current and past clients effectively so I have resorted to blogging and twitter to keep in touch with my investors and FTHB's.

I have a way to go but thanks to Active Rain, I know I will get all the instruction that I need on how I can maximize the technology. So far, I've got AR, Linkedin and Twitter as tools. Any other suggestions or direction would be helpful.

Trista at EMC Mortgage is a real loss mitigator.

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Fri, 13 Feb 2009 20:03:57 -0600

Short sales...need I say more?

Trista at EMC Mortgage? I almost dropped the phone today when I heard her response to my gingerly asked question.

Some background details: I get a call from a client two weeks before trustee's sale date. "If you can sell it and help us avoid foreclosure, have at it." I list at a competetive price relative to the REO action in the area. Nobody really wants to subject themselves to a short sale in our market since REO properties abound. One frustrated buyer decided to take a whirl, the day before trustee's sale.

At least he won't have to wait long for an answer.

They postpone the trustee's sale with 2 hours to go and rush order the BPO!

10 days later, Trista has an approval! You think that's great so far? She hasn't done anything yet!

During the appraisal and inspection, the buyer comes across some information that makes him think twice about the value he is paying for the home and requests a pretty big drop in price. Mind you, this is supposed to close pretty quickly! I call Trista and explain the situation. Her response:

"Well, I can see how that would affect value. I will see if this was taken into consideration during the BPO. If not, I will order a second one and have these items checked out and we will consider it. If it is on the BPO then it will be tough but I will see what makes sense."

Why can't all servicing companies operate the same way to mitigate a loss? Regardless of Trista's final decision, I am confident that she is making a strong effort to gather facts and make a decision based upon what information she gets.

She communicates effectively (and sternly) and is working to save an American from foreclosure and American taxpayers from shouldering a loss caused by poor mitigation policies.

Great job Trista!

The Lakes of Tempe available properties report

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Fri, 30 Jan 2009 17:32:47 -0600

Several changes have been made to properties in The Lakes of Tempe.

We have a new listing but it looks like a SHORT SALE!

The Lakes of Tempe Updated Report

(To ensure accurate data, this list of properties will no longer refresh after 15 days)

If you're considering buying or selling a home in The Lakes of Tempe, feel free to contact me for the latest scoop on how time on market, short sales and foreclosures can create opportunity for buyers or potentially spell disaster for sellers.

I can be reached at 602-790-0607 and will be happy to answer questions you may have.

Search Phoenix Metro Foreclosure Properties

Government financing gives HUGE profits to investors.

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Sun, 18 Jan 2009 09:42:21 -0600

Recently, I have been in contact with investment groups preparing them to buy undervalued properties. Can a fix-n-flip be done in a declining market with no real end in sight?

Absolutely! - Target properties that have any problems that will not allow the home to qualify for FHA or VA financing. Fix the issues in the home and make some aesthetic improvements. Run it as an exclusive listing while the remodel work is getting done. Once fixed, flip the property to an FHA/VA buyer and repeat the process with another home.

Why it works? - The asset managers working for the banks don't care about putting money into homes. Therefore, if a condition will pop up on a government appraisal, the bank won't pay. The buyer walks and the asset manager slashes the price to try to get someone to buy it.

How much profit? - That depends on the quality of the listing agent. If they're new, not much. If they've been around for a while in the REO market? A LARGE AMOUNT! These are the ones to target. There are so many out here that I've told each investor to avoid any property that will not return $15,000-$20,000+.

Sure there are anti-flip policies and other risk factors to consider but since government financing is ruling our kingdom it's making it all worthwhile. I'm helping to bring run down properties up to par with the cleanest homes in that market area. I help get buyers a great deal and pick up others along the way. I'm keeping construction related companies busy with work and turning a profit for an investor.

There's a great deal of opportunity in this market and a number of round trips that can be made. Get out there and make it happen this week!

The Lakes of Tempe available properties report.

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Fri, 16 Jan 2009 19:46:26 -0600

Several changes have been made to properties in The Lakes of Tempe.

We have some new listings and some listings that have PRICE REDUCTIONS!

The Lakes of Tempe Updated Report

(To ensure accurate data, this list of properties will no longer refresh after 15 days)

I can be reached at 602-790-0607 and will be happy to answer questions you may have.

The Lakes of Tempe Yoga Class Schedule Gets Flexible

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Thu, 15 Jan 2009 22:34:23 -0600

For those residents of The Lakes of Tempe that couldn't make it to Monday's class for their flexibility fix can now get their class in on Thursday.

Mondays and Thursdays 7:15 pm to 8:30 pm.

Drop-in classes are only $10.00

Four week session is only $35.00

Eight week session is only $60.00

Call 480.838.3274 for details!

Now it is even easier to keep to your New Year's fitness goals!

I can be reached at 602-790-0607 and will be happy to answer questions you may have.

AHMSI really doesn't care, do they?

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Thu, 15 Jan 2009 18:40:41 -0600

Want to know how the taxpayers are going to take a bigger hit? AHMSI's slow response time and staffing issues.

AHMSI, owned by WL Ross & Co. LLC just doesn't seem to care! I cannot believe that this company is backed by $5 Billion dollars of private equity when they can't even mitigate losses successfully.

My client has tried four times to modify her loan so she can keep her home. Guess the SmartBrief article entitled:

WL Ross & Co. LLC and American Home Mortgage Servicing, Inc. Announce Support of the Streamlined Mortgage Modification Plan

Was just lip service. I have three pages with notes in conversation logs dating back to 10/18/2008. It was shocking how much they just didn't seem to care about the value dropping.

We finally get a BPO done last week on an offer that is about to walk away. When I call the "assigned" loss mitigator, here's the voicemail greeting I get (apparently, he hasn't been back to work since December 29th???):

If this offer walks away due to their unresponsiveness, I will have to lower the price to match a new listing that came on $8,000 lower than my equivalent. How many employees could they hire for $8,000 that can check their messages? How many investors in WL Ross & Co. LLC will win in 2009?

Come on WL Ross & Co, if you need an accountant to help you with the math, I can refer you to one from this community. Help reduce the damage occurring in the market by trying to facilitate successful closings. At least for your investors' sake.

The Lakes of Tempe Community Association Changing Pool Hours

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Wed, 14 Jan 2009 20:05:38 -0600

Sure it's a gorgeous pool and many take use of the convenience of the location within the community.

NOTE:

Due to the increase in the utility rates for 2009 and the earlier nightfall causing minimal usage, The Lakes Community Association will be covering the pool at 6pm Saturday and Sunday. This earlier closing will go through at least mid-February as temperatures remain cold. During the week, the pool hours will remain until 7:30 pm as usual.

I can be reached at 602-790-0607 and will be happy to answer questions you may have.

Chandler Foreclosure Flip Property Mark Organek

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Wed, 14 Jan 2009 17:09:26 -0600

This is an investment property that I saw for one of my clients. I figured this will give others an idea of opportunities out here in Arizona.

Paul, here is the property that I have been talking about. You can pick this up, address the cosmetic issues and flip this pretty quickly!

Exterior shot of front of home and landscaping.

Master Bedroom

2nd Bedroom

Tile Workmanship & Hall Bath

3rd Bedroom

Hall closet storage and tile

CHECK OUT THIS MAIN LIVING AREA. IMPRESSIVE!!!

Kitchen with NEW STOVE AND RANGE!

Bonus room with toilet and shower!

Side yard and gate potential dog run

RV gate with ALLEY ENTRY!!!

Area for repair 1

Area for repair 2

Gilbert Arizona Property for Mark Organek Fix & Flip Clients

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Wed, 14 Jan 2009 00:23:33 -0600

This is an investment property that I saw for one of my clients. I figured this will give others an idea of opportunities out here in Arizona.

Paul, here is the property that I have been talking about. You can pick this up, address the cosmetic issues and flip this pretty quickly!

Exterior shot of front of home and landscaping.

Entry, living room, dining room and fireplace!

Master Bedroom with fireplace, carpet/flooring situation, walk-in closet and master bath.

Second Master Suite with bath and dual sinks. No walk-in closet but double closets.

Third Bedroom and view from upstairs to downstairs. Notice the architectual touches and the quality lighting and fans. Great view from upstairs.

Downstairs in kitchen and family room area with fireplace. Half bath, laundry closet and patio door.

Back yard and play area. Notice the planting area...This will really sell the home when dressed up if we leave the blinds open leading out to the patio. The front door opens to the view out of the patio door. Flowers there will really have an impact!

Here are shots of the hot water heater and the hole in the garage that is beneath the flooring from upstairs. Fortunately, you can access the master bedroom's floor from the garage allowing more support to be added as the floor currently creaks. Also, the half-bath toilet and sink flash photos since the video couldn't be shot with the lack of lighting.

Here's a shot of the community pool:

I hope this helps!

The Lakes Community in Tempe, AZ Market Statistics Update

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Mon, 12 Jan 2009 14:41:59 -0600

Here are the latest statistics for "The Lakes" subdivision and area in Tempe, Arizona:

Total inventory available during the months of October, November and December: 48 homes

Total number of units sold that closed escrow in the same time period: 13 homes

Percentage of sold homes to homes available for sale during said time period: 27.08%

Asorption rate of current homes at current pace: 4 quarters (1 year)

Additional information is available based on specific property type for more accurate comparison to a potential home going on the market. If you would like an in-depth analysis of how your home will measure up to others currently on the market or if you would like information on the relationship between price and time on the market for both sold homes and existing homes feel free to contact me.

Mark Organek - RE/MAX Alliance

Have my open houses been successful because I plan to make phone calls?

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Sun, 11 Jan 2009 03:28:45 -0600

Rather than get distracted at either my home office or real estate office when I want to do my regular past client follow-up calls, I decided that this year, I would do them at open houses held during the week or on weekends.

Guess what happens? Each open house I've done, I have gone from person to person, one right after another. They usually start out slow but after the first half hour of calling, BOOM! Today, 14 people from 11:30-4:15pm came through. I did have a lull for 40 minutes or so but that was quickly occupied by calls.

I've even tried doing open houses during the week, during the day!!! Same result, 15 people at one, 12 at another.

Is it because I plan on making phone calls and fate won't allow it? Or, is there an increase in pent up demand of people that want to buy homes?

REO's vs. miles around Phoenix Arizona... Which is greater?

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Fri, 09 Jan 2009 02:59:35 -0600

I went from Phoenix Arizona all the way to...

You know the rest of the words!

Which grew by more today: The amount of miles on my vehicle or the number of foreclosures in the City of Phoenix?

Today, I went from Tempe to Mesa to Gilbert back through Mesa to Scottsdale to Tempe to Mesa to Gilbert to Chandler to Phoenix to my home in Tempe!!! A pretty long day viewing homes, picking up a listing, getting a key, hustling to the office, meeting at 6:00pm and then picking up my son in Phoenix. So, what's the big deal?

More foreclosures hit the market in Phoenix alone (not the metro area, just the City of Phoenix) today than the amount of miles I racked up in my trusty Honda Odyssey!!!!

What does that mean?? OPPORTUNITY!

Well, foreclosures are hitting the market and buyers still aren't aware of the value they can get by purchasing such affordable housing.

As of 12:59am Arizona Time, there are 204 homes under $30,000!! Renters and investors can pick up some pretty great opportunities for housing and reap long term rewards. Many of these homes are in neighborhoods renting for over $700/month!

Want to have some fun? Visit www.monopolyman.com when you have some time to kill, look up Phoenix foreclosures, check how many are on the market and then, count to 100. If you refresh your browser, chances are that number on the market will have risen.

Sure more properties may hit the market but when you can buy a home for $30.00/sqft., in the long run, how well will you do?

Maybe it's time for the market to get an oil change?

Take every HOMEQ short sale you can get!!!

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Wed, 07 Jan 2009 11:12:38 -0600

HOMEQ sure can hustle! I listed a home on November 14, 2008 and received a contract the first weekend. I sent the paperwork in on the following Tuesday, received an approval that Friday and closed escrow on December 18th!

They moved FAST!

On top of all that, they have organized their short sale department so each loss mitigator can take calls for other loss mitigators thereby ending any need to ever sit and wait endlessly on hold.

This is a company that can mitigate a loss!

If you every have an opportunity to list a short sale serviced by HOMEQ, take it. Countrywide, WAMU and Chase can learn a tremendous amount from HOMEQ. If they took the time to duplicate their model, Countrywide, WAMU and Chase wouldn't be suffering such huge losses.

Best of luck to you in 2009!

A message to Senator McCain: Short Sales don't have a chance under current policies

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Wed, 07 Jan 2009 02:04:01 -0600

I'm fed up with the ignorant companies that just don't understand that a short sale has no chance competing against an REO!

On top of that, failed short sale attempts commonly become lower priced REO's/Foreclosures/Bank owned properties.

I sent a letter to my Senator requesting an inquiry on servicing companies practices. Here's what I sent. If you feel it's in line, please send a similiar message to your representative:

Senator McCain,

I respectfully request that an inquiry commence regarding the unwillingness of mortgage companies to mitigate losses experienced by mortgagors. There is a rapid decline in home values occurring specifically caused by the inability of homeowners to mitigate losses.

In Arizona, home values are accelerating downward due to a lack of participation from various banks in avoiding foreclosure. This lack of sound practices has created an environment that has fueled a rapid decline in home values. Recently, I have watched the value of a client's home drop from $130,000 to potentially less than $60,000 due to an unwillingness of the mortgagee to participate in a loss mitigation process.

This is a serious matter and deserves much attention as the gap between the value of an owner-transferred home vs. a foreclosure/REO home usually represents a large difference. Without oversight, the mortgage servicing companies have the ability to hide behind internal policies that impede the ability for a loss to be minimized.

I recommend that if a bank denies a homeowner the ability to short sale a home, only to later foreclose and sell at a lower price, then the difference between the short sale net and the net proceeds from foreclosure should not be put on the shoulders of the American public. This irresponsible practice must come to an end.

As foreclosures continue to rise, it becomes increasingly difficult for a short sale to compete when corporate policies dictate that an opinion of value not be ordered until an offer to purchase has been received. With many bank owned/REO/foreclosure properties on the market, no agent in their right mind would subject a home shopper to wait for an arbitrary review process to run its course.

I have personally witnessed the deteriorating effect on a home's value when said property is attempting to sell short and the considerable loss that will ultimately be passed on to the taxpayer. Modifying banking procedures can rapidly put a halt to further value decline.

Please take the time to consider the current loss mitigation policies of various institutions and examine how these indifferent policies are affecting the overall financial well being of our country. Under the current standards of practice, our housing market will suffer further rapid decline. Furthermore, the taxpayers should not bear the burden of the result of indifferent and unmotivated practices.

Respectfully,

Mark Organek

EMC Mortgage's Policy Continues to Baffle Me!

Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance Group) — Tue, 06 Jan 2009 17:23:01 -0600

I understand why a bank would want to have an offer before a BPO is ordered. It does make sense. Now, however, our market is changing so quickly that in some cases it doesn't make sense.

It is just this particular home!! - I have three short sales with EMC, on only one of them (located in South Phoenix) I advised them that there are so many REO/Bank Owned properties surrounding this home that we don't have a chance to sell it without a BPO getting ordered. Agents just will not show a short sale when there are 20 competing REO's that can answer much faster!

I told EMC that they had to order it or we will lose value! - From the time I consulted the seller to now, the property has dropped from $135,000 to $60,000 or less. I could've sold this in December at $80,000 to $90,000 but then a swarm of REO's hit the market at $40,000 or less.

EMC's stance? - We don't find it to be cost effective to order a BPO on a property without an offer... How cost effective was it to lose $80,000?

Solution? - Please keep track of transactions like this and report them to your congressman and senator if you know of a home that was sold as a foreclosure for significantly less than what could've been fetched on a short sale. This is an abusive practice that is burdening our financial system with larger losses than necessary. Other banks like US Bank and HOMEQ seem to want to mitigate losses while companies like EMC sit and hide behind ineffective policy.

We're all in this together - Let's do our part as agents to keep companies that create problems, that are penny wise, pound foolish in check.