foreclosures: Phoenix AZ short sale solution center
- 01/30/09 01:29 AM
Phoenix real estate is selling, despite what you may have heard. However, the majority of sales in Scottsdale are short sales, bank owned real estate (REO) or lender owned homes in Phoenix, Fountain Hills, Peoria, Mesa and the other towns that make up Maricopa County,Arizona. Phoenix Short Sale Solution Center Short sales in Phoenix and bank owned homes and foreclosures are presenting great real estate opportunities for savvy home buyers. If foreclosure is not an option for you, they can help facilitate short sale transactions for Phoenix real estate. What is a short sale? A short sale means the lender is … (4 comments)
foreclosures: Dear Sheriff Arpaio - stop evicting Phoenix AZ tenants
- 01/29/09 02:23 AM
I want this Phoenix AZ real estate blog article to serve as an open letter to our Maricopa County (Phoenix AZ) Sheriff Joe Arpaio to do the same for those renters who have paid on-time to the landlords who pocketed the monthly rent money and did not forward to the banks / lenders. Please consider allowing these tenants to stay in the home with an rents going to the lenders for a statutory period of time. A minimum of 30 days from the foreclosure sale to allow the tenants to find a new home to live, pack and move. I am … (4 comments)
foreclosures: Stop Foreclosure Evictions - the innocent victim of the housing crisis
- 01/11/09 02:19 AM
Phoenix AZ real estate has declined sharply. Wall Street is in turmoil. The economy is in a recession. Many Americans are struggling to keep their jobs, 401K's and homes and get on with these tough times. Foreclosures in towns like Scottsdale, Fountain Hills, Peoria, Mesa and Tempe have made real estate recovery difficult. There is blame to go around. However, there is one innocent victim. The most innocent victims are those honest and timely renters who are on-time paying tenants who are unaware that their landlord (the homeowner) has fallen into mortgage-related foreclosure only to come home to a foreclosure notice … (9 comments)
foreclosures: Short Sale Nightmare - Renter’s Beware
- 11/28/08 05:36 PM
Everyone knows that Phoenix, AZ, Scottsdale, Peoria, Tempe, etc... saw real estate prices more than double from 2000-2005. Real Estate Investors flocked to this real estate ‘gold rush' from all over the country, Canada and abroad. Fueling the Phoenix real estate investor frenzy was an era of (too) easy lending and (virtually) free money. Top that off with low fixed mortgage interest rates and so-called "NINJA" loans (No Income, No Job, No Asset Verification) loan and every person with a 600 credit score becoming a real estate investor in Phoenix, Scottsdale, Mesa, etc... Phoenix area Real Estate investors hoped to either … (110 comments)
foreclosures: 11 Tips to Sell Your Home Fast!
- 11/13/08 02:40 AM
There are a record number of foreclosures throughout the country. Today, RealtyTrac reported that as 1/3 of sales may be lender owned homes. As a result, it is increasing difficult for sellers to get offers on homes that are priced at fair market value. There are many things you can do to elevate your chances. Try these 11 Tips to Sell Your Home Fast! One Chance to make a First Impression - keep lawn trimmed, landscaping neat, driveway empty, welcome mat and sharp front door - remember buyers are visualizing coming home. Repairs / Pre-inspection - minor flaws not only detract from a homes … (34 comments)
foreclosures: How NOT to List your Home on the MLS !
- 11/09/08 02:19 AM
It is a difficult time to sell Real Estate. Period! It is a buyer's market. Sellers have to be patient. However, the levels of desperation are rising like the tide. We have roughly 60,000 homes for sale (Greater Phoenix) between the MLS, foreclosures and For sale by owner in Maricopa County, Arizona. (Phoenix, Scottsdale, Mesa, Tempe, Chandler, Glendale, Peoria,etc..). The remarks on listings read like a drowning person looking for an anchor to keep them afloat. I will share one Bad MLS listing with you. However, the names have been changed to protect the innocent. A little background: This truly … (16 comments)
foreclosures: Short Sales Suck ! - 7 Reasons Why!
- 11/07/08 01:18 AM
Short sale specialists will tell you that you are missing the boat if you are not involved with these transactions in the greater Phoenix real estate market. I completely disagree!! Here are 7 Good Reasons not to get involved with short sales. Average time to get acceptance (or more likely a denial) from a lender is more than 75 days. Some agents say longer. There is no guarantee the offer will get accepted at or near that price because the majority of Realtor list homes at random arbitrary prices that they think or hope the banks will accept. estimates as … (19 comments)
foreclosures: Financial Rescue Package - at what cost??
- 10/27/08 03:29 AM
I have recently written several articles about my support for the Housing Rescue and Financial Bailout Package that is now weeks into effect. I believe it is an important piece of Legislation that does 2 important key things to add support to the ailing housing and credit markets. It creates badly need liquidity in the credit . Opposition was strong in many camps arguing to block grants on the grounds that "the principal beneficiaries of this type of plan would be private lenders - who are now the owners of the vacant or foreclosed properties - instead of struggling homeowners who … (8 comments)
foreclosures: Will the Housing Rescue Bill and Bank Bailout work ?
- 10/24/08 03:27 AM
The question on everyone's mind nationally is "will the plan outlined in the Rescue legislation work" to help the struggling economy and support the ailing real estate market? I believe that there is no silver bullet that will be a complete quick fix. However, there is precedent and reason to be optimistic. New York Times writer, Amy Schoenfeld discussed the role of American Debt and the American Burden that has come since the first consumer loans took form in the 1920's. Ms. Schoenfeld, walks us through a previous time in history where .... for the first time, starting in … (12 comments)
foreclosures: 'Cash-Back' Deals and Mortgage Fraud
- 10/04/08 06:15 AM
I have been hearing more and more stories of buyers approaching sellers with offers that include "Cash-Back". Why is this white collar crime and mortgage fraud making a re-occurrence? - Buyers are taking advantage of 'desperate' sellers hoping they will cross the line to do anything to sell a home. Let me be clear that it is illegal. Period! In fact, on June 19th, the FBI charged More Than 400 Defendants Charged for Roles in Mortgage Fraud Schemes as Part of Operation "Malicious Mortgage. A cash-back transaction scenario is where a buy pays more than a home is worth with … (7 comments)
foreclosures: what's a (G)EO ?? - ask the FED
- 09/20/08 08:48 AM
I have been a bit proponent of the FED supporting the Real Estate market. I have written blog after blog asking for help (bailout) of Fannie Mae and Freddie Mac. However, with the stock market down 1,000 points this week (mid-day Thursday) , the FED needed a life preserver and gave them the promise of 1/2 Trillion dollars (sounds like more than $500 Billion doesnt it). Make that $700 Billion (3/4 Trillion dollars sounds better) proposed bailout. This knee-jerk reactionhelps banks, bank shareholders, stock market, and consumer confidence. In my opinion, it does little, if anything, to help real estate. … (21 comments)
Fannie Mae announced recently that they have increased their elapsed time -frame guidelines for clients in foreclosure for when they will consider a borrower to have ‘ re-established ‘ their credit in order to get a loan; They have increased the time period for which they will consider borrowers for loans after a short sale or foreclosure from 4 years to 5 years (as of June 1st). In Calculated Risk , Fannie Mae Tightens Guidelines Again, he highlights the reasoning and change in lending policy. The presence of a prior foreclosure action in the borrower's credit history is evidence of … (4 comments)
foreclosures: 10 Must Have Docs to get Short Sale approval
- 09/16/08 03:34 AM
When it comes to foreclosures, bank owned (REO) and Short sales , 'Short Sales' are probably the most difficult to facilitate a successful transaction for both buyers and sellers. These days, the seller is usually cooperative. Unfortunately, that is just the small first step towards a close of escrow as you still have to get the bank / lender to agree to the 'Short Sale'; and that is no easy task. (I wrote about why short-sales are getting difficult in previous article.) As a seller, you must be able to prove your income will not be sufficient to pay your … (6 comments)
foreclosures: Permits down 40% - bad for builders good for you
- 08/28/08 01:13 AM
According to the RL Brown Real Estate report ... "housing permits, the leading gauge of home construction was down more than 40% in July, compared with a year earlier." Undoubtedly, this is unfortunate news for builders, who are large contributors to the Greater Phoenix economy. However, this is some positive news for the real estate market. Resale homes on the market number 60,000 (give or take). Roughly, a year's supply. Foreclosures are rising. Bank owned homes (REO) and short sales are glutting the market. Before any stabilization in housing or (dare I say) rebound in real estate will be followed by … (11 comments)
foreclosures: Good News (for Buyers) Home prices drop 15%
- 07/29/08 07:10 AM
what can I say, the glass is half full. Right ?? According to the S&P| Case-Shiller , private housing index shows home prices dropping by a record amount nationwide - " Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide. The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history." No city in the Case-Shiller 20-city … (3 comments)
foreclosures: Home Resale Activity in metro Phoenix
- 07/28/08 04:50 AM
Sales of previously owned homes (not new home sales) in Metro Phoenix, fell in June even as prices dropped almost 6% year over year. The 5th largest drop on record according to the (NAR) National Association of Realtors. Resales typically perform well when prices drop as bargain hunters swoop in to get deals and steals. The primary cause was the glut of bank-owned (REO) and foreclsoures on the market. According to to a report from the Arizona State University Real Estate Studies department. "forecosures (in Phoenix area) were way up from the previous June - 3,275 this year from 575 in … (1 comments)
foreclosures: Valley Home Price Drop Record 18%
- 07/16/08 04:46 AM
According to a report from the Arizona State University just released , .. Valley Cities (Phoenix, Scottsdale, Paradise Valley and other surrounding cities of Glendale, Peoria, Mesa, Tempe ,etc...) recorded a year over year price drop of 18%. In the North east region of the Valley which includes Paradise Valley and Scottsdale, prices dropped more than 10% from April of 2007. ASU real estate professor Karl Guntermann, noted that the rising amount of foreclosures was the primary factor for the "off-the-cliff drop". However, rising gas prices, rising food prices, rising interest rates also contributed to the falling home prices. I am … (1 comments)
foreclosures: Salacious Headline of the Week
- 07/06/08 05:32 PM
Foreclosures to rise whoever wins White House - according to JEANNINE AVERSA, AP Economics Writer , I dont know about the rest of you. However, I am past tired of news headlines that have gone past one sided negativity and have now reached past to utter hopelesness. I agree with Ms. Aversa , " Even the optimism that surrounds a new president taking office cannot resurrect home values overnight, and presidents have no direct ability to reduce rising mortgage rates " And yes, she correctly points out, " A long-term solution is tied to a turnaround in house prices. Slumping home … (4 comments)
foreclosures: Short sales and 4-leaf clovers
- 07/02/08 02:37 PM
If you are a real estate agent, I am sure you would agree, we have never had so many requests from buyers who only are interested in short sales, foreclosures, or (REO) bank owned properties. the most common request we see in Phoenix is is for the "Short Sale". However, if you have tried to negotiate a "short sale" transaction, you probably know that not all Short Sale are alike. In fact, not all Short Sale are even a Short Sales at all. This morning, a real estate investor called and told me that he had put an offer in on a "short … (2 comments)
foreclosures: Food Products Reduced in size - Will homes in Phoenix Scottsdale follow ?
- 06/02/08 06:25 AM
According to the U.S. Department of Agriculture, Food Price Outlook for 2008 for all food is projected to increase 4.5 to 5.5 percent, as retailers continue to pass on higher commodity prices, for beef, poultry, eggs, dairy, fruit, vegetables and wheat, and energy costs to consumers. Cathryn Creno of the Arizona Republic wrote an excellent article on AZ grocery stores and how manufacturers are scaling back the sizes not reducing prices so consumers do not feel as much of a pinch in the wallet. Here are a few examples Ms. Creno cites. Cheerios shrank by 1.5 ounces Scott toilet paper … (2 comments)
Phoenix real estate is selling, despite what you may have heard.;)
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