short sale: ACTIVE or AWC - Clarifying the Gray Area - 01/15/12 07:12 AM
What does it all mean?  An ACTIVE listing in the MLS means that the property listed is available and the seller is taking offers.  AWC means Active With Contingency.  AWC is the gray area that confuse people who are searching the multitude of MLS Search websites out there for the exact availability of the property.  AWC can be used for a variety of reasons and the situations change as the climate of our market changes.  What are the Contingencies?  Here is the most updated uses: 1.  In a Short Sale situation, a sellers agent will change the listing from Active to AWC when a purchase contract … (1 comments)

short sale: Becoming A Short Sale Super Sleuth - 06/02/11 11:12 AM
Uncovering a short sale deal takes smart detective work.  There are certain deductions that can be made when considering purchasing a Short Sale to help develop conclusions about the final outcome.  Asking the right questions will take the mystery out of purchasing a Short Sale and reveal details about the sale that will determine if a Short Sale is worth the wait.
What does the tax records show as the projected sales price of the home? How many mortgages are there on the property? Is there a Home Equity Line of Credit? Are there any tax, judgements or mechanic man's liens filed … (0 comments)

short sale: How do you get an answer back on a Bank of America HAFA Short Sale? - 11/09/10 05:51 AM
Someone who knows the ropes, please let me on on the secret of how to get a HAFA approval from Bank of America.  I thought I was Bank of America Short Sale savvy until they implemented AMS as their servicer for HAFA Short Sales.  I have had a HAFA Short Sale complete with all documentation submitted for almost a month and a half.  The BPO is done.  I only know that because the agent called me about access to the house.  AMS had no record that it had been done.  I send regular messages through Equator requesting an update and call … (12 comments)

short sale: Short Sale with Multiple Offers - 09/28/09 04:35 PM
Here in Arizona the competition for a Short Sale can be fierce.  The demand for low cost properties can create a multiple offer situation.  When representing the Seller, there have been 2 philosophies on how to manage multiple offers on a property.
First, the Seller accepts the highest and best offer and only that offer is presented to the bank.  All other offers are held in back-up position until the current Buyer withdraws, Buyer's offer is rejected by the bank, Buyer rejects bank's counter-offer or Buyer fails to qualify for financing.  In the case where a higher offer comes in after the original … (3 comments)

short sale: The Credit HIT on a Short Sale - 09/28/07 06:01 AM
Foreclosure:  Worst 7 years on Credit Report - 4 years recovery FICO drop 200 to 250 points
Deed In Lieu Of Foreclosure:  Better 7 years on Credit Report - 3 years for recovery(questionable) FICO drop 150 to 200 points
Short Sale:  Best 7 years on credit report - 18 months to 2 years recovery FICO drop 100 to 120 points
Although a Short Sale isn't pretty, it's the best option with minimal consequences, even if the seller walks away with no money and/or financing the difference at an affordable payment.
(2 comments)

 
Barb Merrill, GRI, Associate Broker (Cactus Mountain Properties, LLC)

Barb Merrill

GRI, Associate Broker

Tempe, AZ

More about me…

Cactus Mountain Properties, LLC

Address: Tempe, AZ, 85284

Office: (480) 570-5263

Mobile: (480) 570-5263

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Keeping well-educated on current market trends and issues is the best service I can give my clients. Whether a 1st time home buyer, a life change relocation, a 2nd home purchase or a seller which deserves the very best in negotiating skills enhanced by the information gained through blogging. The thriving economic enviroment of Arizona along with affordable housing is a welcoming home for everyone. This is what motivates me to provide excellence in the residential real estate field.


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