foreclosures: Are We Going to See a Fallout from PPP Infused Cash?
- 03/16/21 09:07 PM
Are We Going to See A Fallout from PPP infused cash? Following trends in finance and the housing industry, you might start to wonder if money paid by the government has been keeping people afloat that might otherwise be foreclosing on their homes. You would be right in that assumption. You’d also be right that bankruptcy’s have slowed for the same reason. Since the infusion of cash from the government, foreclosure filings dropped in April, 2020 in the Phoenix metro area. This scenario is playing out all over the country. But the key factor to remember is that foreclosures were a tiny … (5 comments)
foreclosures: Housing Market Update - Foreclosures
- 07/29/16 08:06 AM
It's been a long time since the economic recession brought the housing market crashing down like a freight train. It's difficult to forget the free fall feeling when not much was selling and foreclosures were climbing in numbers. That said, it's still a topic I'm asked on occasion.
In the last week, three investors have approached me to talk about doing "fix and flips." You've heard the term before, but simply put fixing and flipping homes is not a new concept. But when the housing market tanked and people stopped paying, everything, the supply of homes with smelly interiors and knee … (9 comments)
foreclosures: Showing Revisited
- 04/03/13 02:55 PM
Showing Revisited! A client arrived in town last night, staying with her girlfriend. She's relocating to Arizona from Massachusetts. A huge relocation in terms of distance, climate, lifestyle, heck just about everything is different between our two respective states. She's arriving from a Judicial State and we're a Non-Judicial State, which was discussed today. You see, this home buyer is purchasing a home that WAS a foreclosure 3 years ago. Explaining the foreclosure process, and ensuing re-purchase, is part of the process when someone buys a FORMER foreclosure. Reason being is that every aspect of this home has to be … (5 comments)
foreclosures: Crazy Bidding Wars! How Long Do You Gather Offers Before Responding?
- 06/12/12 01:44 PM
Crazy Bidding Wars! How Long Do You Gather Offers Before Responding? Things have gotten out of hand! The Phoenix housing market is so heated up. While attending our mandatory Ethics Class (quadrennial requirement) on Monday, our instructor told us that someone had 91 offers on a listing! 91 OFFERS. That’s just nutsHow on earth can we be fair? Do we wait a week to gather all offers? Do we wait 3 days? Or do we wait 24 hours? There has to be a meeting of the minds to make everyone happy. I’m thinking of the middle answer. And because regular … (20 comments)
foreclosures: The Market has Changed, Again!
- 01/15/12 10:07 AM
The Market has Changed, Again! During the last two weeks, and especially the last week, it's become apparent that the investors have really ramped up their spending. The showings I'm scheduling are for "newer" townhomes and condos in Scottsdale and North Phoenix. It's amazing that all of sudden, more multiple offers are being submitted and quickly. Last year, our cash sales in Maricopa County were 47% of the total sold properties. And because of our foreclosure experiences, most anyone coming here is expecting a bargain price. Low prices, yes; low rates, yes; but inventory - not so much. We're seeing … (6 comments)
foreclosures: 2011 Statistics for the Phoenix Area
- 01/09/12 09:29 AM
2011 Statistics for the Phoenix Area - I hope that your Holidays were Merry & Bright! 2011 ended with a bang in the real estate market. New construction has increased slightly, our supply is down, our sales are steady, and demand is starting to build! The question of the day is still, "How's the real estate market." This data compiled by our MLS board will answer your questions. There are fewer new listings, down almost 20% since last year. There is a 3 month supply of homes to sell, which is a very low level. Consider that if nothing new came on the market, all … (6 comments)
foreclosures: Shadow Inventory in the Phoenix Metro Area/Maricopa County
- 11/22/11 12:58 PM
Shadow Inventory in the Phoenix Metro Area/Maricopa County - Frequently, I'm asked about "shadow inventory." There still isn't a clear answer, but our foreclosure statistics provide some hints as to what is happening. In Western States, such as Arizona, attorneys aren't used in the foreclosure process and we have Deeds of Trust, not mortgages, and our timeline for processing foreclosures is much shorter than states on the East Coast. States on the East Coast have foreclosure proceedings that drag on much longer (years), not months as is in Arizona. Here in Arizona, our time line is as follows: … (0 comments)
foreclosures: Short Sale - To Show or Not To Show?!
- 04/12/11 10:17 AM
Short Sale - To Show or Not To Show?! You've all been there. You're working on setting up showings for a client and you're figuring out which homes to include in your list. Of course we include EVERY traditional sale we can find. We include bank owned properties/REO's, for those with enough cash in the bank to replace what is missing. And then there are short sales. Short sales have about a 50% success rate of closing in our area. And due diligence is definitely required. My methods are as follows: Check to see if there is an Auction Date? If … (4 comments)
foreclosures: It's a Minefield Out There!
- 03/12/11 06:19 AM
It's a Minefield Out There! Is this listing a short sale, a foreclosure or a regular sale? Does the home have more than one loan? Did the owner of the home refinance? Did the owner use funds from the refinance for the new car I see in the driveway? Does the owner of the home really qualify for a short sale? Does the owner of the home have a documented hardship? And most importantly, has the agent closed any short sales, or have training in shorts sales? It has become such a minefield that time spent in the office preparing for … (9 comments)
foreclosures: 2011 and Foreclosures!
- 01/13/11 05:10 PM
2011 and Foreclosures! Yesterday I attended a Contract Law class taught by one of the best instructors in the Phoenix Metro Area. Bill Gray is a former teacher, former CEO of the Arizona School of Real Estate, expert witness in RE cases, and perhaps the most interesting and entertaining speaker we all can appreciate for this type of class. Every time I see that he is on the list of class speakers - I'm there. His style is to make sure you retain the most important facts of that class - no matter how boring or incidental. It was with this … (16 comments)
foreclosures: Another Short Sale Contract Cancelled!
- 11/17/10 04:07 PM
Another Short Sale Contract Cancelled! Today has been another short sale kind of day. Not that it's any different than any other day, except that today is signficantly different for those sellers whose purchase contracts on their homes were cancelled. Cancelled this time as in the buyers walked, thus cancelling the contract. They were obviously tired of waiting for th 2nd lienholder to locate the fax that had been sent 4 times! Are there ways to safeguard this from happening? Sure, there are Addendums tieing up their earnest money, ie keeping their feet to the fire. But I wonder do … (11 comments)
foreclosures: Another Contract Down the Drain
- 05/24/10 09:19 AM
Another Contract Down the Drain. And this time I thought I would get a break - but no such luck. Another "bidder" wrote a slightly higher contract and the rest is history!
Managing expectations for buyers and sellers in this chaotic real estate market is no easy task. Oftentimes, I have to remind the client of exactly what they said when we were putting together an offer. "Short sales are not sold at a discount" is a frequent comment that I make when addressing the differences between regular sales, and lender owned homes.
Finding the mindset of your client … (13 comments)
foreclosures: The NEW Real Estate Market
- 10/23/09 07:42 AM
Does anyone in this country still have the SAME real estate market as we did 4 or 5 years ago? It's doubtful! I would venture to say that very few markets are the same. Maybe we have different versions of different, but we all have had to make some changes. In Arizona about half our market is short sales and foreclosures/REO's. My interviews with clients are now tailored to questions regarding that section of the market. Prospective homebuyers and sellers are now asked if they could wait up to 18 months to move; if they are willing to make their own repairs; … (0 comments)
foreclosures: REO's + Green Remodeling = Energy Efficient Home
- 09/17/09 09:58 AM
Purchase a Foreclosure/REO, remodel it with green features and lower your utility bills! There are so many opportunities to remodel and add green features, but not everyone is thinking of those items. If only those folks knew of a way to add those to their remodel, plus add them to the mortgage! BUT, there is a way to impliment those features and ADD them to the mortgage. It's the 203K FHA mortgage! When you add new carpet, tile or stain the cabinets, think utility bills. You can add a new AC, get the Federal, utility and possibly state rebates, And what … (2 comments)
foreclosures: REO's/Foreclosures not on the MLS, Phoenix, AZ
- 09/03/09 09:10 AM
Are all of the foreclosed homes on the MLS in Phoenix, Arizona? Watching the MLS numbers fall in our Valley of the Sun real estate market leaves us scratching our heads. The number of single family homes (just homes) is around 24,000, which isn't very many for 3.6 million people and our space of over 500 sq miles. When you factor in what is going on in this economy, we ask ourselves, "Are all of the homes actually on the MLS that the bank has foreclosed?" The answer is no!
There is an inventory of homes not on the MLS … (1 comments)
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Are We Going to See A Fallout from PPP infused cash? 
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