short sales: 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)

short sales: They Painted Over the M#@$%! - 06/05/12 04:03 PM
They Painted Over the M@#$%!Last week was a hurray and now the work starts!  So excited for my investor client as we successfully beat out 32 other offers on an investment condo.  Not only that, but it’s in a premo location.  Way cool!  I’m sure there are primary buyers who are upset about not “winning” this bid.  But let me tell you what they missed:No surprise, this was an As Is purchase, with all the ensuing paperwork.    (We are a non-judicial state.)One bank was servicing for another on this Foreclosure and paperwork went from Texas to New York.They chose a title … (4 comments)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: 2 Short Sale Transactions on Same House - BAD IDEA! - 09/02/10 12:38 PM
2 Short Sale Transactions on the Same House - that's a bad idea!  Some of you may have seen today's post/spot for TBWS Daily.  If you follow these guys you'll know what I'm talking about.  If not this will make you stand up and pay attention!
New software has just come out, as reported by TBWS Daily, that will search records for 2 transactions on the same property at the same time.  Pretty shocking huh? Desperate times create smart software.  Maybe that should have been this title?!  The software has been created by Core Logic and searches for all companies.  Transactions … (4 comments)

short sales: FRAUD - CAN YOU SPOT IT?! - 07/05/10 06:42 AM
FRAUD - CAN YOU SPOT IT?  Fraud has erupted it's ugly head, just as the economy is at it's ugliest.  Is this a coincidence?  NOT!  Desperate times call for desperate measures.  There are all kinds of fraud cases running rampant in this country. 
I just read a post from Lydia Puller, Mill Valley CA.  In it she discusses 2 incidents of those trying to scam the system.  Those are just the tip of the iceberg.  I've turned down so many short sale listings for those same reasons.  People can be very creative in their ideas of what they are trying to … (7 comments)

short sales: 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)

short sales: 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)

short sales: Get Real Banks! - 08/18/09 02:56 AM
Are banks becoming even more difficult to work with?  The answer in my opinion is yes.  As a buyers agent I'm forced to explain to clients what the bank wants in every facet of a transaction.  Banks select the title company, banks select the inspection period, banks select the amount of the earnest money, banks select, banks select, banks select..... My investor clients from Greece, Canada and the eastern US all seem puzzled as to why in Arizona that banks still have to make all the decisions. After all, we are "ON SALE" according to the rest of the country.  Little … (5 comments)

 
Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) Rainmaker large

Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Scottsdale, AZ

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Value Added Service, 602-620-2699

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