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Strange Days in Phoenix Real Estate

Each day seems to bring with it a new, odd request … the type of thing which makes me think the insanity of 2005 hasn’t faded as far into the past as all of us may once have believed. Recently I’ve been asked by some readers to send them blank real estate purchase contracts for them either to peruse or use as they see fit. At the risk of stating the obvious, as a buyers’ agent I am compensated on my ability to find the right home for a buyer, write the contract and help them through the escrow process. […]

You Pick the Area. I’ll Help You Find the House

An increasing number of requests have come through the e-mail of late from folks looking for homes somewhere in the Valley. Somewhere is the key word; they don’t know where they want to be other than a place that is “safe” or “quiet.” And I can’t legally help them. The Fair Housing Act specifically prohibits real estate agents from directing buyers toward or away from any particular areas barring specific instructions, and even then the instructions can’t run afoul of the Act. (For instance, not wanting to live near people of a certain race is something I can’t legally address; […]

The Phoenix Real Estate Market – The Land Where Professionalism Died

You have fungus on your shower shoes. When you win 20 games in the show, you can let the fungus grow back on your shower shoes and the press will think you’re colorful. Until you win 20 games in the show, however, it means you’re a slob. – Crash Davis Does it seem odd to anyone else that a listing agent who hasn’t been able to find the time to return my calls and e-mails suddenly finds the time when he gets a call from a prospective buyer? Never mind that the buyer was my client. Deed problems are a […]

Friday Afternoon Theme Music – March 27

Some people say that there’s a woman to blame But I know … it’s all Jimmy’s fault. [youtube:http://www.youtube.com/watch?v=dAXcaMYwGDY 400 300]

The Bank’s Accepted Your Offer. Now What?

Earlier this week I detailed the beginnings of the purchase process here in the Phoenix real estate market, particularly as it pertains to bank owned homes. So let’s say you’ve survived that part. What comes next? Assuming nothing in the bank addendum changed the basic timelines set out in the Arizona Association of REALTORS Residential Real Estate Purchase Contract, here’s where you go from here (and if you used a cocktail napkin for your contract then you’re on your own.): 1) FINANCING. If you’re financing your purchase, you’ll have five days to formally apply for your loan. This also is […]

The Twist on a Bank Owned No One Saw Coming

Normally I try and build the story a little bit but today’s situation was so bizarre it’s best to start at the ending: The lender selling a bank owned home to my buyer doesn’t own the home. Not in a “need to get a deed recorded and work out some paperwork” kind of way. The bank doesn’t own this home because the trustee’s sale was canceled once upon a time. And somehow neither the asset manager nor the lender seemed to notice this detail. Without going too deep into this, the escrow company knew something was awry but didn’t know […]

All Hail the Talking Banana

We’ve had a pretty significant jump in readership over the past several weeks, so I thought I’d dig into Google Analytics to try and see what the deal was. Um … okay. Not what I expected but I guess it’s harder than I imagined to resist the lure of a dancing banana. [tags]Phoenix real estate[/tags]

Phoenix Real Estate Inventory Update – March 24

The pace of the Phoenix real estate market continues to pick up. Inventory of single-family detached homes is down for the sixth straight week and sales over the past 30 days have crossed the 5,100 mark. As of this morning there are 33,496 detached homes for sale in Maricopa County against sales of 5,114 for an absorption rate of 6.55 months. Anthem, Avondale, El Mirage, Maricopa, Queen Creek and Surprise all are sellers’ markets based on absorption rates less than five months. Buckeye, Glendale, Goodyear, Laveen, Phoenix proper and Tolleson are balanced markets with absorption rates between five and six […]

Making Offers on Phoenix Real Estate

While many of the homes for sale in the Phoenix real estate market happen to have garages, these properties can’t be purchased as if you’re at a garage sale. “Seventy-eight thousand, huh? Tell ya what. I’ll give you $20,000 cash but I also want you to throw in that Spuds McKenzie poster.” If you want to purchase a home in the Phoenix real estate market, whether bank owned or otherwise, you need to fill out a purchase contract. If you’re doing this on your own, you can write the contract out on a cocktail napkin (though I advise against it.) […]

The Flipping Flippers Are Back According to The Republic

There’s an excellent chance I’m too flawed to be a real estate agent in the Phoenix real estate market. We’re approaching April and I’ve yet to try and obtain a contract listing bank owned homes. And when I read things like the tail end of this article in the Arizona Republic, I cringe … (Agent) said he works to find foreclosed homes for clients that can be fixed up in four weeks and then resold quickly before being undercut in price by new foreclosures. “The last foreclosure home I worked with a client to buy and fix up was in […]