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Update on Changes Coming to Short Sales

This just in as of a few hours ago, as first mentioned earlier today here: NEW YORK (Reuters) – The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed “short sales” of homes and other loan modification alternatives to stem a rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according […]

Quick Answers on a Short Sale? It May Be in the Cards

As things stand now, there are two primary drawbacks to making an offer on a short sale: The process seemingly takes forever, with agents and buyers waiting on lenders who in turn are waiting for investors to decide whether to accept less than the amount of the mortgage on a given property. Most agents and many lenders still have no idea what to do with a short sale, leading to delays while agents try to figure out how to put together a complete short sale package and lenders try to find someone with experience and authority enough to decide. There’s […]

Avondale Real Estate Update – November 29

Below is a snapshot of the Avondale real estate market with data provided by the Cromford Report as of November 26. Looking for homes in Avondale? You can search the Avondale real estate listings or, if you prefer to view listings by RSS, you can add the feed here. [tags]Phoenix real estate[/tags]

Phoenix Short Sales – The Simplest Answer is the Least Popular

Questions abound when it comes to short sales in the Phoenix real estate market; nearly all deal with how the process can be shortened, the bank’s motivation and confusion about the real meaning of the price listed in the MLS. Some of the most common questions center around the idea of cash – whether a cash offer will speed the process as it will for almost every other kind of sale – or, seemingly just as often, wonder at why the bank is taking weeks or months to approve a sale to someone offering cash. The simplest answer when it […]

Buying Phoenix Real Estate is a Process of Elimination

Last year, with the switch in local MLS providers here in the Phoenix real estate market, agents applauded the new-found ability to enter an unlimited number of photographs for any given listing. And in so doing, most seemed to forget the reality of real estate buying – it’s a process of elimination. When buyers search for homes online, they rarely are looking for the home they want to purchase. Instead, they are looking for the homes they have no interest in so they can be eliminated from any further consideration – floor plans, photographs, curb appeal – all can lead […]

The Bipolar Nature of the Housing Market and Beyond

This morning brought news that existing home sales rose 10.1 percent in October, which the National Association of Realtors quickly attributed to the now-extended deadline for the home buyers’ tax credit. Sales activity nationally is at its highest point since February 2007, which means the nation’s catching up with the three-plus year highs in closed sales we’d been seeing locally in the Phoenix real estate market since the spring. Is this good news? Probably. Does it impact those sellers who for whatever reason (okay, it’s probably the price) who haven’t been able to compete with foreclosures and short sales over […]

Where Online Real Estate Has Gone Wrong

When I started my real estate career back in 2004, I quickly became known as the “internet” guy. The majority of my business came from my website (which soon grew to become a half-dozen different websites) and if there was a new trend to be followed (read: blogging, circa 2006) I jumped in with both feet. Why? Because the so-called traditional methods of generating business – cold calling, door knocking and such – were to my mind abominable. I’m the epitome of what Brian Buffini describes when he talks about people driving into their garage to enter their own private […]

Property Taxes in Phoenix Real Estate

I heard a first the other day … someone say the property taxes here in the Phoenix real estate market were a little higher than they were willing to pay. Really? For those unfamiliar with Arizona’s general political climate, there remains a distinct Old West mentality in these parts. Good government is less government, that sort of thing. And mentioning the word “taxes” usually will cause a rope to be brandished. We just don’t to them. (At least not to ourselves – rent a car here and you’ll understand.) Unlike some states where the property taxes are pegged to the […]

Watch Out – The Lenders Are Working on a New Deficiency Statute

A note came through my Inbox today that lenders are starting to lay the groundwork for a new version of Arizona SB 1271 – the bill that allows lenders to pursue deficiency judgments against homeowners who lose their homes due to foreclosure. SB 1271 was passed this spring at the end of the regular session, but eliminated during a special session otherwise devoted to the state’s budget later in the summer. As things stand now, homeowners who lose their homes to foreclosure are not liable for the difference between the amount of their mortgage and the sales price at the […]

Where to Start Your Phoenix Real Estate Offer

This normally would be the perfect place to reference Dancing With The Stars, but the abuse I receive from my friends after such posts isn’t worth it. Instead, let’s talk about the World Series of Poker. Watch enough of the ESPN broadcasts and certain patterns appear. When someone leads out to make the first non-compulsory bet, for instance, they most often bet somewhere around three times the amount of that mandatory bet (the big blind.) Why three times the big blind? Because that seems to be the magic level where anyone without a legitimate hand takes a hike and anyone […]