About 90 Day Delinquency Tracking Numbers

Thank you to a good friend for the information: There are two ways to track delinquency. First, as you guessed, the three credit bureaus compile and publish proprietary summary reports. The Fair Credit Reporting Act requires a permissible purpose (such as a loan application) to buy a credit report for an individual, but not for […]

Could There Be Inventory Relief in Sight?

Years ago I was visiting friends in Dallas and discovered something interesting about an area surrounded by absolutely no mountains whatsoever – when you see a storm cloud on the horizon, slowly growing larger, it’s coming for you and there’s nothing that’s going to stop it. That’s not the way storms work here in the […]

There’s a Housing Tsunami Coming. In Other News, WOLF! No, Really. I Mean it This Time

Jeff Brown, aka the Bawld Guy – one hell of a real estate investment guru, by the way – have been having a debate about the true state of the Phoenix real estate market. We don’t always reach quite the same conclusion because we find ourselves each looking primarily at one side of the supply-demand […]

About that Shadow Inventory – Some Fannie/Freddie Reality

There’s a theory floating around that one of the reasons there is next to zero inventory in the Phoenix real estate market is Fannie Mae and Freddie Mac are holding homes off the market. Not to poke a hole in this well-reasoned, somewhat well estimated and unproven theory but … Checking the tax records here […]

Dear REO Agent, Whose Best Interest Are Your Serving

As I pored through the listings today looking for homes for an investor of mine I saw this note: Please note that Bank of America or Merrill Lynch pre-qualification is REQUIRED on all financed offers Okayfine. Happens all the time on foreclosed homes owned by Bank of America. Except … Current Owner WELLS FARGO BANK […]

Banks Selling Homes – See No Defects, Hear No Defects, Speak No Defects

Yesterday afternoon I ran into a bit of a conundrum. With the inspection complete on a bank owned property in Tempe, my buyer decided either the bank was going to need to lower the price (not normally a contractually allowed request in Arizona, unlike other states) or move on to the next property. The listing […]

Channel 3 On Your Side – A Good Result In Spite of the Facts

If you happen to watch Channel 3, you may have seen this 3 On Your Side story last night about a couple who purchased a Fannie Mae home but had the appliances stolen from the house in the two days between the final walkthrough and the actual closing. According to the buyers and to Channel […]

Good News, Bad News in Phoenix Real Estate

Hey, folks … we’re number 1! From CoreLogic┬ávia Inman News: Eight out of the 10 largest metro areas in the nation saw yearly declines in July, with double-digit drops in the Phoenix and Chicago metro areas. When distressed sales are excluded, half of the 10 metros saw yearly declines, with Phoenix again the hardest hit. […]

Swimming Through the Bank Owned Sea of Silliness

This morning I attempted to submit an offer on a bank-owned home. One would think that writing a contract and having the buyer sign that contract and the addenda included by the listing agent would be enough. Hardly. First, I had to go to a specific website. Then I had to create a user account […]

Hail, Hail and Bank Owned Roofs

We talked about last October’s hail storm a few times in the fall, back when adjuster’s trucks were in everyone’s driveways and the air was filled with the sounds of nail guns pounding home new shingles. Who am I kidding … it’s still a common sound now, nearly seven full months after mother nature decided […]