As of this particular moment in time there are 777 single-family HUD homes for sale in the Phoenix real estate market. How do I know this? Because I can search the Arizona Regional MLS specifically for Phoenix HUD homes. Of these 777 homes, 764 of them are being advertised on the Internet through ARMLS’ IDX feed, allowing the public to search specifically for these homes if they find a site with a dedicated Phoenix HUD homes search. Like the Phoenix HUD homes search that I’ve just added here at All Phoenix Real Estate.com. Now let me tell you the wicked-cool […]
Three beagles alike in dignity in fair Glendale where we lay our scene ... With apologies to Tobey and Charlie, today's story is all about the youngest of our pack - Morgan. This is Morgan in one of his typical poses, thinking for all the world that he's a stuffed animal on my daughter's bed. Morgan is the tallest and longest of the three beagles but doesn't know it. He'll curl up on your lap or on the edge of the love seat thinking he's still the puppy that he was when we first bought him. He's mental, in other words.
Not often you see this from the media as whole - a realistic look, for better or worse, at the place housing holds in the U.S. economy. Felix Salmon on Monday wrote about the current policy when it comes to escalating foreclosure notices, a policy which says, well, maybe it's best for the economy as a whole to file the notice and then not actually foreclose on the home ...
This morning's RE/MAX update included an article from founder/chairman Dave Liniger. The headline was that there needed to be more short sales in 2011. The gist was there needed to be more successful short sales and for this to take place loan servicers need to have better processes in place. It's rare I find myself disagreeing with Dave - he has forgotten more about real estate than many of us ever will know - but I do believe he's wrong here, if only because I've reached the conclusion that lenders and loan servicers are fundamentally incapable of becoming adept at processing and approving short sales.
Want to Get Serious Buyers Back in the Phoenix Real Estate Game? Eliminate Short Sales Once and For All
Let's start with a quiz ... when does a sale take place in the Phoenix real estate market? Simple answer ... when a ready, willing and able buyer and ready, willing and able seller agree upon a sales price, terms and conditions and successfully complete the escrow process and the deed to the property changes electronic hands. Without a ready, willing and able buyer and without a ready, willing and able seller, there can be no sale. As of yesterday, there were 26,000-odd single-family detached homes listed for sale in the Phoenix real estate market. Of those, nearly one third are being offered for sale by sellers who may be ready, who may be willing but aren't able to sell. Aren't able to sell, that is, without approval from the lender(s) who had financed the purchase of the property.
If you’re looking at purchasing a bank owned home here in the Phoenix real estate market, there are some quirks you’re going to want to be aware of right from the get go: 1) Homeowners Association transfer and other fees – the lender’s almost certainly not going to pay these, so it’s probably not worth asking the question. Better to “deduct” what you think the total will be from your offer than make a request you know out of the box isn’t going to happen. 2) Home warranties – Freddie Mac is offering a two-year home warranty to owner-occupied, primary […]
Another experiment in video … the video also can be found on my YouTube channel which, at the moment, consists of just this one video but soon will have additional videos available. As always, any feedback or questions are welcome. [youtube:http://www.youtube.com/watch?v=tietwZj5au8 400 300]
Like most real estate agents, I never fully understood the reluctance of second lien holders to accept whatever they can get when a homeowner is trying to sell their property via a short sale. After all, if a home goes to the Trustee’s Sale, the second lien holder won’t receive a cent, right? Well, not exactly. Arizona is an anti-deficiency state which means that in many circumstances lenders cannot come back to the homeowner after a trustee’s sale to try and collect the balance of what they’re owed. (There also are several circumstances where anti-deficiency statutes don’t apply – consult […]
We talked last month about how Bank of America’s new partnership with Equator was supposed to speed the short sale process, at least for loans that aren’t government backed. Apparently, it’s working. On May 3, I submitted an offer to Bank of America via Equator for one of my short sale listings. Five days later there was an appraiser at the front door to check the value, an absolutely unheard of turnaround time. This morning we received a response; it’s a counter offer so there’s still work to be done, but still … in the span of 22 days we […]
Sometimes it’s easy to forget that banks aren’t running the show here. Such as with the “active” listing one of my clients wanted to see, which is listed as “active” even though the REALTOR remarks show a contract has been accepted. “The bank won’t let us mark the home as pending until we close, probably.” It’s not the bank’s choice; Arizona Regional MLS rules say once a contract has been accepted and executed (read: signed) the listing has to be either listed as Active with Contingencies or Pending. There’s no choice in the matter. But, by all means, let the […]