Per Diem Charges and Personal Responsibility

Today finds me in the middle of what I’ll generously call a debate with a loan office about the per diem charges our mutual client is facing due to not closing on time. On the vast majority of bank-owned homes, the lender addendum includes language that a per diem fee will be charged for each […]

Wish You Were Here …

Hi, there … how was your vacation last week? Did you enjoy some cocktails at the beach while the sunset? How many times did your kids make you go on It’s A Small World? Is the Clyde & Seymour show at Sea World as funny as I remember it? It’s glad that you were able […]

Buying After Short Sales, Foreclosures and Bankruptcy

Here’s a rundown from Jason Servais at Bank of America. Keep in mind these are general guidelines and as such there always may be exceptions:   Conventional Fannie Mae FHA VA Foreclosure 7 yrs 3 yrs 2 yrs Short Sale 2 yrs W 80% ltv 5 yrs w 90% ltv 7 yrs higher 3 yrs […]

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.

Can You Use a Co-Signer on Phoenix Real Estate – VIDEO

For those who aren’t enjoying video me, bear with me … I’m using these videos to seed my All Phoenix Real YouTube channel. One of these days we’re going to adopt the game show taping schedule and I’ll just switch shirts ever half hour until the topics I want to hit initially all have […]

Why Do I Need a Local Lender?

The short answer – money. Not yours, not mine, but theirs. If a lender isn’t licensed in the state of Arizona, he or she isn’t going to be able to get paid for a loan completed in this state. This may not mean a whole lot to you but for lenders who presumably need the […]

Fun With the Appraisal Contingency

As I shake off dealing with a particularly insidious brand of liar, let’s talk the difference between opinions and facts and have some fun with the appraisal contingency as written in the Arizona Association of REALTORS Residential Resale Purchase Contract. This one’s inspired by a recent post on Trulia Voices where a buyer wants to […]

VA Zero Down Real Estate Financing Doesn’t Mean There’s Nothing Out of Pocket at the Start

Ran into a somewhat interesting situation the other day with a buyer using a VA loan. For those who don’t know, the VA provides 100% financing for veterans and allows vets to wrap their sole cost – the VA funding fee – into the loan itself (if the contract is so written by the real […]

Getting that Second Home Just Got Easier – Down Payment Requirements are Falling

Looking for a second home or vacation home but have been stymied by the 20 percent down payment required? It looks like help is on the way. Received a note from the good folks at Sterling Mortgage that 10 percent financing for second homes and vacation homes here in the Phoenix market now is available […]

Underqualified? Underread? Under a Rock? Became an Underwriter!

Do you crave power but loathe the idea of accountability? Do you enjoy finding reasons for something not to work rather than taking the time to see why they should? Enjoy wielding arcane and illogical guidelines regardless of how they were intended? Become an underwriter! As an underwriter, you have the opportunity to quash the […]