Foreclosures

FHFA’s new program to help underwater homeowners

Better Life

Today the Federal Housing Finance Agency announced a new program designed to help even more underwater homeowners refinance their mortgages at today’s low rates. The plan hopefully will allow homeowners to lower their monthly mortgage payments, thus freeing up money to be spent in the broader economy and help the US from slipping back into [...]

24 October 2011 Read the full article →

When can I buy again after a short sale or foreclosure?

Buyer Help

This is from one of our favorite lenders, Jeannie Bolger at Nova Home Loans. Don’t despair! You can buy after a short sale or foreclosure. Plus Jeannie and her staff will help you repair your credit during the waiting period. Heather Barr is a Realtor and a happy workaholic. She eats more than someone her [...]

7 October 2011 Read the full article →

Rapidly dwindling inventory of bank owned homes in metro Phoenix

Buyer Help

In his September 15th market summary Mike Orr of Cromford Report said We are projecting about 4,500 new foreclosure notices during September, a drop of some 16% from August and about 2,850 trustee sales, a drop of about 21%. Part of the drop is because September has 9% fewer working days (21) than August (23). [...]

23 September 2011 Read the full article →

Condo financing near-impossible to get

Buyer Help

A while back, I wrote a piece called Condo Re-Financing: Tricky to Impossible. Nowadays, that lending dilemma has grown — it’s next to impossible to get a new mortgage to purchase a condo, according to my favorite lenders Kevin Reiser and Jeannie Bolger. (need an ace loan officer? call me or text me and I’ll [...]

19 September 2011 Read the full article →

Most expensive REO

Central Phoenix

Here it is, folks, the most expensive REO bank owned foreclosure home currently for sale in the metro Phoenix, Arizona MLS database. For a mere $18 million, this estate can be yours. Seven bedrooms and 10 bathrooms, and over 17,000 square feet of living space. The home boasts two swimming pools, a billiard room, 3 [...]

25 July 2011 Read the full article →

The difference between Bank Owned, Foreclosure, REO, and Short Sale

Foreclosures

The low-down on the difference between short sales and REO foreclosures (bank owned) properties.

6 July 2011 Read the full article →

27% of Americans would consider “walking away”

Foreclosures

A recent survey by home finance company Fannie Mae found that while only about 27% of homeowners would even consider walking away, that’s up from 15% last year. Read the original CNN Money article here – http://money.cnn.com/2011/06/07/real_estate/walk_away_mortgage/index.htm Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to [...]

5 July 2011 Read the full article →

How to make an offer on a Fannie Mae home

Buyer Help

This is a post about how to make an offer on a Fannie Mae-owned (foreclosure) home in metro Phoenix, Arizona where I’m a licensed Realtor. If you’re reading this from out of area, or long after Summer 2011, please consult a professional in your area.   Need a metro Phoenix-area Realtor? Contact me! To make an [...]

2 July 2011 Read the full article →

What happens at a foreclosure auction?

Foreclosures

A frequent question we’re asked here at The Phoenix Agents is about the process a home goes through when it transitions from being a short sale to a foreclosure.  Here’s the skinny. Typically, banks and mortgage companies will allow a homeowner many months to attempt a short sale. Sellers hire a Realtor who lists the [...]

18 May 2011 Read the full article →

What’s a Notice of Trustee’s Sale?

Foreclosures

In Maricopa County where Chris and Heather work as Realtors, the Notice of Trustee’s Sale is the official notice that a bank has begun foreclosure proceedings against a homeowner.  Here’s a run-down of the typical process as of today’s writing. Remember, this information is meant for Maricopa County, Arizona homeowners, buyers and sellers. Your local [...]

8 May 2011 Read the full article →

New foreclosure filings at lowest rate since 2007

Foreclosures

… Could this be the beginning of the end? Maricopa County foreclosure filings have dropped to 4,418 properties in the month of April 2011. This is the LOWEST monthly total of new Notices of Trustee Sale since DECEMBER 2007. See more market statistics in Chris Butterworth’s monthly series, “Distressed Activity“ Heather Barr is a Realtor [...]

7 May 2011 Read the full article →