Short Sales

Market Analysis & Stats

Market Update through the end of October 2011. Please note that the Valley Wide graph represents all of the MLS. (you can click on the chart to see a bigger version) This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 29% of the Closings for October [...]

21 November 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 →

Short Sell your Phoenix home

Seller Help

If you’re underwater, you’re in a very crowded, very unhappy club. Possibly tens of thousands of Phoenix homeowners are underwater. Whether you bought too much house, or carefully avoided over-extending yourself; whether you borrowed equity for vacations or for home improvements… sometimes through no fault of your own, you’re underwater on your home mortgage. If [...]

9 August 2011 Read the full article →

Underwater in Scottsdale. Do you need a lawyer for a short sale?

Seller Help

For a number of years, many homeowners in tony Scottsdale thought they would be insulated from the real estate crisis. For years, they were right. Not any longer. In general, Scottsdale median home prices are down about 43% from their peak in late 2006. Many Scottsdale homeowners are “underwater”, owing more on their home than [...]

4 August 2011 Read the full article →

California says “no” to lender lawsuits after short sales

In The News

Holy cow! The California legislation just passed a law preventing banks and other lenders from suing homeowners for unpaid mortgage balances after the lender agrees to a short sale. (hat tip, Kris Berg of the San Diego Castles blog). The way I read it, the new California law also prevents the lender(s) from requiring the [...]

18 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 →

What documents do you need to attempt a short sale?

Short Sales

Here’s a letter we send to our short sale seller clients, describing the documents needed to attempt a short sale of your home. If you find the information useful and feel a short sale might be right for you, please contact us. – – – – – – – – – -BEGIN LETTER – – [...]

24 June 2011 Read the full article →

Avoid foreclosure: tips to short sell your home

Seller Help

If you live in metro Phoenix, chances are that your home might be “underwater” – you owe more on it than it’s worth in the current real estate market. Is this a problem? That depends. If you don’t want to move for many more years in the future, it might not be a problem to [...]

29 March 2011 Read the full article →

Can I remove a short sale from my credit report?

Credit Management

Had an interesting question this morning from someone who’s using our The Phoenix Agents Search All Homes feature. Thought I’d share my answer in case any of our readers have also been presented with this credit repair scam. Question – My wife has a previous short sale on her record and we’ve recently discovered that [...]

23 March 2011 Read the full article →

New Bank of America loan modification program reduces principal

Loan Modifications

Bank of America announced today it will begin offering loan modifications under an Arizona foreclosure-prevention program funded by which is funded by $268 million from the Treasury Department’s Hardest Hit Housing Program. The program is run through the Arizona Housing Department. The state provides money to pay off up to $50,000 of a mortgage if [...]

2 March 2011 Read the full article →

Why does the bank want the first 5 digits of my Social Security number?!?

Short Sales

  First, an important disclaimer: This article does not create an Realtor-client relationship with any reader. In other words, although I am a Realtor, I am not your Realtor.  Please contact a Realtor, attorney, or accountant/CPA in your community for personalized advice.  Why does Bank of America require the first 5 digits of your Social [...]

2 March 2011 Read the full article →