Short Sales

Top 3 tips to short sell your Phoenix home

Seller Help

You can avoid foreclosure and instead do a short sale on your Phoenix area home. Short sales are not always easy, and not always short, but they can be done when you work with experienced professionals. Here are our top 3 tips for successfully requesting and completing a short sale with your mortgage lender. 1. [...]

1 March 2011 Read the full article →

Pets abandoned in foreclosure homes

Central Phoenix

A shocking number of dogs and cats have been rescued from local foreclosure and short sale homes where their owners have abandoned them, leaving them to starve to death. Your donation of food and supplies will help to save the lives of these homeless pets who have been rescued by Lost Our Home Pet Foundation. [...]

8 December 2010 Read the full article →

Wells Fargo allows 1 shortsale extension

Mortgages

Wells Fargo is no longer granting more than one extension for homeowners to complete a short sale. “We do allow for one foreclosure postponement provided we have a short sale in hand that has been approved, the buyer has proof of funds of financing approved, and the short sale can close within 30 days of [...]

5 October 2010 Read the full article →

How long does a short sale take? Part 2

In The News

First, read this recent post with an eye-catching visual about how long short sales really take. For even more commentary about how long short sales take, see the comments in this blog post about short sale processing time on the weblog REO Insider. Most comments written by Realtors, and other industry insiders. In short, (as [...]

20 September 2010 Read the full article →

How long do short sales take?

Short Sales

How long do short sales take? There’s no single answer because every bank acts differently when handling a short sale.* But in general, short sales are not short and they are frequently not even sales. The ballpark amount of time it takes to get the seller’s lender’s approval on a short sale is about 3 [...]

19 August 2010 Read the full article →

Not all banks are utterly moronic

Foreclosures

Last December our buyer clients found a house online that they loved in a big way. It was priced at $2,195,000 and their budget was $1,800,000 max. It was a short sale, headed for the foreclosure auction block in 2 days. We saw it in person. They fell in love. I checked the tax records:  [...]

28 June 2010 Read the full article →

Sometimes, banks amaze me

Short Sales

(picture credit to Stock Exchange user cGarbiano) Every once in a (very great) while, the banks selling houses amaze me, in a good way. Two days ago we got an approval of a short sale from the seller’s lender. It took two weeks and 1 day. Astounding! We usually warn our clients they’ll wait 3 [...]

25 June 2010 Read the full article →

Banks Pull More Nonsense

Op Ed

This doesn’t top some of the other nonsense we’ve discovered banks pulling, but it’s pretty nasty. The bank selling the house our buyer fell in love with requires that the buyer’s Realtor reduce their commission (i.e. take a pay cut) if the buyer wants the seller to help pay his/her closing costs or make repairs [...]

2 February 2010 Read the full article →

Realtors Make a Ton of Money!

Op Ed

Yeah, not really. Or at least not usually. And the potential for making a bundle is accompanied by the risk of making zippo. I’ve written before about the public’s misconception that all Realtors make a ton of money for very little work. Our broker Jay Thompson, the Phoenix Real Estate Guy, wrote about Realtor income [...]

15 November 2009 Read the full article →

I’m On My Soapbox Again

Op Ed

I have a short sale listing. Back in March we got 5 offers, all above list price, and I sent them to the lenders. Lender Number One approved the short sale in May and offered $2,342 to Lender Number Two, a.k.a. Chase Mortgage. Chase has been dithering about the deal since Spring but emailed me [...]

5 October 2009 Read the full article →

REOs Rule, But Not Everywhere

Foreclosures

Image courtesy of Stock Exchange user svilen001 Just a little blurb from one of our favorite title/escrow officers, Maggie Clark of Equity Title. This gives a good picture of just how much the REO (“real estate owned”, i.e. bank owned foreclosure) properties are driving the market lately. Southwest Valley – REO active listings represent 16% [...]

21 September 2009 Read the full article →