REO/Bank Owned

Most expensive bank-owned home in Phoenix

Bad MLS Photos

It’s located at the Biltmore Estates golf course. Got a cool $7 million? All 18,000 square feet of this mansion can be yours. It’s only the market for 6 months, too, which in the land of luxury real estate is about 1/10th of a second. Last December (was that a mere 10months ago?) it was [...]

20 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 →

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 →

Do buyers of bank owned homes pay for back owed HOA dues?

Buyer Help

Got this question from a current buyer client: Hi Heather: Silly question, we are not responsible for back HOA fees, are we? Jennifer This isn’t a silly question at all. The short answer is “no”. The longer answer is below. Keep in mind I’m talking about buying a bank owned foreclosure (“REO”) home in the [...]

21 April 2011 Read the full article →

Are 70% of Phoenix homes at risk of foreclosure?

In The News

Are 70% of Phoenix homes at risk of foreclosure? The Associated Press says so. But it’s not actually true.  Of homes sold in the Phoenix area recently, 70% were distressed. That means the homes were either bank owned or short sales. See below for a press release just issued by the local MLS data provider, [...]

24 February 2011 Read the full article →

67% of Phoenix-area sales are distressed

In The News

Pulled some stats out of the Arizona Regional MLS database this morning, for a client who’s home shopping and wondering whether or not to bother looking at short sale homes. According to MLS data as of today, December 17, 2010, 67% of all Metro Phoenix area homes sold in 2010 were in some state of [...]

17 December 2010 Read the full article →

How long do banks take to reply to an offer on an REO foreclosure home?

Foreclosures

I wanted to use the title “when banks hold up their own closings”.  I also considered titling this “I hate banks.” The short answer is “banks reply whenever they feel like it.” The longer answer is: usually, in Metro Phoenix, in Fall/Winter 2010, banks take about 2-3 business days to reply to an offer. Once [...]

30 November 2010 Read the full article →

Fannie Mae is cost cutting

In The News

Just got a newsflash via my email subscription to Inman.com, a real estate industry news source. Fannie Mae has launched a pilot program in three markets in which it’s only accepting offers on properties in its real estate owned (REO) inventory when they are first submitted online by agents representing buyers. Test markets are Orlando, [...]

19 November 2010 Read the full article →

Robo-signing

Glossary Posts

(image credit, StockExchange user macaruba) We’ve all learned a new word recently: robo-signing. The Big 5 Banks* are holding off on foreclosure proceedings in lots of US states because the employees in charge of signing off on the foreclosure documents have admitted to robo-signing up to 8,000 documents per month without reading each. Robo-signing and [...]

2 October 2010 Read the full article →

The Highs and the Lows, some more

Foreclosures

A periodic series about the highest and lowest priced homes in the local MLS. Properties must be: single family, detached homes bank owned currently Active in the ARMLS (Ariz. Regional Multiple Listing Service) located in the Greater Phoenix area (Wickenburg, Florence, Coolidge, etc are excluded; Surprise, Buckeye, Queen Creek, etc are included) 1 House, 2 [...]

25 May 2010 Read the full article →

The Highs and the Lows #4

Foreclosures

Wherein I periodically post about the highest and lowest priced homes in the local MLS. Properties must be: single family, detached homes bank owned currently Active in the ARMLS (AZ Regional Multiple Listing Service) located in the general metro Phoenix region (Wickenburg, Florence, Coolidge, etc are excluded but Surprise, Buckeye, Queen Creek, etc are included) [...]

21 March 2010 Read the full article →