REO/Bank Owned

Update: Home Buyer Tax Credit

Buyer Help

It looks like the fat cats in Washington, D.C. will pull it together and extend the home buyer tax credit. But it’s really anybody’s guess. Here’s a Facebook message I sent just a few minutes ago to a friend who asked. Q: Will the tax credit be extended? A:  My gut says probably. Handing out [...]

4 November 2009 Read the full article →

ZipRealty Says “Phoenix is Hot”

In The News

ZipRealty released it’s Third Quarter Home Hunter Report a few days ago and according to them… wait for it… Phoenix is hot. Duh. We’ve been working 60 to 80 hour weeks (each) since about June. So this isn’t news to us. But sometimes folks don’t believe it till they see it in print with a [...]

30 October 2009 Read the full article →

Metro Phoenix Utility Companies

Buyer Help

This might be helpful info to newcomers moving to our Valley or to first time buyers moving into a new home who never had to think about utility companies before. APS, Arizona Public Service, provides electric to much of the Valley. You can contact them at 602.371.7171 or www.APS.com. SRP, Salt River Project provides electric [...]

1 October 2009 Read the full article →

Stop the Insanity!

Foreclosures

image courtesy of Stock Exchange user PinkDragon We made an offer yesterday for our first time buyer client on an adorable little starter home in Glendale.  It’s bank owned. It’s listed for $109,900. All the appliances are there, seem to be in working order and the house is move-in ready. We looked at the comps, [...]

23 September 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 →

How Much for Closing Costs?

Buyer Help

I asked one of our favorite lenders the question many, many buyers are asking their Realtors: “How much do I need to cover closing costs?” Here’s his answer. Purchase Price Amount to Cover Closing Costs $75,000 – $100,000 6.00% $105,000 – $145,000 5.00% $150,000 – $185,000 4.00% $190,000 – $255,000 3.00% $260,000 – $305,000 2.50% [...]

19 September 2009 Read the full article →

The Highs and the Lows 2

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) [...]

8 September 2009 Read the full article →

FHA Game Changer

First Time Buyers

Aug 5, 2009, 11:56 am. This just in, from one of our favorite lenders – mortgage broker Kevin Reiser of AmeriFirst Lending: The FHA loan game is going to change completely. Mortgage giant Taylor, Bean & Whitaker just lost their FHA funding accreditation. They are: the 3rd largest FHA lender in the US the nation’s [...]

5 August 2009 Read the full article →

The Highs and The Lows

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) [...]

4 August 2009 Read the full article →

maybe the WORST LISTING EVER!

Foreclosures

Last week I came across a home – listed for sale in MLS – that might take the cake as the worst listing ever.  Fortunately I had my camera with me.  I’m not going to count things outside the sellers’ control against them, such as the run-down neighborhood, the functional obsolescence, or the busy street [...]

28 July 2009 Read the full article →

More REO Fun

Foreclosures

Dealing with REO purchases is just. So. Much. Fun! Two weeks ago my buyer clients and I received a bank’s verbal acceptance of our offer on their house for sale.  The parties verbally agreed to close August 3. Last week the bank sends back signed docs. Closing date is now August 18. First we heard [...]

18 July 2009 Read the full article →