REO/Bank Owned

Sunday Stats

Market Analysis & Stats

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To mix it up from the usual Sunday Stats, I’m posting a SnagIt picture from a Cromford Report analysis of the Valley’s real estate market. This chart shows only bank-owned homes (commonly called “REOs”) sold through the Multiple Listing Service. click this pic to embiggen it The numbers that caught my eye tonight are the number [...]

12 July 2009 Read the full article →

Banks “Hoarding” Foreclosed Homes?

Buyer Help

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Folks in the real estate industry have been debating for months about whether or not there’s a “shadow inventory” of homes banks have already foreclosed on, but have not yet listed for sale. The theory says banks will eventually open the floodgates, list all their hoarded inventory and home prices will take another shocking nosedive. [...]

24 June 2009 Read the full article →

Buying Bank Owned Homes

Buyer Help

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Buying bank owned homes is not for the faint of heart. At a minimum, the homes need paint, carpet and minor repairs/replacements. The light fixtures and ceiling fans are probably missing. Some of the sink fixtures might be missing. Some or all of the appliances are gone (including the stove and dishwasher which most people [...]

17 June 2009 Read the full article →

More on Landmark Towers

Buyer Help

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WOW! I’m still getting truly awesome comments from readers over at my old blogsite about the Landmark Towers. (one-half of this blog used to be at www.NorthPhoenixAgent.wordpress.com). I hadn’t paid attention to the old blogsite’s comments in a while and did I ever miss out! I’m reprinting all the comments here. They’re in order from [...]

6 June 2009 Read the full article →

Foreclosures: Read the Fine Print

Buyer Help

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Buyers should read the fine print on bank addendums very carefully before agreeing to complete the purchase of a foreclosed (“REO”) home. I’m reading a bank’s REO Addendum now and I’ve got 2 problems with it.  1) It removes the buyer’s financing contingency after the “Financing Commitment Date.” 2) The actual Financing Commitment Date is [...]

28 May 2009 Read the full article →

Buyers having hard time getting accepted bid

First Time Buyers

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I’m helping a first time buyer shop for a house on the near-Northwest side in the under-$70,000 price range. She wants at least 3 bedrooms, 2 bathrooms, and must have a backyard (big! dog!). We’re shopping from 19th Avenue to about 83rd Avenue, and from Peoria road north to the 101. We’re searching inside the blue [...]

28 April 2009 Read the full article →

Foreclosure Guru Blacklist

In The News

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We all know the market is down, and we know there are great deals available to those willing to put in the effort (and capital).  Not every bank-owned home is a great bargain, and not every home seller is desperate.  But once in awhile we’ll come across a strong investment opportunity – a great home [...]

22 September 2008 Read the full article →

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