Short Sales

How many REOs are selling in metro Phoenix?

Market Analysis & Stats

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From our own local God of Statistics, Mike Orr of CromfordReport.com, a breakdown of the market share of each type of home, as of August 16, 2011. REO sales across Greater Phoenix (all types) averaged $59.26 per sq. ft. (down 0.9% from July 16). They gained market share, moving from 43.9% to 44.2%. Pre-foreclosures and short [...]

24 August 2011 Read the full article →

Top 3 tips to short sell your Phoenix home

Seller Help

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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 →

Not paying your mortgage? Don’t worry, banks making money off you anyhow.

Investors

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Clients always ask me, “WHY are banks so SLOW in agreeing to short sales??” There’s a ton of reasons; almost none of them make sense. But for about 2-3 years I’ve been adding this opinion to my list of reasons banks are slow to OK short sales. Mind you, this is my opinion. I have [...]

14 January 2011 Read the full article →

67% of Phoenix-area sales are distressed

In The News

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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 →

Short Sales, A Buyer’s Perspective

Short Sales

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Buyer: “The price on that house is so low, and the house looks so good! Is that price in the MLS for real?!” ThePhoenixAgents: “Probably not.” We’re noticing an astounding number of short sale listings in the MLS that are listed for prices that seem too good to be true.  Remember what your dear old [...]

28 August 2009 Read the full article →

Short Sales are a Stalling Tactic?

Short Sales

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Short sales are a stall so that the lender can make their 3.5% risk free returns on the TARP cash we the taxpayers gave them without conditions. They are guaranteed profits upon which to earn bonuses and the housing market is still suffering. The short sale charade is a cruel joke on the unsuspecting owner [...]

26 August 2009 Read the full article →

MLS Fail

Op Ed

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Seen in the Arizona Regional MLS, describing a short sale house: Built in desk and BBQ island DO NOT CONVEY. Seriously?!  The built in desk does not convey with the sale of the house?! What, you’re going to hack it out? What’s next? Are you taking the toilets too? Sometimes I am embarrassed by fellow [...]

11 July 2009 Read the full article →

Short Sales Aren’t Short

Short Sales

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Only time for a quick post today. This one’s about how long a short sale takes. They’re rarely short. Lawyerly Disclaimer: This is just the story of 1 transaction. All short sales are different, your mileage may vary. I have a short sale listing. We got five offers within the first week of being on [...]

9 June 2009 Read the full article →

I Can’t Pay the Mortgage, Help!

Foreclosures

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If you’re facing troubles paying your mortgage, act quickly. Don’t wait. Don’t hope it goes away. Don’t avoid your lender’s collection phone calls and letters. The bad news is you’re in a pickle and it’ll take some work and sacrifice to get out. The good news is that since so many Americans are in the [...]

26 September 2008 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 →

Not What It Seems

Buyer Help

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FDA warning: Short sales aren’t always what they seem. (Of course that’s not really courtesy of the FDA, but you get the idea.) I’ve been thinking for about 2 weeks about how to write a post explaining the epiphany I had recently regarding short sales. Today’s graphic finally gave me the inspiration I needed. It’s [...]

16 September 2008 Read the full article →