Why We Must Continue To Present Short Sales To the Banks
August 22nd, 2008 categories: Real Estate News, Stop Foreclosure
As a real estate broker I have been representing sellers on short sales for a year now. The experience I have gained during this year has been unmeasurable. It has been very satisfying to prevent a foreclosure for a seller and it has also been frustrating when the bank just won’t approve a quality offer. Through this experience I have put together a team that makes me feel very confident about continuing to work with sellers on short sales as I feel it is very important for real estate market recovery in the Phoenix Metro area.
One reason I feel like they are important to get approved is that our inventory levels are never going to drop if we keep “recycling” listings. Here is an example of what I am talking about. Many sellers who need to sell start by listing their home at an unreasonable price that will cover their mortgages, real estate commissions and title fees. Once it becomes obvious that the home will not sell at that price, it becomes a short sale listing. If the seller receives an offer, then it can continue on the market for 3 months while the bank reviews. If the bank does not approve the offer or if the buyer walks, then the property goes to auction where it most likely will not be bid on as the opening bid is to high. Approximately 14-30 days later, this property is re-listed AGAIN as a bank owned property (REO). From this example, you can see that one listing can be on the market multiple times over the course of a year! This is causing our real estate inventory to be skewed in my opinion. Read the rest of this entry »
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What Is In Your Realtor’s Toolbox And Why You Should Care?
July 22nd, 2008 categories: Real Estate News, Seller Financing
Is your Realtor well equipped to tackle today’s real estate market? Real Estate 2.0 can be defined as the business revolution in the real estate industry caused by the move of the Internet as platform and understanding the rules of success on that platform.
To be on the forefront of this, a Realtor should be participating in Social Networking & Blogs. Realtors should be utilizing Real Estate 2.0 to procure buyers and sellers and expose properties. I spend 1-2 hours a day working on my blog and researching the technology that will allow me to offer the best solutions for my buyers and sellers.
Today a Realtor must have a strong knowledge base on Foreclosure Law, Short Sales, Finance & Market Data. Sellers are presenting challenging scenarios to Realtors and the good ones know how to present solutions. Another tool today that a good Realtor will have is the ability to structure Seller Financing. Read the rest of this entry »
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Scottsdale Luxury Bank Owned Homes - Buy Your Luxury Home Below Market!
July 9th, 2008 categories: Bank Owned Properties, Featured Properties, Scottsdale
The foreclosure market is not just limited to the first time home buyer market. We are seeing short sales and bank owned homes in the luxury home market. Doing a search today for Scottsdale bank owned homes over $1,000,000 results in 8 homes that are for sale by banks. These homes range in price from $1,021,250 - $2,400,000. Square footage on these homes range from 4358 sf to 8549 sf. These homes are located in communities like Estancia, Desert Highlands and Troon in North Scottsdale.
I have an amazing listing in Estancia that is several hundred thousand below market. My listing is a brand new spec home in the exclusive private community of Estancia. Read the rest of this entry »
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I Am Facing Foreclosure - Should I Bother With Trying To Do A Short Sale?
June 25th, 2008 categories: Stop Foreclosure
Given the market conditions in the Phoenix Metro area, buyers, sellers and real estate agents are beginning to develop some opinions about short sales. There is also many buyers, seller and agents who are misinformed and are spreading facts that are simply untrue. As a seller, it is hard to separate fact from fiction.
One of the most common untruths I hear is that a short sale will only drop a credit score 100-150 points while a foreclosure will drop a credit score 200-250 points. The fact is that there is no grading scale for anything in a FICO score. Read the rest of this entry »
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N. Scottsdale Home - Pool, 3 Car Garage & Updated - $499,900
May 24th, 2008 categories: Featured Properties
A chance to own a beautifully remodeled home on a large lot in North Scottsdale. This home offers a 3 car garage plus RV Gate for the toys. This premium size lot offers a large diving pool and large grassy areas. Covered patio and room to expand for an outdoor kitchen or fire pit.
The kitchen has a $40,000 remodel, including solid wood cabinets with a chocolate glaze. Granite slab counters with undermount sink. Huge island for loads of counter space. Bay window at kitchen offers a quaint breakfast nook overlooking the pool. Read the rest of this entry »
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Sonoran Villas Gets Plan For Pool Approved
May 24th, 2008 categories: Cave Creek, Featured Properties
Sonoran Villas is an enclave of 15 luxury condos located in Cave Creek, AZ. This week they got a plan for a community pool approved. The community received stellar reviews from prospects who were touring, but a community pool seemed to be a high priority for potential buyers, so the developer made it happen. The final plan for the pool will be posted on the website soon.
Sonoran Villas is has two units sold and has 3 inventory homes available for a 30 day move-in. The builder is offering HUGE incentives on these inventory homes and they are loaded with upgrades. You can view the floorplans and information on the community at SonoranVillas.com.
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Scottsdale Home On Premium Lot - $394,000
May 23rd, 2008 categories: Featured Properties
A hard to find detached home in the gated community of Los Portones in the heart of North Scottsdale. The home sits on a premium lot on the wash with incredible views. This community features a pool, spa and front yard landscaping is included in the HOA fees. Home has brand new exterior paint and manicured landscaping. Read the rest of this entry »
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Is A Short Sale A Good Buyer Opportunity?
May 17th, 2008 categories: Stop Foreclosure
The topic of foreclosures and short sales in a hot one in Phoenix and around the country. The short definition of a short sale is when a seller owes more on their mortgage than what their property is worth.
If that seller must sell, then offers can be presented to the lender than owns the mortgage to see if the lender will accept less than what is owed to satisfy the mortgage.
Unfortunately most lenders will not even look at a short sale (short pay) offer unless the seller is in default of their mortgage. Sellers are faced with either getting a short sale approved or going to foreclosure. Do these situations present good buyer opportunities? The answer is yes, but it takes patience. Read the rest of this entry »
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Sonoran Villas Offers Luxury Condo Living in Cave Creek, Arizona
April 30th, 2008 categories: Cave Creek, Green Living
Sonoran Villas is a 15 unit luxury condo community located at the base of Black Mountain in Cave Creek, Arizona. Located in the heart of the town, residents will be able to walk to nearby shopping, restaurants, bars and galleries.
The community was developed with the intent to create a unique and luxurious enclave of homes among the beautiful Sonoran Desert. The homes also feature the Energy Star Certification for an energy efficient and eco-friendly home. Read the rest of this entry »
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Retired? Should You Buy In An Active Adult Community?
April 24th, 2008 categories: Active Adult Living
Many baby boomers are retiring now or are planning for their retirement in the next few years. A question for many in that group is, “Where do I want to live”? With the children grown and gone and the opportunity for travel during the retirement years, many are looking to “downsize” their homes.
The next questions are to what and where? After working with and knowing many people who are faced with this decision, I am a strong proponent for Active Adult Communities.
An Active Adult Community can be defined as Read the rest of this entry »
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