Short Sales
4 Bedroom Home For Sale Just South of Desert Ridge for $155,000
September 8th, 2011 categories: Desert Ridge Homes, Featured Desert Ridge and Phoenix Real Estate, Short Sales
Phoenix real estate is hot right now and inventory is low. Real estate in the Desert Ridge area is in high demand. This is a great opportunity for a buyer as this is a pre-approved short sale which means an offer will be able to be approved in 10-14 days at list price of $155,000.
The lender has already reviewed the short sale and appraised the home and determined that the $155,000 purchase price should be acceptable, however approval is still required.
This home is located in Tatum Lane and is just south of the Desert Ridge and City North area and 101 Freeway. Very close to Mayo Clinic hospital. Home is 1881 square feet and includes 4 bedrooms and 2.5 baths. Home has spacious kitchen and a family room and spacious living room. Backyard has large grassy area and mature fruit trees. There is an extended covered patio as well.
Master bedroom has wood laminate floors and vaulted ceilings. Master bath has double sinks and a large walk-in closet. 3 additional bedrooms upstairs.
Low HOA fees of $75/quarter and Paradise Valley school district.
Watch video below for tour of home and call me at 480-201-4185 if you would like to schedule a viewing.
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Very Low Inventory in Villages At Aviano
September 2nd, 2011 categories: Desert Ridge Homes, Real Estate News, Short Sales
I just put my Amici listing under contract today. It was a traditional sale and the lowest active listing in Villages At Aviano. Now that it is pending, the lowest active listing in Villages at Aviano is a Fiore at $220,000 – traditional sale with tenant in place.
This is a great sign as we head into peak season. This development is very popular among winter visitors. Perhaps we have solidified somewhat of a “bottom” in this community. Clearly it is a huge value at these prices considering the upgrades, amenities and the fact that it is gated.
If you are a seller, this is a good time to sell – of course understanding if you bought new you paid more than today’s values. If you want to sell but feel you cannot due to the mortgage balance you have, then perhaps you would like to consider a short sale on your property. I have successfully closed 75+ short sales and with the current demand for properties, now would be a great time.
If you are a buyer, I have to advise to get off the fence if you have been there. Trying to time the very bottom is very difficult, however the combination of value and interest rates now makes for a hard argument to buy now. Prices could even go up as the winter months come and demand increases more. Toll Brothers consistently sells much higher than the resale market so their is market for higher prices.
Call me if you would like to discuss your situation – happy to share with information about the process and help you determine if it would be right for you.
Have a happy and safe Labor Day Weekend!
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HAFA Short Sale With Indymac (OneWest)
August 30th, 2011 categories: Short Sales
I recently have closed a few HAFA short sales which is very rewarding as the homeowner receives $3,000 at closing for relocation expenses. However, the HAFA short sales that I have negotiated and closed did not really work exactly as the Treasury Department had originally intended or at least advertised.
When the Treasury Department introduced HAFA, it was supposed to complement HAMP (the Treasury Departments loan modification program.) If a homeowner was denied a HAMP loan modification, the theory was that the lender would all the info they needed to qualify the homeowner for a HAFA short sale. All they needed to do was determine value of the home and then they could give the homeowner and listing agent an “approved short sale price”. This would speed up short sale approvals for the buyer who wanted to purchase the home.
One of the issues is that the HAFA program was voluntary to the lenders. I believe that since it was voluntary, the banks sort of created their own versions and processes.
This brings me to my news about Indymac (OneWest). About 3 weeks ago a client was referred to me for a short sale. After speaking to the client I learned that they had been denied Read the rest of this entry »
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Phoenix Short Sales: A Common Myth About Banks and Short Sales
November 10th, 2010 categories: Short Sales
I’ve heard the following myth from a lot of people. Here’s what they tell me.
“The banks can’t afford to approve loan modifications because they don’t want to take the losses on their books that fast. Also, their investors may not approve the short sale, because they can’t afford to write off too much loss at once.
And the circle goes around and around”, they say. This common myth isn’t true. Here is why.
The odds are that your loan is not owned by your lender. For example, 80% of all Bank of America’s loans are not owned by them. The biggest holders are the Government Sponsored Enterprises, also called GSEs. The GSEs are Fannie Mae, Freddie Mac, and Ginnie Mae.
These entities are accustomed to losses. In fact, they have loan loss reserves on the books. The other entity that is accustomed to losses is FHA and VA. Between 65-70% of all US mortgages are owned or insure by the GSEs or FHA & VA.
Even small local banks don’t own a large percentage of the loans they hold on the books. For example, another agent I know lives in a small town of 60,000 people. There is a bank that dominates the lending market in the area.
You would think this small bank was lending their own money. Not so. The majority of their loans are sold off within 12-18 months after they are written.
Here is the real reason that loan modifications and short sale are so tough. Remember, loan modifications and short sales will usually net the owner of the loan more money than a foreclosure.
The people who process the loan modifications and short sales won’t lose any money if the home is foreclosed. Here is a classic example of this. An agent is negotiating an FHA short sale with Bank of America.
The short sale negotiator told him it would take her 2-3 weeks to review the offer and then submit it to FHA for final approval. How long was it going to take FHA to review the submitted file and respond?
She told the agent that that FHA had a 72 hour turnaround from when she submits the file to her. It’s pathetic. In this example, BOA isn’t losing the money, FHA is losing it instead. Yes, the system isn’t working, but no one in Washington or at the big banks really seems to care.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at kim@thegrteam.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (480) 201-4185.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Phoenix Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
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Phoenix Short Sales: Should I do a deed in lieu of foreclosure?
September 16th, 2010 categories: Short Sales
Phoenix AZ – If you are facing foreclosure, then I’m sure you’ve heard of a Deed In Lieu of foreclosure. Some people say it is a great way to avoid foreclosure. Actually, all it does is accelerate the foreclosure process.
Here are the most common myths about a Deed In Lieu.
Common Myth #1: If I do a Deed In Lieu in Phoenix, then I will not owe the lender any more money. A Deed In Lieu is similar to a No Contest Plea. The judge stops analyzing the foreclosure case and simply schedules the foreclosure auction.
Unless otherwise stipulated, the lender still has all the deficiency and future collection rights. They may come after you for the loss.
Common Myth #2. A Deed In Lieu is better for my credit than a foreclosure. I’ve heard many people say, “A Deed In Lieu is better for your credit because you avoid foreclosure.” It’s kind of sad to hear them say it. After you sign all the Deed In Lieu paperwork, then your house will still be sold at a foreclosure auction. Any person can actually bid on the house at the auction.
Common Myth #3: A Deed In Lieu Is easy. This is absolutely not true. The process required a lot of follow up with the lender. Most lenders require you submit all your financial information. They want to make sure that you genuinely cannot afford the property. The process often takes between 20 and 40 hours over the course of several months. Read the rest of this entry »
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Why We Must Continue To Present Short Sales To the Banks
August 22nd, 2008 categories: Short Sales
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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I Am Facing Foreclosure – Should I Bother With Trying To Do A Short Sale?
June 25th, 2008 categories: Short Sales
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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Is A Short Sale A Good Buyer Opportunity?
May 17th, 2008 categories: Featured Desert Ridge and Phoenix Real Estate, Short Sales
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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