Question of the Day: Pre-Approvals on Short Sales

May 9, 2012 By Leave a Comment

My apologies to a recent visitor who I missed in chat ;).  Their question was: Is there a particular type of loan that is most likely to receive a pre-approval price without an offer? The real answer to this question is that Pre-Approvals don't really exist.  Each lender is different, each loan servicer is different, and each investor is different.  The type of loan really has no bearing on whether or not an investor will evaluate a property prior to there being evidence of home owner … [Read More...]

Arizona Short Sale Addendum Part One: Introduction to Terms

April 20, 2012 By Leave a Comment

As I encounter short sale listings from the buyer's perspective, I run across many different variations of the Short Sale Addendum to the Purchase Contract.  More often than not, in the additional terms and conditions of the short sale addendum, there are redundancies in language that confuse the contract. Upon reading one such "custom" addendum, I was inspired to clarify the basics of a boiler plate Arizona Association of REALTOR®S Short Sale Addendum as it is written. Shall we … [Read More...]

The Importance of Acting Now: Tax Relief Is Coming to an End

April 9, 2012 By Leave a Comment

Debt forgiveness is a beautiful thing both emotionally and relationally.  The mathematics of it are not so friendly.  Why?  Because of the IRS and because the Tax Relief act of 2007 is coming to an end. How The Money Flows When Borrowing When you buy a house with a loan, a lender agrees to purchase the item with their money with the understanding that if you don't pay them back, they get to take whatever has secured the note.  In this case, your house is the security.  So, if you don't pay … [Read More...]

Pocket Listings

March 22, 2012 By Leave a Comment

Sometimes a home owner will hire a real estate agent to sell a house as a pocket listing.  This means that the home won't be advertised on the MLS.  It happens when an agent may have a buyer for a home before the property needs any marketing, and ultimately saves time and effort which equates to savings. In a market like today's market, if I have a buyer who is eager to buy and a seller who hasn't yet listed their home with me, I might connect them together, take the listing, and then … [Read More...]

Man This Sounds Great…Should I Sell?

March 22, 2012 By Leave a Comment

True, it's a hot market and there's not much for sale, but does that mean you should hop on board and list your home for sale?  Not necessarily.  It's true that you, the seller, are in control right now, and it's true that you'll probably have an offer on the home within days if not hours of listing it for sale.  However, it's also true that we're heading into a period of price increases based on the activity we're seeing.  How long will this price increase last?  Nobody knows.  We do … [Read More...]

Bonkers

March 22, 2012 By Leave a Comment

Here we go again.  The market is going bonkers, today...not 2 months from now, not 2 months ago...today.  Right now.  It's bonkers so much that I'm having an extremely difficult time competing against multiple offers for the clients that I have who are looking to buy. What's It Going to Take to Buy A Home in Today's Market? That's the billion dollar question, isn't it.  Here are some statistics updated today at 11:13 AM that might give you an idea of the state of the real estate market in … [Read More...]

Emotional Market Cycle

Big Fat Recovery

March 22, 2012 By Leave a Comment

Last week I had the pleasure of hearing Michael Orr, founder and creator of the Cromford Report, an extremely comprehensive up to the minute charting system that shows exactly what's going on in the real estate market.  The focus of his presentation today was mostly North Scottsdale, but he touched upon some very clear facts about the real state of Real Estate in Phoenix. Let me touch upon the basic market cycle before I continue, and I'll add a simple reminder as well.  Mainstream media, … [Read More...]

Word Is Spreading Quickly About Bank Of America

March 20, 2012 By Leave a Comment

When you become someone's client, a unique and confidential relationship is formed where information exchanged between both parties is done so with privacy and care.  For instance, when you take out a loan from a bank you start a relationship with them...a master / slave relationship.  This is becoming more and more evident every time your bank makes a change "designed to aid" you as a client. In the world of short sales, we have what is known as the "3rd Party Authorization."  This is … [Read More...]

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