A quick look at short sales vs. foreclosed properties, in the Phoenix metropolitan area real estate market.
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Cave Creek, Arizona Real Estate and Homes for Sale |
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Check out our AZ Real Estate Blog, read Real Estate articlesAZ Real Estate BlogWe have a blog dedicated to buying and selling Real Estate in Arizona, where we discuss current market conditions, trends in homes, and you can ask a real estate question. We also contribute real estate articles to a number of web based magazines. You can check out past articles in the archives below. Please visit our blog using the link below and ask questions or add a comment on a current topic.
Our Most Recent BlogBanks Hit Bottom. Keep Digging.
Part of the fun of being a Realtor is that you are required to attend 24 hours of continuing education in every two year period. The categories covered include legal matters, fair housing and ethics among various others. Some of the presenters on these topics can be quite dry (not always their fault) while others can make almost any subject entertaining. No mean feat when each class is 3 hours long, by law. Therefore, like many other Realtors I am sure, I have a small group of "favored" instructors whose classes I am happy to take. One such class occurred just last week. As a Realtor, it is sometimes interesting to get together with other agents to share stories, both good and bad, about the real estate market in general. That day was no exception. It began with a pet peeve of mine, and one about which I have posted previously, which is being forced to pre-qualify with "preferred" lenders on REO properties. This led to a general diatribe against the inefficiencies of most banks dealing with both short sales and their own inventory. We heard of banks foreclosing on properties on the day before a scheduled short sale that had been approved by their mitigation dept. with full knowledge of that fact. We heard of some banks in that situation that then re-listed the property at a price that was lower than the approved short sale price. Shareholders, are you listening? The best tale was a doosy! The buyer was negotiating an REO purchase with a bank. The buyer kept submitting ever lower counter-offers to the bank until they finally accepted the lowest price. Apparently, they thought the market was crashing around their ears. Too funny! Remember, these banks are desperate to take over the real estate business, particularly the listing side. Yet, many seem to struggle with just their core business of managing loans. I say be careful what you wish for. If banks continue to dump homes (thereby lowering prices across the board) they may indeed end up owning the whole real estate market, inventory included. Of course, at that time it will all be worthless, so they will be welcome to it. What say you?
Does It Really Have To Be This Hard?
As any Realtor will tell you, there are times when this profession can really wear you down. Times when you wonder why you bother. Truthfully, I am sure most jobs are like this, but then we remember why we decided to sell real estate, or whatever it is you do, and the moment passes. In this vein, and considering the many hurdles that face both seller and buyer in these troubling and difficult times, I have to ask? Why do we have to make this more difficult than it already is, or than it needs to be? I came across a listing in the MLS that seemed to be a good match for one of my out of state clients. Good location. Perfect size. And a pretty decent price. And then: there it was. Like a turd in a swimming pool. Hidden away in the private Realtor remarks, "Tenant has first right of refusal." What? So you want my client and I to view your property, go to the trouble of writing an offer in the vain hope that the tenant won't exercise his right and steal the property away from us. If he wants to buy it, then just buy it! Does it have to be this hard? Oh yes, and all for 2 1/2% commission. I wish you luck. Also, and I've mentioned this before. I despise the must-pre-qualify-with-my-lender for an offer to be valid listing. Guess what? All my buyers are pre-APPROVED not pre-qualified. In essence, you are saying that you do not really trust our lender, but you insist that we provide sensitive personal info to a lender that you alone deem trustworthy. Better yet; you want us to cough up this info in Phoenix the identity-theft capital of the U.S.A. What could possibly go wrong? "But," they bleat, "The Bank that owns it insists upon it..." they would. Then again, they're the idiots mostly responsible for this mess in the first place. Avoid such listings like the plague and they will eventually figure it out. Or not! Finally, an increasing amount of short sale listings require that the potential buyer be on the hook for attorney's fees for "handling" the transaction. Here's a hint. If you are unable to negotiate a short sale as a licensee, don't take the listing. Let's keep the parasites out of our business. It really doesn't have to be this hard.
THE ARCHIVES
Going Into Foreclosure Again? Twice in Six Years. How Is That Possible?
Market Correct Pricing Is Crucial, And Always Has Been
Real Estate Predictions For 2011
Fannie Mae: Please Stop Trying To Help.
Home Affordable Foreclosure Alternatives Program (HAFA)
The Shame Is, That They Don't Really Have Any
A Disturbing Sign of the Times
I'm From The Government, And I'm Here To Help
FNMA, Corruption and Personal Responsibility. Where Have All The Grown-Ups Gone?
Banks Just Don't Get ItRecently, I railed about agents charging potential buyers for the costs of a "special" negotiation team in securing the debt forgiveness.
Short Sales; Some Disturbing New TrendsAs a Realtor, I am still astounded at how some neighborhoods remain awash in distressed properties, be they short sales or foreclosed homes.
Another Reason to Love Cave Creek- It's Easy To DoHere is another installment in an occasional series extolling the virtues of our little town Cave Creek.
Another Good Reason To Make Cave Creek Your HomeCave Creek, which I am proud to call home, is a great little western town with an eclectic mix of art stores, restaurants and bars, plus antiques and collectibles sprinkled throughout the town core.
Cave Creek Gets A Boost From WalmartThe town of Cave Creek was recently involved in a minor kerfuffle regarding the re-zoning of a parcel of land on which Walmart were proposing to build a new store.
Oh, Bank of America...Have You Met Customer Service? No, I Didn't Think So.This is a story that despite being fraught with difficulties, has a happy ending. It is partially about the difficulties we sometimes experience with short sales; it is partially about the hoops one must go through to obtain a loan, but mostly it is a sorry tale of complete, absolute and total lack of customer service that a client of Bank of America can expect today.
How local should your real estate agent be?We recently closed escrow on a home in the city of Buckeye that we helped a first-time buyer secure.
Fannie Mae, But Then Again, Mae Not.Real estate owned (REOs) form a large part of the inventory in the Valley of the Sun, for reasons that have been written of many times.
Jump Starting the Greater Phoenix Metropolitan Area Housing Market Recently, I have been working with a young couple looking to buy their first home in the Buckeye area. I believe I have mentioned this before, but it is possible to purchase a good-sized four bedroom home, less than 4 years old, for around $100,000. Greater Phoenix Metropolitan Area Real Estate Markets Begin to Stir. It's Alive!My regular readers will know that I am not a fan of government intervention. Rarely, if ever, does it result in a better product, good or service. Typically, it adds cost and bureaucracy.
Code of Ethics Woes in the Phoenix Real Estate MarketA recent ethics investigation demonstrated a Phoenix area Realtor did not act in the best interests of his/her client.
Strippers Arrested in Phoenix Area Real Estate Scam
Short sales, along with foreclosures are a large part of the Phoenix area real estate market. Here are some tips to guide you through the minefield.
Pending Sales Are Up In Phoenix A rise in pending transactions bodes well for the future of real estate in the Phoenix metropolitan area.
Pricing Is Key; Always Was, Still Is.Are Short Sales A Good Deal A quick look at short sales vs. foreclosed properties, in the Phoenix metropolitan area real estate market.
A few key points you should know if you need to cancel a real estate listing.
Freddie and Fannie try to make it easier for you to buy a home, not like it's been that hard in the last few years.
Foreclosures Are Up In The Greater Phoenix Metropolitan AreaFree market principles at work as sales jump to meet drop in prices.
Pricing Your HomeA home or any commodity, is only worth what the market will bear. A troubled Phoenix real estate market doesn't change thatThe Good News, and the Not So Good News in the Housing Resale MarketToday, Bloomberg.com published an informative article by Bob Willis, on November existing home sales.In response to various inquiries, I delved into the statistics of an anonymous Phoenix area neighborhood to check the pulse of the market.Phoenix Real Estate Predictions For 2009My annual attempt at the impossible. Trying to guess where real estate markets will trend in the greater Phoenix metropolitan area in the coming year.Phoenix Real Estate, How Far have Prices FallenThe final chapter on the fate of two Valley of the Sun homes, that we have written of previously. In the extremely competitive real estate market that is gripping the nation, and particularly the greater Phoenix area, should your agent be a nice guy? Pricing Your Home in the AZ Real Estate MarketCompetitive pricing has always been an important factor when selling your home. Now, more than ever, it is an essential component when marketing your home in the Valley of the Sun Good news in Phoenix Real EstateSome insight into existing home sales figures for Phoenix and the Valley of the Sun. Phoenix; To Permit, or not to permit; that is the questionDiscussing the pros and cons of modifying your home without the benefit of a municipal permit. Many Phoenix homeowners decide it's cheaper to remodel rather than movie; here is a guide to the planning process. Phoenix Real Estate Predictions for 2008 One mans view of where the Phoenix area real estate market may lead us in 2008. Of interest to both sellers and buyers. Phoenix Homeowners and Personal ResponsibilityThe role of personal responsibility in today's real estate market and its affect on homeownership in the Phoenix metropolitian area.Yes, you can have your cake and eat it, too! Use your hard earned home equity to make ends meet in your twilight years.Phoenix - Marketing Tips for Selling Your HomeArizona home buyers have a plethora of choice; advice to get your home chosen. Phoenix: Short sales and Foreclosures are Coming to VisitTroubled homeowners in the Phoenix metropolitan area will be looking for answers to their real estate woes. Practical advice for a growing real estate problem. Phoenix Real Estate Price WarsTips and strategies for both buyers and sellers negotiating in the greater Phoenix area in today's market.Home Sales at Lowest Levels in Four YearsDiscussing the effects of a cooling housing market in Phoenix, Cave Creek, Scottsdale and the Valley of the Sun.Phoenix Real Estate Market-How healthy is it?A synopsis of current trends in the Phoenix/Scottsdale area, including the rise in foreclosures and short-pays.Responsibility in Home Loans Goes Both WaysAn interesting look at two actual cases of dubious lending practices, both here in Phoenix, AZ and one in California that have resonance for homeowners across the nation.Property Pricing In a Falling MarketThis is a discussion regarding correct pricing of a home in a slow market such as the one we are experiencing here in Phoenix, Arizona.
Is It Equity, or Is It Memorex?A look at problems facing both buyers and sellers in the Phoenix real estate market. As usual, a cooling market brings out the "ne'er-do-wells". Phoenix Real Estate Predictions For 2007An overview of where the Phoenix area real estate market has been, and where it may lead us in 2007. Sound advice for home sellers and home buyers alike. Sales Incentives, Do They Work?The pros and cons of incentives versus price in new home purchases in the greater Phoenix area. Who really pays for these? Are they worth it? Tips on Selling in a "down" market, Pitfalls to Avoid Pricing your Phoenix area property correctly has never been more crucial than it is now. Some fresh thinking on pricing, plus what to beware of.
Phoenix Real Estate Woes; A Silver Lining Here's a common sense article on pricing in today's Arizona Real Estate market. It's a difficult market, for sure, but every cloud has a silver lining. Tips on pricing, and great ideas for trading up.
Before You Buy That Home, Do Your Homework A differentperspective on buying a home whether in Arizona or anywhere else in the United States. Before you make that offer to purchase your new home, step back and take a long, hard look. You'll thank me later.
Preparing Your Home For Sale-A Guide to Listing Your Home in Arizona Before you list your home for sale, be sure it is ready for it's close up. Here are a few ideas to help you get the most for your home. Listing Your Home Is Easy, Selling Your Home is the Hard Part Challenging market conditions require the expertise of a seasoned professional. Does your Realtor qualify? Thinking of Retiring to Arizona Selecting a knowledgeable real estate professional is of paramount importance, when you are looking to relocate to a new area such as Cave Creek, Arizona. You need an experienced local agent to help you navigate through the myriad decisions you will encounter in your search.
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