Short Sale Buyers – Should You Pay A Deposit Up Front?

Sure the Seller Wants You To Have Some Skin in the Game, But Why Should the Seller Have All the Advantages? Some short sale listers, including the East Valley Team, require the buyer to deposit a portion of the earnest money up front while the short sale is being negotiated so they have some skin in the game. Is this fair? Depends who you ask, but we coming up with a new approach that we think balances the scales a little bit. When a buyer enters into a short sale contract, there is not guarantee that the short sale will be approved. The buyer could literally wait for months on an answer, only to end up empty-handed. On the other hand, the … [Read more...]

A Talk with Joe Homebuyer

Hey! I want to buy a house in Phoenix...Where's the Swap Meet? I sat down with a frustrated homebuyer to discuss the realities of buying a home in Phoenix right now. It's easy to see why homebuyers in the Valley are confused....the news media paints a picture doom and gloom - a swap meet of real estate - while real estate professionals such as Dru Bloomfield are seeing something entirely different - a very active market in price ranges below $250K. Many homebuyers in the Phoenix market are coming into the game with unrealistic expectations. Roughly 2/3 of the home sales involved banks on the seller side - either as a foreclosure or a short … [Read more...]

The Ugly Truth About Beautiful Home Listings

Sometimes What You See in The Listing Is Not What You Get Sometimes what you read in the MLS does not reflect reality...and sometimes the certified expert does not lend a feeling of confidence. Check out this house I recently toured with a client and learn why - despite the fact that the house has everything they are looking for - we will NOT be submitting an offer. Sure the listing had beautiful pictures...sure the listing agent proclaimed to be a certified expert. But when we finally got inside to see the home - despite the silent treatment from the listing - we realized that the pictures in the MLS were the "before" pictures of something … [Read more...]

Homeowners Suing for HAMP…But WHY???

The Making Home Affordable's Loan Affordable Program Has Left Too Many Homeowners Scratching Their Heads Checked out Mandelman Matters blog about the HAMP law suits. It's great that homeowners are getting there day in court, but I am wondering if it really matters? Let's face it, these loan modifications are not working. Even if you have your day in court and the judge tells the bank , " you are hereby ordered to reduce this man's payment", you are still underwater in your mortgage and most likley decades away from a break even point. You can sue, but why? Check out Mandelman's blog for the story. … [Read more...]

The Phoenix Real Estate Market is a Real Crack-up

The True Market Condition Here in Phoenix Depends on Your Point-of-View For more information and additional tours, visit http://www.eastvalleyteam.com A recent article on AZCentral.com paints a pretty gloomy picture of the upcoming real estate market in Phoenix. But lower prices, a lack of buyers and swelling inventory does not match what active Realtors in the valley are seeing.(check out the article about lower Phoenix home prices here ) The truth of the matter is that market conditions vary across the Valley of the Sun. There are some areas that are still struggling but many areas are experiencing a HOT market right now, with frustrated … [Read more...]

Hey Short Sale Buyers: You May Be Writing The Check, But You Are Not Calling the Shots

Short sale negotiations are between the Seller and the Seller's Creditors...while the Buyer waits Everybody knows that a short sale is a real estate transaction in which the proceeds from the sale are less than what's owed on the property. But sometimes buyers forget that the Seller's creditors have complete control over that deal - they can change the terms or cancel the deal altogether. Unlike a typical real estate transaction, a short sale requires approval from multiple entities, including the lender or lenders, mortgage insurance companies, investors, government entities like Fannie Mae and Freddie Mac...the list goes on and on. The … [Read more...]

How NOT to Sell Your House – Tip #1: Price ’em High

Pricing above market value is a sure fire way to keep buyers away Recently I have noticed more and more home seller who, despite the fact that their homes are on the market, do not appear to want them sold. If this is your goal - to keep the house on the market as long as possible, these tips are for you. Tip #1: Price your home well above the market value. You might be thinking that this is not going to work, that buyers will still want to buy your home because it is so much better than anything else out there on the market. All the special features and the custom decorating add a tremendous value to the property so of course, even if you … [Read more...]

Buying a Flip Home – Some Things to Watch Out For

Tour of 2967 E Franklin Ave - Nice-looking Flip House! More and more listings are flip homes - homes that have been purchased by investors - often at the Trustee Sale - then quickly sold for a profit. Although some of the homes reflect the expertise of the flipper investor, such as this Lyon's Gate beauty in Gilbert, AZ, buyer's should always be aware that profits come first to the investor. This home in Lyon's Gate was purchased by an investor at the Trustee Sale. He has done a great job of making this home show like a model. But some flip investors get in over their heads, especially since homes purchased at the Trustee Sale are often … [Read more...]

Are Housing Prices Heading Down? Scary Stories Don’t Match The Numbers

The Housing Market May Look Grim In Your Area, But It's Pretty Competitive Here in Phoenix After reading a recent article on HousingWire.com, I am scratching my head. The article predicts that housing prices are heading down. But, here in Phoenix, we are seeing sustained activity in a very competitive market. As a buyer, you may consider articles like this when developing your bidding strategy but these stories can be very misleading. Articles that paint a broad picture of market trends are completely useless when looking at a local real estate market which depends on local activity and the price range you are considering. Be wary of … [Read more...]

Multiple Counter Offers – Bring ‘Em On!!

Bidding on a Foreclosure? It's Not Over Until It's Over! With the competitive Buyer's market we are seeing in Phoenix right now, buyers are frustrated when they lose out in the bidding wars. But lately, I have seen a surprising turn as buyers are bidding on multiple properties - it's never over until it's over! Buyers are putting in offers on multiple properties to better their odds of winning the bidding wars. But with so many challenges in closing the deal, and the fact soem buyers end up with several accepted offers, I have seen more and more, that even though you may be in a back-up position - 2nd, 3rd, even 4th in line - you might … [Read more...]