Can My Dad Buy My House In A Short Sale?

Asking someone to buy your house for you at short sale may seem like a good idea...but it's not. Sure, you figure the bank is going to lose the money anyway, why not just have Mom and Dad buy that house in a short sale, then sell it back to you later at the reduced price. Dean Ouellette and I discuss why short sales must be arm's length transactions so the Seller does not benefit from the sale, not at the time of the sale or in the future. … [Read more...]

If I am already qualified, why do I need to talk to the Seller’s lender?

Seller's requirement for prequalification can be a double-edged sword Today's question addresses the common practice of the Seller to require that the Buyer pre-qualify for the mortgage with the Seller's lender or their offer will not be considered. Dean Ouellette and I discuss the reason - to make sure the Buyer can perform - and the reality - the Seller is trying to drum up business for their lender. As always, Sasha (Tall Shoes) Lopez keeps us on track! … [Read more...]

Hey Listing Agents…Help Us Help You!

Have your people call my people Distressed property sales are a real pain in the backside. We all know the challenges associated with short sales, but REO property sales are often just as frustrating. Those of us out here in the trenches are constantly lamenting about the less than stellar services provided by REO listing agents. Some teams do an excellent job of liquidating REO properties. They provide fair consideration of our offers and consistent communication when servicing their listings. But other listers are not returning calls and emails, ignoring offers and raising some eyebrows in the management of their listings. The nature of … [Read more...]

Loan Modifications: Is It Time for Another Shot at One?

With the changing climate of short sales, are banks more open to loan modifications? are some tips if you are out of options and are thinking about taking another shot at a loan modification. Here's a great online tool to help you decide: It should go without saying that you should NEVER pay for a loan modification! If you are working with an attorney, sure, you will pay for that legal advice, but do not be a victim of a loan modification scam.  They are still out there... … [Read more...]

Phoenix Real Estate FAQs – 04-02-2010

This week, Kristin LaVanway and Dean Ouellette tackle the questions: * Can I keep my antique stove when I sell my house? * What is the final walkthrough? * Why didn't I get the mortgage rate advertised online? * Can the bank foreclose if I am negotiating a short sale? Thanks as always to @SashaLopez even though she never watches our videos... … [Read more...]

Success Measured By The Frets of a Guitar

Success can be a hard thing to measure in times like these unless you can look beyond the bean counter definition and look at metrics of success that really mean something. Here is what I learned about success from my brother... (sorry about the wind!) P.S. have you checked your blood pressure lately? … [Read more...]

Termites! A Horror Story…

Still wondering if you should spring for that home inspection? If this story doesn't convince you, nothing will...although termites are generally a very treatable problem here in Arizona, in this case, there was a perfect storm of conditions to create a huge termite problem.  It was a beautiful home and we never imagined it had such extensive problems. Since bank-owned listings come with no disclosures, it's up to the buyer to uncover problems with the condition of the home. … [Read more...]

Thinking About Skipping the Home Inspection? Think Again…

I know, home inspections cost a lot of money, especially when you saving up the pennies for the many trips to Home Depot that await when you close on your new home. Here are two examples, of how home inspections, or the lack thereof, affected two might make you rethink your home inspection strategy. … [Read more...]

How’s the Market – a Microscopic Perspective

How's the real estate market here in Phoenix? I get asked all the's an answer that looks past the massive stats and global economic predictions and focuses on my little pile of work. I think the collection of deals I am working on now captures the essence of the challenges we face in this promising but frustrating market. … [Read more...]

Phoenix Real Estate FAQs – 3-26-2010

In this episode of Phoenix Real Estate FAQ's Dean Ouellette and I ponder the answer these questions: * What's a better value...resale or new build? * When do I get the keys to my new house? * How many houses should I look at before I put in an offer? * Who should be present at a home inspection? Thanks to Sasha Lopez for keeping us on track! … [Read more...]