Happy New Year 2017 – Looking Ahead in Phoenix Real Estate

We have spent 7.5 years in an awesome growth period as a country. On the flip side, this makes us well overdue for a little recession. That's pretty amazing though - considering we've come a long way from foreclosure and losing our homes back in 2008. The interesting thing about being overdue for a recession is this: It's kind of like being overdue for a major earthquake in Los Angeles - except a tiny recession is much more likely to happen yet won't leave your life in shambles. This mini-recession will not be anywhere near as bad as 2008. We won't have to rebuild an entire city, or country, for that matter.   Here are … [Read more...]

What Happens RIGHT AFTER Your House Sells at the Trustee Sale

For some it's a monetary windfall, for others it's complete devastation... It's been two days since my house sold that the Trustee Sale and a lot has happened. Although the shock hasn't quite worn off, we are looking ahead to better days.  The Buyer has not wasted anytime managing his new asset. Although I can appreciate the efficient way he and his team have handled this "acquisition", the fact is, until we move out, it is still my family's home. I don't know the best way to handle this awkward situation, but I am pretty sure things could have been handled better in this case.  Within two days of the Trustee Sale, there was a For Sale sign … [Read more...]

Trustee Sale…The Day My House Got Sold

The Other Side of Trustee Sales - When YOUR House Gets Sold My house was sold at Trustee Sale today.  I got to experience the same thing as millions of others already have.  The statistics are staggering... over 500 homeowners in Maricopa County had the same day I had... I have spent over a year trying to figure out a way to keep my home...my story is the same boring story that is told over and over again.  Less money coming in the door...harder to make the payments...can't sell because you are way upside down...promised a loan modification by the lender but then denied at the 11th hour...on and on as possible solutions continued to slip … [Read more...]

Trustee Sales – Can You Work Around Them?

I headed down to the courthouse steps today to introduce one my investor clients to Pam Mullavey and Brad Kelley of Infoclosure.com. He had a couple of interesting questions about how the trustee sales work and if there is a way to avoid that whole process... And, yes...it was raining which explains the frizzy hair! ***Note: One exception to the Trustee Sale as described in the video is the Deed-In-Lieu of Foreclosure, however, these are not common. … [Read more...]

Introducing the AZ Short Sale Seller’s Advisory

The Arizona Department of Real Estate and the Arizona Association of Realtors have teamed to create a great resource for distressed property owners or any homeowner or wants to understand what happens when you are in default on your mortgage or contemplating a short sale. The Advisory contains links to online resoures to professionals and consultants who can help you understand your rights, liability and risks so you can make an informed decision and protect yourself in these tough times. Click on this link to view the AZ Short Sale Seller's Advisory. … [Read more...]

The Gloves Are Off, Folks…Watch Your Back

Two recent news stories have highlighted to me how out-of-whack things have gotten with respect to the actions being taken to "improve the economy". I knew it was bad, I just didn't think it was this bad... AIG execs are partying it up while school teachers are paying the price...that might improve the economy for some people, but not the average Joe. … [Read more...]

Talking Shop: Short Sales from the Buyer’s Side and a Couple of War Stories

In Part 2 of my recent chat with Tempe realtor and fellow video blogger Dean Ouellette we chat about about what's going on with short sales in the Phoenix real estate market, we discuss the Buyer's side of the deal and we swap a couple of war stories. What do you think of this format? We are thinking about doing this on a weekly basis, so I'd love to hear your comments... … [Read more...]

Talking Shop: What Should Sellers Look For When Listing A Short Sale

I sat down with Tempe realtor and fellow video blogger Dean Ouellette to talk shop and chat about what's going on with short sales in the Phoenix real estate market. In part 1 of our 2-part discussion, we discuss what to look for when choosing a listing agent for a short sale, whether or not it's a good idea for your agent to use a 3rd party negotiator, and how the short sale climate has changed over the last year.  In case you are wondering where we are, it's my favorite muscle car hangout, Steel Dreamz. This is new format and we are hoping to do this on a weekly basis...what do you think? I'd love to hear your comments... … [Read more...]

Hey Banks! Wake Up! Loan Mods Aren’t Working…

After watching a couple of news snippets on MSNBC that reported on loan modifications, I was amazed at the huge divide between bankers and policy makers, and the reality from the consumers' viewpoint. Check out the interviews and let me know what you think.... *Michael Barr, US Treasury; http://www.msnbc.msn.com/id/21134540/vp/34935747#34796103 *John Courson, CEO of the Mortgage Bankers Association; http://www.msnbc.msn.com/id/21134540/vp/34935747#34795942 *Jean Chatzky - Money.com and Barbara Corcoran - http://www.msnbc.msn.com/id/21134540/vp/34935747#34795865 *Jason Tucker - http://www.msnbc.msn.com/id/21134540/vp/34935747#34795865 … [Read more...]

Why Loan Modifications Aren’t Working

There has been a lot of finger-pointing lately about the effectiveness or lack thereof of loan modifications in reducing the number of foreclosures in our troubled housing market. Why aren't loan modifications helping distressed homeowners? Here are my thoughts... … [Read more...]