Bidding War? Bring It, Baby!

https://youtu.be/lfrwDv1DgqY This weekend, I submitted offers in two "bidding wars". OK. They were more like bidding skirmishes, as a bidding war these days usually garners 3-5 offers compared to the 25-40 offers we were seeing a few years ago. Multiple offer situations tend to scare buyers. But guess, what? My clients offers were accepted in both cases. Multiple offers are unavoidable when there are fewer listings than buyers, so here are my tips on how to be victorious should a bidding war be in your future. CHOOSE A STRONG TEAM: First and, absolutely, without a doubt, necessary is choosing the right Realtor. This is no time for … [Read more...]

Short Sale Buyers…What are your odds that deal will close?

Thinking about buying a short sale? You might be surprised at the chances of you actually moving in... Short sales make up at least one-third of the inventory here in Phoenix, but what are the odds that you can get one of those deals to close? Not great...but here are some tips to help improve your odds of actually making a short sale work for you. For more about short sales, visit my website at http://www.EastValleyTeam.com ****NOTE: My most humble apologies...it is time for a new camera...will make due with webcam until I have a new cam in hand...no more Godzilla-effect movies!***** Statistics courtesy of … [Read more...]

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...]