This is a big misconception among the general population these days in regard to short sales. A short sale, if you don't already know, is the selling of a home where you owe more than it is worth. To do this, one must get approval from their lien holders/ the company's that service their mortgage. [...] Read more
Scottsdale Short Sales
Looking at the Scottsdale housing market, it’s very clear that Short Sales are dominating the sales of late… If you are a buyer looking for a deal on a home, these are some of the best priced homes on the market…. BUT there is a catch: Only 5% of Short Sales ever sell. Why? you [...] Read more
Consumer Financial Protection Bureau in place
The Miami Herald had an article in late December by Elizabeth Warren (attorney, Leo Gottlieb Professor of Law at Harvard Law School and Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau) that was interesting to me as a homeowner and real estate agent. It [...] Read more
Loan Modification and Credit Scores
In my experience, homeowners will initially try for a loan modification before they begin thinking about a Short Sale. Understandable-we didn’t buy our houses to feel forced to sell, so if we can renegotiate our loan, then it makes sense to do it. There are a few things we should know before taking the plunge [...] Read more
Market Trends
It’s that time again-how did the numbers look in September and what kind of trends are we seeing continue or change? That’s a loaded question right now, with new information from banks on how they’re handling foreclosures and what that will mean for the market over the next several months. But let’s look at September [...] Read more
Banks Freezing Foreclosures
Bank of America announced it is freezing foreclosures in 23 states (but didn’t specify whether AZ was one of them…it’s a safe assumption that AZ is on that list). This comes after the Associated Press reported that BofA mortgage and foreclosure officials had proceeded with some actions without reading forms and documents provided by distressed [...] Read more
