As if there weren’t enough risks and potential pitfalls in purchasing real estate foreclosures, I’ll add another one to the list: angry former homeowners!
Entries Tagged as 'Experiences'
(Foreclosure) Buyer Beware!
October 1st, 2009 · No Comments
Tags: Foreclosures/Short sales · Random Musings · Sad
Further proof that there’s never a dull moment in Phoenix real estate sales…
August 6th, 2009 · No Comments
I spent 2 days this week showing properties to a couple of Canadian investors. On our second day, we found a great condo in a really nice community close to the PV Mall.
Tags: Foreclosures/Short sales · Funny · Random Musings · Sad · Strange
Loan modifications are failing — thanks to the banks, er, the government!
August 5th, 2009 · No Comments
Whenever I talk with homesellers who are in dire straits - without sufficient equity to sell and/or in immediate risk of falling behind on payments - the first thing I advise them to do is consult with their lender(s) to try to structure a loan modification. I encourage them to be honest with their lien […]
Tags: Experiences · Foreclosures/Short sales · Housing stats · Legislation and Policies · Random Musings · Sad
Foreclosures from a Buyers’ Agent’s Perspective: Inefficiency Personified
May 14th, 2008 · No Comments
Foreclosures are prevalent in the Metro Phoenix market, no doubt about it. Banks have recognized the significance of the problem and have recently responded with sometimes shockingly-low prices. We’re talking about 1600+ sq ft homes, less than 3 years old, in excellent condition, priced in the $120’s and $130’s. There are some great ownership opportunities […]
Tags: Foreclosures/Short sales · Random Musings · Sad
Builders Hurting Phoenix Housing Market (again)
May 3rd, 2008 · No Comments
Ironically, the Phoenix real estate market is being hurt (again) by homebuilders in a sort of pendulum back swing effect.
Â
The run up in the Valley’s housing market in 2004-2005 was exacerbated by over-building coupled with irresponsible lending practices by the builders themselves. Many builders sold double-digit units to investors who were clearly poised to either […]
Tags: Experiences · Sad
Some banks are starting to get it…much to the chagrin of sellers
April 29th, 2008 · No Comments
Well, it looks like some banks are starting to realize that their REO holdings are no longer simply competing with one or two other foreclosures and a bunch of ‘traditional’ residential resale homes for sale. They’re competing against a whole bunch of short sales and REOs in any given community, and all the neighbors are left holding […]
Tags: Experiences · Foreclosures/Short sales · Random Musings · Sad
“Hi, we’re not happy with our condo anymore, so we’d like to short sell it.”
April 15th, 2008 · No Comments
I experienced what for me was a Phoenix real estate ‘first’ today.
Â
I was asked to help short sell a property of a married couple with “perfect credit” and no delinquent payments to any creditors. To further complicate matters, a tenant is moving into the vacant property, thereby creating additional revenue. They claimed their expenses exceed their income, thus […]
Tags: Experiences · Strange
