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 'Foreclosures/Short sales'
(Foreclosure) Buyer Beware!
October 1st, 2009 · No Comments
Tags: Foreclosures/Short sales · Random Musings · Sad
Has Phoenix real estate hit bottom?
August 13th, 2009 · No Comments
As always, opinions are a dime a dozen. Even the most knowledgeable ‘experts’ on our housing market are divided on the status of our market. Most believe that we’ve either hit, or are very close to hitting, the bottom. Some have speculated that there’s a huge number of foreclosures that are still […]
Tags: Foreclosures/Short sales · Housing stats · Legislation and Policies
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
$20M Federal Grant for Phoenix Real Estate Foreclosure Market
October 2nd, 2008 · No Comments
The City of Phoenix will receive about $40M from the Housing and Economic Recovery Act to bolster the hard-hit Phoenix real estate market. The funds are almost double what was expected, which is really not a good thing, as the funds are based on need.
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The grant will be applied across a number of initiatives at […]
Tags: Foreclosures/Short sales · Legislation and Policies
Tips to Help Avoid Foreclosure
August 13th, 2008 · 1 Comment
The Phoenix real estate market is wide open with exciting opportunities for prospective homebuyers. With astute research and some negotiating, opportunities abound. The downside to any imbalanced market is that the presence of a clear-cut winner also implies the presence of a losing party.Â
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The Scottsdale real estate and Phoenix real estate markets currently face among […]
Tags: Foreclosures/Short sales · Tips and Advice
Fannie Mae hammered by $2.3B loss. What now?
August 10th, 2008 · 1 Comment
On Friday, Fannie Mae which, with Freddie Mac, holds or guarantees about 1/2 of all outstanding mortgages, declared a $2.3 billion loss. Analysts had expected a loss of about $0.68/share, a fraction of the reported $2.54, which sent shares of FNMA falling 9% for the day.
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The huge blow is largely attributed to a surge in […]
Tags: Foreclosures/Short sales · Mortgage Reform
Tough Times for Phoenix-Area Home Sellers
July 19th, 2008 · 2 Comments
A report released last week by Arizona State University revealed that property values fell 18% year-over-year from April 2007 to April 2008. Foreclosures are mostly to blame for the decline, as buyers gobble up deals as banks get more and more aggressive with their ever-growing REO holdings. In fact, estimates indicate that 20-30% of April […]
Tags: Foreclosures/Short sales · Housing stats
Many Homeowners “Buying and Bailing”
July 11th, 2008 · 2 Comments
We’re seeing a rising number of Phoenix real estate and Scottsdale real estate owners take advantage of a tricky loophole in the home loan industry. Faced with a home that’s worth less than what’s owed and with a plethera of lower-priced, more attractive alternatives, many homeowners today are purchasing a second home while their credit […]
Tags: Foreclosures/Short sales · Random Musings
Greater Phoenix Foreclosure Update
June 11th, 2008 · No Comments
A recent article in the AZ Republic detailed a phenomenon that I’ve commented about recently in the AZ Real eStatesman. Specifically, we’re now seeing lenders become extremely aggressive with their price slashing to help unload their growing holdings.
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This tactic often benefits the bank. Multiple bid situations and the ‘auction frenzy’ mentality can sometimes drive the […]
