Bobbi Herman - Peoria Arizona Realtor

I am very exited to announce that I have recently become accredited with the Better Business Bureau. I think I am the only Realtor in Peoria Arizona to achieve this recognition.

I always strive to provide excellent service to my clients and to go above and beyond what is expected to make sure that your experience when buying or selling a home is as great as it can be. I think my acceptance as an accredited business is validation for all the years of my client focused customer service.

Please feel free to check my Better Business Bureau listing and I am also now listed at the Ethical Arizona website as well.

If you are looking for a Realtor in or around Peoria Arizona I hope that you will give me a chance to earn your business.

It seems like I want to say this every time I have any sort of communication with a bank regarding a short sale. I have a client that has an offer on a short sale property right now. We have been patiently waiting. I had told my client that there is usually a long wait, sometimes as long as 6 months before you hear anything back about your offer.

So we have been waiting...

And waiting...

Then I get a call on Friday from the listing agent that basically says, "Oops I got the acceptance on your contract like a week ago. I think I forgot to let you know. Oh, and the bank wants you to close on the 9th or they are going to a trustee sale."

The 9th is 10 days from now. We haven't done an inspection. We haven't had an appraisal. My client isn't paying cash so how are we going to close in 10 days?

Even with the "Oops I got the acceptance like a week ago" comment that is still practically impossible. We are talking like just over 2 weeks to close. I even talked to the lender I work with and he said he might be able to get it done by the 13th.

We asked for an extension and the answer was no.

Even though they have a buyer right now for their property that can close within a reasonable time frame the bank won't allow it to happen. I just can't understand their thought process.

Now I had to advise my buyer that we should just move on. Of course the "Oops" listing agent is trying to get us to push to make it happen still (otherwise they won't get paid), but there is no way I am going to have my client pay for an appraisal and inspection and have the home sold out from underneath her at a trustee sale after she has paid all of that money. So we move on to find a different home.

AARGH Banks!

About the Author

Bobbi Herman is a Peoria Arizona Realtor that returns phone calls, shows up on time for appointments, and even attends all of your paperwork signings and inspections to make sure you understand everything that is happening 100% of the time. If you are looking to have a great experience when buying or selling a home in the Peoria Arizona real estate market then contact Bobbi.

Today I met with a real estate attorney. I figured I could learn a thing or two by asking some of the most common questions that my clients are asking me. Honestly it was down right eye opening.

(Now I must tell you that nothing here should be interpreted as legal advice. I am not an attorney. In fact I have no legal background whatsoever.)

The number one thing I learned today from listening to the attorney go through my client's options is that all clients considering a short sale should consult an attorney first. Sure I am a Realtor and I only get paid a commission if the sale of the house is completed, but I was downright astonished at what I learned today.

Here are a few of my takeaways. (Remember this is only applicable in Arizona.)

#1 - I will say it again. There is nothing that can replace the advice of an attorney. Consult an attorney. If you don't know one, ask your Realtor for a referral to one.

#2 - A second mortgage can and most likely will file a suit against you if it was not obtained to purchase the home. If the second mortgage was financed at the time of purchase it is called a purchase money loan and then it should fall within the anti-deficiency laws for Arizona. If you took the second mortgage at any other time then it falls under a whole other set of rules.

#3 - Even if your promissory note for the second mortgage contract only specifies foreclosure on the property as the remedy under the breach of contract section, the Arizona statute supersedes that contract and the second mortgage can still file suit against you for the deficiency. This was a huge point to me. I would have never thought that something as well established as contract law would be superseded by an Arizona state specific statute. Contract law has been around since the beginning of recorded history (ok I don't know how long, but a long time). I was shocked to hear this.

I don't see how a consumer can be expected to understand what they are signing. We always recommend that our clients read everything before signing it. Now I am hearing an attorney tell me that even that isn't good enough. I am really shocked, concerned, flabbergasted, what other terms can I come up with?!? How could the courts allow a blatant misrepresentation within the loan documentation that a clients signs? It should be mandatory to spell out what exactly happens within the contract. I don't know what else to say.

#4 - It seems that the short sales can be a good option because some money would be paid to the second mortgage in order for them to release the lien. Some money paid to the second is better than none and should help with the future negotiations regarding the repayment of the second if applicable.

#5 - A person facing a possible short sale likely has about 6 different options. You can short sale the home, foreclose, pay the past due amounts and make the loan current, perform a deed in lieu of foreclosure, apply for a loan modification, or file for bankruptcy. These are all valid options and can not effectively be communicated to you by anyone other than an attorney. Have I mentioned that you should consult an attorney?

It seems like most real estate law firms have people on staff that can provide an initial consultation for somewhere in the ball park of $250. In my mind $250 is a small price to pay to have a clear plan as to how to deal with your current situation.

So here is my expert Realtor advice....Consult and attorney if you are considering a short sale before you do anything else!

About the Author

Bobbi Herman is a Peoria Arizona Realtor and has obtained the Certified Distressed Property Expert designation. She has been in business since 2005 and has helped many happy clients buy and sell homes in the Peoria Arizona real estate market.

Pulte Homes is the builder and they claim that this development is the only one in the Phoenix area that is completely "green". I invite you to find more information about Cabrillo Point by visiting my website.

About the Author

Bobbi Herman is a Realtor that specializes in Peoria Arizona real estate. She has been in the real estate business since 2005 and has bought and sold many homes in the Peoria AZ real estate market. To view more information about Bobbi, visit her Peoria Arizona Realtor biography page.

If you are looking to relocate to Arizona now is the time! Ok I know I am not telling you anything you already didn't know. Of course interest rates right now are at all time lows. I joke that you can pick up a home for about the same as it costs to fill up your car with gas.

But in all seriousness the reason for my message here is that if you are going to relocate to Arizona soon, or maybe by an Arizona vacation home then I hope that you will consider me to be your Realtor.

Because I am lucky enough to have a pretty good ranking with the major search engines on the web I end up working with out of state buyers very often. I only mention it because I have had a lot of practice catering to the special needs that a person buying a home from out of state needs.

I think the services I provide are uncommon compared to other Realtors, but at the same time are crucial for you when you do relocate to Arizona.

I invite you to visit my website and in particular the area where I address how I work with people looking to relocate to Arizona. I hope that you take a moment to see how I set myself apart and work extra hard to be sure your precious time isn't wasted.

You may also want to read my Arizona Realtor biography to learn more about me on a personal level.

Thanks for reading and I hope to speak with you soon.