Jessica Steele

Oh, the dreadful"Double S".The word commands respect in a sentence filled with other jargon, or standing alone, as the big, looming question mark it so often is as we flitter between those moments of wake and sleep. It is the cause for rejoices when a transaction finally closes, and the reason for four-letter exclamations in the weeks (okay, months) before it reaches that point. We can't live with them, but, as any agent currently sighs, we can't really avoid them to live without them either.

Most agents can agree that there are four key elements to any successful short sale: accessibility, responsiveness, communication, and fulfillment. Of the four, responsiveness and communication seem to be the largest issues in today's short sale market. The banks are simply inundated with short sale files, and the $9/hr negotiator to whom your file is assigned probably isn't overly troubled by your outbursts as your emails are deleted, voicemails erased, and paperwork lost in transition. It's all a very joyful process.

Wait! Stop! NEWSFLASH! NEWSFLASH!

IS ONE OF AMERICA'S LARGEST LENDERS STEPPING OUT AHEAD OF THE REST?

At the end of last month, California-based Equator (formerly known as REOTrans) reported that it had launched the real estate industry's very first short sale module for a large national lender (supposedly Bank of America, although this has yet to be confirmed). Short sales would be handled for the first time ever via an electronic platform, dramatically improving approval time and communication between all parties involved in a transaction.

Included in the platform is a fully accessible client portal where borrowers can receive updates on their short sale 24/7, in real-time (virtually unheard of in the current short sale market).

Of course, cutting out the middle-man may not facilitate all aspects of the transaction. Questions do arise such as how a computer can possibly evaluate seller's finances, or the information found in the BPO (broker's price opinion) or appraisal. I anticipate this may be an issue . . . but then again, I am not the most technologically-savvy agent I know.

Odds are, computers are more competent than many of the clowns negotiators currently sipping their mocha-lattes chai teas.

Regardless, Bank of America needs to do something to facilitate the short sale process.

I should know. I've currently been fighting with the company since spring over an offer dated April 9. And yes, we still have the buyers!

Is an extension of the First-Time Home Buyer Tax Credit truly looming on the horizon? To say the least, it is certainly looming in the forefront of many a consumer's mind. Each morning I wake up to my Twitter and Facebook feed, to see a surplus of comments, either from consumers, begging for the extension so they can surpass the current December 1 deadline, or from agents, bickering back and forth about the pros and cons of such a venture. It's a hot top of desire, and of debate.

So what is the current state of the extension of the First-Time Home Buyer Tax Credit? Well, passing of such an act is no more than mere speculation at the moment, despite what many on-line sources are claiming. Today, Fox News reports that Senate negotiators have reached an agreement to extend the credit, but that its passage remains undetermined.

Currently, the following substance of the credit has been determined:

• Credit will be extended from its current December 1 expiration to April 30, 2010, with all homes closing before July 1, 2010.
• Income limits on those consumers claiming the credit will increase from $75,000 for a single homeowner to $125,000, and from $150,000 to $250,000 for couples.
• The tax will not only include first-time home buyers, but will be extended to a $6,500 credit for existing homeowners who have occupied their current residences for five consecutive years of the past eight.

The general goals of this amended tax credit piggyback off of the previous credit. The aim is to stimulate a weakened economy further by granting the distressed real estate market a larger boost while limiting the advantages to investors. This extended credit also seeks to attract the higher-end buyer, where the market continues to remain in dire state.

Some Democrats are currently hoping to add the bill to one already currently on the Senate floor - to extend federal unemployment tax benefits. This agreement, however, has yet to be confirmed, leaving the question lingering . . . and looming . . . as it has.

So, are you wondering how to buy a bank-owned home? Well, so are many consumers throughout the greater Phoenix area. Unfortunately, despite the fact that "now is a great time to buy", it is becoming increasingly difficult to get into a home, as many of our buyers are currently experiencing.

As agents, we are up against unreturned phone calls, often being forced to text message to communicate with "over-burdened" agents, and sometimes it can take days to get through to an agent only to hear that, "we already have multiple offers on that property". Of course you do. 2 days before your listing appointment, right?

For all of those feeling a little bitter, agent and consumer alike, I think you will enjoy this video. So, take a deep breath, maybe open a cold beverage, and . . . be prepared to laugh.

How to Buy a Bank Owned Home

This afternoon, I sat down to analyze the very intriguing condo resale market in Scottsdale, Arizona. Coming from the Midwest, where the ground is just beginning to freeze, and warm thoughts are on everyone's mind, this time of year attracts many the "snow bird" to my cell phone, and eventually, to my doorstep here in Surprise. (I often joke with family flooding my home that I should have bought a larger home.) This year, the calls have begun, only this time, it isn't for a welcome weekend visit, but for my real estate expertise. Now is the time to buy, and family and friends from the Midwest aren't going to be the last to take advantage of the prime market here in Phoenix.

So what does the condo resale market look like in the Biltmore and Scottsdale area?

To say I was mildly surprised at what I found would be an exaggerated understatement.

SYNOPSIS:

#condos currently for sale under $100,000: 17 (lowest list price: $30,000)

#condos currently for sale between $100-150,000: 32

#condos currently pending: 11, ranging from $49,900 - $669,900

Mean sales price excluding high and low end homes: !138,740

After reviewing several of the unit amenities and spending some time truly browsing through the agent pictures provided, I came to the conclusion that my Midwest buyers are right on. Now is MORE THAN A GREAT TIME to invest in a condo in the Biltmore/Scottsdale area.

Bring on the "snow birds" (and anyone else ready for the sun). Scottsdale Welcomes You.

***All condos analyzed were in the Scottsdale/Biltmore area, and contained private pool/spa amenities.

A sense of community is becoming increasing important during today's rough economic times. Residents in all areas of the state are extending a helping hand now more than ever to reach out to a family or neighbor in need, or just to advocate for healthy living during this scary flu season. Below are some of the community events, both locally and throughout the Valley, that have perked my interest in the past few days. Enjoy, and remember, the season for giving is NOW.

Surprise, AZ Community Events and Information:

Compassionate Surpriseis at the center of Surprise, Arizona's mission. Aimed at increasing the sense of community, and providing homeowners and residents the assistance they need in the many facets of life, including home ownership, employment assistance and more.

H1N1 (Swine Flu) Information - A site for local and state-wide information with regards to the H1N1 flu virus, including information from the Arizona Department of Health Services. Information available in both English and in Spanish.

Become a Volunteer in Surprise - Volunteer with the Surprise community, including the Fire Department, Police Department, and Senior Center.

The Greater Phoenix Area, Events and Information:

HandsOn Greater Phoenix is a local volunteer organization that assists the Greater Phoenix community from all walks of life. Past events have included writing to local soldiers overseas, adopting a student as a pen pal to increase AIMS writing scores, and participating in various 9/11 community events, such as painting fire hydrants in the East Valley.

Salvation Army Angel Christmas Tree Program - Last year I volunteered with my Spanish IV students at this event in Southern Phoenix. Students translated for local Hispanic families as they expressed their "wish lists" for Santa last holiday season. Contact your local Salvation Army to see how you can help!