Short sales...need I say more?
Trista at EMC Mortgage? I almost dropped the phone today when I heard her response to my gingerly asked question.
Some background details: I get a call from a client two weeks before trustee's sale date. "If you can sell it and help us avoid foreclosure, have at it." I list at a competetive price relative to the REO action in the area. Nobody really wants to subject themselves to a short sale in our market since REO properties abound. One frustrated buyer decided to take a whirl, the day before trustee's sale.
At least he won't have to wait long for an answer.
They postpone the trustee's sale with 2 hours to go and rush order the BPO!
10 days later, Trista has an approval! You think that's great so far? She hasn't done anything yet!
During the appraisal and inspection, the buyer comes across some information that makes him think twice about the value he is paying for the home and requests a pretty big drop in price. Mind you, this is supposed to close pretty quickly! I call Trista and explain the situation. Her response:
"Well, I can see how that would affect value. I will see if this was taken into consideration during the BPO. If not, I will order a second one and have these items checked out and we will consider it. If it is on the BPO then it will be tough but I will see what makes sense."
Why can't all servicing companies operate the same way to mitigate a loss? Regardless of Trista's final decision, I am confident that she is making a strong effort to gather facts and make a decision based upon what information she gets.
She communicates effectively (and sternly) and is working to save an American from foreclosure and American taxpayers from shouldering a loss caused by poor mitigation policies.
Great job Trista!
Several changes have been made to properties in The Lakes of Tempe.
We have a new listing but it looks like a SHORT SALE!
The Lakes of Tempe Updated Report
(To ensure accurate data, this list of properties will no longer refresh after 15 days)
If you're considering buying or selling a home in The Lakes of Tempe, feel free to contact me for the latest scoop on how time on market, short sales and foreclosures can create opportunity for buyers or potentially spell disaster for sellers.
I can be reached at 602-790-0607 and will be happy to answer questions you may have.
Search Phoenix Metro Foreclosure Properties
Recently, I have been in contact with investment groups preparing them to buy undervalued properties. Can a fix-n-flip be done in a declining market with no real end in sight?
Absolutely! - Target properties that have any problems that will not allow the home to qualify for FHA or VA financing. Fix the issues in the home and make some aesthetic improvements. Run it as an exclusive listing while the remodel work is getting done. Once fixed, flip the property to an FHA/VA buyer and repeat the process with another home.
Why it works? - The asset managers working for the banks don't care about putting money into homes. Therefore, if a condition will pop up on a government appraisal, the bank won't pay. The buyer walks and the asset manager slashes the price to try to get someone to buy it.
How much profit? - That depends on the quality of the listing agent. If they're new, not much. If they've been around for a while in the REO market? A LARGE AMOUNT! These are the ones to target. There are so many out here that I've told each investor to avoid any property that will not return $15,000-$20,000+.
Sure there are anti-flip policies and other risk factors to consider but since government financing is ruling our kingdom it's making it all worthwhile. I'm helping to bring run down properties up to par with the cleanest homes in that market area. I help get buyers a great deal and pick up others along the way. I'm keeping construction related companies busy with work and turning a profit for an investor.
There's a great deal of opportunity in this market and a number of round trips that can be made. Get out there and make it happen this week!
Several changes have been made to properties in The Lakes of Tempe.
We have some new listings and some listings that have PRICE REDUCTIONS!
The Lakes of Tempe Updated Report
(To ensure accurate data, this list of properties will no longer refresh after 15 days)
If you're considering buying or selling a home in The Lakes of Tempe, feel free to contact me for the latest scoop on how time on market, short sales and foreclosures can create opportunity for buyers or potentially spell disaster for sellers.
I can be reached at 602-790-0607 and will be happy to answer questions you may have.
For those residents of The Lakes of Tempe that couldn't make it to Monday's class for their flexibility fix can now get their class in on Thursday.
Mondays and Thursdays 7:15 pm to 8:30 pm.
Drop-in classes are only $10.00
Four week session is only $35.00
Eight week session is only $60.00
Call 480.838.3274 for details!
Now it is even easier to keep to your New Year's fitness goals!
If you're considering buying or selling a home in The Lakes of Tempe, feel free to contact me for the latest scoop on how time on market, short sales and foreclosures can create opportunity for buyers or potentially spell disaster for sellers.
I can be reached at 602-790-0607 and will be happy to answer questions you may have.
 |
|
|
REALTOR - Servicing Mesa, Tempe, Gilbert, Chandler, Ahwatukee, Scottsdale and other Phoenix metro cities. Mortgage planning experience and certification allows me to help with your lender.
I have helped many buyers and sellers to identify short term and long term financial objectives in order to choose a mortgage debt instrument that will help to achieve those financial goals. Although I am a Certified Mortgage Planning Specialist, and carry the CMPS designation, I do not originate nor close mortgage transactions. This choice helps to provide an ethical approach to my clients' needs.
In order to better serve my clients, I have completed the course work for various collateral areas in financial services as well as passed the examinations for the following: Certified Mortgage Planning Specialist, Arizona licenses for health insurance, life insurance and disability, NASD Series 6, Series 63, Series 26 and Series 65. Although these have been completed, I do not have any of the licenses as active.
I work with various financial planners and estate planning attorneys. I have worked on many cases involving divorce or dissolution of non-marital relationships to help settle the property between couples. My business has been built through professional and past-client referrals who understand the value of what I provide: Education, Integrity, Care, Attention to Detail and Post-Closing Follow-up.
Currently, I have been contracted to perform market directional studies for various clients. I complete research to determine the amount of downside risk associated with making real estate decisions. Investors utilize this service to better negotiate purchase prices based on fundamentals rather than phantom comparable listings.
When it comes to money and real estate, I have an ongoing pursuit of knowledge. I have a complete understanding of FHA, VA, FNMA, FHLMC and non-prime guidelines. This helps me to better serve first time homebuyers wanting to purchase with no money out of pocket all the way through to elderly clients wanting to mitigate tax liability on the transfer of real property assets.
FIRST TIME HOME BUYERS should be very careful now to force the bottom to occur in the market area that you are looking to purchase in. Never consider the comparable listing amounts as a key factor to determine whether or not you are getting a "DEAL"! Use sound fundamentals.
Investors should take care to evaluate how many additional foreclosures are due to occur in a market area. It is not the one's you see, watch out for the one's that haven't even shown up yet!
When purchasing my first home, I failed to ask questions. I thought that everything would be in order because I was dealing with professionals. Your home is your castle and it is important that you plan your financial future as if you were building your castle.
Select a home for a home, not an investment or tax write-off. Know where you would like to be financially, in the future. Know how to get there. Manage your income, assets and most importantly, your debt in order to reach your goals.
I expect you to ask questions so please feel free to participate in the blog postings. Your success and mine should move in tandem. -Welcome!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
