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Has the Market Stabilized? http://www.searchingphoenixhomes-az.com - Best Customized Real Estate Reports for Phoenix Metropolitan Area.
FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORT Simply go to http://www.searchingphoenixhomes-az.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!! |
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I am generally not a hater, but I thought that this was valuable information to share with any realtor in the Phoenix Metropolitan area that might need a home inspector. I closed a transaction today and I thought I would share some information with any realtor in the Phoenix area since it seems like there are quite a few that belong to AR. My clients put an offer on a home that would up falling through buy they were far enough in the transaction to have a home inspection. My regular home inspector was on vacation so I asked him suggested a referral. Originally, he said that this other inspector was someone he has done business with before. Anyway, this other inspector inspected the house and in a conversation with my client, suggested that he might be better served using another realtor. I don't know what brought this on, but my client called me immediately and asked if this was my normal inspector and them proceeded to tell me what had happened. Needless to say, I was more than a little dismayed. I will say this, I will NOT EVER use ARIZONA HOME AND PROPERTY INSPECTIONS in Chandler again and I will have a talk with Davis Carpico on the next business day and ask him why he chose to solicit my clients when he got some business from me!!!
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Has the Market Stabilized? http://www.searchingphoenixhomes-az.com - Best Customized Real Estate Reports for Phoenix Metropolitan Area.
FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORT Simply go to http://www.searchingphoenixhomes-az.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!! |
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I was talking to the lender for my buyer today and he told me some unsettling news. He works for US Bank and said that he just got a memo that as of now, purchase money loans are going to take 45 days to close and refinances are going to take 90 days. I have been writing contracts with the COE for 30-35 days but I guess I will have to adjust my number of days.
I think that this is a result of lenders being understaffed and not wanting to take on more full time permanent employees in case of another slowdown in the housing market. I guess it's just one more thing to be concerned about...oh well.
I realize that short sales are a very big part of out market now and will probably continue to be for at least the next few years. That doesn't mean that I like it. If you are on the selling end, it is a way to make the best of a bad situation and I encourage any seller to take advantage of that option.
If you are a buyer, make sure that you have a realtor that knows the workings of a short sale and knows what to do and what to look for. These are difficult transactions and without the proper agent to guide you, buying that house will be more difficult than it has to be.
Your agent should find out how many liens there are against the property. Any more than two and you have virtually no chance to close the deal. Your agent should also find out if the listing agent has contacted the bank and if the bank has even got a BPO done yet. That will be a good sign of how long the transaction will take.
A short sale will generally take at least 3-6 months to close, and that is if things go well. Even with the new legislation, I haven't seen things go much faster. There is also a fair liklihood that the deal will fall through at some point due to any number of problems that can arise. If you are a buyer that needs to be in a home in a certain time period, a short sale may not be for you.
There are short sales that do go through, but you really need to get an agent that knows what they are doing and anticipating the many pitfalls of the short sale process.
If you are looking for a short sale in the Phoenix Metropolitan area, please call me and I will guide you through that process.
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