Credit Report Errors Can Turn Short Sales into Foreclosures!

phoenix real estate blogIn this digital age computers sometimes have us by the … hard drive. We know what we want the thing to do but for some reason it just doesn’t want to give us the right answer. Computers are dumb that way, and smart too. Pretty frustrating.

But being a technophile I like to give my gadgets the benefit of the doubt. But lately we got pretty annoyed at a computer glitch that through the short sale industry out of whack for a little while.

Basically consumer credit reports were showing short sales as foreclosures!

Imagine that – the two things couldn’t be farther apart from each other but some dumb computer glitch (which is only now being fixed) thought they were the same.

We are sorry but the fact that short sales and foreclosures can even be said in the same breathe makes my blood boil. We don’t care how dumb the computer is there’s just no excuse for it.

We run an honest trade here people. We help banks and homeowners walk away from a bad relationship with dignity and we’re fixing the housing market in a big way. Foreclosures are for the bottom of the barrel when all means have been exhausted.

We think you should go home today and pull up your own credit report and check yourself out. If this happens again you need to bring the roof down. Let us know if you’ve suffered from this “computer error” and what you did about it.

Phoenix Metro Real Estate Market Update August 2013

Here we are at the end of summer and it has been a hot one. Both market and temperatures! Everyone has finished their vacations and school has started for most of the Valley.

The market continues its climb and is making a healthy recovery. It is not quite back to the height of the market but if definitely on its way.

We are now seeing fewer bank owned and short sale listings. A healthy market now exists and inventory levels are around a 3 month supply. Much better than last year as it was down to only a 1.1 month supply! Buyers were being pushed out of the market by cash laden investors. Today’s market is more balance with about the same number of sales as new listings hitting the market.

Buyers need to take advantage of the current prices and interest rates. We know prices should be higher next year and interest rates have, according to the Federal Reserve, should be much higher. There is only so much debt the Fed can buy.

Many sellers are realizing they cannot rely on a Zillow or Trulia estimate for value. Most of the evaluations are off by as much as 40%! Having a BPO(broker price opinion) completed is the best way to truly determine where your home should be priced. Let me provide you one as a courtesy. You’ll be glad you did and it will be great seeing you again!

How to be successful in Real Estate – Justin Colby

Justin Colby describes how to be successful in real estate. One of the things that all business owners go through is the struggle of reaching their goals. Most business owners quit before they ever see the fruits of their labor. I recommend to stay with it. Jason Medley and I discussed that all business owners, no matter what they are selling, go through the same struggles. Stay with what you are doing, don’t quit, no matter how difficult it may seem.

How to be successful in real estate!

How to be successful in real estate. Justin Colby discusses how to be successful in real estate with online marketing. How to find buyers! How to find deals!! Being online today is absolutely crucial. You need to use Facebook, youtube, craigslist, link’n etc. We are finding buyers, we are finding sellers.

Buying Pays Off More Than Renting!

buy homes in phoenix azIn 64% of metro areas, it’s more worthwhile to buy than to rent.

If that kind of stat doesn’t blow you off your feet than you haven’t been paying enough attention. I’m gonna spell it out for you a little more so you really understand what’s happened and what you need to be doing about it.

Basically the wisdom has been for the last few years that it’s the age of the renter. Homeownership is dead and it’s time to focus on commercial real estate and residential rentals. (This is assuming we’re leaving out cleaning up the foreclosure mess and letting short sales do the real work.)

But it turns out that if someone is planning to stay in a home for at least 3 years, then it’s actually smarter to buy. That kind of number is like pre-crash days. It’s totally doable for most of the people you’re likely to meet and you definitely need to be pushing home ownership.

I know that everyone I teach and talk to has realized what a goldmine economy we’re living in. People are relocating and looking for a new place to settle down. But your job is to show them the wisdom of buying. It’s the time. Get in now and you’ll be looking at happy tenants and fat profits.

Fannie Mae Made a Fortune With Your Money

phoenix real estateI just read a heart warming story about a struggling company that worked hard, crawled back from the edge, and made a record in sales. This kind of determination is what makes America great, right?

Oh wait, just a few things you should know to help put the story in context:

1) The company took ridiculous chances and mishandled everything.

2) The company recovered with everyone else’s hard earned money since they didn’t have any of their own.

3) The company isn’t repaying a dime to its creditors.

4) The company’s latest success has absolutely nothing to do with its hard work.

That doesn’t sound much like the American dream any more, but maybe that’s just how things go.

I’m talking of course about Fannie Mae. This GSE made a real mess of its books during the housing crisis, begged for government handouts, then claimed it was back on track because of

– lower delinquencies (all the foreclosures happened already, right?)

– home prices rising (no thanks to them)

– and higher sales of Fannie Mae properties (they raked in $17.2 billion NET in 2012).

Oh, and $10 billion from Bank of America. Come to think of it, that’s our money too, isn’t it? So it’s just one big circle. Or more to the point, it’s a highway that goes in a circle with only an on ramp for our cash to get in the mix.

I’m really annoyed about this one. Anyone else have something to say?

Zombie Foreclosures Are Coming!

zombie forclosureThere’s a cool new term I just started hearing about. It’s the “Zombie Foreclosure.” It’s apparently when your house gets so run down it needs to feast on human brains just to keep from falling over. Then it rises from the foundations and . . .

Wait, we think we may have misunderstood. Let us try that one again.

What they’re probably talking about is when homeowners get spooked from all the foreclosure notices and flee the sinking ship. But the bank hasn’t actually foreclosed on the house. So it’s left in this weird limbo land where no one’s living in it but it’s still technically owned.

So what happens to these homes? And how many of them are there?

The answer might shock you – 2 million homes!

That’s a lot of people spooked for no reason. And you know what that tells me? It tells us that you haven’t been doing your job. If you’re watching a house crumble in your neighborhood, get taken over by squatters, be unmaintained, taxes unpaid, etc. etc. it means you missed an opportunity.

Short sale agents are supposed to be out there saving our society. You need to get in there, make sense of what’s happening to these poor homeowners, and keep the system working. I’ve trained you for a reason. Go find these people and help them. Be a servant! Bring up property values and get the housing market back on the right track.

Get to it! And leave a comment if you’ve come face to face with a zombie (home or otherwise)!

« Older Entries Recent Entries »