Comments on: I am listing 3 short sales in Phoenix and Scottsdale http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/ Real Estate information for Phoenix, Scottsdale, and other nearby Arizona cities Thu, 17 Jun 2010 23:23:20 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Steve Belt http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-4380 Steve Belt Tue, 06 Jan 2009 16:33:50 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-4380 Hi Kay- Because you are working with another agent, advice I give you could be considered me interfering with your current agency agreement. If your agent calls me, I could help them/you. Hi Kay-

Because you are working with another agent, advice I give you could be considered me interfering with your current agency agreement. If your agent calls me, I could help them/you.

]]> By: Kay http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-4378 Kay Tue, 06 Jan 2009 15:46:58 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-4378 Hi Steve, I'm a buyer of a short sale. Unfortunately I have a real estate agent that is not well versed in Short Sales. The house I have an offer on was purchased for $395K. I believe it has a second mortgage. The market (comps) 2.5 months ago had the house around $200K. Upon the advice of my real estate agent, I offered market value + I pay closing. Now , there is an exact house that was listed a month ago at 191,900. The bank has given me a verbal ok obviously(still no paperwork) because i am about 15-20K above market value. I was wondering if I can counter my original offer and what that counter offer should be. Thanks so much , Kay Hi Steve,
I’m a buyer of a short sale. Unfortunately I have a real estate agent that is not well versed in Short Sales. The house I have an offer on was purchased for $395K. I believe it has a second mortgage. The market (comps) 2.5 months ago had the house around $200K. Upon the advice of my real estate agent, I offered market value + I pay closing. Now , there is an exact house that was listed a month ago at 191,900. The bank has given me a verbal ok obviously(still no paperwork) because i am about 15-20K above market value.
I was wondering if I can counter my original offer and what that counter offer should be.
Thanks so much ,
Kay

]]> By: Steve Belt http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-4245 Steve Belt Tue, 30 Dec 2008 20:24:06 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-4245 It's been a long time since banks wrote loans that could be assumed without qualifications. Even with qualifications, assumable home loans are quite rare. VA loans may be assumable, but until recently, those were also rare, as conventional financing was cheaper. MLS currently reports 174 assumable loan listings. However, spot checking a dozen of them, I found each of them looked like they were just entered in wrong. It’s been a long time since banks wrote loans that could be assumed without qualifications. Even with qualifications, assumable home loans are quite rare. VA loans may be assumable, but until recently, those were also rare, as conventional financing was cheaper. MLS currently reports 174 assumable loan listings. However, spot checking a dozen of them, I found each of them looked like they were just entered in wrong.

]]> By: Nancy http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-4163 Nancy Sat, 27 Dec 2008 19:55:29 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-4163 Hi all, What happened to Assumable Loans when an owner can no longer afford their mortgage and a uses their existing debt to offer a buyer the op to assume their loan? Hi all,
What happened to Assumable Loans when an owner can no longer afford their mortgage and a uses their existing debt to offer a buyer the op to assume their loan?

]]> By: Steve Belt http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-3872 Steve Belt Fri, 12 Dec 2008 17:00:36 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-3872 Jon- You didn't really just comment on my blog asking for business. Please tell me you didn't do that... Jon-

You didn’t really just comment on my blog asking for business. Please tell me you didn’t do that…

]]> By: Jon Griffith http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-3861 Jon Griffith Fri, 12 Dec 2008 06:35:45 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-3861 The bottom line here, ladies and gents, is that the banks are not employing real estate agents to make real estate decisions. That's why we're here. They are hardly able to handle the load as it is and the employees who are assigned to handle case files have stacks numbering in the hundreds. So if you wonder why it's taking so long, it's because they just don't know how to handle it yet. Granted, they're getting better. For those of you who are just not interested in taking Short Sales, hand'em over and I'll cut you a referral fee. I love a challenge and my forehead isn't flat enough yet, so I'm more than willing to take them on! The bottom line here, ladies and gents, is that the banks are not employing real estate agents to make real estate decisions. That’s why we’re here. They are hardly able to handle the load as it is and the employees who are assigned to handle case files have stacks numbering in the hundreds. So if you wonder why it’s taking so long, it’s because they just don’t know how to handle it yet. Granted, they’re getting better.

For those of you who are just not interested in taking Short Sales, hand’em over and I’ll cut you a referral fee. I love a challenge and my forehead isn’t flat enough yet, so I’m more than willing to take them on!

]]> By: Katie in Tucson http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-3843 Katie in Tucson Thu, 11 Dec 2008 16:16:21 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-3843 Hey, I just wanted to say thanks for the great response and blog! Never a dull day in real estate. Sincerely. Hey, I just wanted to say thanks for the great response and blog! Never a dull day in real estate.
Sincerely.

]]> By: Stephanie Serra http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-3678 Stephanie Serra Thu, 04 Dec 2008 00:00:17 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-3678 Katie, Here are current contact numbers for Chase that should work. We have an approval from Chase as a 2nd lien HELOC for a short sale where $90,000 was owed. On the HUD-1 we showed that the 2nd would receive 10% of value and showed it to both the 1st and the 2nd. The 2nd just loved the prospect of getting that much while we are waiting to get final word from the 1st. I don't think that anyone expects $9,000 to ultimately go to the 2nd, however, they are actively engaged and I believe will be willing to negotiate once the 1st finished their approval process. Also, keep in mind that the seller had their shit together and provided a thorough, well-organized financial analysis, hardship letter, and all supporting docs from day 1 which probably helped as well. Chase 800-5766730 602-680-1469 Fax Keep the Patron handy... Katie,

Here are current contact numbers for Chase that should work. We have an approval from Chase as a 2nd lien HELOC for a short sale where $90,000 was owed. On the HUD-1 we showed that the 2nd would receive 10% of value and showed it to both the 1st and the 2nd. The 2nd just loved the prospect of getting that much while we are waiting to get final word from the 1st. I don’t think that anyone expects $9,000 to ultimately go to the 2nd, however, they are actively engaged and I believe will be willing to negotiate once the 1st finished their approval process. Also, keep in mind that the seller had their shit together and provided a thorough, well-organized financial analysis, hardship letter, and all supporting docs from day 1 which probably helped as well.

Chase
800-5766730
602-680-1469 Fax

Keep the Patron handy…

]]> By: Katie in Tucson http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-3676 Katie in Tucson Wed, 03 Dec 2008 20:38:51 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-3676 So my team has 20 short listings in Tucson, I feel your pain. The best part is when you get that golden ticket approval letter from these banks and then the buyers dft. Ug ... I'm looking for new help. My seller has a 2ns with Chase heloc. Their phones disconnect if you call during peak hours which are monday through friday 9-5. I just need a stinking fax number to send all this short sale stuff ( 2 yrs taxes, hardship letter . etc ... ) does anyone have this so I dont need to get up at 4am Tucson time to call these "people" Sincerely, Short Sales + Patron = survival So my team has 20 short listings in Tucson, I feel your pain. The best part is when you get that golden ticket approval letter from these banks and then the buyers dft. Ug …
I’m looking for new help. My seller has a 2ns with Chase heloc. Their phones disconnect if you call during peak hours which are monday through friday 9-5. I just need a stinking fax number to send all this short sale stuff ( 2 yrs taxes, hardship letter . etc … ) does anyone have this so I dont need to get up at 4am Tucson time to call these “people”
Sincerely,
Short Sales + Patron = survival

]]> By: Confessions of a Short Sale Success — Phoenix Area Real Estate Blog http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/comment-page-1/#comment-3519 Confessions of a Short Sale Success — Phoenix Area Real Estate Blog Tue, 25 Nov 2008 21:30:31 +0000 http://www.realphoenixliving.com/2008/03/05/i-am-listing-3-short-sales-in-phoenix-and-scottsdale/#comment-3519 [...] a short sale that we actually closed escrow on.  Way back in early March I announced I would begin listing short sale properties.  As it would happen, all 3 of those initial short sale listings received offers.  The first [...] [...] a short sale that we actually closed escrow on.  Way back in early March I announced I would begin listing short sale properties.  As it would happen, all 3 of those initial short sale listings received offers.  The first [...]

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