Browsing all articles from September, 2011
Reminder – Join for our upcoming Webinar – “Short Sales 101″Audience Login URL:
In this webinar, you’ll gain insights from Ann Adams on everything related to “Short Sales” starting from “What exactly is a short sale” to “different stages of short sale, various time frames and lot more”
Details:
Date: Sat Oct 1, 2011
Time: 12:00 pm Mountain Time (Arizona)
Presenter: Ann Adams (Owner of Ann Adams & Associates Realty)
Conference Call Numbers:
Toll Number: (512) 400-4809 | Attendee PIN: 9221827
Money to help struggling homeowners complete short sales is the latest way the Arizona Department of Housing is trying to spend its $269 million in federal foreclosure-prevention funds.
The state agency is offering homeowners $4,500 and to pay their 3 percent closing costs if they work with their lender to complete a short sale instead of losing their home to foreclosure. But, of course, like the principal-reduction loan modifications the Housing Department has been trying to use the money for, it’s all up to the lenders whether the deals go through.
The Arizona Housing Department’s annual 2011 housing forum starts today at the Talking Stick Resort in Scottsdale. The conference draws housing advocates, counselors, builders, lenders and government officials from not only Arizona but other states and Washington, D.C. The purpose of the meeting is to discuss the tough issues facing housing. Of course, now there are many, including a growing number of homeless people in Arizona.
Housing Director Michael Trailor said the state agency will start taking applications for the short-sale program today. Go to housingaz.com to apply. It’s the same site that is taking applications for the principal-reduction loan-modification program and unemployment mortgage aid, both of which also are being funded by federal money from the Hardest Hit Housing program.
The Arizona housing agency has been able to persuade lenders only to match their principal reductions to modify six loans, so far. The program was launched a year ago, and Trailor said as many as 30,000 Arizona homeowners should qualify.
He said the miserable results, because of lender’s reluctance to cut principal and Fannie Mae and Freddie Mac’s policy not to reduce loan amounts, have been a frustrating and time-wasting effort for his agency during the past year.
So, to try to spend some of the money to help homeowners, the agency received approval from the U.S. Treasury Department to start the short-sale program.
The Housing Department is also expanding its program to cover mortgage payments for more unemployed and underemployed homeowners who are eligible.
“We want to spend this money to help homeowners, but we need lenders’ help,” Trailor said. “Anyone who thinks they are eligible should immediately apply at our website.”
Statewide MLS?
An agreement for the Arizona Association of Realtors and its member groups to buy the Arizona Regional Multiple Listing Service, or ARMLS, is on hold. The deal would have given Arizona the largest statewide MLS in the country. But after a year of research and surveys to members to see how it could work, the Southeast Valley Realtors Association voted against it.
ARMLS CEO Bob Bemis said that a similar plan was voted down before but that there are many supporters of a statewide MLS in Arizona, so discussions continue about creating one.
(Content Source: azcentral)
In today’s market, short sales are becoming more viable over multiple offer foreclosure situations. Here are some questions to ask short sale listing agents:
- Have you ever closed a short sale before?
- How do you handle offers? Do you submit them all to the bank, not having your sellers sign? (which, in effect, means that there is no valid offer and acceptance) and let the bank figure it out? OR do you use multiple offer protocol, notify all agents to submit their highest and best offers, review them with the seller, have the seller accept or counter the best offer and then submit to the bank(s) for acceptance?
- Have you requested and received the short sale package from the bank or lender, including the hardship letter?
- Has the seller completed the hardship package? Have you confirmed receipt of the package from the bank?
- What communication have you had with the bank?
- Has the bank approved the list price?
- Have you received any other offers that are waiting to hear back on from the bank? Has the property been approved for a short sale prior and not closed?
- Does the loan have PMI (mortgage insurance) which may require another level of approval or pre-payment penalty.
- Is there 1 or 2 deeds of trust or any other liens?
- What is the name of the banks(s)? Is the loan FHA or VA? Which will require additional levels of approval?
- How long do you estimate the lender will take to provide an answer?
- How far away from foreclosure is the seller. Has a Notice of Default or Notice of Sale been filed?
We at Ann Adams & Associates Realty specialize as Short Sale Listings Agents and have all the answers to the above questions covering Phoenix & surrounding cities like Tempe (Pecan Grove and many more), Chandler, Scottsdale, Gilbert, Anthem, Avondale, Fountain Hills, Glendale, Peoria, Goodyear, Laveen, Paradise Valley, Mesa, Queen Creek, Surprise, Tolleson, Cave Creek etc. These answers will helps with your key questions in completing a short sale.
Contact Us at 602.330.2323 or Email annadams@cox.net for a no-obligation free consultation.
Home sellers can easily find hundreds of agents eager to list their homes, but finding a short sale listing agent is more difficult. That’s because a short sale listing agent does more than slap the listing into MLS and plop a sign in the yard.
Due to rising numbers of foreclosures and short sales, many real estate agents have decided to market themselves as short sale specialists. Some of those agents might have little or no short sale experience.
A good short sale listing agent handles negotiations with the bank. If the agent has no experience dealing with loss mitigation and negotiators, the seller is the person who may suffer.
We specialize as Short Sale Listing Agents in Phoenix & surrounding cities like Tempe (Pecan Grove and many more), Chandler, Scottsdale, Gilbert, Anthem, Avondale, Fountain Hills, Glendale, Peoria, Goodyear, Laveen, Paradise Valley, Mesa, Queen Creek, Surprise, Tolleson, Cave Creek etc.
We at Ann Adams & Associates Realty know first hand what it takes to get them closed and, quite frankly, short sales are a ton of work. Novices should not handle short sales. Trust the experienced.
Contact us at 602.330.2323 or email annadams@cox.net for a no obligation consultation.
Ann Adams & Associates Realty, a Phoenix Real Estate Expert, has great expertise as a short sale listing agent in Phoenix & surrounding cities like Tempe, Chandler, Scottsdale and many more in the state of Arizona.
We have perfected the method of selling short sale homes in Arizona’s struggling housing market. Ann Adams’s website www.azfreehomelistings.com not only provides homeowners with information on Arizona short sales but also shows featured short sale listings from around the area.
Our team closes homes and has deals approved in short time after finding a buyer, helps people find a way to settle with the bank so that they can continue to live their lives peacefully after they have sold their home.
Due of the extensive experience of Ann Adams & Associates Realty in the short sale listings, ability to analyze a homeowner’s financial situation and helping them decide whether short selling is the best route for them has become much easier.
Our team also has a wealth of knowledge about various programs and opportunities that are available through the government and banks. We at Ann Adams & Associates Realty genuinely want to help people find a way to get out from under their debt, move on from their homes and live happily & peacefully.
You can get more information by calling us at 602.330.2323 (or) Email annadams@cox.net
Posted by admin in 
Money to help struggling homeowners complete short sales is the latest way the Arizona Department of Housing is trying to spend its $269 million in federal foreclosure-prevention funds.
In today’s market, short sales are becoming more viable over multiple offer foreclosure situations. Here are some questions to ask short sale listing agents:
Home sellers can easily find hundreds of agents eager to list their homes, but finding a short sale listing agent is more difficult. That’s because a short sale listing agent does more than slap the listing into MLS and plop a sign in the yard.
Ann Adams & Associates Realty, a Phoenix Real Estate Expert, has great expertise as a short sale listing agent in Phoenix & surrounding cities like Tempe, Chandler, Scottsdale and many more in the state of Arizona.
