Browsing all articles in Short Sales
Because January is always such a slow month for housing sales, it makes most sense to compare January 2012 to January 2011 rather than the relatively hectic December 2011. With annual appreciation now in positive territory it is useful to examine which cities are looking strongest from that perspective. A clear pattern emerges. Most of those areas hardest hit by prices collapsing between 2005 and 2010 are the ones that have moved upwards significantly over the last 12 months.
Click Here for Arizona Real Estate Market Summary – February 2012
(Courtesy: cleartitle)
If you are planning to sell your home this year, here are the best 10 tips that will help you sell it quickly & give value:
1. Carefully, time your Selling Period
Avoid times when sales are slow, for example major public holidays, major sporting events and festivals.
2. Research the Market
It is important to find out what the competition is in your area. Ask yourself, “Who is my competition?”, “What is it going to take to sell my home?”, “How can I make my home different & appealing?”
3. Rise above emotions
Put yourself in the shoes of a potential buyer and see the house.
Homebuyers are in the market to buy your “space” not your “stuff”. How you live in your house and the way you sell your house are two different concepts. Try to see your house through the eyes of a prospective buyer.
4. Identify the Things you Love Most
Make a list. Rediscover what attracted you to your home. After you have identified these things, plan and showcase them to their best potential.
5. Declutter your Home
Your home is a reflection of you. Take the time to look at the picture you will be protraying to potential buyers. De-cluttering and minimizing will enhance the space and functionality of your home. Space does sell!
6. Fix It to Sell It
If it is broken, faded, rusty, out-dated, dripping or dying, then replace it, remove it, repaint it or restore it. No one wants to buy your maintenence problems!
7. Always Maintain Feel Good Appeal
Remember, you are “open” for business 24/7 during the market period. Potential buyers often do “drive-bys” before they will make an appointment to preview the interior. Make sure your front yard maintains an “inviting” feel.
8. Get the “WOW” Factor
You can’t change the size or location of your home, but you can highlight it’s best features. Use some home staging techniques to showcase these features. If you don’t have an eye for home decor, ask a friend or relative or your agent for some ideas and implement them.
9. Price your House Reasonably & Realistically
We can guide you in this area. If you have done your research (tip #2) you will know what the right price point is. It doesn’t matter what home values were in the past. No overpriced home will sell, no matter how good it looks.
10. Choose the Right Real Estate Agent
Interview agents that you know you can trust. Ask them about their past successes and what sets them apart from the rest. Make sure they are assertive enough to give you a realistic assessment of your home and what you can do to improve it.
If you have any questions on these tips or need more or anything related to your real estate needs, please feel free call us at 602.3302323 (or) email annadams@cox.net
With
2012 dawning on us, here are a
few predictions about how the arizona real estate market may look like in year 2012:
1. Buyers Will Return
In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. Buyers were afraid to make a purchasing decision on any big ticket item. By the end of 2011, consumer confidence began to return and sales increased. Economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify. Once that happens, home buyers will realize that now is the time to buy.
2. Foreclosures Will Increase
The ‘shadow inventory’ of foreclosures which has been growing since late 2010 will finally be introduced to the market. Distressed properties sell at discounted prices. They will impact the housing values of the non-distressed homes in the area.
3. Prices Will Soften
As more and more foreclosures come to market, there will be greater downward pressure on the values of houses in the region. Foreclosures impact values of non-distressed properties in two ways:
They will eat up some of the buyer demand in the market.
They will impact the appraisal on ALL transactions in the area.
An increase in foreclosures will have a negative impact on values. This will cause more homes to be underwater.
4. Short Sales & Foreclosures Will Increase
As mentioned above, we strongly believe that home prices will soften through at least the first half of 2012. Falling prices will force more homeowners into a position of negative equity. Negative equity is one of the triggers that cause people to strategically default on their mortgage obligations. If this happens, there could be an increase in the number of foreclosures. However, we predict that banks will take preventative measures which will help many of these homes avoid foreclosure by easing the requirements in the short sale process for both homeowners and real estate professionals.
5. Great Agents Will Be VERY Successful
Real Estate professionals who have invested the money, time and energy to truly understand what is happening and why it is happening will separate themselves from their competition and do very well this year.
Those who take that next step of learning how to simply and effectively communicate the market to their clients will be seen as industry leaders. These experts will dominate their markets.
Call Ann Adams & Associates Realty at 602.330.2323 (or) Email annadams@cox.net for more expert advice and real estate needs..Free!
Many home buyers, in their quest to find an agent they can trust, automatically turn to friends/family/coworkers for a referral to a real estate agent. Trust is a very important factor to a home buyer. Other factors that buyers sometimes gloss over, are:
Is the agent experienced? Is the agent a neighborhood specialist? Does the agent possess specialized knowledge or has the agent received training for specific types of transactions?
Buyers should hire an experienced real estate agent. Given a choice between brand new and eager or experienced and solid, I’ll take the experienced and solid agent every day.
However, when it comes to hiring an agent to help a buyer buy a short sale, the bar goes up. That’s because there are too many things that can go wrong in a short sale. The person best equipped to handle a short sale buyer is an agent who understands the listing side of the short sale transaction, and that person may very well be a short sale listing agent.
Ann Adams & Associates Realty, with great success rate, tremendous experience and track record in short sales can serve you well as your listing agent in Tempe, Chandler, Scottsdale, Ahwatukee, Gilbert, Phoenix and all surrounding cities in the valley.
Call us at 602.330.2323 (or) Email annadams@cox.net for a no-obligation free consultation.
Most of the supply and demand numbers were rather boring in November. All the excitement was concentrated in the pricing action. In this, October and November have been the opposite of the previous 12 months where there were massive changes taking place in supply but not much of interest going on in pricing.
To start with, let us look at the ARMLS data across all areas and types:
Click Here for a Detailed Real Estate Market Update of Phoenix Area in the beginning of December 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.
Posted by admin in Ahwatukee AZ Homes, Bank Owned, Chandler AZ Homes, HOMES & BLOGS, Scottsdale AZ Homes, Short Sales, Strategic Defaults, Tempe AZ Homes 
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Because January is always such a slow month for housing sales, it makes most sense to compare January 2012 to January 2011 rather than the relatively hectic December 2011. With annual appreciation now in positive territory it is useful to examine which cities are looking strongest from that perspective. A clear pattern emerges. Most of those areas hardest hit by prices collapsing between 2005 and 2010 are the ones that have moved upwards significantly over the last 12 months.
If you are planning to sell your home this year, here are the best 10 tips that will help you sell it quickly & give value:
With 2012 dawning on us, here are a few predictions about how the arizona real estate market may look like in year 2012:
Many home buyers, in their quest to find an agent they can trust, automatically turn to friends/family/coworkers for a referral to a real estate agent. Trust is a very important factor to a home buyer. Other factors that buyers sometimes gloss over, are:
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.
