Video 97: I had a email from an agent in Colorado the other day. We had a conversation back and forth on Skype and I couldn’t believe what he was telling me. GMAC was requiring the buyer in a short sale purchase to put down x amount of money as earnest money. Then once it got past the inspection period if the buyer backed out and the they lost their earnest money, the earnest money was to be given to GMAC.
GMAC is not a party in this contract. Banks you have to realize that you you do not own the house the homeowner owns the house. The contract is between the homeowner and the buyer. You can either approve or not approve the final number on the HUD but you are not a party to this contract.
Agents needs to start standing up to banks and telling them that. They have no right legally to step in and dictate the terms of a contract. It is not their house. They can approve or not approve if they choose to the short sale but they are not a party to the short sale contract and banks you need to back off because and agents you need to start standing up to banks because they are in the wrong here. The agents are in the right to stand up to them and tell them they are not a party to the contract.
Do they want to accept this short sale or not accept this short sale? That’s it! And if they don’t accept the short sale most likely it’s going to foreclosure and they are going to make off worse than they would if they’d accepted the short sale. So agents you need to do the right thing start standing up for your clients and start standing up against these banks. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.
As of 8:30 this morning, the Tempe housing market is down to only 64 active foreclosure units on the market. The number of Tempe condos on the foreclosure market is down to only 7, and all of them are now under the $230,000 price point. There is another wave of foreclosures expected to hit the market in the coming month that should raise the number significantly, but for now, the market is competitive.
So who is buying up these properties and what does it tell us about the market? There are a lot of first-time home buyers on the market right now, but the driving force of this market seems to be investors. These are not the same investors we saw in 2005-2006 who would buy a house and flip in in a week or month, these are investors who understand the market conditions of today and plan on using the house for a rental.
The investors in today’s market are the investors who understood 2005 was not a great time to buy a house as a long term investment. These investors see today’s prices though and are looking to grab as many properties as possible for long-term investing.
What does that tell us about today’s Tempe and Phoenix housing market? If you are not looking to make a quick buck, but looking for a great investment opportunity for your next home, now may be the time to get out there and look. Follow the professionals.
The Tempe Music Festival is coming up on April 3-4 (more details in the next couple of days) and to help celebrate the Tempe Town Lake is holding a Creative Path Arts Walk. The free event will celebrate the art around the lake.
The walk will be held from 5-8pm on Tuesday March 31st. The event will start at the Tempe Center for the Arts, 700 W. Rio Salado Parkway and will head west towards Priest Road.
Grammy award nominee William Eaton is scheduled to perform a free concert at the amphitheater along the path.
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