I actually enjoy Bank of America short sales is a post from: Tempe Real Estate - Short Sale Agent

People love to rip Bank of America short sale department as being the worst. I myself have done some videos on the subject saying the same. But the truth is they are now probably the most improved. I recently talked to a lady looking to short sale her Tempe house and she was shocked when I said I was looking forward to Bank of America deals.

Now every deal is different, but their times have been greatly improving. Just this last week I got approval on a deal in only 22 days. Bank of America deserves praise for what they have done to improve things and let’s hope they keep it up.

Is the bank to be blamed when a short sale is declined? is a post from: Tempe Real Estate - Short Sale Agent

That short sale should have been approved, both agents know it, the buyer the seller, they all know it. Yet it wasn’t. Who’s fault is it? The banks right? Not always, often it is the listing agents fault.

I recently had a buyer interested in a house that was a short sale on the market for $146,000. The listing agent submitted a full price offer to the bank and started negotiations. It wasn’t long before the bank declined the offer and the deal went to foreclosure.

After the foreclosure costs, and the carrying costs for over a month and listing it with an asset manager, the house was finally listed on the market for $136,000. So why did this happen? Most likely the agent heard “no” when they should have heard “know.” The bank obviously did not know enough information to make an informed decision.

There are many things that could effect this, but in 9 out of 10 cases the agent should be able to fight this and get this house sold. I will discuss more about setting the tone with the BPO in my next video.

East Valley Housing Market: Real Estate stats lie is a post from: Tempe Real Estate - Short Sale Agent

When you are watching the news and see those nightly national real estate stats, remember they are not relevant to you and your real estate market at all. When you hear only 31% of homes sold last month were distressed short sale or foreclosures, that doesn’t mean anything to you in Tempe and the East Valley where that number is closer to 62%.

Should I buy a short sale? is a post from: Tempe Real Estate - Short Sale Agent

Short sales seem to be changing for buyers, for the worse. Their are more agents doing short sales now and it seems the agents there are, the harder it is to find one who knows what they are doing and how to get the deal closed. We are seeing only 1-in-3 short sales right now probably closing on the buyers side. On the selling side we see higher, but those we can control.

Two lessons in one, short sales for buyers and home inspections is a post from: Tempe Real Estate - Short Sale Agent

So you are a patient buyer who waits around and puts your life on hold for 3-4-5 months while your short sale is being negotiated. Then after finally getting approval you do your home inspection and find out this house has way to many issues. Now what? Back to shopping

Lowball offers on short sales do not help anyone is a post from: Tempe Real Estate - Short Sale Agent

You may think you are pulling one over on the bank by putting in a lowball offer on a short sale, but all you are really doing is wasting your time. A bank is not going to give the house away. If the house is worth 135k, the bank is not going to sell it to you for $84k. Any lowball offers are a waste of time for the banks, negotiators, agents involved and the home buyer and seller.

Banks seem to be countering all short sale offers is a post from: Tempe Real Estate - Short Sale Agent

More and more banks are countering short sale offers. You cannot blame them, but at the same time just because they are countering does not mean they will not accept the offer you submitted. You need to know what the house is worth and make sure the offer you submitted is solid. You also need to have good supporting documentation.

Do banks now have more leverage in short sale negotiations is a post from: Tempe Real Estate - Short Sale Agent

In the Tempe and Phoenix market the gap on price per square foot between foreclosures and short sales is narrowing and getting much closer. While a foreclosure still is, and probably always will be more expensive than a short sale, the numbers are getting closer. This may be one reason that banks are asking for more sellers to come to the table with money.

Phoenix Real Estate FAQ: Can I sell my short sale to Dad? is a post from: Tempe Real Estate - Short Sale Agent

I am short selling my house, can I sell it to my dad or another relative?

In today’s Phoenix Real Estate FAQ Kristin LaVanway and Dean Ouellette discuss why it is not a good idea, often not allowed, to sell your house to your Dad or another friend when you are selling your house as a short sale. Sure, you figure the bank is going to lose the money anyway, why not just have Mom and Dad buy that house in a short sale, then sell it back to you later at the reduced price. The banks will not allow that and will come after you for damages if you do it. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.

Top 10 real estate blog posts of the day for 4/20/2010 is a post from: Tempe Real Estate - Short Sale Agent

Top 10 real estate blog posts of the day in no particular order.

1) Getting A Mortgage After Foreclosure Just Got Easier -  Fannie says you will be able to buy a home just two years after a foreclosure, with 20% down.

2) Can I Make Offers on More Than One Short Sale? – Well said Kelly. Much respect. I can tell you we are in the minority though.

3) No Job, No Mortgage Payment – I have been one of the biggest critics of Bank of America. I have done countless videos about how they are not helping themselves. Recently though I have to give them credit. Their short sales department is getting better to work with, they are doing a small amount of principle reductions (but still more than others) and now this. At least they are trying.

4) Lenders Unload Mortgages to Collection Agencies – And if they do this before the short sale is finalized, that is going to cause problems.

5) HVCC: One Year Later – It’s been a year, it expires at the end of this year, what is the future of HVCC regulations?

6) What will a “Normal” Housing Market Look Like? – What do you mean people may have to actually save money to buy a house? Blasphemy! (We can only hope).

7) Why the Home Buyer Tax Credit Won’t Be Extended – Leading up to April 30th I personally did not see the surge like I did in November. There are a few people who have called recently saying I want in, but that number is not what it was 6 months ago.

8) Short Sale Agents: Not Paying Attention to Details Could Cost You – The HUD cannot be overlooked in short sales, it really is everything. The bank really does not care about a hardship letter, but they do care greatly about the HUD.

9) MLS Vendors Discuss Next Generation Goals – Sounds like it was a great discussion.

10) Survey shows first time homebuyer activity on the rise – As a percentage the first time buyers and investors own the market. Mostly because move up buyers cannot sell being so far underwater.