Video 105: Short sale agents will tell you doing a short sale is always better than doing a foreclosure. There are many cases that is true, but not for everyone. Always make sure you talk to a real estate attorney and a tax accountant to make sure a it is really the best thing for you. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.
Video 99: So I just got done showing a short sale listing to a buyer in Tempe and we were discussing putting in a backup offer. They were a little concerned about doing so, but I think it’s a smart idea. If you have a house that you really really like, it’s a great idea to put a backup offer in so that if the buyer on that walks, you’ll be in first position to jump in and snatch up the property often at a really good price and at the same time you can continue shopping. So if you find another short sale or a foreclosure or traditional sale that you like better you can purchase that and not worry about having any earnest money locked into the short sale.
So if you see a property out there that you really like and it does have an offer on it, find out if there’s a backup offer cause oftentimes it is a great position to be in – a backup offer on a short sale. If you have any other questions you can always leave a comment below or you can email me Dean@DeanSellsAZ.com and have a great day! Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.
Video 74: Have you been waiting forever to get your Tempe Short Sale approved by the bank? The more short sales I do the more I realize that wait is unnecessary. After 30 days you should have a negotiator assigned and a completed BPO number. Two weeks from that the bank has all the information they need to approve or deny the short sale. At that point all it is, is a numbers game. If your short sale get’s to these milestones with no progress being made it is time you become a PITA and get the deal escalated. We will have more videos in the future on how to get your deal escalated. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.
Video 30: Short sales in the Tempe real estate market are going to be around for a while so you need to make sure you interview your Tempe short sale agent if you are going to be giving them a listing. Any agent should be able to get an offer on a short sale house in a few weeks at most, the trick is then getting them closed without the bank running all over you. For more information you can leave a comment or e-mail me Dean Ouellette.
I have made a point of it recently to read as much as I can and become educated on the short sale process. I have spent hours of time reading websites and talking to agents who have been involved on the listing side of short sales and have decided to get involved myself.
One of my real estate friends recently asked me why I would want to do that, after all as he put it, only about 20% get done and they are so much work.
As someone who has almost exclusively worked with buyers this year I have seen this first hand. I have seen many times where I had a buyer submit an offer on a short sale and after waiting weeks or months for answers they moved on to something else. Recently I have realized that while I was asking a lot of good questions from the listing agent, there were a few questions I was missing. And now that I know the right questions to answer I am realizing many, or even most, of the short sale sellers in the Phoenix and Tempe market are not getting the representation they deserve.
I have been frustrated for months of asking some basic questions and realizing the listing agent was not prepared for the short sale transaction. Now that I have become more educated and asking more questions, I realize that the number is even lower than I thought. Listing agents for short sales often do not have their ducks in a row. The home owners don’t know any better nor should they as it is the responsibility of the professional to make sure things are taken care of.
Buyers deserve the proper representation. Having your house go through the short sale process is going to damage your credit, but it is not going to damage your credit as much as a foreclosure will. Stay tuned, that is my next post. So if you can help your credit take less of a hit, you are truly in a hardship situation and you need to sell your home, then you deserve proper representation.
Short sale homes are becoming more prevalent in the Phoenix and Tempe are housing market and more people are turning to them as the foreclosure market in the east valley dries up. Both buyers and sellers in this market are going to need to make a new commitment to each other if we are going to improve the process. With the new emphasis on short sales it is the duty and responsibility of listing agents to understand the process and be on top of it, that is why I am continuing to educate myself on short sales and starting to represent short sale sellers in the Tempe, Phoenix and east valley area.
Top 5 real estate posts of the day for 6/3/2009 [Read more...]
The short sale market in the Phoenix area is changing quickly because of the low level of bank owned foreclosures on the market. It used to be when I met with a new buyer and we were talking about what they wanted I would explain to them the short sale process vs. the foreclosure process and they would almost always tell me to forget short sales. But times are changing.
Just a couple months ago there were so many foreclosures on the market in the Phoenix and Tempe area you would not need to look at the short sales, but that is no longer the case. Last week I started working with a new couple who contacted my via this site and they we talked about what they wanted. They wanted to stay in Tempe and were looking at either single family homes or possible Tempe condos.
If you look at the market today, there are 373 active single family detached homes in Tempe as I type this and 105 active Tempe condos. Of those single family homes that are active, only 23 are foreclosures and of the 105 Tempe condos only 5 are bank owned foreclosures.
No longer can the buyer looking in a limited area focus solely on bank owned foreclosures, they need to consider short sales, unless they need to be in a home within the next couple of months.
So what has this done to the short sale market in Tempe? If I called on a foreclosure property a couple of months ago there may have been a few offers on the property, but when I called on the short sale homes there were rarely offers. I just finished calling on three short sales properties in Tempe which had all been on the market for less than three weeks. The three properties had 2, 7 and 13 offers on them.
This is good news for the person who needs to sell their home via a short-sale, but not good news for buyers. If you are looking to sell your home or condo on a short-sale, and you price it right, there is little reason you should not have offers in the first few days. Of course that all depends on the price and condition of your home too.
So for buyers short sales have become a viable option. After bidding on multiple homes for the past six weeks they may have become frustrated about always being outbid and are thinking of the short sale side of the market. There is still less competition on the short sale side than the foreclosure side, but that gap is starting to close.
