Archive for the 'Foreclosure and Short Sale Information' Category
“Highest and Best Offer” in Surprise, AZ
July 17th, 2008 Categories: Foreclosure and Short Sale Information
HI People-
So right now, the AZ west valley real estate market is doing well. Mostly it is the lender owned homes or REO homes that are selling. What I am hearing from buyers is that they are getting frustrated by the process of actually bidding on a bank-owned home. They are finding there are multiple offers and they are not winning the bidding war. So how do you win?
FIRST: Get pre-qualified, you have to be ready to pounce on that REO home that is priced well under it’s competition. 
SECOND: Hire a realtor that knows how to play the REO game, and play to win. They should have a buyer consultation with you to explain the process of a bank-owned offer and a short sale offer.
THIRD: Be Logical, listen to your agent and go buy a home.
So what is “Highest and Best“?
This is when a bank has multiple offers on a property and they respond to the buyers with asking them to come back with their “highest and best” offer. Kind of like a silent auction. Very common right now. Sometimes the highest bidder will be bidding against themselves and go even higher than their original…this is what the banks want. They are holding their cards close to the vest and showing a mean poker face. They do not want to disclose what the highest offer is. Your agent should have an idea of what it would take to win the home. If not, get a new agent.
What is “review time in a short sale”?
what’s and “as-is” addendum and do i have to take the home with the flood damage?
why do short sales take so long?
some common questions right now…stay posted for blogs on those definitions.
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There are other options other than foreclosure and a short sale…
April 18th, 2008 Categories: Foreclosure and Short Sale Information
Short sale and foreclosure. Foreclosure and short sale. That is all we are hearing about these days in Surprise, AZ real 
estate. Seems to be an epidemic. Most people whom I have spoken with feel they have no choice but to foreclose on a home…. and you know sometimes they are right. People also feel that the only “other” option is a short sale. Sometimes that can be true, however, there are other options to research before going in the direction of a short sale or foreclosure.
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Holiday Gift by President for Distressed Homeowners
December 22nd, 2007 Categories: Foreclosure and Short Sale Information
Happy Holiday Surprise, Arizona…
On Thursday the president signed a new bill.
Introducing HR 3648 the Mortgage Forgiveness Debt Relief Act of 2007
This will help some homeowners who had to or have to sell their home for less than what they owe (short sell). I will not get too deep into it because I am not an accountant but a source has told me that it would help a lot of people in a familiar trend here in the Surprise area. Here is the link:
http://www.govtrack.us/congress/bill.xpd?bill=h110-3648
Please consult with your CPA or accountant for more info…..
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