Deficiency Judgment From Foreclosure
I get many questions from clients regarding consequences of a short sale and foreclosure. Specifically, many people are concerned about the tax burden and the deficiency judgment. I found this helpful flow chart made by Diane Drain over at www.dianedrain.com. One thing you will notice is that this chart shows a Trustee’s Sale is different… Read More
Don’t flip out! Flips are ok!
In our current real estate market, flips have become a daily part of our business in addition to bank owned properties and short sales. It is vital for your success to partner with a lender who understands flips and can successfully navigate the process. WHAT IS CONSIDERED A ‘FLIP’? The primary lender definition of a… Read More
August Market Update
Area Supply Close Fails Pending Selling Days to sell Supply (weeks) Median Ask Median Pending Median Close Price Anthem 218 46 25 70 65% 87 27 $192 $199 $200 Avondale 611 158 64 220 71% 75 23 $110 $104 $105 Chandler 1,775 359 175 417 67% 100 26 $199 $187 $185 Fountain Hills 329 37… Read More
FHA Mortgage Insurance to Increase
FHA just announced that effective September 7th, 2010, monthly mortgage insurance premiums (MIP) will increase from .55% to between .85% and .90%. To counter this change, they will reduced the upfront mortgage insurance from 2.25% of the loan to 1% of the loan. The announcement also mentioned that these changes are required because the funds… Read More
In the news again
I had the good fortune of being interviewed by the Arizona Republic two weeks ago. It is definitely a sense of “I’ve made it” feeling. J Craig Anderson at the paper had received multiple conflicting accounts of how the HAFA program is beneficial or helpful for people in distressed homes. Some people sing praises of… Read More
Certified Distressed Property Expert
As a real estate agent, we normally get bombarded with a lot of sales gimmicks. Many sales people are looking for the next get rich trick that will make them money for little effort. These things do not exist, and I normally dismiss anybody that asks us to buy something to “help our business.” I… Read More
IKEA Tempe
This week’s featured business is IKEA. Normally I don’t like to feature corporations, but IKEA is a very big employer in Tempe. Also, they’ve sponsored multiple Tempe Chamber events, so they help little guys like the mom & pop stores, too. What they do: Combining a tremendous variety of styles with 10,000 exclusively-designed product choices… Read More
Fannie Mae to Homeowner: Drop Dead
Fannie Mae has decided to decline the postponement on all foreclosure sales. There are a couple of reasons why they are not extending, none of which are logical or rational. Even though a short sale is approved, Fannie Mae is still unwilling to grant the extension. Unfortunately, a recent client of mine had the misfortune… Read More
Smile! Highway speed cameras going dark
This Thursday, all the speed cameras on the highway are turning off. The program has been a financial failure because we the people learned ignoring tickets in the mail makes them go away. In all, we’ve lost millions on the program. Be careful, these are just highway cameras. Red light cameras, city speed cameras, and… Read More
First American Title says ok to treat African Americans differently
Got this in the email today. In my opinion, sensitivity training is treating ALL people the same, regardless of race, gender, or any other protected class. Apparently, First American Title has a different view on this subject. Treating people differently because of political correctness is exactly what is wrong with our country today. I’m shocked… Read More
ARMLS can predict the future
ARMLS has started a magazine called WAVE. In this magazine, they go over what the current events and relevant news about real estate. A certain page caught my eye. ARMLS is taking statistics from last year’s sales, and overlaying that data with recent sales and current pending contracts to predict where the market is heading…. Read More
Funding Universe – Do you want free money?
I just heard of a really cool idea from Funding Universe. They will be holding an American Idol type contest in which they decide who is worthy of their money. The idea is that people come and present their investment ideas, and the winner gets money to implement their ideas. Angel investors will help the… Read More
