Home Buying in Glendale>Question Details

Howard, Home Buyer in Peoria, AZ

Home foreclosures and short-sales still on the rise - Why aren't the banks putting more of them on the market, especially in Glendale/Peoria AZ?

Asked by Howard, Peoria, AZ Wed Nov 11, 2009

We've been looking around the $200k market, but want a good location, i.e., not backing up to a shopping center or a main street.

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Answers

8
Donald Keys’ answer
I went to a MasterMInd event featuring some of the top REALTORS in the valley and here is what was said:

More and more Short Sales are being approved and therefore the number of Bank Foreclosed homes that gets released is less. One bank owned listing agent claimed he was getting 2 to 3 new listings per day.

There is no "ghost inventory" in Maricopa County.

Foreclosures are being purchased "in bulk" by professional investors who are then fixing them and selling them as a normal sell or renting them out. "In Bulk" usually means they are dropping 1 to 5 million dollars per purchase. This is done at the asset manager level or in attorney's offices (this is keeping supply levels down).

Some banks foreclose and have decided to rent out the homes until prices come back.

There are still plenty of good homes in Glendale/Peoria under 200K

Here is a CURRENT LIST of 115 Homes that ARE NOT Short Sales in Glendale/Peoria:

http://www.flexmls.com/link.html?rds61e4sdao,12,1

If you have a question about one of the homes, feel free to contact me.

DONALD KEYS
REALTY EXECUTIVES
623-337-8965 Ext.1
http://www.TheKeysTeam.com
0 votes Thank Flag Link Fri Jan 15, 2010
The government is pressuring the banks to go through loan modifications first. If not qualify, the bank will then look into short sales. I do Bank Owned listings for lenders...90% of my assignments went into loan modification.
0 votes Thank Flag Link Fri Jan 15, 2010
There is some truth in alot of these answers. It is true its taking 1 month to 2 months for a property to go through the process until it can be released for sale. Also due to Government regulations banks are being forced to take longer to foreclose as they are trying to do modifications/ workout programs etc. However Glendale/ Peoria is a much more stable area than some areas in the east and west valley which have seen an enormous amount of foreclosures. There is a lot of really good bank owned deals in this area of Glendale/ Peoria but they do go very fast usually with multiple offers. If you are looking to buy in this area we specialze in the Glendale area and currently have 7 prelisted properties that we would be happy to work with you on. Once they get listed they are as good as gone, as they are typically 30-40% below FMV. Please feel free to contact one of my team members at 623 414 3388

If there is anything else we can help you with you can also E-mail us at KWREPro@cox.net
0 votes Thank Flag Link Mon Dec 28, 2009
It's a myth that banks are holding back properties. The fact is, it can take a couple weeks to a month to list the home for sale once it's foreclosed.

Daniel Reynolds, Realtor®
Broker Executives, Inc

http://evmls.com
480-297-2008
daniel@brokerexecutives.com
Broker Executives, Inc
Web Reference: http://evmls.com
0 votes Thank Flag Link Sun Dec 13, 2009
Hello Howard,

Like Donald said, No One Really Knows, we can guess (but we're not in the guessing business) or tell you what we have heard, which you most likely have heard it also.

What I can tell you is; if you find a home you want in your price range, don't wait make an offer to purchase and hopefully it will be accepted.

Phyllis JC Anderson, GRI
Liberty One Realty
602-316-0115
0 votes Thank Flag Link Thu Nov 12, 2009
Howard, the truth is no one really knows.
There are some ideas why:
1) They are holding inventory, releasing it slowly and steady in order to keep prices in check.
2) They are renting the foreclosed homes and will sell them when values rise.
3) They are approving more loan modifications and short sales therefore there are less foreclosed homes.
4) Unless people absolutely have to sell, they are not, therefore inventory levels are low.

I hope this helps.

** GLENDALE AZ FORECLOSURES **
FREE list with pictures updated daily!
http://www.GlendaleAZForeclosures.com

-- PEORIA, AZ REPO HOMES --
Find out about them before other
buyers http://www.PeoriaAZRepos.com
0 votes Thank Flag Link Wed Nov 11, 2009
I have heard that this is because they are hoping to let values recover some so they aren't dropping so many on the market all at once. They are just trickling them in to the market and they are trying to keep the values closer to Actual Market value. I sell these properties but I am not a REO Lister.
0 votes Thank Flag Link Wed Nov 11, 2009
Hi Howard,

It takes several months for a home to go through the foreclosure process and banks are now streamlining and going more toward the short sale option. This keeps people in the homes to take care of them and saves them thousands on doing the actual foreclosure. If you've been one of the many buyers avoiding short sales, you may want to rethink this.

I also suggest you work with an agent that has training in the short sale process, this will make it much easier and safer for you in the long run.

Susan Ellis, MSSC, CNE
Mira Vista Properties
Web Reference: http://PhxDreamHomes.com
0 votes Thank Flag Link Wed Nov 11, 2009
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