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85385 : Real Estate Advice

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Activity 106
Wed Dec 26, 2012
Steve Schexneider answered:
Depends, are you selling the house as Short Sale? or are you letting it go into Foreclosure? If Short Sale, we always tell sellers to leave the property in the best condition and leave everything in tact. If you are letting it go to Foreclosure, I would also suggest leaving it. But I have seen a ton of houses with missing things. It's kind of sad but they will do what they want. Although it cost you a ton to have the system installed, I would just leave it with the house, hate to say it. Sorry

Just curious? Have you considered trying to Short Sale the house? If you have any questions about Short Sales or any other aspect of Real Esate please give my office a call and we will be glad to help you out.

The Schexneider Group
(623) 414-3388
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0 votes 5 answers Share Flag
Wed Dec 2, 2009
Matt Beck answered:
Thunderbird Paseo Condominiums,

There are currently 29 active for sale listings, 6 rental listings
prices range from $36,000 to $79,900 with one unit trying to sell at an unreasonable price of $159,900
There are currently 3 pending listings, and 10 units have sold since 7/1/09

There are a total of 253 units, 72 x 626 Square feet, 93 x 849 square feet, and 88 x 909 square feet,

There are 16 units that are currently bank owned,
TBP LLC also owns 40 units,

Are you looking at Cash, Conventional or FHA financing?
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0 votes 1 answer Share Flag
Sun Dec 13, 2009
Paul Welden answered:
HI Howard,


In my opinion, know that I stay away from short sales, if you want to buy the house, then pay the seller closing costs. Seller closing costs of $5,000 appears to be a bit high. You should get a breakdown of how the $5,000 will be spent and what fees it pays for. Does it pay for late fees, commissions, etc.?


Exclusive Buyer's Agent
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0 votes 6 answers Share Flag
Tue Nov 2, 2010
Kyle answered:
Do you have a Realtor, they should be able to do this for you. Google Maps is favorite..
0 votes 8 answers Share Flag
Wed May 11, 2016
Randy Hooker answered:
It depends on what the contract and/or addendum say. Also, what does you Buyer's Agent/Realtor say?
0 votes 8 answers Share Flag
Sun Dec 13, 2009
Randy Hooker answered:
How difficult would it be to pass an elephant through a key hole? Sorry to be the bearer of bad news, but you're going to need 2-4 years AFTER your BK is discharged before being able to qualify for a new mortgage loan.

Best of luck to you!
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0 votes 3 answers Share Flag
Tue May 14, 2013
CCC answered:
If you short Sale you wont be able to buy a home again at least for 2 years.
If you go to foreclosure, worst.
If you live on the property, your family wont fit.
then, Rent it. You might not get the whole Mortgage payment but that could be better than have bad credit.

Anyway, you might not be able to buy another property because you are underwater and lately Lender are requestion to have equity on properties to buy another one.

Could your "Family moving in" apply for a Mortgage and be approved?
Maybe you dont need a larger home, you need another home for your Family moving in.

Good luck.

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0 votes 6 answers Share Flag
Thu Sep 15, 2011
Keith Sorem answered:
that is a great question.

We just went through that with an applicant to lease some condos. A smart person who is going to be selling their home with a short sale should know that the lender will want you to participate in the short sale. That means they are not going to let you keep a big chunk of cash. It might not be a bad idea to get a place now, give them the deposit, so you are set when yours sells.

Many landlords will run a credit report and normally to qualify for a short sale your credit should already be affected. I am confused that you have excellent credit and your accounts are current and they have approved you for a short sale. Are you sure? That makes no sense to me.
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Tue Jul 21, 2009
Lori Chasse answered:
Thu Aug 6, 2015
Yolanda Varela answered:
It really depends on which bank you are dealing with. It could go from one week to months. I use a title company to do the calls and get the offer through to the right person. It really speeds things up most of the times, since that's all their shortsale department does.
Good luck
Yolanda Varela
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0 votes 4 answers Share Flag
Sat May 9, 2009
Don Tepper answered:
For ethical reasons, I can't comment on whether you should switch agents. And, honestly, from a practical standpoint, I'm not all that sure you should.

You're correct: A good agent should attempt to get the best price possible, and that often involves finding out as much as possible about the property (especially its history) and the neighborhood. A good agent should do more than just send you automated MLS listings based on your criteria.

Having said that, it sounds as if your Realtor is doing more than that. He/she is driving you around and doing CMAs on properties. Up to this point, you might also expect your agent to provide guidance on what neighborhoods might best suit you, and provide you some information about market trends in those neighborhoods.

However, the agent should not be initiating "back-and-forth" with the seller's agent, unless it's at your direction. Your agent is exactly that: your agent. He/she is acting on your behalf. Let's say a house is priced at $300,000. You might ask your agent to query the seller's agent to find out how flexible that price is, or whether the seller might accept, say, $275,000. And that's OK...except the seller's agent is most likely going to respond: "Put an offer in writing."

Remember, verbal negotiations don't count in real estate. So even if the seller's agent (or the sellers themselves) said they'd accept $275,000, that has no binding effect. But beyond that, there's a lot more to an offer than the price. What sort of financing is planned? How much will you put down? What's your earnest money deposit? How soon do you want to move in? Do you have other terms or conditions? While it's certainly OK for agents to sound each other out about those things, it really doesn't matter until it comes down to paper.

And you note you haven't signed a buyer's agreement with your agent. Considering that you can walk at any time, it sounds as if your agent actually has invested a fair amount of time and effort in serving you.

What I'd suggest--since your expectations differ from what you're receiving--is to talk to your agent. Explain what you'd like. Some of it may be feasible. Some may not be. See if you and your agent can come to an understanding to meet your needs. If so, great. If not, then certainly consider looking for another agent. However, I'd also suggest that you discuss these same concerns up front so you don't find yourself in a similar situation in the future.

Hope that helps.
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0 votes 10 answers Share Flag
Mon Apr 27, 2009
Jessica Kibec answered:
My advice would be that you speak to your tax advisor. There are many variables, and he/she would be able to explain the consequences of each scenario. In some short sale's the bank will settle the loan without a deficiency judgement.
Good Luck,
Jessica Kibec
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0 votes 3 answers Share Flag
Tue Aug 18, 2009
Dana Schuster answered:
The contract that exists is legally binding,but your agent can ask the listing agent if they will take a backup contract.
0 votes 4 answers Share Flag
Thu Jul 30, 2009
Steve Schexneider answered:
This could come up, but as long as you can explain it or have proof that you have paid everything since on time they should not let this one thing come in the way of getting you a loan. You can always ask your lender and see if it is on there and see if it can be removed so this won't come up in your future.

If there is anything else I can help you with don't hesitate to call.
(623) 414-3388
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0 votes 2 answers Share Flag
Thu Mar 26, 2009
Paul Welden answered:
Hi Melissa,

If you know the property owner's name, you can look it up here, You want to search for a document called the Notice of Trustee Sale. However it will be easier if you supply me with the address & I can tell you in a jiffy if the property is in foreclosure.

On another note, if you intend to rent again, you may want to consider having a real estate professional assist you, even if it costs you some money. A good real estate agent can protect your deposit money & negotiate the best deal possible, among many other things.

Buyer's Agent Realtor
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Wed Feb 20, 2013
Steve Belt answered:
Hi Ed, you seem to have asked this of Peoria, Arizona. Was that your intent?
0 votes 9 answers Share Flag
Wed Jul 23, 2014
The Amy Jones Group answered:
Hi Ed,
I was once known as the "Scorpion Queen" after killing over 90 scorpions in my Warner Ranch home in Tempe over about 6 months. I had the home sealed at a cost of about $700 which cut down the scorpion sitings inside my home to about 1 a month. Unfortunately, scorpions are very territorial and especially love preserve lots and golf lots or homes that are built on old orchard sites. I used Arizona Exterminating for the sealing and also posted an article scorpions on my blog at the link below. Good luck! ... more
0 votes 8 answers Share Flag
Tue Nov 2, 2010
Eric Crane answered:
Hi, Ed
The electric company in that area is Arizona Public Service (APS). There is another electric company in the metro Phoenix area -- Salt River Project (SRP), but they don't service that area. Your gas company would be Southwest Gas. City water/sewer/trash collection. With regard to phone service, internet, cable, etc. you will have some choices. The two largest providers are Cox Communications and Qwest.

If you need contact info, let me know. In the meantime, if you'd like assistance with a property search or sample listings for the area, I'd be happy to help. I also have a Buyer's Rebate program which credits you back funds toward your closing costs. You can learn more at my website.
Welcome to Arizona,
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Wed Aug 19, 2009
Ron Palmer answered:
The recent sales in Vistancia & West Wing have cooled off in recent months but homes are still selling. It is a highly desirable upscale area in the northwest valley. I have owned businesses in the past and current market conditions should not play too large of a factor in your long term decision. The long term outlook in the area of the valley is great! I hope this helps. ... more
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Thu Jul 17, 2008
Doug McVinua answered:
Short Sale closings almost always require a bit of patience and sometimes a lot of patience. I have seen the Negotiator approve a sale in 2 days and recently had one that the lender took 4 1/2 months to approve. Lenders are overwhelmed right now with Short Sales and some are better than others.

What happens after approval really depends upon the contract you are in. The standard Arizona Short Sale Addendum states that all time lines begin when you have received written bank approval. Typical close of escrow would then be something in the range of 30 days. Whether or not you have the Short Sale Addendum and what is in your contract might be the deciding factors.
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