Things Banks Don’t Understand About Short Sales: Rant 1

Posted on January 24, 2012 by Liz Johnson

There is a massive list about things banks don’t understand about how their short sale process is flawed or how the real world works.  Hmmm…I’m having flashbacks to watching Real World vs. Road Rules challenges, you know the shows on MTV where they did ridiculous “tasks” to win?  Realtors vs. short sale negotiators…ANYWAYS!  Here’s some of my list, this post is titled “Rant 1″ because y’all have to know more will come later.

1.  Every time they want a new HUD, I have to very nicely ask the title company to take time out of their day to do yet. another. HUD. again.

2.  Buyers don’t care what the banks are losing or what the investor thinks they have to net.  Same as regular old, with equity sellers, Buyers don’t care what you have to make.  They care what the market is like and what other comparable homes are selling for.  If they can get a better house for less money, they will buy that house instead.  Do-do-head banks.

3.  The BPO system is inherently flawed.  I could write at least three blogs about that one.  Maybe later.

3.  Buyers need time to process their loans.  Giving us an approval letter for less than 30 days is just stupid.  And creates more work for everyone, which is apparently your main goal.  See also #1.

4.  It takes more than a high school degree and a 19 year old to understand the complex process of a short sale.  So pay more than a dollar more than minimum wage and put better people in the jobs titled “Short Sale Negotiator.”  Keep the good ones (’cause there are a few) and appreciate them with higher pay so they don’t burn out, leave, and then we only have the stupid ones to deal with.

Okay, I’m going to end now since I’m getting very ranty-pants, which is why I have avoided the topic thus far, and am just going to go kick some a$$ on my short sales!  Have you bought or sold a short sale?  If so, you must have “war stories,” share ‘em in the comments below.

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Older homes…dreamy sigh

Posted on January 16, 2012 by Liz Johnson

I’ve probably mentioned that I’m a sucker for an older home.  I gush, oooh and aaahh, like some giddy school girl over older homes.  And I don’t mean from the ’90s.  Here are some pics from a home I got to show in Phoenix:

Love the tile! Look at the detail in the cabinets above the sink!

 

ohmygoodness I love the floor!

Posted in Buying, Neighborhoods, Selling | Leave a comment

Wait, your foreclosure was when?!?

Posted on January 16, 2012 by Liz Johnson

I have to get this off my chest.  The week of your scheduled foreclosure is NOT the time to start packing!!!  I got a call from someone who was foreclosed on yesterday.  Yup, you read it right. Yesterday.  Wait, no Friday.  The weekend went by really fast.  Sorry.  Anyways.  When I asked if they had started packing, they said no. NO!  Dude.  Did you want to keep anything in the house?  Where were you planning to sleep?  I can only assume you don’t have kids that are going to be affected by the sudden move.  Apparently the new owners already contacted them about arranging for their move out.

Here is an article in the ArizonaRepublic about foreclosure and possession:  http://www.azcentral.com/arizonarepublic/news/articles/2010/03/07/20100307evictions0307.html

Let’s say a person decides to stop or can’t keep making their mortgage payments.  We would all agree that it’s a safe assumption that eventually, if no other action is taken, that this person should expect to move sometime in the future.  A good estimate of timing is that the foreclosure date will be about 6 months after the first missed payment.  I understand that the first month or two might be entirely spent in denial, but that still leaves about 4 months to make other plans.  After the third month passes, the foreclosure date is usually set.  Your first clue will be the millions of postcards and “handwritten” letters from Realtors offering to help.  You’ll probably get those before the trustee’s sale notice from the trustee themselves.  Then the foreclosure notice will come, with a date.

If you have recently missed a mortgage payment and would like to talk about timing your move, what the process is, and the time needed to find a rental home, feel free to call or email me.  We can get coffee, I’ll answer questions and give you info you need to make the right decision for you and your family.

Posted in Facing Foreclosure | Leave a comment

January in Tempe, AZ

Posted on January 4, 2012 by Liz Johnson

My first Wordless Wednesday!  Do I have to wait until midnight to post it and make it official?

Homestead in South Tempe, AZ in January 2012

 

Posted in Around Arizona, Neighborhoods | Leave a comment

A Fax from March 2005

Posted on January 3, 2012 by Liz Johnson

Okay, I’ve beat the moving thing to death, but as I was purging old files tonight I found an interesting fax from March 2005.  It was from a listing agent on a house for which my buyer had made an offer.  He obviously sent it to a bunch of us at once, here’s a portion of it:

Thank you all for your time and energies.  I can definitely understand any and all frustration that you and your buyers are going through.  What does it take to get a home?  I have been there too.

We had approximately 35 Realtors come through with their buyers and probably another 5-8 buyers come through without a Realtor.  (This was 14 days after the house was listed on the MLS.) We currently have 9 offers on the table.  One of which was written by me for a buyer without a Realtor.  I have been told that 2 more are on the way.

It was a crazy world in 2005.  Definitely different from our current real estate market here in the Phoenix area.  We are seeing multiple offers again, but not like we did then.  Buyers and sellers have different attitudes, they are being presented differently, handled with less frenzy…most of the time.

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