Short Sale, Foreclosure, and Bank Owned Real Estate

What is Energy Independence Day? I just heard about it today. I found The Pickens Plan when researching our “addiction to oil” on the Internet. It was good to see other people felt like I do, that is I am sick and tired of sending America’s wealth to the Middle East to support oil regimes and terrorists! Let’s do what ever we can to make America Energy Independent! The path to Energy Independence includes a greater level of education for the populous, research and development, innovation, new companies, higher paying jobs and it helps clean up the environment!
Click the link below to watch a video on the Pickens Plan:
http://link.brightcove.com/services/player/bcpid1847353721?bctid=28535103001

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I was in Sitka, Alaska last week on my version of the Deadliest Catch! Of course there was nothing dangerous about it, but it was a ton of fun. We caught a bunch of finsh including: Halibut, Salmon, Black Rock fish, Yellow Eye, and Sand Sharks

Look at this Beautiful King SalmonDog Fish or Sand Sharks kept taking our baitWe had a QuadrupleHow about this HalibutMy arms are burning!Rich, Jeff and Carl

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Real Estate Update!

Click to watch!

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Don’t miss out on this 4 Bedroom 2 Bathroom Home that has many beautiful touches. Features include; custom decorative paint, designer window coverings-valances, plantation shutters & blinds, Built-in cabinets in Great Room, tile Throughout with carpet in the living/dining and family room, granite at kitchen island, Gas Range/Oven, and Pre-wire surround sound. The oversized back yard is great for entertaining with a Pebble-tech pool and water feature, and a Built in gas BBQ with side burner, extended patio with faux flagstone finish. Home is close to Desert Ridge PV Community College, Golf, easy access to 101 & 51

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Georgous goundfloor unit with split 2 bedroom floorplan at Villages at Aviano. Features include; wonderful granite countertops in Kitchen, Pre-wired for surround sounds, security system, 2 car tandum garage, and large patio facing greenbelt. Home is walking distance from Desert Ridge shopping and resturants, and has easy access to the 101 and 51.

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Beautiful Townhome in wonderful gaurd-gated Grayhawk Golf Community of Talon Retreat. Home is single level with a slipt has 3 full bedroom and 2 full bathrooms. Features Include; art niches, upgraded lighting, ceiling fans, pre-wire for surround sound, security system, fireplace, and great mountian views. Master includes large walk-in closet, sperate shower and Jet tub, double sinks. Kitchen has built in fridge, upgraded cabinets, and black appliances. Last but not least homes has a water softner, 2 car garage, & 2 coverered patios!! Don’t miss out on this Gorgeous home!

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We have been selling a lot of homes in Short Sales. A Short Sale is one in which the net proceeds after the sale are not enough to pay the mortgage and the bank agrees to the lower amount in order to close escrow.

For each individual, whether to do a Short Sale or not can be a different answer. We refer all of our clients to an attorney for a FREE 15 minute consultation to give the opportunity to answer the legal questions and decide if a Short Sale is right for them.

Recently we had a Short Sale approved through Countrywide Bank. However, our buyer had purchased another home. We put the home back on the market and secured a new offer. We re-submitted to the bank for approval. Due to the Bank of America take over of Countrywide, we could not get a quick approval. The transaction was now being considered through B of A new rules. They ultimately denied the Short Sale.

Bank of America’s new rule has to do with the sellers situation. From what I have been told, if the seller is current on everything else then they want the seller to carry a note to approve the sale. In some situations, this is reasonable. One of my clients just approved a $190 payment over 100 months, thus $19,000 paid back. But truly this is an interest free loan.

In the situation I have mentioned in the title, the seller had 10 other properties and thus Countrywide/B of A wanted the seller to carry $50,000. This seller is an investor. He put $200k down when purchasing the home. His financial situation has deteriorated badly and being in his 70’s he is ready to move on with or without a foreclosure but for sure without a $50K note. He does own 10 other homes, but most are upside down.

The bank rejected the $565,000 cash offer in a short sale and sold the home at the foreclosure sale for $460,000. Over $100,000 less. This does not make sense. You see the investor now has a foreclosure on his name and is beginning to question why he is paying the negative on those other 10 houses. Not only did the bank walk away from $100,000 but they may have motivated another 10 future foreclosures.

This is just one example of 1,000’s regarding banks deciding to take less money because they prefer to give the borrower a foreclosure on their credit. There have been millions of foreclosures, when 3% of the people have a foreclosure it is a big deal. When 40% of the people have a foreclosure it loses the negative impact. Plus, in many cases, once the borrower has one foreclosure, they have to start over with a BK and thus throw the rest of their properties into foreclosure. This means less money to banks and more future foreclosures, where is sense in that????

Just my opinion…Jeff Cameron

www.ArizonaBankDeals.com

www.NoForeclosureAZ.com

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This is crazy! After several years of having the pick of the litter for buyers, we are now experiencing bidding wars. One client has been out bid 8 times in the last couple of weeks. We start with a new listing check it out, decide to write an offer, offer as much as 20% over asking and then find out there were 20 offers and we were beat out! It is heart breaking.

Many sellers may be saying, “no one is writing on my house.” All I have to say to them is, “you are over priced!” Properly priced homes are selling in 30 days or less right now and as I mentioned some areas are bouncing up.

It is good to see this change in the market, but hard on buyers and their agents!

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Great to see city of Phoenix going after on huge growth market of the future, Solar Energy. The Greater Phoenix Economic Council is pushing SB 1403. This bill is designed to attract new solar equipment companies into our state through tax incentives.

The future growth will be in alternative energy sources that do not harm our environment. Solar being one of them is the most logical for Arizona to go after. We have the SUN! We need more research and development going on here. In order to stimulate R & D we need to attract more Solar firms to our area. The states or countries with tax incentives are attracting these companies right now. They are higher paying jobs and can attract grants for the R & D. Which again is higher paying jobs.

Energy is a $1 Trillion per year business right now. We are sending hundreds of Billions of dollars to foreigners for energy right now. We need to keep those dollars here in America. I would rather create high paying jobs here in America than send hundreds of Billions of dollars to foreign countries. Hundreds of millions of those dollars gets funneled through to organizations that attack America. Which do you prefer????

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