Phoenix Real Estate | Real Estate and MLS Search » Jeffrey Buettner http://www.phoenixpowersearch.com Real Estate Search and Area Information - Call Anytime! 1-888-897-7821 Thu, 10 May 2012 19:47:54 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 The Short Sale Bank Has To ____ http://www.phoenixpowersearch.com/2012/02/the-short-sale-bank-has-to-____/ http://www.phoenixpowersearch.com/2012/02/the-short-sale-bank-has-to-____/#comments Tue, 21 Feb 2012 17:24:43 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=7220 I speak with a handful of homeowners every week who are facing foreclosure or who are considering a short sale. There is a common misconception in regard to short sales/foreclosure. The general public feels the banks HAVE to do this or are required to GIVE that. At the end of the day, that is just not the case.

The short sale is at the bank’s discrepancy. Period. They can ask for whatever they want, take as long as they want, or , frankly, just never return your phone calls. Now, as we know, this doesn’t happen. Banks do want to get short sales done because it nets them more money but they don’t HAVE TO do anything.

Even states where the bank legally has to respond within 60 days, guess what, it’s not helping any. If they bank hasn’t done their calculations within 60 days, but they have to respond, that response is going to be a NO.

Just something to think about as we enter a new week.

Let me know if you have any Arizona short sale  or Scottsdale Real Estate questions. Also feel free to visit my other websites/blogs: http://realestatewizkid.com & http://realscottsdalerealestate.com

Sincerely,

Jeff Buettner

]]> http://www.phoenixpowersearch.com/2012/02/the-short-sale-bank-has-to-____/feed/ 0 BPOS and Short Sales http://www.phoenixpowersearch.com/2012/02/bpos-and-short-sales/ http://www.phoenixpowersearch.com/2012/02/bpos-and-short-sales/#comments Tue, 07 Feb 2012 18:47:08 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=7142 During the short sale process, the short sale lender will always want to try and decipher what “market value” is. They do this to determine whether they will net more money with a short sale or a foreclosure. They essentailly use this market value number as a basis for all of their calculations.

So, how do they determine what they think market value of the short sale is? They do this through something called a BPO. BPO stands for Broker Pricing Opinion. Essentially, the name says it all. A BPO is a pricing opinion or quasi-appraisal completed by a Realtor (sometimes referred to as a broker) for the lender in hopes of gaining additional information on a short sale property. That pricing opinion might include pictures of the home, pictures of the street, detailed description on the amenities, and various other items of importance. At the end of the day, they all include the “I think the property is worth ______” line.

What’s the issue with these BPOs? Well, frankly, there’s a lot. So much, in fact, I am not going to go into detail in this post. I will leave you with this food for thought though. As a lender using this BPO as a basis for calculation (those calculations influencing decisions that could make or break several to ten’s of thousands of dollars) you think they would act a little smarter about the whole thing. Think about it. A BPO is completed for less than $50 in compensation by a random real estate agent who filled out some application. There is no way to tell if said agent is part time or full time, lives nearby or knows the area, or even viewed the home.

And these BPOs are the basis for most of their yay or nay decisions.

Thanks for reading! If you would like to read more of my Phoenix Short Sale articles or Scottsdale Real Estate please visit: http://realestatewizkid.com & http://realscottsdalerealestate.com

Sincerely,

Jeff Buettner

]]> http://www.phoenixpowersearch.com/2012/02/bpos-and-short-sales/feed/ 0 With a short sale in Arizona, is it better to leave your home? http://www.phoenixpowersearch.com/2012/01/with-a-short-sale-in-arizona-is-it-better-to-leave-your-home/ http://www.phoenixpowersearch.com/2012/01/with-a-short-sale-in-arizona-is-it-better-to-leave-your-home/#comments Mon, 16 Jan 2012 16:54:16 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=7037 With all of the short sales in Arizona that I have handled, one the trickiest questions to answer is about when the homeowner should leave their property. This tends to be a heated debate between short sale experts as there are pros for each side. I will talk about the different perspectives and I suggest you find a balance between each that works best for your family while going through the short sale process.

Pros For Staying In The Home While Doing A Short Sale

  • An occupied home tends to show and sell better. Buyer’s can visualize themselves in the home. This alone tends to produce higher contracts and more serious buyers.
  • If you are currently behind on payments, staying in the home while the short sale is negotiated can relieve some of the financial burden.
  • If the bank find’s out the home is vacant, sometimes they do what is called “winterizing the home”. This might involve boarding up the pool or changing the locks. these are just minor hiccups in the grand scheme of things but might delay the sale.


    • Pros For Leaving The Home During The Short Sale Process

  • If you are behind on your mortgage payments, the longer you wait to find a rental the harder it becomes. For this alone, I usually recommend to homeowners to secure a place as quickly as possible.
  • The amount of time it takes to get an approval on a short sale varies. While normally it is a longer amount of time than expected, every once and awhile an approval can come in sooner than expected. If you are living in the home when an approval is received you usually will have to vacate within 30 days or less. This can be very stressful if you’re not prepared.
  • Sometimes living in the home while the short sale is being worked is just too stressful for some. The thought of leaving the house you soent so much time to make your home can be difficult.

    • Like I said in the beginning, this isn’t a one stop answer for everyone. I advise my clients to evaluate the Pros/Cons above and figure out the balance that is best for your family.

    If you have any short sale questions, please don’t hesitate to contact us at (480) 269-1860 or visit our site filled with information about short sales in Arizona : http://realestatewizkid.com

    Thanks for reading.

    Sincerely,

    Jeff Buettner

    ]]>     http://www.phoenixpowersearch.com/2012/01/with-a-short-sale-in-arizona-is-it-better-to-leave-your-home/feed/ 0     Short Sales: The Cash Incentive http://www.phoenixpowersearch.com/2011/09/short-sales-the-cash-incentive/ http://www.phoenixpowersearch.com/2011/09/short-sales-the-cash-incentive/#comments Wed, 07 Sep 2011 16:40:22 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=6610 For the longest time, it was a general rule of thumb that the seller was to net nothing, zilch, nada from a their short sale closing. In the short term, it makes sense. I mean, why should someone who hasn’t paid their mortgage get a cash gift, right?

    Wrong.

    The short sale is a win-win-win situation. The seller wins by not having all of the repercussions of a short sale. The bank wins by netting more from the short sale then they would from a foreclosed property. Finally, the neighborhood wins because statistically a short sale sells for more than a lender owned property.

    Unfortunately, there are a few reasons a lot of homeowners don’t pursue a short sale.

    * They might not know about the option to pursue short sale.
    * Some people are dealing with too much to handle the stress of a short sale.
    * More people than you think just don’t want to talk about their financial struggles with a Realtor or lawyer.

    My general thought is that if you offer a monetary incentive, more homeowners would be more than willing to look at short sales as an option. The more people we can get on the win-win-win train the better off everyone will be.

    Thanks for reading! If your looking for more articles in regard to Scottsdale Real Estate or Arizona Short Sales, please visit my other sites.

    Jeffrey Buettner

     

     

    ]]>     http://www.phoenixpowersearch.com/2011/09/short-sales-the-cash-incentive/feed/ 1     3 bedroom power ranch home with pool http://www.phoenixpowersearch.com/2011/08/3-bedroom-power-ranch-home-with-pool/ http://www.phoenixpowersearch.com/2011/08/3-bedroom-power-ranch-home-with-pool/#comments Fri, 05 Aug 2011 17:52:13 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=6460 If you are looking for a 3 bedroom power ranch home with a pool, I am more than willing to help you look.  I have access to all properties  on the marketin the power ranch area and have experience with short sales and REO properties.

    Some more information on Power Ranch taken from PowerRanch.com:

    Power Ranch is the master planned community that has set the standard in the southeast valley of metropolitan Phoenix, Arizona. It offers a welcome oasis of comfort with an abundance of large scale amenities. Power Ranch is designed to celebrate diversity and foster the active Arizona family lifestyle with a wide variety of homeowner activities. Although Power Ranch is a growing community, it retains the small town feeling that is the hallmark of the best places to live. Just like the generation of the Power family that settled the area over 100 years ago, It is the perfect place to raise your family for decades to come. When you see it, you will know – your new home at Power Ranch includes so much more than just a house.

    Power Ranch is a multi-award winning community. It was selected as the Best Masterplanned Community 2003, 2004 and 2005 by Ranking Arizona and ranked in the top five communities since 2003. It was recognized as one of the five Best Master Planned Communities the Nation by the National Association of Home Builders in 2002. And savvy home buyers have earned Power Ranch the distinction of being one of the Top-Selling U.S. Master Planned Communities since 2001 by Robert Charles Lesser & Company.

    Once again, if you are looking for a 3 bedroom Power Ranch home with a pool, please don’t hesitate to contact me.

     

     

    3 bedroom power ranch home with a pool

    3 bedroom power ranch home with a pool

     

     

     

     

    Thanks For Reading.

    Sincerely,

    Jeff Buettner
    (480) 269-1860
    Please feel free to visit my other sites:
    Phoenix Short Sales
    Scottsdale Realtor

     

     

     

    ]]>     http://www.phoenixpowersearch.com/2011/08/3-bedroom-power-ranch-home-with-pool/feed/ 0     Is now a good time to buy? ~ Questions You Need To Ask http://www.phoenixpowersearch.com/2011/06/is-now-a-good-time-to-buy-questions-you-need-to-ask/ http://www.phoenixpowersearch.com/2011/06/is-now-a-good-time-to-buy-questions-you-need-to-ask/#comments Thu, 09 Jun 2011 13:25:51 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=6256  

    If you ask any Realtor, you will quickly find out that the most common question is “How’s the market?” or “Is now a good time to buy?”.  That question has so many answers and is so dependent on the particular situation it is hard to answer.

    One of the most important things you have to look at as a buyer is how long you plan to hold on to the property. Are you looking to start a family and are going to need a bigger house in two years? Does your company plan to relocate you within the year? Do you want to plant your roots and find the dream home you plan to live in for the next 20 years?

    The one thing that is pretty common knowledge is that the longer you plan to hold on to new real estate purchase, the better.  Now, I am not a mind reader and I can’t predict the future. I am also not a CPA, lawyer, or financial planner so I am not going to say what YOU should do with YOUR money but I do advise you take a good look at your situation and where you plan to be within the next few years.

    Are you planning on having a kid soon? I would make sure you have an extra room for him or her.  Does your job move you around a lot? I would ask a Realtor what the rental market looks like in the specific area you want to live.

    If you have any Phoenix Short Sale questions, please don’t hesitate to email me (Jeff@thebuettnerteam.com), check us out on http://realestatewizkid.com, of watch our helpful videos on our Youtube Channel.

    Sincerely,

    Jeff Buettner

    Jeff@TheBuettnerTeam.com

     

    ]]>     http://www.phoenixpowersearch.com/2011/06/is-now-a-good-time-to-buy-questions-you-need-to-ask/feed/ 0     Arizona Short Sale Process http://www.phoenixpowersearch.com/2011/06/arizona-short-sale-process/ http://www.phoenixpowersearch.com/2011/06/arizona-short-sale-process/#comments Tue, 07 Jun 2011 13:24:27 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=6253 Most people know that the short sale process takes a while. A lot of people don’t know the individual mile stones that move the process along? So I will break them down here.

     

    • Document Collection ~ This is is the beginning where the short sale bank collects all necessary documents to start the process. They want everything from an offer on the property to personal financial documents from the homeowner.
    • Short Sale Negotiator Gets Assigned ~ In this step of the process, a negotiator from the bank gets assigned to your file. This is good because now one specific person is in charge of your file.
    • Value Gets Ordered ~ Right after a short sale negotiator gets assigned, they usually order a BPO (Broker Price Opinion) or Appraisal to determine what they think the market value of the property is.
    • Analysis Of The Offer ~ At this point, you short sale negotiator, compares the value the received to the offer and NET of the offer you sent them.
    • Offer Gets Sent For Final Approval~ If the NET is in an acceptable range compared to the value, the negotiator will send it off for final approval. It needs to be okay-ed by all lien holders and if there Mortgage Insurance, they need to approve it as well.

    If you have any Phoenix Short Sale questions, please don’t hesitate to email me (Jeff@thebuettnerteam.com), check us out on http://realestatewizkid.com, of watch our helpful videos on our Youtube Channel.

    Sincerely,

    Jeff Buettner

    Jeff@TheBuettnerTeam.com

    ]]>     http://www.phoenixpowersearch.com/2011/06/arizona-short-sale-process/feed/ 0     Purchasing An AZ Home After A Short Sale / When To Get Pre-Qualified http://www.phoenixpowersearch.com/2011/05/purchasing-an-az-home-after-a-short-sale-when-to-get-pre-qualified/ http://www.phoenixpowersearch.com/2011/05/purchasing-an-az-home-after-a-short-sale-when-to-get-pre-qualified/#comments Sun, 08 May 2011 03:10:04 +0000 Jeffrey Buettner http://www.phoenixpowersearch.com/?p=6116 Have you gone through a short sale and don’t know when you can qualify again to purchase a new home in Arizona?

    Are you thinking about purchasing a new home in Phoenix and want to know about getting pre-qualified?

    Well we talk about it all. Here. RIGHT NOW!

     

     

     

    If you have any questions, don’t ever hesitate to contact me at 480-365-8025 or Jeff@thebuettnerteam.com. Also you can find more information about Scottsdale Real Estate and Arizona Short Sales on my other blogs!

     

     

    ]]>     http://www.phoenixpowersearch.com/2011/05/purchasing-an-az-home-after-a-short-sale-when-to-get-pre-qualified/feed/ 0