Phoenix Homeowners Assistance Event, February 3 – 7.

Chase is holding an event for struggling Phoenix Homeowners. If you are considering doing a loan modification or currently working on one, or simply struggling with your payments and your currently have a home loan with Chase you may want to attend this Phoenix event. You can take the Chase loan modification eligibility assessment here.

Did you know Chase offers cash incentives to struggling Phoenix homeowners?

In many instances, it may be time to consider a short sale, especially if you believe that you will continue to have trouble paying your mortgage even after a loan modification. Chase is offering cash incentives to qualified homeowners that facilitate and close on a short sale.  If you are considering a short sale and you want more details on the cash incentive and/or eligibility programs, contact us ASAP for a free evaluation by a Certified Distressed Property Expert (CDPE).

Details of the Chase Phoenix Homeowners Assistance Event;

Location:
Wyndham Phoenix
50 East Adams Street
Phoenix, AZ 85004
Monday-Thursday: 8 a.m.-12 a.m.
Friday: 8 a.m.-10 p.m.
Saturday: 8 a.m.-5 p.m.
Click here for more details

Phoenix Homeowners considering short sales have 3 important things to understand…

1.) as a Phoenix homeowner you do have options

2.) time is not on your side

3.) contact an experienced Certified Distressed Property Expert (CDPE) to facilitate a short sale.

*One of the biggest obstacles when facilitating a short sale is Phoenix homeowners contact us too late to save the property from foreclosure.

Table of contents for 11 Steps to Buying a Phoenix Home Series

1. 11 Steps to Buying a Phoenix Home Series-Intro
2. 11 Steps to Buying a Phoenix Home Series-Budget and DTI
3. 11 Steps to Buying a Phoenix Home Series-No Credit
4. 11 Steps to Buying a Phoenix Home Series-Repairing Credit
5. 11 Steps to Buying a Phoenix Home Series-Financing
6. 11 Steps to Buying a Phoenix Home Series-Selecting a Realtor
7. 11 Steps to Buying a Phoenix Home Series-Home Search
8. 11 Steps to Buying a Phoenix Home Series-Writing Your Offer
9. 11 Steps to Buying a Phoenix Home Series-Contract Negotiations
10. 11 Steps to Buying a Phoenix Home Series-Accepted Offer!
11. 11 Steps to Buying a Phoenix Home Series-Closing

Time to negotiate your Phoenix home offer and make a deal!

You found the perfect Phoenix home and wrote a competitive offer and now the fun begins.  One thing to keep in mind is that each Sellers– whether bank owned Phoenix home or otherwise–operate on a case by case basis. The Phoenix housing market currently hosts Sellers that are overall in unique varying situations resulting largely in five types of sales 1.) bank owned foreclosures, 2.) Short sales, 3.) Investor fixer uppers, 4.) Government owned foreclosures and 5.) Traditional sales. Each Seller is unique, however, there are common negotiations strategies that may help you increase the strength of your offer.

Entrust your Realtor when negotiating your Phoenix home contractual terms

Without going into specifics I will touch on the key elements that may strengthen your offer or help during the negotiation process. Each term and how it should be negotiated depends on your individual wants and needs and what is in your best interest. It is important to also keep in mind that sometimes you may want to compromise on one term to get another you deem more necessary to your great good. Each Phoenix Home Seller is different and will negotiate in their best interest. Some negotiable terms carry more weight than others with a particular Seller

• Purchase Price
• Loan Type
• Earnest Money
• Inspection Period
• Closing Date
• Contingencies

Price is not the only term to consider when strengthening negotiations on your Phoenix Home

For example; if you are a cash buyer the closing date can be much sooner, if your asking for Seller concessions you may want to offer a competitive purchase price to offset the contribution, the higher the earnest money amount the better, the inspection period by default is 10 days but you may not need (or want) that much time. It is a misconception that the higher the purchase price the stronger your offer. Many times the ‘highest’ offer on the table for consideration is not the ‘best’ offer. In this distressed real estate market, multiple offers and competition among Phoenix Home Buyers is common and to be expected.

The biggest obstacle for Phoenix Home Buyers is eliminating emotion from negotiations

Many times Buyers feel entitled and state that the Sellers are already getting a deal and that the Sellers should just be happy to sell their home in this market. While Sellers on the other hand already lost so much equity and value the past few years that they feel they have lost enough. Thus the emotions are high and that sometimes can make the negotiation process more stressful. Working with an experienced Realtor will give you peace of mind while thet guide you on the best way strengthen your offer and negotiate in order to secure the accepted contract with your Phoenix home offer.

Table of contents for Listing Your AZ Short Sale

1. Tips for Listing Your AZ Short Sale
2. What To Expect After Listing Your AZ Short Sale

Gearing up for your AZ short sale transaction can include quite the waiting game.

Assuming you have already completed the steps outlined in our previous post in this Listing Your AZ Short Sale Series you should now be ready for your Realtor to submit your short sale package to the bank(s). Some banks will not accept any documents from your short sale package until you have a fully executed offer and others will accept the intial package upfront and accept an offer on the property after the fact.

It can not be stressed enough that when listing your AZ short sale each bank is different, however, waiting times for your file to be assigned to a negotiator once the complete package is submitted ranges from 30 to 90 days on average.

It is helpful to have a Realtor call in for updates on your AZ short sale progress on a regular basis.

Many Realtors work in conjunction with a negotiator as well that will call in several times a week to get updates. It is important that your Realtor does this or has the manpower/team/negotiator in place to do this

Getting to a ‘bank approved’ price on your AZ short sale will require patience.

Once a negotiator is assigned to your account the bank will order an appraisal or get a Brokers Price Opinion (BPO) to help determine what the home is “worth” in the current real estate market.  Then they will supply to you in writing either an acceptance of the current offer with a demand letter or with a counter identfying the bank approved price that they are willing to accept for the AZ short sale.

Closing on your AZ short sale will most likely take place X days after bank acceptance and varies by Buyer

A Short Sale Addendum will be included with the Buyers offer and states when the closing date will be or it can be X days after the bank acceptance.  The bank may also state a closing date with their acceptance notice. There will be an inspection period unless otherwise waived just like normal transactions.  The bank and the Buyers are pretty much negotiating at this point and banks rarely if ever negotiate any repairs in an AZ short sale.

Let’s face it, as easy as it may seem to just walk away from a home, the haunt of a foreclosure goes on for years to come, affecting credit and even employment, in some cases. Many people are not aware that foreclosure even can affect their security clearance levels and future employment.

Foreclosure is certainly not the best option, particularly with the advent of HAFA.

Obviously, foreclosure can’t always be avoided, but knowing your options before going into an “ostrich mode” would well be worth the time invested, particularly in light of HAFA, which will even provide relocation assistance money and eliminate the hovering concern of a deficiency judgment when a short payoff has been accepted.

Personally, I’m so adamant about informing the public about their options, I’ve setup a “Home Rescue Network™” at www.AzSPO.com to provide Phoenix area homeowners who owe more on their homes than they are worth (or are behind on their payments) a comprehensive list of their options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.

With our National network of top agents around the country, we’re able to refer homeowners to the experts in their area to further educate and help them rescue their homes from the black hole of foreclosure.

Homeowners or Agents who would like more information can email me at RescueTeam(AT)AzSPO.com.

I believe HAFA will help simplify and streamline the use of Phoenix area short sales and the deeds-in-lieu of foreclosure options with the use of the top features HAFA possesses, including:

1.Providing financial incentives to borrowers, servicers AND investors
2.Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3.Using standard processes, documents and timeframes to help streamline and standardize the normally daunting short sale process
4.Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5.Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6.Allowing the homeowner to receive pre-approved short payoff terms prior to the property being listed

With more than 11 million homeowners in negative equity positions on their mortgages (that’s roughly 24 percent of all properties with a mortgage), I look forward to seeing what HAFA will be able to do to help borrowers avoid foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out.

A good majority of Phoenix homeowners never attempt a short sale prior to going into Foreclosure. This weeks topic for Ask Joe Weekly Vlog focuses on this troubling statistic in an effort to help Phoenix area struggling homeowners understand their options to avoid foreclosure and the benefits of a short sale.

If you have a real estate question don’t forget to Ask Joe here.

httpv://www.youtube.com/watch?v=KyHDAIxAssc

Chances are you or someone you know is facing hardship and possible foreclosure and the key is to understand your options before you have none. 

Avoid Phoenix Foreclosure and Short Sale Your Home: FREE -Home Rescue- Report

Let’s face it, selling your home is not easy – it takes time and when you add the stress of economic instability, possible unemployment or health issues, along with family pressures, it can be overwhelming.    

Some benefits of doing a short sale would be:
 
-They are able to eliminate the social stigma of that dirty word: Foreclosure
-They potentially eliminate any “deficiency judgments” against them after the sale
-They have less of a “hit” on their FICO score versus a foreclosure
-They may qualify for HAFA and gain government relocation assistance.
- They will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years
-If their credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, they will be eligible to buy another home straightaway
-Can protect the homeowners security clearance versus a foreclosure
-Can prevent potential challenges of employment versus a foreclosure
 
Overall the benefits of a short sale can lead to the home selling at a higher price which in turn reduces deficiency liability, looks better on a credit report and is easier to recover from than a foreclosure.  

There are programs that are available for struggling homeowners who seek it.  The next step is to understand your options and learn what you can do next. Get your FREE Report 

Please forward this blog post to any friends, family members, or neighbors that may need help and guidance.

With More Than One in Seven Mortgages Not Being Paid, Local Broker Offers Free Resources to Struggling Homeowners

In response to community needs, new website educates struggling homeowners on options to foreclosure.

MESA, AZ – May 25, 2010 – Local real estate broker and Certified Distressed Property Expert^®, Joe Martin of RE/MAX Diamond, responded to new mortgage delinquency numbers by creating a new information website for Phoenix Metro, Scottsdale and East Valleyarea homeowners facing financial hardships. ~www.AzSPO.com~ contains vital facts about the options available to distressed homeowners.

 “With more than 14 percent of mortgages in default status, there are a significant number of homeowners who are facing foreclosure,” Martin said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. By offering free information on more beneficial options, I know I can help our community’s homeowners.”

The Mortgage Bankers Association’s First-Quarter 2010 National Delinquency Survey announced that more than 14 percent of mortgage loans are not current on payments. More specifically, 10 percent of prime loans and more than 40 percent of subprime loans are delinquent.

“Whatever their best option is, the most important thing homeowners can do is educate themselves before making a decision,” Martin said.

~www.AzSPO.com~ acts as a central location for information on the issues and options for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements and industry updates.

Alex Charfen, co-founder and CEO of the Distressed Property Institute said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

“Agents with the Certified Distressed Property Expert^® designation are helping distressed homeowners understand that there may be options available to them,” he said. “Martin has been trained to help homeowners avoid foreclosure, and this online education resource is a valuable public service.”

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market.

From April’s Monthly Foreclosure.com “Ask Joe” column

My first thought is that of hope. I sincerely hope the majority of homeowners who currently allow their homes to go to foreclosure without ever exploring their options to avoid foreclosure will educate themselves and take advantage of the many viable alternatives available to them.

Let’s face it, as easy as it may seem to just walk away from a home, the haunt of a foreclosure goes on for years to come effecting credit and even employment, in some cases. Many people are not aware that foreclosure even can affect their security clearance levels and future employment. Foreclosure is certainly not the best option, particularly with the advent of HAFA.

Obviously, foreclosure can’t always be avoided, but knowing your options before going into an “ostrich mode” would well be worth the time invested, particularly in light of HAFA, which will even provide relocation assistance money and eliminate the hovering concern of a deficiency judgment when a short payoff has been accepted.

Personally, I’m so adamant about informing the public about their options, I’ve setup a “Home Rescue Network™” at www.AzSPO.com to provide homeowners who owe more on their homes than they are worth or are behind on their payments a comprehensive list of their options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.

With our National network of top agents around the country, we’re able to refer homeowners to the experts in their area to further educate and help them rescue their homes from the black hole of foreclosure. Homeowners or Agents who would like more information can email me at RescueTeam@AzSPO.com.

I believe HAFA will help simplify and streamline the use of short sales and the deeds‐in‐lieu of foreclosure options with the use of the top features HAFA possesses including:

1. Providing financial incentives to borrowers, servicers AND investors
2. Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3. Using standard processes, documents and timeframes to help streamline and standardize the normally daunting short sale process
4. Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5. Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6. Allowing the homeowner to receive pre-approved short payoff terms prior to the property being listed

With over 11,000,000 homeowners in negative equity positions on their mortgages (that’s roughly 24% of all properties with a mortgage), I look forward to seeing what HAFA will be able to do to help borrowers avoid foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out.

The number of active short sale listings in the Phoenix MLS is on the rise every month. As more people look to sell their home and realize they are underwater, they are turning to short sales as a possible solution. Over the next 2-3 years short sales will likely become as common of a word for home sellers and buyers as foreclosure has been over the last two.

What is a Short Sale?
A short sale is program that allows the homeowner to sell their home
for less than the amount owed on their mortgage.

How do I qualify for a Short Sale?
If you have an involuntary hardship and can no longer afford the monthly payments or you’re unable to sell your home for the full amount owed on your mortgage.

How can I benefit from a Short Sale?
You can benefit by avoiding foreclosure and/or minimize the effects on your credit.

How does a Short Sale work?
We will be in close contact with your existing bank to obtain a Short Sale approval, upon listing your home.

What other details should I be aware of?
Be sure to contact us directly to go over all the details you should be aware of with a short sale.

How can the Homestyle Team help with your Short Sale?
Our “Home Rescue” Team are Certified Distress Property Experts who will do what it takes to get results.