West Valley Pros is the Buckeye realtor of choice and a specialist in the local market.  We focus on matching sellers with buyers and closing deals.  We are looking forward to a busy 2011 and look forward to an opportunity to serve you.

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Short Sale Stress?

Buckeye Short Sale News

In Arizona’s real estate market, you don’t have to look very far to find a short sale. In my area of Buckeye, Arizona it is not uncommon for one to find a development with 50% to 70% of the homes on the market listed as a short sale. The good news is that banks are getting better at handling the large volume of distressed property sales. However, the bad news is that these transactions have many more pitfalls then a traditional home sale. In this article, there are five things you need to know when buying a short sale that will help you throughout the buying process.

The first and one of the most important things to know about buying a distressed property is the experience of the agents involved. The listing agent is responsible for the pricing strategy, submitting the paperwork to the bank for approval and advising the homeowner throughout the process. Having a listing agent experienced with short sales will go a long way in improving the odds that the home owner will be approved for a short sale transaction and then close the deal. Having your agent, also known as the buyer’s agent, familiar with the short sale process is also an important factor. An experienced buyers agent will know which questions to ask the listing agent to help guide you through the process and improve the likelihood of the deal reaching the closing table.

The second question you need to consider, what is your timeframe? If you were my client and you told me that you would like to be in a house in 30-45 days, I would tell you maybe a short sale might not be for you. However, there are certain situations when the timeframe may be shorter for a short sale. If for example, there was a previous offer submitted on the property but by the time the bank approved the offer the buyer had found another property to buy . If your timeframe is flexible and staying in your current location for a few months is feasible then pursuing a distressed property could be a great deal for you.

Thirdly, you need to know how many parties/lenders are involved in the distressed sale. It is not uncommon for there to be two different mortgages on a property, a first and a second. In addition there may also be a home equity line of credit to deal with or a mortgage insurance company. The fewest number of parties that need to approve the transaction the better. Your agent should ask the listing agent what parties are involved and then based on their answers you can make an informed decision on whether or not to move on to the next property.

Fourthly, the listed price of a property should be evaluated. If it sounds too good to be true, it just might be. In a normal market the pricing of a house is part art and part science, but in today’s distressed market, pricing can be fraught with danger and bait and switch strategies. The typical approach for the listing agent to price a short sale is on a formula based on the amount owed on the property plus the commissions for the sale, attorney fees, penalties and taking into account the amount of time until foreclosure. But wait, you may realize at this point it would put the property well above market price, and you would be right. This is the listing agent;s way of proving to the bank that they attempted to get the best price for the property. Once the house has been on the market for a period of time without a full price offer, the agent will aggressively reduce the price of the property until they finally get a fair offer. The other approach used by listing agents is to price the property well below the current market value in order to get offers to start the short sale process, knowing full well the bank will not accept an offer at that price. If the buyer has not read this article they may not be aware of this tactic and not understand that there would be little chance of getting the property even though they have made a full price offer to the Seller. Your agent should know their market, the other comparable properties and the amount of money owed on the home to help you determine if the property is a legitimate deal or not.

Final thing you need to know is how your offer will be handled once submitted. If the property is at fair market price and your offer to the Seller is accepted, two things can happen. The listing agent will submit your offer with the short sale package to the bank for acceptance, and change the status of the property to a contingency status which will alert other buyer’s agents that there is an offer on the property. Or the listing agent may submit your accepted offer with the short sale package to the bank for acceptance but keep the property on the market leaving the door open for another buyer to offer a higher amount. The bank approval of the original buyer’s offer can take 2 months or longer to be finalized; in the meantime if the bank receives a higher offer for the property yours may be denied or countered.

Distressed properties are a reality of the current market. In the best scenario it’s a win-win-win, for the seller they avoid having a foreclosure on their credit record, the buyer who gets a good price on the house and the bank who saves the cost of going through a lengthy and expensive foreclosure process. Armed with the knowledge in this article, you can now make a more informed decision when considering the purchase of a home that is a short sale.

For more information about Buckeye short sales and Buckeye foreclosures, please contact Robert Luce at West Valley Pros.

Meet the Team | Contact Us | 623.521.6647

Phoenix Realtor – West Valley Pros: 20832 W Werner Place, Buckeye, AZ 85396
Phoenix Realtor – West Valley Pros: 4324 E. Hamblin Dr, Phoenix AZ 85050

Buckeye Homes for Sale, Buckeye Real Estate, Buckeye Realty, Buckeye Short Sales, Buckeye Foreclosures, Buckeye Short Sale, Buckeye Foreclosure, Buckeye House for Sale, Buckeye Realtor

$93,000

Buckeye Home for Sale

This is a beautiful home with all the upgrades. Features of this home include: black granite countertops, oak cabinets, tile back-splash in kitchen, stainless steel appliances, custom paint, tile and hardwood flooring. Backyard has grass and has professionally designed landscaping. This home has been very well taken care of and shows like a model.

Contact: Robert Luce
Phone: 623-521-6647
Email: rob@westvalleypros.com

Phoenix Realtor – West Valley Pros: 20832 W Werner Place, Buckeye, AZ 85396
Phoenix Realtor – West Valley Pros: 4324 E. Hamblin Dr, Phoenix AZ 85050

Buckeye Homes for Sale, Buckeye Real Estate, Buckeye Realty, Buckeye Short Sales, Buckeye Foreclosures, Buckeye Short Sale, Buckeye Foreclosure, Buckeye House for Sale

Phoenix Realtor – West Valley Pros: 20832 W Werner Place, Buckeye, AZ 85396
Phoenix Realtor – West Valley Pros: 4324 E. Hamblin Dr, Phoenix AZ 85050

Short Sale Stress?

Buckeye Short Sale Tips

In Arizonas real estate market, you don’t have to look very far to find a short sale. In my area of Buckeye, Arizona it is not uncommon for one to find a development with 50% to 70% of the homes on the market listed as a short sale. The good news is that banks are getting better at handling the large volume of distressed property sales. However, the bad news is that these transactions have many more pitfalls then a traditional home sale. In this article I will address the five things you need to know when buying a short sale that will help you throughout the buying process.

The first and one of the most important things to know about buying a distressed property is the experience of the agents involved. The listing agent is responsible for the pricing strategy, submitting the paperwork to the bank for approval and advising the homeowner throughout the process. Having a listing agent experienced with short sales will go a long way in improving the odds that the home owner will be approved for a short sale transaction and then close the deal. Having your agent, also known as the buyer’s agent, familiar with the short sale process is also an important factor. An experienced buyers agent will know which questions to ask the listing agent to help guide you through the process and improve the likelihood of the deal reaching the closing table.

The second question you need to consider, what is your timeframe? If you were my client and you told me that you would like to be in a house in 30-45 days, I would tell you maybe a short sale might not be for you. However, there are certain situations when the timeframe may be shorter for a short sale. If for example, there was a previous offer submitted on the property but by the time the bank approved the offer the buyer had found another property to buy . If your timeframe is flexible and staying in your current location for a few months is feasible then pursuing a distressed property could be a great deal for you.

Thirdly, you need to know how many parties/lenders are involved in the distressed sale. It is not uncommon for there to be two different mortgages on a property, a first and a second. In addition there may also be a home equity line of credit to deal with or a mortgage insurance company. The fewest number of parties that need to approve the transaction the better. Your agent should ask the listing agent what parties are involved and then based on their answers you can make an informed decision on whether or not to move on to the next property.

Fourthly, the listed price of a property should be evaluated. If it sounds too good to be true, it just might be. In a normal market the pricing of a house is part art and part science, but in today’s distressed market, pricing can be fraught with danger and bait and switch strategies. The typical approach for the listing agent to price a short sale is on a formula based on the amount owed on the property plus the commissions for the sale, attorney fees, penalties and taking into account the amount of time until foreclosure. But wait, you may realize at this point it would put the property well above market price, and you would be right. This is the listing agent;s way of proving to the bank that they attempted to get the best price for the property. Once the house has been on the market for a period of time without a full price offer, the agent will aggressively reduce the price of the property until they finally get a fair offer. The other approach used by listing agents is to price the property well below the current market value in order to get offers to start the short sale process, knowing full well the bank will not accept an offer at that price. If the buyer has not read this article they may not be aware of this tactic and not understand that there would be little chance of getting the property even though they have made a full price offer to the Seller. Your agent should know their market, the other comparable properties and the amount of money owed on the home to help you determine if the property is a legitimate deal or not.

Final thing you need to know is how your offer will be handled once submitted. If the property is at fair market price and your offer to the Seller is accepted, two things can happen. The listing agent will submit your offer with the short sale package to the bank for acceptance, and change the status of the property to a contingency status which will alert other buyer’s agents that there is an offer on the property. Or the listing agent may submit your accepted offer with the short sale package to the bank for acceptance but keep the property on the market leaving the door open for another buyer to offer a higher amount. The bank approval of the original buyer’s offer can take 2 months or longer to be finalized; in the meantime if the bank receives a higher offer for the property yours may be denied or countered.

Distressed properties are a reality of the current market. In the best scenario it’s a win-win-win, for the seller they avoid having a foreclosure on their credit record, the buyer who gets a good price on the house and the bank who saves the cost of going through a lengthy and expensive foreclosure process. Armed with the knowledge in this article, you can now make a more informed decision when considering the purchase of a home that is a short sale. Happy house hunting.

Contact Us if you need help with YOUR Short Sale!

Buckeye Homes for Sale, Buckeye Real Estate, Buckeye Realty, Buckeye Short Sales, Buckeye Foreclosures, Buckeye Short Sale, Buckeye Foreclosure, Buckeye House for Sale, Buckeye Realtor

Buckeye Home Owners Deed

West Valley Pros, your Buckeye realtor, offers services for the homeowners having problems with their monthly mortgage payments. There is the Loan Modification, the Short Sale and the Deed in Lieu. Many borrowers like the deed in lieu because this approach frees them quickly from debt.

What is a Deed in Lieu?

Deed in lieu is short for “deed in lieu of foreclosure”. It is a process in which the borrower hands over the property to the lender because of inability to pay the mortgage. This is supposed to settle the loan and therefore avoid foreclosure proceedings. The lender then puts the property on sale in order to get remaining balance of the loan. Borrowers like this process because it offers a quick solution to their problem while incurring less damage on their credit scores.

When opting for a deed in lieu to avoid foreclosure, legal documents like the Agreement in Lieu of Foreclosure and a Warranty Deed, Quit claim Deed or Grant Deed need to be signed. The first document contains the terms and conditions of the deed in lieu, while the second document transfers legal ownership of the property to the lender.

The lender puts the mark “paid” on the borrower’s notes and provides the borrower with two forms: one stating the cancellation of the debt and the other a waiver of the right to deficiency judgment.

What Can the West Valley Pros Do For You?

As your Buckeye Realtor we offer the deed in lieu for the borrower whose property’s worth is not less than what he owes. The lender might agree if the property’s value is about the same as the borrower’s loan. It spells savings in the cost of foreclosing procedures and eviction. After a deed in lieu, the lender still has to pay for maintenance and commission to a real estate broker who will sell the property. During mortgage meltdowns, lenders may not agree to a deed in lieu because many homes do not have enough equity to make the agreement lucrative.

A deed in lieu’s damage to the credit scores is approximately the same as that from a short sale.

Contact Us for More Information!

Buckeye Homes for Sale, Buckeye Real Estate, Buckeye Realty, Buckeye Short Sales, Buckeye Foreclosures, Buckeye Short Sale, Buckeye Foreclosure, Buckeye House for Sale, Buckeye Realtor

Mortgage rates are at all time lows, and there is an amazing stimulus plan available from the Government. This means that right now, refinancing a mortgage can save millions of homeowners a lot of money or their home from being lost. Regardless of what you hear, getting approved for refinancing is easier than ever, no matter a homeowner’s financial situation.

Why is refinancing easy to get? President Obama’s “Making Home Affordable” plan is a mortgage refinancing and modification stimulus which helps struggling homeowners. This is done by allowing homeowners a chance to refinance or get a home loan modification into a payment which is less than 31% of a mortgage holders gross monthly income. This will be done by reducing mortgage rates to 2%, or increasing the length of a home loan.

There is well over $75 billion dollars available from the Government to give to approved Buckeye AZ mortgage lenders and banks. This money will pay for the closing costs and fees a homeowner is usually responsible for. Also, this money will be given to the mortgage lender or bank for every successful year a homeowner pays their mortgage after using this plan. That means that homeowners are easily able to get approved for a truly beneficial mortgage refinance or modification.

Many Buckeye homeowners are struggling financially. They are either stuck in a bad mortgage, have seen their income reduced, lost their job, and are now at risk of losing their home. President Obamas mortgage stimulus plan will help an estimated 8 million homeowners avoid losing their home. This will help neighborhoods, the housing market, and the entire economy. Right now, help is available. Homeowners need to use this plan for themselves, and get into a better mortgage.

If you need a Buckeye Realtor or Mortgage Advice please Contact Us!

Buckeye Realtors, Buckeye Real Estate, Buckeye Short Sale, Buckeye Foreclosure

It’s no secret that there are plenty of companies in the US that discard sensitive documents by dumping them unceremoniously: leave it by the curb, drive it to a dumpster, heave it over the walls of abandoned property, and other assorted mind boggling insecure practices. In fact, MSNBC has an article on this issue, and names numerous bankrupt mortgage companies whose borrowers’ records were found in dumpsters and recycling centers. The information on those documents include credit card numbers and SSNs, as well as addresses, names, and other information needed to secure a mortgage.

Since the companies have filed for bankruptcy and are no more, the potential victims involved have no legal recourse, and are left to fend for themselves. In a way, it makes sense that companies that have filed for bankruptcy are behaving this way. (Not that I’m saying this is proper procedure.) For starters, if a company does wrong, one goes after the company; however, the company has filed for bankruptcy, it is no more, so there’s no one to “go after.” In light of the company status, this means that the actual person remaining behind to dispose of things, be they desks or credit applications, can opt to do whatever he feels like. He could shred the applications. He could dump them nearby. He could walk away and let the building’s owner take care of them. What does he care? It’s not as if he’s gonna get fired.

Also, proper disposal requires either time, money, or both. A bankrupt company doesn’t have money. It may have time, assuming people are going to stick around, but chances are their shredder has been seized by creditors. People are not going to stick around to shred things by hand, literally.

Aren’t there any laws regulating this? Apparently, such issues are covered by FACTA, the Fair and Accurate Credit Transactions Act, and although its guidelines require that “businesses to dispose of sensitive financial documents in a way that protects against ‘unauthorized access to or use of the information’” [msnbc.com], it stops short of requiring the physical destruction of data. I’m not a lawyer, but perhaps there’s enough leeway in the language for one to go around dropping sensitive documents in dumpsters?

Like I mentioned before, inappropriate disposal of sensitive documents has been going on forever; I’m pretty sure this has been a problem since the very first mortgage was issued. My personal belief is that most companies would act responsibly and try to properly dispose of such information. But, this may prove to be a point of concern as well because of widespread misconceptions of what it means to protect data against unauthorized access.

When files are deleted, the actual data still resides in the hard disks; it’s just that the computer’s operating system doesn’t have a way to find the information anymore. Indeed, this is how retail data restoration applications such as Norton are able to recover accidentally deleted files.

Some may be aware of this and decide to format the entire computer before sending it off to the new owners. The problem with this approach is the same as deleting files: data recovery is a cinch with the right software. Some of them retail for $30 or less-as in free. So, the sensitive data that’s supposed to be deleted can be recovered, if not easily, at least cheaply-perhaps by people with criminal interests.

Am I being paranoid? I don’t think so. I’ve been tracking fraud for years now, and I can’t help but conclude that the criminal underworld has plenty of people looking to be niche operators, not to mention that there are infinitesimal ways of defrauding people (look up “salad oil” and “American Express,” for an example). An identification theft ring looking to collect sensitive information from bankrupt mortgage dealers wouldn’t surprise me, especially in an environment where such companies are dropping left and right.

The economics behind it make sense as well. A used computer will retail anywhere from $100 to $500. The information in it, if not wiped correctly, will average many times more even if you factor in the purchase of data recovery software. Criminals have different ways of capitalizing on personal data, ranging from selling the information outright to engaging in something with better returns.

Is there a better way to protect oneself? Whole disk encryption is a way to ensure that such problems do not occur: One can just reformat the encrypted drive itself to install a new OS; the original data remains encrypted, so there’s no way to extract the data. Plus, the added benefit is that the data is protected in the event that a computer gets lost or stolen. However, commonsense dictates that encryption is something ongoing concerns sign up for, not businesses about to go bankrupt. My guess is that sooner or later we’ll find instances of data breaches originating from equipment being traced back to bankrupt mortgage dealers.

The stock market is in a tumult. Actually, it has been for about a year, ever since the subprime fiasco (anyone take a look at Moody’s performance over the past year?) Now that that particular issue has been beaten to death, other mortgagerelated issues are cropping up. Most of the stuff covered in the media is financial in nature, but some of those mortgagerelated issues do concern information security.

It’s no secret that there are plenty of companies in the US that discard sensitive documents by dumping them unceremoniously: leave it by the curb, drive it to a dumpster, heave it over the walls of abandoned property, and other assorted mindboggling insecure practices. In fact, MSNBC has an article on this issue, and names numerous bankrupt mortgage companies whose borrowers’ records were found in dumpsters and recycling centers. The information on those documents include credit card numbers and SSNs, as well as addresses, names, and other information needed to secure a mortgage.

Since the companies have filed for bankruptcy and are no more, the potential victims involved have no legal recourse, and are left to fend for themselves. In a way, it makes sense that companies that have filed for bankruptcy are behaving this way. (Not that I’m saying this is proper procedure.) For starters, if a company does wrong, one goes after the company; however, the company has filed for bankruptcy, it is no more, so there’s no one to “go after.” In light of the company status, this means that the actual person remaining behind to dispose of things, be they desks or credit applications, can opt to do whatever he feels like. He could shred the applications. He could dump them nearby. He could walk away and let the building’s owner take care of them. What does he care? It’s not as if he’s gonna get fired.

Also, proper disposal requires either time, money, or both. A bankrupt company doesn’t have money. It may have time, assuming people are going to stick around, but chances are their shredder has been seized by creditors. People are not going to stick around to shred things by hand, literally.

Aren’t there any laws regulating this? Apparently, such issues are covered by FACTA, the Fair and Accurate Credit Transactions Act, and although its guidelines require that “businesses to dispose of sensitive financial documents in a way that protects against ‘unauthorized access to or use of the information’” [msnbc.com], it stops short of requiring the physical destruction of data. I’m not a lawyer, but perhaps there’s enough leeway in the language for one to go around dropping sensitive documents in dumpsters?

Like I mentioned before, inappropriate disposal of sensitive documents has been going on forever; I’m pretty sure this has been a problem since the very first mortgage was issued. My personal belief is that most companies would act responsibly and try to properly dispose of such information. But, this may prove to be a point of concern as well because of widespread misconceptions of what it means to protect data against unauthorized access.

What happens if a company that files for bankruptcy decides to sell their company computers to pay off creditors? Most people would delete the information found in the computer, and that’s that-end of story. Except, it’s not. When files are deleted, the actual data still resides in the hard disks; it’s just that the computer’s operating system doesn’t have a way to find the information anymore. Indeed, this is how retail data restoration applications such as Norton are able to recover accidentally deleted files.

Some may be aware of this and decide to format the entire computer before sending it off to the new owners. The problem with this approach is the same as deleting files: data recovery is a cinch with the right software. Some of them retail for $30 or less-as in free. So, the sensitive data that’s supposed to be deleted can be recovered, if not easily, at least cheaply-perhaps by people with criminal interests.

Am I being paranoid? I don’t think so. I’ve been tracking fraud for years now, and I can’t help but conclude that the criminal underworld has plenty of people looking to be niche operators, not to mention that there are infinitesimal ways of defrauding people (look up “salad oil” and “American Express,” for an example). An identification theft ring looking to collect sensitive information from bankrupt mortgage dealers wouldn’t surprise me, especially in an environment where such companies are dropping left and right.

The economics behind it make sense as well. A used computer will retail anywhere from $100 to $500. The information in it, if not wiped correctly, will average many times more even if you factor in the purchase of data recovery software. Criminals have different ways of capitalizing on personal data, ranging from selling the information outright to engaging in something with better returns.

Is there a better way to protect oneself? Whole disk encryption is a way to ensure that such problems do not occur: One can just reformat the encrypted drive itself to install a new OS; the original data remains encrypted, so there’s no way to extract the data. Plus, the added benefit is that the data is protected in the event that a computer gets lost or stolen. However, commonsense dictates that encryption is something ongoing concerns sign up for, not businesses about to go bankrupt. My guess is that sooner or later we’ll find instances of data breaches originating from equipment being traced back to bankrupt mortgage dealers.

By Tim Maliyil

One out of five hundred households today are faced with a foreclosure problem. This dropping scenario of real estate clearly shows the need to really save money. Problems of bad loans, however, remain for first-time homebuyers out there.

Also, there is still the problem where brokers downplay how grave variable rates are to increase personal profit margins. Therefore, try not to get caught in the crazy frenzy of purchasing real estates. Instead, act with lots of precision to avoid the foreclosure problem. Not paying for monthly fees, with a mortgage, over a certain time period might cause serious problems such as foreclosure. This would mean that you would lose your property’s title and your overall credit report would be impacted.

To avoid a foreclosure and save some money at the same time, read on:

- Lots of untoward scenarios can be completely avoided through contacting your lender the minute you realize you will be making a late payment. – Do not ignore your lender’s calls or letters. Ignoring this problem will not send it away. Instead, it will make your situational crisis worse. Try having candid discussions with your personal lender to get yourself out of this situation. – Oftentimes, reinstatement is cited as a temporary solution in avoiding the foreclosure problem. – Lastly, to avoid the foreclosure problem, go for consistent counseling programs.

Documentation tends to play an essential part when it comes to avoiding the foreclosure problem. Therefore, you have to have these financial details handy:

- Proper statements of your existing financial circumstances.

- Detailed statements regarding your existing status of income.

- Detailed lists of your overall household expenses.

Therefore, if you wish to avoid the foreclosure problem, begin by saving some money immediately.

Begin with a regular bank account to reap long-term rich harvests. Money does tend to bring about happiness, as well as ease everyday stresses to a huge extent. Along with properly designed investment and saving products to meet customer needs from different society segments, this will no longer be a hard task. Therefore, you should begin to help your money in making even more money – just for you.

The work of real estate owners is to buy and sell the property, but when it comes to foreclosures they buy the properties listed by government or buy the lenders under the foreclosures real estate, pay the dues on the property and renovate them to sell for a profit.

The business involves risks like any other business but the risk can be minimized to almost nil if the decisions are taken in the most appropriate manner.

The properties that are foreclosed by the lenders are the ones were the borrower failed to pay the monthly installments on the property for a certain period of time and therefore the lender or the bank got the right to foreclose the property and list it under real estate Foreclosures, they profits attained by these properties can be a lot more profitable as are sold at very low prices and the other in the category are the properties foreclosed by the government when the owner could not make a payment his taxes over a period of time.

These properties usually require a little renovation but at times the amount spend on the renovation can increase or decrease depending on the condition of the house. If the property is in good condition than the profit share of the real estate owner increases but if there is a last minute renovation that is required or there is something that was overlooked at the time of purchase then it decreases the profit margin by increasing the cost of renovation.

A proper inspection of the property is always advisable before buying these properties to estimate the profit margin of the real estate agent. The real estate agents at times can take help from the property assessors for the same.