Scottsdale Real Estate Blog - Judy Orr

Short Sales and Buyers

I still meet buyers that don't really know what a short sale is.  A short sale listing is a property the seller is trying to sell for less than what is owed on the mortgage.  A short sale can actually take a very long time, the "short" is referring to the fact that there will be less money to the mortgage provider than what is owed, not the length of time from contract acceptance to closing.  Short sales are available in every town and every price range, including real estate in Scottsdsale.

Data suggests that only about 50% of short sale offers ever make it to closing.  Agents, buyers, and sellers don't understand why a mortgage provider would rather foreclose than sell short, especially when it seems like most closed short sales sell for higher…

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Home Sellers - There Are Different Kinds of Feedback

Although I consider myself a listing agent, I also enjoy working with buyers.  Whenever I show a Scottsdale home for sale, if I am sent a feedback request via e-mail, I fill it out as helpfully as I can.  I don't like discussing price unless it is really priced too high.  And I have to be careful, especially if I think my buyers might be interested in the property.

And that's why many agents do not provide feedback.  Below are excuses I've heard:

• Some agents feel they're doing the listing agent's job by providing feedback.  They feel the listing agent should have informed the seller of the correct price and should have helped the seller stage the home properly.  I do not buy this as a valid excuse.  Sometimes a seller needs to hear it from more…

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Home Seller Tips

It's that time of year again - the Spring season is upon us and buyers are out looking.  This means I am seeing more and more mistakes sellers are making in the presentation of their homes.  Every year around this time I write a post about how to best show your home in order to get a quick sale at top dollar.

This is not going to be a long list of everything a seller should do, but just what I've seen recently.

1.  Clean and de-clutter - you'd think this would be a given, but I can't tell you how many homes I show where you can't see the kitchen counter or sink with all the food, dishes, and clutter, piles of clothes all over (clean and dirty) and just very messy houses.  My house is up for sale and I am not the fussiest housekeeper around but when…

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Is Shadow Inventory Affecting the Scottsdale Real Estate Area?

What is Shadow Inventory?

Most of us will agree that "shadow inventory" comprises of properties that are bank owned that are not on the market for sale yet and can also include homes that will fall into foreclosure when loan modifications or short sales are not transacted.

Where Does the Scottsdale Real Estate Market Stand?

I just read an article that referenced an analysis of “Shadow Inventory” published by Standard & Poor's Rating Services. The analysis did not include any mortgages backed by Fannie Mae or Freddie Mac. I was eager to see if Scottsdale would be listed in the article, and it kind of was. The areas that were hit the hardest, such as Phoenix, Las Vegas, Detroit, San Diego, San Francisco, etc., currently have the least amount of…

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Interest Rates Are Dropping!

Things have definitely slowed down since the tax credit expired.  However, we're hoping sales will pick up again with the lowering interest rates that caught everyone by surprise.

It was predicted that interest rates would rise to around 6% in 2010.  No one was ready for this latest drop, below 5%!  Some are now saying we could see rates as low as 4.5% again!

How Low Can We Go?

We now have a great combination for buyers - prices have backtracked to 2003 values and interest rates are below 5%.  Some say prices have another 20% to fall, but I'm not a gambling person and with these low interest rates right now, I'm not sure I'd want to wait if I were thinking about buying a home in Scottsdale.

What if prices don't fall another 10% or 20%? …

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Final Days to Get In On The Home Buyer Tax Credit

Friday is the last day a buyer can qualify for the Home Buyer Tax Credit.  You must have a fully signed and accepted contract by Friday, April 30th, in order to qualify.  You have up to June 30th, 2010, to close.

I have been waiting for a Scottsdale townhome short sale to get approved so my buyer would be able to take advantage of the tax credit.  Things weren't looking good and she was ready to move on.  Just yesterday I got the notice from the listing agent that the bank approved the short sale.

My buyer was losing her locked-in interest rate but could get a 10-day extension.  I am hoping that we can get this to closing (I don't trust that the short sale mortgage holder will have their act together in 10 days) so my buyer will have her Scottsdale…

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Bringin’ the 70’s to Arizona

When my parents moved to Mesa, Arizona, I could only try to imagine what kind of house they owned and what kind of subdivision it was in. Was it surrounded by desert? Did they see any scorpions or rattlesnakes? Why the heck did they decide to move to Arizona?!!!

They bought a newly constructed house in Mesa that had 3 bedrooms, 2 1/2 baths, a formal dining room, a living room plus a family room, and an eat-in kitchen. There was an enclosed porch and a pool in the back.  We always had pools in Illinois, but they were above-ground.  My Dad loved the pool so I'm sure he loved having one built-in.

My daughter visited them by herself at the age of 10 or 11. My Mom sent me pictures of her by the pool. It looked nice and they also sent me a photo of the…

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No Spot FHA Approvals for Condos

FHA has once again removed the ability to do an FHA spot approval on condominium purchases.  They seem to have gone back and forth over the past year.  They took it away, brought it back and took it away again.

Here is one of the excerpts from a 2009 Mortgagee Letter from the Department of Housing and Urban Development:

"“Spot Loan” Approval Process
Mortgagee Letter 2009-46B eliminated the Spot Loan Approval Process as defined in Mortgagee Letter 1996-41 for all FHA case number assignments effective on or after December 7, 2009. However, to address concerns involving the volatility in the condominium market, the new effective date for the elimination of this practice is for all FHA case number assignments on or after February 1, 2010. FHA may…

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Follow Me and Be My Facebook Friend

I have been on Facebook for quite some time.  My Facebook Friends range from family, actual friends (some that I've grown up with), clients, people I've attracted through Facebook advertising, and other real estate-related people such as fellow agents, loan officers, etc.  I post almost daily.

You can search for homes on my business Facebook page.  I post personal pictures of me, the pets, friends, and family.  I post about local restaurants and happenings in the Carefree, Cave Creek, Scottsdale, and surrounding areas.  I like to share local small businesses.

Then of course I post real estate-related items.  But I also include general homeowner posts and tips.  I like to mix it up.  I post links to informational resources and I include my own…

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What Is Important to Buyers as Far as Where They Buy?

This is the 2nd post regarding the survey results from IAR, an association of REALTORS®.  The question asked was "In choosing your most recent home, other than price, which of the following was most important in deciding where you would buy?"

Like my first post about What Services Buyers Felt Were Most Helpful, I will add my comments after each result.
IAR HOMEBUYER BENCHMARK 2009
ALL RECENT HOMEBUYERS | n=1000, Margin of Error= 3.09%

PROXIMITY TO YOUR WORK ..............................................................22.8%

I am not surprised at this at all since I've always hated doing a daily commute, especially if it's far.  My first real job was working in an office in downtown Chicago and I hated wasting so much time driving to the train…

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