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With all of the news coverage regarding the housing market, short sale and foreclosures it seems to me that one very important aspect has been missed…the human being.
As a REALTOR® who has sat with many client’s going through this ordeal I feel that it is my duty to SHOUT OUT to everyone. There are too many Nice Families losing their HOME. It is not just an investment that they can lightly walk away from. It is something that they have saved and worked hard for and just happened to purchase at the wrong time. It is a place where their children grew up and memories were made. How dare everyone say “Oh no big deal…you can buy again in a few years”. These people are struggling with having to make decisions they don’t want to make. No one seems to care. Are you listening?
There is a human side to short sales. This is not an easy decision for many.
Happy Home Hunting!
Cynthia Knight
Posted in Advise, Real Estate News, Thoughts
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Tagged chandler real estate, Chandler realtor, first time home buyer, Foreclosures in Chandler, foreclosures in gilbert, homes for sale in chandler, homes for sale in gilbert, phoenix realtor, Queen Creek homes for sale, reo properties, Short Sales in Chandler, Short Sales in Phoenix
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I hear this comment too often in this industry. I have 3 little words for you
ARE YOU NUTS?
The most common statement that I hear is ” Well I will definitely have a foreclosure inspected but I don’t think it is necessary to have a short sale inspected”. “After all they are still living in the home so I am sure that everything is fine”. Is that a fact? HMMMM
I will let you in on a little secret. The little bit that you spend on an inspection could save you a ton of money in the future. In fact, it could be so bad that you may decide to move on and find another home. I ran across one transaction. It was a mold issue that was going to run close to $40,000 to fix. Now I don’t know about you but that is quite a bit extra to pay for a home that you may not have allotted for.
I have run across buyers who were upset that the inspector didn’t find anything. Isn’t that what you are really paying for? A peace of mind. Now you know that you can move into a nice safe home for you and your family.
For more on MOLD
Happy Home Hunting!
Cynthia L. Knight
Posted in Advise, Real Estate News
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Tagged alternatives to foreclosure, Chandler realtor, Foreclosures in Chandler, home inspections in phoenix, homes for sale in chandler, mold issues, queen creekrealtor, real estate agent in chandler, Short Sales in Chandler, should i short sale my home
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I have run across so many articles in the Chandler newspapers, Chandler, Gilbert, Queen Creek and Phoenix Internet sites, magazines, you name it. It is the absolute BEST time to purchase a new home. So where are all of the buyers? I mean really people….there are currently 33 Chandler homes for sale under $50,000 and get this …there are another 1697 Phoenix homes for sale under $50,000. Low prices and great interest rates isn’t that what investing is all about? Don’t you want a house payment that is less than your car payment? Straight from REALTOR ORG magazine……
“Now is a good time to buy real estate, according to data from Moody’s Analytics. Home affordability has returned to pre-housing bubble levels or even fallen below the average in many U.S. markets”
Just look at this Happy Couple who recently closed on a Short Sale Home in Gilbert. They have a great future ahead of them.
Happy Gilbert Home Buyers / Short Sale Purchase
There are still zero down programs, 1% programs, so many options. Please call for more
information. I would love to put a smile on your face just like Brad and Sarah!
Cynthia Knight PLLC
480-231-6567
“Making Each Day Brighter”
There is nothing short about a short sale. That statement my be true but there are steps that you can take to shorten process.
1. Both agents need to be experienced in short sales. Ask questions and insist that your agent ask questions.
2. Homes with only one mortgage tend to go quicker and smoother than those with two mortgages.
3. Who are the lenders? Some are much quicker than others. The larger the bank the slower the process.
4. Have your title company check for liens on the home in advance. There is absolutely no reason to wait 4 months for your answer only to find out that there is a lien against the home from another company for $10,000 that the lender is unwilling to pay and the seller is unwilling to pay. There may also be a lien for HOA fee’s.
5. What is the trustee sale date and will it be postponed?
6. Has the seller received a previous bank demand letter on the property? If so, what was the amount?
7. Will the seller be presenting one offer to the bank with all other offers in back up position?
8. Are Sellers Disclosures available?
9. Is the listing price drastically lower than the comps? if so, why? If the answer is no reason, the bank will probably counter your offer, be prepared.
10. Will the sellers be staying in the home until close of escrow. This is usually a good thing as it is less likely that the home will be vandalized.
This couple followed my 10 steps with great results!
Happy Home Buyers / Short Sale Purchase
Be proactive and use your due diligence prior to all real estate transactions. Please feel free to comment.
Posted in Advise
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Tagged Chandler realtor, gilbert realtor, homes for sale in 85142, homes for sale in 85248, homes for sale in 85249, homes for sale in chandler, Homes for sale in Queen Creek, Queen Creek Realtor, Short Sale in Chandler, Short Sale in Gilbert, Short Sale in Queen Creek
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People in general could save themselves a lot of time, money and frustration by reading contracts prior to signing, especially with a short sale. The number one reason that most people don’t read through it is because they don’t feel that they will understand what it says. I am here to tell you that you can, if not demand that your agent explain it to you.
Let me draw your attention to lines 13 through 15 of the Short Sale Addendum. It states “Nothing shall limit a Seller from accepting subsequent offers from subsequent buyer(s) and submitting the back up contract(s) to sellers creditor(s) for consideration. All parties understand and agree that Seller’s creditor(s) may elect to allow the Seller to sell the premises only to the holder of the Contract with terms and conditions most acceptable to creditor(s).
This one little statement may be the reason that you don’t get that home after waiting several months. This little bitty statement allows the seller to not only accept other offers but to present them to their lender. If the lender has your offer that will net them $100k and another offer comes in for cash that will net them $105k on the 4th month what do you think the bank will do?
What can be done you ask? Add verbiage to strike out lines 13-15 on the short sale addendum and that all other offers will remain in back up position until you have responded to the bank demand letter. Your offer will be the only one that the bank sees.
Just take a few minutes to read and ask lot’s of questions. If you are not currently working with an agent and have questions please feel free to email, call, text, or FB me.
Happy Home Hunting!
Cynthia Knight
“Making Each Day Brighter”
I have had many clients request to view Foreclosures ONLY because they feel that they are a better option over Short Sales. Well this may come as a surprise to some but Foreclosures are NOT always the better option at least in Chandler Arizona. Let me explain.
A few months ago I had one lovely couple who made a cash offer on a Foreclosure which should have closed rather quickly. We went through the inspections all seemed fine and we were ready to close. It came time to schedule signings but low and behold the bank had to delay…no explanation. This was a transaction that the buyer had opted to use the title company of their choice. The signings were postponed again and then we found out that they had to take the home off the market. The bank did not have title to it. The entire transaction had to be canceled.
My clients continued to look again and found another Foreclosure. This listing happened to be with the same listing agent and the same thing happened.
In this REALTORs® opinion one should not limit themselves to a certain type of transaction as there are pros and cons to both. Get educated about the market and talk to a REALTOR® that you can trust. Happy Home Hunting.
Cynthia Knight
Making Each Day Brighter!
Posted in Real Estate News
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Tagged Chandler realtor, Foreclosures in Chandler, Foreclosures in Queen Creek, Fulton Ranch, Homes for sale in Chandler Arizona, Homes for sale in Queen Creek, Queen Creek Realtor, San Tan Heights, Short Sales in Chandler, Short Sales in Queen Creek, Sossaman Estates, Sun Groves
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