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Nextage Realty Professionals

Prescott area foreclosure market update 01-30-09

By Jerry Cecil, on January 30th, 2009

Prescott Market Report

Another busy week for me with several buyers making offers on properties, one without even seeing the property.  Some of the deals had multiple offers on them, even after a couple of days. 

If you are planning on making an offer, please read these tips on how to compete in [...]

Posted by Jerry Cecil January 30, 2009, 8:16 pm

New use for foreclosed homes in Prescott

By Jerry Cecil, on January 29th, 2009

Solution to Prescott Foreclosure Problem?

With the current inventory of foreclosed homes on the market in the Prescott area, you could put 2 prisoners in each home and clean out GITMO. 

And if you hired Marine guards to watch them, and fence builders to string the concertina wire, contractors to harden the structures, think of the local employment…and it’s [...]

Posted by Jerry Cecil January 29, 2009, 4:48 pm

How do banks price short sale properties?

By Jerry Cecil, on January 29th, 2009

As you might have read in the post, Why are REO properties priced all over the place?  banks price REO properites using varying methods and some banks do a better job than others. 

Well, short sale price setting is not much different.

In general, most short sale experts say to price the property at or near fair market value, although [...]

Posted by Jerry Cecil January 29, 2009, 2:11 pm

Want to lose a REO deal? Write the contract in legalese

By Jerry Cecil, on January 28th, 2009

Many contracts I receive from buyer’s agents are so full of unneccesary legalese that my clients feel like they have to hire a lawyer to interpret for them.  If you submit contracts with too much legal verbiage, it’s likely the an asset manager will just go to the next one.  With 400 – 500 files on [...]

Posted by Jerry Cecil January 28, 2009, 9:02 am

Why are REO homes priced all over the place?

By Jerry Cecil, on January 27th, 2009

FSBB – For Sale By Bank

Are banks and loan servicing companies able to accurately price distressed properties and REOs?

Some do a good job, but more often than not they rely on national indexes, rather than use local assets in the field such as qualified Certified Foreclosure Specialists who know their cities neighborhood by neighborhood.  And [...]

Posted by Jerry Cecil January 27, 2009, 7:32 am
 
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