Prescott Arizona Area Foreclosure News

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 the REO multiple offer game.
I know [...]

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 never bad to have [...]

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, [...]

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 [...]

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 they are in tune with [...]

The REO (real estate owned) foreclosed home market is hot right now in the Prescott area with many homes priced under an already depressed market price.
  
When banks price REOs under the market price, multiple offers are often the response.  This means buyers can  be up against stiff competition for that bank-owned home.  
It’s not unusual for some bargain-priced REO [...]

While some buyers are paying cash for homes, the majority still require financing.  The rumor and mainstream media are telling us that banks are not lending but just the opposite is true.
Tom Henichek, a local loan officer at Mountain Mortgage, verifies that enough money is available for those who qualify for a mortgage. In fact, mortgage [...]

Here is a list of the 8 Foreclosed/REO/Short Sales that sold in the last 60 days in Prescott as of 1-20-09. The average sales price was $257,550 and the median price is $237,750. The average price per square foot was $125 and the median price per square foot is $115. The average Cummulative Days on [...]

Bankruptcy or foreclosure  That’s the sad question that many homeowners in the Prescott Arizona area are facing these days.  Unfortunately, the answer is not a simple one.
Are your trying to save your home or your credit score?  If your are trying to save your home and if  you have managed to stay current on your mortgage payments [...]

What’s with all these chapters anyway?
According to the U.S. Department of Justice there are four kinds of personal bankruptcy and you can choose the kind of bankruptcy that best meets your needs (provided you meet certain qualifications):
Chapter 7 “ A trustee is appointed to take over your property. Any property of value will be sold [...]

 Foreclosures Setting the Agenda
Discussing the realty check of the ugly foreclosure data, with Robert Barbera, ITG; Eugene Peroni, Advisors Asset Management and CNBC’s Diana Olick.
Summary:  RealtyTrac reports a record 303,000 foreclosures in the US in December, up 17% from November and 41% from 2007. They also reported that there were 2.3M total foreclosures for 2008, [...]

Are you interested in taking advantage of some of the lowest prices in years for Prescott Valley distressed properties? Now may be the time.
There are currently 90 bank-owned/REO and short-sales site built residential listings in the Prescott Valley MLS and they’ve been on the market an average of 80 days at $190,355, and these homes [...]