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 [...]