Prescott Arizona Area Foreclosure News

Move causes short sale on this upgraded home on an oversized lot in desirable Superstition Hills subdivision in Unit 20. Upgrades include new flooring, fixtures, lighting, and premium paint inside and out. Oversized garage has workshop and classic avocado color washer and dryer. Home has electric baseboard heat AND a gas Trane heat pump.

Looking to [...]

The distressed real estate market in the Prescott area was busy again this week with 18 new homes coming on the market, about one in every five homes being listed in the Prescott Arizona Area MLS system.From the sales side they represented over half of the homes sold, and were over half of the sales [...]

On Tuesday, February 22nd, 2009, Fannie Mae released an announcement with updates to the Servicing Guide used by banks in the U.S.
One of the sections that will impact short sale sellers and REO agents nationwide is the prohibition of banks making the sale of a short sale conditional upon the lowering of commissions.
If you’ve ever [...]

Often we are asked by Prescott, Prescott Valley, and Chino Valley homeowners about their options when they are facing foreclosure.
 We are not lawyers or accountantS and you should consult with professionals in those areas before making any decisions that will affect your credit for at least 7 years.
Here are some of the frequently asked questions [...]

As many homeowners are facing tough decisions on what to do with their homes, many are being forced to consider which is worse for your credit score, a short sale or a foreclosure.
According to the folks over at the Fair Isaac Corporation, FICO, as we know them, there doesn’t seem to be much of a difference.
They are [...]

Help Speed Short Sales Tips
by Cara Heiden, co-president of Wells Fargo Home Mortgage

Short sales can be less frustrating if you start the approval process early.

Although most U.S. families continue to benefit from homeownership, a small group of consumers in areas where home prices have declined is facing a difficult situation. These owners find themselves upside [...]

In an earlier post, Foreclosure/REO/bank-owned or short sale?, about the Prescott and Prescott Valley foreclosure and short sale markets, I was amazed to find how few short sales were actually closing in the Quad-City area.
After doing some more research on this, it seems that some agents are taking short sales without the right skill sets, and others, [...]

There are bargains on most types of properties in the Prescott AZ area such as short sales and traditional property sales, but foreclosed properties can present unique value to buyers who are at the right place at the right time and are able to construct the right offer.
Short sales and foreclosed properties are considered distressed sales, as both are the  result of [...]

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, [...]

Quick update:
There were 10 new listings posted to the Prescott Area MLS in the last 7 days. 
To see them, click here:
New Prescott Arizona area Foreclosured/REO/Short Sale Listings
Or visit our Main Prescott MLS Search Page

Short sales and foreclosures are becoming common place in our Prescott area market. We are consistently asked questions by owners and agents alike about the Arizona anti-deficiency statutes and the tax consequences of a foreclosure or a short sale and deed in lieu. This article answers the two most common questions we receive.
By Richard V. [...]

The Short Sale Workflow
Spring, 2008
What the Listing Agent Should Know to Successfully Negotiate a Short Sale
THIS SHORT SALES WORK FLOW IS AN EDUCATIONAL TOOL INTENDED TO GIVE BROKERS AND SALES ASSOCIATES A COMPREHENSIVE OVERVIEW OF THE SHORT SALE PROCESS (LISTING, MARKETING, NEGOTIATING AND CLOSING PROPERTIES SUBJECT TO A POTENTIAL SHORT SALE). IT IS NOT INTENDED [...]