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Short Sale or Loan Modification

Because my team specializes in short sales, I get this question a lot. Should I short sale or should I attempt a loan modification? My answer is simple. If you have a desire to stay in your home, you should always try a loan modification.

Loan modifications are rather simple and can be easily performed by the homeowner. Some basic financial paperwork, regular follow up and some patience and eventually the bank will let you know if you qualify for one of their loan modification plans.

The beautiful part is, if you get declined for a loan modification or don’t like the option the bank has to offer you can then attempt a short sale. A declined loan modification actually helps our case for a short sale. Simply because we can make the case that you have no other options.

Now, if you are behind on mortgage payments, you want to make sure you don’t shoot yourself in the foot. I see many homeowners who are so dead set on staying in their home they keep attempting and re-attempting loan modifications.

Eventually, if you’re behind on payments, that foreclosure auction will move itself closer and closer to present day. At some point in time, if you don’t cut your loses a short sale won’t be able to be initiated in time and thus render itself as an obsolete option.

As always, if you have any questions, please don’t hesitate to ask.

Thanks for reading.

Sincerely,

Jeff Buettner

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Jeff Buettner is a local Realtor, blogger, avid coffee drinker and chess player. With more than 4 years in the real estate industry, Jeff can be contacted through his personal site about Arizona short sales and foreclosure at http://realestatewizkid.com.

Things To Look Out For When Purchasing A Property

Buying a home can be stressful. There are a ton of things to do and even more things to look out for. Luckily, you have a trusty agent on your side to walk through a process. They have helped you track down a good loan officer and inspector to aid in the assistance. You should be good to go…
Unfortunately, this just isn’t the case. Everyone is human and things can be overlooked. You have to be careful if you have only viewed the home a handful of times and make sure to check for issues that might not be directly related to the house. As agents we ask our clients to sign to a packet of information called the Buyer’s Advisory. It is twelve pages of things to look out for and where to get some good information on different issues that may arise.

The disappointing part is, a lot of agents don’t properly give out this form before the home viewing process begins. The only bring it out at the end. When the form gets brought out after a home has been decided on, a lot of buyer’s won’t even look at the packet.

To help out, I have put some of the resources below. These are all things to look out for and like I said up top, not all of the issues are directly related to the home. I bet you didn’t think to check to see if an Army Base or Airport is near by? Or the local crime statistics? Take a look below. I also put the link to the entire document at the end of this post.

Resources For Pests:

Scorpions: A source of information on scorpions may be found at www.desertusa.com/oct96/du_scorpion.html.

Bed Bugs: Bed bug infestations are on the rise in Arizona and nationally,
for more information visit the following websites:
www.azdhs.gov/phs/oids/vector/bedbugs/files/Bed-Bug_FAQs.pdf
www.cdc.gov/parasites/bedbugs/
www.epa.gov/bedbugs/

Roof Rats: www.maricopa.gov/EnvSvc/VectorControl/RR/RRInfo.aspx

Crime Statistics:

To check the crime statistics for the cities of
Phoenix, Tempe, Glendale, Mesa, Scottsdale, Chandler, Gilbert and Peoria, go to
www.faxnet1.org or the city of Phoenix website
http://phoenix.gov/POLICE/crista1.html

Sex Offenders

Since June 1996, Arizona has had a registry and community notification program
for convicted sex offenders. This information may be accessed at
https://az.gov/webapp/offender/main.do. Prior to June 1996, registration was
not required, and only the higher-risk sex offenders are on the website. The
presence of a sex offender in the vicinity of the property is not a fact that the
seller or real estate agent is required to disclose.

These are just a few of the items mentioned in the Buyer’s Advisory. You can see the whole document here: http://www.aaronline.com/documents/buy_advis.pdf

Thanks For Reading!

You Need To Explore All Of Your Options

By Jeff Buettner
You’re an out of state buyer and you call me because your looking for a Realtor. You have visited Arizona a couple of times but are not sure what area you want to live in. What area do you think I am going to show you? Also, where do you think you will end up living? The answer to both questions, if I’m your Realtor, is Scottsdale. That’s right, statistics show you will most likely end up living in Scottsdale.

The main reason is that I live and work in Scottsdale. I love it here and my passion will show through when I talk about and give you the tour of Scottsdale. I know Scottsdale like the back of my hand. I know the good places to eat, the weekend specials, and the best parks to take your kids, etc. When I talk, you are going to think Scottsdale is the best Arizona has to offer!

Why is this important? You need to keep in mind, as the consumer, that the salesman you are working with leans in a certain direction. Whether they would like to admit it or not, they do. You need to ask to see different areas. Arizona is vast and very spread out. The nice thing though, we have a great selection of freeways that can get you almost anywhere in under an hour.

Maybe Scottsdale isn’t your number one choice. Are you looking for more home for less money and don’t mind a small commute? Maybe you want more scenic views than anything else? The point is, when searching for homes, look at a few in the surrounding sub-cities as well. Do this so you can get an idea of everything.

If your first choice is Scottsdale, take a look at Tempe, Mesa, and Chandler. You never know what you’ll find. Keep your eyes open. Remember that your Realtor, even though they have your best interest at heart, might unknowingly push you in a direction that might not be in your best interest.

Thanks for reading.

When Should I Call a Real Estate Agent?

With technology these days, everyone has access to a lot of information that, back in the day, was held by only the Realtor. In the good ol’ days, if you wanted to see what homes were on the market, you had to call the Realtor. If you wanted to talk to a loan officer, you called your Realtor for a recommendation. If you needed to see what your home is worth, you called a Realtor.

This poses an interesting question. Today you can do a Google search and easily find a dozen websites to look up what properties are available. Most people know a friend or two who is a loan officer. Finally, there are a lot of popular real estate websites that have “estimates” on your home’s value. So when or why should you call a real estate agent?

If you’re considering buying or selling real estate, or even just want to know what you your home is worth, contact a Realtor TODAY. The Internet is great and I will be the first to admit that I love where real estate and technology is headed. Unfortunately though, it is extremely beneficial to have a live person on your side. When you have medical issue, yes, you might use WebMD but eventually you go talk to a Doctor right?

Real Estate is the same way. The information on the Internet is great but your going to want a knowledgeable professional on your side. If your buying real estate, your Realtor is free ( they are being paid by the owners of the home your buying). If your selling, statistics say you aren’t going to list it yourself. If you’re eventually going to work with a Realtor, you might as well contact them sooner rather than later. They can set you up on an automatic search with our MLS (what we use to look up homes), put you in contact with a loan officer, and even advise what the best areas are in your price range.

Bottom line is, as a real estate agent, we are here to work for you. Give us a chance to work with you. The more time you give us the more we can impress you.

The Economics Behind Arizona’s Housing Market

By Jeff Buettner

It is no surprise that the housing market has been horrible the past 3-4 years. Recently, the media has been reporting that we are headed for an upswing. I have watched and read several opinions that the worst is over. My question is, can we really come to that conclusion so soon?

The study of economics tells us that we can use the basic principle supply and demand to come to our own conclusion. With a high supply of homes, number of active listings on the market, and a low demand, number of buyers looking to purchase, we will see a drop in market value. When the situation is reversed, the supply is lowered and the demand has increased, we will see home prices increase.

So why is the media reporting that we will see an upward trend and things are looking up? Recently we have seen a few changes. For one, our supply, which has been made up of mostly bank owned properties and short sale listings, has seen a decrease. There just aren’t quite as many homes going into foreclosure as we use to see. Secondly, we have seen a rise in the movement of supply. Simply put, more people, right now, are buying homes. Is it because more investors feel we have hit bottom and are ready to invest? Do first time home buyers feel the same way? Or is it the homeowners who went through a foreclosure or short sale 4 years ago, can now purchase again? Most people think it is a culmination of all three and more.

The lowering of our supply and the increase in demand are all good things. That is why the media is reporting good things. The question I keep asking myself is, will this upswing continue? Is it here to stay? There are a couple of unknowns that keep the mystery a mystery. We know that the banks have foreclosed on an insane number of properties over the years. Anyone who has looked at the numbers also know they aren’t putting all of them on the market right away. Inevitably, there are homes that the bank owns that are just sitting there vacant. We in the real estate industry call this the dreaded shadow market. No one knows exactly when or how many of these properties will hit market. This could easily put a kink in our future supply predictions.

As for future buyer’s, things aren’t all peaches and cream there either. The requirements needed to obtain a loan have really tightened up. A lot of people think now is a great time to buy but the issue is, not everyone who wants to buy, can. If there is only a small portion of individuals who can get qualified to purchase a home and a majority of them buy now, in 2011, who is going to purchase down the road?

For the record, I am not saying now is a bad time to buy or even that tomorrow will be better. Ultimately, there are a lot of things to consider and more than a few unknowns to think about. Don’t look at your local news as the end all, be all of opinions on where we are headed. Look at the facts for yourself and make your own educated decision.

Thanks for reading.

Jeff Buettner is a local Realtor, blogger, avid coffee drinker and chess player. With more than 4 years in the real estate industry, Jeff can be contacted through his personal site about Arizona short sales and foreclosure at http://realestatewizkid.com.

Why Your Phoenix Real Estate Agent’s Broker Doesn’t Really Matter

Today we live in a world where “starting a business” truly isn’t that hard. If you think about it, what defines a business? Some might prescribe to the belief that all that matters is the right corporation documents being filed with the appropriate parties. Others look at the professional appearance that the business portrays (website, business cards, stationary, etc.). A lot of people think of size as a determining factor. If a company has 10,000 employees, it must be doing something right…

In a normal scenario, these are all good things to look for. Unfortunately, in real estate, this isn’t the case. Realtors are independent contractors which means they work for themselves. While their brokerage plays a role in how THEY run their business it doesn’t always guarantee you will have a positive experience. Brokerages, for the most part, don’t care what kind of agents they bring in. The more agents they have in their brokerage the more money they make.

What does this mean to you? When your friend, relative or neighbor mentions that XYZ brokerage sold their home and went above and beyond all while being professional, honest, and caring, they aren’t 100% correct. Their agent did that, not the brokerage. When you realize you need to move, you shouldn’t just call up XYZ brokerage and expect the same service. Make sure you get the name and number of the exact same person who went above and beyond for your loved one.

Ultimately, the broker is an agent’s set of tools. It’s the system behind the machine. I have been around Realtors and the real estate industry for awhile. I have seen great agents from small unknown brokerages and less than adequate agents with a well known brand behind them. Do you really care what benefits or tools said brokerage is offering your agent if it doesn’t affect your transaction? Let me ask you this. Do you care what accounting software your local deli uses as long as they provide a superior service and/or product? Didn’t think so.

So what should you do? Interview the agent not the brokerage. Find someone you like, trust, and in this market, want to be in constant communication with for potentially the next 3-8 months. At the end of the day, it’s your agent not their broker who are going to be answering your calls on the weekends, spending countless hours working FOR you, and going to be the person delivering the good news when your home has closed.

Thanks for reading!

Jeff Buettner is a local Realtor, blogger, avid coffee drinker and chess player. With more than 4 years in the real estate industry, Jeff can be contacted through his personal site about Arizona short sales and foreclosure at http://realestatewizkid.com.

Phoenix Real Estate and Phoenix Homes

Welcome and feel free to participate in our new Phoenix Real Estate column…

Phoenix Real Estate is one of the few topics in the Valley of the Sun that is commonly hotter than the weather. It’s not uncommon to hear about the house down the street that’s for sale or have people asking if you plan on buying a home soon or upgrading the home you are currently in. Lets not forget that everyone and their pet has an opinion regarding the state of the market that they are more than happy to share with you, whether you ask or not…

Naturally, we at Phoenix.org would not being doing our job if we didn’t provide you with information regarding local Phoenix Real Estate. Thank goodness we have the expertise of Jeff Buettner to fall back on.

Jeff is known around the Phoenix valley as the “Real Estate Whiz Kid” and once you take them time to listen to what he has to say you will agree with the nickname. Ask him any question on the current Phoenix Real Estate market and he will have your answer. He’s willing and eager to assist both buyers and sellers and love’s answering questions in the process.

If you would like to hear from Jeff then feel free to check Phoenix.org every Monday when his column is uploaded to our website. If you have a question post it in the comments, a personal question then shoot him at email at:

Jeff@TheBuettnerTeam.com

The staff at Phoenix.org is thrilled to have Jeff as a member of our fresh team and we hope that you will wish him as much luck as we do.

On behalf of Phoenix.org, welcome Phoenix Real Estate Agent Jeff Buettner!