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Beware of Short Sales when Buying Grayhawk Real Estate

August 11, 2009 by Carmen Brodeur

Many clients buying homes in Arizona ask us about short sales. It is not a term commonly used prior to this year. Short sales are pre-foreclosure situations where the homeowner is about to be foreclosed on so they are tying to sell the home. However, they owe more to the bank than what it is worth. This is called “being underwater” on your mortgage. They try to sell it for an amount LESS than what they owe on the mortgage.Grayhawk Homes for Sale

There are thus a minimum of 3 parties in a foreclosure: seller, buyer and bank. There is a fourth party if there is a second mortgage. All 3-4 parties must approve the sale. As you can imagine this is very difficult, impossible in many situations. Most short sales do not sell. I have heard up to 80% of short sales never close.

The biggest hurdle for a short sale is getting the bank’s approval for the home to sell for less than the mortgage amount. The bank is writing off the balance of the loan over and above what they get at the sale. It is a very slow process to even get the bank to respond to your offer, much less give approval. It usually takes 2-3 months for a bank to acknowledge that you have put in an offer on a short sale. At that point they will assign a negotiator to the file. That person will order an appraisal on the property. This is usually another month to get this back. Then the bank will look at your offer to see if it is close to the appraised value of the home. It will only accept offers close to the value of the home. If your offer is significantly less than the value of the home it will reject it or counteroffer.

Short sales often do nothing but waste a seller’s time and create frustration. Many times the home is listed on the mls for an artificially low price that the home would never sell for. The listing realtor is doing this just to get offers on the home. The listing Realtor knows that the bank would never approve a sale at that price. This is done all the time, unfortunately.

Other reasons short sales fall apart and do not sell:

  • The homeowner abandons the property and can’t be found to sign the final documents (this happened to one of our clients after they waited 3 months and jumped through all the hoops)
  • The homeowner declares personal bankruptcy and nullifies the deal
  • The buyer gets frustrated and tired of waiting around for 3 months while they see other great foreclosure opportunities pass them by and they finally give up
  • The two banks that hold the 1st and 2nd mortgages cannot agree on a price together or how they will split the proceeds. I have seen this happen even when the same bank holds the 1st and the 2nd but they are processed out of 2 different states with 2 different offices responsible.
  • The bank takes too long to even acknowledge that there is an offer on the table and the home gets foreclosed in the interim. This should not happen but unfortunately often the offer is sitting in a pile on someone’s desk for months.
  • There are other liens on the title that can’t be cleaned up. For example, if there are builder liens, mechanic liens, HOA liens, etc someone needs to pay for those before the home can be sold. The homeowner is destitute and can’t pay. That means either the bank or the buyer has to pay. This is another whole can of worms.
  • Just before the deal is finally about to close (this is 3-4 months down the road) the homeowner moves out and intentionally damages the property. I have seen many punch holes in the walls, missing appliances or flooded homes in the past year. I think most people believe they are “getting back at the bank”. As you can imagine, when damage is found at the final walk through the deal falls apart.

This is just a short list of the possible problems and pitfalls with short sales. As a former lawyer, the possible legal problems with short sales is mind boggling. Bank owned foreclosures have clean title and the banks usually respond within 48 hours. The entire deal is under contract within a few days and closes within 30 days generally. We recommend to our buyers that if they want a quick super deal they should try to stick to true foreclosures, instead of wading into the murky waters of pre-foreclosures. Please feel free to call me at (602) 791-0536 to discuss how to tell the differences between foreclosures and pre-foreclosures.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.GrayhawkRealEstate.com

Filed Under: Short Sales Tagged With: bank owned, foreclosure homes, Foreclosures, grayhawk, greyhawk, greyhawk scottsdale, real estate, Short Sales

Grayhawk Golf Course Home Too Good to Pass Up

July 28, 2009 by Carmen Brodeur

There is a beautiful Grayhawk golf course home currently on the market that I wanted to tell everyone about. It is a 4 bedroom 3 1/2 bathroom home with over 3,500 square feet. It is located on double fairway of the Grayhawk Talon Golf Course with amazing views of both theGrayhawk Homes Scottsdale Arizona golf course and the McDowell Mountains. The backyard is great for entertaining and it feel like a resort with the large grassy area, an infinity pool and spa. The backyard also has a built-in Viking grill, a wet bar, ceiling fan and a mounted TV. The inside is fabulous as well. The kitchen features granite countertops and cherry wood cabinets. Priced rock bottom for this type of view at $925,000. If you are looking for a home under a million in the exclusive Grayhawk community you have got to see this one!

Search all Grayhawk Scottsdale homes at GrayhawkRealEstate.com or call us at (602) 791-0536 for help in finding your Grayhawk golf home.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.GrayhawkRealEstate.com

Filed Under: Golf Condos Tagged With: Golf Condos, golf course, golf homes, golf view, grayhawk, Grayhawk golf, greyhawk, Greyhawk golf, greyhawk scottsdale

Grayhawk Scottsdale Real Estate – Something for Everyone

July 8, 2009 by Carmen Brodeur

The wonderful thing about condos in Grayhawk Scottsdale is that there is truly something for everyone. There is everything from inexpensive one bedroom condos for $100,000 to luxury golf townhomes and villas for $800,000. Looking for a house, rather than a condo? Houses in Grayhawk range from $320,000 to $3,200,000.

Visit GrayhawkRealEstate.com for all Grayhawk Scottsdale real estate or call (602) 791-0536 to speak to a Grayhawk specialist.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.GrayhawkRealEstate.com

Filed Under: Buying in Grayhawk Tagged With: condominiums, condos, Golf Condos, golf course, golf homes, golf view, grayhawk, Grayhawk golf, greyhawk, Greyhawk golf, greyhawk scottsdale, luxury homes, prices, real estate

Grayhawk Foreclosure Deal of the Day – Village at Grayhawk

April 29, 2009 by Carmen Brodeur

Today’s Grayhawk Foreclosure Deal of the Day is a 2 bedroom, 2 bathroom bank owned townhome with garage at the Village at Grayhawk for $203,000. This REO property is a huge 1400 square feet in a premium Grayhawk Scottsdale community. The Village at Grayhawk is an exclusive townhome community within Grayhawk. It has a large community pool, fitness center and walking paths. The Village at Grayhawk is only a minute from the Grayhawk Golf Club with two 18-hole golf courses, clubhouse and restaurant.

This is another great example of the foreclosure deals currently available in Grayhawk, Scottsdale. We are your Grayhawk foreclosure specialists.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.GrayhawkRealEstate.com

Filed Under: Foreclosures, Village at Grayhawk Tagged With: condominiums, condos, foreclosure condos, Foreclosures, Golf Condos, grayhawk, Grayhawk Golf Club, greyhawk, greyhawk scottsdale, prices, real estate, realtors, reo, reos, Village at Grayhawk, Village condos

Who Is Buying Now??

April 11, 2009 by Carmen Brodeur

It is interesting to see who is currently buying real estate in Grayhawk. It is intelligent astute investors who know the drop in the price of homes is only temporary. The buyers are on average highly educated professionals who plan to increase their wealth by buying low and Grayhawkselling high. That is exactly how the rich get richer.

Find out more about Grayhawk by viewing all the exciting properties available on our website. When you are ready to take a look in person, just call or email us for an appointment. We look forward to hearing from you.

I welcome your calls at (602) 791-0536.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.GrayhawkRealEstate.com

Filed Under: Buying in Grayhawk Tagged With: agents, grayhawk, Grayhawk golf, greyhawk, greyhawk scottsdale, luxury homes, prices, real estate, real estate agents, realtors

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Meet Carmen

Carmen Brodeur Scottsdale RealtorVoted in the Top 3 Realtors in Arizona by the readers of Ranking Arizona Magazine, 2015-2025.​ Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.

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Your Scottsdale Real Estate Connection

Whether you are buying or selling, we are committed to providing you with exceptional service. Put our experience to work for you. Contact Carmen Brodeur today at Carmen@TopScottsdaleHomes.com

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We are conveniently located in North Scottsdale.

Trillium Properties, LLC
20715 N. Pima Road, Suite 108
Scottsdale AZ 85255
(602) 791-0536
Carmen@TopScottsdaleHomes.com
 
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