Distressed sales.  You hear the term almost every day. Like most things you hear often, there are two sides to the story.

The fact is, not everyone is singing the blues these days. For some, the recent Trulia.com report saying that it is cheaper to buy a home in most markets than it is to rent, is good news. In the report, Phoenix and Mesa are both listed in the top five of the Top 10 Cities to Buy vs. Rent comparison done for the first quarter of 2011.

Times have certainly changed since the “mortgage-anything-you-can” height of the market. People are looking at location x3 again, financing options have changed, and reasons for buying a home may have even changed.

During one of our company events, I enjoyed this “tongue in cheek” rendition of the Short Sale Foreclosure Blues by my friend and President of Realty Executives, Rich Rector.

Short sales and foreclosures are a large part of the real estate market today and probably will be for a while. If you are facing foreclosure or have questions about your options, OR if you are now beginning to think it is time to quit renting, “Just Call Nick!” I’m glad to help…

Take a look at the video. The words are below – sing along if you’d like.

Well I bought at the top in 2005,

Life was great, beginnin’ the thrive,

Then, whoa,things took a major dive,

Got the short sale, foreclosure, repo blues,

Behind on my payments, market done tanked,

prices have fallen, zilch in the bank,

went to my lender and drew a blank,

I’ve got the short sale, foreclosure, repo blues.

If I could have, I would have paid,

If I could have, I would have stayed…

I’ve been Fannie and Freddie and FHA’d,

I’ve been Chase, Wells Fargo’d and BofA’d,

I’ve got the underwater, upside down,

short sale foreclosure blues…

I’ve been Fannie and Freddie and FHA’d,

I’ve been Chase, Wells Fargo’d and BofA’d,

I’ve got the underwater, upside down,

short sale foreclosure blues…

Deconstruction is a word making it’s rounds right now. It is a phrase being used to describe the practice of removing fixtures from a home facing foreclosure.

Recently, a local man was arrested and charged with defrauding a secure creditor and criminal damage after the deconstruction of his Chandler home.

Unfortunately, this has been a very common practice for the past couple years as the wave of foreclosures spreads throughout the valley. I see many foreclosed homes where the sinks, toilets, air conditioning units, water heaters, cabinets, counter tops, lighting and even landscaping items have been removed or vandalized. This theft and vandalism is obviously not helping the real estate market and probably effects the values of the entire neighborhood.

A quick look at Craigslist will often show ads for materials from a home and often sounds suspiciously similar to the practice of “deconstruction.” Just like any other criminal damage, police encourage homeowners to be aware of their surroundings and to watch foreclosed homes in their neighborhoods and report any suspicious activity.

Of course, if you are struggling with keeping your home and need any good resources to discuss your options, I am here to help as best we can. Short sale and foreclosures are a huge part of the real estate market right now. I am happy to discuss your situation and have some very helpful attorneys and and industry professionals that can answer your short sale or foreclosure questions for you. As always, if you have any real estate related questions, “Just Call Nick!”

]]> http://nickbastian.com/2010/02/17/deconstruction-hurts-many-homeowners/feed/ 1 http://nickbastian.com/2009/10/13/realty-executives-short-sale-division/ http://nickbastian.com/2009/10/13/realty-executives-short-sale-division/#comments Tue, 13 Oct 2009 16:07:00 +0000 Nick Bastian http://www.eastvalley411.com/?p=107

Short sales and foreclosures are a very large part of our market in Arizona. The short sale process can bring many more questions than answers for people facing a job loss, relocation or a need to sell a home in a market where property “values” have declined.
The realities of facing short sale questions about tax consequences, debt relief, anti-deficiency judgements, and many other terms that many people are not familiar with can create even more uncertainty. Having people “embarrassed” of their situation, not knowing where to turn or not having a trustworthy advisor has sometimes been a reason for people to put off getting help.
Unfortunately, some of the problems with short sales are also compounded by the fact that many people in the real estate industry have had challenges in trying to learn about a process that is fairly new or unfamiliar and in dealing with different banks or bank employees that can often be clueless.
I am very glad to see that Realty Executives of Arizona has created a place where people all over the state can call a number to be put in touch with an agent willing to help them sell their home in these challenging times.
Many agents have put off short sales and take them only when they “have to” do them. As consumers seek information on how to best deal with a short sale, the Realty Executives short sale division promises to be a place where good, solid real estate information will be found.
Should you or anyone you know need to find a real estate agent willing to help with your short sale in Arizona, please feel free to call my “short sale hotline” at 480-463-4514.

Here is a recent article I wrote for one of our news letter’s. I hope you find it interesting! We are located in the South East Valley of Arizona:
Quick Update:
“Recently I was in a meeting with several long-time industry pros to discuss current market trends. With approximately 46,000 active listings (up from 30,000 just a few months ago), there is a greater need than ever for seller’s homes to be correctly priced and in tip-top showing condition. Builders are offering some amazing deals to move their inventory. (good time to buy a new home?) To attract buyers, many of the new home builders are offering huge incentives. I have seen in excess of $70,000 in builder incentives! Rather than reduce prices by a ton (and thereby potentially decreasing the value of the area), builders are trying to make it easier and more appealing to buy a new home as opposed to a resale property. Sellers are facing stiff competition from these deep-pocketed builders.

Of course with gas prices and housing inventories both up, many people are looking for more centrally located homes. You will find that certain parts of the Valley are doing much better than others.

And while it is certainly true that many people have been priced out of the market, the need for housing never goes away. This is illustrated by the strengthening rental market. Rents are up and landlords can be more picky about tenants.

Another thing to watch is the foreclosure rate. Many bought at the top of the market and were talked into bad loans. This may be a problem if they were relying on unrealistic appreciation to help.
As always, I will be watching the market closely, so if you have any questions, “Just Call Nick!”