News for the ‘Short Sales’ Category
The new Key is here! (Repeat)
Today I stepped into the future…ish.
As Realtors here in AZ, my wife Kathy and I depend on our MLS access to show homes, list homes, and to track who has seen our listings. In the old days, everyone had an actual key, and someone losing their key was a major problem…all the lockboxes would have to be manually re-keyed, every time!
Recently, we’ve been using the GE Supra e-key. This system depends on the key itself connecting to the network, and telling everyone where that key was during that day. The listing agents would get notice of buyers viewing the house, and they can request feedback from the buyer’s agents. It was a great system, but there was a weak link. The only way the key could connect to the network was through a phone line…not a digital line like Vonage or Magic Jack, but a real live copper wire landline like Qwest. Since we had long since moved our Fax services to MyFax, the $100 a month Qwest bill was being paid just to keep our keys updated.
I had been hearing rumors about a new wireless key that was being rolled out in other states, and when Qwest had another outage (4th this year!) I started scrambling to find a way to update our keys that did not involve borrowing access to someone’s copper wire phone for 10 minutes. While Googling AZ MLS Keys, I came across a note on another broker’s website that one of their agents had gotten the newest version of the key, the GE Activekey, and that all their agents should upgrade. The ARMLS website doesn’t mention the upgrade, or the fact that their offices have moved. Flexmls, our Web tool for ARMLS, had a link to a pdf doc “explaining” the transition. Unfortunately it was only a flier that said the upgrade was coming soon!
I called ARMLS support, and they gave me the number for new ARMLS service center…at the Mesa location of the South East Valley Regional Association of REALTORS (SEVRAR). (Wow, I hadn’t thought to check their website! They had a link to the same PDF document about the pending upgrade.) The numbers I was given for the ARMLS center were wrong, so I called SEVRAR and asked about the new ActiveKeys. They let me know that the key exchange was going on, and had been for some time! All I needed was to bring in the old key and exchange it for the new one. Considering the state of the saga so far, I made it to Mesa within the hour and exchanged the key.
Incidentally, the ladies at the ARMLS center let me know that volume is very low so far, ( ya think?!) and that they are just letting word get out to avoid setting up a schedule to roll the new keys out. A sloppy but effective way to limit traffic, I guess!
If you’re involved in real estate, you should get out and get your new key ASAP, it’s a big improvement over the old model, despite the fact that it seems to be the exact same device, in a different case. The new key connects via cellular tower every few minutes and uploads your information to the same network as the old key. No more land-lines!!
That brings me to the only issues I have with the new device…its appearance! I guess they got a lot of feedback that the old style was too small and was easy to lose, and the numbers were too hard to read, anyway, it’s now much larger, white with giant blue buttons. Giant backlighting and a flashlight make it even cheesier, and around our office we call them “the Jitterbug keys”, after that phone that’s designed for seniors? The one with the TV commercials?
The ActiveKey… or the Jitterbug?
Jim Allyn
Broker
Allyn and Associates
480-296-4304
Edited: July 28th, 2010
Arizona Attorney General on Loan Modification
AZ Attorney General Terry Goddard had the following to say regarding mortgages and loan modification. This quote shows that he has a better picture of what is happening in our economy than most, and it makes me hope that he’ll try a run for governor soon. On his Facebook page, Goddard says:
“It is in the best interests of all concerned parties – borrowers, investors in mortgage-backed securities, servicers, communities and the nation’s economy – to, whenever possible, avoid foreclosures by modifying loan terms to make them affordable for borrowers”
Thank you Mr. Goddard!
Edited: December 16th, 2009
Homes Sales to Increase in 2009
We all know the first half of 2009 will be challenging, to say the least. But how are we going to look by the end of 2009? Well, the National Association of REALTORS announced their projected sales numbers for 2009 and for the first time in years the projections aren’t all bad, in fact by the end of 2009 most housing numbers are expected to increase.
The good news, after 2 years of falling home sales, the NAR estimates a 6% increase in existing home sales in 2009. They also project a slight increase in the median home price from $198,600 in 2008 to $200,800 in 2009. It may be a small increase (1.1%) but it’s a major improvement from the previous years -9.3% drop.
The NAR also has a number they refer to as the affordability index, which relates the median price of a home to the median income of buyers. Right now it’s at 131, which means that a buyer making the median income has 131% of the income necessary to buy a home priced at the median price.
That’s a mouthful, but what it means is that homes are more affordable now than in a long time, and home sales are expected to be up 6 or more percent in 2009!
If you would like more information about investing in Arizona real estate or Phoenix foreclosures and REOs contact Jim and Kathy at jimandkathy@allynassociates.com.
Source: January 2009 issue of REALTOR magazine
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Edited: February 4th, 2009
Short Sales Can Benefit Everyone
Short Sales and foreclosures made up over 40% of sales in the third quarter of 2008 making short sales commonplace in the Phoenix area. Without experience and persistence a short sale can be very challenging to close. But before we get into the details of short sale challenges let’s answer a very basic question, What is a Short Sale?
A short sale is when a mortgage holder accepts less for the property than what is owed. It’s that simple, but seeing the sale through to the finish can be a long and arduous process. Each financial institution is different, I’ve seen Short Sales take anywhere from 6 weeks to 6 months to close, the average usually falling somewhere in the middle.
The first step is to call your lender, discuss your situation and the possibility of a short sale. Request information on their short sale process and a ”Short Sale Packet.” Next, talk to your REALTOR about listing your property. You may need an offer on the table to get the lender to look at your packet, so be sure to discuss the offer and approval processes with your lender. And as with all major financial decisions you should consult your Accountant and/or Attorney to discuss the financial implications.
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Edited: February 3rd, 2009
What is a Short Sale?
Short Sales and foreclosures made up over 40% of sales in the third quarter of 2008 making short sales commonplace in the Phoenix area. Without experience and persistence a short sale can be very challenging to close. But before we get into the details of short sale challenges let’s answer a very basic question, What is a Short Sale?
A short sale is when a mortgage holder accepts less for the property than what is owed. It’s that simple, but seeing the sale through to the finish can be a long and arduous process. Each financial institution is different, I’ve seen Short Sales take anywhere from 6 weeks to 6 months to close, the average usually falling somewhere in the middle.
The first step is to call your lender, discuss your situation and the possibility of a short sale. Request information on their short sale process and a ”Short Sale Packet.” Next, talk to your REALTOR about listing your property. You may need an offer on the table to get the lender to look at your packet, so be sure to discuss the offer and approval processes with your lender. And as with all major financial decisions you should consult your Accountant and/or Attorney to discuss the financial implications.
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Edited: February 2nd, 2009