Let us make your short sale part of this success story!  Please call or email us with any questions or concerns and we'd be glad to help!

Distressed Home Sellers report that the total Short Sale properties on the Arizona Multiple Listings Service (ARMLS) available for sale as of today is 13,157. Of these, there are 5,170 properties pending and in escrow. We also see that and additional 6,956 of the short sale listings are (AWC) “Active with Contract” and waiting for lender acceptance.

For all properties including Bank Owned, Short Sale and Traditional sales

Total Active Listing on the MLS = 12,897

Total Pending Listings on the MLS = 12,622

Mid Month Pricing Update

*On May 15 REO sales across Greater Phoenix (all types) averaged $73.99 per sq. ft. (up 4.4% from April 15). Pre-foreclosures and short sales averaged $74.33 (up 0.9%) while normal sales averaged $115.36 (up 4.2%). Normal sales again gained substantial market share, moving from 53.5% to 57.0% of sales. REOs dropped again from 21.1% to 18.4% and we expect REO sales to continue to lose market share over the rest of this year. Short sales and pre-foreclosures also lost market share, moving from 25.4% to 24.5%.

On May 15 the pending listings for all areas & types showed an average list $/SF of $94.29, 1.6% above the reading for April 15 - so pending $/SF has moved upwards again and is now at its highest level since February 4, 2009. Among those pending listings we have 41.2% normal, down from 42.4% last month, a slightly greater 17.7% in REOs and a slightly higher 41.1% in short sales and pre-foreclosures. The average pricing for pending listings on May 15 in each category was: $122.31 normal, $71.75 short sales & pre-foreclosures and $70.34 for REOs. The slight change in the mix and lower increase in pending $/SF suggest that the rate of increase for monthly sales $/SF will slow down over the next month from the rapid pace between April and May.

*Cromford Report

Limited Time Offer - Short sell your home and receive $2,500 - $30,000 in Relocation Assistance 

Are you financially distressed and want to avoid foreclosure?

Bank of America is excited to announce that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. 

Don't miss this limited-time offer to get your the help you need by initiating a pre-approved price short sale today!  

Determining eligibility is easy:

Once we initiate the short sale, Bank of America will evaluate you for this offer quickly to determine if you qualify for the enhanced relocation assistance.

You must participate in one of the pre-approved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America's proprietary program.  Specific investor participation and eligibility criteria do apply to these programs.

Have an active preapproved price short sale? Don't worry.

Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer.  Eligible homeowners actively participating in a pre-approved price short sale program (such as HAFA or Bank of America's proprietary program) will receive a letter if they qualify for the additional relocation assistance.  The relocation assistance will be paid at closing.

Frequently Asked Questions:

Q: Will the relocation assistance funds be reported on the HUD-1?

A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?

A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?

A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive.  For example, if the homeowner is eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from the homeowner incentive.

Q: Is the enhanced relocation assistance available for other programs?

A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we gauge the success we may extend this incentive to other programs.

We are experienced specialists with Bank of American and all of their Short Sale programs so rest assured we can help guide you through the process.  Please call or email with any questions so we can begin working on the Short Sale and getting you closer to the relocation assistance funds.

*The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013.  If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.

**Information provided by Bank of America.

"If you do what you say you can, you ain't braggin' "  

--Muhammed Ali

The following recent transaction involving an HSBC Short Sale property illustrates the possibilities when using an experienced, hard-working real estate team:

• Total time from listing to close= 32 days
• Buyer received $2500 in moving assistance
• Happy buyer, happy bank, happy neighbors

Enough said.  Go with a winning team working for you.

~DistressedHomeSellers.com

Distressed Home Sellers report that the total Short Sale properties on the Arizona Multiple Listings Service (ARMLS) available for sale as of today is 13,113. Of these, there are 5,120 properties pending and in escrow. We also see that and additional 6,884 of the short sale listings are (AWC) “Active with Contract” and waiting for lender acceptance.

For all properties including Bank Owned, Short Sale and Traditional sales

Total Active Listing on the MLS = 13,055

Total Pending Listings on the MLS = 12,512

~Distressed Home Sellers

Pursuant to its global mortgage settlement with the Feds, Bank of America will be sending out more than 200,000 letters starting this week to borrowers thought to be eligible for principal-reduction modifications on their loans.  Proudly estimating an eye-popping average reduction of $150,000 per loan, the bank believes they will exceed the $11 billion committed to modify mortgage debt for struggling homeowners IF (and there's always an IF) they satisfy the qualifying criteria:

• loan with Bank of America (either directly or with B of A servicing another authorizing investor)
• must owe more than the property is worth today
• more be more than 60 days late on payments as of Jan.31,
• monthly housing costs must be greater than 25% of gross household income-must make three timely mortgage payments before modifications can become permanen 

The goal of the program is to turn mortgages headed for possible foreclosure into long-term performing loans which will benefit the homeowners, the lenders, and the communities, hopefully stabilizing the market and home values.  This is positive news especially in areas hit the hardest like our state of Arizona.  If you have questions about a modification or have been denied by your lender and want to discuss the possibility of a Short Sale where the lender can provide moving assistance to qualified homeowners please give us a call or shoot us an email and we'd be glad to help!