Posts from — June 2010

Bank of America continues to outdo themselves with their ridiculous short sale policies & procedures and one of the biggest time-bombs that they are setting to go off is the future HELOC mess they are creating for themselves.

Bank of America HELOCS (Home Equity Line of Credit) are basically handled by the charge-off department of Bank of America. In a short sale situation banks usually approve the short sale thereby releasing the lien on the property so the property can be sold. So far, this is all good.

The problem is that Bank of America will NOT RELEASE THE DEBT!! This means that the borrower is still responsible for the mortgage amount, even though they no longer own the property! This is where their future problems begin.

They “charge-off” this debt to their collection department where it is then “collected” in the future. Now I’m not an accountant but I believe this still shows on the Bank of America books as an asset, at least for a certain period of time. So let’s multiply the average $50,000 HELOC that has been charged off by thousands of customers who NEVER will end up paying any of this.

I’m not sure what that number is but its a lot! So how does a bank have the right to show that much money as an asset on the books when in reality they will probably collect less than 10% of that amount? And why won’t they just go the route of 95% of the other banks out there that will settle the debt up front for an amount feasible for both parties, rather than dragging it out and collecting even less money??

That just doesn’t make any sense to me, unless of course you were trying to show that your company was worth a lot more than it really was…and they certainly wouldn’t be doing that!

Short sale approvals!! We’re getting them SOLD & we’re getting them CLOSED!!

Nowadays everyone is a “short sale expert” but there are very few of us that are actually getting them done! Short sales are what we do 7 days a week and we list, we sell, and we close short sales!!

If you need to short sell a property please call us at 480-241-4406 and we’ll be glad to help!

We LOVE short sale referrals!

If you know anyone who is struggling to make their mortgage payments, is upside-down in their home, or isn’t quite sure what to do in this crazy real estate market please have them contact us!

We can be reached 7 days a week at 480-241-4406 or you can email us at Sean@AzHomeHelp.com!

We are Arizona’s premier Short sale agents and we’d love to help!

May 2010 was a great month for short sales! Over 1900 short sales closed in our MLS area of greater Phoenix/Scottsdale which is the highest number of short sale closings ever!

Although inventory continues to replace closed properties as more and more sellers short sell their homes it’s very encouraging that these are getting closed!

Interest rates are at a low again so buyers are coming out and buying and as prices drop more homes become affordable. 93% of all the sales are under the $400,000 price point.

Scottsdale Luxury Home –

Sold first week on the market but we are accepting backup offers! Call 480-241-4406 for private showing appointment!