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Tucson Short Sales – Part 5 – End Game Short Sales

Tucson Realtor - Michael Krotchie — Tue, 05 Jan 2010 15:25:32 +0000

This is the fifth and final installment in my Tucson Short Sales series. I would suggest reading part one (Tucson Short Sales – Part 1 – What are Short Sales?) part two (Tucson Short Sales – Part 2 – I’m Ready to Short Sale My Home.. What Are The Repercussions?) part three (Tucson Short Sales – Part 3 – How to Short Sale My Home) and part four (Tucson Short Sales – Part 4 – The Offer is in to the Bank) before reading this article.

Once your purchase package has been submitted to the bank it will typically pass through several levels before reaching someone who has the actual authority to make a decision on the offer.

Larger lenders have different negotiators at each level who each have a specific task. A bottom level negotiator will typically review a package for completeness and ensure that everything is signed as required. A mid-level negotiator will typically order an appraisal or BPO on the property to find current market value and then attach that to the file and pass it on. And a high level negotiator will take all of the information provided along with the valuation of the home and render a decision.

The same process applies for smaller banks but usually one negotiator handles all of the tasks listed above.

“How much will the bank accept?” is the question I am usually asked by potential clients.

You will usually hear that there is a magic formula that lenders use to decide whether or not a short sale offer is sufficient. And truthfully, there probably are. But there isn’t an industry standard that can be cited in this article that you can use to accurately gauge your chances of obtaining a short sale acceptance.

It is different for every lender and for every situation. I’ve had deals with the same lender (Bank of America) where they were willing to accept different percentage of payoffs for properties just months apart. By the time you read this article the standards will have probably changed again and they will continue to evolve for the next few years as we work our way out of this mess.

If you would like to search the Tucson MLS for Short Sale, Bank-Owned, or Foreclosure homes, search for Tucson Homes for Sale or contact me for a comprehensive list.

If you would like assistance in avoiding foreclosure feel free to contact me for a no-cost consultation.

Tucson Short Sales – Part 4 – The Offer Is In To The Bank This is the fourth installment in my Tucson Short Sales...
Tucson Short Sales – Part 1 – What are Short Sales? Since the real estate boom of 2003-2005 the Tucson real...
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Surprise! You’re in a flood zone!

Tucson Realtor - Michael Krotchie — Mon, 04 Jan 2010 12:38:42 +0000

After waking up this morning and having a cup of coffee I came across the following article in the LA Times while progressing through my daily news read:

Homeowners forced to buy flood insurance after FEMA redraws maps

I had eerie flashbacks to our own situation here in Marana back in 2006 after moving into my house because .. well.. the same thing happened!

Some background to catch you up:

http://www.michaelkrotchie.com/fema-revising-flood-plain-maps-in-pima-county/
http://www.michaelkrotchie.com/marana-floodplain-issue-closer-to-being-resolved/

I find it frustrating that FEMA proposes “revised” floodplain maps without first consulting with the areas involved. In most cases the town/city/county(s) end up coming out of pocket for a private study to be performed to find out if FEMA’s assessment really is valid.

Here in Marana, most of the areas placed in the new floodplain were removed, with only a small portion being re-classified into the floodplain.

Essentially what is happening is that FEMA is playing the “better safe than sorry” card and drawing new maps to be in “danger zones” and then placing the onus on homeowners or government officials to prove them wrong. Don’t get me wrong, no one wants to be unsafe, but no one wants to suffer from the effects of being in a floodplain if they don’t have to.

(Just a brief note if you didn’t read the above articles, for federally backed mortgages (almost all of them are), flood insurance is required if you are designated to be in a floodplain.)

Marana Floodplain Issue Closer to Being Resolved! For those of you located in Marana (including me!) we...
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Gray and Rainy.. I Love It! Here is the followup article from the AZ Daily Star...

Pima County Distressed Property Report November 15 – December 15

Tucson Realtor - Michael Krotchie — Wed, 16 Dec 2009 23:56:21 +0000

	ACTIVE	SHORT SALES	REO	% DISTRESSED	SOLD	SHORT SALES	REO	% DISTRESSED
By County
Maricopa County	34,446	12,575	4,473	49.49%	6,768	1,421	2,759	61.76%
Pima County	7,745	1,604	815	31.23%	988	149	285	43.93%
Pinal County	4,144	1,714	655	57.17%	961	195	438	65.87%

Phoenix Area
Ahwatukee-Foothills	678	265	61	48.08%	112	23	31	48.21%
Anthem	235	136	10	62.13%	58	19	15	58.62%
Apache Junction	469	128	80	44.35%	82	17	39	68.29%
Avondale	541	314	101	76.71%	198	39	111	75.76%
Buckeye	921	386	175	60.91%	236	52	123	74.15%
Chandler	1,665	755	206	57.72%	365	87	120	56.71%
Carefree-Cave Creek	596	135	37	28.86%	59	12	23	59.32%
Fountain Hills	607	107	52	26.19%	57	11	19	52.63%
Gilbert	1,810	977	181	63.98%	397	118	109	57.18%
Glendale	1,421	677	267	66.43%	417	94	183	66.43%
Goodyear	715	319	109	59.86%	201	50	79	64.18%
Mesa	3,365	1,225	481	50.70%	663	135	279	62.44%
Paradise Valley	523	54	19	13.96%	23	6	6	52.17%
Peoria	1,363	610	192	58.84%	282	68	116	65.25%
Phoenix	8,768	3,497	1,438	56.28%	1,987	374	936	65.93%
Queen Creek	1,168	682	132	69.69%	370	103	130	62.97%
Scottsdale	4,909	1,078	369	29.48%	581	112	171	48.71%
Sun City	1,492	109	75	12.33%	178	9	24	18.54%
Sun City West	577	24	17	7.11%	76	0	5	6.58%
Surprise	1,546	748	179	59.96%	352	88	126	60.80%
Tempe	926	256	129	41.58%	97	16	28	45.36%

Tucson Area
Central Tucson	954	134	110	25.58%	122	17	30	38.52%
East Tucson	483	106	58	33.95%	58	12	13	43.10%
North Tucson	763	57	27	11.01%	71	9	9	25.35%
Northeast Tucson	446	53	31	18.83%	45	6	8	31.11%
Northwest Tucson	2,023	401	170	28.23%	230	36	41	33.48%
South Tucson	528	210	115	61.55%	89	16	47	70.79%
Southeast Tucson	587	191	56	42.08%	90	14	18	35.56%
Southwest Tucson	597	178	100	46.57%	100	16	53	69.00%
West Tucson	423	81	48	30.50%	56	8	24	57.14%
Extended Northwest	139	22	21	30.94%	21	1	7	38.10%
Extended South	539	150	55	38.03%	78	13	29	53.85%
Extended Southwest	362	38	30	18.78%	40	5	11	40.00%
Extended West	74	14	11	33.78%	3	0	0	0.00%
All Tucson	6,014	1,249	669	31.89%	779	122	238	46.21%

Prescott MLS	2,446	221	262	19.75%	200	17	79	48.00%
Lake Havasu MLS	4,189	357	751	26.45%	382	28	190	57.07%
Green Valley MLS	921	43	24	7.27%	61	4	2	9.84%
White Mountains MLS	1,895	64	137	10.61%	81	4	28	39.51%

Information is taken from ARMLS, TARMLS, WARDEX, GV/SAH MLS, PAAR MLS & White Mntns MLS on 12/16/09 and includes All Residential Actives, all dwelling types. Solds are for the period 11/15/09 – 12/15/09. REOs are Foreclosures (Real Estate Owned)

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November 2009 Price Statistics: Pima County

Tucson Realtor - Michael Krotchie — Tue, 08 Dec 2009 16:28:25 +0000

November 2009 Price Statistics: Pima County
Active List Price Range	6,447 (# of Listings)	% of Market	Months supply of Inventory	DOM	1,031 (Sold # of Listings)	% of Market
$19,999 or under	0	0.00%	0.00	0	1	0.10%
$20,000 thru $29,999	8	0.12%	0.62	111	13	1.26%
$30,000 thru $39,999	30	0.47%	1.76	124	17	1.65%
$40,000 thru $49,999	70	1.09%	4.67	97	15	1.45%
$50,000 thru $59,999	88	1.36%	3.03	103	29	2.81%
$60,000 thru $69,999	105	1.63%	4.20	115	25	2.42%
$70,000 thru $79,999	159	2.47%	7.23	94	22	2.13%
$80,000 thru $89,999	191	2.96%	5.79	94	33	3.20%
$90,000 thru $99,999	174	2.70%	4.24	108	41	3.98%
$100,000 thru $119,999	341	5.29%	4.32	99	79	7.66%
$120,000 thru $139,999	487	7.55%	4.68	98	104	10.09%
$140,000 thru $159,999	526	8.16%	4.46	105	118	11.45%
$160,000 thru $179,999	458	7.10%	4.05	106	113	10.96%
$180,000 thru $199,999	419	6.50%	5.59	119	75	7.27%
$200,000 thru $249,999	821	12.73%	5.91	113	139	13.48%
$250,000 thru $299,999	595	9.23%	7.53	116	79	7.66%
$300,000 thru $349,999	356	5.52%	8.09	132	44	4.27%
$350,000 thru $399,999	285	4.42%	10.18	132	28	2.72%
$400,000 thru $449,999	167	2.59%	9.82	131	17	1.65%
$450,000 thru $499,999	198	3.07%	18.00	138	11	1.07%
$500,000 thru $549,999	126	1.95%	15.75	137	8	0.78%
$550,000 thru $599,999	142	2.20%	35.50	167	4	0.39%
$600,000 thru $649,999	76	1.18%	10.86	133	7	0.68%
$650,000 thru $699,999	85	1.32%	42.50	148	2	0.19%
$700,000 thru $749,999	59	0.92%	29.50	125	2	0.19%
$750,000 thru $799,999	65	1.01%	65.00	175	1	0.10%
$800,000 thru $849,999	36	0.56%	N/A	165	0	0.00%
$850,000 thru $899,999	50	0.78%	N/A	181	0	0.00%
$900,000 thru $949,999	17	0.26%	17.00	108	1	0.10%
$950,000 thru $999,999	37	0.57%	N/A	183	0	0.00%
$1,000,000 thru $1,249,999	60	0.93%	60.00	157	1	0.10%
$1,250,000 thru $1,499,999	77	1.19%	77.00	144	1	0.10%
$1,500,000 thru $1,749,999	33	0.51%	33.00	171	1	0.10%
$1,750,000 thru $1,999,999	29	0.45%	N/A	191	0	0.00%
$2,000,000 thru $2,249,999	11	0.17%	N/A	140	0	0.00%
$2,250,000 thru $2,499,999	20	0.31%	N/A	186	0	0.00%
$2,500,000 thru $2,749,999	9	0.14%	N/A	118	0	0.00%
$2,750,000 thru $2,999,999	12	0.19%	N/A	244	0	0.00%
$3,000,000 thru $3,249,999	1	0.02%	N/A	86	0	0.00%
$3,250,000 thru $3,499,999	7	0.11%	N/A	127	0	0.00%
$3,500,000 thru $3,749,999	1	0.02%	N/A	404	0	0.00%
$3,750,000 thru $3,999,999	7	0.11%	N/A	196	0	0.00%
$4,000,000 thru $4,249,999	0	0.00%	N/A	0	0	0.00%
$4,250,000 thru $4,499,999	0	0.00%	N/A	0	0	0.00%
$4,500,000 thru $4,749,999	2	0.03%	N/A	157	0	0.00%
$4,750,000 thru $4,999,999	1	0.02%	N/A	357	0	0.00%
$5,000,000 thru $5,999,999	4	0.06%	N/A	54	0	0.00%
$6,000,000 thru $6,999,999	1	0.02%	N/A	281	0	0.00%
$8,000,000 thru $8,999,999	1	0.02%	N/A	123	0	0.00%

Actives: The average price for the 6,447 properties is $331,419.
The average Market Time is 119 days
Solds: The average price for the 1,031 properties is $188,582.
The average Market time was 73 days

Property Type Residential Areas Extended Southwest, Central, Northeast, Extended Northwest, Extended West, Pima Northwest, Pima Far West, South, Extended Northeast, Southwest, West, Extended South, North, Northwest, Pima Southwest, Pima East, East, Southeast, Pima South Statuses Active, Active Capa, Active Contingent. Statistic from TARLS. Listings as of 11/7/2009. Information deemed reliable but not guaranteed.

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Pima County Distressed Property Report Oct 12-Nov12

Tucson Realtor - Michael Krotchie — Fri, 13 Nov 2009 20:57:49 +0000

	ACTIVE LISTINGS	SHORT SALES	REO	% DISTRESSED	SOLD LISTINGS	SHORT SALES	REO	% DISTRESSED
By County
Maricopa County	33,892	12,477	4,148	49.05%	7,361	1,372	3,148	61.40%
Pima County	7,874	1,584	785	30.09%	1,092	106	348	41.58%
Pinal County	4,042	1,703	611	57.25%	892	155	433	65.92%

Phoenix Area
Ahwatukee-Foothills	651	240	53	45.01%	111	25	30	49.55%
Anthem	246	143	14	63.82%	69	17	17	49.28%
Apache Junction	459	124	70	42.27%	80	7	43	62.50%
Avondale	516	314	79	76.16%	189	41	100	74.60%
Buckeye	878	396	149	62.07%	250	37	141	71.20%
Chandler	1,640	745	194	57.26%	402	99	130	56.97%
Carefree-Cave Creek	606	133	37	28.05%	56	8	19	48.21%
Fountain Hills	596	101	50	25.34%	50	5	17	44.00%
Gilbert	1,782	965	163	63.30%	430	122	130	58.60%
Glendale	1,402	669	250	65.55%	456	78	233	68.20%
Goodyear	736	350	109	62.36%	188	34	81	61.17%
Mesa	3,235	1,188	430	50.02%	804	156	320	59.20%
Paradise Valley	515	56	22	15.15%	33	4	8	36.36%
Peoria	1,311	556	171	55.45%	306	67	127	63.40%
Phoenix	8,662	3,479	1,342	55.66%	2,200	342	1,128	66.82%
Queen Creek	1,189	724	118	70.82%	374	82	145	60.70%
Scottsdale	4,932	1,119	335	29.48%	567	108	155	46.38%
Sun City	1,458	111	78	12.96%	183	9	30	21.31%
Sun City West	566	25	17	7.42%	72	4	7	15.28%
Surprise	1,549	725	177	58.23%	378	80	152	61.38%
Tempe	894	244	115	40.16%	164	26	47	44.51%

Tucson Area
Central Tucson	976	120	107	23.26%	140	8	34	30.00%
East Tucson	501	110	50	31.94%	78	6	22	35.90%
North Tucson	771	62	24	11.15%	78	5	17	28.21%
Northeast Tucson	462	45	24	14.94%	46	5	10	32.61%
Northwest Tucson	2,043	385	148	26.09%	273	27	67	34.43%
South Tucson	533	220	110	61.91%	116	14	67	69.83%
Southeast Tucson	579	177	59	40.76%	95	9	26	36.84%
Southwest Tucson	623	193	111	48.80%	99	12	43	55.56%
West Tucson	437	75	56	29.98%	64	7	26	51.56%
Extended Northwest	152	20	19	25.66%	17	1	7	47.06%
Extended South	546	137	51	34.43%	76	9	23	42.11%
Extended Southwest	346	38	29	19.36%	25	4	5	36.00%
Extended West	74	13	8	28.38%	2	0	1	50.00%
All Tucson	6,155	1,256	655	31.05%	898	79	296	41.76%

Prescott MLS	2,496	276	258	21.39%	223	22	78	44.84%
Lake Havasu MLS	3,537	215	434	18.35%	354	25	191	61.02%
Green Valley MLS	918	45	25	7.63%	51	3	5	15.69%
White Mountains MLS	2,011	74	141	10.69%	110	4	30	30.91%

Information is taken from ARMLS, TARMLS, WARDEX, GV/SAH MLS, PAAR MLS & White Mntns MLS on 11/13/09 and includes All Residential Actives, all dwelling types. Solds are for the period 10/12/09 – 11/12/09. REOs are Foreclosures (Real Estate Owned)

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1351 East Fort Lowell #E, Tucson, AZ 85719 – Great Investment Opportunity

Tucson Realtor - Michael Krotchie — Wed, 11 Nov 2009 23:57:25 +0000

1351 East Fort Lowell #E

Check out this cozy, perfectly located 3Br/3ba condo located in the heart of the city. Fabulous location near bus, shopping & UA. Pool view from master bedroom balcony or covered patio, HOA fees include roof, exterior paint, hazard insurance, landscaping, exterior pest control. Priced to sell!

$99,500

Google Maps Link

View MORE Info

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Pima Price Statistics for October 2009

Tucson Realtor - Michael Krotchie — Sat, 07 Nov 2009 13:55:57 +0000

Pretty typical results, the majority of market activity is occurring between $100k and $250k. Compared to a year ago the floor is a bit lower, mostly due to the rash of short sales and foreclosures.

Active List Price Range	6,233 # of Listings	% of Market	Months supply of Inventory	DOM	1035 Sold # of Listings	% of Market
$19,999 or under	0	0.00%	0.00	0	2	0.19%
$20,000 thru $29,999	10	0.16%	0.91	100	11	1.06%
$30,000 thru $39,999	25	0.40%	1.39	121	18	1.74%
$40,000 thru $49,999	62	0.99%	3.10	100	20	1.93%
$50,000 thru $59,999	85	1.36%	4.05	104	21	2.03%
$60,000 thru $69,999	93	1.49%	4.04	115	23	2.22%
$70,000 thru $79,999	120	1.93%	3.43	104	35	3.38%
$80,000 thru $89,999	149	2.39%	4.38	94	34	3.29%
$90,000 thru $99,999	183	2.94%	3.89	106	47	4.54%
$100,000 thru $119,999	308	4.94%	3.38	101	91	8.79%
$120,000 thru $139,999	438	7.03%	3.56	98	123	11.88%
$140,000 thru $159,999	459	7.36%	4.50	107	102	9.86%
$160,000 thru $179,999	482	7.73%	4.73	108	102	9.86%
$180,000 thru $199,999	410	6.58%	6.61	111	62	5.99%
$200,000 thru $249,999	803	12.88%	6.32	107	127	12.27%
$250,000 thru $299,999	585	9.39%	9.44	110	62	5.99%
$300,000 thru $349,999	351	5.63%	7.98	132	44	4.25%
$350,000 thru $399,999	303	4.86%	8.42	134	36	3.48%
$400,000 thru $449,999	169	2.71%	9.94	135	17	1.64%
$450,000 thru $499,999	195	3.13%	21.67	133	9	0.87%
$500,000 thru $549,999	118	1.89%	9.08	122	13	1.26%
$550,000 thru $599,999	149	2.39%	12.42	160	12	1.16%
$600,000 thru $649,999	76	1.22%	25.33	121	3	0.29%
$650,000 thru $699,999	96	1.54%	16.00	124	6	0.58%
$700,000 thru $749,999	56	0.90%	14.00	120	4	0.39%
$750,000 thru $799,999	72	1.16%	24.00	163	3	0.29%
$800,000 thru $849,999	43	0.69%	43.00	155	1	0.10%
$850,000 thru $899,999	48	0.77%	48.00	173	1	0.10%
$900,000 thru $949,999	18	0.29%	9.00	110	2	0.19%
$950,000 thru $999,999	37	0.59%	37.00	165	1	0.10%
$1,000,000 thru $1,249,999	65	1.04%	32.50	162	2	0.19%
$1,250,000 thru $1,499,999	75	1.20%	N/A	117	0	0.00%
$1,500,000 thru $1,749,999	39	0.63%	N/A	184	0	0.00%
$1,750,000 thru $1,999,999	31	0.50%	N/A	189	0	0.00%
$2,000,000 thru $2,249,999	8	0.13%	8.00	69	1	0.10%
$2,250,000 thru $2,499,999	24	0.39%	N/A	184	0	0.00%
$2,500,000 thru $2,749,999	9	0.14%	N/A	90	0	0.00%
$2,750,000 thru $2,999,999	13	0.21%	N/A	220	0	0.00%
$3,000,000 thru $3,249,999	1	0.02%	N/A	53	0	0.00%
$3,250,000 thru $3,499,999	6	0.10%	N/A	111	0	0.00%
$3,500,000 thru $3,749,999	3	0.05%	N/A	242	0	0.00%
$3,750,000 thru $3,999,999	6	0.10%	N/A	173	0	0.00%
$4,000,000 thru $4,249,999	0	0.00%	N/A	0	0	0.00%
$4,250,000 thru $4,499,999	0	0.00%	N/A	0	0	0.00%
$4,500,000 thru $4,749,999	3	0.05%	N/A	205	0	0.00%
$4,750,000 thru $4,999,999	2	0.03%	N/A	282	0	0.00%
$5,000,000 thru $5,999,999	3	0.05%	N/A	155	0	0.00%
$6,000,000 thru $6,999,999	1	0.02%	N/A	248	0	0.00%
$8,000,000 thru $8,999,999	1	0.02%	N/A	90	0	0.00%

Actives: The average price for the 6,233 properties is $345,104
The average Market Time is 117 days

Solds: The average price for the 1035 properties is $195,326
The average Market time was 71 days

Property Type Residential Areas Extended Southwest, Central, Northeast, Extended Northwest, Extended West, Pima Northwest, Pima Far West, South, Extended Northeast, Southwest, West, Extended South, North, Northwest, Pima Southwest, Pima East, East, Southeast, Pima South Statuses Active, Active Capa, Active Contingent. Statistic from TARLS. Listings as of 11/4/2009. Information deemed reliable but not guaranteed.

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Tucson MLS 24-Hour Change Statistics for 7/13/2009

Tucson Realtor - Michael Krotchie — Mon, 13 Jul 2009 14:55:57 +0000

New Listings

Back on Market

Price Increases

Price Reductions

Contingents

Pendings

Solds

Expireds

Inactives

Tucson MLS 24-Hour Change Statistics for 5/5/2009

Tucson Realtor - Michael Krotchie — Tue, 05 May 2009 20:11:44 +0000

New Listings

147

Back on Market

Price Increases

Price Reductions

107

Contingents

Pendings

Solds

Expireds

Inactives

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Tucson MLS 24-Hour Change Statistics for 5/2/2009

Tucson Realtor - Michael Krotchie — Sat, 02 May 2009 19:30:01 +0000

New Listings

121

Back on Market

Price Increases

Price Reductions

Contingents

Pendings

Solds

Expireds

Inactives

No related posts.

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Tucson Short Sales – Part 5 – End Game Short Sales

Surprise! You’re in a flood zone!

Homeowners forced to buy flood insurance after FEMA redraws maps

Pima County Distressed Property Report November 15 – December 15

November 2009 Price Statistics: Pima County

Pima County Distressed Property Report Oct 12-Nov12

1351 East Fort Lowell #E, Tucson, AZ 85719 – Great Investment Opportunity

$99,500

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Pima Price Statistics for October 2009

Tucson MLS 24-Hour Change Statistics for 7/13/2009

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Tucson MLS 24-Hour Change Statistics for 5/5/2009

Tucson MLS 24-Hour Change Statistics for 5/2/2009