Simplifying the Foreclosure Process

There are a variety of opportunities in the Greater Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

The foreclosure process can be incredibly confusing. Today, we break it down and make it easy to understand. It helps to look at it as a 5-step process:

1. Missed payments: After you have missed your payments for 3 to 6 months, the bank is going to send out a public notice of trusty sale.
2. Waiting period: Once the public notice has been sent, you have 90 days to take action.
3. Public auction: If 90 days pass after the initial public notice, your home will be auctioned off at the courthouse steps. If you don't make the payments you owe at this point, a third party can buy your home.
4. REO property: If nobody bids, or if the amount isn't above what's owed, your home becomes what is referred to as a "real estate owned" property. At this stage, the bank will designate an agent to sell the property. This stage could take anywhere from 6 to 15 months.
5. Sold: After all this has happened, the foreclosure is finally over. The process varies in length - depending on the quickness of the filings and how quickly the various parties move to bring the process to an end.

As you can see, the foreclosure process is much easier to understand when broken down into the different stages involved. If you have any further questions about this topic, we would love to hear from you. Give us a call or shoot us an email. We look forward to chatting with you soon!

What Can an Open House Do for Your Home Sale?

There are a variety of opportunities in the Greater Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Many people aren't sure whether having an open house will help sell their Phoenix home. Today we'll talk about the pros and cons so you can decide if it's the right strategy for you.

Pros

• An open house will get more eyes on your home. Many people want to walk through a property and experience it first hand; since many homeowners don't offer an open house, you have an advantage by doing so.
• Your neighbors will likely check it out. This is huge because they may know someone who is looking to move to the area, and people love to pick their neighbors.
• You have control over how your home is presented. This is a nice luxury to have - you get to set the scene so your home shows at its best.
• Some people will check out multiple open houses before buying. If you don't even have the option, many people who might otherwise be interested in your home will never check it out. 
• You get to choose when you show it. You can schedule your open house for a time that works for you. 

Cons

• Nosy neighbors may be an annoyance during the process. This is the flip side of having neighbors who are looking at your home for a friend.
• You attract dreamers. You may get some folks who can't realistically afford to purchase your home, but want to walk through anyway.
• It makes your home vulnerable. You need to be cautious about what you leave lying around the house. It may be best to keep all valuables locked away in the event a burglar uses the open house as an easy opportunity.
• Professional lookers may be an annoyance. People that aren't even considering purchasing a home may come by just because they like to look. 

Overall, we think having an open house is a great idea. The pros outweigh the cons, most of which are pretty unlikely if the open house is done right. It all comes down to using effective marketing and knowing what you're doing. An agent can help with that and more.

If you still have questions about whether an open house is right for you, don't hesitate to give us a call or shoot us an email. We would love to help make your life a little easier. 

The Many Facets of Escrow

There are a variety of opportunities in the Greater Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

 Today we are going to talk about a confusing real estate term that describes a number of different things: escrow. We hope you will be better informed and knowledgeable about the subject with our guidance.

When your home goes under contract, an agent will "open escrow". Basically, they are going to take the check from the buyer and deposit it to an intermediate, third-party title company, who will handle all the closing.

The part where it gets confusing is when you work with a lender. A lender will start an "escrow account" where the property taxes and insurance are held and paid for by the lender. This is totally different than the upfront, title portion. At the end of it, you will close escrow, which means that the ownership will now shift from seller to buyer.

If you have any questions about escrow or anything else real estate related, give us a call or send us an email. We would be glad to answer aqny question you may have.