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short sale

Lightning and Thunderhill Short Sale

You’ve probably heard the phrase “catching lightning in a bottle”. It’s used to explain an extraordinary event – when an elusive energy is captured and subsequently harnessed to achieve the unachievable. Sports coaches and managers often use “catching lightning in a bottle” to describe an unexpected victory. It has become part of their vernacular, a cliché utilized almost as frequently as “we have...
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The Exponential Power of a Business Partner

The view of the Hudson River is breathtaking and best enjoyed with a glass of cabernet. Last month, as I relaxed on the deck of my in-law’s house in upstate New York, gazing out at the sunset, I couldn’t help but think of how blessed I was to have such a trustworthy business partner back in Phoenix. Manny Romero and I met four years ago through a real estate investment education company. We hit...
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What Does Foreclosure Really Mean?

Foreclosure. What does it mean exactly? According to Google dictionary, foreclosure is: The process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up mortgage payments. Well stated. Foreclosure is a process, something that happens to a property, not what the property becomes. It really bugs me when I hear someone say, “I want to start buying f...
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Short Sales Getting Shorter?

The gestation period for a squirrel is 45 days and they typically have 2-6 babies in a litter. I know this because I did a Google search for “45 day gestation”. The reason for my query is I just got acceptance on a short sale offer I wrote 45 days ago. It got me wondering how many other things take 45 days to finish. Here’s the approval letter: The loan servicer is Green Tree Servicing, ...
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Reverse Comping a Short Sale Deal

Comparable – of equivalent quality, a worthy comparison. In the real estate business we refer to comparable sales as comps because real estate professionals are way too busy to say comparable sales. If I’m searching for comparable sales on a house I plan to fix and flip I call it comping. My spell check says comping is not a word. It suggests I use the word coping, or chomping. But since...
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Closed: Long lost Las Arboledas

Imagine you live next to a vacant home.  Not too ordinary given today’s real estate market right?  But this house has been vacant a long time, a very, very, very, very, very long time. This home has been vacant so long all four seasons changed – twice. I posted here about Las Arboledas on January 13th.  I wrote a short sale offer on the Gold Canyon, Arizona property in August, 2010.  It had ...
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Short Sale Diamonds in the Rough

The last house I bought at a trustee’s sale was November 22nd, 2011.  The last REO I purchased was December 20th, 2011. It’s not from a lack of effort. The last week of February and the first two weeks of March I bid daily, on as many as 6-8 houses.  The closest I came on one property was $11,000 short of the winning bid.  Needless to say, it’s silly season down at the courthouse steps. ...
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Long Lost Las Arboledas

467 Days.  That’s how long it took to buy the house on Las Arboledas in Gold Canyon, a picturesque little suburb located 30 miles east of Phoenix.  A short sale listed on the Arizona Regional Multiple Listing Service, I knew the property would make for an ideal second home.  So why did it take so long to purchase? Here’s the story… http://youtu.be/6lqn_ylib1w  
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Short Sale, Tall Profit on 37th Way

It’s sort of like big game hunting.  Patience is required.  And you must know how to look for signs.  Yes, acquiring a short sale on the Arizona Regional Multiple Listing Service (ARMLS) is a special skill. It all starts with the Plano.  This is the information sheet that includes a picture of the home and the details (square footage, lot size, bed/bath count, etc).  There are also public remar...
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