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Old 11-17-2010, 05:15 AM
 
9,822 posts, read 11,213,093 times
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Quote:
Originally Posted by khuntrevor View Post
But a bottom feeder is still a lot higher class than a realtor or a corporation that lent someone 200K, that only makes 16K. I would say my realtor put in about 25 hours of work for me--and helped me get an SFR in midtown for 15 cents on the Dollar. Using Docusign makes a huge diffeence. Completely paperless transaction, except for the Deed they will send me a copy of.

What kind of home do you get for $16K?? I assume it is completely trashed, 650 sq feet or in the roughest part of town.
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Old 11-17-2010, 05:24 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,796,455 times
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Quote:
Originally Posted by khuntrevor View Post
But a bottom feeder is still a lot higher class than a realtor or a corporation that lent someone 200K, that only makes 16K. I would say my realtor put in about 25 hours of work for me--and helped me get an SFR in midtown for 15 cents on the Dollar. Using Docusign makes a huge diffeence. Completely paperless transaction, except for the Deed they will send me a copy of.
You were fortunate. Most banks won't accept electronic signatures.

On my Chandler short sale listing with WF, the buyer electronically signed a simple addendum to extend the escrow period. WF returned it and said they required a wet signature or they would not grant the extension.
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Old 11-17-2010, 08:04 AM
 
2,879 posts, read 7,788,601 times
Reputation: 1184
Quote:
Originally Posted by MN-Born-n-Raised View Post
What kind of home do you get for $16K?? I assume it is completely trashed, 650 sq feet or in the roughest part of town.
Small house, large lot (7200+ sf). 85014 is an excellent Zipcode; 4% black, and more than half White.
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Old 11-17-2010, 08:13 AM
 
Location: Rural Michigan
6,341 posts, read 14,714,448 times
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Quote:
Originally Posted by Captain Bill View Post
You were fortunate. Most banks won't accept electronic signatures.

On my Chandler short sale listing with WF, the buyer electronically signed a simple addendum to extend the escrow period. WF returned it and said they required a wet signature or they would not grant the extension.
It's truly amusing that one of the banks doing the robo-signing, who stands accused of forging documents to process foreclosures - would insist on a wet-ink signature.

If it were my client, I'd refuse ... and come back in a couple of months with a wet-ink offer ... for $15-20k less.

The addendums and "mandatory" counter-offers from some of these banks are truly silly, and allowing a client to sign one without compensation (like a hefty price drop) seems contrary to a Realtor's fiduciary responsibility.

I believe the terms of the sale can affect the value considerably - and some of these addendums shift all of that risk to the buyer.
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Old 11-17-2010, 08:53 AM
 
289 posts, read 751,897 times
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Quote:
Originally Posted by khuntrevor View Post
Small house, large lot (7200+ sf). 85014 is an excellent Zipcode; 4% black, and more than half White.
200+ crimes "reported" in 3 months. I personally would not rate it as excellent.

Arizona Crime Search - Crime In Arizona - Phoenix Crime Search - azcentral.com
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Old 11-17-2010, 09:16 AM
 
Location: Rural Michigan
6,341 posts, read 14,714,448 times
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Quote:
Originally Posted by madmmac View Post
200+ crimes "reported" in 3 months. I personally would not rate it as excellent.

Arizona Crime Search - Crime In Arizona - Phoenix Crime Search - azcentral.com
Zip codes are worthless in the Phoenix market. Run 85254, 85032, or 85308... about 200 crimes. Are Scottsdale, north Phoenix and Arrowhead "bad" areas?

My current zip (85024) shows only 90 crimes, but there are areas within the zip that I wouldn't walk through at night with a platoon of Marines.

My old Zip code of 85255 (which includes Grayhawk) isn't reporting figures, but I can assure you that if your car has 20's and is parked outside very long, you'll find it sitting on blocks one morning.

Liars figure and figures lie.

Last edited by Zippyman; 11-17-2010 at 09:34 AM..
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Old 11-17-2010, 01:19 PM
 
278 posts, read 623,538 times
Reputation: 173
So, correct me if I'm wrong; If I have over 75% downpayment cash, and an approval for a small loan, will it be quicker to do a bank owned? AND, what about price? Apparently the listing price is almost bogus? I call this the viet nam of real estate. It's crazy. I haven't bought a home for 20 years. It was a great experience and easy. A lot has changed.
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Old 11-17-2010, 01:40 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,596,543 times
Reputation: 2201
Quote:
Originally Posted by annie7 View Post
So, correct me if I'm wrong; If I have over 75% downpayment cash, and an approval for a small loan, will it be quicker to do a bank owned? AND, what about price? Apparently the listing price is almost bogus? I call this the viet nam of real estate. It's crazy. I haven't bought a home for 20 years. It was a great experience and easy. A lot has changed.
The order of "quickness" is generally a regular (non-foreclosure) home (fastest depending on seller flexibility), bank-owned, then short sale.

Buying all cash would enable the quickest close once in escrow. Loan processing (including loan appraisal) is usually the gating item to closing. A large downpayment does not speed up the loan process, but may get you a more favorable interest rate.

As for listing price, it's best to treat any list price as suspect until you've done your own research. Look at recent comparable sales to help determine a fair price.
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Old 11-17-2010, 02:29 PM
 
278 posts, read 623,538 times
Reputation: 173
after we close on our home we will have approximately 140k to put down on a home. Do you think it's best for us to borrow from retirement than a lender??? We want to live in Ahwatukee close to our kids, but we're open to other areas near there. What do you think?
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Old 11-17-2010, 02:48 PM
 
Location: Rural Michigan
6,341 posts, read 14,714,448 times
Reputation: 10550
Quote:
Originally Posted by annie7 View Post
after we close on our home we will have approximately 140k to put down on a home. Do you think it's best for us to borrow from retirement than a lender??? We want to live in Ahwatukee close to our kids, but we're open to other areas near there. What do you think?
Unless you can do an all-cash deal, putting a large amount down won't impress the selling bank, or get you into the home any faster.

If you're looking at homes in the $300k range - why not slow down a bit and rent for a while - find the exact neighborhood that fits your lifestyle- possibly even get your own RE license so you can access the same MLS data your agent is getting - no one is going to be as careful with your money as you are.

There's also a pretty nice "commission" check you can get after closing, likely more than enough to make it worth spending the time in RE class.
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