By Brad Wandrey

1)      Online Marketing:

I’m sure it’s no surprise that the internet is the most efficient way to immediately contact the general public and spread the word about something.  Make sure that this is being taken advantage of with online marketing.  Craigslist, Zillo, the realtor’s website, Face Book and Twitter are all good resources for free advertising of a property that is for sale or rent.  Although this is a great form of free marketing, it is imperative to make sure the marketing of the property is still professional looking.  Adequate pictures and detailed descriptions will be the best way to get the most exposure and separate the listing from the thousands of other properties currently on the market.

2)      Stand Out a Sign:

Also, don’t forget about all of the people driving up and down the street.  Sometimes all that is required to make a residence stand out is the sign in the front yard.  The sign should be aesthetically pleasing but also show the basic key elements for contact.  Ideally, it will have clear contact information for the realtor, which company is representing the property and possibly a website. Using a sign rider will many times work to simply list if the property is for sale or rent.  If there is a distinguishing feature at the property, it may be a good idea to use an additional rider to indicate that feature.  Depending on the situation, a QR code on the sign can also be a good way to drive traffic back to a website with more information on the property.

3)      MLS Listing:

An MLS listing is also a standard and wonderful way to market a property.  However, it is unbelievably easy to divert potential interest with a poor MLS listing.  The use of pictures and detailed information is the key to making a good MLS listing.  Everyone loves pictures, so using a digital camera (and quality lighting) and taking pictures to accentuate selling points of a home is very important.  In addition to quality pictures, detailed text is very important as well.  It is a good idea to fill in all of the applicable fields to make sure there is as much information provided as possible. Does this take it from a good to great listing?

While there is a plethora of other ways to bring interest to a property, hopefully these tips about online marketing, sign postings and MLS listings can upgrade your listing from good to great.  Since there isn’t a single fool proof way to market a house, its best to approach the situation from multiple angles to ensure the best outcome, which is the eventual rental or sale of the house.

Blog Post by Brad Wandrey

“Honey, where did you put the orange juice?”

“Oh, I thought you drank it all?  I didn’t have breakfast because I wanted to get this last load of laundry done before we moved.”

“Okay, well let’s not worry about it.  I’m already stressed about moving.  I’m sure it is in the fridge and I just didn’t see it”

In my head, this is something that could have easily happened before one of our tenants moved out.  When I walked into the newly vacant home in the summer of 2010, I found a bottle of orange juice oddly placed inside the dryer.  Let me answer your next question now: yes, it was warm.

This is one of many examples of items that tenants have left behind.  This usually occurs when a resident has moved in haste, a couple has broken up, or perhaps just an honest mistake.  There is a broad list of items left behind on moving day which can range from dishes and exercise machines to items of a more…unmentionable nature. With that being said, here is a list of the top five items left behind by tenants (I swear I didn’t make this up):

#5:  An elliptical machine, fire pit/chairs, a television

I’m not sure about the story with this one, but throughout the multi-level house and in the back yard was left an elliptical machine, an outdoor fire pit along with a matching set of chairs and a flat screen TV.

#4:  A complete ceramic espresso cup set

There was also what appeared to be a broken espresso machine with this set.  Maybe they switched to drinking tea?

#3:  A load of dirty laundry

Yep.  There was a load of dirty laundry sitting on top of the washing machine.  It looked like it was ready to run through the washing machine and someone simply forgot it when it was time to move.

#2:  Full fridge of food and a bottle of orange juice in the dryer

As described above, there was a bottle of orange juice in the dryer, along with a freezer and fridge completely stocked with food.  Thankfully, the electricity was still turned on at this place or I’m sure that salmon in the fridge would have been pretty bad to walk into.

#1:  A stripper pole and a pair of women’s underwear

This takes the cake for craziest things that I have found.  There was a stripper pole bolted to the patio in the back yard and a pair of underwear in one of the bedrooms.  I can only imagine that the above mentioned pole was left on purpose because it was pretty hard to miss.  Maybe they thought the next tenant would like their “upgrade” to the house.

This is proof that being in the property management industry means we will always be managing a variety of properties and working with many different personalities.  If you have managed a property or moved into a vacant home to find what someone else has left behind, leave a comment below and let us know what the craziest thing is that you’ve found!

Stay tuned for more videos and content about short sales coming soon!

By Brad Wandrey

For example, if you are buying a home in the short sale or foreclosure market it doesn’t make sense to seek out a realtor with seasonal rental background when that person may not have experience with the quirks and paperwork that are involved in a short sale. They may not have the right experience or contacts for working with banks in the foreclosure market and someone that has closed on more of those types of deals.  Instead, seek out a realtor that has been through the routine.

In addition, make sure that your realtor understands the goals and limitations in place while going through the real estate purchase and has an attitude that you can get along with.  If the limit on a purchase is 100K and a realtor is showing houses at 150K, you may need to clarify your limits if you wish to continue working together.  It’s always good to make sure you get along with your realtor as well.  I know it sounds cliché but if you can’t stand being in a car with someone for an hour or two while you’re out looking at properties, imagine how poorly things could go when money and contracts enter the equation.  While talking to a realtor, think of some general questions you would ask if you were interviewing someone for a job.  Are they motivated?  Are they presentable?  Are they responsible?  Are they knowledgeable and up to date on real estate trends? I’m Ron Burgandy?

Any realtor worth their weight in salt should be able to take care of a “standard listing” but if you are looking for a property in a niche market, do some research and make sure your realtor is a specialist in that market. Whether it is a first time purchase or a seasoned investor’s purchase, the process should always be a comfortable and positive experience.

Well, the answer is maybe.

It used to be that in order for many banks to even consider your home for a short sale, you had to be a few months behind on your mortgage payments. I never really heard a detailed explanation of why this was, but I am convinced it was simply a good way to filter out the toe dippers- those people who didn’t really want or need to, but wanted to see if they could. These days, that seems to have gone out the window for most banks. The reality is that often times you can successfully short sell your home without being late or having missed payments.

Why would someone continue to pay on a home they are short selling? Well for starters, much of the damage that it done to a person’s credit during a short sale comes from the missed payments. If your short sale takes 4 months to complete and you stopped paying 3 months ago, that means that at the time you close, you have a 90+ day late payment showing on your credit. Paying through the process avoids that series of 30, 60, 90+ day dings.

And now for the coin flip.

If you are a person who is short selling their home because you lost your job, are drowning in debt, have crazy medical bills, or one of the hundred other ways someone can financially slip under these days, there is no way I am going to recommend you drain your last bit of savings paying for a home you will NOT own in a few months. I’m not advocating NOT paying, but I certainly can’t advocate doing it if it will put the final nail in your financial coffin. Often times, people realize too late that they have been bailing out the Titanic with a child’s water pale. A home gets sold or foreclosed on, and they walk away with $0 to start their new living situation. If that is your case, I think you know where I stand.

by Joseph Maggiore, Realtor/Owner

Either way, you can see how the answer is, maybe. Often times there is a surprisingly little amount of planning that sellers put into the short sale process. These days, many people are beginning to realize that it infact requires just as much thought as was dedicated to the decision to buy in the first place.

The moral of the story is- think your decisions through, all of them, and make sure you are planning for YOUR big picture!

For more information on your home short sale, visit our website or contact me directly!

Please call us today for more details,

Phoenix Business Journal, Jan 2011

Banks and mortgage lenders are shunning a $125 million foreclosure assistance program started by the state of Arizona in September.

Thus far, only one — National Bank of Arizona — has agreed to participate in a principal reduction program started by the Arizona Department of Housing.

Of the 1,055 Arizona home­owners who have applied, only one has qualified for help from the program. A National Bank borrower is slated to get $40,000 knocked off a distressed home loan. Executive Vice President Greg Wessel declined to give details about the borrower, but he said two or three more are up for approval.

The Housing Department started the Save My Home AZ program after receiving

$125 million from the Obama administration’s Hardest Hit Fund, which aims to help states with high foreclosure rates. Arizona has one of the highest foreclosure rates in the country, along with Nevada, California, Michigan and Florida. Half of the mortgages in Arizona are underwater, according to research and business services company CoreLogic.

The state program allows for borrowers facing foreclosure to receive up to $100,000 in principal reduction if their lenders agree to split that loan forgiveness with the state. To qualify, a borrower must be 60 days behind on the mortgage and be facing foreclosure.

ADH spokesman Shaun Rieve said Fannie Mae, Freddie Mac and major national banks are passing on the voluntary Arizona program.

“The program has been slow getting started due to significant resistance from lenders to consider any other foreclosure prevention programs beyond what they had to implement through (the U.S. Department of) Treasury’s HAMP program,” said Rieve, referring to the federal government’s Home Affordable Modification Program.

“When we provide examples of how our program can actually save them thousands of dollars, keep home­owners in their homes and stabilize neighborhoods, they answer that they just do not have the resources to implement another program,” he said.

RESISTANT BANKS

Bank of America, JPMorgan Chase & Co. and Wells Fargo — the three biggest banks in the Arizona market — are not part of the Save My Home AZ program.

Chase and Wells officials said they prefer forbearance programs and giving temporary help to unemployed borrowers rather than straight-up principal reductions. Chase participates in forbearance programs in Michigan and other states.

Both banks also are working with customers outside federal and state programs to help them avoid fore­closure.

Wells Fargo spokesman Tom Goyda said his bank has forgiven $3.7 billion in principal nationally since 2009, but also is focused on finding ways to help out-of-work borrowers. Both Goyda and Chase spokeswoman Mary Jane Rogers said their banks continue to talk to Arizona officials about the state program.

Freddie Mac spokesman Brad German said the underwriter is OK with forbearance, but still is considering the overall impact of principal reductions and forgiveness. Fannie Mae officials did not respond to requests for comment.

Bank of America spokesman Rick Simon said his institution also is talking to Arizona and other states about their HHF programs, but he said BofA prefers a national, across-the-board approach.

“While some states receiving funds are in the process of launching state-level programs with unique eligibility requirements and benefits, we continue to focus our collaborative efforts on implementing consistent programs nationally,” he said.

Simon said principal reductions and help for the unemployed are on the table as BofA looks at helping distressed borrowers.

Bank of America faces a consumer fraud lawsuit from Arizona and Nevada over its mortgage modification practices. Arizona Attorney General Tom Horne said earlier this month that suit was filed because BofA would not agree in writing to certain modification practices, including making sure home­owners weren’t being foreclosed on while they were working out modification terms. Chase and Wells signed off on those protocols, Horne said.

DECADE TO RECOVER

Wessel said National Bank prefers principal reductions to other antiforeclosure instruments, and that meshes with the state program. The state housing agency looks to turn around applications in 30 days, and his bank then takes 30 days to consider principal reductions under the state program. He said that approach gets to the heart of the problem, while others are less successful.

“We go straight to principal reductions. It fixes the borrower’s problem,” Wessel said. “We find the temporary solutions do not tend to work.”

Local real estate executives say other banks are very resistant to principal modifications, and that it could take a decade for the Phoenix housing market to bounce back.

“This crisis is not going to go away for 10 years,” said Dean Wegner, a mortgage banker with WJ Bradley Mortgage Capital Corp. in Scottsdale.

Wegner said he’s seeing very few principal reductions, even though that is probably the best way to help distressed borrowers and the overall market.

Joseph Maggiore, a Realtor with Realty Executives, agreed.

“Unfortunately, I only have clients that have had failed modification attempts and no real success stories,” Maggiore said.

Wegner said he’s still seeing distressed home­owners who try to work out modifications, but then get foreclosed on during the process.

“If you haven’t made a payment in three months, you can lose your house at any time,” he said.