I received the following email recently from a fairly indignant potential buyer: “I would like to know how you are listing this home as not a short sell as this house is already in foreclosure and is scheduled to go up for auction in a couple weeks?” That's an easy answer actually. You see, the status “short sale” and the status “foreclosure” aren't related in causality. One can occur without the other and contrary to popular belief one doesn't cause the other. There is much … [Read more...]
Boo hoo for the CEO of J.P. Morgan Chase. $52M per day profit isn’t enough.
J.P. Morgan Chase & Co reported quarterly results today. Their profit is up 47%. How many dollars is that? $4,800,000,000 That's 4.8 billion dollars. Billion with a B. Profit. In 91 days. I'll do the math for you. J.P. Morgan Chase made $52,747,252 *in profit* EVERY SINGLE DAY during the 4th quarter of 2010. That includes the days they were closed for business. Fifty two million dollars a day profit. Ponder that. These earnings were reported on MarketWatch at 12:29pm … [Read more...]
Phoenix Foreclosure Listings on a Google Map. Scary stuff.
I've often said that one day Google is going to own the planet, or at least the display of and access to the world's data”¦ From Jonathan Miller, a New York real estate appraiser, analyst and blogger (and one of the smartest and nicest guys I've ever met) comes this little gem ”“ Google Maps of foreclosure listings (via ChartPorn). Apparently buried in the bazillion pages, products and services that Google has is a feature that displays foreclosure listings on a Google Map. Here is an … [Read more...]
The Foreclosure Process in Arizona. With spiffy graphic!
“How does the foreclosure process work in Arizona?” “If I stop making house payments, how long until the lender forecloses on my home?” “I'm thinking about buying foreclosures at auction. What is that process?” Those questions “and some horribly misguided / flat-out wrong answers” come up often in both on and off-line conversations. Before we dive into the foreclosure process in Arizona, allow me to make one thing perfectly clear: I am not an attorney, nor do I play one on … [Read more...]
Phoenix Short Sales: Short Sale Seller Advisory
At this moment in time, there are 17,066 homes listed as short sales in the Phoenix real estate market. With 43,998 total listings, that means 38.8% of all homes listed for sale in the Phoenix area are short sales (meaning the owner is attempting to sell their home for less than they owe on their loan(s) -- they are “under water” on their mortgage). In other words, short sales aren't going away any time soon. The decision to short sell your home is not an easy one ”“ there is a lot, a WHOLE … [Read more...]
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The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...