If you are a Phoenix Arizona home buyer right now you already know that the Phoenix real estate market has heated up again. Low supply and high demand is creating multiple offer situations on most Phoenix homes for sale listings. On more than one occasion I have gone on day 1 to a new listing only to find 5-10 realtors with clients waiting outside to show property. Multiple offers drive up price and that will result in some appreciation in 2012 in my opinion.
There are other things helping the Arizona housing crisis. The time lines for short sales has shortened with most lenders. They have streamlined their processes. One example of this is Fannie Mae was just given more authority by 5 major mortgage insurers to approve a short sale without their approval. Prior to this, the mortgage insurance approval process could add an additional 2-4 week to the timeline. This will really help and shows the intent of institutions and mortgage insurers to want to complete short sales in a more efficient time frame.
Some lenders are offering large incentives to homeowners to complete Phoenix short sale home transactions. I just completed a Phoenix short sale offered by Chase and my sellers received $20,000 at closing as a short sale incentive from lender. These offers vary and depend greatly on which investor is backing the note. Chase is not giving everybody $20,0000.
Bank of America has the cooperative short sale where they claim will shorten the short sale process and HAFA is the government incentive short sale program offering $3,000 to homeowners who qualify.
The recent revisions for Harp 2.0 should help thousands of homeowners being to now refinance their underwater homes. The extension of this to non owner-occupied homes will really help Phoenix real estate investors who are upside down from walking away.
If you feel as though you are a distressed homeowner and you would like more information on Harp 2.0 or want to talk about Phoenix short sales, visit our Distressed Homeowner Rescue website or just give me a call at 480-201-4185 and I will be happy to discuss your situation and help you identify and understand all of your options.