The bank refused the offer I brought them, insisting on another $12,000. The buyer walked and the bank foreclosed. They listed the home at $125,000 AFTER already paying fees for the foreclosure. The house just sold today for $112,000. So how did they lose $62,000? Here’s the run-down.

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Did you know that we have a new roller coaster ride opening right here in Tucson? Some have already been riding it and have raved about it’s extreme lifts, fast drops and corners that are taken at break-neck speed. Interested? It’s also known as the Tucson Real Estate Market. While in general it seems to be heading in a positive direction, there is much excitement along the way.

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Numbers are great, but it is what’s happening in the trenches right now that spells success or failure in the near future. I am personally experiencing a great deal of buyer traffic. I have 3 buyers closing on their homes this month alone. I am getting a lot more traffic on my listings, which, by the way, are all short sales at this point. I am getting contracts on two of my listings this week.

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Logically, the sweet spot on price should be where the buyer is getting a home at a little under market value (to make up for the hassle of a short sale) but where the bank is still netting more than they would if they foreclosed. In that case, all parties are benefited by the short sale arrangement.

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We are still seeing a lot of upheaval in the economy in general and this has affected people’s confidence as well as their ability to make home purchases. On the other hand, interest rates for mortgage loans are at historic lows, which is enabling many home buyers to enter the market for the first time and take advantage of our current low pricing.

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One woman did not hesitate, but pulled the trigger on herself. Addie Polk of Akron, Ohio was apparently overwhelmed by the fact that she could not make her payments and was going to be foreclosed on and she shot herself as sherriffs were trying to serve her the foreclosure notice for the 30th time.

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If I calculate only using Sold listings versus Active Listings, we have an 8.6 month supply still active. I believe that number is more accurate and really reflects what sellers are experiencing out there right now.

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Lately, however, I am watching many banks reject offers outright (even at amounts that they had previously accepted on the same property). With no opportunity to respond, the buyer is left either randomly increasing their offer in hopes that the bank will accept or simply walking away. Most buyers opt for the latter.

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Keep in mind that the bank may be losing much more than 15% if the loan is higher than the appraised value. The FHA then turns around and gives the borrower a loan at 90% of the appraised value in exchange for 50% of all future appreciation!!

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Short sales typically are accepted at 85% to 90% of market value and when you’re buying a big ticket item like a house, that’s a lot of savings.

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