REDC Auction Phoenix Result Sample

by Shar Rundio on June 18, 2010

Ross

27202 W. Ross Ave., Buckeye

List Price $159,900
Starting Bid $59,900
Final Bid/Sales Price $110,000 + 5% = $115,500
Discount from List Price 72%

 

292 

3570 N. 292nd Dr., Buckeye

List Price $100,000
Starting Bid $25,000
Final Bid/Sales Price $80,000 + 5% = $84,000
Discount from List Price 84%

 

Karen

5018 E. Karen Dr., Scottsdale

List Price $299,000
Starting Bid $119,000
Final Bid/Sales Price $240,000 + 5% = $252,000
Discount from List Price 84%

 

106

28245 N. 106th St., Scottsdale

List Price $1,049,000
Starting Bid $399,000
Final Bid/Sales Price $878,750 + 5% = $925,000
Discount from List Price 88%

 

Indian Wells

2893 E. Indian Wells Pl., Chandler

List Price $204,900
Starting Bid $69,000
Final Bid/Sales Price $160,000 + 5% = $168,000
Discount from List Price 82%

 

Rainbow

511 W. Rainbow Dr., Chandler

List Price $138,900
Starting Bid $29,000
Final Bid/Sales Price $120,000 + 5% =$125,000
Discount from List Price 90%

 

Apache

312 N. Apache Dr., Chandler

List Price $129,900
Starting Bid $25,000
Final Bid/Sales Price $92,500 + 5% = $97,125
Discount from List Price 74%

 

val vista 

1120 N. Val Vista Dr. #28, Gilbert

List Price $102,950
Starting Bid $19,000
Final Bid/Sales Price $65,000 + 5% = $68,250
Discount from List Price 66%

 

Denim

3104 E. Denim Trail, Queen Creek

List Price $158,900
Starting Bid $29,000
Final Bid/Sales Price $90,000 + 5% = $94,500
Discount from List Price 59%

 

160 Old Gristmill Rd., Eagar

List Price $209,900
Starting Bid $59,900
Final Bid/Sales Price $152,500 + 5% = $160,125
Discount from List Price 76%
Share This Post

{ 0 comments }

Have you ever heard of a “double zero down VA purchase mortgage”?

Neither had I until I read in the Everett Washington HeraldNet newspaper about this name given to the VA Loan program that qualified Vets can use to buy a home by the article’s author.

Let’s look more closely at what the author means by the double zero-down VA purchase mortgage.

For starters, the author appears to coin the VA purchase mortgage as “double zero-down” simply because of the features of the VA loan program.

The features of the VA home purchase mortgage allow for a qualified Vet to buy a home with no money down – yes – 100% financing.

Even after all the ruckus from the mortgage and real estate crash in 2007-2008 qualified Vets can still get a mortgage with no down payment. So this is the first part of the double zero-down – no money out of the Vet’s pocket for down payment.

Next, the second feature that makes up the double zero-down VA loan program: tremendous latitude in “seller concessions” towards the Veteran home buyer’s closing costs.

VA loans allow for a seller to contribute a considerable amount of money to the Vet homebuyer’s homebuying costs. Suffice to say, with what the VA allows for seller assistance a Vet can buy a home with no money out of their pocket. In fact, in some cases and with some lenders the Vet can even get their sales contract deposit returned to them depending on what they negotiate with the seller.

So the bottom line – if you are a Vet and you don’t want to spend any money check into getting a VA double zero-down mortgage to buy a home.

Share This Post

{ 0 comments }

Happy 98th Birthday, Arizona!!!

by Shar Rundio on February 14, 2010

Ninety eight years ago today Arizona officially became a state.  We were the last of the 48 contiguous states to be admitted to the union.  This is my favorite AZ history story:

Senator Henry Ashurst presided over the convention that adopted AZ’s state constitution and later became one of our first 2 Senators.  He used to tell on himself the story of his maiden speech in the U.S. Senate. “Mr. President,” he began, “The new baby state I represent has the greatest of potential. This state could become a paradise. We need only two things: water and lots of good people.” A gruff senior senator from New England interrupted, “If the Senator will pardon me for saying so, that’s all they need in Hell!”

Happy Statehood Day, AZ!

Yours Truly,

An AZ Native

Oh, and Happy Valentines Day!

Share This Post

{ 1 comment }

Is Your House Over-Priced? The Rule of Tens

by Shar Rundio on January 13, 2010


Several times recently I’ve been in the position where I have either turned down listings or not “gotten” them because I’ve refused to list them too high.  While we may be in a bizarre competitive ”Buyer’s market” in much of the Phoenix market right now, buyers still aren’t willing or able (we’ll talk about appraisals later) to pay too much for a house.  Sometimes, I’ll if push comes to shove I’ll allow a seller to list the property higher than I think the market will allow for as long as we have an automatic price reduction in place.  Now, all you purest REALTORS who are up in arms that I just said that, I do know that the first couple of weeks is when we’ll get the most showings and activity and I make sure a seller is fully aware of that.  But if they still persist and I think more reason can be seen later I’ll allow for it.

So once the house is listed how do we tell if a house is over-priced?

That’s when I use what I call the Rule of Tens.

  • If the house is on the market for 10 days with no calls or showings…it’s over-priced
  • If the house has 10 showings and no offers…it’s over-priced

That’s it.

Plain and simple…my Rule of Tens.

On a totally personal note:  10 is my youngest daughter’s favorite number.  Her name is KiersTEN and this year she’ll be 10…on 10/10/10.

Share This Post

{ 5 comments }

REALTOR’s Negotiation Tactics: The Escalation Clause

by Shar Rundio on January 4, 2010

I thought I’d share with you a bit of negotiation strategy that just helped my buyers secure the property they wanted with 5 other offers on the table…

Like it or not each REALTOR has their own “bag of tricks” (if you will) when it comes to negotiation tactics.  Now, I don’t really mean *tricks* as in the bad, unethical form of the word but rather negotiation tactics which have been found useful and advantageous to representing the buyer or seller in a transaction.   With the competitive seller’s market that has reared its ugly head in the lower end market lately I have found it useful to pull out the ESCALATION CLAUSE from my bag.  Dictionary.com defines ESCALATION CLAUSE (sometimes called an escalator clause) this way:

a provision in a contract calling for adjustments, usually increases, in charges, wages, or other payments, based on fluctuations in production costs, the cost of living, or other variables.

For our intents and purposes it works slightly differently.  Here’s how I might define it:

a provision in a purchase contract allowing for incremental increases in the offer price, up to a predetermined amount, based on and evidenced by competing offers.

Here’s how it might look:

A house is listed at $250,000.  Mr. & Mrs. Buyer would really like to pay $245,000 for it but they are willing to pay up to $260,000 for it.  They offer $245,000 and use an ESCALATION CLAUSE that says something like this, “In the event of a competing offer the buyers will pay $1000 over the highest offer’s net up to a purchase price of $260,000.  In the event of an escalation, seller to provide proof of competing purchase contract with LSR (that’s our pre-approval form here in AZ) or Proof of Funds. Seller represents and warrants that competing offers are true and valid offers.”

Without an ESCALATION CLAUSE Mr. & Mrs. Buyer do one of two things: they automatically increase their price to the highest they are willing to pay for the property OR they offer less than they might actually pay and gamble on what the other buyers are offering.

With an ESCALATION CLAUSE Mr. & Mrs. Buyer are able to offer what they might really want to pay for the house.  Then they use the ESCALATION CLAUSE to offer $1,000 (or $2,000 or whatever) over the highest competing offer up to their maximum.

There are a couple of things to keep in mind when using ESCALATION CLAUSES:

  1. Is there any way to really tell if the listing agent or seller is being truthful?  No, probably not.  There are liars and scumbags that exist everywhere.  Plain and simple, we do the best with what we can so make sure you are comfortable with the top price that you offer.  You may be escalated.
  2. In my experience banks won’t deal with them.
  3. Unless you remove it the appraisal contingency still exists so the property must appraise for the final price.

There you have it!  ESCALATION CLAUSES…the little gem that helped my buyers get the house they wanted and saved them $4,000 in the process.  I’d love to hear your thoughts and experiences regarding them.

Photo Credit: Stig Nygaard, Creative Commons

 

Share This Post

{ 4 comments }

Ajax CommentLuv Enabled cef9f4ca4ec327f81b238965a1b31ee5