As expected, Bank of America is going to buy Countrywide. The dance has been taking place for a while; it seemed to be only a matter of time.

My quick thought is someone was going to step in. Someone had to step in, considering Countrywide was servicing about 1 in 6 loans nationally. Whether it turns out to be a good deal for BofA or a case of a bank lighting money on fire, only time will tell.

Here’s that the mortgage folks (and others) are saying:

• BofA to Purchase Countrywide … What About the Mortgage Brokers? - Blown Mortgage
• Bank of America Buys Countrywide -Arizona Mortgage Guru
• Buying Countrywide - Why BofA is the Wrong Buyer - Brian Brady
• Bank of America to Buy Countrywide - Steve Belt
• Confirmed: Bank of America Acquires Countrywide - Housing Wire
• Today’s Crunch: AMEX/Merrill/Countrywide Oh My - Urban Digs

Housing Wire also noted that the lender now believed to be in the most dire straits, Washington Mutual, is being eyed by J.P. Morgan.

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One of my mates who had been working in Westbrook Village with me, asked me this morning how freedom felt. Here’s the answer …

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Ninety days have passed. Maybe more. And your home still hasn’t sold and the listing with your real estate agent has just expired. The phone’s starting to ring and the mailbox is beginning to fill up. What do you do now?

First off, know you’re not alone. Somewhere in the area of 1 in 11 homes are selling right now in the Phoenix real estate market. It’s not impossible to sell your home but it needs to be in move-in ready condition, priced right and marketed well.

Second, remain calm. This isn’t the easiest thing to do especially when you’re dealing with a home you didn’t think you’d still be living in (or making payments on if you’ve already moved.) Don’t let emotions get in the way of what needs to be done.

Third, review EVERYTHING - what your agent did to market the home, how your home was priced compared to neighboring properties, your home’s condition, any feedback you may have received along the way. When I sit down with someone whose listing expired without a sale, we usually can identify the cause (or causes) inside of 10 minutes.

For the last year I’ve sent out letters to homeowners in Glendale and Peoria when their listings have expired. I’m certainly not alone - it’s amazing how quickly the phone starts to ring and the mailbox fills when a home falls off the market without selling.  I usually wait a day or so to send the letter to give the owners a chance to calm down and make sure that they’re thinking straight.

I don’t tell sellers I have a line of buyers waiting to purchase their home. If an agent does tell you this, call her on it. Ask why they didn’t bring these buyers through the home. (The same goes for those during the listing period who are “previewing” a home but spend most of the time making comments like “I can’t believe it hasn’t sold.” They’re hinting that they have buyers but oddly enough they never bring one by.)

In my letter to homeowners I never claim to have a line of buyers around the block. But I do explain what I do to attract the interest of potential buyers for this particular home as well as the attention of other agents. If I can’t do it, I don’t promise it. Seems like a simple enough plan, doesn’t it?

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… Hostcentric had some severe server issues this morning so all of the sites were down, except for Ventana Lakes Real Estate.

Sorry about the inconvenience and welcome back.

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