Phoenix Real Estate | Phoenix Homes for Sale | All Phoenix Real Estate » 2008 » April

Remember That Real Estate Auction in March?

Jonathan Dalton, Phoenix Real Estate Agent This nugget comes from a reliable source and can be filed under “if it looks too good to be true, it probably is.”

Remember that big real estate auction here in the Phoenix area last month? Remember all the severe discounts off list price and market value to be had as banks cleared out a couple of hundred REO properties all at once?

A friend of mine spoke with a group of investors who went to the auction and bought nine homes. Gavel came down and the homes were sold …

… until the following Monday when the banks came back, said the final prices were too low and every one of those nine offers were rejected.

A perfect score - nine auctions won, zero homes purchased.

Looking for a deal? Skip the gimmicks and look for true value, along with someone who can help you find it.

Technorati Tags: Phoenix real estate, real estate auctions

Popularity: 13% [?]

Zillow Launches Mortgage Marketplace

Jonathan Dalton, Phoenix Real Estate Agent … and this could be either good or bad for someone looking to purchase here in the Phoenix real estate market.

Remember those Lending Tree ads that tell you “when banks compete, you win?” Zillow’s Mortgage Marketplace is sort of like that in that you’ll have a bunch of lenders providing you with competitive (and theoretically) legitimate rate quotes. I say theoretically legitimate because the lenders can see each other’s quotes and because a teaser rate will stand out like a sore thumb.

Best of all, unlike Lending Tree, the rate quote requests on Zillow are done anonymously. You don’t provide any personal information and therefore don’t have to worry about the endless stream of e-mails and phone calls from ~~desperate~~ hungry lenders trying to get your business.

There’s a bit of downside. You don’t necessarily know the reputation of the lenders, only that they cleared a basic background check. And you may end up with so many responses that it’s virtually impossible to sift through them all and see what’s really there.

But at the end of the day, there are more choices to be had for those looking for financing to help them buy a home and that’s a good thing.

For more on the launch, check out my somewhat more in-depth look on Agent Genius.

Technorati Tags: Phoenix real estate, Zillow, Zillow Mortgage Marketplace

Popularity: 9% [?]