short sale
Recent Piece Ranks Banks In Short Sale Promptness
Today’s issue revolves around a report written by Jon Prior. The item was authored about the swiftness of short sales. Deutschbank recently ranked banks as to how swiftly they closed short sales.
GMAC pulled down the top mark by closing short sales, on average, sixty days from the day the loan became 2 months delinquent. Wells Fargo, which placed third in the rankings, averaged eight months to complete a short sale. Wells Fargo has grown its home prevention workforce by more than 140% since the start of 2009. The bank hired more than 10,000 people to help lighten the short sale load and reduce foreclosures. That is a massive number!
Bank of America presently has 1500 and they are adding an additional 1500, to help out. Nevertheless, Bank of America uses the Equator system which streamlines the practice quite a bit.
For prime mortgages GMAC conducted short sales the fastest, averaging roughly 6 months per deal. The next best servicer was Citigroup, averaging approximately 7 and a half months per contract.
So, the piece references GMAC, Citigroup, Wells Fargo, and Bank of America. On the other hand, there was a bank omitted from this report, specifically, Chase bank. That is because Chase completely refuses to have a streamline method. The rest of the major lenders have enhanced their short sale procedure.
It’s good to know that GMAC, CItigroup and Wells Fargo are doing well with short sales. If you are having trouble at some of those three banks, bear in mind that the heads of these companies want their processes to progress. So, if you are escalating at any of these lenders, the management is extremely accommodating.
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Considering A Short Sale? It Just Seems To Make Sense
Short sales have long been considered the most unpleasant form of real estate transaction. Nevertheless, many homeowners in the western states are converting to them as a way to improve their economic situation. At Able Financial Solutions, we consider short sales to be as uncomfortable as they are costly, but we also recognize that under certain situations, they are the best option for both homeowners and lenders.
Here is our policy on finding short sale solutions for you:
Step 1: loan modification a Modification of your home loan First
Indeed, you should fully exhaust all possible options for loan modification before considering a short sale. Pour over our our Iron Clad Guarantee, it promises that you will pay nothing for attempting a loan modification unless it is successful. We also promise that you won’t have to pay us until you have a modified mortgage in your hand. Because we remove all of the upfront risk to loan modification, we strongly encourage you to try a loan modification with Able Financial Solutions before moving forward with a short sale.
Step 2: Talk to Us About Your Options for Short Sale
Short sales carry with them two downsides:
- For Homeowners — Once a short sale is complete, you will have to vacate your home and find somewhere else to live. You have to plan effectively to endure this challenge.
- For Lenders — Short sales are tremendously expensive for lenders, which makes them unlikely to pursue them without an aggressive negotiation.
When we discuss your short sale options with you, we will help you develop a plan to combat both of these challenges. We will provide you with a realistic estimate of what your financial situation will look like after a short sale so that you can plan early for you and your family. We will also explore your lender’s interests to determine what leverage we can bring to the short sale negotiation that will help you to seal the deal.
Step 3: mortgage modification the Short Sale
Short sales can take between 150 and 200 days to complete in Tucson, and they can be a painful process to go through. Able Financial Solutions places a premium on execution during the loan modification process, and this same aggressiveness is pursued during short sales. We will keep the pressure up on your lender, and keep you fully informed of the status at each critical step in the negotiation.
Supply And Demand Impacting The Short Sale Business
Yesterday we talked about current market data and how we believe that the market will continue going down. So, we would like to speak about what happens when there is a steep increase in active inventory and a sharp reduction in sold homes.
Having been in the short sale business for three years, we have seen small rises with tax credit extensions and other programs. What we have seen is when inventory goes up and sales go downward, lenders do not react to that information instantly. Commonly, they pull their data for BPO’s and appraisals from as much as 6 months ago. The trouble with this system is that the BPO is greatly weighted on sold costs. So when you draw sales from contracts that were authored in January, February and March, the tax credits impacted the business. Those comps aren’t taking into account that sales are going down and number of active listings are going up. When you see this transpire, you will have to begin pricing your houses more aggresively. The market is dipping yet again but the bank is especially slow to respond to that data. They do not want to be the first to act on the lower price. You can presume that they will counteroffer with other prices of properties sold months ago when the market was not the same.
For instance, we had a listing with an offer price of $245,000. We believed it was a strong offer because the market was going down. We received a counteroffer with the BPO value at $265,000. We were given a day to recreate the offer or the folder would be closed.
Kevin disagreed and had to prove to the negotiator that the BPO price was off. He discovered a comp that was the identical floor plan listed at $235,000. This was sent to the negotiator and along with a letter that explained the state of affairs. The alternative to the lender counter offer was to foreclose on the property and relist it in 90 days at a lesser price than the offer.
Be conscious that there will be BPO disputes in your future. With listings increasing and sold properties decreasing, you will have additional disputes on your hands to prevail over.
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The Slowest Short Sale Transaction Ever
Kevin Kauffman is united for forgettable Friday by the always dapper, Coach Collard. We’ve got a small situation to communicate with you today regarding a listing that Fred and Kevin took in November of 2008.
So, a year and a half ago, Kevin and Fred took a listing in the Scottsdale, AZ vicinity listed at $330,000. That is what the property was worth in November of 2008. Remember that the market was still diving progressively at that point. They got an offer at $330,000 and took it to lender. Utilizing the same short sale method, they kept getting rejected. There was a dispute on the value of the house and were constantly rejected through January of 2009.
The first servicer on the folder was COuntrywide and the second was Bank of America. At that point Bank of America was in a very hard situation. Also, in the middle of this procedure was the Countrywide amalgamation which formed additional problems.
We put the property back on the market and received another bid at $270,000 and got rejected. The purchaser eventually walked away from that. Once more, we got an offer at $265,000 and once more the contract was rejected and the purchaser walked away.
It has been an uniquely challenging file because we rarely go through 1 or two offers, but with this file we have had many buyers walk away. We finally got an offer approved at $255,000 in the first quarter of 2010 after 6 weeks. After the inspection, the buyers walked. Nevertheless, we had another buyer with the same bid and same net earnings for the bank. The negotiator didn’t believe that was an easily approvable deal. It took an additional month to review and were rejected for the same bid that was accepted before.
So, we had to escalate to the investor and bring this to their focus. The investor looked into the folder and found out that the agreement was approved. Over a 19 month period a bank rejected numerous better bids purely because of lack of communication.
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Foreclosure Time Line In Minnesota
Today we are going to chat in relation to Minnesota’s foreclosure and policies. First of all, every state can be a little bit unique with foreclosure guidelines and laws. In the state of Minnesota, the rules are very moderate so that the home owner has more choices. This gives the home owner the chance to save the house and get back to current on their mortgage.
So, clearly, the first piece of this process is falling behind in your mortgage. The house owner will be receiving lots of calls from the bank collection unit demanding payment and threatening you. Basically, they are attempting to worry you.
Every short sale that we have, eventually the property owners miss payments. There are a lot of stategies that the lenders have, several that are proven to succeed. The lender is clearly attempting to get as much cash from the property owner as feasible.
After that, when you are 3 or four months behind schedule, you will be served documents and given you a sheriff sale date. Regularly that is about six months from the first payment that you missed. Many people believe that is the end of the process. Nonetheless, that isn’t correct. In the state of Minnesota we are given an additional six months to save the house. Most banks will work with a short sale in the redemption period as well.
There is plenty of time to do a short sale in the state of Minnesota. Even if you are nine months late it is still workable to close a short sale.
The closing date of the redemption period is not open to discussion. When you are in the redemption period there is no way to lengthen that time line. If you get a offer prior to the sheriff sale there are a lot of times that the bank will expand that so they don’t have to go through the foeclosreu method.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Should Short Sale Customers Miss Payments
Today, Kevin and Fred would like to chat about making the mortgage payment or missing the mortgage payment. So, how does the team at Group 4610 handle this situation?
As real estate agents we have to be very careful not to instruct our customers to miss payments and also not to tell clients to make payments. Perhaps the best thing that we can do for the customers is to have them phone the lender.
Usually, if you call the bank and ask them about this state of affairs, they will tell you that they only do short sales for customers that are missing or behind on payments. That is an interesting answer. The bank won’t inform you to skip payments. Yet, they are really telling the clientele how to get a short sale completed.
It’s essential to chat to your agent about this. In early 2009, short sales were being completed on a standard basis without the customers missing payments. Yet, key investors like Fannie Mae have now openly acknowledged that they will not look at a short sale if the property owner is current with their payment.
Kevin and Fred are essentially telling their customers that they will not list their property unless they are delinquent. Observe that Kevin and Fred are not telling customers to miss payments. This question of missing payments is investor specific, property explicit, client specific and lender explicit. Each short sale is unique.
There are specific reasons why you may take a customer short sale devoid of missing payments. For example, divorce and job relocation are all clear hardships that may factor in your decision. We certainly aren’t telling you how to run your business, just how we operate ours.
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Banks Are Not Following Their Own Ideology
The week of episodes is going to be devoted to the people and mindset at the lender. The week is filled of magnificent subject matter. It looks like it might be a very educational week.
Martin Andelman, who is rapidly becoming one of our preferred bloggers, wrote something quite interesting a month ago. In short, he told the tale of the Boss of the great Mortgage Bankers Association and how he expects home owners to not walk away from lawful debts. This Chief executive was worried about the message this would send to their friends and family. What a great message to send!
There is simply one little quandary with that message. Last week, the MBA sold their headquarters building in Washington, D.C. for 41.3 million dollars. The only trouble is that the 41.3 million dollars comes up a tad short when you bear in mind that the first mortgage was 75 million dollar. Back in 2007, when MBA bought the building for 79 million, with simply 4 million dollars down payment, it in all probability seemed like a wonderful investment to this CEO of MBA.
Nonetheless, he didn’t keep to his own advice. Given his recent statements to house owners about simply paying the mortgage that is their lawful debt, it would seem that this Boss is a bit of a hypocrite. Just last year he pointed out that defaults harm neighborhoods. Also, it was also recently uncovered that MBA also defaulted on their payments and secured a forebearance agreement previous to the short sale.
If the events of the bank show you that you can strategically default, it is safe to assume that you can strategically default.
Hopefully, after hearing this installment you understand that Martin Andelman’s blog is worthy of reading on a daily basis. It is recurrently packed with quality subject matter.
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Discovering A Solution To Short Sale Troubles
Today is the first in a string of five Mindset Monday episodes featuring Coach Collard. It is all about helping brokers in the world improve their mindset. This will allow them to be more successful and see things in a unique light. This will also allow them to aid the home owners more and take advantage of the chances that exist in the distressed houses market.
Mindset is everything. What does that mean? It merely means that it is the single thing that matters when you do not have a hint what you should do next in a short sale transaction. You might have the identical lender, the identical extention, the same loan amount, but the situation will look unique EVERY time.
Strategic thinking often refers to the grey area of deliberation. The strategic thinking person doesn’t see a grey area. They jump into the grey area and look around to see if it is legal or not. Only after exploring this grey area can you be sure that you are executing things the correct way.
Most of the people in civilization goes forward or backward. Those kind of people make a judgement on based on whether or not they are progressing. One of the foundations of the outback mindset is the proposal of tangential thinking. Ponder for a minute stepping to the side of your troubles to inspect what the resolution of the problem may look like rather than asking how you will resolve it.
Focusing on ‘How’ causes us to ration our ideas. Nonetheless, if we ask ourselves, “What might the resolution look like?” our answers are boundless.
Summarizing, when you have a problem in your short sale deal there are quite a few paths you can take. You can quit or give up. You might decide to ask ‘How’ you will defeat the adversity. But the real question you should be asking yourself is ‘what could the resolution possibly look like?’
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Buyers Consultations Produce Well-informed Buyers
This week has been customer advocacy week. We have been talking regarding the value of working on behalf of your client and doing the best things for them. Yesterday we talked about how to set yourself up for victory so that you can service the consumers needs. Monday was focused on not accepting no for an answer for the reason that you have taken on a client that depends on your familiarity and ability.
Today we’d like to center on buyer positions. Buyer positions can be a little bit sticky. In this shifting market, buyers are depending on real estate experts more than ever. There are lots of people that are writing offers for short sales and not comprehending the nature of the short sale. For example, on a short sale addendum to the contract if is it not stricken, the buyer has the justification to avoid things, which is not good for the original buyer.
From a listing broker stance, now is your chance to recognize that you have to set your listing apart. It is essential that listing experts let it be known that they are skilled in short sales. In this way, a buyer and a buyer’s agent will know that you have a structure in place. Kevin and Fred always do a buyer consultation before they show a home.
Realize that brokers in this market are having a tough time interpreting short sales. It makes it tricky for the buyer and buyer’s agent to recognize the course. We want to put the buyer and the seller in a position to create results.
As buyer’s agents, Kevin and Fred have enlarged their efficiency through the use of consultations and a great system. It is very essential that the buyer’s agent has a procedure and a system in place before they convene with buyers.
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The Short Selling Practice
This piece is intended for people in Mesa, Az who are taking into account short selling their house or property. The practice of short selling might be slightly altered from state to state, or lender to lender or realtor to realtor because the short selling practice is rather abstract at times. If you have weighed all of the options available to you and decided that for your own personal purposes that short selling is right for you, we have laid out a several step approach that shows what a residence owner in a hard situation should do. Keep in mind that this is simply a general outline for people that are considering short selling their house. Practice due diligence and consult an expert in short selling in your locale.
1) A Realtor in Mesa, AZ with short selling understanding can decide if you, as a residence owner, can gain from the short selling of your residence based on bank rules. Do you presently owe more on your property than the house’s existing market value? A comparable market analysis can be used to decide the market value of the house you aim to enter into the short selling procedure. Are you, as the seller and primary owner of the residence presently behind in payments? Or, do you anticipate falling behind in payments in the future? Lenders now comprehend that several factors out of your control can be a factor to your need to consider short selling your house because of the potential that you might default on your loan. So, the banks are also open to short selling the residence to ward off potential problems. Is there a financial hardship that you are currently undergoing causing you to think about short selling your house? Examples of hardship are:
· Unemployment
· Divorce
· Medical emergency / sudden illness
· Bankruptcy
· Death
2) home owner begins to put together the hardship documentation for the bank to evaluate in the short selling procedure. This may include, but is not limited to; Income Report, Hardship Letter, Copies of Paystubs, copies of bank statements, copies of previous tax filings
3) Real estate expert list the house for short selling purposes to receive offers
4) Seller finds an acceptable offer contingent on the bank and seller agreeing on the terms of short selling the residence.
5) The offer accepted by the seller is submitted to the lender for endorsement of short selling the house.Note: Short selling is dependant on a buyer offering to purchase the property. If the seller gets no offers, there is not anything for the lender to review in the short selling process and the seller will not meet the criteria for short selling the home. Short selling is also dependant on the lender accepting the offer. If the lender chooses to reject the offer, you will not be short selling your residence.
6) When or if the bank accepts short selling offer, a letter of acceptance is issued and buyer and seller enter into an escrow phase.
7) Escrow and the short selling procedure are complete when the buyer provides the essential funds for the transaction.
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Fred Weaver and Kevin Kauffman, Group 46:10, do daily blog – find it here: Peoria – Arizona Short Sale Specialist
Loss Mitigation Part 2 The Greatest Way To Avoid Foreclosure
With the loads of horror tales surrounding Loss Mitigation Units in Phoenix, Az and their failure to keep up with an insane number of requests from defaulting customers, there has to be a different way of loss mitigation that can duck the bank totally.
We sincerely have an alternative for loss mitigation that can lead you away from those horror stories and to a spot that will, in the end, result in a better outcome to your existing financial situation.
*** Editor’s note: It is vital that your banks loss mitigation Section knows about your economic dilemma. We are not suggesting through the procedure described below that you stop talking to your bank or lender. We are simply suggesting that you discover a way to escape foreclosure by way of a new route. The bank and its loss mitigation section will still be involved. Nonetheless, through the procedure below, you can remove much of the work from their already full plates.
One of the most flourishing means of loss mitigation in Phoenix, Arizona in recent months has been the short sale of your home. With the help of a real estate agent familiar with the short sale practice, the loss mitigation section can play a smaller, but still vital role in getting you out of your current mortgage problems.
With the short sale as a means of loss mitigation, a real estate expert will help you elude foreclosure and he or she will help the bank trim their losses, which is exactly what the loss mitigation section does.
Short sales as a means of loss mitigation are prevailing with house owners that find themselves in the following situations…
-unable to pay their mortgage for a mixture of reasons, most frequently loss of job or higher payments because of Adjustable Rate Mortgages
-house owners in upside down mortgages
How does a short sale operate?
-you, as the home owner in search of loss mitigation, find a real estate authority to help you with the short sale of your home
-the real estate authority lists your home on the market and finds a buyer that will probably make an offer that is not sufficient to pay off the mortgage (Remember that you are not looking for a low offer, but with falling residence values, it is almost a certainty that the proposal will be less than the payoff sum of the mortgage)
-the real estate specialist and the residence owner make contact with the loss mitigation unit and notify them that they would like to execute the short sale of the home.
-the loss mitigation section, in an effort to limit their losses (which is what they are intended to do) will agree to the lower offer as payment in full and pardon the remainder of the remainder due on the mortgage.
The benefits of this process are too plentiful to talk about. It is strongly suggested that you look into this practice with a capable real estate expert that deals with short sales.
Loss mitigation assistance is in high demand through these frustrating times. Lenders have departments to handle loss mitigation, but they are plagued. We keenly suggest that you get in touch with a real estate specialist concerning the short sale of your residence today.
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Fred Weaver and Kevin Kauffman, Group 46:10, do daily blog – find it here: Peoria – Mortgage Short Sale Arizona
Help Banks Protect Their Future With Short Sale
Group 4610 is coming to you direct from Mission Beach in San Diego. In California for a team building occasion, kevin and Fred are still devoted to bringing you information regarding short sales.
Fred was reading an interesting article the other day that he would love to share some opinions about. The article was on the subject of Citibank and the CEO of Citi Mortgage. He predicts that the foreclosure crisis will keep intensifying in the next sixteen to eighteen months. So, tactically, Citi is trying to stay ahead of the curve. Think it over. If they forecast that the next year and a half will result in lots of foreclosures and economic hardships, the realism is most likely nearer to 2 years or 2 and a half years. Essentially, you have to be aware of that short sales are not going away any time shortly. Now is the best time to be taught the procedure of short sales and exact your system for conducting them. Get comfortable with short sales now because they are here now and will be here for quite a while.
In essence, the Citi CEO is asking for help in coping with this difficulty. We, as realtors that deal with short sale homes, can aid Citi with this quandary. Every time you short sell a house, you are aiding a bank mitigate a loss.
Whether the short sale is completed on behalf of a home owner that has a financial hardship or a house owner that is exercising their right to tactically default on their mortgage, you can help the bank and the home owner by completing a short sale.
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Develop into House owners Supporter For Life
Kendra Todd, a former winner of Donald Trump’s Apprentice show, is joining us today. She has hosted a program on HGTV named “My House is Worth What?” She has been doing a lot of work nationwide and locally talking to home owners about foreclosure and the complicated housing market.
One of the things that Kendra has found is that the view of the real estate professional is not very approving at the moment. House owners are livid because of the current market or because their real estate professional sold them a house that they can’t pay for. There are numerous emotions soaring around out there.
Kendra has resolved to turn out to be a companion to the customer. You need to inform and empower your patrons and let them know that they really do have choices. Your plan should be focused on helping them. Observably, the lenders are not offering extraordinary customer service at this time. So, as a real estate specialist, if you can recognize and grasp the house owners dilemna you can turn into a friend for life. If you truly want to help them, your service needs to be built around that care for the consumer.
It is a good deal easier to work for the home owner and gather the details you desire if they trust you as their real estate professional. As Group 4610 has said on several occasions, when your center is the customer and not the money that the consumer brings you, you will truthfully excel in the short sale business.
In closing, one of the most precious lessons that Kendra learned from Mr. Trump was that he understands that he is the brand. Selling yourself is the most crucial thing in real estate.
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Defeat The Worry Of Problems
Picking up where we left off previous Monday, we’d like to discuss short sales and the fear that revolves around the short sale procedure. Mark likes to associate this stuff to the old testament and the new testament. In the old testament, the children of Egypt were caught for 40 years in the desert before they could conquer their worry of giants. They sent spies into the promised land and the spies came back reporting that there were giants. For this reason, the children of Egypt were scared of crossing to the promised land.
Applying this idea to the short sale process, we have to deal with the panic by reknewing our mind and taking on giants in the short sale industry. We have to be ready to take on the obstacles and fears of this universe. We have to do things that the rest of the universe is unwilling and unable to do. Grasp control of your mindset to prevail over the giants, whether the giants are Ken Lewis, the lender, or a terrible BPO.
The phobia and the unknown can cripple you. A lot of realtors in the world nowadays think that they have to do things in a very precise way since they were taught that it was the only way to do it. Real estate professionals, through their certification and training procedure, believe that if they step outside of the typical process of things they will be unsuccessful. They have been conditioned to feel that way.
It is critical to expand your box. The most important thing to keep in mind as a short sale agent is this. If you do not take the steps to triumph over the problems ahead of you, somebody is going to lose their house. Fundamentally, because you couldn’t empower yourself to be triumphant, a house could be foreclosed on.
Overcome that panic!
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
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Foreclosure Deterrence Techniques to Consider
A variety of foreclosure avoidance methods are used by people in Phoenix, Arizona who are facing foreclosure each day. Today, we are choosing to center our attentions on a fairly unknown, but still greatly effective method of foreclosure deterrence. To be sure, you must know that there are many foreclosure deterrence methods available to you. We lose count at about forty if you are keeping track at residence. Still, many of the foreclosure avoidance techniques you may have heard of are simply ways to delay the process and do nothing to actually stop the development, which for most people is the objective in finding foreclosure deterrence techniques.
Foreclosure avoidance by slowing down the foreclosure progression has a few advantages in Phoenix, AZ; you have the chance to stay in your residence payment free for what can seem like a long period of time. In addition, it can give the ability to find foreclosure deterrence through qualifying for a loan modification plan run by the gov’t or given by your bank. Several of these foreclosure prevention strategies can be done by you, but finding a foreclosure avoidance expert is most likely in your best interest.
What are foreclosure prevention methods? foreclosure prevention is used to delaying or arrest the progression of foreclosure. You must firstly find out how a foreclosure works so that you can apply foreclosure prevention methods that will best serve you. If you have a fundamental impression how the foreclosure process flows, you can use foreclosure deterrence methods to suspend the progress of your foreclosure.
Some delay methods include the following…
Reply to the foreclosure Summon – If you respond to the foreclosure correspondence from your mortgage company, this foreclosure prevention alternative will hinder the progression for a several weeks or months.
Negotiate the late payments as a form of foreclosure avoidance. If you and the lender can concur on a payment strategy to cover the late payments your bank may decide to halt the foreclosure process. This foreclosure avoidance practice is not negotiating a mortgage refinancing, but it is paying off you delayed payments.
File for bankruptcy as a source of foreclosure deterrence. This is really a silly foreclosure deterrence approach. Filing for bankruptcy gives you atrocious credit and, even though it can holdup the process, you will maybe lose your residence in foreclosure anyway. This foreclosure avoidance strategy is not a decision that you should make without careful consideration.
The best foreclosure deterrence strategy is to use a not well known procedure called the short sale. You can contact a real estate professional that knows about this foreclosure deterrence plan and they will explain to you how it works. It will get you away from foreclosure and it keeps the lender content to. So, your credit won’t take a large hit from using a short sale.
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Fred Weaver and Kevin Kauffman, Group 46:10, do daily blog – find it here: http://scottsdale.foreclosure-short-sale-phoenix.info/” title=”Scottsdale – Foreclosure Short Sale Phoenix”>Scottsdale – Foreclosure Short Sale Phoenix