Merry Christmas from the Bastians

Without a doubt, Christmas is my favorite time of the year. I'm not a big shopper, I don't really buy a ton of gifts for a lot of different people.

I simply enjoy spending time with my family and friends and do my best to take some time to relax, have some fun and reflect on what Christmas is to me.

I am not offended if people don't celebrate Christmas and I am glad others have their own reasons to celebrate. In my house, we have a Christmas tree and we have Christmas parties. If you prefer a "holiday" party just because you don't want to "offend" someone, I'm thankful you have that right.

So, from my family to yours, I want to wish you a very Merry Christmas!

Non disclosure - in real estate? "Really?"

A while back, I said I was going to begin a series of posts with the "really?" theme associated with some of the odd things I see happen in my business. So, once again, it is time to vent just a tad...

If you know me, you know that I have a pet peeve about some of the things that happen in the real estate industry. Many of these things have to do with the "different rules for different people" mentality.

For instance, I often wonder why/how the major home builders get away with saying you "must use our lender" and you "must use our title company" for services. I know most of the reasons - that will probably be a whole new post on a whole new day. The main excuse reason was/is that they have bulk rates with "preferred vendors", etc.

Getting back to today's rant, I'll focus on the "Sellers' Property Disclosure Statement" or "SPDS" (spuds is a common term we use).

Many of the banks and short sales have the language of "no SPDS" in their property profile sheets. Basically, they must feel like they are limiting their liability by trying to get a buyer to waive receipt of something so common to our residential resale real estate purchase contract it is pre-printed into the document.

Well, since the banks are doing it, why shouldn't others, right? Today, I saw this language written in the agent remarks section of an mls print out. Not that it is the first time I have ever seen it, this just happens to be the first time I have vented about it, to you.

"Property Sold As/Is. No Disclosures or Warranty Provided. Owner is a licensed real estate broker in AZ and the listing agent."

No disclosure? Really? Why not? In Arizona, and I assume other states as well, every buyer is entitled to a SPDS. The fact is, even if someone has never lived in a property, there are many questions on the Seller Property Disclosure Statement that an owner would know.

Some basic questions from an Arizona Seller's Property Disclosure Statement are:

1. From line 3:  Property address.
2. From line 6: Legal owner(s) of property:
3. From line 21: Are you aware if there are any association(s) governing the property?

Many of the questions are pretty basic and any owner "could" answer a number of the questions. Granted, banks or an owner that has never lived in a home might not be able to completely fill out a "SPDS" as much as we would like.

It is recommended that if a buyer is refused a SPDS by an owner of a property they would like to purchase, a blank copy of that document be given to the buyer for review. The blank document might be beneficial in helping to bring attention to possible items of concern or importance. Another form that is helpful in determining things to consider is called a "Buyer's Advisory" form which can be a very good resource of information.

If you have any questions about any of the forms mentioned, please feel free to call me to discus, I'm always glad to talk shop...

Nick's Annual Turkey Drive is here again!

Once again, it's time for our (7th) annual turkey drive! On Sunday Nov. 22nd, I will be delivering turkeys to Phoenix Rescue Mission as they prepare to feed the homeless on Thanksgiving Day.

I believe that many people have a desire to help others this time of year but find it difficult to do so because our lives are so busy. This year, the shelters need a LOT of help. If you would like to help by making a financial donation, we will do all of the work for you! I'll be purchasing frozen turkeys Sunday morning to deliver to the Phoenix Rescue Mission. (I can provide receipts from the mission if needed.) Please feel free to contact me with any questions or donations.

If you are able to donate one dollar or a hundred ( or more), I am able to purchase frozen turkeys all at once for delivery to the mission on Sunday morning. Over the years, we have found this the easiest way to help the most people. I can give you my address or I can pick up donations up until Saturday the 21st. You can always email me at nick (at) nickbastian (dot) com or call me for more info! I am out and about a LOT, so it makes picking up your donation pretty easy! :-)


Last year, with the help of my friend Rob, we were able to deliver over 875 pounds of turkey for needy families! Big thanks to Rob Sell at Sell Home Inspections for all he does. Thankfully, Rob has really stepped in to be a huge help to me in hauling all of these birds. We both have a BLAST delivering them and want to thank everyone for your donations to such a great cause.

Please help. Every single penny is GREATLY appreciated. We want to make it easy for everyone to help others this Thanksgiving. I would also like to wish you and your families a wonderful holiday season!

Realty Executives Short Sale Division

Short sales and foreclosures are a very large part of our market in Arizona. The short sale process can bring many more questions than answers for people facing a job loss, relocation or a need to sell a home in a market where property "values" have declined.
The realities of facing short sale questions about tax consequences, debt relief, anti-deficiency judgements, and many other terms that many people are not familiar with can create even more uncertainty. Having people "embarrassed" of their situation, not knowing where to turn or not having a trustworthy advisor has sometimes been a reason for people to put off getting help.
Unfortunately, some of the problems with short sales are also compounded by the fact that many people in the real estate industry have had challenges in trying to learn about a process that is fairly new or unfamiliar and in dealing with different banks or bank employees that can often be clueless.
I am very glad to see that Realty Executives of Arizona has created a place where people all over the state can call a number to be put in touch with an agent willing to help them sell their home in these challenging times.
Many agents have put off short sales and take them only when they "have to" do them. As consumers seek information on how to best deal with a short sale, the Realty Executives short sale division promises to be a place where good, solid real estate information will be found.
Should you or anyone you know need to find a real estate agent willing to help with your short sale in Arizona, please feel free to call my "short sale hotline" at 480-463-4514.

Tenants rights and LemonLandlord.com

Foreclosures are a huge part of the real estate market in Arizona. For some, foreclosures are an opportunity, for others, they are a nightmare.

Over the past several months, I have had many conversations with people about what happens to a tenant when an owner loses the home. We have all heard the horror stories of people coming home to an eviction notice and the terrible situation it can put them through.

The National Association of Realtors "supports programs to reduce the impact of foreclosure on communities." In fact, they have talked about tenants rights quite a bit this year. From a NAR article we learn:

Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:

* The new owner wants to occupy the property as a personal residence, and
* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.

Unfortunately, not all people are aware of their rights. The fact is, most people would prefer to be notified prior to a notice being served. After my friend Jeff called recently to ask me to look into a potential foreclosure situation for a friend of his, I decided to meet with the guys at LemonLandlord.com to learn more about their service. Take a look at this video.
If you have any questions... " Just Call Nick!"

Pending Home Sales Rising

In addition to watching our mls system and looking at a lot of homes around town, I get a LOT of email and blog updates to help keep an eye on the real estate market. While I firmly believe there is no way for anyone to give a "one size fits all" answer to the market, it is interesting to watch trends. In my opinion, you need to look closely at a specific neighborhood before making a sound decision on buying or selling. I am enclosing material from an email that was sent to me this morning.

Pending Home Sales on a Record Roll

WASHINGTON (September 1, 2009) Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

NAR's Housing Affordability Index stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Not all areas and price ranges are seeing the same fluctuations in pricing, availability and sales. If there is an area you are interested in or if you have seen a "for sale" sign that you want to know more about, "Just Call Nick!" I'll be glad to help...

Change is good - questions remain

Changing markets bring about a lot of issues that often become misunderstood or over looked. In the past 17 years of selling homes, I don't recall a time where people had so many questions and misconceptions on home prices, terminology and the market. If you are reading this as a "club member," you probably know me pretty well and know that I enjoy working with people that know me and trust what I say. There is a difference between people that call on a sign or an advertisement and people that call who have been recommended by a friend or someone that I have worked with in the past. Often, those responding to an ad are skeptical when they first call. Usually this is due to misperceptions of our industry or they have been reading the papers, which often (in my opinion) report real estate related information about 6 months too late. A recent article in the paper said that cash buyers are playing a large part in the market right now. Really? Six months ago, when you told someone that there are bidding wars on properties and that investors are snatching homes up, paying cash, and making it hard for "normal" buyers to compete, it was often met with a "deer in the headlights" type of look. Now, people are becoming more aware of the difficulties in certain markets.

Short sales and bank owned homes come with a LOT of questions right now, as well. A short sale can be a complete nightmare or it can sometimes go fairly smooth. However, the idea of looking at a bank owned home and offering "50%" under list price typically won't work. Banks normally price the homes (currently) aggressively and are not necessarily going to "dump them" as callers often hope. That doesn't mean you can't bargain or get a good price, it just means you need to understand how the process normally works.

Short sales are similar. Wow, can they be a LONG process. I have seen short sales take many (many) months and have seen others take less than 45 days. Yep, we recently closed a short sale in less than 45 days. This was possible because the "first" buyer decided to give up after waiting 4 months for the bank to make a dang decision. Once they got tired of waiting, they canceled. Lucky for my client, the bank had just issued an approval and we were able to get an acceptance in a couple of days and close in a "normal" amount of time. Other times, we wait months just for a response. Crazy.

Bottom line is this... If you have questions about buying or selling real estate. "Just Call Nick!"

Distressed Properties - The good bad and ugly

The Arizona real estate market, like many others, continues to change at a rapid pace. While the trend is currently looked at by many as "distressing," there are those who look at this market as an opportunity to purchase real estate in an environment of low interest rates and at price levels not seen for quite some time.

One of my long time "partners" in the real estate business is Fidelity National Title. For those of you that have worked with me for a long time, you might be familiar with them. Recently, I got some very interesting statistics from my friend, Jennifer Weller, an account rep for Fidelity. We discussed some of the current issues banks are dealing with when handling distressed properties.


1. 40% of the subprime loans written in '06 & '07 had no income verification.

2. Chase has a new program that if you lose your job-they will reduce your payment to $500 for months to help homeowners not lose their home.

3. It costs lenders on avg 75-125k per bank owned property.

4. fannie mae loan-primary residence...foreclosure=ineligible for 5 yrs for a FMae mortgage, short sale=2 yrs

5. investor ineligible for a Fannie Mae loan for 7 yrs in Foreclosure, short sale=2 yrs

6. foreclosure lowers credit 250-300 pts for avg of 3 yrs...and stays on credit for 10+ yrs
These 6 items are from Jen's "Twitter" feed while attending a seminar. I hope to go over the details with her in the near future and will gladly update you with any questions you might have. We will be reviewing the notes and updating / adding to the information in the near future.
As in every market, it is best to understand and make good educated decisions before buying or selling. There is always a seller that wants to sell and a buyer that wants to buy.
Let's discuss your situation before you decide to make a move. As always, I'll give you my honest opinion of your current situation. If it makes sense for you to make a move, I am happy to assist. If it doesn't, I will be glad to tell you so.

If you just want to "get a feel" for prices of homes in an area, (including foreclosure lists) you may visit my FREE map-based home search page to begin the process. As always, remember to "Just Call Nick" with any questions or comments!

New Year, New Opportunities

I have not written here much lately, mainly because there have been so many other things going on! I "need" to try and do a better job of writing more often as I really do enjoy it.
I wanted to quickly say that the new year has begun with a lot of really exciting things. The phones are busy, interest rates are great and pricing looks to be creating some real opportunities in some areas. While I feel many areas are still facing severe challenges, I do believe others are stabilizing and looking like a real bargain.
I hope you had a great holiday season! If you have any questions concerning sales, values, using our free mls search or would like my opinion of the market in your area... "Just Call Nick!" - I'd be glad to help. :-)

Tempe residents care about their community!

Saturday, October 18th is "G.A.I.N" night which stands for Getting Arizona Involved in Neighborhoods and is designed to heighten crime prevention awareness in neighborhoods.

Lori and I will once again be joining several of our neighbors in participating in this fun event with our kids at Stroud Park in Tempe. The Camelot Village Neighborhood Association is involved and they describe the night as a partnership effort between the Tempe Police Department and Neighborhood Watch Programs, Neighborhood Associations and Apartment Communities. During G.A.I.N. residents lock their doors, turn on the their porch lights and spend the evening outdoors with their neighbors.

We walk to Stroud Park often and enjoy the playground, basketball hoops, large grass areas and of course the "sea shells" along the canal. I took this pic of the boys playing with a neighbors dog in the park last week. Come on over and join us! There will be food and a lot of fun people to hang out with. Feel free to bring a dish to share or to just come check it out!

October is Breast Cancer awareness month!

For the month of October, we have gone PINK in honor of Breast Cancer Awareness. This is a great opportunity to tell our friends about FREE mammograms.

Most of you know that, for many years, I have sponsored teams for the "Climb to Conquer Cancer" as it is a cause very near and dear to my heart. There are many other great ways to get involved in helping raise money and awareness. In fact, a friend of ours is helping with a "Relay for Life" event this month. Take a look!

You should also know that the Breast Cancer site is having trouble getting enough people to click on their site daily to meet their quota of donating at least one free mammogram a day to an underprivileged woman. It takes less than a minute to go to their site and click on 'donating a mammogram' for free (pink window in the middle). This doesn't cost you a thing. Their corporate sponsors/advertisers use the number of daily visits to donate mammograms in exchange for advertising.

We can all do a lot to help!

Nick Bastian Talks Real Estate With Fox 10

Recently, I was invited to the Fox 10 studios to talk about real estate and my business. Interviews are always kind of interesting and it is interesting to see the final, edited version. I had a really good time shooting this and want to thank Fox for the opportunity to talk about real estate with them.

Nick Bastian Joins Tempe Realty Executives Office

After 16 years in the real estate business, I feel more proud of my job and enthusiastic of my future business than ever before. Yesterday, after a long process, I made a decision to join what I feel is the best real estate firm in Arizona. That firm is Realty Executives. Over the past couple of months, I have weighed my options very carefully and have met formally and informally with several brokers, large and small. While my normal business practices will not change much and most of you will not notice a difference, I believe the corporate structure, the ability to "run my own business" and the convenience of many valley wide offices will help me to serve my clients even better in the future. My phone number, email address and web site address will all remain the same and this will be a VERY smooth transition for all of us. It is late and I have had a very long couple of days but I will be updating more in the near future. Please feel free to contact me at any time should you have any questions.
The real estate market has changed and I have decided to embrace change while growing my business. I am very happy to make this announcement and look forward to talking with you soon. Thanks again for your continued support!

More Down Payment Assistance info.

Recently, I wrote about some of the potential changes coming up for down payment assistance. My friend Tammy wrote an article and posted this video yesterday with some more information. I thought it was pretty interesting.

sad, but true.. Harry doesn't appear to have a clue

The changes in the mortgage industry have been coming at a break neck pace. Unfortunately, some of the people that vote on the bills don't appear to have time to pay attention. When my friend Gary Miljour wrote to our Congressman Harry Mitchell asking about Down Payment Assistance loans, such as "Ameridream," did he really say;
"Unfortunately, some companies that provide down payment assistance were helping lenders to make predatory loans in the height of the housing boom. The down payment assistance provided by some organizations allowed sub-prime lenders to persuade home buyers to assume more debt than they could otherwise afford. As a result, both the Internal Revenue Service and the Department of Housing and Urban Development issued rules to prevent this kind of coercion." (emphasis mine)

I found this language on the Ameridream web site. "Those programs, operated by charitable organizations in accordance with current law and HUD guidelines, have helped more than one million FHA qualified, low and moderate income families and individuals buy their own homes since 2000." The emphasis on "HUD guidelines" and "FHA qualified" is mine.
Who exactly runs HUD? Who determines FHA guidelines? Are these considered sub prime lenders? hhmmm.

click here to read Gary's post and all of the comments..

Some new "Buy and Bail" info

I have talked to many people recently about one area of major concern in the lending industry. The term is "Buy and Bail" and it can have an effect on all of us. On Wednesday of last week, I received an email from a friend at Wells Fargo that talked about some of the coming changes dealing with people that want to buy another home while keeping their current home. The problem, in case you are not aware, is where people that purchased a home at the top of the market and are now "upside down," go out and buy another home, at a lower price and then "give the keys" back to the lender for the original home, allowing it to be foreclosed instead of the owner fulfilling their obligation.
Part of the new guidelines are as follows.

The new Fannie Mae BUY & BAIL policy states that a buyer planning to retain and rent out their current residence must: 1) prove 30% equity in the property, 2) provide a copy of the new lease agreement, and 3) provide a copy of the renter's security account. If these criteria are not met, rental income may not be used to qualify and a reserve requirement is also added. Buyers who plan on keeping their current residence as a second home must qualify on both payments and show 6 months reserves for both house payments.

If this is "clear as mud" to you, please feel free to "Just Call Nick" for a better explanation. As always, I will be happy to discuss current market conditions and some of the "hot buttons" in the industry right now.

Say Thanks

Take a look at the video in this link..
http://www.gratitudecampaign.org/shortmovie.php
I like the line.. It's not about politics, it's about service.. Thanks to my friend Irene for sharing..

What is your "Walk Score?"

There are many factors that will go help in the decision when you purchase your next home. Of course, location plays a major factor in most sound real estate purchases. To help find out how "walkable" a neighborhood is, you can check out this nifty web site that will give your neighborhood a "score" based on the amenities near by.
My neighborhood in South Tempe scores a "decent" 66. At 70, a neighborhood is considered "very walkable" according to the guys at Walk Score. Here is their break down..

90 - 100 = Walkers' Paradise: Most errands can be accomplished on foot and many people get by without owning a car. 70 - 90 = Very Walkable: It's possible to get by without owning a car. 50 - 70 = Some Walkable Locations: Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
25 - 50 = Not Walkable: Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
0 - 25 = Driving Only: Virtually no neighborhood destinations within walking range. You can walk from your house to your car!

Most of our valley is pretty spread out and the thought of walking to conveniences isn't even a consideration. Give your house a try.. It is kind of fun..

Thanks to my buddy Brad at TechKnowBabble for the find!

Turning the Corner?

We have discussed, at length, the real estate market and the fact that the media has basically been telling people NOT to buy real estate for quite some time. Just as the market had been "over-hyped" into an unhealthy frenzy a couple of years ago, I have felt the same thing has been happening over the past several months, or so.
Recently, I have seen a couple of articles that have mentioned the fact that, gasp, some homes are actually selling! I also had an opportunity to meet with some nice folks at one of the large news channels recently to discuss a new series that will be talking about real estate. Wow, imagine that, they are actually going to promote real estate! There will be television commercials and featured space on their web site for several different areas.
Will this be enough to get people off of the fence? Are they really waiting, as some have suggested, for the media to tell them it s "ok" to buy real estate again? Only time will tell but it looks like a step in a new direction to me. Let's watch.. In fact, check back soon for a special announcement! :-)

Arizona embracing the Paperless transaction

I found this interesting video talking about the Arizona Association of REALTOR'S embracing the paperless transaction. Stewart's Sureclose transaction management system should be an interesting change. Sounds pretty cool to me but I am sure there will be some challenges getting cooperating brokers, buyer's, seller's, escrow companies, inspection companies, appraisers etc. all on the same "page." Granted, this shouldn't be rocket science and it could be very beneficial to many of us. I just know that change can be difficult for some people. :-) Heck, even when we have changes in our contract, it is sometimes hard for people to keep up.. Arizona will probably be watched closely to see how we react to these changes. So, what do you think? Ready to sign on the dotted line/screen?

inman Connect - NYC 08 - Travis Wright and Craig Sanford