Apr 8, 2020
In this episode we'll talk about everything you need to know about forbearance and deferment, but we really need to reinforce this important fact: REAL ESTATE PRICES AREN'T DROPPING.
I'm Dianne Brennan and I join Tom Ross with Bay Equity, and Tina Tamboer, data analyst with The Cromford Report to bring you the latest on home values, and what is and isn't being affected during this time in real estate.
Tina talks about a very slight adjustment in pricing from sellers who had active listings. The suggestion here is that this is a "pause", not a crash.
An incredibly important resource for those with mortgages in Arizona affected by the distress in this current environment. It actually has been around since the 2008 mortgage crisis and is a great help. Visit https://housing.az.gov/save-our-home
I have a showing with the owners currently occupying the property. Their approach is not to show unless they have a contract. I'll talk about that approach and options using Matterport, a great 3D camera service that creates an incredible walkthrough view of a home.
We talk about the circumstances behind a recent cash buyer that backed out of a deal.
I ask Tom the dirty details about forbearance, and what someone should do if they are being affected. First, we define specifically what it means, the difference between that and deferment, and Tina discusses obligations you'll be responsible for when it comes to taxes and insurance.
Tom expands on the state of "loan servicing" and the panic that has been occurring.
This is an interesting part that many might not realize. Tom will discuss what lenders are required to report when it comes to potentially missing payments.