Short Sale Opportunities for Agents...Got Better!!!
Here Are the New Obama Administration Financial Incentives & Uniform Process for Short Sales. For all agents who are working short sales...Very Important!!
SHORT SALE OPPORTUNITIES FOR THE PROFESSIONAL REALTOR!!!! (CDPE)
Amid rising U.S. foreclosure filings, U.S. government officials Thursday announced plans to broaden their efforts to help troubled homeowners and further ease the housing crisis. Officials announced two new programs: one aimed at giving mortgage servicers incentives to relocate troubled homeowners to a home they can afford, and another that will provide lenders incentives to modify loans in areas where home price declines have been severe.
Under the new program administration officials unveiled Thursday to help provide foreclosure alternatives, Treasury plans to encourage servicers to consider a short sale or deed-in-lieu if a borrowers doesn't meet the eligibility requirements under the government's plan to encourage.
In a short-sale, a servicer would allow the borrower to sell the property at its current value. With a deed-in-lieu, the borrower would be able to voluntarily transfer ownership of the property to the servicer. Treasury said mortgage servicers have generally opted to pursue foreclosures instead of these two complex transactions even in cases where a short sale or deed-in-lieu would be a better outcome for borrowers, investors and communities.
As part of the new efforts to protect against falling home prices, the government will make payments of up to $10 billion to encourage lenders, servicers and investors to modify rather than foreclose. The goal is to boost the number of loan modifications in areas of the country that have seen prices plummet drastically.
The Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan provided an the update on their housing efforts today in a news conference.
This is going to increase the need for a professional Short Sale expert. If your serious about your career look into the CDPE designation (http://www.cdpenow.com/).
In my office I already have 40% of my agents who have earned this designation. As a REO BROKER, I burn the candle on both sides....Pre-foreclosure and Post-foreclosure (REO). This is why our office is doing well. We are focused on what is happening in the market now. I would encourage you to do the same.
SHORT SALE OPPORTUNITIES FOR THE PROFESSIONAL REALTOR!!!! (CDPE)
Amid rising U.S. foreclosure filings, U.S. government officials Thursday announced plans to broaden their efforts to help troubled homeowners and further ease the housing crisis. Officials announced two new programs: one aimed at giving mortgage servicers incentives to relocate troubled homeowners to a home they can afford, and another that will provide lenders incentives to modify loans in areas where home price declines have been severe.
Under the new program administration officials unveiled Thursday to help provide foreclosure alternatives, Treasury plans to encourage servicers to consider a short sale or deed-in-lieu if a borrowers doesn't meet the eligibility requirements under the government's plan to encourage.
In a short-sale, a servicer would allow the borrower to sell the property at its current value. With a deed-in-lieu, the borrower would be able to voluntarily transfer ownership of the property to the servicer. Treasury said mortgage servicers have generally opted to pursue foreclosures instead of these two complex transactions even in cases where a short sale or deed-in-lieu would be a better outcome for borrowers, investors and communities.
As part of the new efforts to protect against falling home prices, the government will make payments of up to $10 billion to encourage lenders, servicers and investors to modify rather than foreclose. The goal is to boost the number of loan modifications in areas of the country that have seen prices plummet drastically.
The Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan provided an the update on their housing efforts today in a news conference.
This is going to increase the need for a professional Short Sale expert. If your serious about your career look into the CDPE designation (http://www.cdpenow.com/).
In my office I already have 40% of my agents who have earned this designation. As a REO BROKER, I burn the candle on both sides....Pre-foreclosure and Post-foreclosure (REO). This is why our office is doing well. We are focused on what is happening in the market now. I would encourage you to do the same.
Running very low on my REO listings, I've sold everything and waiting for a few properties to vacate. I have been told by different Asset Managers I work with, that it will soon start to flood....been waiting for about a month now. In Northern California...it's flooding with new REO's. Anyone have any latest updates?
PLAN FOR SUCCESS, WORK HARD, AND ACCEPT NO OTHER OUTCOME...We have before us a once-in-lifetime opportunity in which hard working, forward-thinking, consistently driven Real Estate Broker/Owners and Agents will find new paths to success. In the last year or so...those who are tired, worn out, unorganized, under capitalized, dispirited or not willing to invest in themselves or their profession..have failed and have disappeared from our industry. We must all be persistent these days. As a Broker, Owner or manager, you need a burning desire to generate profits and provide services for your agents and their customers. You need a specific plan; perhaps a renewed commitment to recruiting, or a shift in your business plan. You need to block out doubt, fear and negative influences. And finally, you need people who support you efforts. From your agents and fellow Brokers/Owners. A hand for those Broker/Owners who have done this for their agents and proved to themselfs...that they are the few and the proud.
Here is an article I read while googeling Irvine.....I don't know which way to think about it. So I thought I shared it.
The Real Morons of Orange County Why America's most reckless real estate investors come from Irvine, Calif.
By Daniel Gross Posted Thursday, July 26, 2007, at 5:05 PM ET
Until recently, Orange County was the New Jersey to Los Angeles' New York City. Upscale, but generally ignored, and nowhere near as chic or happening as its urbane neighbor. Television helped change the image, with glitzy offerings like The O.C., Laguna Beach, and The Real Housewives of Orange County .
These shows portray the beachside O.C. as the capital of plastic surgery and extreme consumption. But inland, just over the hills, the massive planned community of Irvine has become the nation's capital of real estate folly. And that's surprising, given that Irvine is itself a result of one of the great real estate investment plays of all time.
The transformation of the Irvine Ranch from a sparsely populated agricultural tract into a densely populated upscale edge city is astonishing. The Irvine Ranch's owners have amassed huge fortunes through their financial acumen. ( Donald Bren is No. 27 on the Forbes 400.) Incorporated in 1971 , Irvine boasts a diversified economy and superb university, is populated by many blue-chip companies, and projects an image of suburban perfection, thanks to strict zoning laws that enforce design continuity. When I visited in the late 1990s, the mayor freely acknowledged that many non-Irvine dwellers view it as sort of a Stepford community, but smilingly noted that it was all about maintaining standards and, hence, property values.
As subprime lending grew in this decade from a tiny niche into a substantial market presence, Irvine-based companies surged. Its corporate citizens include: Option One Mortgage Corp., the subprime subsidiary of H&R Block sold in April at a knock-down price to private equity firm Cerberus; New Century Financial, which went tapioca in spectacular fashion in April; and mammoth, still-solvent subprime outfits Ameriquest and Argent.
The subprime loans made by Irvine-based subprime lenders were rapidly securitized-sliced and diced into bonds, packaged together with other securities, and molded into pools dubbed collateralized mortgage obligations. Leveraged investments in CMOs have caused a great deal of pain everywhere from Wall Street, where they helped sink two Bear Stearns hedge funds, to Australia. But the locals also ate some of the toxic effluent produced by Irvine's debt factories. In June, Irvine-based Brookstreet Securities ran into trouble after it allowed customers to buy CMOs obligations on margin. It shut down completely on June 30.
Brookstreet's rapid demise is an object lesson in how highly leveraged investments can turn sour quickly. Another Irvine-based operation, IrvineHousingblog, brilliantly drives home the same point with daily dispatches. The blog is a guide to the seventh circle of real estate hell-people who buy houses on spec with no money down. A typical entry chronicles the purchase price, tracks down the amount of debt on the property, and then calculates how much each party-the buyer, the first mortgage holder, the second mortgage holder-stands to lose assuming the seller receives the asking price. My favorite thus far is the house for which somebody paid $1.29 million in May 2006, putting down only $91,000 in cash. Today it's on the market for $850,000, a whopping 34 percent reduction in about a year.
It's not surprising that Irvine is a center of reckless real estate lending and borrowing. It's a classic industry cluster of the type seen in areas that lack natural resources. Detroit's auto manufacturers encouraged the local growth of auto parts suppliers, companies that finance auto purchases, and publications that cover the auto industry. In Silicon Valley in the 1990s, the people who created dot-com companies were co-located with the venture capitalists who funded them, the investment bankers and brokers who helped take them public, and with many of the investors who got killed when the NASDAQ tanked. Irvine may have built up a diversified economy, but it remains a company town-one whose fortunes are highly leveraged to the highly leveraged real estate industry.
I'm currently seeking an experienced agent who is currently managing or mentoring agents and is looking for a change. Or for an agent who is looking for something more in their career and would like to assist in developing and office and agents. Tremendous opportunity with RE\MAX an International company. Established training program in place. Along, with strong recruiting incentives, support systems, lead system, etc.
If you would be interested in talking with me or setting up confidential meeting, call me at (714) 453-3130 or (951) 533-5753
I'm currently seeking an experienced agent who is currently managing or mentoring agents and is looking for a change. Or for an agent who is looking for something more in their career and would like to assist in developing and office and agents. Tremendous opportunity with RE\MAX an International company. Established training program in place. Along, with strong recruiting incentives, support systems, lead system, etc.
If you would be interested in talking with me or setting up confidential meeting, call me at (714) 453-3130 or (951) 533-5753
If you missed the boat on jumping on the band wagon for generating business by representing banks on their REO's. Don't worry..every realtors mom and dad is trying to jump on boat to estatblish a bank relationship to list their REO's. The smart agents were doing this early last year predicting the market ahead of time. And a lot of the realtors that were around selling REO's in the 90's have come back and reestablished their relationships with the banks and are doing well. I know this for a fact, because I have two of them in my office doing very well.
All of the signs, news, pestimistic views of the current market we are currently experiencing remind me of the late 90"s. It's like deja vu...I and a few of agents back then were buying and making low ball offers on REO properties to rent and hold...and we ended up selling them in 4 years ago for a profit.
Prices are dropping in areas like the Inland Empire. Riverside, Corona, Moreno Valley, Perris and the High Desert Areas. A lot of REO's are coming up. If you offer the right price you can rent and hold on. There is a lot of investors that are optimistic on the market and are looking for REALTORS to guide and help them find the right properties to buy, rent & hold.
Study these areas....know the rental markets....study the vacancy markets...keep on top of the financing markets for non-owner occupied financing....study the numbers...hook up with a good property manangment company you can refer these investors too, http://www.ocremaxrentals.com/, one that will help you sell your investor clients on the investment and the market.
Advertise yourself to investors....with your knowledge....your expertise......
If you have any questions on these subject, feel free to call me.
If you missed the boat on jumping on the band wagon for generating business by representing banks on their REO's. Don't worry..every realtors mom and dad is trying to jump on boat to estatblish a bank relationship to list their REO's. The smart agents were doing this early last year predicting the market ahead of time. And a lot of the realtors that were around selling REO's in the 90's have come back and reestablished their relationships with the banks and are doing well. I know this for a fact, because I have two of them in my office doing very well.
All of the signs, news, pestimistic views of the current market we are currently experiencing remind me of the late 90"s. It's like deja vu...I and a few of agents back then were buying and making low ball offers on REO properties to rent and hold...and we ended up selling them in 4 years ago for a profit.
Prices are dropping in areas like the Inland Empire. Riverside, Corona, Moreno Valley, Perris and the High Desert Areas. A lot of REO's are coming up. If you offer the right price you can rent and hold on. There is a lot of investors that are optimistic on the market and are looking for REALTORS to guide and help them find the right properties to buy, rent & hold.
Study these areas....know the rental markets....study the vacancy markets...keep on top of the financing markets for non-owner occupied financing....study the numbers...hook up with a good property manangment company you can refer these investors too, www.ocremaxrentals.com, one that will help you sell your investor clients on the investment and the market.
Advertise yourself to investors....with your knowledge....your expertise......
If you have any questions on these subject, feel free to call me.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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