Lenders make more money on foreclosures than from short sales or loan modifications. That's what Steve Harney converyd in a seminar. He caused an earthquakein San Francisco
We kinow that lenders turn over the short sale accounts to loan servicing companies who make our lives hell getting short sales approved. As such, we should know that these loan servicing companies make MORE money by letting the properties foreclose than to approve the short sales OR the loan modification.
RUMBLE...GRUMBLE...CRIES OF DISMAY!
Did he just confirm what we were afraid of?
So I researched this topic and found a few articles worth reviewing. How did I miss these? Was I under a rock in a desert?
The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature.
First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year's economic stimulus package. The newly backed program will expand the credit to include existing home owners.
Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.
The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.
The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.
Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension."
But, is this really true? When April 2011 comes around and the housing market is still not in full recovery mode, will the politicians be able to let this go and actually come to an end, or could it possibly become a more permanent subsidy?
I am sorry to bring this to your attention but if we can get the REO assett managers to turn off there CHEECH AND CHONG RERUNS for awhile, we might get more reposessions , bank owned , foreclosed ,and walkaway homes sold.HOW ,do you ask ?, for example here in phoenix, arizona i got another bank owned REO from an assett mananger this week and low and behold , same nonsense . They asked to list it for only $57,500 on a nice 3bed 2 bath ,with a pool repo home . SO let the bidding begin and really screw with all the good realtors with normal clients who need a affordable home.To START WITH I WILL GET MAYBE 20- 30 offers and have all 20 -30 realtors asking the same questions , where are we in price , are we highest , did they accept my low ball bottom feeder bid, whats your highest and best offer so far ?,so we, reo listing real estate agents are bombarded with calls daily , when all the assett managers need to do is list it a a fair market value , eliminating the bidding frenzy. Have you submitted a bid on behalf of your client , only to be held captive by another realtor who will not dilvudge where your bid is at, or they have not selected a bid yet , timewise it can take you 2-3 weeks to find out your $65,000 bid was trumped by a highest and best offer of say $85,000 a fair market value . SO FOR YOU AGENTS WORKING BOTH BUYERS AND SELLERS IN THE REO arena , good luck on a back to normal transaction. Phoenix, scottsdale , glendale , and mesa arizona are all going thru the bong from hell syndrome
We all talk about how we go above and beyond the call of duty in our businesses and there are many different opinions of exactly what that means. In a market that has been undoubtedly slow we have to be unique in our approach in doing the best we can for a Hawaii Home Seller and GETTING THE PROPERTY SOLD!
After viewing a property the Saturday before it was obvious there would be MUCH to do as the property was a rental for MANY years. The listing was signed with the contingency that it would not be shown until all repairs and cleaning were complete.
I started brainstorming and came up with a few ideas I thought would work to get it on the market and hold an Open House the next Sunday:
By the next morning- Sunday- the painter started on not only painting but spraying new ceiling throughout the downstairs. (don't ask me how it got so many dings and scrapes...they may have been walking the ceilings?)
The painter finished up putting back the ceiling fans etc by Monday. The handyman started to do a few odds and ends and installed the new range hood.
On Tuesday we went in to do some cleaning to put a ‘woman's touch' on everything. Argh....that took 2.5 days and it was more than what I first thought. Also, the flooring guys came in to change the tile in both bathrooms and put new baseboards and the handyman came back to finish up some final work.
On Wednesday the new dishwasher was delivered, I put up the listing on the MLS with specific instructions that the first showing was at the first Open House on Sunday. Added just a bit of staging (plants, rugs, table etc.) so the floor plan was evident.
Thursday and Friday screens were cleaned, additional caulking and open lanai painted (it had splotches of three different colors) and I added the listing to MULTIPLE sites and the final touch up cleaning through Saturday.
From Wednesday to Saturday many calls came in to view the property before Open House day but they were politely declined due to ‘work being done' and told to please attend the First Open House/Showing on Sunday.
Sunday's Open House proved fruitful and it turned out to be a great strategy for a highly desirable complex........21 groups of people (about 50+ individuals) came through and only 1 person signed in the guest book that DID NOT HAVE AN AGENT. By Monday morning (yesterday) we had an offer in hand. By the afternoon we had other calls from agents saying their clients came to Open House and considering putting in an offer.
The property is now in contract and in escrow.
Moral? Even though a lot of work in a short period of time (and at minimal price) went into getting the property ready.... it was well worth it to get the property sold!
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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs, she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.
Charlie Kline | Coldwell Banker Heritage 1448 W Broad St Quakertown PA 18951 | 215-536-6777
683 Rich Hill Road, Quakertown, PA
WOW! Luxury Bucks County Home for Sale!
6BR/5.5BA Single Family House
offered at $675,000
Year Built
2002
Sq Footage
6,000
Bedrooms
6
Bathrooms
5 full, 1 partial
Floors
3
Parking
4+ Car garage
Lot Size
2.20 acres
HOA/Maint
$0 per month
DESCRIPTION
WOW! Need SPACE for a large family or entertaining? Check out this stunning 6 BR, 5 1/2 BA home set back on a 2 acre wooded lot. Built by a builder for himself - you'll be impressed by the superior craftmanship throughout. There's approx 6,000 SF of living space including the multi-area finished lower level. The 1st fl Master BR shares a one-of-a-kind bath with multi-head shower and a radiant heated floor. The glass-walled great room invites the outdoors inside. In the winter, snuggle up by the floor-to-ceiling stone fireplace. Dual access stairs lead to a bridge connecting a princess suite to 3 additional BR's and a full bath. The top-of-the-line kitchen with quartz counters opens to a radiant heated Florida Room. There are laundries on the main and upper levels. Even a holiday window package. And this is just the beginning. As a bonus there's a 30x60 pole building with a shop and lots of additional room for your grown-up toys. It's a special house for a special family. Agent: Proof of ability to purchase (BFI & mortgage preapproval) must be submitted before showing, fax to 215-536-7170. Owner related to listing agent.
The Bradbury Team; Don Bradbury,Marilyn Woldow, Jodi Cheatle, Linda Hoy, Janice Kutt, Jen Lorenz | Coldwell Banker Heritage 1448 W Broad St Quakertown PA 18951 | bradburyteam@bradburyteam.com | 215-536-6777 x 329
Springfield Township, Quakertown, PA
Two Garages for Rent in a Residential Neighborhood
Retail/Commercial
$200/month
Sq Footage
672
DESCRIPTION
These are two Garages, for Rent in Springfield Township, Bucks County PA. This is a two car garage with dimensions of 24 x 28; 2 overhead doors, 1 man door, cement floor. No utilities, storage only. Country Location. $200 a month with a one year lease. Security, reverences required. Please call Paul for additional information. 610-346-9504
In the last installment, I recommended that you always, always, always drive by your subject property before doing anything else. If you can get inside, so much the better...
So after you have a good visual of your subject property, it's time to go check out the competition - otherwise known as "previewing." (If your market frowns on previewing, and many do, please share with the audience how on earth you properly price homes!).
When I interview to list a property, I often find myself bonding with the home, to the point where it's almost as hard for me to be objective about it as it is for the sellers. I really have to fight the temptation to be overly critical of "my" listing's competition, while excusing "my" listing's challenges and flaws. Sometimes I'll take another agent with me on my previewing tour to help keep me objective.
SELECTING THE HOMES TO PREVIEW Which homes should you preview? In a word (okay, a phrase) - as many as you can. Even if they aren't exactly comparable. With every house you tour, you gain a little better grasp on the up-to-the-minute marketplace, which makes it much easier to pinpoint the proper price range to recommend. It just happens naturally. As you look at the competition, you'll start to get a feeling for where your listing falls in the scheme of things, and the more you look at, the more confident you'll be in that feeling.
I try to preview at least 10 houses when I'm pricing a home. Sometimes I'll get lazy and only hit five - and I always regret it. It seems that it's right around the sixth or seventh house that I start to trust my gut about pricing. And that gut feeling is further confirmed on the eighth, ninth and tenth.
Depending on my price range, I'll preview all comparable houses within $50,000 (on each side) of where I think my listing will fall. By "comparable," I mean homes that offer similar square footage for the money. I probably won't preview a 1,000 sqft Bungalow if I'm listing a 2,000 sqft Victorian; they just won't attract the same buyer, even though they may very well be priced similarly. I always preview any homes within one block of my seller's property, even if they aren't comparable at all. It's just good practice in case the seller asks you about it.
Always preview the low outliers. A "low outlier" is a house that looks good on paper, but seems to be a screaming deal. You need to know why it's priced so well... but hasn't sold. There probably is a good reason. If there isn't, then this is the listing to beat. But we'll talk about that later.
How about the high outliers? The houses that are priced way above the rest, which are probably getting your seller all excited? Look at those, too. Chances are that they're just grossly overpriced (and the more houses you look at, the more sure you'll be of this). If they aren't overpriced, there's something really fabulous about them, and you need to know what it is.
As you're setting your previews, note if any homes are difficult to show. That will definitely affect market value. And frankly, if they are, I'll skip them. Lazy? Maybe, but on the other hand, a difficult-to-show home is not going to be comparable to MY listing because I don't take difficult-to-show listings!
Effective previewing in an urban market entails a lot more than just looking at a bunch of homes. Sure, that's what you're going to do (look at a bunch of homes), but in order to really evaluate the information you're gathering, you need to go in with the heart & mind of a detective.
We'll talk about that next time.
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The Bradbury Team; Don Bradbury,Marilyn Woldow, Jodi Cheatle, Linda Hoy, Janice Kutt, Jen Lorenz | Coldwell Banker Heritage 1448 W Broad St Quakertown PA 18951 | 215-536-6777 x 329
1503 Concord Court, Quakertown, PA
Quakertown First Floor Condo ~ Great Location!
2BR/2BA Condo
offered at $169,900
Year Built
1995
Sq Footage
1,226
Bedrooms
2
Bathrooms
2 full, 0 partial
Floors
1
Parking
2 Uncovered spaces
Lot Size
Unspecified
HOA/Maint
$145 per month
DESCRIPTION
Most desireable first floor unit with 2 bedrooms and 2 bathrooms with fireplace and den. Seller has put in a new upgraded a/c unit for high efficiency. This unit has a open floor plan. This unit will not last.
see additional photos below
PROPERTY FEATURES
- Central A/C
- Central heat
- Fireplace
- High/Vaulted ceiling
- Walk-in closet
- Hardwood floor
- Tile floor
- Living room
- Dining room
- Dishwasher
- Stove/Oven
- Microwave
OTHER SPECIAL FEATURES
- 309 To West Trumbauersville to Right on Willow Stream, Left , Concord.
Williams Hardware in Morehead City, North Carolina opened their doors more than 30 years ago. They have an excellent reputation throughout the community and offer expert advise to help you with any project you may be trying your hand at. They carry just about anything you could ever need from a hardware store and then some. If they don't have it, they can get it or tell you where to find it.
From Boating gear to landscaping & gardening supplies, they've got it. If you need to build a fence, they've got what you need. They will even give you instruction if needed. Williams Hardware may be the only place in Morehead City, where you can buy "one" nail. Why would they make you buy a whole box if you only need just one!? If you need to have a key made...no problem. I had a key made at a "Big Chain" store one day because it was convenient and later when I tried the key...it wouldn't work. Instead of driving across town to get it fixed, I stopped by Williams to have another made. He took the key that the "Big Chain" store had cut and buffed it down for me. When I tried to pay him, he said, "No charge today, just remember to come here first next time"! I have never had a key made anywhere else since (and as a REALTOR®, I need a lot of keys).
If you are planning that perfect camping trip with the family...stop by Williams Hardware, where you'll find everything you need. Getting ready to host a neighborhood Bar-B-Q? You will find the best grills and accessories available at Williams (you'll have to go next door to the grocery store to get the steaks tho'). If you need a picnic table or the perfect front porch swing you will find that at Williams Hardware too.
I was at Williams Hardware just this morning, and before I could even get out of my car, I was greeted with a friendly, "Good Morning" from W.R. Beasley of Williams Hardware. He then welcomed me into the store (before operating hours, I might add) and asked what I needed help with. That's good ol' customer service if you ask me! If you need a hardware store in the Morehead City area in North Carolina, Stop by and see W.R. Beasley and the rest of the "family" at Williams Hardware. You can find them there 7 days a week, year round and they always friendly and willing to help you with all of your hardware needs.
Williams Hardware
3011 Bridges Street, Morehead Plaza Morehead City, NC 28557
Come January 1st, 2010, as a REALTOR or a consumer at the closing table things are about to change as far as the Good Faith Estimate (GFE) and Settlement Statement (HUD-1). Links below will allow you to print these out to familiarize yourself with them. Both now are three pages in length. The highlights:
Revised Good Faith Estimate (GFE)
GFE tolerances on settlement costs (1/8 point allowed to be in error)
Revised Settlement Statement (HUD-1)
Revised definitions for application, Good Faith Estimate, and Mortgage Broker
Additional definitions for changed circumstances, origination services, loan originator, prepayment penalty, third party, title service and tolerance
Elimination of 1% origination fee cap on FHA loans
RESPA (Real Estate Settlement Procedures Act) forms apply to federally insured or backed loans such as FHA/VA/Conventional and NOT cash deals. There is also a 30 day cure period to give lenders after closing the ability to meet the tolerance. The closing script is eliminated as it is contained in the revised HUD-1. Average charges can be used by service providers and is not limited to loan originators.
Bottom line is it looks like the new GFE and HUD-1 want the borrower to be as crystal clear on everything related to the loan. It looks like the fastest you could go from app to close is about three weeks. On page three of the new HUD-1 boxes compare GFE and HUD-1 costs. On page 3 of the GFE they clearly in the instructions state what charges CANNOT increase past the GFE, can increase up to 10%, and what charges can change. It is VERY clear. The only thing weird I saw on both the new HUD-1 and GFE is it never clearly says the PITI monthly payment but just principal, interest, and mortgage insurance in the loan terms.
It looks a lot different for most of us, but print yourself out a copy and take a look. January is NOT that far off.
With closings averaging 130 pieces of paperwork both the REALTOR and the consumer need to know about these documents ahead of time. One last tip for both groups in this area, be sure to show up at the table with a U.S. government issued ID with a picture and your signature. This is mandatory for identification purposes. Good luck and happy closings!!!
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.
The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature. 
The painter finished up putting back the ceiling fans etc by Monday. The handyman started to do a few odds and ends and installed the new range hood.
;)
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