elgin's Blog

Reo are coming! Short pays too!

elgin walker (keller williams vip properties) — Mon, 01 Jun 2009 23:37:11 -0500

Right now the hold on REO's has been lifted. My friends that are REO agents just jumped into hustle mode. In certain areas we have noticed property come to the market the last few days we had not seen for awhile. Buyers you are going to have a window of opportunity to get a good deal with good rates. It is very possible rates may go up higher. Right now you be prepared. What do I mean by that? Have your pre-approval ready, know what you're looking for, be prepared to make a decision. If see it go for it. Hesitation may cost you. Do as much homework upfront and be available. If your agent finds it, you got to make time to go see it and get your bid in!

If you are receiving information on line from your agent look at them regularly. If your circumstances or parameters change, let your agent know. Be on the same page. This will make your journey much more enjoyable and exciting.

Now the moratorium is lifted what happens?

elgin walker (keller williams vip properties) — Sat, 30 May 2009 00:25:08 -0500

We do have some very unprecented things happening currently. It is difficult to figure out what happens next. Do we have floods of foreclosures come to the markeplace? Are lenders (as most of us have heard) are more friendly with doing short pay? Will nothing happen?

I can tell you what has happened to clients of mine in the last couple of days. I have clients that were in loan mod mode, getting through the system, most of the time being told their application is in review and once the moratorium was lifted.......BAM the lender send out TRUSTEE SALES that are applicable within a week! This happened to 3 clients of mine with different lenders!

I do not know if this is a trend or if my clients were just in a certain situation, but I tell you be alert! Make sure you discuss this with your clients, and have them prepared for a plan "b." In case of two of my clients we have shifted directly into Short Sale mode, but there may not be enough time to get sale postponed. My other client is so distraught they will probably walk away!

My hope is the lenders are not just stringing people along and then automatically taking them into REO status! Hopefully they are truly attempting to help clients with home preservation as the government is asking and then with those that cannot be helped, take it to the next steps of REAL short pays or taking the properties back and getting them into the market place as REO's.

Whatever the situation, make your clients aware!

Shift Shift Shift!

elgin walker (keller williams vip properties) — Thu, 21 May 2009 10:56:32 -0500

Business as usual? What does that mean? Back to the basics? What does that mean? You hear all and have all these "sayings" and "isims" and to me it all means stay focused, stay the course, be committed, work hard and believe in yourself! We have a "saying" right now in our company and that is prepare to shift. Are you ready to shift? This basically means evaluate your life, your business or whatever. Take a look at what is working, and decide what directions things are going and prepare to be ahead of the curve instead of behind it. Lets face it, if you are in the real estate business and you are JUST starting to gravitate to REO business, are you ahead or behind the curve? What are you doing to prepare yourself for the "other side" of this curve and trend? If you are purchasing, are you purchasing with the future in mind or are you listening to the media and getting your advice on 90-120 day old data? Be prepared to shift and keep a pulse on your opportunities.

Should I Short Pay my home?

elgin walker (keller williams vip properties) — Mon, 18 May 2009 10:32:41 -0500

This is a question I hear a lot, and an honest answer it is going to depend from circumstance to circumstance, but in most cases I would tell you whatever is going on in your life that is a "true" hardship is an event and not a condition. It will pass, and once it does you will want to get back in the real estate game. Doing a short sale will give you a better chance of doing that and doing it faster!

A short sale will have some negative effect on your credit, BUT NOT NEARLY as much as an actual foreclosure. Remember a foreclosure is a matter of public record that cannot be removed with credit repair etc... It will show up the next time you go to purchase. If not on your credit report on your title search. If you are applying for a new home loan that is going to hold a lot of weight on whether you get a loan at all not to mention the rate and terms!

The short sale will show, but it also shows the new lender you are applying for your home loan with your attempt to make good on a bad situation, your responsibility, and hopefully it was just a snapshot in time. This is explainable and may require extra effort, but can get you into your new home purchase with much more favorable rate and term than if you just "walk away" from your current obligation.

times are tough, are you?

elgin walker (keller williams vip properties) — Thu, 14 May 2009 10:47:18 -0500

Look we all know the economy is bad. We all know the cash flow is not flowing for most as it has in the past, but how you handle it is the issue. We have all heard the old saying: Its not about the problem or issue you face but about the way you handle it! This is very true. Look its tough on everybody right now. Dont take it personal! Dont ignore the sitaution, dont bury your head in the sand, but do not drown yourself in negativity either! What if no matter what you put your energy and mindset into positive items 2 to 1 versus negative things? How easy would it be to congradulate yourself or pat yourself on the back for small wins? Dont wait for the homerun give yourself a "high five" for a base hit! Smile at yourself just for swingnig the bat even if you strike out. You will get another chance at the plate!

Be forever thankful for the good things whatever they are. It could be just getting up in the morning, having a place to stay, or someone to talk with and share things with. Are you healthy? Are you ALIVE or LIVING? There is a difference you know.

Business wise keep your eye on the target, watch your bottom line, be prepared to adjust and enjoy the journey. Do what I am not good at.......enjoy your time no matter what!

Short Sales becoming more friendly.....well almost

elgin walker (keller williams vip properties) — Mon, 04 May 2009 11:08:26 -0500

An amazing trend I am HEARING and starting to experience SLOWLY is banks are REALLY attempting to make the short sale process easier and consumer friendly AND taking a serious look at doing them rather than going all the way to the Foreclosure process and taking the properties back! This may seem like common sense and should not be "news" but the truth is the process has not been friendly nor has the process been one that allows people to really get a win/win result! I am not implying the banks are 100% wrong in this at all. Real estate agents, sellers needing help also shoulder blame in this process, BUT maybe we are turning the corner and will REALLY be able to help people get out of these situations AND help buyers get in on some of these good opportunities.

If you are in the San Fernando Valley, Santa Clarita Valley, Palmdale or Lancaster we are having success with Short Pays. Feel free to contact us regarding your situation and lets see if we can help. 661.290.3781

Can there be a buyers market and a sellers market at the same time?

elgin walker (keller williams vip properties) — Mon, 27 Apr 2009 11:11:15 -0500

This may seem an obvious answer of no, but I must say in my markeplace this is what we are seeing. Let me explain. Prices are down compared to a few years back, interest rates are low and inventory is misleading. What do I mean by inventory being misleading? Well there are alot of properties that are short pays and short pays that are NEVER going to sell or be accepeted. This is taking up inventory space and giving out the wrong perception to buyers on pricing and homes available. It also distorts the "pending" escrow count, but that is for another blog.

Here is the dilema I am experiencing. Most buyers want bank repo's or REO's or the peverbial great deal! Well the rate foreclosures are coming to the market has dramatically slowed, and with rock bottom pricing on them, we are seeing most REO's sell in MULTIPLE OFFERS AND SELL ABOVE THE LIST PRICE! Doesnt that remind you of a sellers market?

IN this same market place I am seeing well priced " standard" listings not get nearly as many looks, offers (if any) and are continously chasing the market downward! I am not talking about the seller that thinks the market is still 2005 or 2006, but a realistic seller that is not selling MAINLY because he is NOT a foreclosure and the perception is foreclosures are the "best deal."

Hence a buyers market on REO and bank repo's is going INSIDE the buyers market and opportunities we are seeing! People looking for these deals, these deals coming, and people buying them quickly at all cost!

so you think the real estate market is dead?

elgin walker (keller williams vip properties) — Sat, 11 Apr 2009 00:21:26 -0500

Okay my client sees a property listed at $257,900. We already lost on a property so we are not playing games. My client is putting 20% down, 700+fico score conventional financing. We offer $300,000. The property comes on the market late thursday and by monday morning there are 22 offers! My client does not get the property!

A nice home priced at $734,000. On the market a day, my client with 50% down offers $700,000 as is! 5 offers come in and my client DOESNT EVEN GET A COUNTER OFFER! Property sells above list.

What year is this 2006, 2005? No THIS IS ALL WITHIN THE LAST 30 DAYS! So you watch cnbc, cnn or your local news and they tell you the market is terrible. They tell you nothing is selling and property value is a downward spiral.

Well listen to a foot soldier out here in the trenches. Low inventory due to the obama administration requiring banks to ATTEMPT to help people stay in their homes have SLOWED to the market. That along with unbelieveable interest rates are fueling the market.

Now is the time to get in this market if you really want to take advantage of opportunity. To figure out the best moves for you contact us www.elginwalker.com or 661.290.3781

Free Seminar SCHEDULED 4-8-2009

elgin walker (keller williams vip properties) — Sat, 04 Apr 2009 00:38:35 -0500

Okay the date is here and scheduled! Only the first 50 people admitted. How to use the $8,000 tax credit, LOAN MODIFICATIONS can they or do they work? The new FANNIE MAE 105% refinance do I qualify. How to purchase Bank Owned properties and are they all good deals? HOW TO GENERATE $500 TO $1,000 PER MONTH POSITIVE CASH FLOW PURCHASING RESIDENTIAL REAL ESTATE IN CALIFORNIA!

THERE IS NO COST FOR ADMISSION AND THERE ARE NO PRODUCTS SOLD AT THE SEMINAR! Come learn about the opportunities to help yourself and the opportunities to profit. To reserve your seat 888.429.8571 ext. 9008 and leave your message 24/7!

seminar is coming baby! Its coming soon!

elgin walker (keller williams vip properties) — Thu, 02 Apr 2009 21:26:13 -0500

We are excited to announce we will be doing our first FREE seminar of 2009 SOON! We will discuss the $8,000 tax credit for first time home buyers, the FHA loans. SHORT SALES FOR SELLERS, loan modifications and of course purchasing bank owned properties! WE DISCUSS PURCHASING REAL ESTATE AND GAINING POSITIVE CASH FLOW! Be on the look out! THIS WILL BE GOOD AND IT WILL BE FREE!

lower inventory, low interest rates, more sales!

elgin walker (keller williams vip properties) — Wed, 01 Apr 2009 23:16:12 -0500

Inventory reduction regarding listings, lower interest rates and rock bottom pricing have heated the real estate market up! Regardless of what you hear on T.V. those of us in the grind of real estate understand the market is not as bad as advertised. As a matter of fact ITS HOT! Well priced homes in good condition in desirable areas are not on the market long, and they are selling in multiple bids. I am finding this especially true in bank repo/reo arena.

I also find the REO's not necessarily the best deals, but people are making offers just because of th buzz word "FORECLOSURE." I wish I could take every one of my sellers listings and just say "FORECLOSURE" on it and would sell in multiple offers, no repairs, no nothing and a per dieum if it doesnt close on time! Seriously though the REO's are being sucked up, and with the new requirements on the bank (which I feel is a good thing) to REALLY ATTEMPT to help with loan modifications, then short sales and finally foreclosure, it has helped the market begin to right itself.

Look at financing currently. Yes it is harder to qualify, but if you can get a 30 year fixed FHA loan with putting 3.5% down around 4.5% or so and the property prices have come down, you pay more to RENT in alot of cases than to BUY!

I have investors and first time buyers bidding on the same properties! That tends to say you are at the bottom. I do not know what the future holds, but I do know we are righting the ship! ITS A GREAT TIME TO BE IN REAL ESTATE AND GREAT TIME TO INVEST IN IT!

who are you listening to?

elgin walker (keller williams vip properties) — Sun, 29 Mar 2009 21:36:10 -0500

Who you going to listen to? The people PAID to tell you things are bad or the soldiers out in the field doing the work? Real estate dead huh? All week I've been showing writing offers on REO bank owned properties and all week they have been in multiple offers, all of them have sold over list price and none of them had been on the market longer than 5 days! This was in different areas, and different price ranges!Do you know when the real estate market bottoms? You dont know until AFTER it starts to go up. If a property is listed at $250,000 and sells at $300,000 or a property listed at $734,000 sells at $750,000 both in multiple offers, do you think the market is hot or soft? I can tell you if a property is priced competative, in decent shape and in a desirable neighborhood, it is selling. I do not know if we are at the bottom, I do not know things cant get worse, but after 22 years of doing this I KNOW IT IS A GREAT TIME TO BUY escpecially if you plan on holding the property for 5+ years! DONT SLEEP ON YOUR DREAMS! Opportunity comes and goes and does not wait on anybody!

Tax credits, below low interest rates, what are you waiting for? Buy Buy Buy

elgin walker (keller williams vip properties) — Thu, 26 Mar 2009 23:43:15 -0500

Are you taking advantage of the the new credit for first time buyers? How about the low interest rates? I MEAN THE LOW INTEREST RATES? Under 5% in most cases! FHA 3.5% down for 39 year fixed loans! $8,000 tax credit and guess what? Unilike last years $7500 credit YOU DO NOT PAY IT BACK! Come on people depending on your tax base and the price range you are purchasing in, it is possible your tax credit could be more than your downpayment!

If you havent noticed in the neighborhoods I service the inventory is down, and the lower priced properties or really well priced homes in higher ranges ARE SELLING, ARE SELLING QUICKLY, ARE SELLING IN MULTIPLE OFFERS! Inventory low, demand high that usually means those are the signs of the previous sellers market we experienced!

I am by no means saying the market is about to turn and shoot straight up. I am saying though the doom and gloom you hear by people that are paid to give you doom and gloom are not providing you proper and complete information. How do you know when the market has bottomed? Easy, when it starts going up! That does mean however you will not be able to "time" the bottom.

Dont sleep on your dreams!

Free Buyer and seller reports

elgin walker (keller williams vip properties) — Mon, 23 Mar 2009 09:59:47 -0500

Stay informed of the real estate market. Go to www.elginwalker.com and get your free reports! In a crazy market and crazy economy you need to have as much information as possible. We at The Elgin and Pilar Walker Team strive to provide service, information in hopes of EARNING your business! Once we earn your business we want to develop, and maintain CUSTOMERS FOR LIFE! That is our goal!

If need information on buying investment properties, if you are struggling with your current home situation, if you need information or help in loan modifications please give us a call or email 661.290.3781 or ehustle@elginwalker.com

Continued blessings to all. We look forward to serving you in the near future!

You are blessed! DONT FORGET IT!

elgin walker (keller williams vip properties) — Sun, 22 Mar 2009 23:28:47 -0500

What a wonderful life! I always say it truly is a great life and if you are breathing it really is! No matter what is going in your life there are people worse than you. In your real estate business no matter what is happening in your life, if you focus on the lives of your clients, your life will improve. I will be the first to tell you it is not easy. As real estate professionals we feel the same pain as our clients, but is that any different from a doctor who has a family illness, but still needs to help others? How about the attorney whose own family member is tangled in the legal system, but his or her livelihood is dependent on helping others?

The answer is it does not. We need to focus on helping others. Truth of the matter is if our country takes that point of view it will help us out the mess we are currently in! There are plenty of opporunties if you are in the market for purchasing real estate and we can help, BUT if you are struggling, having difficulty making your payments, WE MAY BE ABLE TO HELP TOO!

Dont think you are all alone and if for any reason you need you want help dont hesitate to call The Elgin and Pilar Walker team! You may reach us at 661.290.3781 or www.elginwalker.com

Make your own decisions! Dare to be great!

elgin walker (keller williams vip properties) — Fri, 20 Mar 2009 20:58:32 -0500

Dont let other people steal your dreams! The media bless there hearts are out to sell papers and negative news sells. LOOK AT ALL THIS GREAT ECONOMIC DATA JUST OUT!

Economists nearly universally agree that a housing market recovery is the key to improvement for the US economy. Certainly a major component to a housing market recovery would be availability of credit which---of course---is what started this whole mess back in August, 2007.

Though the "negative news sells" media hasn't really talked about it much, there were at least 3 significant economic developments this week that show that our industry has begun its recovery. In your 3-hours-a-day lead generating activities, you should be talking to everybody you meet and those in your database about these great stories:

1) New-construction housing starts took a significant and unexpected 22% jump upward in February! Read about that here: http://money.cnn.com/2009/03/17/real_estate/housing_starts/index.htm

2) More Lenders are re-entering the jumbo loan market! As you know, conventional loans (up to $729,950) have been relatively well available for a while now for Buyers with good credit. It's the jumbo loan market---particularly loans from $729,951 to $2 million that have been almost completely off the table for some time. Your Country Ridge Financial Loan Officers have ready jumbo loan resources for your clients purchasing in the higher price ranges.

3) Conventional loan interest rates drop below 5%! A client of mine is going to close on March 27 at 4.675%.Let's see: Low prices, low rates and high inventory. This is an unprecedented situation not likely to ever repeat itself again. If you won't call your potential Buyers to tell them, just know that your competition out there will.

free bank owned property lists:www.househereonline.com

elgin walker (keller williams vip properties) — Fri, 20 Mar 2009 11:12:48 -0500

How would you like to receive free email lists of ONLY bank owned property or ONLY PRE- forclosure homes available in ONLY the areas you want? The elgin & pilar walker team strive to taylor searches to meet your criteria. This cuts down on time for looking at properties you know you dont want and us showing you homes that dont fit your criteria. Sign up at www.househereonline.com or go to our main site www.elginwalker.com for more information

Dont walk away! You have options!

elgin walker (keller williams vip properties) — Fri, 20 Mar 2009 10:40:19 -0500

Are you struggling to make house payments? Are you behind in house payments and looking for answers?

We are in difficult economic times that is no doubt. With the GLOBAL financial crisis taking up much news, we are in a LOCAL financial crisis! Job losses, rising interest rates, gas prices etc...Most people that purchased or refinanced homes in the last few years have seen property values drop below what the current mortgage balance is owed against the property. Do you fall in that category? If you are facing foreclosure, considering "walking away" from your property or just looking at options. WE SHOULD TALK. There are five basic options:

•1) Walk away from your home/investment and have that damage on your credit report making it difficult (not impossible) to purchase property again.

•2) Speak with the bank and try to a do a "Deed in Lieu of" FORCLOSURE. Truth is told this option is no better than the previous option AND the banks may not accept this option.

•3) Contact your lender to work something out! Considering Congress has established a stimulus package etc...YOU SHOULD EXPLORE THIS OPTION. You may be able to do a forbearance agreement or loan modification. Right now the lenders "appear" more ready to work with homeowners to keep them in their properties.

•4) Loan modification and ask me I HAVE A RESOURCE THAT MAY HELP!

•5) CONSIDER A SHORT PAYOFF! If you cannot make things work with your lender instead of walking away, you should attempt to do a short pay. Why and what are the benefits?

•A) No Foreclosure on your credit report AND the damage to your credit is less severe and during the process you are staying in the property (in some cases not paying)

•B) Better able to purchase a home in the future and possibly purchase sooner!

•C) You actually move out the property and do not get evicted by the bank!

If you or someone you know is struggling and finding hard times currently pass this letter on and/or have them call our 24/7 information hotline 888.429.8571 ext. 9007 for details.

The Elgin & Pilar Walker Team

Keller Williams VIP Properties

25124 Springfield court #100

Valencia, Ca 91355 661.290.3781

ehustle@elginwalker.com

OH BY THE WAY I AM NEVER TOO BUSY FOR YOU OR YOUR REFERRALS!

Dont walk away! You have options!

elgin walker (keller williams vip properties) — Mon, 09 Mar 2009 12:41:07 -0500