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foreclosure: FHA Finally Flips Out - 01/18/10 08:53 AM
How many of you have been out house hunting and seen some bank owned properties that look like this:
They are usually the ones that the "creative" REO agent describes with terms like " Needs a little TLC" or "Handyman's Delight". In reality, the description should be "Bring your own hand sanitizer. This ones a dump".
The problem is that if an investor buys that lil gem,fixes it up and sell it, he's labeled as a "flipper". In today's market that's equivalent to sporting a scarlet letter A from years past. The punishment for such a heinous act is that, as a … (4 comments)
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foreclosure: STRATEGIC DEFAULTS BY THE NUMBERS - 11/22/09 11:10 AM
I found the following article about strategic defaults in today's Los Angeles Times. It sheds some realistic light on this sector of our crisis. What I find most interesting is that there are actually less strategic defaults than most people have previously thought. In that Southern California has one of the largest losses of equity in the country, it will be interesting to see how this segment recovers.
Click here to read the full Los Angeles Times article.
… (0 comments)
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foreclosure: POP QUIZ TIME...DID YOU STUDY? - 11/12/09 05:37 PM
Ladies and Gentlemen.... Professor Palmer here. Welcome to my class:
Head Scratching 101; An Abbreviated History Of Short Sale Lenders.
Because today is the first day of class, I'd like to get a better feel for all those in attendance by giving you a pop quiz!! So here goes.
Q: If you were an existing 1st mortgage on a short sale property that is worth $425,000 (value as determined by a BPO you ordered four months ago),vacant,county land, 30% of the home not built to code, on septic would you:
A: Jump at an all cash offer that not only paid your your entire amount of … (1 comments)
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foreclosure: FEARED FLOOD OF FORECLOSURES IN CALIFORNIA MAY BE AVERTED-- latimes.com - 10/21/09 10:13 AM
This article just broke in the L.A. Times:
Feared flood of foreclosures in California may be averted -- latimes.com While we are far from seeing a healthy market, the beginning has now started.
… (0 comments)
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foreclosure: INTEREST ONLY LOAN MODIFICATIONS...NOW THERE'S A DUMB IDEA - 10/16/09 08:12 AM
Can something come full circle when it's still spiraling out of control? I just saw this this article: click here . It seems that Chase Bank is lobbying to get approval to do Interest Only Loan Modifications. Maybe it's just me, but aren't interest only loans part of the reason our homes are worth about 1/2 of what they were. This assuming you are actually still in your home. My personal assumption is that none the TARP money given to banks was used for intelligence testing. Loan modifications don't work. They are a band-aid on an amputation. Well over 50% of … (11 comments)
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foreclosure: WHY WE NEED INVESTORS IN THIS MARKET & WHY FLIPPING IS GOOD - 08/10/09 09:17 AM
We need to have more investors in the market and we need them flipping properties. There, I said it. I know it won't be long until the riotous crowds start descending on me. But before they do, let me explain. Investors aren't the scourge of the earth. Well, at least not most of them. They are looking to buy an under-valued asset. No different than a stock or a bond fund. And here's why investors are helpful in this market:
1. There are hundreds of thousands of REO and short sale properties on the market. Values will not be going … (4 comments)
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foreclosure: BUYING A HOME AT A COURT HOUSE AUCTION - 07/30/09 08:22 AM
Have you ever thought about buying a foreclosure on "the court house steps"? The process is a public auction that lenders sometimes hold at the county court house. I recently attended one in Florida. Thankfully, if was held in a nicely air conditioned room. Florida, in late July, can be a bit on the tropical (read: so humid the mosquitoes can't breath) side. But I must warn you, that road to riches is paved with some bus-sized pot holes.
I have worked with a local broker in Florida who was nice enough to take me along and explain some of … (0 comments)
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foreclosure: WANT TO TEST DRIVE YOUR HOME? GET A HOME INSPECTION - 06/22/09 10:57 AM
There's one part of a real estate transaction that often gets overlooked. Or worse yet, in the interest of saving $300-$400, isn't done at all. That is a home inspection. Sometimes, it's confused with an appraisal. An appraisal is a valuation of a property done by an appraiser, and generally done in conjunction with a purchase money loan or a refinance. Its purpose is to give an accurate value range to the lender and client. In California, appraisers are governed by the OREA . A home inspection is a valuation of <strong>property condition</strong>. It is generally done as part of a buyer's … (0 comments)
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foreclosure: FHA 203K- THE CURE FOR A "LITTLE TLC" - 06/14/09 09:40 AM
I'm going to assume anyone that's been out house hunting has seen an ad in realtor.com , trulia or zillow that goes something like this: "Home has lots of potential...just needs (here's the hook) a little TLC". Generally translated, that means the home is in varying stages of ugly. Until recently, your choice was to buy it and then have enough money to fix the "ugly". FHA has given you an alternative. It is called the 203K loan . Granted, it's not a particularly inspiring title, but look where "Pick A Payment" got us! Anyway, if the property you want needs … (2 comments)
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Pat Palmer-Realtor, Upland, CA 91786
Upland,
CA
More about me…
Forefront Real Estate/ Forefront Mortgage
Address: 3175-E Sedona Ct., Ontario, CA, 91764
Office Phone: (909) 581-6018
Cell Phone: (909) 286-1301
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