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foreclosures: Foreclosure Offers in Del Norte County - 11/17/10 01:14 AM
REO offers are a bit different then writing a purchase agreement for a privately owned home.
In my experience there are a few common threads that most banks are looking for.
Most want at least $1000 earnest money deposit if not more. All will shorten the inspection period to 10 days or less. Most want the name, phone number and address of the buyer, and I have one that wants the buyers social security number (this is in the negotiating stage). All require a prequal letter and/or proof of funds (POF) when negotiating. Many want to see a copy of the earnest … (3 comments)
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foreclosures: How to Video - How to Have Your Lender Produce the Note - 10/18/10 12:26 AM
Having your lender produce the original note seems to be the new hotbed issue of the foreclosure crisis. I liked this video the best out of several I watched on How to compel your lender to produce the note. Pass this along if you know of someone in the foreclosure process. Who knows, it just may help.
… (23 comments)
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foreclosures: Walk Away From the Mortgage, Strategic Defaults - 10/17/10 05:53 PM
This report is from May of 2010. We already know that people are choosing this option more and more. I find this subject compelling and continue to follow it with interest. When I first read about Strategic Defaults, many real estate professionals were highly against them on moral grounds, however, as I follow the comments on subsequent blogs on this subject, the tide is definitely turning. What say you, real estate professional?
… (5 comments)
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foreclosures: The MERS Edifice Quavers.... More Title/Deed Problems Coming to Light - 10/17/10 12:03 AM
The following is a long read, I agree, but can we have too much information regarding possible recording/title/deed issues at this point in time? Well, no. Be informed and ready to help your clients.
The Market Ticker ® - Commentary on The Capital Markets Posted 2010-10-11 22:05 by Karl Denninger in Foreclosuregate
The MERS Edifice Quavers.... And threatens to crumble into dust.... Yes, this is a draft. But it is coming from a law school's scholarly paper mill - not exactly the sort of place you want to ignore. A few good cites will set the table for those willing to … (7 comments)
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foreclosures: What Happens When More Homeowners Figure This Out? - 09/22/10 01:33 AM
What Happens When More Homeowners Figure This Out?
Say you purchased your home in 2005 for $400,000 and it is now worth $250,000? Not such a stretch especially if you live in California, Arizona, Nevada or Florida.
Now imagine you have either lost your job, or in the case of many residents in my market, had your wages cut 15-25% by the State of California. To add insult to injury, that great loan being touted at the time you purchased your home is set to adjust up in 2011 at year five.
You can no longer afford your home...what to do?
Overwhelmed by … (58 comments)
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foreclosures: NOD Filings Down by 30% Cause for Celebration...Hardly. - 09/16/10 06:24 PM
NOD Filings are down 30% over this time one year ago. Many are saying the sky is no longer falling and foreclosures are leveling off...hardly the case.
According to Rich Sharga of RealtyTrac, the NOD number is down ONLY because banks and lenders are not sending NODs to seriously delinquent homeowners. He believes this is a "managed slowdown" by banks and lenders to keep home prices from declining any further.
"We are seeing people in more and more serious stages of delinquency, who in a normal market long ago would have received an initial notice of default or been in the foreclosure … (0 comments)
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foreclosures: Current State of the Real Estate Market in Crescent City/Del Norte County - 9/15/10 - 09/15/10 06:39 PM
I usually do a market report each month. I really don't feel like doing one for August. July had six sales, six! August had 19 and wow, 2 of those homes sold for over $300,000 so if I do a market report, everyone will get all excited and say, "See, things are getting better." Well, so far this month--September--4 homes have sold and the highest priced home was $92,000 and we're halfway through the month.
EVERYDAY I get a phone call from a friend or client who can no longer afford their home and either has to do a short sale … (0 comments)
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foreclosures: Strategic Default Vs. Strategic Short Sale And "Verifiable Hardships" - 06/26/10 12:22 PM
Here is another excellent post by Bob Hertzog shedding light on a new option for underwater homeowners, Strategic Short Sale. Bob's contention is banks are looking the other way regarding the requirement that a homeowner have a verifiable hardship for a short sale transaction and are now basing bank approval on how it will affect the banks bottom line. In other words is the short sale a sound financial decision for the bank versus the time and expense of a foreclosure. It's about time!
In my previous post to this one, Bob discusses how FNMA is viewing short sale vs. foreclosure for homeowner's who have … (1 comments)
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foreclosures: Contemplating A Strategic Default? FNMA Says You Must Now Wait 7 YEARS To Buy Again! - 06/26/10 11:40 AM
Here is must read information for anyone considering a Strategic Foreclosure or Short Sale. This post, via Bob Hertzog, shares new guidelines on how FNMA will treat a future home purchase for homeowner's who have experienced a foreclosure or short sale.
Please consider all your options carefully and consult with a real estate attorney and tax professional before taking any steps in a foreclosure or short sale direction.
If you are considering a short sale in the Del Norte County real estate market, I am available at your convenience to explain how this process works.
Via Robert G Hertzog (Summit Home … (0 comments)
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foreclosures: Del Norte County Market Observations - April 20, 2010 - 04/21/10 12:52 AM
Del Norte County Market Observations - April 20, 2010
I haven't been blogging too much in 2010, the reason? My REO business is increasing along with my regular listings and it's keeping me busy, but I still have time to watch the market closely and I have noticed some trends that may be helpful for buyers and sellers in this market.
My first observation for our current market:
The shift seems to be from homeowner REO's to investor REO's - The majority of the REO listings I had in 2009 were owner occupant, but I would say 90% so far this year … (5 comments)
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foreclosures: Californian's get some much needed relief - 04/11/10 01:03 AM
With the number of California notices of default filings hitting 31,004 in February, it is no wonder California signed into legislation relief for homeowners who lost their home home due to foreclosure or short sale.
California had been lagging behind the federal government in cancelling taxes owed on the "short amount" or the difference between the mortgage amount and what the house actually sold for at short sale or in the case of foreclosure, trustee sale.
I had a client call me in a panic last week letting me know that although he would not be taxed by the federal government, his CPA … (4 comments)
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foreclosures: Are Strategic Defaults a Moral Issue? - 03/28/10 04:04 PM
According to the Washington Post:
24% of all U.S. homeowners are underwater with their home loan, meaning they owe more than their home is worth. New foreclosures are far outpacing loan modifications. Economic weakness and government debt is what is really ailing the housing market. And, strategic defaults are on the rise. These are homeowner's who still have the capability to pay their mortgage, but for one reason or another, maybe that Joe who purchased a foreclosure three months ago for the exact same home next door owes $200,000 on the same house you paid (and owe) $400,000 for in 2005.
… (19 comments)
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foreclosures: Terry Hoskins Bulldozes home as Bank Moves Ahead with Foreclose - 02/21/10 09:18 PM
The short of it is Terry Hoskins built his home, which was worth an estimated $350,000 and like so many people, found himself facing foreclosure. He owed the bank approximately $160,000 and had an offer of $170,000 for the home that would pay off the loan at RiverHills Bank. The bank said, "No." According to Mr. Hoskin's, the bank wanted to continue the foreclosure because they could make money on the resale of his home.
Mr. Hoskin's warned the bank he would bulldoze the home before that would happen and the bank did not believe him, which was a mistake. Mr. Hoskin's consulted … (5 comments)
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foreclosures: Submitting an Offer on a Del Norte County REO - 02/10/10 12:09 PM
Here are a few suggestions for buyers and their agents looking to purchase a Del Norte County foreclosure.
I have been working with many different banks and asset managers over the last few years and there seems to be a few common threads in this process:
Don't low ball your offer if the listing is less than one month old.I have not personally seen a bank accept an offer more than 98% of list price within the first two weeks.What does that mean for you, the buyer and your agent? Do not submit a low offer if you really want the property.The theory behind … (2 comments)
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foreclosures: Is a Short Sale a Good Way to Go? - 12/01/09 04:20 PM
Is a short sale a good way to go for you the seller?
I received the accompanying article today in my in-box and thought I would share it with you. Please remember that these are "guidelines;" nothing was said about the "teeth" that will compel lenders to comply with these guidelines. If banks do not perceive there is a benefit for them in complying, they may not be willing to change their current mode of operation. Incentives, which have been in place since the beginning of 2009, have not sped up modifications or short sales, so I don't have a lot of … (6 comments)
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foreclosures: Interactive Map of U.S. Foreclosure Rates by County - 08/15/09 02:44 AM
Interactive Map of U.S. Foreclosure Rates by County -
Here is a very cool map that shows foreclosure actions by county in comparison to the number of properties in a county.
There are two other maps as well. One that shows Unemployment Rates and another that shows Median household Income.
I would like to thank my Facebook pal, Karen Corchoran of RE/MAX for finding this map on the NPR website.
It's hard to see how anyone can paint an optimistic picture of our economy with foreclosure rates increasing every month, but some economists are doing just that.
I keep an updated list … (3 comments)
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foreclosures: Highlights of the California Foreclosure Moratorium - 06/23/09 12:48 AM
Several clients have called this week to ask about the California foreclosure moratorium that went into effect June 15, 2009, and how it will affect them.
The bill is similar to legislation passed by the federal government in March.
Some of the highlights:
Banks can get an exemption from the moratorium by showing that they have a loan modification plan in place. Several companies have already applied for the exemption; California Department of Corporations has 30 days to grant or refuse the request. Loan modification programs in place must have some combination of the following features: Interest rate reduction for at least … (0 comments)
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foreclosures: Coping with the Reality of Foreclosure? - 06/10/09 03:50 PM
How do you cope with the reality of foreclosure or imminent bankruptcy?
Someone very near and dear to me is facing foreclosure. There is no one left to borrow from, their bankruptcy is completed and the end (foreclosure) is looming near.
My friend is overwhelmed and depressed. She has lived in her home for over 25 years and wants very much to stay there, but the faltering economy is threatening to claim them as another victim.
I made a few suggestions to my friend and if you have any other suggestions, don't hesitate to share, please.
I've been married for 29 wonderful … (0 comments)
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foreclosures: Home Ownership is within Your Reach - 03/30/09 11:13 PM
The house of cards built over the preceding years of unprecedented home appreciation has crumbled. It's demise has created some incredible deals in my market.
The run away spending that got so many of us caught up in thinking we can "have it all." has landed countless homeowners in a compromised position leaving no way out, but to walk away from the mortgage*.
Banks are overwhelmed with this new way of thinking and are dumping their REO (bank owned/foreclosed) inventory on the market at way below market value, giving buyers who are ready, to get some awesome deals.
Homes that just one year ago were selling … (4 comments)
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foreclosures: Cash For Keys - 03/25/09 11:05 PM
Cash For Keys is a program used by banks to vacate the occupants of foreclosed properties. The bank offers money, anywhere from a few hundred dollars up to several thousand, in order to get the occupants to vacate and leave the home clean and in good condition.
Occasionally a homeowner or tenant takes out their frustration with the foreclosure process on the home itself, trashing the premises, incurring clean-up and repair costs for the bank. The Cash for keys program utilizes a contract signed by the bank and the homes occupants stating that the occupants will vacate the home on a specified date and leave the premises … (2 comments)
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Fran Gatti - Realtor®, CDPE®, RDCPro®, Crescent City CA Real Estate
Crescent City,
CA
More about me…
RE/MAX Coastal Redwoods
Address: 1072 9th Street, Crescent City, CA, 95531
Office Phone: (707) 464-5400
Cell Phone: (707) 218-8162
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