foreclosures: "Wheel" Estate Cam: Bank Property Bidding Wars
- 08/13/08 04:00 PM
Hope you like my first official Wheel Estate Cam! And do me a favor, link over to Youtube and leave a comment there too. Did you get sick? Should I use www.WheelEstateCam.com?? (should work today or tomorrow) I did buy it just in case! Frank Update, here is another Wheel Estate Cam, a little less spinning:
… (17 comments)
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foreclosures: Buying a Bank Property? Hurry Up & WAAAAIIIIITTTTT.
- 07/29/08 11:22 AM
I just got a bank owned / REO property under contract. Was previously $800k, and it was now listed for $400k.
We had to bid on 6 properties before finally "winning" one (ask how we "won" without having the highest offer too!). Wow was that a pain. And people say it is a "buyers market" with tons of inventory? If a home is priced right, it will sell FAST. The key is to get daily MLS email alerts! (or ask for hourly)
So, I haven't figured out to what degree the hassle was with the listing agent or with … (9 comments)
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foreclosures: Virginia Deficiency Judgement (Judgment) at Foreclosure? Current Trends & PMI
- 05/12/08 03:54 AM
Update 7-9-08: This post is pretty worthless compared to the COMMENTS. They are a ton more insightful.
Something smells fishy.
Virginia Realtors: What are you all seeing in regards to Bank Deficiency Judgments/ Judgements* in Virginia?
Disclosure: I am not a lawyer, this is a discussion and my understanding. This information is changing monthly, so please verify with a lawyer. When in doubt, ignore me. READ THE COMMENTS, ONE REALTOR SAID I WAS DEAD WRONG ON EVERYTHING.
My Understanding/Definition (ie correct me if I'm wrong): When a home goes to foreclosure* on the courthouse steps, the bank can either
Buy it … (97 comments)
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foreclosures: Virginia Short Sales are FAKE. Only 5% Close.
- 02/19/08 06:38 PM
Update: This posting is oldy but a goodie(2/2008), More short sales are closing now, but this article still explains the process. Newer Short Sale postings here.
Most Short Sales are what I call "FAKE listings." Only 1 in 20 sells. In Arlington only 3 have sold out of 65 attempts.
I briefly went over Short Sales when I defined all SOL Homes including REOs, Bank Owned Etc. But Short Sales need more attention, as they are very tricky and misleading.
A Short Sale is a listing for sale that requires "Third Party Approval." That means that 1, or 2!!, banks are … (44 comments)
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foreclosures: Roaches & Bullet Holes Or A Market Decline?
- 02/15/08 08:12 AM
The first task in writing this post was to look up whether "bullet holes" was 1 word or 2. Turns out it's 2 words. Learn something every day right? Or is it everyday?
Anyhow, I went to a bank owned property in Falls Church today.It was disgusting. It was infested by cockroaches (we didn't see any live ones) and a bullet hole in the window (or a run in with a Kevlar beaked crow). What a gem!
The good thing was this client was able to see it as an opportunity, instead of being freaked out. Don't get me wrong, it wasn't … (8 comments)
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foreclosures: Buying a Bank Owned REO Home? Beware of the Bank Addendum and hidden fees.
- 02/07/08 10:16 AM
I have wanted to post this post for a few weeks now. I want community participation on this one. I need examples and things to watch out for in Bank Addendums.
So you are buying a bank owned property, and REO or a Short Sale? You need to understand the bank addendums that accompany them, or you might miss a $3,000 hidden fee.
But first, a quick background. Agents that are members of NVAR, and are REALTORS, use a 15 page contract that was painstakingly created by lawyers and a contracts committee. They try to design it as evenly as possible and several "fill … (62 comments)
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foreclosures: Freeze Interest Rates? From Bankruptcy to Profit?
- 12/07/07 08:11 AM
On the heels of our discussion about legislation to remove the Phantom Tax associated with short sales, (see my quote in the Washington post on Short Sale) there is also legislation out there to freeze Adjustable Rate Mortgages for homeowners.
I have the following questions, maybe you know the answers:
1) Will it only help those facing foreclosure, or will everyone that locked into a 2% teaser rate get the benefit of a 4-8% reduced rate. On a $300k house, this comes to up to $24,000 in savings per year!
2) Who pays for this? The banks already have calculated expected earnings based on … (11 comments)
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foreclosures: Pitfalls of Mortgage Cancellation Tax Relief Act, H.R. 3648
- 12/05/07 03:50 AM
Update blog post over at My Quote in Washington Post Elaborated: Do you all know about the Mortgage Cancellation Tax Relief Act, H.R. 3648? You can see NAR's approval of such a bill here.
This bill was enacted to help homeowners that sell their homes via a Short Sale from getting a 1099 tax bill for the loan forgiveness.
For example:
A home is bought for $400,000 in 2005.The loan amount is currently $390,000Home can't sell for break evenTHe home is listed as a short sale for $340,000If the banks approve this price, they lose $50,000The bank is required to 1099 the owner … (20 comments)
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foreclosures: DATA. What Is It Good for? Washington Post "Trends" Herndon up 14%!? or down 26.2%
- 11/25/07 04:23 AM
I was reading the Washington Post on Sat November 24 and I came across their "Real Estate Trends" report for Fairfax County. They compared the first 6 months of 2006 to the first 6 months of 2007. They excluded condos and they used data gathered through the courthouse, and not via the MLS.
Out of the 47 zip codes, they said the #1 fastest growing zip code was 20170, Herndon at 14.4%.
How can this be? I recently wrote about Herndon and the Foreclosure mess going on over there with as many as 48% of homes on the MLS from $300k to … (5 comments)
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foreclosures: Buyers! Photoless Listings= $15,000 "Sale"
- 11/20/07 04:39 PM
Punchline: Buy homes with No Additional photos= Save $15,000 on a $400,000 house.
Buyers LOVE seeing tons of photos for each listing online. I think Realtor.com said that listings with multiple photos get seen 6 times more than listings with 1 photo. The tendency for buyers is to see a photoless house and think it is garbage and skip to the next listing, when in fact it might just be a sucky listing agent or a foreclosure with an underpaid agent. (see the Arlington foreclosure Megan bought, it had no extra photos and she almost skipped it)
I've vented previously about Sucky … (31 comments)
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foreclosures: Video: Arlington REO, Realtor Buys her Bank Owned Home
- 11/20/07 01:01 PM
Buy like a Realtor!This post is a link to a 6 minute video showing the process involved in buying a Bank Owned Property in Arlington Virginia, by a Realtor. Megan Buckley, a Realtor with FranklyRealty.com, recently bought her REO home in South Arlington. It was bank owned. Foreclosures aren't as frequent as people think in Arlington, and I still suggest looking at everything, but it is possible to get one for a deeply reduced price versus the previous owner's purchase price. Highlights from the video:Don't ignore homes with 1 or no photo. Poorly marketed homes get seen less, and therefore sell … (16 comments)
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foreclosures: Foreclosures in Virginia! The FEVER is back! But is it real?
- 11/10/07 07:08 AM
The FEVER was lost for two years, but it's BACK!My Virginia Real Estate blog showcases the trends before you ever knew they existed. This is a new trend, and it is on fuego. Problem is, is it real?The message is slightly different, but the bottom line is still there: Buy Foreclosures, Flip and Get Rich!In the past it was Buy New Construction, Wait a Month, Flip and Get Rich. (see my post on Taxi Drivers pooling their money during the top of the housing bubble) This technique is also known as the greater fool theory. If you can buy it low, … (11 comments)
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foreclosures: Inflated Appraisals: 1st Major Suit
- 11/03/07 05:34 AM
When two of my blog readers send me WSJ articles on the same day, you know something big is up.
Appraisals 101: An appraisal is a report that is supposed to be a 3rd party impartial review of a property (usually under contract) to make sure the price is in line with recent closed sales (not counting houses still "for sale"). This protects the bank from buyers buying overpriced houses, which are at higher risk for default.
I first wrote on this topic of inflated appraisals: Builder Tricks Part 3! Independent Appraisals & Fiduciary Duty. I showed why builders try to require … (10 comments)
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foreclosures: "SOL" Homes defined: MLS Foreclosures, REO, Short Sales, Pre-Foreclosures Defined & Email Alerts
- 09/10/07 06:27 PM
Newspapers are filled with talk of the flood of foreclosures, but none that I have seen have taken a step back and defined all the different industry words for my new industry word: "SOL" (S* Out of Luck) Homes (tm), and how to buy them. 2-3% of MLS listed homes are SOL in Northern Virginia. Can your agent find them?It might seem odd that I'm writing about how to buy foreclosures listed on the MLS since some might have just finished reading my article Attn. Market Timers! The EXACT Best Day to Buy!
Well SOL homes can get you a 5-15% discount* … (25 comments)
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foreclosures: 48% of MLS homes are SOL (Foreclosure etc) in Herndon ($300k-400k)
- 09/10/07 03:45 PM
I just completed an article on defining SOL homes on the MLS, (S* Out of Luck) homes with the keywords: REO, foreclosure, bank, pre-foreclosure, short sale, auction, third party, 3rd party**. (see "SOL" Homes defined)
I knew Arlington Virginia Homes had a few and some would go fast with aggressive pricing (To catch these I recommend email alerts for SOL keywords). So I ran some numbers. In Arlington it was about 2-4% of active homes on the MLS were SOL. But then I ran some other cities.
I was amazed to see the numbers as high as 48% in Herndon!
DATA:
**Update: … (6 comments)
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Hope you like my first official Wheel Estate Cam! And do me a favor, link over to Youtube and leave a comment there too. Did you get sick? Should I use www.WheelEstateCam.com?? (should work today or tomorrow) I did buy it just in case! Frank Update, here is another Wheel Estate Cam, a little less spinning:
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