Gail R Buck, Real Estate Broker Real Estate Professional's Blog

When Investors cross the line...

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Tue, 15 Nov 2011 12:15:37 -0800

When Investors cross the line..

I ran into someone I used to know yesterday. It's funny how we evolve (or not) especially in regards to our treatment and expectations of others. Anyone who knows me would say I am FULL of energy and very passionate. I feel strongly about protecting people and making life better when I can. I am working on a documentary right now regarding, the Hispanic community, the Phoenix Market and what I hope will make a compelling story surrounding the struggles of the Hispanic community. I am angered by the fraud that still occurs in the Real Estate Industry and the people that get hurt in the process. All for greed, so this person that I ran into, turns out is one of the type of investors that I believe should be ashamed of their actions. What they do is a form of creative Seller Carryback. They purchase foreclosures, more often than not, on the steps at auction after they experienced a Drop Bid.

In other words--really cheap. So let's say they purchase the property for 30k put 5 to 10k in the house and sell to an excited family for 60-75k. Payable in full in five years. What happens is that this family has saved for years and pulled money from family and friends to come up with 25k or so. They are excited and hopeful that they can come up with the remaining 50k in the next five years (or less). The intention of the investor is to get the money that they purchased the property with back right away with down payment that they receive from the family. The further intention is to foreclose that property in the following years, because they know that it is highly unlikely that the family will come up with the balloon payment. So basically they are building their investment portfolio banking on the inevitable foreclosure - after having taken ALL of the family’s savings. It sad, and unethical and horrible but not illegal. I just don't know how a person can feel good about doing business that way. Two weeks ago I heard another similar situation with a woman who was 60 years old and had cleaned houses and sewed her entire life. She had 25k and collected 3k more from friends to pay the investor a total of 28k. Her interest payments are 18% and the note of 52K is due and payable in one year. Earlier I said that the investor should be ashamed, I really believe they should go to jail - But will it is predatory, unfortunately it isn't illegal...Hummm, maybe I can find a way to change that!

Gail Buck on the American Dream Run

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Wed, 09 Nov 2011 15:04:23 -0800

American Dream Run and Shoes!

The National Association of Hispanic Real Estate Professionals Arizona Chapter (NAHREP AZ) completed its first annual Run last week. The “American Dream Run” is a 4 mile run that we created to bring awareness to the American Dream. For me that means Diversity and Housing. We- yes, I ran too- also ran to provide funds for community outreach. It is interesting and frightening when you really start noticing the potential long term effects of the current housing market. The spillover affects that, in my opinion, we don’t hear enough about. One major example is our school systems. Just stop and think about the lost tax dollars that are necessary to fund the schools and provide education for our kids. Think about the neighborhoods that have experienced a high level of foreclosures and what that means to the area school. Vacant, abandoned houses provide zero tax dollars which in turn means cut programs, lower salaries for teachers or even fewer teachers, which in turn increases the level of drop outs and fewer kids going to college. Now think about the long term effect of that, to our country. That scares me. It is beyond losing the equity in our homes and ruining our credit scores.

So in building our chapter and seeing what we can do with money that we are able to raise for the community outreach part of our chapter, we decided to invest in our kids. We have started a scholarship fund and are building relationships with local high schools in areas hit hardest by the current housing market. With the profit from the Run, we have purchased grass seed and one of our sponsors and members, Rick Fisher with APRSI (a man with a HUGE heart) has volunteered his company to prepare the grounds and plant the seed so that the school can have a beautiful baseball field and a team when the season rolls around. In addition, at this same school, we learned that many of the track students run with used shoes and so we are buying the entire team new fitted shoes for the new season. We learned that all the kids that participate in sports at this school carry a high GPA, do community outreach and many have been offered sports scholarships to college. Interesting, I found myself discovering that I had preconceived ideas of what the majority of the kids were like in schools in areas where the income is low and the foreclosure rate high. I was so wrong. These kids work hard at school, excel academically, participate in sports when there is help to do so and work or do community outreach. I personally am more committed than ever to work with these kids as my way to make a difference. I think most of us want to make a difference, right? Sometimes we just don’t really know how. When you think about how simple that can really be. Paying the sports insurance required for one student to participate in cross country for the season is $25.00….. Sometimes the lack of that $25 prevents that student from being able to participate. What a difference that alone would make in one person’s life and who knows….you might have helped them go to college on a scholarship, or find leadership in a different way and be able to know that someone cared enough to help them reach their dream and may they will do the same.

3 Bdr/2 Bath property with pool 43 S Ocean Dr Gilbert AZ

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Mon, 17 Oct 2011 16:40:50 -0700

3 Bedroom/2 bathroom property with pool for sale! 43 S Ocean Dr, Gilbert AZ $178,500

Check out this listing and give us a call for a showing and also if you are interested in a foreclosed property you can find more properties here, we'll be glad to help you find the right home for you!

The American Dream Run

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Tue, 04 Oct 2011 14:50:57 -0700

The American Dream Run

NAHREP AZ is hosting its first annual American Dream Run. It's a 4 mile run in Peoria. I have been asked a number of times why we are organizing the run and where do the proceeds go. We, NAHREP AZ, are an organization that believes in the American Dream of homeownership. We know that statistics show that kids who grow up in homes owned by their family tend to do better in school and stay out of trouble........obviously not all! But the statistics weigh in their favor. I suspect that comes from the stability that owning your home brings.

We believe in diversity and that all people should be afforded the same rights and priviledges. The objective of the run is to celebrate and bring awareness. A reminder of a couple of things this great country of ours is all about. Proceeds from the run are used to educate the Real Estate community and the consumer on ways to obtain that dream. For example, there are a number of rehab loans available right now. You can buy a home and include money in the loan to rehad the place just like you want it. You probably don't need to buy it today and save to make changes later on. Make them now. Make it affordable and part of your loan. We believe in sustainable homeownership. Purchasing a home should give you a piece of mind not add more stress to your life. So we educate on credit repair, transitioning from default to homeownership, rehab loans, new products, avoiding fraud - whatever we can do to make our industry better.

So come and celebrate with us and get a good run in! We are only a couple months away from Marathon season!

NAHREP-AZ American Dream Run – 4 Miles
Sunday, October 30th, 2011 – 6:30am Registration, 7:30am Start
Rio Vista Community Park
8866 W. Thunderbird Rd.
Peoria, Arizona 85345

Numerous awards and raffle prizes will be presented!
For registration information, visit www.facebook.com/AmericanDreamRun

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Average Delinquency and Foreclosure Timeline 599 days!

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Thu, 01 Sep 2011 16:44:47 -0700

Average Delinquency and Foreclosure Timeline 599 days!

This is the missing piece I was referring to in an earlier blog about "shadow inventory". According to the data that is available to us, In Arizona there is only about 3 to 4 months of "shadow inventory". As a reminder, those are the properties where the owner has received a Notice of Trustee Sale and the foreclosure process has started. Between the time they receive the notice and the property hits the market - that is the shadow. What has not been readily available is the number of mortgages that are delinquent but have not been served the Notice.

DS news published a great article yesterday titled "LPS Puts Average Delinquency =Foreclosure Timeline at 599 Days". Their studies show that judicial states would require 111 months to work through these delinquencies. Arizona is a NON-Judicial state. According to LPS, we would require aprox 32 months to work through our delinquencies. While first time foreclosures have slowed down considerably-dropped by 38 percent, repeat foreclosures are on an upswing. It's going to be an interesting 2012!

Mortgage Fraud increase with Short Sales

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Tue, 30 Aug 2011 17:09:53 -0700

Mortgage Fraud Increase with Short Sales

Selling your home or investment property today isn't what it was just a few short years ago. Currently in Arizona 57% of property sold are an REO (Real estate Owned or more commonly known as a foreclosure) or a Short Sale. A short sale is when you sell a property for less than what you owe. This requires negotiations with your bank, a meeting with your tax preparer and maybe even an attorney. While Short Sales are becoming more and more common there are some warning signs that you should watch out for. Did you know that with the Mortgage Fraud increase in Short Sales and an increase in legal issues?

The 5 biggest issues to be aware of are as follows:

1. Beware of "Flopping". Flopping is when you and your Real estate agent have a buyer who is purchasing the property for a price lower than it is worth while at the same time the agent and buyer have a second buyer lined up to purchase it at the same time or immediately after for a higher price.

2. Beware of Reverse staging. This is when the agent prepares a BPO (Broker Price Opinion) that is low by inflating the repair estimates or making the property look more distressed than it really is.

3. Beware of creative proceeds on the HUD. Skimming the net proceeds is illegal.

4. Beware of maneuvering family and loved ones in an effort to keep the property. Parties are now obligated to sign what is called an "arms length transaction". And attest that the sale is truly arms length.

5. Beware the untrained Real Estate Professional. Short Sales require special training. The most significant legal issue facing sellers and real estate professionals today are short sale disputes. The major case is insufficient training.

Radar Logic to Propose Plan to Address Government REOs

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Mon, 29 Aug 2011 15:10:11 -0700

Blog posted via DSNews

Radar Logic plans to publish a response to the government’s proposal to sell pools of foreclosed homes to investors to rent.

Federal agencies, including theFederal Housing Finance Agency (FHFA), HUC, and The Treasury Department recently issued a Request for Information and will be accepting proposals for how best to deal with the large inventory of foreclosed homes held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).

While the current thinking is that selling pools of properties to investors under the condition that they rent them for a specified period of time – thus keeping them off the market in the short-term – is ideal, federal officials are accepting alternative proposals.

In its RPX Monthly Housing Market Report for August, Radar Logic expressed concerns that selling homes in bulk to investors might negatively affect home prices in the broader market.

"Unless careful steps are taken to prevent it, we fear that bulk sales of REO properties could have an adverse effect on the appraised values of homes, and therefore home sales,” Radar Logic states in its report.

Radar Logic believes the REOs sold in bulk to investors will come at lower prices than if they were sold individually – prices much lower than non-distressed sales, and these low prices could lead to low appraisals for other homes on the market.

“Even if local appraisers do not use the bulk-sale properties as comps, there are many automated valuation models (AVMs) that would likely incorporate the prices of those homes unless there was some way to designate them as bulk-sale properties,” Radar Logic states in its report.

Radar Logic also expressed concern that the bulk sales would translate to large losses on Fannie Mae’s and Freddie Mac’s books – losses that ultimately would be absorbed by taxpayers.

Radar Logic will present its two-step strategy of reducing the GSEs’ REO inventory to FHFA next month.

First, Radar Logic proposes there be no more foreclosures. Instead, all distressed mortgages would be restructured.

Distressed mortgages would be replaced with bundles of debt and equity securities, which would be distributed to investors.

Secondly, the GSEs would rent their REOs through private-sector property managers. The GSEs would continue to own the properties rather than sell them to investors to rent.

Shadow Inventory is shrinking....or is it?

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Mon, 22 Aug 2011 13:55:28 -0700

Shadow Inventory is shrinking...

I posted the article "Industry's Shadow Inventory of Distressed Homes Shrinks" on my Facebook today. It is a good article and talks about "shadow inventory" based on the Data that is available. For those of you that aren't clear on what shadow inventory is - It is the amount of properties that are pending foreclosure. Borrowers that are in default and have received notice that their property will be foreclosed. It might even include foreclosed property that just hasn't been released to the market yet. And yes, that number is shrinking.

In Arizona, we are outselling foreclosures faster than they are hitting the market. Good news right? If the Data is correct, we should be relatively stable in Arizona, in about a years time. That is the key...the available Data. I suspect that the "default" numbers that they measure are for borrowers who have received the notice of default. What about the borrowers that haven't yet? There has been a tremendous slow down in issuing the notices. Is the number of borrowers in default - that have not been served the notice available? I know of people that have been in default for over a year, and still not received a notice.

Another variable would be the borrowers that are trying to stay current but will ultimately throw the hat in either because they really have to or it just makes economic sense for them to do so. There is a trend termed "strategic default" that is becoming more and more common place. If the trend continues to grow - well then, so will our defaults. Obviously jobs are a tremendous factor. Our job market is improving - if it stays the course, only then will I really buy into the shrinking inventory.

I was recently at a meeting where they made a cartoon with a fortune teller and the crystal...at the end - they just threw the ball away. Our economy will get better and so will the housing market. Question is when -

Fair Housing and REO Part 4 of 4

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Thu, 18 Aug 2011 14:16:13 -0700

Fair Housing part 4 of 4

Recommendations regarding REO and Fair Housing

The National Fair Housing Alliance -NFHA- made the following statement in their April 11, 2011 publication "Here comes the Bank, There goes our Neighborhood";

"Racial and ethnic disparities in the maintenance, marketing, and sales of Real Estate Owned properties is a civil rights challenge that requires banks, servicers,and investors to change their business models for disposing of REO properties and to establish standards and oversight mechanisms for the third-party real estate brokers and asset managers they hire. It also requires federal regulators and enforcement agencies to increase their oversight of banks, servicers and investors to ensure they fully comply with federal fair lending laws. Local governments must address these issues by considering the impact of REOs on neighborhoods as part of their Analyses of impediments to Fair Housing Choice and by taking action to overcome the impediments created by poorly maintained REOs."

The following items were highlighted as the areas of greater concern:

1. Selection of Brokers. NFHA makes the recommendation that the banks are careful to select a diverse group of brokers. Having brokers that are familiar with the area, involved in the community as well as ample experience in selling in a particular market is imperative to the proper pricing and marketing of a property. The Banks and Asset Managers also need to be sure that the Broker does not have pending complaints or history of discrimination.

2. Correct pricing: BPO-Broker Price Opinions - need to include interior review and drive bys not allowed. Or the banks need to seed a second full appraisal.

3. Property Preservation and Repairs- All parties should be held accountable for the Curb appeal of a property. We need to work together and really open up the communication to prevent further deterioration of a property. While not all properties are in similar condition, we do have control over the upkeep during the marketing period.

4. Advertising and Marketing -The same standardized signage should be used for all properties. Agents need to be trained to ensure that they are not steering potential borrowers to specific neighborhoods.

This publication is a great read and full of valuable information. While we are caught in the processing of REO inventory, we need to remember the larger picture, make sure that we abide by the Fair Housing rules and continuously educate ourselves to stay abreast of the constant changes if we are to effectively stabilize our communities.

Fair Housing and REO Part 3 of 4

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Wed, 17 Aug 2011 14:28:09 -0700

Fair Housing and REO Part 3 of 4

Pricing and Undervalue effects

In the National Fair Housing Alliance (NFHA) publication "Here comes the Bank, There goes our Neighborhood", there is a section entitled "Banks Must Not Undervalue Homes and Must Price REO Properties Properly". So there are a couple of pieces to this. The property needs to be properly maintained so that the value, or the perceived value is not diminished.

Their report found that in predominately minority low income neighborhoods, often times the banks "failure to adequately maintain a property may be related to an inaccurate perception of the House's actual value and is also often related to the false belief that a REO in a distressed neighborhood is not worthy of financial investment." It stands to reason then, that deferring maintenance will assure that the property stays on the market longer - thereby driving down the price even more - the bank loses money, neighborhood has another blighten property and more loss on the tax revenue side. It's interesting because I see that happen here in a community called Maryvale. There is no real care given to the REO property, it is priced low -- but in this case, the investors are scooping them up and then reselling to potential homeowners (minority) at a much higher price. In all most all cases, they are facilitating this with a hard money loan.

I have heard of multiple scenarios where the hard money loan is 2 to 3 times the price that the investor purchased the property and the loan is pretty much set up for the homeowner to fail payments in the following years. It is very sad. So if the Owner Occupant would have been willing to purchase the home for 60k, why was the investor able to grab it for 15-20 or 30k? There is a loan with US Bank that I am exploring called the American Dream Loan - a blog for another day - if this loan product does what I think it can do, we will be able to facilitate the owner occupant, skipping the investor and his hard money loan and purchasing with a product that benefits all.

Back to the issue of pricing and undervaluing...once again, I believe this lies largely with the listing Broker. As a listing Broker, the bank does not always agree with our pricing strategy and may list higher or lower than our recommendation.That is where it becomes our responsibility to get away from a "turn and burn" mentality and really look at the data, the community and the trends so that we can facilitate the recovery and not delay it. We need to provide accurate data to the banks and plead our case when we believe the bank is missing the mark on pricing.

Fair Housing and REO Part 2 of 4

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Tue, 16 Aug 2011 15:09:55 -0700

Fair Housing and REO Part 2 of 4

Curb Appeal, Curb Appeal!!

As a follow up to yesterdays blog where we talked about Property Preservation and Maintenance for REO (foreclosures) - let's talk about Curb Appeal. Getting the property not to look like a vacant, foreclosed home is the objective. Freddie Mac requires their brokers to shoot for the best house on the street.

I was recently doing a news piece on a new program that has come to town to facilitate owner occupant purchases and we visited a neighborhood with a high volume of REO. One property happened to be a Freddie property and a neighbor came out and commented that it was "the best house on the block" and how much she appreciated that. It makes a difference! It makes a difference for the neighbors and for marketing! Think about it.

With the Internet as our primary marketing tool, how many potential buyers get a first look at the property from the pictures that are displayed on the Internet. Usually we have a picture of the exterior of the house as the main picture right? What a difference it makes to have a manicured lawn and a tidy exterior. I know one agent that really does a great job and she power washes her properties....that is an agent that really cares!

So I will probably repeat what many of you already know but I am going to do it anyway. As a broker, get approval to clean up the yard and edge the sidewalk. In AZ we have a lot of desert landscape that can quickly become overgrown and fill with weeds. Stay on top of it. Make sure the windows and gutters are being cleaned and if possible, power wash the exterior. A vacant home with accumulated mail and trash at the front door quickly screams "I am Vacant and nobody is watching me! " ....so do your weekly inspections and make sure it stays the best house on the block. Broken windows and unsecured doors are an invitation for Vandals and worse. Think about the family living next door. Submit and insist when necessary for approvals to correct defects of the property that will continue to drive down the value. Mold, for example, needs to be handled right way. Even if that means simply removing all of the infected areas so that it does not continue to spread. If we don't address the defects, they can cause severe damage to the property requiring the bank to make expensive repairs or significantly reducing the sales price. This has such a long lasting effect on the property values, the HOAs and the tax revenue.

It all starts and ends with us. If we don't communicate what is needed to the banks - they can't address the issues....we are the soldiers on this battlefield.

Fair Housing and REO Part 1 of 4

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Mon, 15 Aug 2011 15:41:11 -0700

Fair Housing and REO Part I of 4

- Property Preservation and Maintenance

Have you read the new publication - April 11, 2011 - issued by the National Fair Housing Alliance? The title is "Here comes the Bank, there goes our Neighborhood: How lenders discriminate in the treatment of foreclosed homes." While the information is data and score driven I would like to discuss some key points. This will be a four part Blog.

The Fair Housing Act goals are to promote residential integration and to eliminate housing discrimination. HUD defines Fair Housing as "It shall be unlawful because of race, color, religion, national origin, sex, familial status or disability to restrict or attempt to restrict the choices of a person by word or conduct in seeking, negotiating for, buying or renting a dwelling so as to perpetuate segregated housing patterns, or to discourage or obstruct choices in a community, neighborhood or development." The NFHA has pretty much proven that there is a measurable difference in the maintenance of REO based on price point and more importantly racial composition of a neighborhood.

That is a clear violation of the Fair Housing Act - in fact it violates the following 3 points:

1. "Failing or delaying maintenance or repairs of sale or rental dwellings because of race",

2. Steering by real estate agents who discourage potential buyers from purchasing in those minority neighborhoods because the properties are not properly maintained,

3. "It is unlawful to make unavailable or deny" housing to any person because of race. If a property has been made unavailable for a loan because of poor maintenance could be a violation.

So back to the principle or point. Property Preservation and Maintenance. While I agree that there is difference in the quality of care from bank to bank and even asset management company to asset management company at the end of the day, I believe the bulk of the responsibility lies in the hands of the listing Broker. Before REO listing Brokers get upset with me - you should know that I am a very large REO Broker myself. I know what the guidelines are for almost every servicer. I can tell you that you can get fired for not properly up keeping your property and that in most cases, pointing the finger at the bank really doesn't apply....well, unless you take into account that they should all do inspections and fire the Brokers that do not adhere to the expectations. I think that is the big difference. Freddie Mac and Chase for example, do weekly inspections. Freddie provides a report card each month with feedback and a score. Brokers are held accountable and to the highest standards and it doesn't matter where the neighborhood is. Chase will call you on the spot if something doesn't look right. For the "banks" that do not do inspections - you should. For the Brokers that get push back on repairs, property maintenance and long delays on approvals --it is your responsibility to push back. It is up to us, to make sure that the property, the neighborhoods and our communities are kept to the highest standards. It doesn't matter if it is the million dollar property or the 15,000 dollar property (yes, we have those in AZ ). If we, in the Real Estate community, follow through, with the bigger picture in mind- take care of our properties - take pride in our communities --then we have the power to stabilize our communities and make a huge difference.

Social Media Statistics, Something I read Today

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Fri, 12 Aug 2011 14:47:06 -0700

Social Media Statistics, Something I read Today

In the last month I've been learning more about Social Media, I've been in many Webinars where all I hear is the importance of SEO (search engine optimization), keywords everywhere, Blogging, links and the importance to be everywhere on the web, as I heard today: As a company, the basic websites we have to be on is facebook, twitter, youtube, linkedin.

With so many things to talk about and so many things to do everyday, I found myself thinking: is all I've learned as important as they say?, well I read this article today and I wanted to share it with you:

- Each second 3 new accounts are created on Twitter, 50 million tweets are posted everyday.

- If Facebook was a Country, it would be the World's 3rd Largest (good one ah!)

-NUMBER OF YEARS TO REACH 50 MILLION USERS IN:

A)RADIO: 36 years

B) TV: 13 years

C) INTERNET: 4 years

NOW FACEBOOK has reached more than 500 Million users in Less than 6 years....

Then, If I wasn't even sure yet, check this out, REAL ESTATE is the Second most Searched category on the internet, travel is #1 and if my leads are around here, I want to be here for them!

Well, I hope you like the web because I certainly do.

Market Outlook - Just my opinion!

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Wed, 20 Jul 2011 15:04:07 -0700

Market Outlook - Just my opinion!

With so much talk about "shadow inventory" and really the GUESS of where the market will go, I thought I would throw in my two cents on the Arizona Market. I am the President of NAHREP AZ and we just wrapped up our first annual state conference. What a huge success! And what a learning experience!

From the data I received during the event, coupled with data from "Tamboer Consulting", and just an overall hands on participation in the market, my conclusion is as follows:

While measurable foreclosures will be around for several years, I believe that they will only drive the market for another 12 months. Maybe a little longer but not much. For those of you that don't know, "shadow inventory" are the properties that are likely to go to foreclosure because the property owner is behind on the payments and the bank has filed the paperwork to start the process of foreclosure (notice of Trustee sale).

There are also the properties that have foreclosed and just haven't hit the market yet. As of present you are only looking at about 6 months worth of inventory. That really isn't much. Of course what we don't know is how many property owners will decide to bite the bullet and stop making payments in the next few years. For those, a large portion will opt to short sale rather than foreclose. We have - I believe- around a 60% ratio or more properties that are upside down in Arizona. That means the owner owes more than it is presently worth. But - I believe most people will stay in their homes and wait it out. Kind of like a stock right? You don't have to sell low- it's only when you sell it that you assume the loss or gain. When this wave hit us, short sales were a nightmare. Not so much anymore. Wells Fargo/Wachovia are very accessible to the short sale process and Chase and B of A are getting easier and easier as well. Depending on your situation, many times you don't even have to be late on a payment to be considered for a short sale.

My point is that the options are more user friendly and there are more solutions rather than experience the foreclosure. I also think the panic has subsided a bit. So that's my story - depending on fresh data- I may or may not stick to it! :)

Market outlook is just my opinion!

COUNT DOWN, one more day for NAHREP-AZ State Conference!

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Wed, 13 Jul 2011 13:35:16 -0700

Count Down!, one more day for NAHREP-AZ State Conference!

Guests are flying in from all over the place. The excitement is mounting! It is nerve racking and fun. This is our first conference and quite a learning experience. We created an opening music video to pump up the crowd a bit and express who we are. You know the kind...feel great music, pictures and clips of happy people. We chose "fireworks" and added snapshots from past events.

I can not describe the feeling of intense pride that I feel for this organization, its members, sponsors and especially the board. Truly an organization comprised of individuals wanting to learn, contribute, have fun and simply do the right thing. Our next big event is a 4 mile "American Dream Run". We get our feet wet this year and next year either do a 10k or 1/2 marathon. We believe that Homeownership is still the American Dream and what better way to celebrate than with a great run, marching bands, hot dogs and yes, mom's apple pie!

If anyone reading this is at the conference tomorrow please say hello. I am the founder and President, so you will be able to spot me. Hope to see you there! Desert Ridge Mariott, Scottsdale AZ!

NAHREP-AZ EVENT July 14th

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Tue, 12 Jul 2011 13:38:30 -0700

NAHREP-AZ EVENT JULY 14TH

Two days away from the NAHREP-AZ state conference. Our first conference ever, it has been fun, BUSY, informative and all coming together in a great way. We have top industry professionals as speakers, REO, Short Sales...you name it! So proud of our board!

There is also a BUY-FIX-Flip session that should be packed considering our market! For anyone considering purchasing investment property now or you have clients that do, this would be a session not to miss. We even have contractors that specialize in this area. The FBI will be there to do a class on Mortgage Fraud and for those agents that still aren't comfortable bidding on a HUD home, we have a 3 hr CE credited class to show you how.

And of course, we have a great mixer at the end of the day to celebrate all the new things that we learned and all the great new people that we met...

NAHREP-AZ State Conference-8:00 a.m.-5:00 p.m.-JW Marriott Phoenix Desert Ridge Resort & Spa, 5350 East Marriott Drive, Phoenix, AZ 85054. Click HERE to register today

NAHREP EVENT VIDEO for July 14th, JOIN US!!

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Tue, 05 Jul 2011 14:30:03 -0700

NAHREP EVENT VIDEO for JULY 14th, Register today!!

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Fri, 01 Jul 2011 17:49:59 -0700

I want to invite you to the Nahrep Event on July 14th. Click here to register today!

How You Make Money in Real Estate

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Fri, 24 Jun 2011 16:22:35 -0700

How You Make Money in Real Estate

Having been one of those in amateurs that got caught up in the frenzy of 2004 and 2005 I have reentered the Real Estate market as an Investor with much more caution. In 2004 and 2005 there was quick easy money to be made and quick easy money to lose! Painful. We acted as if it was going to run out and every deal was a good deal. No more. So here we are...literally with historic low prices, low loan amounts and healthy rental Income. Great opportunity both to buy a property that needs some attention, rehab the property and sell. Or, purchase, rehab, lease and hold.

The difference from 2005, besides the prices, is now, hopefully, we are smarter. Now you take the time to research, read, plan and strategize. There is no need to be in a hurry. Indicators show that we will be in at least a version of this market for quite some time. For those of you out shopping for property right now, I know that if feels like a frenzy. Inventory is low and as soon as a property hits the market, it has multiple offers. Relax. Inventory should increase 4th quarter and continue through next year. Prices are not expected to increase through next year and even after that it will be at a slow rate. I am recommending a couple of books that I am reading - you can never learn too much! They are What Every Real Estate Investor Needs to Know by Frank Gallinelli and How to Make Money in Real Estate in the New Economy by Matthew A. Martinez. Both are available on Amazon.com

Money can be made in good times and bad and -- For the true investor it doesn't get better than right now.

Wells Fargo and U.S. Mayors Form Foreclosure Prevention Alliance

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Fri, 17 Jun 2011 15:01:18 -0700

Something I read on dsnews.com about Wells Fargo and U.S. Mayors Form Foreclosure Prevention Alliance

The U.S. Conference of Mayors and Wells Fargo Home Mortgage have joined forces to create a national alliance focused on foreclosure prevention, property disposition, homeownership promotion, and community development.

The three-year initiative will address housing challenges with strategies and outreach initiatives that will involve mayors and their constituents.

The U.S. Conference of Mayors is a nonpartisan organization of cities with populations of 30,000 or more. There are 1,210 such cities in the country today. Each city is represented in the Conference by its chief elected official, the mayor.

"With the challenges facing our nation, it's important that the private and public sectors work together on options that address each city's respective needs," said Tom Cochran, CEO and executive director of the U.S. Conference of Mayors. "Wells Fargo and our members share a deep-rooted commitment to sustainable homeownership. We'll do good work together that will benefit our joint communities."

The Alliance's itinerary includes up to three regional mayoral forums during each year of the partnership, where mayors will exchange information with each other and learn from housing experts about the latest developments in the industry.

Cochran notes that the mayoral group has been actively involved with foreclosure issues for the last several years. He says their efforts to this point largely have addressed strategies and best practices around the disposition of distressed, vacant, and abandoned property in local communities around the nation. "This alliance demonstrates just how important Wells Fargo believes it is to connect with our country's mayors as a resource for what is often their constituents' and our customers' most important asset - their homes," said Mary Coffin, EVP for servicing at Wells Fargo Home Mortgage, the bank's single-family mortgage arm which is based in Des Moines, Iowa.

"For the U.S. Conference of Mayors, we intend to bring proven technical capabilities and educational materials through our Leading the Way Home effort to help municipalities address the current housing crises in the cities they serve," Coffin explained.

Leading the Way Home was developed by Wells Fargo to focus on foreclosure prevention, stabilizing communities, and promoting sustainable homeownership through education.

NAHREP REPORT: Latinos, First-Time Homebuyers Are The Key To The Housing Recovery

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Thu, 16 Jun 2011 19:17:20 -0700

NAHREP Report: Latinos, First-Time Homebuyers Are The Key To The Housing Recovery

Hispanic Real Estate Trade Group Offers State of Hispanic Homeownership Report and Asserts That High Desire, Buying Power of Minority Buyers Can Drive Home Sales

(SAN DIEGO) June 16, 2011 – The National Association of Hispanic Real Estate Professionals (NAHREP) has published a report “The State of Hispanic Homeownership” that offers an overview of compelling data on the Hispanic homebuyer market and why it is poised, due to its population size, high desire and buying clout, to drive first-time homebuyer purchases and accelerate the nation’s economic recovery. A digital copy of the report is available for download at:
http://www.nahrep.org/

According to the report, minorities and immigrants will drive growth in housing demand due to their population size, age and greater propensity to be married with children. In particular, within the next 15 years, they are expected to drive demand for condominiums, smaller starter homes and first trade-up homes. They are also expected to represent a rapidly growing segment of the middle and middle-upper markets for housing.

“The Latin boom has been forecasted for years but we are now seeing the front edge of it and it has the potential to help the nation’s housing system get back on track if we can create a safe credit environment for new buyers to get into the market,” said Carmen Mercado, president of the 18,000-member trade group. “Our report quotes data from a number of sources that highlight the fact that enthusiasm for homeownership in the Hispanic community remains as strong as ever.”

The report, which was penned by former Housing Fellow, Researcher, Author & Watchdog Alejandro Becerra, asserts that a combination of forces make it likely that Hispanics are poised to reinvigorate the ailing housing market including:
• Hispanics are now the largest minority group in the nation and represent a growing portion of the age group 26 to 46 years of age that are involved in most home sales
• More than other population groups, Hispanics can pick up stakes and move to other parts of the country in search of better jobs and more affordable housing;
• Hispanics continue to attain steady gains in income, education and entrepreneurship and demonstrate a strong work ethic, desire to succeed and purchase power enabling more of them to achieve homeownership;
• The current environment of record low interest rates,

government-backed loans and less predatory lending are making sustainable homeownership more affordable.

Past national housing surveys also reveal that Hispanics strongly aspire to become homeowners and are more motivated than the general population to buy a home for both emotional and financial reasons. Strong family values, larger family sizes compel this group by a wide margin toyearn for a place to call home. Fifty-seven percent of Hispanics consider owning a home a symbol of success, compared to only 33 percent of all Americans. While Hispanics have been severely impacted by foreclosure, the larger population of potential
homebuyers were unaffected by the crisis and demonstrate an eagerness to become homeowners.

The association’s report maintains that tight credit, higher fees, stricter underwriting requirements continue to remain barriers and that down payment assistance and savings programs are crucial to enabling buyers to afford homes even at present historic low prices.
While policy makers, industry leaders and consumer groups are in the midst of an intense debate around Qualified Residential Mortgages (QRM) and other key issues the report advocates for housing policy that protects consumers but allows for an industry that can adequately serve and meet the affordable housing needs of low- and moderate-income households.

“In the climate of crisis, we must resist over reaching with regulations that make homeownership more expensive for millions of responsible consumers who have the buying power to revitalize our fragile housing market. Homeownership remains a cornerstone of family stability and long-term wealth creation,” added Mercado.

ONE DAY ONLY, Nahrep presents the top REO professionals July 14th

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Thu, 16 Jun 2011 12:44:13 -0700

Nahrep present the top REO Professionals July 14th in AZ State Conference from 8:00AM - 5:00PM

The living classroom

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Thu, 26 May 2011 15:13:16 -0700

The living Classroom

I am flying to Miami today for a business meeting. It's an early flight and since I cabbed it, there was no traffic. I didn't have to park and no line at check in or security I am here with plenty of time to relax. Excellent! Time to pull out my lap top and get a head of my day. As I am sitting on the floor, waiting for my flight - Hot cup of coffee-comfy clothes - I look around and notice how rapidly things change in a very short amount of time. You see, when I moved to Arizona from Columbus, I worked for the airlines. I was that lady at the gate giving you your seat. The person at the podium making all the announcements and making sure -or at least trying - to make sure that we left on time. It was a fun job and some of the biggest lessons I learned were from that time. This was Pre 9-11. Security wasn't quite as tight. By the way, I have been patted down the last three times I have flown. I tend to wear long loose skirts. That must be it. Yes, they do profile and I am sure that falls in there now.

Anyway, at that time people were "allowed" to get angry and they did. Late flights, cancelled flights, even middle seats can be the last straw for some. The "hottest" flight was the group taking the overnight from Las Vegas on their way to the East Coast and they get stranded in Columbus. Sorry I forgot to tell you that I transferred here from Columbus. Anyway imagine if you will, it's 6 AM, cold, icy and the flight from Las Vegas lands. They are tired, hung over, smelly and grumpy. All they want is to get on the next plane, go back to sleep and get home. You get to be the person that announces to the group that the flight is delayed for several hours. Not pretty! What I did learn after several near volatile times is that if you communicate, with compassion, most people will be okay.

The trick is to find that one person that will ignite the flame of anger to the entire group, It just takes one. They will egg on and fuel any anger and unhappiness that lies within the group. But if you spot them and you manage these difficulties to them. Yes, I said "Manage", you will:

1. Answer their questions before they ask.

2. Listen to them and give them the right attention, while they still are unhappy with the situation they can become your biggest support and it changes the whole experience.

During those times, I lost my fear of speaking in front of a large group and I saw how in most situations just the act of proper communication and managing difficulties can turn a sticky situation into a challenging and fun one.

Housing Market in Phoenix Arizona, Working on my first movie production

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Fri, 20 May 2011 16:04:30 -0700

Housing Market in Phoenix Arizona, Working on my First Movie Production

The more I learn, the clearer it becomes how much MORE there is to learn.

I love my life. I am in my 50's and I view the world like this endless pool of opportunities. The only challenge is having enough time to grab and experience all that interests me. And there is alot! Both to grab and that interest me. So I decided to share one of those with you here.

I am working on my first movie production. It is a documentary on the Housing Market in Phoenix Arizona. Particularly as it pertains to the Hispanic market in a particular part of the city that would be considered affordable housing. There are actually properties that can be purchased for under 30k! This particular part of the city is called Maryvale. Maryvale consists of approximately 32,000 single family homes. The documentary will show the creation and the changes that have occurred in Maryvale over the years. At present, or at least up to a year ago, the demographics of Maryvale were about 88 percent Hispanic. Unfortunately the Hispanic community has for a long time fallen prey to fraudulent lending practices and unsavory real estate sales persons. I won't refer to them as Realtors because most of them aren't- which is a lead in for a subsequent blog where the focus will be real estate licensing in AZ. So I will leave that alone for now.

So imagine if you will a huge portion of our City that is experiencing what would have been a large amount of default anyway coupled with additional fraudulent practices. In addition, Phoenix has long experienced a certain about of profiling against the Hispanic community from our infamous sheriff and his posse. Couple THAT with our SB1070 bill that was passed a year ago.

Depending on the report you read, there have been between 200,000 to 400,000 residents of our state leave since SB1070 was enacted one year ago. And in case you are wondering - no they were not all illegal. In 2005, this Housing Market was 88 percent Hispanic and the average home sold for $180-$200,000. Today, the result of this "perfect storm" ; High level default in the SW US, Fraudulent real estate practices in the Hispanic community, racial profiling that somehow was reinforced by legislation and an area consisting of 32,000 homes where the demographics are 88 percent Hispanic--the result is that same 32,000 block of homes now has an average worth of $50,000 and is largely vacant.

There are possible solutions however. And there are groups of individuals fighting for Maryvale. This documentary will showcase all of the above and my hope is that when we wrap it up, there will be more heroes and shining lights throughout Maryvale and in particular the Hispanic community.

Best Real Estate Buying Market in Decades!

Gail R Buck, Real Estate Broker Real Estate Professional (Gail Buck Realty) — Thu, 12 May 2011 14:30:19 -0700

Best Real Estate Buying Market in Decades

I am preparing data for a presentation that I am going to do next week for a group of investors that are coming into town. While I was already aware that we currently have a very affordable Real Estate market right now in Phoenix - compiling the Data for this report made it shockingly apparent that if you want to be a homeowner - and most people do- NOW is an amazing time to buy. You can earn less than 36k and purchase a newer 3 bed home for less than you are paying in rent! Also in researching the coming market, IF we experience a further dip in prices, it will be mild and then we should be steady and maybe even increase. Pretty exciting news!