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short sale: Banks...We Got Your Money, We Won't Lend it to You, And Now, We're Comin' After Ya' - 02/03/10 03:22 PM
Folks:
I am far from a populist. I am Reagan Republican. However, you knew you would see this coming with the banks.
When working a short sale, I ensure the bank puts the non-recourse in writing, or make sure the clients document I advised them to seek a lawyer's opinion about the potential risks of recourse (or that they willingly chose not to).
Well, here comes the first of the deficiency judgments...
http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0
Michael
… (2 comments)
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short sale: When do the "Product Liability" Lawsuits Start? Or, why aren't sub-prime loans like exploding Ford Pintos? - 07/30/09 10:56 PM
As our nation has tumbled - and, hopefully, stabilized - through this cascade failure of ethics and rampant illegalities in the housing market, my mind turns to the people most hurt in this process:
The remaining, decent, hard-working homeowners whose homes are SO FAR UNDERWATER that they can only be listed by Jacques Cousteau! A significant number (estimated in the 20%+ range, but as HIGH AS 58% in Nevada, see chart: http://1.bp.blogspot.com/_pMscxxELHEg/SbBiutEMTvI/AAAAAAAAEts/B8th8T3WLjg/s1600-h/PercentMortgagedNegativeEquity.jpg ) are now underwater on their homes. Yet, they pay their mortgages on time. State, local and school coughers now drained from reduced property valuations/taxes and/or lost transfer taxes … (0 comments)
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short sale: Realtors are Price Fixing - 07/06/09 11:36 AM
Yep. You heard me. Realtors are price fixing around the country!!! And the Department of Justice is doing NOTHING about it!!!
First, let me state: There is to be no discussion of percentages!!!
Secondly, my question is: Is it price fixing when banks set commission rates in short sales - when they are not the Sellers (nor parties to the contract). Are they, in effect, price fixing in the markets in which they practice that activity? And, aren't we, as Realtors, complicit in that activity by accepting those rates?
I do realize that practice is a tortious interference with each broker's … (2 comments)
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short sale: Short Sales - Where does a broker's obligation end? Does it go on ad infinitum? - 03/03/09 01:04 PM
I recently had a dialogue with a fellow professional about short sales. In that discussion, there seemed to be a difference of perspective about just what the role of a broker is. I am interested in your thoughts of whether I am being too extreme or narrowly focused in my definitions of a broker's scope of work/practice.
Short question: Should a broker take on cleaning a home on behalf of a client (or cater/dog sit/help move/tend yard/paint/fix things, etc) or should a broker inform their party as to their obligations verbally and in writing and leave it to the parties … (1 comments)
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short sale: Media Malpractice - Did I Miss How to Report Truthfully in School? - 02/25/09 05:23 PM
Every month, I put together the "Mile High Stats" from MetroList in Denver. You can see those charts here. http://images.agentcenter.com/client/4/3/9/23934/2009.01_Blog_Information_Word_2003.pdf
The first chart is something that is the MOST important for the entire group of readers. Though nobody knows the future, I am disgusted - yes, disgusted - with the fear of the unknown and the lack of economic insight offered by the media.
The first chart relates to the unemployment rate in the US since 1948 -- 60+ years. The chart shows how unemployment seems to peak around 8.0%. Given how dire prognostications have been, this time it might be … (2 comments)
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short sale: RealtyTrac - Misreporting Numbers? Hurting Colorado for profit? - 02/04/09 08:30 AM
If your real estate broker said:
•· This home is $200,000, plus or minus $140,000
•· This home has 4 bedrooms, plus or minus 2.5 bedrooms
•· This home is 2000 square feet, plus or minus 1400 square feet
Chances are, you might think that your real estate broker "never left Woodstock", and, then make the decision to find your own way back to the real estate office.
Well, it's ironic. Why?
Because the same appropriate doubt one would have with regard to the above is totally dismissed when put on the evening news.
I hear you saying: "What does he … (0 comments)
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Michael Clarkson
Castle Pines North,
CO
More about me…
Snow Coast Real Estate
Address: PO Box 620519, Littleton, CO, 80162
Office Phone: (424) 249-9736
Cell Phone: (720) 980-6393
Email Me
Michael Clarkson is one of Denver's highest profile brokers. He’s been featured in Realtor® Magazine three separate times, Denver Post, Denver Business Journal, KOA Radio, KHOW Radio, and the Colorado Radio Network. Michael is a licensed Managing Broker in Colorado and a GRI (Graduate Realtor® Institute). Michael has an MBA in International Business from Regis University in Denver.
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