banks: WHY BANKS WONT DO PRINCIPAL REDUCTIONS PEOPLE THAT'S WHY
- 02/06/12 02:13 AM
It makes perfect sense to reduce the ailing principal of homes that are underwater. Everyone knows this. There is no way anyone who is seriously underwater on a mortgage will be able to see daylight even in their life times. Two homes on a street. One is underwater by $200k. The other is priced at market. Which one would you buy?
MATH DOESN'T LIE
Which one would you keep? The fact banks have you sign Arms length transaction agreements to prevent fraud is evidence of homeowner shenanigans a foot. Should they decide to instead let the current home owner stay put … (2 comments)
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banks: PRICING IS NOT HARD PEOPLE MAKE IT HARD
- 02/05/12 02:49 AM
Everyone understands what has to take place. We ALL want to prosper. Therein lies the key to every-ones success. The word ALL makes the world go round. Sellers who are indifferent to how others come out and the agents who support it are operating out of the established business parameters. If everyone went high and held, the market would groan
Isn't that what is happening now? Short sales take so long because agreeing on a price and going through all the systems to arrive at a fair market value is causing a slow and uneven market. Why then would a normal … (7 comments)
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banks: INCENTIVE TO TRANSACT REAL ESTATE IN PLACE
- 01/28/12 05:22 AM
In my neck of the woods, in a good area, what once went for $450,000 is now available for less than $200k. On top of that, interest rates bring it to an affordable payment making it very easy to own instead of rent now a days. Expect this to go on for years as banks step up foreclosures and the market becomes saturated with good product
WHY WAIT...THE MATH MAKES SENSE NOW
Waiting to purchase makes no sense because we now know how much something is worth give or take. the thinking to wait until things become cheaper makes no sense. … (0 comments)
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banks: REAL ESTATE MARKET APPRECIATING STABILIZING OR DECLINING
- 01/16/12 12:10 PM
I keep my hand on the local Real Estate pulse in my neck of the woods. My county and the adjoining one are not fairing well in regards to employment, foreclosures and Real Estate values. In addition, they are talking lay-offs and closing down the local redevelopment agencies which only exacerbates the problems
SELLING PRICE AND PURCHASE PRICE
Here's the thing though. When you purchase a property that is being affected by the aforementioned, then the selling price, and the purchase price are directly related to the current and future values as well. Everyone is thinking about tomorrow today...
FAIR MARKET … (39 comments)
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banks: WANT MONEY IN THE BANK HIRE AGENTS TO MOVE INVENTORY
- 01/16/12 04:40 AM
I said this years ago and of course anything that makes sense is ignored by the banking industry. Hire and put on point experienced REAL ESTATE agents to move your inventories. What is so hard to understand here? An agent brings to bear what they do for living and does it without wasting time too
PAY US WHEN ESCROW CLOSES...
Furthermore, agents are used to getting paid when a deal is closed and would gladly accept payment out of closed escrows for work performed. Agents know how the right questions to ask, the procedures to get done and how to verify … (8 comments)
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banks: SPLIT THE BABY OR KEEP IT WHOLE SELLING SHORT
- 01/16/12 03:36 AM
I have a short sale in my neck of the woods which means it is going to be handled efficiently. Why? I know my areas, product and act accordingly. However, the bank called in a BPO and it came back higher than what is happening in my neck of the woods. To complicate it further, my negotiator likes playing Helen Keller
LITTLE COMMUNICATION IS THE STRATEGY?
I cannot get a word of acknowledgment, encouragement, guidance or input just NO every-time I submit an offer. However, I had a major breakthrough when this latest BPO came in. The bank while insisting this … (2 comments)
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banks: SHORT SALE PRICING IS YOUR RESPONSIBILITY
- 01/06/12 03:56 AM
I have been doing short sales for years now. When this was first introduced to us all, we, without knowing it entered a giant learning curve sparing no one. Banks, lenders, investors, buyers, sellers and agents all had to hit the ground running and learn as you go too. One thing stood out and became very apparent and that was pricing to sell
WHAT IS OWED WAS A DOMINATE FACTOR
It was confusing on what to list the property for when short sales first revealed themselves. You see the investors, banks and lenders wanted to recapture as much money as they … (2 comments)
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banks: PRINCE AND THE PAUPER BANKS AND PEOPLE
- 01/03/12 04:33 AM
You know the story of the boy Prince who was privileged and unaware of what life was like outside the little world he ruled. Then there was the poor boy who wondered what life was like being well off and catered to. It so happens that two identical boys meet and then change roles so that they can experience what they both wondered about
THEY EXCHANGE ROLES...the prince
The rich well off prince puts on vagrant clothes and ventures forth outside his kingdom and into the world of his subjects with no buffer, no chasm between. He finds out rather quickly … (4 comments)
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banks: ACTIVITY FOR 2012 IS SHOWING ITSELF ALREADY
- 12/21/11 06:32 AM
I am getting activity for property management services, listings and sales which I was not expecting. These are the best kind to get too. I mean the ones you were not expecting that is. I remain optimistic but prefer reality at all times. By this I mean that there are issues that have to be respected and dealt with in 2012
JOB LOSS
Unemployment for California is around 13% and locally 14%. In addtition, threats of lay-offs loom becasue cities and counties cannot balance their budgets. Trying to re-negotiate with the unions is proving difficult too.
BANK SHENNIGANS
Then, we have … (4 comments)
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banks: FORECLOSING DURING THE CHRISTMAS HOLIDAYS STAY OF MISERY GRANTED
- 12/16/11 11:12 AM
Well Fannie Mae has agreed to lighten up during the holidays. That says something but does nothing but prolong the agony for some. It is like being on death row and postponing your execution. The time in between is not quality time. I do not deny the banks, lenders or investors the right to foreclose. I do have some questions though
THE NATION IS UNDERWATER
What I don't understand is that if a house is underwater by as much as 70% of its mortgage value, how is all that the borrowers fault only? I mean Wall Street, investors, and banks all … (4 comments)
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banks: LOOK AT ME WHEN YOU FORECLOSE LET CORPORATE ATTEND THE EVICTIONS
- 12/12/11 10:00 AM
The reason banks, lenders and investors can proceed with impunity of conscience is that they have no connection to the borrower except that of... money for money. That is understandable and acceptable in the world of business. However, I would love to see either corporate staff and or investors personally attend evictions
UP CLOSE AND PERSONAL
You see you will find out that this is no coffee crop that crashed. People bet money on people and people failed. Now people will pay for that failure. Okay, but I want you to see it up close and personal. Look at them when … (2 comments)
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banks: BEING UNDERWATER MEANS YOUR DROWNING WILL DROWN OR HAVE DROWNED
- 12/03/11 08:36 AM
Your mortgage now does something no one knew it could ever do. It has lost its value to nearly 60% in a majority of cases. No longer can we boast of the property being security for the loan when value like this tanks. That system failed because we mis-used it not because it was defective.
"OUCH" ON THE STATISTICS COMING IN
29% of the Nations homeowners are underwater or owe more on their property than the property is worth. This translates to about 15 million people with a collective value of over 600 billion and counting. Artificial driving up of … (0 comments)
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banks: WHEN YOU GET TO KNOW THEM IT IS HARDER TO FORECLOSE
- 12/01/11 03:13 AM
Banks prefer that you remain a number, a series of mathematical references that they move from department to department and apply accounting methods to. It is not necessary that they know you or care about you except to make sure you know that they are after you. The YOU is not important
WHEN THE YOU IS KNOWN
However, let your foreclosure go wrong or the newspapers get involved, then they come out of the woodwork with compassion and caring and of course want to do the right things. Heck, you may even get a check while they kick you out of … (5 comments)
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banks: U.S BANK DOES NOT GIVE THE WARM AND FUZZIES WHEN SHORT SELLING
- 11/15/11 10:23 AM
I get listings that are short sales. I immediately know I have to help the client achieve their purpose, interact with the bank, treat my fellow agents with courtesy and be aware of the buyers needs while staying on point. One of the first things I do is find out who the lenders are. sometimes there are more than one
WE KNOW WHICH BANKS DO WHAT NOW AND... DON'T DO ALSO
I now have experience in dealing with a multitude of banks. I have associates who have the same experience too. If that is not enough, I always look up on … (2 comments)
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banks: EXCITING TIMES TO BE BUYING REAL ESTATE
- 11/03/11 09:49 AM
I have come across so many nice properties lately that I couldn't help but have the thoughts of my post title. Whether new or used, condo or townhome, residential or income property, the market is flooded with premium choices never before seen. If that is not enough, the lowest interest rate that we all dream well... It's here too!
THOSE THAT CAN BUY SHOULD DO SO
If you managed to keep your nose clean and by that I mean your credit intact, saved some funds and can qualify for a loan, then your adventure to purchase is just beginning. To me, … (4 comments)
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banks: BILLIONS SIPHONED OFF FROM RECENT REAL ESTATE DEBACLE
- 11/02/11 06:32 AM
We all know by now the sub-prime nonsense that caused not only disruption through out the United States, but globally as well. Billions of dollars were made by entrepreneur Wall Streeters and bankers who smelled opportunity and capitalized on it. Those two words, opportunity and capital went to work
THE AMERICAN WAY ENCOURAGES GROWTH
Yes, this is the land of opportunities and I am thankful for it. Let us however examine that there are rules and regulations on how to work an opportunity. As to capitalizing on anything, we operate on a capital system of moving money around and round making … (4 comments)
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banks: BUYERS SELLERS AND THEIR AGENTS ALL HAVE A SYMBIOTIC RELATIONSHIP
- 10/30/11 06:20 AM
Simply put, WE NEED EACH OTHER. There, I have said it. I know as a listing agent, what it takes to get my side moving toward the Happy place. I also know what the buying side requires. If each side spends quality time and extends some professional courtesies toward each other, only profitable results can come out it
READY, WILLING AND ABLE...SAYS IT ALL
That is our mantra. Are we ready and not just by words but by deeds. Start with answering the phone, email or text followed by accommodating all requests for information or showing of the property. Ready is … (4 comments)
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banks: LOWERING INTEREST RATES WHILE WE CONSIDER PRINCIPAL REDUCTIONS
- 10/26/11 03:53 AM
I have actually seen landlords turn away rent because it wasn't for the full amount. Yes, there are people who will hold you to the strictest interpretation of what is going on and that is their right to do so. But does it serve or compliment the big picture? I have always accepted some rent as opposed to no rent and things work out
TITLE OF THE POST EXPLAINED
Now, saying all that, how hard is it to implement a program of reducing interest rates that are abnormally high to a more reasonable amount which in turn would lower payments and … (7 comments)
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banks: STRATEGIC DEFAULT DOES NOT SIT WELL WITH MAJORITY
- 10/24/11 05:17 AM
Recently, an article appeared locally about people who walked away from an underwater asset. They had the means to continue to pay into this black hole of an investment. By "black hole" I mean that money put in will not come back even in the years to come. After much deliberation and sleepless nights and with financial counseling, they walked away
ITS AN INNER TAFFY PULL TO DECENT FOLKS
It was a difficult decision for these people to make and all the pros and cons in regards to it came up. It caused a taffy pull within ones self. One side … (3 comments)
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banks: REAL ESTATE MOVIE "INSIDE JOB" OFFERS GUT WRENCHING REALITY
- 10/22/11 05:34 AM
If you want to get a large does of reality in regards to the recent economic failure and meltdown caused by Wall Streeters, bankers, rating firms and insurance companies, then you want to see this movie. What hits you in the face is how our own government, starting with Reagan on forward help set-up the problem
STARTS FROM THE TOP DOWN
You see the Presidents of the United States have this habit of hiring people from all the large mega Wall Street-institutions to run government programs. Consequently, the foxes decide where the hens nest and when. The result? No regulations and … (2 comments)
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It makes perfect sense to reduce the ailing principal of homes that are underwater. Everyone knows this. There is no way anyone who is seriously underwater on a mortgage will be able to see daylight even in their life times. Two homes on a street. One is underwater by $200k. The other is priced at market. Which one would you buy?
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