ssc: Is Tami a “True Real Estate Professional” Regarding this Transaction or? TRUE STORY!!
- 12/10/12 02:07 PM
Was Tami a “True Real Estate Professional” Regarding this Transaction? TRUE STORY!! Jon (seller) contacted Tami (ABC Real Estate Brokerage) to list his house as a Short Sale via an internet blog that Tami posted. Jon lives in another state and had to relocate to Nevada because his employer relocated him.
Tami emailed Jon the Listing agreement and supporting documents to start the Short Sales process, as the days passed, he did not reply! Tami emailed and called Jon, he finally replied and informed the Listing Broker that his house was being rented and been occupied for the … (2 comments)
ssc: FREE: "Homeowners Interview Checklist" for Successful Short Sale Transactions
- 11/03/12 07:41 AM
Have you ever had a Short Sales Transaction that did not close?! Did you waste your time as a Real Estate Professional because the homeowners did not disclose the facts about their property, their hardship or their true financial situation? DO NOT WASTE YOUR TIME, as time is money! Use this "Homeowners Interview Checklist", as a tool to increase your INCOME! Eliminate sellers who waste your time and money causing unsuccessful transactions. Email me @ REOInstituteColorado@gmail.com, I will send the "Homeowners Interview Checklist" for FREE!
Email me @ REOInstituteColorado@gmail.com, I will send the "Homeowners Interview Checklist" for FREE! … (0 comments)
Andy had 17 years of Commercial experience valuing many types of commercial assets and a preferred Broker with Outside Values. The development had strong sales with single family homes. The development (Cougar Homes) built 200+ houses and then encountered financial difficulties, than went into foreclosure. The development had numerous finished lots that the builder did not dig foundations for … (22 comments)
ssc: REOMAC Commercial Dinner @ “The Jonathan Club” in LA, Nov. 1st 2012.
- 10/26/12 09:32 AM
REOMAC Commercial Dinner @ “The Jonathan Club” in LA, Nov. 1st 2012. Meet the Movers and Shakers of Commercial Real Estate in the Mortgage Industry! Meeting Information Date:November 1, 2012 Time:Registration Opens: 4:30 pm Cocktail Reception: 5:00 pm Dinner: 6:00 pm Dr. Adibi: 7:00 pm (no seating after 7:00 pm) Location:The Jonathan Club 545 S. Figueroa Street Los Angeles, CA 90071 Cost: Commercial Luncheon: REOMAC® Members. . . . . . . . . . . . . $75 Non-Members. . . . . . . . . . . . . . . . . . $95 Commercial_Meeting_Flyer_-_November_1,_2012.pdf … (0 comments)
ssc: ShortSaleCertified Topic Fitch Forecasts Continued Improvements for Housing
- 10/17/12 02:11 PM
Fitch Forecasts Continued Improvements for Housing By: Esther Cho Fitch Ratings is predicting a continued recovery into 2012, according to a recent report titled U.S. Homebuilding and Construction: The Chalk Line. A slowly growing economy combined with “somewhat diminished distressed home sales competition, less competitive rental cost alternatives, and new home inventories at historically low levels” led the ratings agency to predict growth for housing starts and home sales into 2012, with further moderate improvements into 2013.
In the report, Fitch said it expects single-family housing starts to improve 19 percent and new home sales should … (0 comments)
That the American dream of homeownership lives on despite the worst housing recession in eight decades is a popular notion, backed by survey after survey of consumers who still believe that ownership is the path to economic salvation.
But a new poll, this one by Lifestyle Research out of Newport Beach, Calif., finds just the opposite is true: The dream of ownership is not alive and well and living in America. That’s not necessarily true among the various age groups, the study, which was released at the … (2 comments)
ssc: Zillow: Home Values See Highest Monthly Increase Since 2006
- 05/30/12 03:04 PM
Zillow: Home Values See Highest Monthly Increase Since 2006 Tory Barringer Zillow issued a released Friday reporting that both national home values and rents rose in the month of April.
According to the April Zillow Real Estate Market Reports, national home values rose 0.7 percent in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, and it makes April the second month in a row in which home values climbed up. Zillow also reported that rents rose from March to April, increasing by 1.6 percent, … (0 comments)
ssc: California Promising Despite Drop in Sales: C.A.R.
- 05/23/12 01:36 AM
California Promising Despite Drop in Sales: C.A.R. By: Tory Barringer The California Association of Realtors (C.A.R.) reported Tuesday that, although pending home sales in the state fell from March to April, other statistics indicate a good start for the housing market.
C.A.R.‘s Pending Home Sales Index (PHSI) fell from a revised 138.9 in March to 128.0 in April. This index was nearly 14 points higher than the revised 114.4 index from April 2011, marking the 12th consecutive month that pending sales were higher year-over-year. Pending home sales figures are often used as an indicator of the market’s future … (1 comments)
It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data.
The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011. While national residential mortgage liquidation rates appeared stable over the first three months of this year, these rates varied widely between local markets, which prevented any significant reduction in S&P’s months-to-clear estimate, … (1 comments)
Some REO assignments are more interesting than others! Treat all REO assignments the same with professionalism. The Bank assigned an REO property to Ed; he went to the property for the initial exterior Broker Price Opinion. Upon his arrival at the property, he looked stunned as he viewed the exterior of the building. In the yard, it looked like a cluttered junkyard that had not touched in thirty years. There were a number of refrigerators, stoves, washers/dryers, dishwashers, hot water heaters, furnaces, bathtubs, and other types of appliances. Some of these appliances … (3 comments)
An Austin, Texas, man was sentenced Thursday to 61 months in prison for his role in a foreclosure-rescue scam that took place in Southern California and elsewhere, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Friday. Frederic Alan Gladle, 53, was charged in the Western District of Texas and ordered to forfeit $84,010 and 63 prepaid debit cards he used for his scheme, in addition to this sentence. Gladle pleaded guilty on January 6, 2012, to one count of bankruptcy fraud and one … (1 comments)
ssc: BofA to Offer Principal Writedowns to 200K Delinquent Borrowers
- 05/09/12 01:02 PM
By: Carrie Bay Bank of America began mailing out more than 200,000 letters this week targeting borrowers thought to be eligible for principal-reducing modifications under terms of the recent settlement the company and four other servicers reached with the federal government and 49 state attorneys general.
To be eligible, a homeowner must owe more on the mortgage than the property is worth today and must have been at least 60 days behind on payments on January 31, 2012. In addition, the homeowner’s monthly housing costs must be more than 25 percent of gross household income, and the loan … (9 comments)
According to data from Clear Capital, over the last year, REO prices have increased 5.5 percent, while fair market prices dropped 2.9 percent. The real estate data provider explained that demand for REOs is most likely causing the increase in prices and named Carrington Holding Company, Amherst Securities Group, and Waypoint Financial as examples of investors purchasing single-family REOs with the purpose of converting them into rental properties. “There has been quite a bit of buzz in the housing industry surrounding turning REOs into rentals. Our data … (2 comments)
ssc: Surge in Investor Purchases Gave Home Prices Boost in February
- 05/06/12 02:58 AM
Surge in Investor Purchases Gave Home Prices Boost in February By: Esther Cho While Radar Logic reported home prices in February showed a month-over-month increase, the real estate data provider sees this trend as possibly being temporary, considering that warm weather and investment buying helped to drive up sales. Home prices increased 1.9 percent over the month ending February 16, according to Radar Logic’s RPX Composite Price, which tracks 25 major metropolitan areas. This increase was bolstered by strong sales in February. Sales transactions for the RPX Composite increased 22.9 percent month-over-month and 16 percent year-over-year through February … (3 comments)
ssc: Strategic Default Here to Stay Despite Improvements, Risk Managers Say
- 05/03/12 10:25 AM
By: Esther Cho With reports that around 20 percent of mortgages are underwater, about 46 percent of bank risk professionals surveyed by FICO expect to see the volume of strategic defaults in 2012 exceed 2011 levels.
After five years of a brutal housing market, many people now view their homes more objectively and with less sentimentality,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “Regardless of legal or ethical issues around strategic defaults, lenders must account for this risk when they evaluate mortgage applications in declining markets. Many homeowners who find themselves upside … (0 comments)
ssc: Register with Clear Capital for Commercial BPOs/BOVs @ www.ClearCapital.com. I instruct the BOV for Retail Properties & BOV for Multi-Family for CREOBA. I am suggesting that you might want to look into the CREOBA.
- 05/02/12 05:15 AM
I am passing this information on to Real Estate Professionals who are interested in performing Commercial BPOs/BOVs, Thanks, James Commercial BOV and REO assignments are finally coming to market in quantity now. We have been contacted by several companies that have Assignments for Commercial Real Estate Agents and have asked the Assistance of CREOBA to fill these assignments. The largest residential BPO Company in the US is now gearing up to perform Commercial BPO aka BOVs. They have asked us to have all our members join their Network by registering on their website. The Company name is Clear Capital, www.ClearCapital.com … (2 comments)
ssc: Survey: High Share of Distressed Properties Keeps Prices Down
- 04/29/12 12:48 PM
By: Esther Cho Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March. One reason for this, according to the survey, which includes about 2,500 real estate agents, is the high number of distressed properties on the market.
Home prices for non-distressed properties in March dropped 5.7 percent from a year ago in March 2011. Prices for damaged REO properties also saw a 5.7 percent decline in prices, while move-in ready REO prices fell 2.5 percent during the same period. Short … (3 comments)
With over a million borrowers delinquent on their mortgages and nearly two million properties in the foreclosure pre-sale inventory, analysts, Realtors and servicers can only speculate about when the housing industry will take positive steps towards a recovery. Benton Neese, the president of REOMAC, joined Managing REO reporter Evan Nemeroff for an exclusive interview at the trade association’s annual spring summit educational summit in Palm Desert, Calif. to talk about current and future trends taking place.In the first part of the interview (http://www.mortgageservicingnews.com/msn_features_reo/REO-industry-trends-future-1029796-1.html?site=default_reo), Neese … (10 comments)
The valuation firm Clear Capital released the results of its home price forecasting models Thursday. The company expects residential property values at the national level to show slight increases over the next three months, ending the year with a growth rate of 1.2 percent. Diagrams illustrating the trajectory of home prices from 2006 to now and Clear Capital’s projections heading into 2013 depict the valley shape with current prices at the bottom and a subtle upward trend from March through December of 2012. The strongest … (0 comments)
ssc: Major changes in HAFA! Important Information
- 04/04/12 07:30 AM
Major news in the short sale and housing industry! On Friday, March 9, the Obama Administration announced updates to the Home Affordable Foreclosure Alternative (HAFA) program. Created in 2009, HAFA is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deed-in-lieus. The HAFA updates will go into effect on June 1, 2012, and will allow more distressed homeowners to seek assistance. Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, from December 31, 2012, to December 31, 2013. Other major changes from March's … (2 comments)
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