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A Funny World (5): Your Meat is Their Poison - 11/30/07 01:36 PM
Why have Banks decided to stop responding to offers in regards to a "Short Sale" ?! updated on 11-30-07 13:30 Gee! My fellow agents, What you guys expect from a conservative employee in a financial bureaucracy? Why they took the 9-5 job? They want to be a nut or bolt in a machine. You expect them to be creative and working hard as an entrepreneur. You are asking too too much! It seems you guys are not familiar with the mechanism and dynamics in REO markets since nobody mentioned here about ABS insurance, FHA insured loan, or VA guarantee. Why recently CFC has to pay much (2 comments)
Home prices take steeper downturn Median or Average Housing Price: Totally Junk To a REO Investor (I) I read the CNNmoney report above right after Dr. Shiller has his press release conference. It is very hard for me to accept that Shiller Index is the most reliable vehicle to judge the trend of our housing market as CNN claimed. I wrote some articles here in AR, using real cases to express my viewpoints on the creditability of median or average housing price. I believe Dr. Shiller invented his Index based on median prices about a year ago. It is a concept out of touch of (1 comments)
A Funny World (4): You Be the Judge? Where is the Real Judge? - 11/28/07 09:00 PM
You Be the Judge - Real Estate Killeen TX November 28, 2007 Hi! Mary Ann: I read your post that is 3 month old. Maybe you have an answer already. I am just wondering how come nobody responds to your post as mine. My answer is this: Let it go as the buyer wants. Why? Not fair. 1. There are all kinds of people. I had a buyer who changed her mind to buy a house. She wanted sellers to release her liability to the contract by offering to have all the earnest money she put into escrow confiscated. As a listing agent, I told her that she (0 comments)
What You Know About Money? - 11/27/07 11:02 PM
What's money? Good question. In ancient times, our ancestors have NO money at all so that they did a barter trade (New York Times has a very good hard copy entitled "Money." It tells us how the money was created and its evolution with good pics.) Did they survive? You bet, or we wont' be here. We would be gone as dinosaurs. There is a book entitled "The Miracle of Personality" listing 14 answers to give us what money is. Bible speaks nothing that God believes "Money is evil". The most it went far close enough is to say "For the love of money (1 comments)
A Funny World (3): No Money, NO Honey? Are You Sure? - 11/26/07 05:32 PM
Please go check my post to better understand this post: So Easy to Get a Subprime Loan Now. Really? 11-26-07 16:30 Just got back from my banks and tried to share you guys with some funny things happen today again. But phone rang. Now I got off 1 hour phone conversation with my partner in Los Angeles. Let's do it. Every time I walk into my banks, every one is so friendly to give me something sweet. Today as usual, same thing took place again after I deposited my cashier check returned by a county attorney (I will tell you the long story later.) "Sir, may I informed (0 comments)
A Funny World (2): At Norm, but Not in Their Home - 11/26/07 10:54 AM
At Home, but Not in Their Own The above report by Nancy Trejos, Washington Post intriqued me to come up this article. My first penny is: Gee! She is so great a reporter to reflect the minds of our society. Almost everyone in the article thinks normally. Quite normal in the normal world. Well, are they normal? Okay, I agree they are the great regular general public. Exactly we need to make this world a evolution one! This is exactly what I tried to paint a picture: how the world is operating in my previous article: Normal risk turn in normal reward, Normal people (0 comments)
Are You A Real Estate Contrarian Investor? Governor Schwarzenegger Lobbies Congress for California Homebuyer Assistance ****** ******* ******* I admit that I am a book warm. I read a lot of enlightening articles every day. So many articles inspired me so much yesterday that I would like to write an article entitled: "From K to P." However, it is rainy and cold today. I am not in the mood to use my brain power. Hummm....... Do something easy at a time and make fun so that I decide to open "A Funny World" window column. Here is just a lazy guy's first two pennies for you to (2 comments)
American Poor Folk's Egold Is Up - 11/23/07 01:12 PM
I got into AR two weeks ago. I have a lot of fun. But there is something missing: excitement for challenges! So I decide to start a new group: APFE. Here, I invite everybody who dare to have a big dream even he or she is cash-poored. No person shall be treated unequally even a poor guy is much welcome here. I want people come up to challenge "the tyranny of status quo". Share us what you have to break the myth: "It takes money to make money." Hopefully, to create a rapid social mobility to lead a poor folk into the front line (3 comments)
A Real Case (III): No Upset Housing in Some Areas of Southern California? - 11/23/07 09:10 AM
Nov. 23, 2007 09:00 A Real Case: Who cares about Average Price or Median Price! (I) Just got an email alert informing me a new REO listing up in San Gabriel, CA, 30 minutes ago. Here is the REO listing Info at the free website: My rough analysis: 1. Very HOT area: The area is not prime residential area in the city (I know, it is said in "PRIME" area in listing. But I don't blame the agent who works in Diamond Bar, one hour away from the listed property. Well, We have a different definition of the term. As I recall, it is in the (0 comments)
So Easy to Get a Subprime Loan Now. Really? - 11/22/07 02:25 PM
How low an interest rate you can get for a real estate loan? As an agent, you will love to use "at market available rate". If a buyer insists on putting 3.99% fixed for its life time into a purchase contract, you will say he or she is not a serious buyer, not reasonable if not crazy, right? Yesterday, BofA rate was about 6.25% for a real estate purchase, 7.5% for HEL or HELOC. Where can you get a 3.99% fixed for its loan life? My answer is everywhere, from BOA, Citi, to Chase. You can get it for 3.99% to 4.99% any-day now at this moment. The best (1 comments)
Who and What's Mr. B: Brilliant or Bullshit? - 11/21/07 10:22 AM
Are we facing the worst home foreclosures in the history of the USA housing market? This is very serious, experts are saying next year will be worse, but in reality I believe 09-2010 will be even worse. I honestly believe the experts are deliberate in forcasting the real estate problem, they dont want to be honest and tell us the real truth because they think buyers and investors will panic causing the market to go into a deeper and faster downward spiral.... In my opinion this real estate market will be in the dumpsters for the next 7-10 years. This will be like (5 comments)
Deal or No Deal? It really depends. - 11/20/07 05:26 PM
And in the long run, do you want the "best deal" out there, or do you want a home that you love and can live in for a while? There are deals out there but you have to decide if that's what you want to settle on, or if $5,000, $10,000 or even $50,000 more is worth something you'll love for a long time. .................Julie Martin (The Martin Group) Real Estate Agent Ladera Ranch, CA http://activerain.com/action/question/view_question_consumer?question_id=4257
*********** ******** *********** My Response: I agreed with Julie. Buying a home is not exactly buying an investment property. There is a big difference. (2 comments)
More Housing or Mortgage Regulations Won't Resolve Problems - 11/20/07 11:40 AM
There is always a price for your freedom. Working as a slave, you labor yourself and are uder care of your master. It seems nothing to worry for a slave: have food on table and a roof over head, even it is not so good. That's an easy and lazy life I love. Why there was a liberation movement in 1850' ? Only a man with dignity and freedom needs a brain and creativity to survive (benefit) himself as well as, in a broad sense, to meet the needs of the society (to largely improve the quality of our living standard). Now, everyone talks about mortgage (1 comments)
Southern Californian Housing Drown Fast! - 11/17/07 10:52 AM
At 10:40 11/17/07 A vital revised version of comment on A Real Case: Who cares about Average Price or Median Price! (II) Sorry, my fellow agent. I made a big mistake. The unit #162 is a new listing with no pic shown. It is possible not the one mentioned in the article. So I don't know they have an escrow, re-list as a new one, or ....... Here comes more competition: In the email, two new REOs come up in the complex; How fast we have a very upset market here? At the moment, it shows 45% off its peak for a specific condo market in Orange county, CA. It (3 comments)
To my dear fellow agents: 40% down to the drain??? That's incredible! You don't believe it? Is it already so bad for the condo market in some cities of LA or Orange county? Yes, you do believe in the stats made out of NAR. For regular normal markets, NAR may be right at some points. However, it is not right for a "distressed market." Did I say LA normal market is almost destroyed or de-functioned at this point of time? Different game rules set in now. No, NAR is not going to admit it and it (2 comments)
Can we close a RE deal in hours or shorter? - 11/16/07 08:20 AM
How short you need to close a sale in RE? I am NOT talking about a short sale. Everybody talks about it recently as it was so popular in mid-1990. How short of sales fund you can create in obtaing a loan forgiveness from a lender to a home owner in order to successfully close a short sale? That's something involve the quantity of money. Let's talk about it later. For now, just let us talk about how soon a RE transaction can be done. That's how much time or how short a deal can be made. In RE, we know it has never been like buying a cup of sof drink. To buy or sell (3 comments)
Too Risky to Take Possesion of RE Purchase on Different Day Escrow Is Closed - 11/15/07 04:42 PM
http://activerain.com/action/question/view_question_consumer?question_id=4068 Q. While in my car listening to a talk show station, topic being Real Estate a home buyer asked by agreeing in the counter offer from the seller to let them remain in the property for thirty days, is there a chance that the buyers will have trouble if the sellers claim they still haven't found a suitable replacement property.This scenario is taking place in California.What would have bin the best approach in this situation? ******** ******** ********** My Answer: I agree with Gary Smith for what he said:"I suggest delaying the closing for 30 days with no occupancy at closing." There are too many (2 comments)
A Real Case: Who cares about Average Price or Median Price! (I) - 11/15/07 10:28 AM
http://activerain.com/blogsview/272766/Median-or-Average-Housing post on 10:22 11-14-07 At 09:25 11-14-07, I received an email informing me a new list REO in West Covina, CA. That's about 10 minutes ago. Now use my formula. Here is what I came up to the REAL TIME situation as to the property. The email notice: 2) the recent sale (s) in the neighborhood: 1506 ******* WEST COVINA CA Imp. Size: Br / Ba . YrBlt / Eff: 1130 3 / 2 1951/1951 Sale Date/Sale Price: 08/11/2006 /$495,004 1610******* WEST COVINA CA Imp. Size: Br / Ba . YrBlt / Eff: 1286 3 / 2 1951/1955 Sale Date/Sale Price: 07/14/2006/ $605,006 Both comp are within one (7 comments)
http://activerain.com/blogsview/269781/My-observation-at-Texas This is a revised version of my post in LA Times a week ago. I just got back from a Texas county property tax sale. The game rule is totally different from California. Great game to play here if you have patience. At least there are a lot of properties up on auction blocks with value and potentials. Not like California where all tax sale pprty are just "JUNKS" with no chance for a bidder to gain anything recently. A piece of "land-locked" small lot, about 4,000 sqft, was auctioned for $110,000 in South Pasadena in 2005. It is purely a time wasted (2 comments)
Median or Average Housing Price: Totally Junk To a REO Investor (I) - 11/13/07 08:09 PM
Question 1:http://homes.wsj.com/columnists/housetalk/20060512-fletcher.html?refresh=on Why is it so hard to get good data on housing-market prices? Are there no reliable indexes? I disagree that Realtors will help much -- even for information on price cuts in your target neighborhood. Most Realtors just want to sell houses, and "now" is always the best time to buy; data would just "confuse" us. -- Dick Moore, Arlington, Va Question 2:http://activerain.com/action/question/view_question_consumer?question_id=4257 I am renting now and waiting for the prices to come down more before I buy. I have noticed that all the REO and short sale homes have asking prices that are on the high end of market value. (5 comments)
What an agent's life is: incredible? Is it the life you want? - 11/13/07 08:59 AM
This is a updated version of my response to 2 advice given by Fred Sands to a RE agent in LA Times: http://latimesblogs.latimes.com/laland/2007/11/realtors-get-wa.html?cid=88986808 Out of my 20 year experience in RE, including being an owner of my brokerage (or vice CEO in one of 400+ agents at a time) and partner/ owner of one largest appraisal firms in LA, I know the reality and agree that you are possibly right about our RE system in the future: an agent is going to be obsolete in some ways. In real estate, I know the principle of 80/20 is working. 20 years ago, 20% agents earned the same revenue of the other 80 %. An average agents (2 comments)
Want to be normal? I'd rather be the driver - 11/12/07 11:14 AM
Question CFC's management of REO http://activerain.com/blogsview/229672/Anybody-hear-about-Countrywide ****** ******* ******** My response: What's normal? Different kind of ball game, different rule. Who's the boss setting the rule of game? Dealing with REO, I make up my mind: Always, always, I am the driver behind the wheel. It is a normal and reasonable assumption based on a vital fact that the REO holders have a lot of pressure from FED and have to sell, but I, as a buyer, don't have to buy until I am pleased. Give you guys one hit here: A good and wise REO banker knows "non-performing assets" are absolutely liabilities or debts, NOT assets at all.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! My first (1 comments)
Normal risk turn in normal reward, Normal people end up with normal life. - 11/12/07 12:30 AM
Q. I have noticed that all the REO and short sale homes have asking prices that are on the high end of market value. How long before the deals start showing up? I really want to buy again but based on the median household income the prices will need to come down about 40% (in the 90808 area) before the average buyer can afford them. Is there a way to get a REO house for such a discount at this time? *********** *********** ********* My Answer: Hoo! Hoo! HOO! By your question "Is there a way to get a REO house for such a (0 comments)
Foreclosure Outcome in TD States (Not for Mortgage State) - 11/11/07 10:19 PM
Q. The property is in California. After a foreclosure, Can the 2nd deed of trust to still collect the on the loan? Can the 2nd demand repayment of the loan by collecting from the borrower's personal assets or business? *********** ************ ************ My two Response: (1) If after foreclosure, there is no one making a bid, then the property will be struck off to the 1st lien holder. Let assume the 1st lien holder/ bank choose non-judicial foreclosure and the subject loan was made at the time owner bought the property. It is very possible the first lien is a purchase loan. If it (0 comments)
How Low California Housing Can Go? Buy or Rent? Act or Idle?????? - 11/11/07 03:37 PM
Your Question, http://activerain.com/action/question/view_question_consumer?question_id=4212 I own a condo in West Hollywood. I've got it for a fair price a few years ago....with a down payment and a normal loan. However, it appears that I will need a bigger place within the next 1-2 years or sooner. I can move up....but only to a certain extent. A bigger place within the area that I want to live (westside) is just barely within the amount that I am willing pay. From the research that I've been doing....it looks like I will have a couple of options: 1. Sell my current place, pocket the money and (2 comments)
My observation at Texas county tax sale - 11/11/07 11:28 AM
11-06-07 I went to a county property tax sale auction with 3 potentials, out of about 25 properties being auctioned. It is a sudden colder day. Only about 60 people show up at the auction. About 15 people left after 2/3 properties are withdrawn. Now I have only 2 to bid. Here in Texas, average people are NOT interesting in RE investment so that it leaves a good opportunities for a more savvy Cali to explore. A tax sale auction in Los Angeles county, CA makes you feel chilly here. In Cali, it is very easy to have "auction fever" and price keeps going irrationally up in a crowd. (1 comments)
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