elgin's Blog

holidays work do you work during the holiday's

elgin walker (keller williams vip properties) — Wed, 02 Dec 2009 01:04:09 -0600

Jingle bell jingle bell jingle bell rock.....What a blessed time of the year and happy holidays to all. Do people buy or sell home during December? That is not a question. The question is DO YOU HELP PEOPLE buy or sell property in December? People that need to buy will buy. People that need to sell, will sell. That is the way it goes. The rest of the world doesnt shut down Christmas. You need to, and must do time for your family, friends, love ones etc....The same time their are people that NEED your help. Clients purchase and sell for all sorts of reasons during this time of year. Let me ask you a question, if a buyer is motivated, and quailfied why wont they go out looking and BUYING during the holidays? They are looking to get it over with and enjoy the holidays just like you are! If I put my home up for sale I am looking to get it done, get myself in position to enjoy the holidays just like everyone else. Be smart, work efficient and be merry!

some short lenders ARE getting it!

elgin walker (keller williams vip properties) — Tue, 03 Nov 2009 18:30:22 -0600

Okay can you believe it? Some lenders are FINALLY getting it! It is so muc more cost effective and such a better business decision to allow people to short sale (if its legit of course) versus going all the way through the foreclosure process! I had a lender tell my homeowner they could not or would not modify their loan, but they would immediately stop any foreclosure proceedings and cooperate with a short sale if they followed these simple steps:

1) List with a realtor within 72 hours

2) cooperate with property being shown and move out in timely manner

3) maintain the property (landscaping, etc...) until close of escrow

4) allow lender to do an independent inspection (BPO) before and just prior to closing.

If the homeowner follows instruction the lender is giving the SELLER $5,000 at the close of escrow! Upon contacting the lender I was told they WILL PAY A 7% real estate commission and will get me an answer on the offer within 10 workin days of submission.

The only items needed for submission from me is Listing agreement, HUD 1, Purchase agreement, Authorization form. All needed from the homeowner current pay stubs, current bank statements, hardship letter. CAN YOU BELIEVE IT?

This will definetly help us get this market corrected for both buyes and sellers if lenders get on board like this. Lets hope others follow along.

Now is the time!

elgin walker (keller williams vip properties) — Mon, 26 Oct 2009 16:42:04 -0500

Inventory is (in my areas of service) are still low. Buyers are still out there, and in a little while people in my industry become "ghosts" just like Halloween! For you the seller that means opportunity! There is opportunity if you are a seller with equity (hopefully) or if you are in need of selling and must do a short sale. Reason is with the inventory low, buyers out there, competition is so great to FIND properties and people that are looking this time of year ARE SERIOUS!

Pricing your property is critical, and making sure you hire a Realtor and not a "ghost" is imperative. Interest rates are low, and incentives to purchase are high. I realize the financing is more difficult in most cases, but the reward is so great. Take a long look at the situation and discuss with your Realtor.

If you would like to discuss with us contact at www.elginwalker.com or www.talktoelginnow.com We appreciate your time.

2010 What What??????

elgin walker (keller williams vip properties) — Mon, 05 Oct 2009 21:25:19 -0500

2010 is going to be interesting. There are plenty of properties already foreclosed upon not coming to the market for various reasons, but they have to come. There are plenty of people attempting Loan modifications that should be able to get it done, but are not, and some that really never had chance, but are trying will come to market, and for those who I speak with on the inside, short sales WILL become the dominant market in sales before 2010 ends and probably into 2011 (in some areas).

That is an interesting situation. It will be interesting to see how the banks "suggest" sellers short sale, streamline the process, AND "recommend" realtors they approve of. Lots going on behind the scenes. It appears there are more questions than answers right now, but I am sure more to come.

One thing I believe times are really interesting, and sellers right now you do have some options, whether you have equity or are a possible short sale. Look into all your options.

I am a standard seller should I sell now?

elgin walker (keller williams vip properties) — Sat, 19 Sep 2009 13:50:30 -0500

This is a question I get alot. The answer is it depends on your reason for selling, and what your time is for hanging onto the property if the market doesn't recover or dips down further. You will get alot of opinions on this, but there are some basic facts:

1) There are plenty of foreclosures the banks have and have not released to the market place yet

2) There are plenty of properties in the NOD or NOS stage that ARE NOT going to be loan mods so they will be SHORT SALES OR REO'S

3) Sooner or later the market place will have to get these properties through the system because THERE IS ANOTHER WAIVE OF "TOXIC" LOANS coming in 2010-2012!

What does that mean for you the standard seller? It means right now while the inventory is lower (at least in the areas I service) you have an opportunity to maximize your sale price IN THIS MARKET and more than likely this will be the best price you will see for your home in the least amount of marketing time you will see for awhile. I believe if you have a long time frame and can hang on to a piece of property you should probably should, but if realistically you see a small window period of holding the property YOU SHOULD CONSIDER SELLING IT. The odd are in your favor currently.

$8,000 tax credit coming to an end! December 1st 2009

elgin walker (keller williams vip properties) — Mon, 07 Sep 2009 01:57:44 -0500

The First Time tax credit ends December 1st 2009! That means your escrow needs to CLOSE on or before that day! Yes there is talk of extending it but currently that is not the case. The tax credit is for $8,000. Lets take a look at what that really means. You could purchase a property around $225,000 and your 3.5% FHA downpayment is going to be a little under $8,000 and if you can get your closing costs paid you are now effectively purchasing the property with little to no downpayment! Okay it can be better! The interest rate is a 30 year fixed rate loan that is somewhere in the high 4 to low 5% range! W-O-W! Whatever is keeping you on the fence, GET OVER IT! Dont sleep on these opporunities. They wont be here forever!

Opportunity is knocking....are you answering the door or are you allowing other people, the media, family, etc...to STEAL YOUR DREAMS!

My loan mod was approved.....WHY IS MY PAYMENT HIGHER?

elgin walker (keller williams vip properties) — Mon, 07 Sep 2009 01:08:56 -0500

There are some clients crying the blues and are in astonishment. They have waited 3, 4 ,5 , 6 months or more, they just got great news they loan modificaiton is now approved, but their monthly payment has just risen! What kind of crap is the bank trying to pull? Well a heads up that honestly I did not intially think of myself. If you had a payment one option loan or some form of one and your payment was based upon 1.25% or something like that, and now you get a 3.125% 30 year fixed loan, guess what? Payment is consistent, but its higher!

The only way to insure this from happening is with a principal reduction and I am not seeing banks do that very much. I am not saying never, but it appears the banks (that do work with you) are helping with interest rates, payment schedules, even deliquent payments, BUT NOT REDUCING WHAT IS OWED TO THEM.

As a consumer while you are deciding what is best for you and your family, keep this in mind.

watch the language on your short pay approvals!

elgin walker (keller williams vip properties) — Thu, 27 Aug 2009 16:38:44 -0500

Okay its been 2, 3, 4 months and FINALLY, you look in your email or efax and guess what THE APPROVAL LETTER FROM THE LENDER ALLOWING YOU TO COMPLETE YOUR DISCOUNTED PAYOFF (short sale) That's great we are ready to proceed now correct? Well maybe not so fast. Some of the lender are putting language in their approval letters giving the bank the right to come back after the seller any deficiency amounts at a later date. Hey no big deal they NEVER come back right? There is too many they aren't equipped to go AFTER so many customers later, heck it took them 6 months just to do the deal! Maybe, but what if?????????????

Lets say you cant sleep, it is late at night and all of sudden you see on T.V, Did you do a short sale with your lender? Did your REAL ESTATE AGENT have you sign an approval letter giving the bank the RIGHT to collect deficiency amounts from you in the future? IF SO YOU COULD BE ENTITLED TO DAMAGES. Call the Law Office of I am getting Ready to Screw Another Realtor 1-800.........

If you think this is not coming you also thought property values never go down! This is not meant to scare you from either helping customers with short pays or if you need to do one as a consumer, you don't do one. It is really meant so you understand the SERIOUSNESS of short pays AND keeping the customers best interest at heart!

You get an approval letter such as that what do you do? I think that varies from situation to situation, but the LEAST you should do is really explain to the seller their rights AND what their rights are if THEY WALK AWAY. I know after 6 months working on the deal the LAST THING you want the seller to do is walk away, BUT that might be best for them. The least thing you can do IS LET THEM UNDERSTAND AND MAKE THE BEST DECISION FOR THEIR FAMILY!

I would also suggest rolling up your sleeves and going back to the lender and fighting for your seller to receive a proper approval letter that allows them to close escrow knowing this deal will no longer hang over there heads.........Just a thought

The Real Estate Market is Dead! Did you hear?

elgin walker (keller williams vip properties) — Sat, 22 Aug 2009 23:47:01 -0500

Weren't those the headlines? Wasn't that the word of the day? You still hear that all the time. We haven't bottomed yet! Wait to buy. Don't catch a falling knife (I think I used that one...hahahaha) We are witnessing a collapse of Real Estate as we know it! Let me ask you a question, Have you or anyone you know actually attempted to purchase a home lately? If not let me tell you what those of us that actually WORK in the field. In the areas I service, if you are looking at REO's, Short Sales, Standard sales (the few there are) you will find the pick of inventory low, and you will find the competition to purchase stiff. I am finding very few homes sell less than their listing price, NOT in multiple offers! Yes I said not in multiple offers and above asking price! Does that sound like the real estate market has collapsed? Yeah it doesn't to me either. Look I do not know were the market is going to go, nor do I know what the market has coming a head. I do know what is going on in the know. You can sit back and listen to whole bunch of people not in the trenches everyday (if ever) or you can pay attention those of us in the game with a pulse on the market. The choice is yours.

Is it over ?

elgin walker (keller williams vip properties) — Mon, 17 Aug 2009 01:14:56 -0500

Is the crisis over? Are we just around the corner from doom and gloom? The real estate market will collapse ANY MINUTE NOW! Is the what you are hearing? Worse than that is this secretly what you are thinking? I have to tell you its hard not to feel that way. I will also give you it is tough all over. The economy has seen much better days. Well let me talk to you about what I see every day in the field of what I do to make a living.

I have buyers, all pre-qualified prepared to purchase and guess what? No inventory to fit their needs. Oh I have another one, my buyer makes offers at list price on a property on the market less than 3 days. Our offer was submitted to the bank, and our offer was number 16! We raised our bid 10% and still DID NOT GET THE PROPERTY! 10% above its list price!

You better stop listening to those who jump on the bandwagon and don't know what really is going on. If you continue on that path you will miss out on great opportunities! I can guarantee that! I do not know if we are at the bottom etc....I do know we are at levels that if you have a proper plan, get into something you can afford and afford longer term. YOU WILL WIN! Think about it.

Whats next?

elgin walker (keller williams vip properties) — Wed, 12 Aug 2009 18:50:10 -0500

Clients and friends are calling me all the time asking me, Whats next? Are we at the bottom? Will interest rates go up? Are there more foreclosurses coming? Should I buy now? Should I sell now? Truthfully the answers are generally I do not know! There are no soothsayers in this business, although some may self proclaim to be. We can only go by trends, data, and history.

Each person, each family has a unique situation that requires carefully examination before developing a plan on what to do. That will determine, What's Next! One thing I do believe is good or bad, if you do nothing, you get nothing! Dont allow the market, the media or other people to keep you from making decisions that need to be made. Whether you should sell and move up to another home, whether you should take that job and relocate, should you short sale rather than walk away, maybe you need to walk away versus short sale. I believe you should contact professionals, interview them and allow someone to help you make a plan that gives you the opporuntiy to meet your goals, and/or change your quality of life. The Elgin and Pilar Walker Team are there for you with that.

Loan modification, short sales, and REO's

elgin walker (keller williams vip properties) — Tue, 04 Aug 2009 14:55:31 -0500

Okay let's have some straight talk. Our administration is trying to set a standard of home preservation versus foreclosure. The biggest "carrot" being dangled is the TARP money. Bottom line lenders need to show they are ATTEMPTING to keep people in their homes with loan modifications first, and if that is unsuccessful allow people to short sale (which in most cases is less costly to the lender and saves government money) then foreclosure and go REO.

Problem in my opinion is not the theory, but the application! I personally believe the government is on the right path in a bad situation, but it does not appear (from experience in the trenches) there is TRUE cooperation from lenders, investors, insurance companies etc... Is there some cooperation? Absolutely, but in my opinion not nearly enough to get our ship back on track.

As Realtors when you are counseling a customer on what to do or not do, I believe we must be responsible and give alternatives to clients as to things that may or may not work, AND most important to have a plan b, a plan c etc...

Some clients put all their eggs in the loan modification basket. What happens if the loan mod doesn't work or doesn't work ENOUGH to get payments in line for the customer to continue owing the home? What if the lender does not accept the short pay? What if the lender wants a seller contribution? WHAT IF THE LENDER RESERVES THE RIGHT TO COME AFTER THE SELLER LATER FOR THE BALANCE OF THE DISCOUNTED PAYOFF?

As professionals we must be careful as to what we do, what we say, and also give an entire picture to the customer even if that means it is not in OUR best interest right then! Continue learning, counseling and working. The monetary benefits continue to come by helping people make the best choices for themselves and their families. DON'T LOOSE SITE OF THAT!

Pre-Foreclosure Certification and ???????

elgin walker (keller williams vip properties) — Tue, 28 Jul 2009 23:47:52 -0500

Okay with home retention being at the top the administration list and wanting more foreclosures at the bottom. Our industry is vastly and quickly changing. To keep people in their homes we all know about the loan modifications, the myth's, the truth's, the bad and the ugly. That doesn't work and we go to short sales. Most of us have some nightmare stories. Some have good stories.

THERE ARE DEFINETLY SOME SERIOUS CHANGES, AND SOME SERIOUS GAMES BEING PLAYED BY EVERYONE. If you are in position to need a short sale, YOU BETTER NOT JUST HIRE YOUR FRIEND! There are things going on that will CHANGE YOUR LIFE BEYOND FORECLOSURE, if handled incorrectly! You need to really look at the experience, and designations of the agents that helps you. One thing to remember if you are a seller doing a short sale, THE AGENT STILL WORKS FOR YOU NOT THE BANK! The bank has to agree to certain terms, BUT SO DO YOU.

MAKE SURE YOU THOROUGHLY READ ANY AND ALL SHORT SALE APPROVAL LANGUAGE FROM YOUR LENDER. All approvals are not good approvals, and can have ramifications for you in the future. REALTORS IMAGINE IF YOU ARE CERTIFIED FORECLOSURE SPECIALIST AND THE MAJOR BANKS CAN REQUEST THE SHORT SALE BE DONE THROUGH YOU, AND THE PROCESS BE STREAMLINED TO CLOSE IN A NORMAL REAL ESTATE TRANSACTION TIME FRAME?

Well that process is here! One of the largest banks right now is rolling this out AND IT IS USING KELLER WILLIAM AGENTS EXCLUSIVELY NATIONWIDE! Times are changing people, and business as usual is business that is now not yesterday.

If you are looking for a CERTIFIED EXPERIENCED TEAM TO REVIEW YOUR OPTIONS CALL 661 290 3781. If you are an agent looking for an edge, looking for cutting edge training, and the possibilities of being with a company that is truly "family." YOU NEED TO CALL ME! Profit share is no joke!

why buy now

elgin walker (keller williams vip properties) — Fri, 24 Jul 2009 10:34:46 -0500

Top 7 Reasons to Buy Your First Home Today

1.Free Money. The $8,000 tax credit for first time home buyers is valid through December 1, 2009. This is a special tax credit from the government that you don't have to pay back, as long as you stay in the home for at least 36 months.

2. Affordability. Based on recent property declines and current interest rates, home affordability has not been higher since it was first tracked over 40 years ago. Your grandparents couldn't have received a better interest rate than you can today.

3. Tax Breaks. The IRS allows you to deduct the interest you pay on your mortgage, your property taxes and, in many cases for those who qualify, some of the costs to buy your home and mortgage insurance. Owning a home is a great way to lower your tax bill.

4. Build Wealth. Unlike paying rent, with each mortgage payment you make, you build equity and you decrease your income tax liability. Owning a home is still the best long-term investment.

5. Appreciation. As home prices have fallen precipitously in today's tough economy, the basis for realizing appreciation in future years is very strong. Historically, even with other periods of declining value, home prices have exceeded consumer inflation. From 1972 through 2005, home prices increased on average 6.5%, according to the National Association of Realtors®.

6. Stability. Knowing you can establish roots and raise a family in one location, free of the desires or needs of your landlord to sell the property you are living in. This is something no other investment provides. You can't live in a stock, and you can't raise your kids in a bond.

7. Independence. Enjoy the freedom to do what you want to your home. After all, it's yours to do what you wish. And, with any improvements you make, you have the ability to benefit from your investment. Try that with an apartment!

New $8,000 Tax Credit for First Time Home Buyers

Great news for first time home buyers in 2009! Qualified first time home buyers are eligible for an $8,000 tax credit when buying a primary residence. If you haven't owned a home in the three years prior to closing, congratulations! You are also eligible.

Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. Here are two examples of how the tax credit works. You paid $4,000 in taxes. Qualify for the full credit and you get that $4,000 back, plus another $4,000. If you paid no taxes, you get the full $8,000 back in cash - and you don't have to pay it back!

Eligible buyers may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. A partial credit is available for incomes under $95,000 (single) or $170,000 (married).

In order to qualify, the $8,000 tax credit is available for qualifying home purchases made through Dec. 1, 2009. This is not a typo. If your closing occurs December 2nd or later, you lose.

Want one more reason to act now? Qualified home buyers can apply the credit to either their 2008 or 2009 tax return. To get the credit for 2008, see your tax professional about filing an amended return. For other program requirements, give us a call. We'll run the numbers and see how much you can save.

Time running out on the $8,000 tax credit

elgin walker (keller williams vip properties) — Tue, 14 Jul 2009 11:59:54 -0500

Have you or anyone you know taken advantage of the $8,000 tax credit for first time buyers? Dont forget until the end of the year if you purchase a property you receive this credit. Depending on what and were you buy this can be most of your downpayment! In california there is an additional $10,000 for purchasing new construction. So let me get this right, I can purchase a new home in California and receive approximately $18,000 in tax credits? Yes you can. What are you waiting for, call me NOW! 661.290.3781

www.elginwalker.com

www.youtube.com/elginwalker

New Short pay process coming! What if you could close them 30-45 days?

elgin walker (keller williams vip properties) — Fri, 10 Jul 2009 11:23:12 -0500

Shortly we will introduce a brand new short sale process which will be streamlined FROM THE BANK to selected agents with PRE-APPROVEDprices that will closed within 30-45 DAYS! Can you imagine? The Obama administration is requiring banks to do more with home preservation and/or liquidating WITHOUT going through the whole foreclosure process. One of the components of course is loan modification, but what happens when that doesn't work? Well the next step is to encourage the homeowner (if they are unable to meet their obligation) to sell the property without it going all the way to the foreclosure process! Well isn't that what is happening now? Well kinda. That is the theory. As we know currently, when a property becomes an REO, the bank or asset managers assign properties to list with Real Estate agents. This process is streamlined with BPO's (broker price opinion), repair costs, etc....and when a buyer makes an offer, it can be accepted and closed as quickly as financing is secured for the buyer (in most cases).

What if the short pay process was handled in the same manner? What if banks (after trying to work out loan mods etc) had a select group of real estate agents the home owner could contact, list their home with. This would include PRE-APPROVED PRICING, etc...certain benefits encouraging the homeowner to cooperate (including a cash for keys type benefit to keep the home up and show it) and new potential buyer can make an offer, get it accepted and close in 30-45 days!

This model is not only coming.....IT IS HERE! The Elgin Walker Team WILL BE ONE OF THE PREFERRED Real Estate Teams to offer this service! Stay tuned for further details!

Reo are coming! Short pays too!

elgin walker (keller williams vip properties) — Mon, 01 Jun 2009 23:37:11 -0500

Right now the hold on REO's has been lifted. My friends that are REO agents just jumped into hustle mode. In certain areas we have noticed property come to the market the last few days we had not seen for awhile. Buyers you are going to have a window of opportunity to get a good deal with good rates. It is very possible rates may go up higher. Right now you be prepared. What do I mean by that? Have your pre-approval ready, know what you're looking for, be prepared to make a decision. If see it go for it. Hesitation may cost you. Do as much homework upfront and be available. If your agent finds it, you got to make time to go see it and get your bid in!

If you are receiving information on line from your agent look at them regularly. If your circumstances or parameters change, let your agent know. Be on the same page. This will make your journey much more enjoyable and exciting.

Now the moratorium is lifted what happens?

elgin walker (keller williams vip properties) — Sat, 30 May 2009 00:25:08 -0500

We do have some very unprecented things happening currently. It is difficult to figure out what happens next. Do we have floods of foreclosures come to the markeplace? Are lenders (as most of us have heard) are more friendly with doing short pay? Will nothing happen?

I can tell you what has happened to clients of mine in the last couple of days. I have clients that were in loan mod mode, getting through the system, most of the time being told their application is in review and once the moratorium was lifted.......BAM the lender send out TRUSTEE SALES that are applicable within a week! This happened to 3 clients of mine with different lenders!

I do not know if this is a trend or if my clients were just in a certain situation, but I tell you be alert! Make sure you discuss this with your clients, and have them prepared for a plan "b." In case of two of my clients we have shifted directly into Short Sale mode, but there may not be enough time to get sale postponed. My other client is so distraught they will probably walk away!

My hope is the lenders are not just stringing people along and then automatically taking them into REO status! Hopefully they are truly attempting to help clients with home preservation as the government is asking and then with those that cannot be helped, take it to the next steps of REAL short pays or taking the properties back and getting them into the market place as REO's.

Whatever the situation, make your clients aware!

Shift Shift Shift!

elgin walker (keller williams vip properties) — Thu, 21 May 2009 10:56:32 -0500

Business as usual? What does that mean? Back to the basics? What does that mean? You hear all and have all these "sayings" and "isims" and to me it all means stay focused, stay the course, be committed, work hard and believe in yourself! We have a "saying" right now in our company and that is prepare to shift. Are you ready to shift? This basically means evaluate your life, your business or whatever. Take a look at what is working, and decide what directions things are going and prepare to be ahead of the curve instead of behind it. Lets face it, if you are in the real estate business and you are JUST starting to gravitate to REO business, are you ahead or behind the curve? What are you doing to prepare yourself for the "other side" of this curve and trend? If you are purchasing, are you purchasing with the future in mind or are you listening to the media and getting your advice on 90-120 day old data? Be prepared to shift and keep a pulse on your opportunities.

Should I Short Pay my home?

elgin walker (keller williams vip properties) — Mon, 18 May 2009 10:32:41 -0500

This is a question I hear a lot, and an honest answer it is going to depend from circumstance to circumstance, but in most cases I would tell you whatever is going on in your life that is a "true" hardship is an event and not a condition. It will pass, and once it does you will want to get back in the real estate game. Doing a short sale will give you a better chance of doing that and doing it faster!

A short sale will have some negative effect on your credit, BUT NOT NEARLY as much as an actual foreclosure. Remember a foreclosure is a matter of public record that cannot be removed with credit repair etc... It will show up the next time you go to purchase. If not on your credit report on your title search. If you are applying for a new home loan that is going to hold a lot of weight on whether you get a loan at all not to mention the rate and terms!

The short sale will show, but it also shows the new lender you are applying for your home loan with your attempt to make good on a bad situation, your responsibility, and hopefully it was just a snapshot in time. This is explainable and may require extra effort, but can get you into your new home purchase with much more favorable rate and term than if you just "walk away" from your current obligation.

times are tough, are you?

elgin walker (keller williams vip properties) — Thu, 14 May 2009 10:47:18 -0500

Look we all know the economy is bad. We all know the cash flow is not flowing for most as it has in the past, but how you handle it is the issue. We have all heard the old saying: Its not about the problem or issue you face but about the way you handle it! This is very true. Look its tough on everybody right now. Dont take it personal! Dont ignore the sitaution, dont bury your head in the sand, but do not drown yourself in negativity either! What if no matter what you put your energy and mindset into positive items 2 to 1 versus negative things? How easy would it be to congradulate yourself or pat yourself on the back for small wins? Dont wait for the homerun give yourself a "high five" for a base hit! Smile at yourself just for swingnig the bat even if you strike out. You will get another chance at the plate!

Be forever thankful for the good things whatever they are. It could be just getting up in the morning, having a place to stay, or someone to talk with and share things with. Are you healthy? Are you ALIVE or LIVING? There is a difference you know.

Business wise keep your eye on the target, watch your bottom line, be prepared to adjust and enjoy the journey. Do what I am not good at.......enjoy your time no matter what!

Short Sales becoming more friendly.....well almost

elgin walker (keller williams vip properties) — Mon, 04 May 2009 11:08:26 -0500

An amazing trend I am HEARING and starting to experience SLOWLY is banks are REALLY attempting to make the short sale process easier and consumer friendly AND taking a serious look at doing them rather than going all the way to the Foreclosure process and taking the properties back! This may seem like common sense and should not be "news" but the truth is the process has not been friendly nor has the process been one that allows people to really get a win/win result! I am not implying the banks are 100% wrong in this at all. Real estate agents, sellers needing help also shoulder blame in this process, BUT maybe we are turning the corner and will REALLY be able to help people get out of these situations AND help buyers get in on some of these good opportunities.

If you are in the San Fernando Valley, Santa Clarita Valley, Palmdale or Lancaster we are having success with Short Pays. Feel free to contact us regarding your situation and lets see if we can help. 661.290.3781

Can there be a buyers market and a sellers market at the same time?

elgin walker (keller williams vip properties) — Mon, 27 Apr 2009 11:11:15 -0500

This may seem an obvious answer of no, but I must say in my markeplace this is what we are seeing. Let me explain. Prices are down compared to a few years back, interest rates are low and inventory is misleading. What do I mean by inventory being misleading? Well there are alot of properties that are short pays and short pays that are NEVER going to sell or be accepeted. This is taking up inventory space and giving out the wrong perception to buyers on pricing and homes available. It also distorts the "pending" escrow count, but that is for another blog.

Here is the dilema I am experiencing. Most buyers want bank repo's or REO's or the peverbial great deal! Well the rate foreclosures are coming to the market has dramatically slowed, and with rock bottom pricing on them, we are seeing most REO's sell in MULTIPLE OFFERS AND SELL ABOVE THE LIST PRICE! Doesnt that remind you of a sellers market?

IN this same market place I am seeing well priced " standard" listings not get nearly as many looks, offers (if any) and are continously chasing the market downward! I am not talking about the seller that thinks the market is still 2005 or 2006, but a realistic seller that is not selling MAINLY because he is NOT a foreclosure and the perception is foreclosures are the "best deal."

Hence a buyers market on REO and bank repo's is going INSIDE the buyers market and opportunities we are seeing! People looking for these deals, these deals coming, and people buying them quickly at all cost!

so you think the real estate market is dead?

elgin walker (keller williams vip properties) — Sat, 11 Apr 2009 00:21:26 -0500

Okay my client sees a property listed at $257,900. We already lost on a property so we are not playing games. My client is putting 20% down, 700+fico score conventional financing. We offer $300,000. The property comes on the market late thursday and by monday morning there are 22 offers! My client does not get the property!

A nice home priced at $734,000. On the market a day, my client with 50% down offers $700,000 as is! 5 offers come in and my client DOESNT EVEN GET A COUNTER OFFER! Property sells above list.

What year is this 2006, 2005? No THIS IS ALL WITHIN THE LAST 30 DAYS! So you watch cnbc, cnn or your local news and they tell you the market is terrible. They tell you nothing is selling and property value is a downward spiral.

Well listen to a foot soldier out here in the trenches. Low inventory due to the obama administration requiring banks to ATTEMPT to help people stay in their homes have SLOWED to the market. That along with unbelieveable interest rates are fueling the market.

Now is the time to get in this market if you really want to take advantage of opportunity. To figure out the best moves for you contact us www.elginwalker.com or 661.290.3781

Free Seminar SCHEDULED 4-8-2009

elgin walker (keller williams vip properties) — Sat, 04 Apr 2009 00:38:35 -0500

Okay the date is here and scheduled! Only the first 50 people admitted. How to use the $8,000 tax credit, LOAN MODIFICATIONS can they or do they work? The new FANNIE MAE 105% refinance do I qualify. How to purchase Bank Owned properties and are they all good deals? HOW TO GENERATE $500 TO $1,000 PER MONTH POSITIVE CASH FLOW PURCHASING RESIDENTIAL REAL ESTATE IN CALIFORNIA!

THERE IS NO COST FOR ADMISSION AND THERE ARE NO PRODUCTS SOLD AT THE SEMINAR! Come learn about the opportunities to help yourself and the opportunities to profit. To reserve your seat 888.429.8571 ext. 9008 and leave your message 24/7!