Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
Sign up for the Daily Drop so you don't miss out on AR's daily happenings
Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
Get your content in front of more eyes
Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
Buyers and sellers (and REALTORS, too). Save this for prosperity: February 2009 issue of Money Magazine titled "Cut a sweet deal with the Bank".
Main premise: although short sales are rising sharply, "here's how you can profit."
That was intriguing. I thought this is a good article for buyers, sellers and their realtors since it provides a thorough explanation of what to expect, and what to do.
There was a case study of a couple who scouted homes in Sacramento CA, and found a "steal" --- a home at $300K, a full $200K less than what it was worth a year ago. But it took 6 months before they got the keys to the house. Why? It was a short sale.
In these precarious times, who truly profits? The buyer!
STATISTICS Nationwide, 14% of homeowners are underwater on their mortggates; 30% of owners who bought in thepast 5 years are underwater (according to Zillow)
SHORT SALE This occurs when the bank agrees to discount the loan balance for a seller who owes more on his mortgage than the home is currently worth.
THINGS THE BUYERS MUST KNOW AND DO
If you find a house you truly love, and it's a short sale, you should know and remember:
Short sale will take a LONG time. It could take anywhere between 2-6 months to execute, versus 30-45 days for a regular sale.
Get a pro --- This takes a lot of work, time and patience.
Get a realtor who is experienced with short sales (at least two short sales). This is not something the buyers can or should do without professional help.
Choose carefully --- there are enough choices. Pass on those with too many condition or complexities.
If possible, pass on those with more than one lien against it. It is a challenge to negotiate loans with two lenders
Fair market value --- DON'T rely on the list price alone. The listing agent may have underpriced the property to attract buyers, but that doesn't mean that price will be accepted by the short sale lender.
Ask the agent to determine fair market value with emphasis on other short sales and foreclosures
No accepted contract yet? Don't spend! --- don't spend money on inspections and appraisal until you're sure your offer is accepted and approved by the short sale lender.
In California, we have a Short Sale Addendum we submit with offers on short sales
Buyer may even specify that the deposit check will not be cashed into an escrow account unless the offer is accepted by the lender, and that's when the escrow is opened
Follow up, follow up, follow up --- yes, this will take time but follow up
Call your agent once a week
Have your agent determine if the seller's agent is communicating with the bank's negotiator
Something about the "squeaky wheel"....
What else is new? --- what is something better comes along that isn't a short sale? What if similar properties come up for sale, or recently sold that are priced lower than what you offered?
Use these comps for negotiation to prove that the property's value has shrunk even further, and you probably could amend your offer for less --- and cut a really sweet deal!
THINGS THE SELLERS MUST KNOW ABOUT SHORT SALES
Are you under water or almost under water?
If this is an option, the seller must convince the bank to forgive (erase) part of the seller's debt (loan) --- and the seller must realize his credit will be adversely affected (okay, nose dive!).
So find a realtor who is experienced and/or knowledgeable about the steps and requirements for doing a short sale.
Hardship --- Seller must prove that he can't make the payments or that he has to move but can't pay off the full loan.
Hardship can be one or more of the following reasons: job loss, job transfer, death, divorce, separation, reduced income, medical bills, too much debt, mortgage payment increases, business failure, illness, military service, incarceration, etc.
Credit will take a hit -- although it won't hurt as much as foreclosure or bankruptcy.
In rare cases, seller may be required to repay part or all of the funds, so when doing a short sale, be sure it's in writing that the lender(s) will forgive the loan(s) and relieve you of future responsibility to repay
If it's a vacation home or investment property, you need to prove to the IRS that you're insolvent or that your liabilities exceed your total assets. Otherwise, you may have to pay taxes on the forgiven piece of the loan, which will be counted as income by the IRS
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.