short sale daily news: NEVER FEAR The "Call to Action" HERO is Here!
- 12/29/10 10:06 AM
As a certified Mastery Coach for Fortune Builders I'm ALWAYS looking for the most bang for our marketing buck not only for my company but also to help my students! We spend time and resources testing the effectiveness of varying marketing campaigns. In fact, the majority of the budgeted expenses for real estate professionals involve marketing. What I don’t get are agents and investors who spend a ton of money to promote their brand, their services, properties, etc…. but, don’t do anything to capture their audience. Why spend money on pay-per-click campaigns, blog maintenance, social media management, SEO services, and … (0 comments)
short sale daily news: You Can’t Polish a Social Media Terd
- 12/22/10 09:28 AM
I was discussing matters with a team member recently. We both agreed that a system we were using in our office was not working and needed to be thrown out and not re-built. Without hesitation he summed it up…”you can’t polish a terd.” Say what? I could not contain the laughter. Never before have I heard the “can’t turn a sow’s ear into a silk purse” analogy put quite so bluntly. For some reason I connected his saying to an issue I have been having with real estate professionals and their social media interaction. Many don’t think about their on-line reputation … (28 comments)
short sale daily news: Mortgage Insurance… Should I Short Sale Care?
- 12/20/10 11:51 AM
Oft-times mortgage insurance can become the monkey wrench in the short sale approval process. If you haven’t encountered mortgage insurance (MI), you will. So, what should you expect and what should you do? Better yet, what do you do to get to the closing table? Well, I first want to clear up with mortgage insurance is for those of us that that like to say we know but could truthfully use extra light on the subject. Mortgage Insurance is exactly that. It is insurance. Lenders or the investors backing the loan take out mortgage insurance which compensates them if the … (5 comments)
short sale daily news: Happy Rock N' Roll Holidays!
- 12/20/10 11:34 AM
If the video does not load - please go to http://shortsaledailynews.com/ssdn-crew-rockin-holiday-tribute/ The Short Sale Daily News Crew knows that and as you enjoy this holiday season, we'll be here after the holidays to ROCK YOUR SHORT SALE WORLD! … (4 comments)
short sale daily news: The Top Ten...
- 12/17/10 01:27 AM
RealtyTrac has released the latest foreclosure activity for November 2010. Problems with paperwork in the robo-signing scandal, the subsequent foreclosure suspensions by the mega banks, and the need for tens of thousands of re-filings by mortgage servicers, caused foreclosure activity to fall to its lowest level since November 2008. Nationally, foreclosure filings for November dropped 21 percent from the previous month and 14 percent from a year earlier. For the first time since February 2009, RealtyTrac says the total number of monthly filings dropped below the 300,000 mark, with 262,339 properties in November. That’s equal to one in every 492 … (3 comments)
short sale daily news: How Do You Eat a Real Estate Elephant?
- 12/15/10 12:53 PM
Originally posted on Short Sale Daily News One bite at a time….. Building a real estate business in today’s market can seem like a daunting task. Do you sometimes feel overwhelmed? The different hats and directions each of us need to tackle on a daily basis for consistent growth can give even the best in the biz an “I’m sinking in quick-sand” feeling. So, what do you do to keep your head and move forward? First, and most essential for business sanity, is to break your business into departments. Even if you are the lone player on your team, you … (1 comments)
short sale daily news: Do Americans Still Want the Dream of Homeownership?
- 12/15/10 01:31 AM
Will all that’s happened in the economy and the housing market the last couple years, have Americans soured on the idea of owning a home? Fannie Mae conducted a study to find out and discovered Americans still strongly desire to own homes. “Despite Americans’ strong desire to own their homes, our study reveals that life events are greatly influencing families’ decision to rent,” said Doug Duncan, Fannie Mae vice president and chief economist. “This trend, coupled with the housing crisis, has caused consumers to approach homeownership with greater caution and thoughtfulness.” The Fannie Mae 2010 Own-Rent Analysis found that 51% … (1 comments)
short sale daily news: Fannie Mae and Freddie Mac Pressured to Write Down Mortgages
- 12/14/10 05:14 AM
Key members of the White House and numerous federal housing officials are now applying more pressure to Fannie Mae and Freddie Mac to reduce loan balances for underwater borrowers. The number of such borrowers is growing, with nearly a quarter of the nation’s homeowners owing more on their homes than they are worth. The problem with this is, the farther a borrower dips into negative equity, the more likely he/she will be to walk away and allow the property to go into foreclosure. Stemming the foreclosure flow is the goal and where better to start than these two agencies who, … (2 comments)
short sale daily news: Simply Simplify
- 12/09/10 12:17 PM
In today’s world, can you really afford anything to be more complicated? Doesn’t life seem to get shorter and shorter? Believe it or not, simple can be the way to go. Let’s discuss how that relates to marketing, at least from a digital standpoint. We know you’ve got a lot to say, especially about a topic you’re passionate about. What could you possibly be more passionate about then your own business and the industry where you work each and every day to put ends meat on the table. Trust us, we get you. However, when you’re trying to convey your … (1 comments)
short sale daily news: Why The Heck Am I Doing This?!?
- 12/08/10 12:22 PM
I did not choose real estate as a career. Oops, I can hear my business partners at Short Sale Daily News and team at Southeastern Group and Southeastern Home Team cringing at my admission. But, the truth of it is, I really did not want to pursue real estate when I was deciding “what to be when I grow up.” In fact, the idea of helmet hair and a gold coat (no offense to C21 or anyone with helmet hair) was absolutely NOT what I wanted to do with my life. As a kid, I associated real estate with what … (5 comments)
short sale daily news: Backward Progress…Not an Oxymoron, Moron!
- 12/07/10 10:15 AM
Are you generating enough leads to support your business? If you are not closing the number of transactions you need to stay afloat, then you are most certainly NOT. It may be time to take a step (or maybe a few leaps and a jump) backwards in order to EVER move forward as a business. If I am speaking to you, don’t cry in your chardonnay. If you think your lead generation efforts are on track, GREAT. But even if you deem yourself a lead generation superstar, more leads are still the merrier, right? So what do you do to … (1 comments)
short sale daily news: Are Standards The Answer?
- 12/06/10 11:24 AM
The Governor of the Federal Reserve, Dan Tarullo, spoke before the Senate Banking Committee last week and urged Congress to set up national foreclosure standards. Tarullo detailed how examinations from regulators have uncovered numerous deficiencies in both the servicing and foreclosure processes. He believes the industry must make major investments to fix the current problems and fundamental changes in the current mortgage system need to be considered. This is all stemming from the robo-signing controversy that made major headlines this Fall.Congress is being pressured by numerous consumer groups, legal agencies and other government arms to make changes to prevent such … (2 comments)
short sale daily news: Stripped & Unprotected?!?
- 12/06/10 03:10 AM
The Federal Reserve has issued a proposal to amend a 42-year-old provision of the federal Truth in Lending Act. The change would make it far more difficult for homeowners to stop foreclosures and get out of predatory home loans with extremely unfavorable terms. In response, numerous foreclosure defense attorneys, civil rights, labor and consumer advocacy groups have formally written the Reserve’s Board of Governors to ask for the withdrawals of the proposal. In addition, they have suggested any future changes or updates to the Truth in Lending Act be handled by the newly-formed Consumer Financial Protection Bureau. This new bureau … (1 comments)
short sale daily news: Rolling a Giant Boulder Up a Hill?
- 12/01/10 12:02 PM
Have you ever had muscle fatigue? You know, you are holding something really heavy and your muscles start to shake and ache and finally just give in. Have you ever pushed with all you’re might against something extremely heavy that just won’t budge and your legs buckle or your feet slip? I have felt that way while trying to keep my business afloat in between real estate deals. Have you? Every business has monthly costs. Those costs are a recurring event every month. Bills don’t wait just because you haven’t closed a deal or a real estate closing is delayed. … (7 comments)
That’s according to the latest data released by Lender Processing Services for October 2010. And that number is just the average. In some states, particularly those with judicial foreclosures, that number is over 500. Consider this. In January of this year, the average days in default before foreclosure was 410. That’s about a 20% increase and we’re not even all the way through 2010. Even more depressing? The average days in default in January 2008 was 251—which means that time-frame has essentially … (7 comments)
short sale daily news: Do YOU Have An Ugly Website?
- 11/29/10 01:00 PM
All too often we run into a new agent or investor and the first thing they do, though we have other methods we would recommend for marketing yourself, is hand us their card. Fantastic, right?! Now we've got your info and we'll go right to the office and check out your information. What a great opportunity this could be in the making. We sit down at the computer and punch in the web address on the card and voila! Nothing!
If I even find the site, it's the most boring, drab thing I have ever seen in my life. I … (12 comments)
short sale daily news: Big Banks Begin the Refiling of Nearly 200,000 Foreclosure Affidavits
- 11/29/10 02:31 AM
The big banks that have been in the news so much because of the robo-signing of foreclosure paperwork may need a forest of paper to get through the massive re-filing process. Bank of America estimates it will re-submit 102,000 affidavits in which the foreclosure was pending. Wells Fargo is in the process of re-filing 55,000 affidavits. Citigroup (parent of CitiMortgage) has found 14,000 affidavits it will need to re-file. No word on how many JPMorgan Chase will redo or some of the other big contenders in the mortgage lender arena. What all these firms are trying to skillfully avoid is to … (0 comments)
short sale daily news: Roast or Fry the Short Sale Turkey?
- 11/24/10 08:37 AM
Alas, the Butterball help line is not available to assist you through the short sale process. Yes, they did open their lines earlier this week, and yes, they probably hire reps based on the same criteria as loss mitigation departments. But, unless you can break-down your short sale into cooking time per pound you will end up with an uncooked bird. If you have ever fried a turkey then you know that it cooks a lot faster than roasting. I prefer a fried turkey. I also prefer a faster short sale. Here are some short sale cooking tips from the … (4 comments)
short sale daily news: Does the Property Have Skeletons in the Title Closet?
- 11/23/10 01:22 AM
I have written many times about agents who have had a well-earned short sale approval implode right before closing due to issues with title. It is imperative that you look at title for all short sales at least at the beginning of the listing process, at the time of contract, and when the approval is received.
Why look at title? To identify liens, judgments, and number and position of mortgages to be negotiated. To provide marketable title to the buyer of a short sale, all liens have to be cleared from title. Junior position liens need to be negotiated no … (3 comments)
short sale daily news: Can You Go Backwards On a Short Sale Offer Price?
- 11/19/10 08:22 AM
Absolutely….if there is justifiable reason. Case Study Part A: We generated a short sale lead that matched the criteria for one of our rehab investors. This property needs extensive rehab. It was built in 1971 and has never been maintained or updated. Everything is original except for the hot –water heater. Our team will be heading up the REHAB project for an equity share and the exit marketing.
When we generated the lead, they were only 7 days away from the courthouse auction. There was not enough time for our investor to do a full due diligence inspection and contractor … (6 comments)
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