short sales: Negative Equity Report: Good News or Bad News?
- 09/08/13 11:40 AM
Negativity equity is an issue that can be an indication of many aspects of a real estate market. Zillow keeps track of such things and while many question the accuracy of some of Zillow’s reports (such as their Zestimates), the Negative Equity report seems accurate. According to the most recent Zillow “Negative Equity Report” , there are 12.2 million homeowners who are still underwater on their properties. This equates to nearly a quarter (23.8 percent) of all homeowners with a mortgage and 16.7 percent of all homeowners with and without a mortgage. Zillow predicts that by the end of the … (1 comments)
short sales: "FLIPPING" is on the Rise!!!!!!!!!
- 07/26/13 08:25 PM
I have never been a fan of the term, “flipping”. However, it has become a term of art so it is here to stay. Negative connotations have been associated with the term but there is nothing wrong with buying a home and selling it for a profit. The lenders and servicing agent are (presumably) smart folks and iof they agree to a price, then it is a fair deal!! According to RealtyTrac, house flipping is up 19% from a year ago, and a whopping 74% from the first half of 2011. That’s a great sign for the real estate markets, … (5 comments)
short sales: Top Market for Short Sales Part II
- 07/06/13 07:34 AM
Top Markets for Short Sales, Part 2. Last week I wrote about Las Vegas (read the blog here). This week, I review two more areas. Many real estate investors believe that short sales are a thing of the past. There are so many local, state, and federal regulations that govern these transactions. Regulations include how much profit you can make and in what time frame you can make the profit. Consequently, many investors have opted to pursue other investing strategies rather than continue doing short sales. However, for investors who know the best markets, the short sale, can still yield significant … (1 comments)
short sales: Happy New Year!! Some New Years Perspective on Housing and Lending!!
- 12/31/12 01:13 PM
Real estate is at its most affordable rate in recent history. In my opinion, the real estate market cannot claim to be fully in “recovery” until lending loosens up. Sadly, most homeowners will not be able to take advantage of the great deals out there using conventional financing. According to the Wall Street Journal, lenders are unlikely to ease up on their credit and lending standards in 2013, and “buyers shouldn’t expect that getting a loan will get easier anytime soon.” According to Realtor Magazine a recent spate of refinancing activity has actually contributed to this trend, the report adds, because … (1 comments)
short sales: Signs of Recovery in the Las Vegas Real Estate Market??
- 12/01/12 07:51 AM
Many believe that Nevada as a true real estate black hole. The perception is that the market will NEVER turn around. The media perpetuates this perception as it portrays Las Vegas as a conglomeration of vacant neighborhoods and crumbling luxury homes. It always appears that real estate may never recover around Las Vegas (and Reno). However, if you analyze the situation instead of relying on the spin, it appears, according to Realtor.com, that Las Vegas and Reno, Nevada, could actually be on the rebound and a pretty good bet for investors in 2013. I maintain an office on Las Vegas and I am … (1 comments)
short sales: Realty Trac Announces List of Best Short Sale Lenders
- 07/02/12 10:15 AM
Realty Trac announces list of best Short Sale Lenders. There certainly is a lot of negative press about short sales and the lenders that participate in them. There never seems to be any positive input and the realty Trac announcement sounds positive. However, according to the RealtyTrac findings, some banks have found that by courting short sale buyers, short sale sellers benefit as well. The data firm recently released a list of its “best major banks to work with when buying short sale homes,” and many analysts believe that these banks are also the best to work with when trying to … (0 comments)
short sales: Another Update on Title Issues
- 12/10/11 12:14 PM
Another update on title issues. I recently blogged about some title issues but with each week there are new developments and they are very important. I blogged about a recent Supreme court of Massachusetts and their position in Bevilakua in which the Court ruled that a foreclosure in 2006 was not legally supportable because the lender could not prove that it had standing to sue because it could not produce the original note. Last week, I gave examples of how a title policy can be voided by transfer of title – even of by Quitclaim. There is another important … (4 comments)
short sales: An Update on Title Insurance in Short Sale Transactions
- 12/01/11 06:11 PM
An update on title insurance in short sales transactions. Title insurance is often overlooked in all real estate transactions and especially short sales. Many owners do not have title insurance and what is worse is that they are not even aware of it and they purchased something that they invalidated without even knowing it. Many short sale investors purchase short sales in one name and then transfer the legal entitlement of the property to a business entity, trust or via quit claim. These investors are unaware that they just voided their title insurance. ANY divestiture of title…even a Quit claim … (4 comments)
short sales: Often Overlooked Hardship Letter Issue...CRITICAL to Short Sale Success
- 07/29/11 08:07 AM
There has been a lot of discussion regarding hardship letters and their importance in short sale negotiations. However, there is a frequently overlooked aspect of them that is vitally important. The hardship letters will be different in a loan modification than a short sale. You may then ask, “That is true, by why do I care?”
You should care and you need to care – especially if the loan modification was submitted and you do not have a copy of it. The issue is what I refer to as “synchronicity”. If I were a short sale agent, I would … (30 comments)
short sales: Thanks a LOT , Wachovia/Wells Fargo...Great Work!!
- 07/04/11 07:10 PM
I have a client that owns a property in South Florida. The home went to foreclosure sale despite the fact that Wachovia (Wells Fargo) had granted an adjournment because there is a solid short sale offer. The sale goes through and we filed protest, objection and Lis Pendens to cloud title. A hearing is set for later this month. The purchase certificate has not been issued and title has not transferred. Despite this, Wells Fargo advertised for a contractor to clear out personal items and perform some other services. The property is in Collier County and the contractor is from … (9 comments)
short sales: Here is Where it gets really Interesting....a review of In Re Veal
- 07/01/11 10:05 PM
Here is where it gets really interesting...a review of In Re Veal. I have written about the Bankruptcy Appellate Panel Decision in the matter of In re Veal. I have mentioned that two prominent tax attorneys reviewed it with me…we have made a VERY interesting and compelling argument. In a situation in which the borrower has an approved short sale, and receives a 1099 or 1098 from the lender that indicates a “forgiveness of debt issue”, there is a way to negate the tax ramifications (in addition to the provisions of the Internal Revenue Code (IRC) and the Mortgage Forgiveness Debt … (42 comments)
short sales: PMI II
- 01/28/11 06:46 PM
I decided to post another blog on PMI since it is largely misunderstood and is seldom spoken about but it plays a MAJOR role in foreclosures and short sales. To further explain PMI - PMI does not cover the full exposure of the lender. They are covering the top portion (maybe 20% in most cases) plus some fees. In the case of a 90% loan, then PMI is usually 10% of loan amount. In order for the Lender not to void their claim for the PMI coverage, several things must happen. The lender must manage the default to its completion, usually … (3 comments)
short sales: One reason Why Short sales are taking so Long
- 01/13/11 05:57 PM
Buyers, sellers, real estate professionals and others are all wondering why short sale negotiations are taking so long!! It is especially annoying because in most instances the lender already has a number that they are willing to accept for a particular property. One reason that short sale negotiations are taking so long is that lenders are assigning the negotiations and document preparation to third party servicing firms that are paid HOURLY. It is in their best interests to delay, delay delay. Unfortunately this trend may not end soon but at least it is an explanation!
I am going to address another annoying … (5 comments)
short sales: Real Estate Professionals and the Negotiation of a Short Sale
- 02/01/10 02:53 PM
Real estate professionals must be exceptionally careful in negotiating short sales on behalf of their sellers. There are many (thousands) of lawsuits pending in virtually every jurisdiction in which a homeowner has sued the real estate agent when the short sale negotiations did not culminate in a sale and the property goes into foreclosure. Right or wrong..and whether you agree or disagree with this trend, it is an inescapable fact that realtors are being sued. In Los Angeles and Orange County California, there are so many lawsuits against real estate professionals that it prompted proposed federal legislation that would prohibit anyone … (2 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
Negativity equity is an issue that can be an indication of many aspects of a real estate market. Zillow keeps track of such things and while many question the accuracy of some of Zillow’s reports (such as their Zestimates), the Negative Equity report seems accurate. 
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