albuquerque short sales: Great 2010!
- 01/04/10 12:50 AM
Wishing everyone a great 2010! If you specialize in short sales or foreclosures it looks like another good year unfortunately. According to several sources, banks have been holding back on foreclosures because they are trying to force the price of housing to go up. They can only do this for so long and will have to turn them loose. Also, ARM's will be readjusting here soon which will push more people over the edge to be looking for short sales. I specialize in short sales in the Albuquerque, NM area and there is still plenty of business out there. Banks are … (2 comments)
albuquerque short sales: Who's to blame for current housing crisis?
- 07/27/09 06:11 AM
In the Albuquerque Journal Outlook Brandon Curtis wrote a good editorial explaining some of the issues that are being discussed about the current housing crisis. I quote: "There has been a lot of blame and a lot of partisan talking points regarding the housing crisis and the state of real estate in general today. One such talking point is that the 1977 Community Reinvestment Act (CRA) somehow forced lenders to make bad loans to consumers with poor credit. This argument has a tad of scapegoating to it. The original act in 1977 required federally insured banks to make loans in the … (0 comments)
albuquerque short sales: Joined LinkedIn
- 07/08/09 05:11 AM
I recently joined LinkedIn and am beginning to get a clue on how to drive traffic to my website. LinkedIn allows me to put a link to my website as well as my blog here in ActiveRain. I have noticed a real up-tic to hits on my website since I have been blogging on ActiveRain. Here is a list of 10 Ways to Use LinkedIn that I found on the web. They were published by Guy Kawasaki: 1. Increase visibility by adding connections. 2. Improve connectability by including past companies, education, affiliations and activities. 3. Improve Google PageRank by making your … (1 comments)
albuquerque short sales: First Time Home Buyer's Credit
- 06/02/09 04:01 AM
There has been a new development in the $8000 credit that first time home buyers can get from the government. In an effort to incentivize home buyers, the Department of Housing and Urban Development has unveiled a policy change which will provide the tax credit up-front. According to the new policy, borrowers who avail mortgages from Federal Housing Administration (FHA) approved lenders can get advances from lenders in order to meet costs associated with home purchase. This will enable borrowers to receive the tax credit in advance, so they don't have to wait to get the money from the IRS. However, … (0 comments)
albuquerque short sales: Treo telephone
- 05/07/09 04:56 AM
Yesterday I finally got rid of my Treo cell phone. The final straw was that I was at a listing trying to put a lock box on the property and once again my phone would not work. I had my MLS key on it, a report for viewing of my listings, a loan calculator, Google map, and many other applications. However, after having replaced four phones because of these type of issues I couldn't stand it any more. The only way the phone could be fixed was either it was totally dead and it had to be replaced or a hard … (6 comments)
albuquerque short sales: Who do you trust?
- 05/05/09 02:05 AM
Are you like me and get hundreds of emails everyday from some internet guru who knows how you can millions in the next year? I have to say I am a sucker for some of these things but I have decided that the only ones making millions are the ones I give my money to. I have tried getting referrals from internet sites which 99% of the time are not worth my time. I have tried getting coaching and most of what I get is so generic and not personal that it is useless. I have ordered all types of resources, … (3 comments)
albuquerque short sales: Tax Credit for first time homebuyers
- 04/29/09 10:08 AM
Last year's tax stimulus package contained a joke of a tax credit for first-time home buyers. Why a joke? Because the 2008 credit was not really a tax credit but a loan that the first-time home buyer had to repay. A real tax credit is one you get to keep. Of course, to qualify and keep the credit, you have to follow the law. Here's a look at the 2009 tax credit for first-time home buyers: It's 10 percent of the purchase price, limited to a crdit maximum of $8,000. It's refundable. There's no recapture if you keep the home as … (0 comments)
albuquerque short sales: My favorite things
- 04/21/09 02:30 AM
I am working really hard on my attitude. When I wake up in the morning I am saying affirmations to myself. Some days are harder than others. This is a tough real estate market and everything takes a lot of focus and belief that it can be done. I have to remind myself often of the many blessing I do have and compared to a lot of the world I have it made. Here is a list of things I am grateful for today. The sun is shining and it is supposed to be a nice almost 80 degree day. Good … (3 comments)
albuquerque short sales: Bankruptcy on the rise in NM
- 04/20/09 03:01 AM
Another bad sign of the times is the rise of bankruptcy's in New Mexico. According to the Albuquerque Journal today, first quarter filings were up 41 percent from a year earlier. The vast majority, 91 percent, were Chapter 7 liquidation. According to the Journal, a common thread among people filing for bankruptcy court protection is a change in employment status that reduces income. One thing noted in the column was described as amateur real estate speculators. Investors in '04, '05, '06 bought investment houses with no money down and when the market slowed and home values began to erode, they couldn't … (0 comments)
albuquerque short sales: Short Sale Broker Price Opinions
- 04/13/09 09:30 AM
In case you are an investor or realtor specializing in short sales here are some useful hints to preparing the BPO (Broker Price Opinion). All Sold Comps should be less than 6 months old, of similar size and in similar condition and located within 1-mile radius of subject. According to the instructions found with the Fannie Mae BPO form all line item adjustments should not exceed 10% of the sold or list price of the comp. Total Net Adjustments should not exceep 15% of the sold or list price of the comp; and the Total Adjusted Sales Price should not exceed … (0 comments)
albuquerque short sales: Listen to Goldman Sachs CEO
- 04/07/09 03:36 AM
I am one of those nerdy types who tries to stay educated with what is happening in our economy. I try to follow the market to keep my business growing. Although there are times I probably should stay away from the news because it doesn't always keep me in the best frame of mind. This morning I turned on Bloomberg news and the CEO of Goldman Sachs was speaking to a group of investors. Following his speech, during the question and answer period he was interrupted by a protestor. Couldn't really hear what her complaint was because security moved her out … (3 comments)
albuquerque short sales: Challenges of Short Sales
- 04/03/09 02:08 AM
Yesterday I had a third appointment with a prospective short seller. The first appointment was more than a month ago. I gave them a packet of documents (samples of hardship letters, a financial statement etc) and told them time was of the essence. They were already five months behind in payments but the bank had not notified them of a foreclosure YET. After several unanswered calls and a week or so later, they gave me a couple of the documents and promised to get the rest to me within the next day or so. Again several calls later to set up … (8 comments)
albuquerque short sales: Government help for housing
- 03/06/09 12:51 AM
The government fix for housing is helping a lot of people refinance their homes (4,000,000+) at lower interest rates. This will help homeowners who are solvent lower their payments but not much help to those who are insolvent (unemployed, death, divorce, disease) etc. This could benefit the economy because it puts more disposable income in heir pockets but it doesn't do much for the foreclosure problems. A family that took out a 30-year fixed rate mortgage of $207,000 with an interest rate of 6.50% on a house worth $260,000 at the time. Today, that family has about $200,000 remaining on their mortgage, … (0 comments)
albuquerque short sales: Investor/Realtor In Short Sale World
- 03/05/09 12:48 AM
I am an investor/realtor doing business in Albuquerque, NM. Here is how I work as an investor. My methods are very helpful to realtors. When a realtor gets a call from a seller telling them they need to sell their home using a short sale, the realtor contacts me. Together we meet with the owner to let him/her know how I work. I offer to purchase their home using an option contract. The realtor does the listing and we proceed to market the home. In the meantime, I do all the negotiations with the bank and upon approval from the bank … (0 comments)
Wishing everyone a great 2010! If you specialize in short sales or foreclosures it looks like another good year unfortunately. According to several sources, banks have been holding back on foreclosures because they are trying to force the price of housing to go up. They can only do this for so long and will have to turn them loose. Also, ARM's will be readjusting here soon which will push more people over the edge to be looking for short sales. ;)
;)
