foreclosures: Illegal Lending Practices?
- 07/07/09 11:01 AM
I need some help from my fellow agents. I know there are regulations preventing builders from offering incentives to buyers for using their lender versus another lender but what about bank owned properties? Is there any law or regulation that addresses this issue? An example: Lender ABC forecloses on a property and then puts it up for sale. My buyer looks at the property and decides to make an offer. ABC sends me the addendum and it it clearly states that if my buyer uses ABC as their lender then ABC will pay 3% in closing costs and also offer a … (3 comments)
foreclosures: General Warranty, NOT!
- 06/01/09 04:40 PM
I recently read a very good article detailing the differences between a general warranty deed and a special warranty deed. The article was written by a real estate attorney. After describing the two he went on to give his opinion. His opinion was that agents are not necessarily helping their client by accepting a special warranty deed when negotiating a foreclosure. While in theory this may be correct but in the real world, do we have a choice? If you say yes, then I have to ask, Have you tried it? I have. The result? My client ended up with a … (0 comments)
foreclosures: Wilshire Warning
- 05/08/09 04:48 AM
This is a warning to every agent that may possibly involved in a future short sale. If you discover that Wilshire Credit Corp is servicing the loan, apologize to your client and run as fast as you can the other way. With out a doubt, Wilshire is the worst loan servicing company I have ever dealt with. Example, I sent in all the required documents they requested. For over six weeks they could not tell me if the documents had even been reviewed. It took so long that when the documents were reviewed and I called for an update, they said … (1 comments)
foreclosures: Fluff or False?
- 03/16/09 08:25 AM
In the real estate world we are all aware of what the word "fluff" means. Some agents often walk a thin line between fluff and and out right lies. What about what is not said. If you don't say it it is not fluff but is it a lie? Maybe not but it certainly does not seem honest and ethical. Read my reason for this question below. I took clients to view a house that in the listing pictures looked fairly nice. The home was priced well below tax value and although the listing information did not state that it was … (2 comments)
foreclosures: Foreclosure Hell!
- 03/15/09 05:41 AM
We all know by now that foreclosures are at an all time high. There are tons of buyers looking for that steal of a deal. We all also know that foreclosures are priced below market value. Another given is that almost every foreclosure needs some work. So why are the banks playing hardball with buyers? I ask this because of deal I just completed. The house needed a lot of work and actually had a structural issue. The work needed to bring the house up to par standard would be about $30k. The house appraised for $95k and was listed for … (0 comments)
foreclosures: Buyers Market (or is it?)
- 03/14/09 04:26 PM
This is a buyer's market, right? Well not so fast, let's look at this situation. A buyer's market is when the market has too much inventory and sellers are slashing prices to sell their home first. Buyers have a huge selection of homes at reduced prices. So are we in a true buyer's market? NO! There is a huge number of homes in inventory across the nation. This is true. However, many of the homes need work or are foreclosed properties in foreclosed neighborhoods where the average home price has fallen so low they won't even appraise at the reduced price. … (0 comments)
foreclosures: Will rates stay low?
- 01/01/09 03:59 PM
It is my belief that rates will stay low for a while. How long? If I knew I would be richer than my imagination. I believe that rates will not decrease much more and that 2009 will see rates creeping back up to the early 2008 status. As the current inventory of homes starts to thin out more and more buyers will begin to move and this will cause rates to level out without all the clamour to get the economy moving again. The amount of foreclosures in the coming months will determine how thin the inventory will become. Foreclosures are … (1 comments)
I need some help from my fellow agents. I know there are regulations preventing builders from offering incentives to buyers for using their lender versus another lender but what about bank owned properties? Is there any law or regulation that addresses this issue?;)
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