Many banks suspended their foreclosure activities in December for the holidays (can’t have Tiny Tim in the street at Christmas….let’s wait until January!). So it wasn’t unexpected to see the December foreclosure rate decline. However, according to ForeclosureRadar.com: Foreclosure activity dropped dramatically in December, especially when looked at on a daily average basis. For example… CONTINUE
FHA Policy Update
The FHA has announced a number of policy changes “to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.” The FHA said it would take the following steps: Increase the mortgage insurance premium (MIP); Update the combination of FICO scores and down payments for new borrowers; Reduce… CONTINUE
About REOs: Part 8
The Purchase Agreement You may think that that CAR form Residential Purchase Agreement you know so well will be the form of purchase agreement used in the transaction. Right up until the time you get a 12-page Counter Offer from the bank. That Counter Offer overrules many of the protections in the CAR RPA form…. CONTINUE
2010 Forecast for CRE
Dr. Sam Chandan, President and Chief Economist of Real Estate Econometrics and an adjunct professor of real estate at the Wharton School of the University of Pennsylvania, recently gave a presentation on what he believes 2010 holds for the commercial real estate market. The upshot of his findings: Though the economy remains fragile, we are… CONTINUE
From the HAMP Camp
The government continues to struggle to put together a loan modification program that will work for both the homeowner and the lender. According to a recent announcement by HUD and the U.S. Department of the Treasury, new provisions to the mortgage modification program (HAMP-Home Affordable Modification Program) that will speed the process will go into… CONTINUE
About REOs: Part 7
MLS Listings on Net Sale Price The bank wants to maximize its money on the sale of an REO property. It also wants your best efforts to sell the property. So, it will try to get you to agree to a commission on a NET sales price. Or, at the last minute, once you’ve presented… CONTINUE
Catch a Wave
According to Housing in America: The Next Decade, a new research report authored by John K. McIlwain, senior resident fellow, Urban Land Institute/J. Ronald Terwilliger Chair for Housing, there are four major “demographic waves” that will affect the U.S. housing market in the next decade: Aging baby boomers (55 to 64 years old)– Although they… CONTINUE
HUD Flips Out
…and it’s a good thing. HUD has flipped the Anti-Flipping rule on its head – temporarily — in an effort to make foreclosures more attractive to investors. On Jan. 15, HUD announced that FHA mortgage insurance will now be allowed on foreclosed houses that are quickly resold – “flipped” – which will also free up… CONTINUE
About REOs: Part 6
You are a broker/agent. You are desperate for listings. The only kinds of listings out there are bank REOs. The bank wants you – as part of the listing agreement – to do things like get the property professionally cleaned, arrange for repairs, watch over the repair professionals to make sure they get the job… CONTINUE
Investing in Tough Times
“It is clear the future holds great opportunities. It also holds pitfalls. The trick will be to avoid the pitfalls, seize the opportunities, and get back home by six o’clock.” – Woody Allen. If only it were that simple. Tough times do create some great opportunities for the savvy real estate investor. The trick is… CONTINUE
About REOs: Part 5
Acting as a General Contractor You are a professional, licensed, real estate agent. You are not a licensed general contractor. Understand the differences. They’re critical. Most of us intuitively know that a general contractor is a person who builds things, or repairs things. Sometimes they are big outfits; sometimes the office is the passenger side… CONTINUE
More 2010 Laws
AB 1046 – Effective January 1, 2010: Increase in Homestead Exemptions Increase in Homestead Exemptions: Coming into effect on January 1, 2010, the homestead exemption protecting a homeowner’s equity from judgment creditors has been increased by $25,000 across the board to $75,000 for individuals, $100,000 for married couples or family units as specified, and $175,000… CONTINUE
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