Short Sales are called that for a reason: somebody is going to take it in the shorts! Just be darn careful it’s not you (the agent). In California, the fiduciary duties create almost impossible barriers for risk avoidance. If you represent the seller, you have duties to present ALL offers to the seller – but… CONTINUE
Is the Balloon About to Pop?
“Recovery!” That’s the word the general press is bandying about. “Recovery.” Really? Residential real estate values have dropped 25-50% since 2006 (depending on what state you’re in). Many pundits, and expert economists (an oxymoron?) predict that 2010 and 2011 will be even worse because of the mass of adjustable-rate mortgages that are scheduled to re-set… CONTINUE
What Brokers Need to Know About REOs: Part 4
Property Management Banks may call for the broker/agent to manage the property. And “property management” can mean something very different to a bank than to a broker/agent. In some instances, all a broker/agent is asked to do is determine if the property is occupied. That’s it. Sounds simple enough, right? Wrong. In rent-controlled cities (Oakland… CONTINUE
We Can Work It Out? New Time Frames for Short Sales & Foreclosures
SB 306 – Effective January 1, 2010: Establishes time frames related to short sales and foreclosures. This law has been falsely reported as requiring short sale lenders to respond to a short sale within 21 days. That is not what this law is about. This is what it does provide: 1. Requires short sale lenders… CONTINUE
New Real Estate Laws from Late 2009
SB 94 – Effective Oct. 11, 2009: No more Advance Fees on Loan Modifications. No Advance Fee Loan Modifications: Starting October 11, 2009, a new law prohibits anyone from claiming any compensation for negotiating or arranging a loan modification until after that person fully performs each and every service as promised. Aimed at combating loan… CONTINUE
These Loans Were Made For Walkin’
“Walk Away Mortgages.” A “new” Federal Program? Nope. A new financial reality. When houses are worth less than the debt owed against them (“negative equity” in bank parlance), it becomes a sound financial decision to simply ‘walk away” from the house, and rent the same model down the street for about half the cost. Sure,… CONTINUE
Real Estate Broker Risk Management – Everyone can afford it now.
DRE Audit Representation
Title Insurance Claims
About Christopher Hanson
FDIC: Federal Deals Incredibly Cheap?
Christmas came a month late this year for Colony Capital LLC, but nobody there is complaining. Colony, a private international investment firm, bought $1 Billion in commercial real estate loans from the FDIC for 44 cents on the dollar. According to a CoStar Group report: The transaction included 1,200 loans with an aggregate unpaid principal… CONTINUE
E and O Coverage
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