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Harris Coaching
****This is the Short Sale Call For New Student Enrollments..If you are an existing student feel free to join us but, this is not your weekly coaching call. Be sure to check www.HarrisRealEstateUniversity.com for this weeks schedule****
Hello,
Remember, this Wednesday July 30th at 12:00nn PST, 3:00pm EST……
You are registered for the F -R -E -E Agent Short Sale Secrets teleconference.
The teleconference is completely full. 100% of the spots have been
taken.
But, your ’seat’ has been reserved.
Now, click here for all the call in info:
http://instantteleseminar.com/?eventid=3559719 ?——Go Here Now.
If you’re market is anything like mine nearly every home for sale
is a ‘Short Sale’ listing. Now, you will learn exactly how to:
1) Plug and Play marketing ideas to easily list short sales.
2) Exactly what to put in the ‘package’ that must be submitted.
3) Communicate with the lenders and get them to call you back.
4) Step-by-Step how to do short sales, how to get started now.
5) Plus, many more secrets revealed.
You will love the ideas and energy you will get from this call.
Expect to take pages of great notes.
One more thing..I know this sounds crazy. Please don’t share the
info about this call with other agents. This call is completely full.
Before its too late……
Click here NOW for all the call in info:
http://instantteleseminar.com/?eventid=3559719 ?——-Important Link.
Speak with you soon,
Tim and Julie Harris
P.S. This is not a ‘fluff call’. We respect your time and will be
giving you the information you must have to cash in on the Short
Sale listings explosion that is taking place now.
P.P.S. This call is taking place at 12:00 pm PST, 1:00 pm MTN, 2:00
pm CTR, 3 pm EST.
Realtor coaching. Real estate training. Tim and Julie Harris. Harris Real Estate University. Realtor. BPO. How to get REO listings. Agent Short Sale Secrets. Realtor Short Sale.
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Its Sunday…
Every Sunday Julie and I create a list of the priority projects for the week ahead. We keep the list to maybe 10 different items. For something to make it onto our ‘2-Do’ list it must meet these 3 critical requirements:
1) Will this ‘2-Do’ Benefit our students?
2) Does this ‘2-Do’ really need to be done this week…is it truly critical?
3) Do it, Delegate It or Ditch it. In other words, does this ‘2-Do’ need to be done by us personally or can it be delegated to our on site staff…(or virtual staff whom we employ all over the world.)
One of the first items on this weeks ‘2-Do’ list is to remind you about our online
TV Station… www.HREU.TV
Make sure you are visiting that site often. We are posting a new educational, motivatonal video every week or so. You will want to subscribe to the video channel so that the newest videos are automatically sent to you.
Here is the newest video. Watch now as HREU adjunct coach Linda McKissack explains how she built financial freedom through real estate.
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LISTEN NOW TO THE CALL REPLAY…90 Minutes of amazing info was shared on this call….MUST LISTEN
Hey,
Tomorrow is Super Star Interview Friday.
Remember, there is no charge when you
attend this teleconference (or webinar).
On the Super Star Interview tomorrow we will
interview a Harris Real Estate Univeristy student
who has become a true Real Estate Super Star.
Here is all the info you need to attend tomorrows call:
EVENT: Super Star Interview
DATE & TIME: Friday, July 18th at 9:30am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://instantTeleseminar.com/?eventid=3610875
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Attention: HREU Students
This is a great article that was just released from Bloomberg.
Here are the important points:
1) Housing prices wont return to their peak values until 2015. That mean years of devaluing homes, flat to no appreciation…then slow reappreciation.
2) Other than the FHA (Fannie and Freddie) there are virtually no other lenders able or willing to originate loans. So, as we told you last year..become best friends with your local FHA lender.
3) The ‘move up’ market is very slow. Why? No equity in existing homes to use as downpayments.
4) Return to 20% down payments on homes. When Julie and I started selling homes most buyers had to put 10-20% down. During the peak of the bubble most buyers put no (or low) money down. Now, lenders require 20% down. How many buyers are out there with 20% down?
5) Retailers are failing right and left. Major stores closing.
Sounds all bad…almost scary doesn’t it?
Not if you are one of the agents who knows how to do short sales….or how to list REOs.
Clearly, that’s where this market is and will remain for years. Learn these skills and thrive in this market.
Learn these MUST KNOW skills now..that’s the best insurance policy for you in this market.
Get started now..
Download our Free Agent REO Secrets Guide Book. www.AgentREOSecrets.com
July 16 (Bloomberg) — The U.S. housing crisis may accomplish what years of parental hectoring couldn’t: Turn Americans from spenders into savers.
Spending will fall because homeowners can no longer use rising real estate values to borrow cash — $837.5 billion in 2006, according to a report by former Federal Reserve Chairman Alan Greenspan and senior Fed economist James Kennedy. With mortgage lenders requiring down payments of 20 percent, the average household, which puts away less than 1 percent of after- tax pay, will have to save 10 percent for 10 years to buy a home.
The housing market shaved almost 1.6 percent off gross domestic product growth in the first quarter and cut in half the growth rate of consumer spending, which accounts for more than two-thirds of the economy, said Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania.
“The loss of housing wealth is the difference between a recessionary economy and a growing economy,” said Zandi, an adviser to presumptive Republican presidential nominee Senator John McCain. “Consumers have powered the global economy for the past 25 years. For the foreseeable future, maybe the next 25 years, the savings rate will move higher.”
The worst housing crisis in at least a quarter century still has a long way to go, Zandi said. It will take until 2015 for the median home price to return to its July 2006 peak of $230,200, while home sales and residential construction will never again reach the record highs of 2005 and 2006, he said.
Fewer Loans
Lenders will issue 53 percent fewer purchase mortgages this year than in 2006, making home sales difficult and delaying a housing recovery, said Guy Cecala, publisher of industry newsletter Inside Mortgage Finance in Bethesda, Maryland.
Getting a home loan may also be made more difficult by plummeting investor confidence in Fannie Mae and Freddie Mac, which own or guarantee 81 percent of the mortgages issued this year, according to the Washington-based Office of Federal Housing Enterprise Oversight.
Fannie Mae, the largest U.S. mortgage finance company, and Freddie Mac, the second-biggest, have both lost more than 50 percent of their market values since July 7.
“You’ve never seen the mortgage industry this passive in lending in the past 50 years,” Cecala said. “They don’t want any more missteps creating any more losses. The flip side is it’s not helping anybody stay in homes or buy homes. You can’t have a housing recovery without financing.”
`Painful Process’
The residential housing decline will “change the structure” of the U.S. economy by forcing Americans to save, said Neal Soss, chief economist at Credit Suisse Group in New York.
“The days of wine and roses are over,” said Soss, who worked at the Federal Reserve for former Chairman Paul Volcker in the 1980s. “We were drunk on money. Getting sober is a painful process.”
Consumer spending, which rose 7.5 percent since the beginning of last year, will fall into negative territory after Americans run through their tax rebate checks this summer, said Bill Hampel, chief economist for the Madison, Wisconsin-based Credit Union National Association.
U.S. consumers spent at a record annual rate of $10.2 trillion in May, in part helped by the federal rebates, according to the Commerce Department. That won’t last, said Christopher Thornberg, president of Beacon Economics LLC in Los Angeles.
Delaying the Inevitable
“Throwing out a stimulus check does nothing but put off for a brief period of time the inevitable,” Thornberg said.
Two years ago, lenders made $2.7 trillion in mortgages, $600 billion to subprime borrowers with bad or spotty credit histories. Now, financial firms, responding to $415 billion of real estate-related writedowns and credit market losses, are forcing even the most creditworthy buyers to make higher down payments.
Sixty percent of lenders said they made it more difficult for the most qualified buyers to secure financing in the first quarter, according to a Federal Reserve survey.
“The mortgage industry always works like a pendulum,” said Rick Sharga, vice president for marketing at RealtyTrac Inc., an Irvine, California-based foreclosure database. “Two years ago they were giving loans to anyone who could fog a mirror. Now you need perfect credit and a significant down payment.”
Tougher Lending
Tougher lending guidelines are more prevalent in areas such as California and Florida where home prices have fallen the most, said Chris Hutchens, a mortgage planner with Alpha Mortgage Corp. in Wilmington, North Carolina. Loans with a 3 percent down payment from the Federal Housing Administration are available in his area, where home prices are more stable, he said.
“Banks are tighter than they were, so you have to work harder to get the loan you want,” Hutchens said. “It’s in the declining markets where it’s more difficult.”
As many as 500,000 borrowers will get FHA purchase mortgages or refinancings, U.S. Housing and Urban Development Secretary Steven Preston said in a July 10 Bloomberg Television interview.
Wanted: Realtors To List REOs Now. Instant Free Download,. Agent REO Secrets.
The bundling by banks of residential mortgages into securities that are sold to investors and are used to fund home loans was a $1.15 trillion market in 2006, according to Inside Mortgage Finance. In the first half of this year, banks issued $46 billion of the so-called private label securities.
`Big Sideshows’
“Housing and finance are big sideshows,” said Thornberg of Beacon Economics. “The main attraction is consumer spending.”
Saving enough money is the only thing stopping Nick Ruiz from buying a house. The 22-year-old paramedic said he has steady work, good credit and can verify his income. He’s even found foreclosed houses for sale in his price range in his hometown of Hialeah, Florida, a suburb 12 miles northwest of downtown Miami.
The only missing ingredient is the $30,000 down payment.
“I’m getting married in August and we wanted to have a house when we came back from the honeymoon,” Ruiz said. “We’ll have to live with my parents.”
Ruiz said he and his fianc e have credit card debt. Ruiz said he made a decision to postpone saving for a down payment until he can pay off the $12,000 he said he owes.
Rising Consumer Debt
“I figured it makes no sense to put money in the bank because no bank will give me the interest rate that these credit cards are charging,” Ruiz said.
Consumer debt was at an all-time high of $2.59 trillion in the first quarter, according to the Fed.
When real estate prices were rising, the debt was easier to pay down. Homeowners were able to refinance their mortgages and borrow cash equal to the difference between their old mortgages and the new, higher values of their houses. Mortgage debt, unlike credit card debt, is tax-deductible.
So-called equity extraction peaked at $256.9 billion in the second quarter of 2006, just as the median home price reached its all-time high of $230,200, according to the National Association of Realtors in Chicago. In the first quarter of 2008, with the median home price down to $200,100, equity extraction dropped 72 percent to $72.8 billion, according to an estimate based on the study by Greenspan and Kennedy.
Cautious Spending
More cautious spending by consumers has already begun to hurt the U.S. economy, said Patricia Edwards, who helps manage almost $15 billion at Wentworth Hauser & Violich in Seattle.
Retailers selling non-essential items to middle-income consumers, such as Sharper Image Corp., Lillian Vernon Corp., Linens ‘N Things Inc. and Whitehall Jewelers Holdings, were the first to suffer from the housing slump, Edwards said.
Macy’s Inc., J.C. Penney Co., Kohl’s Corp. and Dillard’s Inc. also are affected, Edwards said.
For companies such as Chico’s FAS Inc. and Coldwater Creek Inc., the main customers are women 45 years old and up, Edwards said. “If those women have a spending issue, their kids get clothes before they do,” she said.
The New York-based International Council of Shopping Centers expects 144,000 U.S. retail stores to close this year, a 7 percent rise over 2007 and the largest increase in 14 years, according to a July 11 report.
Wal-Mart Stores Inc. will do well because it has low prices and offers consumers a way to reduce their gas bills because they can buy most of their household items at one stop, Edwards said. The Bentonville, Arkansas-based company also generates about 20 percent of its revenue from overseas, and that’s “a fast growth area,” she said.
With less money available for homeowners to borrow and bigger down payments needed to buy a home, more companies will have to look outside the U.S. for customers, said Andrew Laperriere, managing director at International Strategy & Investment Group, a research firm in Washington.
“That process is already under way,” Laperriere said.
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READ NOW…New Short Sale Information…NEW LAW PASSED.
This new law is for California…however, this is a clear indication of what we should expect to happen across the US.
FORECLOSURE RELIEF BILL BECOMES LAW
This week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default. It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply. These requirements will remain in effect until January 1, 2013. The full text of Senate Bill 1137.
Highlights of the new law are as follows:
- Contact Between Lender and Borrower: Effective on or about September 8, 2008, a lender, trustee, or authorized agent may not file a notice of default until 30 days after contacting a borrower to assess the borrower’s financial situation and explore options for avoiding foreclosure. A lender must generally contact the borrower in person or by telephone, or satisfy due diligence requirements for contacting a borrower. During the initial contact, the lender must inform the borrower of the right to request a meeting with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency. A subsequent notice of default must include the lender’s declaration that it has contacted the borrower, tried with due diligence to contact the borrower, or the borrower has surrendered the property. A lender who had already filed a notice of default before the enactment of this law must include a similar declaration in the notice of sale. This requirement to contact borrowers applies to loans secured by owner-occupied residences made from 2003 to 2007. Certain exemptions apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations.
- Maintenance of Vacant Properties: Effective July 8, 2008, anyone who acquires property through foreclosure must maintain the exterior of vacant residential property. Violations of this law include permitting excessive foliage growth that diminishes the value of surrounding properties, failing to take action against trespassers or squatters, failing to take action to prevent mosquitoes from breeding in standing water, or other public nuisances. This law authorizes a governmental entity to impose a civil fine up to $1,000 per day for any violation, as long as the owner has been given notice and an opportunity to remedy the violation. A violator must be given at least 14 days to begin, and 30 days to complete, such remediation before a fine can be assessed.
- 60-Day Notice to Terminate Tenants: Effective July 8, 2008, a tenant or subtenant in possession of a rental housing unit that has been sold through foreclosure is generally entitled to a 60-day written notice to quit, not just 30 days. However, a borrower who remains on the property after foreclosure may be served a three-day notice to terminate. This law does not affect, among other things, rent-controlled properties with just-cause evictions. Effective on or about September 8, 2008, the lender, trustee, or authorized agent posting a notice of sale must also post and mail a specified notice of a tenant’s right to a 60-day eviction notice from the new owner, unless other laws apply. This requirement to notify tenants of their rights applies to loans secured by residential real property where the borrower has a different billing address than the property address.
What does all of this mean to you as a Realtor…simple, learn how to do short sales. This new law CLEARLY indicates that the business will flow to the agents who know how to do short sales. Free 7 Part Agent Short Sale Secrets Crash Course. Download your free copy now. Go here now: www.AgentShortSaleSecrets.com
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WOW….
Todays Agent REO Secrets teleconference was amazing.
Based on the feedback after the call….we helped hundreds of you learn exactly
how to cash in on the REO listings cash machine.
We received dozens of emails asking for a copy of today’s REO call. And if you
missed today’s call here is your opportunity to learn exactly how to take REOs now.
Here is the link to the replay of todays call. LISTEN NOW:
http://instantTeleseminar.com/?eventid=3319059 ←—————-LISTEN NOW.
You will hear directly from 2 agents who have become REO listing machines…
# Mark, an agent from LA who just started listing REOs 3 months ago …
and he is now taking 4-6 new listings directly from REOs per week.
He is making more money and its taking 50% less time and effort.
# You will hear from Nick. You won’t believe Nick’s REO experience…
He is listing 300 homes directly from ONE REO source this week.
That is not a typo…300 listings. You will learn exactly how he is doing it…
We are holding nothing back! Nick will share you the names of the REO companies
he is working with. You want this info now.
We only had 300 spots available for this teleconference.
If you couldn’t attend today or you’re locked out because all the spots were taken
..you can still learn now what you need to know about REOs.
Here is your opportunity to LISTEN NOW:
http://instantTeleseminar.com/?eventid=3319059 ←—— Go Here Now. Call REPLAY
When you listen to the replay of this event here is what you will learn:
# How to contact the lenders…YES…we are giving out names and numbers of
the largest REO companies.
# We will tell you exactly how to ‘present’ to the REO companies so they will
want to list their homes with you.
# You will learn the 3 biggest mistakes you must avoid at all costs.
# How to form your REO team.
On this 90 minute call you will learn our proven step-by-step process to becoming
a REO listing agent. We aren’t holding anything back on this call.
Get ready to take pages of great notes.
Here is the best part about these 2 agents…neither had any REO listings 90 days ago.
They applied what they learned from Agent REO Secrets and are now having their
best years ever.
Here is that link again:
http://instantTeleseminar.com/?eventid=3319059 ←—– Important link. Listen NOW
Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.
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Due to popular demand (more like dozens of demanding emails 
)
We are opening the doors for our Agent REO Secrets class this week.
This is a free event. We have room for about 300 agents for this call.
When you attend this call you will learn:
1) How to form your REO Team.
2) Access to our exclusive top secret list of the banks who are looking for agents to take REO listings.
3) Who to contact at the lenders…names, numbers….we are sharing it all.
4) How to present yourself to the REO departments at the lenders so they choose you over the hundreds of other agents who are looking for REO listings.
5) This is an important one….we will tell you which BPO companies assign REOs and which don’t. Thats right, you may be doing BPOs in anticipation of being assigned an REO listng..but, the company you are doing the BPOs for may not actually assign the REOs.
And loads more must know info.
Almost forgot…we are giving away our new Agent REO Secrets guide book when you go to the link below.
Here is the important link for this Wednesdays call..
AgentREOSecrets.com <—————–Important link. Go here now for the Free Book and Call info.
Get ready to take pages of great notes!
Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.
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Next month, Michelle Augustine plans to walk away from her four-bedroom house in a Sacramento, Calif., subdivision and let the property fall into foreclosure. But before doing so, she hopes to lock in the purchase of another home nearby.
“I can find the same exact house as what I live in right now for half the price,” says Ms. Augustine, 44 years old, who runs a child-care service out of her home. She says she soon will be unable to afford her monthly payments, which will jump to $4,000 from $3,300 in August, and she doesn’t want to continue to own a home that is now worth $200,000 less than what she paid for it two years ago.
In markets hit hardest by falling home prices and rising foreclosures, lenders and brokers are discovering a new phenomenon: the “buy and bail,” in which borrowers with good credit buy a new home — often at a much lower price — then bail out of the “upside down” mortgage on their first home.
Homeowners are able to pull off this gambit — which some lenders and real-estate agents call mortgage fraud — by taking advantage of mortgage-lending practices that allow them to buy a new primary residence before their existing residence has been sold. And with the lending industry in disarray as it tries to restructure millions of mortgages, some boast they are able to pull off the strategy with ease.
In some cases, homeowners are coached through the buy-and-bail process by real-estate agents and brokers who see nothing wrong with it. Some blame the phenomenon in part on lenders’ unwillingness to cut deals or restructure loans made when home prices were inflated. “It’s just a business decision,” says Linda Caoili, a Sacramento real-estate agent who is working with Ms. Augustine and others who are considering walking away from their mortgages. “If you’re upside-down $250,000, why would you keep it? It just doesn’t make sense.”
The fact is there IS an option. And it’s the overall best option for the home owners, the lenders and the neighborhood where the home is located. Its called a short sale. Agents who know how to do short sales in this market are the agents who are doing the transactions. Free 7 Part Agent Short Sale Secrets Crash Course. Download Now.
To be sure, walking away from a mortgage, even if legal, has plenty of drawbacks: Borrowers lose the ability to take out unsecured loans, since foreclosures can stay on a credit report for seven years. In some states, lenders can sue for assets, including a new house. Fannie Mae, the government-sponsored mortgage underwriter, recently revised the amount of time borrowers with a foreclosure must wait to receive a home loan to five years from four. Proposed Fannie Mae guidelines, which could take effect later this month, also would require those borrowers to make a 10% down payment and meet a minimum credit score after the five-year period.
While buy-and-bail is on the rise, the practice doesn’t appear to be widespread. Credit is much tighter now than it was during the real-estate boom, and most families with an upside-down mortgage likely will hold on to their homes and hope the market improves in the future — even though many of them could lose their properties.
Still, with home prices falling rapidly in some parts of the country, a growing number of frustrated consumers are willing to take the risk — especially in so-called nondeficiency states such as California and Arizona, where it is more difficult for a lender to sue consumers who walk away from their mortgages. Borrowers who bought or refinanced their home with a personal line of credit, however, instead of a home-purchase loan — a common practice during the housing boom — could be sued by a lender in those states. Borrowers also could be on the hook if lenders can show that homeowners committed fraud by misrepresenting themselves on their loan application.
Yet even in cases in which a lender could attach a lien on the new home, some homeowners simply assume that lenders are too swamped. “So many people are foreclosing, is it cost effective for lenders to go after all of these people?” says Steve Hawks, a Las Vegas real-estate agent who handles lender-owned properties.
That works in the favor of borrowers such as Blair Morrow. Last year, he rented out his Sacramento home when he moved to Houston for a new job, but he lost those renters in February. He quickly arranged to buy a new home in Houston, fearing that his old residence would be foreclosed and he would take a big hit on his credit.
“I had 30 days to make a decision: Live in a rental house the rest of my life or buy a house and walk away from the one in California,” says Mr. Morrow, 56, who works at a car dealership. He wrestled with the decision for a while, but justified it once Countrywide Financial Corp., the lender for his first home, approved the new home loan. “Countrywide didn’t say peep,” he says. Countrywide didn’t return calls seeking comment.
Ms. Augustine, the Sacramento day-care provider, became a first-time homeowner in November 2006 by taking out two loans with nothing down to cover the $426,000 home purchase. With her home valued at about $220,000 now, she is actively looking in nearby communities for another one to buy before the bank forecloses on her current home.
The mortgage industry is starting to wise up to the practice and is scrambling to fight back. Buy-and-bail is “certainly fraudulent and unfortunately on an uptick,” says Gwen Muse-Evans, vice president for credit policy and controls at Fannie Mae. Although she doesn’t have data to quantify the size and scope of the trend, Ms. Muse-Evans says overwhelming anecdotal reports have prompted the agency to draft tougher regulations aimed at closing one big loophole that allows underwater homeowners to qualify for new home loans.
That loophole currently works like this: Homeowners provide a rental agreement showing that they will rent out their first home, and underwriters allow rental income to cover as much as 75% of the mortgage payments on the first home when determining whether the borrower can make payments on two homes. This allows homeowners to secure a second mortgage that they might not otherwise afford.
Under revised Fannie Mae guidelines, which could take effect next week, loan applicants who claim they will rent out their first home will have to produce supporting evidence, including an executed lease agreement. Borrowers also will have to prove that they can pay the mortgage, property taxes and insurance for both residences. The guidelines will make an exception only for borrowers who have at least 30% equity in their current home.
Agents. Learn how to do short sales. New FHA Guidelines will make it some a homeowner can buy a house after 24 months vs a foreclosure the wait time is 5 years. A link to the FHA guide lines are on www.TimandJulieHarris.com.
Download your FREE 7 Part Agent Short Sale Secrets Crash Course Now.
Of course, many individuals still can qualify for that second loan because of a strong credit and cash position. If they “have the intention of fraud, then at the end of the day there’s really little you can do to totally prevent that,” says Ms. Muse-Evans.
Some private lenders aren’t waiting for Fannie’s lead. In April, underwriters handling bank-owned properties at IndyMac Bancorp Inc. told brokers they would require borrowers purchasing new homes while retaining their existing home as a rental to prove that they could make full payments on both homes to qualify for a loan. A memo sent to a Southern California broker said the policy change was prompted by “losses from individuals walking away from properties after the acquisition of a new home.”
An IndyMac spokesman said the bank hadn’t changed its policies and had always “underwritten loans with an eye towards insuring that our borrowers could readily rent out their current property and/or reasonably support both payments.”
Realtors say the new guidelines could put further pressure on sales, but Lawrence Yun, chief economist for the National Association of Realtors, says the impact of such guidelines on sales would be marginal. He calls Fannie Mae’s response appropriate because any artificial increase in home sales hurts the average consumer.
Meanwhile, Mr. Hawks, the Las Vegas broker, says he receives one to two dozen inquiries every week from individuals inquiring about a buy-and-bail. “People are starting to ask how much their good credit is worth,” particularly when their home is underwater by hundreds of thousands of dollars.
The tactic doesn’t appeal to people such as John Ristuccia, a 48-year-old Buckeye, Ariz., paper-company sales director whose job was moved to Houston in August. He is trying to complete a “short sale” for $425,000 on his five-bedroom, 4,000-square-foot home, which was appraised for $800,000 last year. In a short sale, a lender allows the sale of property for less than the amount due on the outstanding loan and often forgives the remaining debt.
Even though he might be able to qualify for a second home loan, Mr. Ristuccia says he wouldn’t consider sticking his bank with his suburban Phoenix property. “Just personally I’ve got a problem with that,” he says. “I really can’t put it in terms other than it feels wrong.”
Article from WSJ.com
Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.
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Hello,
Tomorrow is FRIDAY!
Like you, we LOVE Fridays…
Here’s why:
*F-R-E-E* Super Star Interviews.
As you will recall every Friday we interview a real estate Super Star..
But, tomorrow’s interview will simply amaze you. We have arranged an interview
with Best Selling Author and ’serial entrepreneur’…
Wil Schroter.
Wil has started many multi-million dollar companies..only to sell them and do it all over again.The insights he has about doing business in this market will simply blow you away.
(To listen to past Super Star Interviews click here)
Get ready to take pages of great notes.
Here are all the details that you need for tomorrows call.
EVENT: Super Star Interview
DATE & TIME: Friday, June 27th at 9:30am Pacific/ 12:30est.
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://instantTeleseminar.com/?eventid=3364419
P.S. Feel free to let other agents know about this event….
Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.
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