Notice: Urgent, Breaking News About Bank Bail Out. Effects On Real Estate. Short Sales.

REPLAY…DOWNLOAD AND LISTEN NOW…REPLAY…DOWNLOAD AND LISTEN NOW…REPLAY..DOWNLOAD NOW

Over the past week we have received 100s of emails from Harris Real Estate Students………….

HUNDREDS OF EMAILS all about the the Proposed “Bank Bail Out” bill (now waiting on Congress to sign off on.)

In some cases fellow Realtors were down right scared…

They were fearful that this bail-out plan (assuming it passes) will:

1) End Short Sales.

2) Kill The Housing Market.

3) Cause A Great Depression.

4) Nationalize Real Estate Sales..ending the Real Estate Industry as we know it.

We understand why so many of you are feeling this way. All the information out there is very confusing and its hard to know who to listen to.

…………..But, you have NOTHING TO FEAR. Attend the call tomorrow and you will learn exactly what you must be doing now to be ready for what is coming next…

So, tomorrow we are going to clear the air.

Friday Oct 3rd 2008 at 9:30 am pst/ 12:30 EST Julie and I will provide a FREE 90 minute teleconference (or webinar).

Go here now to get all the info on tomorrows urgent free Teleconference/ Webinar.

We are going to take a hot knife and cut through all of the bad information, mis-information and…….

…….Fear.

When you attend tomorrows call you will learn exactly what you must do now to:

* Help Troubled Homeowners In Your Community.

* Position Your Real Estate Business Now To Make Boat Loads Of Cash. (Heck, we may be in a recession but you don’t have to participate…there is nothing wrong with helping people and making money!)

On this call we will also give you our new 2008 4th Quarter Business Plan.

We named this plan:

“ The Realtor Bail Out Plan” <——-DOWNLOAD THE PLAN NOW. (Click Here for PDF.)

Granted, not everyone needs a ‘bail out’ but having a written down 4th quarter plan is a must for every Realtor.

Go here now for all the event information. <————–Important Link, Click Now.

This is NOT a sales call.

Our only goal for this call is to help YOU understand exactly how to make money now in this market.

Get ready for an amazing call.

Go to this link now for all the call-in info.

Speak with you tomorrow morning,

Tim and Julie Harris

P.S. YES! Do send this information to all of your Realtor Friends. They too need to know exactly what they should be doing now.

P.P.S. Don’t forget to download the 4th quarter plan.

Like it or not Greenspan has a habit of being right… “Former Federal Reserve Chairman Alan Greenspan said the U.S. is ‘nowhere near the bottom’ of the housing slump and is ‘right on the brink” of a recession.’

More, from CNBC.com: “… he also warned that ‘Fannie and Freddie are a major accident waiting to happen.’

His comments came in an interview today with CNBC. I’ll look for more quotes on housing from the interview and add them to this post.

Harris Real Estate University Students and future students…here is the summary of the
Housing Bill. (Thanks to the excellent reporting from Realtor.com for much of this content)

* GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

* FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

* Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

* FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

* Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

* VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

* Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

* GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

* Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

* National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

* CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

* LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.

* Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

Realtors Wanted To List REOs Now. Get in on the REO listing cash machine before its too late. Download your Free 7 Part Agent REO Secrets guide book now. Instant Free Download Now.

****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.

Every Friday at Harris Real Estate University you are invited to join us for our

Free Realtor Super Star Interview!

Many of you have told us that today’s interview was one of our best.

Listen to the replay NOW.

During this 60-90 minute *f-r-e-e* interview you will not only be educated with new and effective ideas but you will be motivated to take action.

This Super Star is actually a newer student at HREU. He came to us as a very experienced agent. One of the top agents in the US…

Matter of fact, he has been selling over 100 homes per year for over the past 5 years. Learn from our newest Super Star what it takes in this market to not just survive but thrive.

He will share with you what he is doing in his market to actually increase his sales and profits.

Here is the information that you need to listen NOW:
http://instantTeleseminar.com/?eventid=3610938

Speak with you soon!

Tim and Julie Harris

President Bush’s decision to drop his opposition to a housing bill that has been pending in Congress for nearly a year cleared the way Wednesday for House approval of a greatly expanded package intended to shore up the shaky real estate market.

But even the most optimistic forecasts suggest it would help only about 400,000 of the estimated 3 million homeowners who will likely lose their homes in the next year. And with home prices still falling in most parts of the country, some analysts and economists say it will take at least another year before the housing market hits bottom and begins to recover.

Clearly, one of the best opportunities in this market is listing and selling REOs. Download your free 7 Part Agent REO Secrets guide book NOW.

The centerpiece of the proposed foreclosure relief effort is a package of federal loan guarantees to help strapped homeowners refinance into market-rate mortgages with better terms than the high-cost loans that are busting their household budgets. Lenders would have to agree to take a substantial loss on the existing loan.

But attorneys, housing counselors and others working with strapped homeowners say the proposal falls short because it leaves the decision to modify a loan up to individual lenders or loan servicing companies.

As a result, that means the housing bill will have “little or no impact on the number of foreclosures,” according to O. Max Gardner III, a Shelby, N.C. bankruptcy attorney who works with homeowners who are trying to modify their mortgages.

The option of refinancing loans at risk of default has been available to lenders since the housing and mortgage meltdown began. Despite government efforts to prod lenders to speed up the process, progress has been slow.

A survey by Moody’s Investors Service released last week found that as of March, loan servicers had modified less than 10 percent of the subprime loans with interest rate resets — up from 3.5 percent in December. Some homeowners report that their modified loan came with higher monthly payments, offering little long-term relief.

The survey found that about 40 percent of the loans modified in the first half of 2007 were 90 or more days delinquent as of the end of March.

Realtors, seize the opportunity now. Learn how to become a HREU Certified Short Sale Expert. Download your free Agent Short Sale Secrets crash course now. Instant, free download.

The bill also raises the size of mortgages the two companies can buy or guarantee to $625,000 from the current $417,000 limit —extending the pool of customers for Freddie- and Fannie- backed loans in high-cost housing markets.

To spur home buying, the bill also extends tax credits of up to $7,500 for first-time homebuyers effective from April 9, 2008, to July 1, 2009.

Nothing is going to help those with existing loans who face default and foreclosure — or their neighbors who are seeing their home’s value decline.

“It’s not going to speed up or lessen the impact of the correction of the housing market,” said Wachovia economist Mark Vitner. “It’s too late for that. There’s nothing that can be done.”

Unless foreclosures can be slowed, home prices will likley fall further, according to Federal Reserve Chairman Ben Bernanke.

“The declines in home prices have contributed to the rising tide of foreclosures,” he told a congressional panel last week. “By adding to the stock of vacant homes for sale, these foreclosures have in turn intensified the downward pressure on home prices in some areas.”

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“The real losers in this awful crisis are the residents who live next to the foreclosed property who have continued to pay their mortgages on time yet see their property values rapidly decreasing,” said Ali Solis, vice president of public policy for Enterprise Community Partners, a nonprofit group that helps finance affordable housing.

“The crisis is not getting better, the crisis is getting more severe,” said Susan Keating, the president of the National Foundation for Credit Counseling, which works with local agencies helping cash-strapped families. “And the tentacles of the problems are much more far-reaching than any of us would have considered 18 months ago.”

While the initial rounds of mortgage defaults and foreclosures were concentrated on the lower end of the economic ladder, the problem is now hitting families with higher incomes. Gardner says he’s seeing a big increase in bankruptcy filings from wealthier clients.

“From predominantly hourly employees all the way up to doctors, lawyers, insurance agents, people that were involved in the banking mortgage and real estate business,” he said. “It’s just been a massive upward movement on the income scale.”

For some homeowners, no amount of government help will head off a foreclosure. That includes many in states with the highest concentrations of mortgage defaults, such as California, Florida, Arizona and Nevada. In those states up to 40 percent of buyers in recent years were buying the homes as investments, according to Vitner.

“These investors never thought they’d have to make any mortgage payments. They thought they’d flip it,” he said. “These investors have no money. They have nothing. They used credit cards to make the down payment.”

Some info provided by wwwmsnbc.com

Realtor coaching, Tim and Julie Harris, Harris Real Estate Univeristy, How To List REOs, Real Estate training, coaching + training + reo + short sale, real estate investor, real estate scripts, super star interviews.

On of the classes we offer at Harris Real Estate University is Agent Tech Secrets. When a Realtor enrolls in thatclass they learn how to create and profit from a blog. If you dont know by now, blogs are an amazingly powerful way to create business. Here is an example of a great blog that was recently launched by a student. He is already attracting business and the site has only been live for a short time.

Check in out…here is the link:

Harris Real Estate University, Agent Tech Secrets sample blog.

Ron Caudle’s from Scottsdale Arizona.

One of the recent homework assignments with HREU Agent Tech Secrets coaching program was to create and post a YouTube video. Ron’s video was viewed more times than the other student videos on YouTube by a large margin. You can see the other videos on YouTube.com. Key word ‘HREU’ and ‘Harris Real Estate University’. So, Ron wins. Here is the video..