Realtor Coaching & Training: Las Vegas
First Time Home Buyer Credit
Harris Real Estate University Students (and future students), we want your comments and feedback on this topic. As you know the home buyer tax credit is soon expiring. All signs point to this home buyer credit not being renewed or extended.
Our question for you is, did it matter?
We know that the NAR, MBA and the Home Builders Association were huge proponents of this government handout. The real question is, did the credit really motivate buyers or did the low interest rates and low home prices do the trick?
Are you seeing an increase or decrease in buyers looking for homes? Are a majority of your buyers ‘first timers’, investors or move ups?
Last question, do you think the expiration of this tax credit will have an adverse effect on your real estate market?
Here is the video:
Popularity: 1% [?]
Are you an agent in California?
Have you been avoiding learning how to do short sales and become a REO Listing Agent? WHY? Are you still believing that you can somehow survive in real estate without having these skills?
A simple suggestion for you…don’t wait another moment. Its not too late for you if you take action NOW to learn what this market..what we call, ‘The New Normal’ demands…
Great article from our friends at DNSNews:
Foreclosed homes taken back by lenders and distressed short sales accounted for nearly half of all residential home sales in California in 2009, according to a market report released this week by the California Association of Realtors (C.A.R.). In 2008, such sales made up 38 percent of annual transactions.
WOW! What else can you say? Agents, the question that I have for you is…how many of those short sales did you list and sell? How many home homeowners could you have helped had you known how to easily list and sell short sales? Watch the FREE HREU CDPD Short Sale Secrets video NOW. Learn the new 2010 ways to easily list and sell short sales.
As one of the hardest-hit states by the housing downturn, the Golden State is littered with bank-owned properties and homes facing foreclosure, but the lower prices and increasing buyer appetite for these deals are helping to reduce some of California’s distressed inventory.
The median price of distressed properties declined nearly one quarter to $250,000 in 2009, compared with $330,000 in 2008, C.A.R. reported. Meanwhile, the median price of non-distressed properties decreased only 10.4 percent to $485,000 compared with $541,000 in 2008.
Although one-third of sellers sold their homes for a loss last year – the highest level on record since C.A.R. started tracking net cash losses in 1989 – the lower home prices lured investors. According to the state Realtors association, more than 70 percent of properties purchased by investors were either short sales or REO/foreclosures. The typical investment property had a median price of $232,750.
Lower home prices and a large supply of distressed properties, coupled with federal tax breaks, also encouraged first-time buyers to take the plunge into
homeownership. The percent of first-time buyers increased dramatically to 47 percent in 2009, up from 35.9 percent in 2008, according to the report.
“It is clear that the federal tax credit for homebuyers worked well in 2009 and is continuing to drive home sales,” said C.A.R. President Steve Goddard. “The homebuyers’ tax credit is arguably the most successful strategy employed by the government’s efforts to stimulate the economy.”
…really? More so than the Fed buying MBS to artificially lower the interest rates….?
According to a survey conducted by C.A.R. on the effectiveness of the federal tax credit, nearly 40 percent of homebuyers in the state said they would not have purchased a home if the tax credit was not offered.
C.A.R. also noted that the large number of distressed properties led to more than half of all first-time buyers purchasing an REO/foreclosure or short sale property.
According to C.A.R.’s analysis, California’s median home price hit bottom in February 2009 at $245,170. Since then, the median home price has increased steadily in month-to-month comparisons, but remained below 2008 levels throughout 2009. The annual median price is projected to increase to $280,000 in 2010 from $271,000 in 2009, the association said.
Homes priced $500,000 or less dominated the sales mix throughout 2008 and 2009, but C.A.R. says sales of high-end homes started picking up in late 2009, with the number of closings for homes priced $500,000 or higher rising 3 percent, and sales of homes priced $1 million or more experiencing their first year-to-year increase since July 2007.
A separate study by a local newspaper shows that a growing number of Californians are turning to the courts to fight the foreclosure process and prevent their homes from becoming REOs. According to numbers complied by the San Jose Mercury News, the number of foreclosure lawsuits filed in federal court in California has ballooned from just 29 cases statewide in 2005 to nearly 1,400 in 2009
Popularity: 1% [?]
As Promised, here is the email that I sent to all Harris Real Estate University students earlier today….join us for this weeks HREU RSD Agent REO Secrets FREE event!
Hello,
Tim Harris here…
You are serious about taking REO listings…right?
Of course you are…
After all, everyone knows that REO listings are the listings to have in this market. Take a look around your market. Who are the top producers…the agents raking in all the dough?
The agents with the REO Listings.
Go here now for all the call-in info for this Thursday March 4th how-to list REOs Event:
Important Link—> Agent REO Secrets Event Info
Now, the real question is…How do YOU become an REO Listing Agent?
Here’s how…
Several months ago we held the *F-R-E-E* Harris Real Estate University Agent REO Secrets teleconference….As we expected, that call was completely full.
This is the intense live 90 minute teleconference (or webinar) where you get direct access to all the secrets you must have to get started in the make-money-now business of bank owned homes, REOs.
On the last call we announced that we were closing the doors for the Agent REO Secrets class……for at least 90 days…
….and that is exactly what we have done.
Unless you contacted us directly….you couldn’t enroll in the class..
Here is what happened…we received many requests from agents who missed the last REO Secrets Event….They were all asking (make that demanding) that we provide another FR-EE Event…
So, that’s what we are going to do…..THIS THURSDAY March 4th….
We are setting aside 500 spots for this week’s Agent REO Secrets teleconference (or webinar). I suspect that (like the call before) all of these spots will be taken….
In other words, we have limited space and it’s first come…first served. (Call in or log-in at least 10 mins early)
Here is the information for the call..
THIS THURSDAY March 4th, 2009 you are invited to attend the Agent REO Secrets Teleseminar.
Go here now for all the call in info:
Important Link—> How-to list REOs Teleconference
This is going to be another fantastic call. You will get direct take-action-now access to real agents who are making real money listing and selling REOs….
We are interviewing 3 fellow Realtors who have become REO listing machines…
1) An agent from the Midwest who is listing REOs like a mad man…He is now taking 4-6 new listings directly from REOs per week……making more money and its taking 50% less time and effort. Last year alone he sold 144 homes…90% REOs!
2) You won’t believe our next agent expert’s REO experience…he is listing dozens of homes directly from 5 REO sources this month. That is not a typo…20+ listings. You will learn exactly how he is doing it…we are holding nothing back!
3) As promised we will also interview an agent from California…Jennifer. She is making a fortune doing…BPOs. Matter of fact, she has been averaging well over $10,000 per month…from BPOs!
Your spot on this THURSDAY’s March 4th Agent REO Secrets teleconference has been reserved. Remember, this teleconference is no cost to you.
Go to this link now for important call-in information:
Important Link—> Agent REO Secrets, List REOs Event Info
Remember, we only have 500 spots available for this teleconference.
Once those ’seats’ are taken..they are gone.
To guarantee your seat… here is what you need to do…
You will want to call in (or log in using the webinar) at least 10 minutes early to be guaranteed your spot.
When you attend the event this THURSDAY here are a few of the things you will learn:
1) How to contact the lenders…YES…we are giving out names and numbers of the largest REO companies.
2) We will tell you exactly how to ‘present’ to the REO companies so they will want to list their homes with you.
3) You will learn the 3 biggest mistakes you must avoid at all costs.
4) How to make money now from BPOs.
5) Here is a new topic…IF you have REO listings we will tell you the top 3 reasons you will lose those listings…YES, the banks are pulling listings…you must know these 3 crucial mistakes to avoid.
On this 90 minute call you will learn our proven step-by-step process to becoming an 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 3 agents…none of them had any REO listings 6-12 months ago. They applied what they learned from Agent REO Secrets and are now having their best years ever.
Go here now for all the call in info:
Important Link—> How-To List REOs Teleconference (or Webinar) Info.
One more thing….I know this sounds crazy. Please don’t share the info about this call with other agents. We expect the call to be completely full.
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 REO
listings explosion taking place right now.
P.P.S. This call is taking place at 12:00 pm PST, 1:00 pm MTN,
2:00pm CTR, 3 pm EST.
Popularity: 2% [?]
Listen to this week’s FREE Harris Real Estate University Superstar Interview NOW.
…….100% Free and everyone is welcome to listen ….HREU Students and future students alike.
The topic for this week’s interview:
Your Toughest Short Sale Questions Answered.
HREU CDPD (Certified Distressed Property Designation) Master Coaches Kim and Kris Darney and Tim and Julie Harris will answer your nastiest…ugliest..smelliest short sale questions.
CLICK THIS LINK TO LISTEN NOW…
http://www.AttendThisEvent.com/?eventid=10734348
Here are the questions that we will answer for you…
1. How do I set the price for the Short Sale Listing?
2. Secret to getting your Short Sale Package submitted to the lender/servicer?
3. What to I tell my client about Tax Ramifications when they Short Sell their home?
4. How do I get my HREU designations and certificate, and how can I use them to get more business?
5. How do I present myself to prospective Short Sale clients…What makes me more capable than another agent?
6. Do I submit a separate listing package to both 1st and 2nd lien holders at the same time?
7. How often should I follow up with the bank once I submit a Short Sale package?
8. How can I find out if my client has a Fannie Mae or Freddie Mac loan to get 6% commission?
9. What do I tell the client when they ask if their credit will be affected by the Short Sale?
10. Can the seller of the home live there during a short sale?
Popularity: 4% [?]
Million's Of Bank 'Shadow Listings'
What is the #1 question agents ask Harris Real Estate University?
“When will the banks release their ‘Shadow Inventory’ homes to the market..”
Harris Real Estate University students have been preparing for the massive waves of bank REOs for nearly 2 years…and…get ready…the first of many waves are hitting NOW.
So the question is, have YOU waited too long to become a REO Listing Agent? Have you waited to long and missed one of the best ways to make money in real estate? The answer is NO. Matter of fact, you ARE in the right place at the right time! Now is the perfect time for you to become a REO Listing Agent. Watch the FREE Agent REO Secrets video and grab your FREE Agent REO Secrets book.
What happens in Vegas…no longer stays in Vegas. Especially when we are talking about real estate. In Las Vegas the banks are finally removing their inventory from the shadows…in a simply massive way. In 2010 alone…in Vegas….6000 bank controlled REOs to be listed (and sold)! Expect the banks to be doing the same thing in YOUR market…NOW.
Here’s the new story…
Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month, an executive with the bank said Wednesday.
It’s part of the so-called “phantom inventory” of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure.
‘Phantom Inventory’ = Shadow Inventory. (very spooky names…eludes to something sinister.)
“Where are these homes? Banks are trying to convert some of them to short sales, but they’re holding on to houses in lieu of the market stabilizing and it has,” Kiernan said. “But every trend says there’s a second tsunami coming. These houses are somewhere. They’re not disappearing.”
Yep…thats true. There will be significant increases in foreclosures and eventual REOs…no question.
Throughout the country, estimates of homes being taken back by Bank of America range from 11,000 to 14,000 a month in the early part of this year to 29,000 to 35,000 by November and December, said John Ciresi, vice president and portfolio manager for Bank of America in Towson, Md.
Thats ONE BANK….now, take those numbers and multiply by ALL the lenders. BIG numbers.
The system became “clogged” by a voluntary moratorium on foreclosures while banks met the requirements of President Obama’s Making Home Affordable mortgage plan program and by state legislation requiring mediation before banks can start the foreclosure process, Ciresi said at a panel discussion sponsored by the Nevada chapter of the National Association of Hispanic Real Estate Professionals.
Some homes are being held back from closing escrow because of Bank of America’s fiduciary relationship with investors, he said.
“Let’s say you have a $120,000 property and you have a $110,000 offer from a cash buyer and a $120,000 offer on a VA loan,” Ciresi said. “Do I take the higher offer and hope financing is approved?”
ReMax Pros Realtor Tim Kelly Kiernan said the REO inventory in Las Vegas is dwindling, even though 200 homes a day are going into default.
Adam Fenn, president of Merit Asset Services in Henderson, said there’s talk on Wall Street about a “double-dip recession,” even as some data point to economic recovery. People are frustrated in their efforts to buy a home and there’s not enough capital out there to finance purchases, he said.
“It’s kind of scary,” Fenn said. “When you go for the highest and best offer, you get people bidding too high and the property ends up going back on the market. I think there’s going to be a double-dip in values. They’re going to go up and then come back down.”
Ciresi anticipates a rise in the foreclosure rate in 2010 because 60 percent of loan modifications failed and went into foreclosure. It’s a combination of property devaluation and people losing their jobs, he said.
Bank of America is getting 40,000 new offers a month on short sales, or homes offered for less than the mortgage balance, Ciresi said. It’s a difficult process, he said.
Short sales for most homeowners headed for Foreclosure IS the solution. With the release of the Treasury Departments New Short Sale Guidelines…its clear that Short Sales are now the solution for those homeowners who want to avoid a foreclosure. Learn the NEW ways to do short sales. Watch the FREE Agent Short Sale Secrets video..and grab the FREE Agent Short Sale Secrets book.
“Try to understand, we don’t have the title in a short sale. That makes it very difficult in a short sale versus an REO (real estate-owned) home,” he said.
Some banks are getting short sales done in as little as 30 days, said Steve Hawks, director of the National Association of Short Sale Professionals. They’re doing “cash for cooperation” deals, giving people $5,000 to leave the home in good condition.
“The average right now is four to six months, but I see an average of 90 days in 2010, except for a few institutions that have to answer to different investors,” Hawks said. “With half the country underwater (owing more than their home is worth), they’re going to make it easier for a short sale.”
Agreed. The ONLY way for slow the seemingly never ending waves of foreclosures is Short Sales. No question. Learn the new…proven ways to list and sell short sales. Watch the FREE Agent Short Sale Secrets video now..and download the FREE Agent Short Sale Secrets book.
He said 22 percent of mortgage defaults were “strategic defaults,” coming on homes that were underwater. Banks need to eliminate the hardship letter for short sales and consider anyone who falls behind on their payment, Hawks said.
Popularity: 3% [?]
HREU Students…this is not new news to you.…we warned you this would happen……
…..coming soon to a FHA Mortgage Lender near you…NEW FHA Lending Standards, now MUCH tougher.
1) New MUCH tighter FHA Lending Standards. The FHA has become the lender of last resort over the last few years…and now, they are going to start turning down more borrowers.
2) FHA trying to fight rising mortgage defaults.
3) Premium to 2.5%. Meaning, more money down from the borrower….unless the get the seller to contribute to their closing costs…
4) The seller can only contribute 3% of the sales price to the buyers closing costs…vs 6%.
5) Downpayment requirements…3.5% with 580 FICO and above
6) Less than a 580 credit score? 10% down. However, when you watch this CNBC video you will hear directly from the FHA commissioner on the fact that very few borrowers with low scores will get a FHA loan.
Here is the video:
Popularity: 1% [?]
Breaking News…Rick Sharga from RealtyTrac just released their much anticipated report on foreclosure filings.
If you want a crystal ball so that you can look into the future…discovering what will happen next in your real estate market…this new report (and video) is it.
Bottom line our foreclosure ‘crisis’ is getting worse…much worse.
Talking points from the video:
* How bad is the foreclosure problem? “Setting new records daily….120% increase over 2 years ago”. getting worse.
* Sand states, Nevada, Arizona, Florida, California and Michigan and Ohio are the much worse.
* For example: Nevada..Vegas…10% of housing inventory in foreclosure. 1/10 of people you meet have a home in foreclosure.
* Nationally foreclosures are increasing….no signs of any notable improvement.
* How much longer will this crisis last?”There are 3 waves to the foreclosure crisis..we are in wave 2.”
* Wave 1 was casued by overvalued housing..bad lending….2nd wave..unemployeement….3rd wave..option arms…upside down sellers.
* Loan modifications don’t seem to be making any real impact on the problem….kicking the can down the road. So far, govenment programs not doing anything significant.
* 2010 forecast: The next wave of the foreclosure crisis will only worsen the housing markets. The new wild card is what will happen to all the homeowners who are desperately upside down in their homes and make the financial decision to let the home go….in other words, ridding themselves of their own toxic assets.
Agents, here is the question you need to be answer…are YOU ready to become a REO Listing Agent? Literally millions of bank owned homes will need listed and sold over the next few years. Do this…watch the FREE Agent REO Secrets video and then download the FREE How-To List REOs book.
Popularity: 2% [?]
