Realtor Coaching & Training: real estate agents
Harris Real Estate University.
New Obama Treasury Department program PAYS homeowners to avoid foreclosure..and do a short sale….lets call this one…’Cash For Walkers’
Why not?
We already have..’Cash For Clunkers’ and the proposed ‘Cash For Caulkers’….maybe this new program should be called…Cash For Walkers?
Afterall, this is what happens when someone decides to take the Treasury Department up on their offer to do a short sale vs allowing the home to go into foreclosure.
We first reported on this detail of the soon enacted HAFA Program clear back in November. Watch the videos we made for you about HAFA..and why 2010 IS the year of the Short Sale.
In case you missed it…here are the details:
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.
Agents, are you now 100% convinced that 2010 IS the year of the Short Sale? If not, go back and read those last few sentences again. Next, learn NOW how to become a HREU CDPD (Certified Distressed Property Designation). Watch the FREE Agent Short Sale Secrets video and download the FREE Short Sale book!
For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.
Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.
Re-read that. Part of the new HAFA program is that the lenders CAN’T Go after deficiency judgments. And….they can NO LONGER request that the seller sign a promissory note…or cash at closing. Watch the videos that we created for you…you need to understand what a simply massive shift will take place April 5th once the new HAFA Guidelines are in place. Watch the videos NOW.
“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.
The problem is highlighted by a routine case in Phoenix. Chris Paul, a real estate agent, has a house he is trying to sell on behalf of its owner, who owes $150,000. Mr. Paul has an offer for $48,000, but the bank holding the mortgage says it wants at least $90,000. The frustrated owner is now contemplating foreclosure.
To bring the various parties to the table — the homeowner, the lender that services the loan, the investor that owns the loan, the bank that owns the second mortgage on the property — the government intends to spread its cash around.
Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”
Should the incentives prove successful, the short sales program could have multiple benefits. For the investment pools that own many home loans, there is the prospect of getting more money with a sale than with a foreclosure.
For the borrowers, there is the likelihood of suffering less damage to credit ratings. And as part of the transaction, they will get the lender’s assurance that they will not later be sued for an unpaid mortgage balance.
Agents, please understand…if the homeowner does NOT do a short sale…they are still on the hook for a possible judgment! Once homeowners learn about this….do you think they will want to do a short sale? Of course. Now the only question is…will you be the agent to list and sell that short sale? Learn the new proven ways to easily list and sell short sales. Become a HREU CDPD Now for only $97! Go here now to learn more.
For communities, the plan will mean fewer empty foreclosed houses waiting to be sold by banks. By some estimates, as many as half of all foreclosed properties are ransacked by either the former owners or vandals, which depresses the value of the property further and pulls down the value of neighboring homes.
Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.
Popularity: 3% [?]
UPDATE: Listen to the FREE Replay Of This AMAZING CALL NOW. <—–CLICK HERE NOW!
I have to admit, I am excited about this weeks HREU Superstar Interview.
In the real estate world, Sean O’ Toole is a bit if a celebrity. You may remember Sean from his contribution to the 60 Minutes News story about housing, featured on this blog.
Join us for tomorrow’s FREE Superstar interview. Listen in as we ask Sean what you need to know about what is coming next for housing. If someone knows, its Sean.
Here is the link you need to attend tomorrow’s event:
Harris Real Estate University Exclusive Superstar Interview With ForeclosureRadar CEO Sean O’ Toole. <—-CLICK HERE NOW.
Here is a little background about Sean and his company, Foreclosureradar.com
Sean nearly lost his first home to foreclosure twenty years ago. With the help of a local Realtor, he was able to negotiate a short sale with the lender and move on. Years later, after a successful career as a Silicon Valley entrepreneur and executive, Sean returned to the foreclosure market — as an investor. It did not take him long to realize that the foreclosure data and tools he was forced to rely upon were sorely lacking. In purchasing more than 150 foreclosures, it also became clear to Sean that the marketplace itself was deeply fragmented in ways that harmed both consumers and real estate service providers. So he pulled together a development team from his days in technology and got to work.
Just so you know that we are not messing around on tomorrow’s interview…here are the questions we have prepared:
1. How bad is it going to get…lets bottom line it…how much worse will the real estate market become in terms of foreclosures?
2. How much more property value loss are you anticipating.
3. Are there any markets that are actually Appreciating now?
4. Will there be a ‘bottom’ in home values…as in a month (some are calling 2010 Q4 the hard bottom, for example)…or will the market go through a slow processing of ‘bottoming’ taking perhaps years?
5. Do you think there has been a fundamental shift in the way Americans think about housing?
6. Is ‘owning a home’ going to be so hardwired into the American psyche as a rite of passage going forward or will homeownership be considered optional as folks accept being long term renters? (like most of the rest of the world)
Harris Real Estate University Exclusive Superstar Interview With ForeclosureRadar CEO Sean O’ Toole. <—-CLICK HERE NOW.
7. Housing trends…we reported on the blog the other day that a new housing trend is multi-generational housing…are you seeing any other trends?
8. What is happening in housing now…that will surprise the market. IS there any under reported real estate news that you want to let the market know about?
9. How many more years of this type of market will be have…is this the new normal?
10. Ok, hard question…lets talk about strategic foreclosures. We have been reporting on this since 2007…now doing a SF seems to becoming almost viral…so…how big will this become…are the banks preparing for this?
11. In terms of numbers, how many homes (on the high end) are projected to go into foreclosure (assuming they don’t sell via a short sale first?)
12. With that many foreclosures…when will home values re-appreciate to 2006-2007 values?
13. Is it likely that some homes will never be worth what they were at the peak of the bubble?
14. Lets chat about housing trends. McMansions…the big subdivision homes….demographically speaking…who is going to buy them?
15. Lets talk about short sales…we have seen that the major REO conventions rebranding themselves around short sales…how significant will short sales be here forward?
16. What do you think of the new HAFA program from the Treasury Department?
17. So, clearly the market is all about working with distressed homeowners…lets talk about how Foreclosureradar Fits in. What do you guys do?
18. How can an agent use your service?
Harris Real Estate University Exclusive Superstar Interview With ForeclosureRadar CEO Sean O’ Toole. <—-CLICK HERE NOW.
Popularity: 3% [?]
We have been hearing from HREU Students for well over a year about this housing trend…Multi-Generational house holds.
In Europe this is normal. Travel to Italy and you will find that most families live together, sharing a home. Will be interesting to see if this is a real estate trend….due to the Great Recession…or if this is a real estate Mega Trend signifying a lasting shift in housing.
From a cultural and real estate perspective, this trend is a good thing for our country. Generally speaking, closer relationships with your family is a beneficial. If we look at this trend from a real estate perspective it makes sense that multi-generational house holds will need more space…more space means larger homes. So, there could be a light at the end of the tunnel for the savagely beaten down McMansion/ Luxury type properties. Maybe the next wave of buyers for these types of homes isn’t the traditional ‘move up buyer’ but, a multi-generational house hold buyer.
Agents, what are you experiencing? Are you working with buyers who are buying for more than just their immediate family?
More generations are living under the same roof and the trend will deepen as U.S. families grappling with near double-digit unemployment share expenses, a study showed Monday.
Demand is escalating for multi-generational housing as buyers scale down during the deepest housing crisis since the Great Depression, according to a survey by Coldwell Banker Real Estate in Parsippany, New Jersey.
Thirty-seven percent of the company’s real estate agents polled in January said that in the past year, buyers were increasingly shopping for homes that fit more than one generation.
Almost 70 percent of the agents said they expect economic conditions will drive still greater demand for this type of housing over the next year.
“More buyers are pooling investments, considering bringing mom and dad into it,” said Diann Patton, a Coldwell Banker real estate consumer specialist based in Grass Valley, California, in an interview with Reuters.
Buyers were primarily driven by financial concerns when deciding to combine generations in a household, the survey found. Health concerns were the second most common reason and strong family bonds a distant third.
Patton said one of her clients sought to bring her mother out of a health care facility. The mother and daughter pooled resources, buying a house with separate entrances with units for each and room for a caregiver.
This shift in homeownership comes as unemployment hovers just under 10 percent and many consumers are being dealt wage cuts. College graduates unable to get jobs are often returning to their parents’ homes.
Merging generations under one roof could foster more demand in the struggling move-up market, with families buying together to get larger homes than the entry-level houses some might otherwise be able to afford. Some current supports for buyers will soon end.
Borrowers eligible for a $6,500 federal tax credit aimed at move-up buyers, as well as the $8,000 first-time buyer credit, need to sign contracts by April 30 and close on loans by the end of June before these programs expire.
Downsizing also comes on the heels of massive overbuying during the housing boom earlier this decade. Many consumers bought more house than they could afford, spurring a tidal wave of late payments and foreclosures.
The government has been compelled to spur lenders to modify mortgage terms for struggling borrowers still occupying their homes. But so far, lenders have been unable to keep pace with the number of mortgages that are failing.
On the plus side, houses are more affordable after prices toppled about 30 percent, on average, from 2006 peaks and with 30-year loan rates holding near record lows under 5 percent.
Coldwell Banker, a unit of Realogy, based its online survey of multi-generational home trends on responses from 2,360 of its real estate agents.
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Interesting housing news…
Good news for commerical…and good news from lowes.
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Join us for the week’s FREE Superstar Interview featuring:
Valerie Fitzgerald. 
Long time HREU Students will recall that we interviewed Valerie about a year ago. That interview has proven to be one of the most popular interviews ever. Due to popular request we asked Valerie sit down with us again and share her perspectives on the ultra high end real estate market. Valerie’s market is Beverly Hills. Valerie calls many of Hollywood’s best known movie stars and celebrities her clients.
Go here now for all the Superstar Interview Event information <———Important link, click for free event info.
Here are a few of the questions we have prepared for Valerie’s interview:
1. How long have you been selling real estate..if you had to guess, how much in terms of dollar volume have you sold?
2. What are the 2-3 biggest secrets..the most important keys to your long term success?
3. Describe your typical client? Has that client profile changed over the last 36 months?
4. Can you share with us a celebrity real estate story?
5. How do you lead generate…what are your biggest sources for new listings etc?
6. What have you stopped doing…because you realized it was a waste of money or because it no longer worked?
7. In this price range…how important is it that you are using social networking…and being connected online?
8. Are you having to deal with the chronic upside down issue that is effecting most markets? (where the seller owes more than the homes value)
9. Are you experiencing any ‘distressed sellers…or maybe strategic defaults’
10. In this market…are you seeing more clients wanting to move UP in price..or down? How are your clients financing their transactions?
11. With the upper end luxury home market, what are the biggest trends you are experiencing?
12. What effect has the economic collapse had on the buying and selling decisions of your clients?
13. When we spoke last we discussed the fact that there seemed to be a shift away from mass consumerism towards…something else…maybe voluntary simplicity..has this trend continued?
14. How have you changed as a result of the shift in the economy and housing market…personally and professionally? (Reduced or added overhead etc.)
15. Your market is obviously very competitive….when you don’t take a listing…why? What have you found to be the reasons why a seller may choose to list with someone else?
16. What are your biggest challenges..what are your ‘works in progress’?
17. You have been one of the nations leading agents for years…so, you know how to succeed consistently…what have been your biggest real estate career mistakes or mis-steps?
18. If you don’t mind sharing…what are your goals for this year..for your real estate business? What drives you?
19. How do you hold yourself accountable?
20. If someone asks you if they should consider real estate as a career…what do you tell them?
17. You wrote a very popular book….Heart and Sold…your book has received rave reviews…why did you write it?
A little more on Valerie:
We are a Beverly Hills real estate brokerage and are experts in the buying and selling of luxury homes and condominiums.
We represent Buyers and Sellers in all luxury real estate communities including Beverly Hills, Bel Air, Brentwood, Hollywood Hills, Santa Monica, Pacific Palisades,Venice and Malibu.
Our extensive knowledge of luxury real estate and all price ranges will give you confidence when you work with our team that you will make informed decisions in the buying and selling of residential real estate at all times.
Our team is comprised of talented, dedicated administrative and real estate professionals. We have a strong track record of providing quality service and strong local market representation to our Buyers and Sellers in all real estate markets. Contact Valerie Fitzgerald today.
Valerie Fitzgerald has 20 years experience as a leading Los Angeles real estate broker in the Beverly Hills area and surrounding neighborhoods. She’s authored a newly published book by Simon and Schuster called Heart and Sold: How to Survive and Build a Recession-Proof Business, lending practical advice and tools for new and seasoned real estate agents.
Valerie’s awards:
| 2008 Wall Street Journal – Top 200 in Real Estate Nationwide Award |
| 2008 Los Angeles Business Journal – Excellence in Marketing Award |
| 2007 #11 Agent Worldwide – Coldwell Banker |
| 2007 #3 Agent Westside Los Angeles – Coldwell Banker |
| 2007 #4 Agent Southern California – Coldwell Banker |
| 2006 #3 Agent Greater Los Angeles – Coldwell Banker |
| 2006 #4 Agent Worldwide – Coldwell Banker |
| 2005 #1 Agent Beverly Hills – Coldwell Banker |
| 2005 #11 Agent Worldwide – Coldwell Banker out of 117,000 agents |
| 2004 #1 Agent Beverly Hills – Coldwell Banker |
| 2004 Nominated: Women Making a Difference – Los Angeles Business |
| Journal Award, Small Business CEO category |
| 2003 #7 Agent out of 113,000 worldwide – Coldwell Banker |
| 2003 #1 Agent Beverly Hills – Coldwell Banker |
| 2002 #1 Agent Beverly Hills – Coldwell Banker |
| 2002 #6 Agent for All Companies – in US Realtor Magazine |
| 2001 #3 Agent Worldwide- Coldwell Banker/ National |
| 2001 #1 Sales Top Producer – Coldwell Banker/ Beverly Hills |
| 2001 Women of Achievement Award – Big Sister’s Organization Los Angeles |
| 2000 #7 Agent Worldwide – Coldwell Banker/ National |
| 2000 #1 Sales Top Producer – Coldwell Banker/ Beverly Hills |
| 2000 #1 Top Sales Volume LA County – Los Angeles Business Journal |
| 1999 #4 Agent Internationally – Coldwell Banker/ National |
| 1999 #1 Sales Top Producer – Coldwell Banker- Jon Douglas / Beverly Hills |
| 1998 #5 Agent Internationally – Coldwell Banker/ National |
| 1998 #1 Sales Top Producer – Coldwell Banker- Jon Douglas/ Beverly Hills |
| #1 Sales Top Producer – Coldwell Banker- Jon Douglas/ Beverly Hills |
| 1998 “Realtor to the Stars” – Feature July Issue Marie Claire |
| 1997 #1 Sales Top Producer – Coldwell Banker/ Beverly Hills |
| 1997 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1997 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1996 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1996 #1 Sales Associate – Prudential California Realty |
| 1996 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1995 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1995 #1 Sales Associate – Prudential California Realty |
| 1995 Distinguished Member – Who’s Who Worldwide |
| 1994 #1 Sales Top Producer – Prudential California Realty |
| 1994 Distinguished Member – Who’s Who Worldwide |
| 1994 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1994 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1993 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1992 #1 Sales Associate – Prudential California Realty Beverly Hills |
| 1992 #7 Sales Top Producer Nationwide – Prudential California Realty |
| 1992 Largest Residential Trade Transaction in West Side Real Estate History |
| 1992 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1991 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1991 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1988 Second Largest Purchase – Alvarez, Hyland & Young |
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Is detoxifying your debt obligations by ‘walking away’ from your mortgage morally repugnant or fiscally prudent?
One of the Mega Trends to watch out for this year is the predicted staggering increase in strategic foreclosures (or strategic short sales).
With the implementation of the new HAFA Guidelines will ‘walking away’ become even MORE acceptable?
Expect more and more homeowners requesting your help to short sale their homes to get out of their underwater mortgage vs. the traditional hardship reasons. Agents, take action now and learn how the new HAFA Guidelines will revolutionize the short sale process and allow for the steamlined short sale.
Listen to the replay of the HREU CDPD Short Sale Secrets teleconference:
Emergency HREU CDPD Agent Short Sale Secrets Event Info. <——-Click NOW.
Watch this ABC News story and share your thoughts….
Popularity: 4% [?]
Join us for this week’s FREE Friday Superstar Interview…
The topic is: DISC Personality Styles.
Here is the information for your schedule:
EVENT: Super Star Interview
DATE & TIME: Friday, February 12th at 9:00am Pacific/ 12nn Eastern
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://AttendThisEvent.com/?eventid=10734474
What is the DISC Personality Profile:
The assessments classify four aspects of behavior by testing a person’s preferences in word associations (compare with Myers-Briggs Type Indicator). DISC is an acronym for:
- Dominance – relating to control, power and assertiveness
- Influence – relating to social situations and communication
- Steadiness (submission in Marston’s time) – relating to patience, persistence, and thoughtfulness
- Conscientiousness (or caution, compliance in Marston’s time) – relating to structure and organization
These four dimensions can be grouped in a grid with D and I sharing the top row and representing extroverted aspects of the personality, and C and S below representing introverted aspects. D and C then share the left column and represent task-focused aspects, and I and S share the right column and represent social aspects. In this matrix, the vertical dimension represents a factor of “Assertive” or “Passive”, while the horizontal represents “Open” vs. “Guarded”.
- Dominance: People who score high in the intensity of the “D” styles factor are very active in dealing with problems and challenges, while low “D” scores are people who want to do more research before committing to a decision. High “D” people are described as demanding, forceful, egocentric, strong willed, driving, determined, ambitious, aggressive, and pioneering. Low D scores describe those who are conservative, low keyed, cooperative, calculating, undemanding, cautious, mild, agreeable, modest and peaceful.
- Influence: People with high “I” scores influence others through talking and activity and tend to be emotional. They are described as convincing, magnetic, political, enthusiastic, persuasive, warm, demonstrative, trusting, and optimistic. Those with low “I” scores influence more by data and facts, and not with feelings. They are described as reflective, factual, calculating, skeptical, logical, suspicious, matter of fact, pessimistic, and critical.
- Steadiness: People with high “S” styles scores want a steady pace, security, and do not like sudden change. High “S” individuals are calm, relaxed, patient, possessive, predictable, deliberate, stable, consistent, and tend to be unemotional and poker faced. Low “S” intensity scores are those who like change and variety. People with low “S” scores are described as restless, demonstrative, impatient, eager, or even impulsive.
- Conscientious: People with high “C” styles adhere to rules, regulations, and structure. They like to do quality work and do it right the first time. High “C” people are careful, cautious, exacting, neat, systematic, diplomatic, accurate, and tactful. Those with low “C” scores challenge the rules and want independence and are described as self-willed, stubborn, opinionated, unsystematic, arbitrary, and careless with details.
Popularity: 2% [?]
