Realtor Coaching & Training: real estate training
Harris Real Estate University Students…
Believe it or not….in some of the hardest hit markets across the US…Case/ Shiller reports marginal property appreciation!
Will this trend continue?
We don’t think it will….why?
Read this post from yesterday.
Here is the CNBC Video:
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Harris Real Estate University students (and future students)…I have a question for you….
Is it immoral for an upside down homeowner to simply….walk-away…from their under water home?
The effects of the so-called ‘Strategic Foreclosures’ are the wild card for housing in 2010-2012. Millions of homeowners are now upside down in their homes. There are many reasons to believe that their homes will remain ‘under water’ for years to come. In mid-2008 we reported that we were hearing from Harris Real Estate University students that the short sales they were closing were largely on the behalf of sellers who were choosing to do a strategic default.
Agents, do you know the NEW 2010 Short Sale Guidelines. Streamlined short sales are here. Watch the FREE Agent Short Sale Secrets video and download the FREE Agent Short Sale Secrets book. Learn how you can earn your HREU CDPD now.
Why should a home owner keep paying on a home when they are upside down? Is there some sort of moral aspect to paying on a mortgage even when its so severely upside down that the ‘home owner’ has become…in essence…a tenant with their mortgage company as their landlord?
You might be surprised to learn that there are absolutely no ‘moral imperatives’ to pay an upside down commercial loan. Once the commercial property stops making financial sense borrowers often choose to do a ’strategic default’. This has been a normal aspect of commercial loans for years…so, why is there such a double standard when it comes to residential.
Watch this video and share your comments:
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HREU students and future students…please (PLEASE) read this post and watch this video…
Warning: The second half of 2010 is going to be tough…Leading to a housing double dip. We anticipate a significant increase in foreclosures and continued property value loss. Don’t be surprised if homes in most major markets depreciate another 15-20% in 2010.
DON’T Panic. Read this post now. We want you to know what to expect next…and we will tell you exactly what to do now.
….Be prepared for what is coming next…take actions today (NOW) so that you will be ready. Operate as if you knew for sure that everything was going to be ‘worse’. Be over-prepared.
Here is exactly why the second half of 2010 is going to be worse than perhaps anything we have experienced so far: (housing related)
1. The Treasury Department has made it clear that the purchasing of Mortgage Backed Securities (MBS’s) will come to an end in the spring. Mortgage interest rates will increase.
2. Fannie and Freddies lending standards have increased significantly. Read last weeks post.
3) Fannie and Freddies continued existence is now in question. Last week Barney Frank more or less said that Fannie and Freddie need to be closed….that they have failed. What comes next…no one knows. What will result?…higher mortgage interest rates. Read story here.
4. Lack of financing for non-Fannie/ Freddie borrowers. There is a glut of non-FHA qualifying homes for sale…so-called luxury homes…and those homes will depreciate significantly as would be buyers can’t secure a loan. Add to this retiring and downsizing baby-boomers.
5. Loan modifications that don’t offer principal mortgage balance reductions are failing. In other words, if someone has a lower payment..and is still upside down in their home…chances are they will allow the home to default.(Again)
6. Unemployment. This is a wild card. If unemployment rates continue to increase or more importantly don’t decrease…this summer…expect to see vastly fewer buyers. Folks won’t feel confident buying a new home if they are even remotely fearful of losing their jobs. Bottom line, ‘consumers’ won’t consume if they are worried about money.
7. Inability for upside down homeowners to re-fi. As mortgage resets kick in (starting in massive numbers this summer) and homeowners simply can’t re-fi…and they know their homes have lost value…we know what they will do, don’t we. They will either do the smart thing and sell the home via a short sale or they will let the home go back to the lender…which will lead to another foreclosure.
8. Lenders taking their REO inventory out of the ’shadows’ and dumping the homes on the market. Agents, this IS HAPPENING NOW. More info on this subject here.
9. Commercial Defaults. YES, they are coming. What do we know? We know that commercial borrowers have usually no emotional ties to their commercial ‘investments’. Once a commercial unit no longer makes financial sense the borrowers default. Vacancy rates, resetting mortgages, falling rental rates…surge in commercial foreclosures.
10. Expiration of the (surprisingly) effective home buyer tax credit. Agents, the increase in housing sales late last year is now being attributed to the tax credit. As you know they credit was extended…through April of this year. If that credit isn’t extended…housing will hit a wall.
OK, scary stuff…right?
For agents who aren’t prepared for what will happen mid-2010…this year may very well be their last year in the industry.
Who will be the survivors (and thrive-ers) in this market? You already know the answer, don’t you? Agents who are listing and selling short sales…and agents who have become REO listing agents. We have made it very easy for you..
1) Become a REO Listing Agent. Watch the FREE Agent REO Secrets video and grab your FREE Agent REO Secrets book. We will now show you exactly what you can do now to become a REO listing agent. We will also show you how to make money now from doing BPOs. Watch the FREE Video Now, Grab Your FREE How-To List REOs book NOW.
Next, learn the NEW 2010 ways to list and sell short sales.
2) Earn your HREU CDPD. In case you missed it, late last year the Treasury department hit the hard reset on short sales. Now, starting in April, most major lenders are adopting the new guidelines. Bottom line, the streamlined short sale. Watch the FREE Short Sale Secrets Video Now and Download The FREE Short Sale Book.
Here is the CNBC Video:
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Is the Apple Tablet Computer the perfect computer for real estate professionals?
This week we will know for sure but, here are the juicy rumors about this new PC:
* According to many sources the new computer will be called: ipad, iSlate, iBook or itablet.
* The key board will be on the screen.
* Love your iphone? You will love this new computer…some refer to the new Apple Computer as a giant iphone.
* Connection to the internet.
* Download videos, books, magazines etc. directly off itunes and partner sites. Seems that the idea is that you will replace your Amazon Kindle with this new Apple computer. The Kindle was a e-reader using digital ink technology. Meaning, the actual screen on the kindle made the text look like printed paper (more or less). Downside was that there were no color images etc. The new Apple Tablet will give all of us carnivorous readers more options.
* Perfect…on the road….MLS access devise.
* Hey…here is an idea….attend your Harris Real Estate University classes via the webinar using your new Apple Slate!
* Price will be around $1000…..coming to an Apple store near you in the next 30 days! Look for the offcial announcement in less than 48 hours!
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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.
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Join us for this weeks FREE Harris Real Estate University Superstar Interview…
This weeks Star, Eric Blackwell.
Eric is a well known and respected SEO expert.
Go here now for all the event call-in info:
EVENT: Super Star Interview
DATE & TIME: Friday, January 22nd at 9:00am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://www.AttendThisEvent.com/?eventid=10734159
Here is Eric’s Bio:
For those non-techie types (me included) that don’t know what SEO is…and perhaps more importantly…not sure why you need to know about SEO…here are a few of the questions I have prepared for Eric:
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Did you join us on today’s Agent REO Secrets teleconference?
Great call…if he missed it..listen now to the FREE the REPLAY.
Based on the feedback after the call…..today’s How-To List REOs teleconference may of been our best REO Secrets Call..ever!
I have to admit…I was more than a little nervous about today’s free call.
Why?
We have never had 4 Expert REO Listing Agents on one call before…could of been a real case of herding cats…but, it wasn’t. Matter of fact, the agents who helped with the event today all did a fantastic job…
Mark Shandrow from LA. Tracking to sell 200+ REOs in 2010…
Eric Reid form Atlanta Georgia…sold nearly 60 REOs last year and should sell 100+ in 2010….
Jennifer Doak from California…she is the HREU BPO Queen…get this…she has earned nearly $30,000 in the last 60 days…ALL FROM BPOs!
and of course..
Rodney Forbes. Rodney is an emerging power house from West Palm Beach Florida. He has been taking REOs for a couple months…a new REO Agent. Because Rodney is an exception agent he has secured a couple simply massive Asset Manager relationships.
Here is the link to the replay of this call.
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