Realtor Coaching & Training: real estate
This is a new video from CNBC….
HREU students will watch this video and think to themselves….”Tim and Julie told me about all of this new HAFA info LAST November”
Yep, we did.
And many of your took action late last year and are now ready for all the massive changes with short sales starting April 5th!
Bottom line, 2010 IS the Year of the Short Sale…here are a few of the highlights of the new HAFA Short Sale Plan:
* Standard Short Sale documents. All the forms will be the same regardless of lenders.
* $1500 to borrowers to move. Homeowners will literally earn $1500 for doing a short sale!
* $1000 to the banks to do Short Sales. Lenders will receive $1000 for doing a short sale.
* 6% commissions. No more worrying about reduced commissions.
* Lenders will required to respond to all short sale offers within 10 days!
* fast track short sale closings…we expect to see short sales close faster than even REOs!
Agents, please be clear on this. Your market will want you to know how to do short sales using these new Treasury Department guidelines. Learn now, earn now. Watch the FREE HREU CDPD Agent Short Sale Secrets video now…and download the FREE Agent Short Sale Secrets book.
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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
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Join us for this week’s FREE live Harris Real Estate University Superstar Interview.
This weeks featured HREU Superstar’s are:
Lance and Karen Kenmore.
The Kenmore’s are long time HREU students having been personally coached by Tim and Julie Harris for years. Listen in as we ask the Kenmore’s how they have gone from selling only a handful of homes per year just a few years ago…..to today, where they will sell well over 100 homes in 2010. The Kenmores fully embrace the HREU rule of having multiple lead generation spokes. The Kenmore’s have a weekly radio show, are Dave Ramsey preferred agents, have a fantastic system for keeping in contact with their centers of influence and past clients.
Join us for this FREE HREU Event. Here is the info for your schedule:
EVENT: Super Star Interview
DATE & TIME: Friday, March 12th at 9:00am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://AttendThisEvent.com/?eventid=11669457
A little info on Lance and Karen from their website:
The Kenmore Team is a full service real estate team assisting buyers and sellers in residential resale, relocation, investment properties, short sales, foreclosures and luxury homes sales in Tri-Cities, Washington (Richland, Pasco, Kennewick) and surrounding areas.
As life long residents of the Tri-Cities and active members of our community our first hand experience and knowledge of the area provide you a major advantage when making important real estate decisions. Working as part of a powerful team we provide our clients with exceptional customer service, technology, and most importantly results. We back this up with a guarantee that most agents wouldn’t even consider.
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Interesting new story from CNBC about PMI companies not paying up.
Specifically, the PMI companies aren’t paying the mortgage lenders for the losses they are incurring. This is useful information for those of you whom have come across PMI companies attempting to demand repayment from the borrower for a portion of the loss.
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Interesting perspective on housing from a true real estate billionaire Mort Zuckerman.
Mr. Zuckerman made his money…in real estate. So,it would be safe to assume he would do his best to be a real estate cheerleader.. to talk up real estate…vs what he seems to do in this blog post.
Read what he has to say…and understand the ramifications of his comments…
America’s housing crisis has not gone away. If anything, it is getting more severe. Today, median single family house prices nationwide are down by slightly more than 30 per cent from their early 2006 peak. Fusion IQ, the research group, estimates that excess inventories will push prices down by a further 10 per cent. This is a critical issue because home equity was for years the largest asset on the balance sheet of the average American family.
The sheer number of empty homes overhanging the residential property market points to lower prices. There are an estimated 7m homes empty today, and an estimated 7.7m houses and condominiums behind on their mortgage payments. This is tantamount to a shadow inventory.
Agents, his estimates for potential upcoming foreclosures are the same as we have reported on this blog…15,000,000. Can there by any doubt that its NOT TOO late for you to become a REO Listing Agent? Take action now and watch the FREE Agent REO Secrets video and download the FREE Agent REO Secrets book. Learn how to become a HREU RSD and get the jump on the next wave of foreclosures!
More than 4m of those are now delinquent and going through some form of foreclosure or related procedures that will put them on the market in the next year or two. Fannie Mae’s 90-day delinquency rate is now roughly 5.5 per cent, double that of a year ago.
Home sales are depressed, too, by competition from some 6m rental vacancies, or 11 per cent of total rental supply. Median asking rents have been declining by an estimated 3.5 per cent over the past year – and that is accelerating.
There is no cheer in the new residential numbers either. January’s new home sales plunged by more than 11 per cent month-on-month to an annual rate of 309,000 units, the weakest on record. It now takes a record 14.2 months to sell a finished house. In the boom years, it took about three.
Even worse, the median price for new homes sold was $203,500, almost a seven-year low, and that for existing single-family homes fell 3.5 per cent month over month to $163,600, a new eight-year low. Inventories rose to a 9.1 month supply, which on top of the shadow inventory of unsold houses and those in the foreclosure pipeline does not bode well for homebuilders or housing. Neither does the sharp decline in mortgage applications to the lowest levels since May 2007 and the rise on the 30-year mortgage rates to more than 5 per cent.
Roughly one in four mortgages today exceeds the house’s value – approximately 10.7m homes. American Corelogic, the research provider, estimates an average deficiency per home of $70,700 or an aggregate of about $800bn.
OK, this is scary. If you will recall, last week in this blog post we shared with you the new research that proved that homeowners will do a strategic default at considerably higher rates when they are…$70,000 or 25% upside down. Using Corelogic’s numbers this would result in 10.7 million potential strategic defaults!
An additional 2.3m homes had less than 5 per cent equity. The remaining equity for many other homeowners is at historic lows. With declining prices beginning to hit the middle to higher ends of the housing market, we are looking at another foreclosure wave.
….and that is what we have been predicting for over a year….agents, if even half of what this blog post were to come true..what would that mean to your real estate market…and your real estate business? Are you ready…have you learned the new 2010 Short Sale Guidelines? Hopefully you know by now that the Obama administration is focusing on making short sales the solution to the inevitable massive increase in foreclosures. Watch the FREE Harris Real Estate University CDPD Short Sale Secrets video now…and grab your free short sale book.
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Watch out for this one…Principal Mortgage Balance Reductions.
We have watched this topic pop up now and then since 2007. Now, Barney Frank is seemingly championing the idea. In case you didn’t know it….Senator Frank doesn’t mess around. We suspect that Senator Frank is rolling this highly controversial topic out now to put the banks on notice that they sure as heck better abide by the new Treasury Departments HAFA Short Sale Program.
In case you have been living under a rock…2010 IS the Year of the Short Sale. Read this post now for more info on the simply stunning changes to short sales that are taking place 04/05/2010. YES…thats NEXT MONTH!
What does this mean to you?
Imagine a world where almost like magic…all the negative equity for every homeowner simply goes…’poof’. Gone, no more upside down homeowners. Does this sound like a great idea to you? Watch this video and share your comments.
Mor
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What will happen when the Fed pulls out the support for the mortgage markets..later this month?
That is one of the biggest ‘unknowns’ in the real estate industry.
Interesting points from this video:
* Home sales DOWN over 7%.
* Despite interest rates BELOW 5% demand is not increasing…why?
* Millions of homeowners are upside down and can’t move up…so interest rates don’t help those folks.
* Jumbo Loans are still VERY difficult to obtain. Lenders have to use their own money vs Fannie/ Freddie.
* Shadow inventory expected to hit the markets….5,000,000.
* Government programs are slowing the correction that must happen inorder for the housing market to completely ‘clear’.
Here is the video:
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