Realtor Coaching & Training: real estate
One of our favorite monthly reads is the California Association of Realtors monthly magazine.
They do an excellent job balancing current trends with future looking content.
Speaking of content and balance…
We have been asked to recommend several California based Harris Real Estate University students for an upcoming story.
The topic of the article will be on time management and balance.
If you think this is a fit for you…drop me a quick email and I will put you in touch:
Tim@HarrisRealEstateUniveristy.com
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New Emerging story that will certainly rock the real estate world…
We have verified the facts of this new ’secret program’ are would be happy to share this information with anyone. (CNBC…)
Over the last 90 days we have been hearing from Harris Real Estate Coaching students that banks are now extending opportunities to REINSTATE mortgages loans…after a foreclosure…to the former homeowners!
You read that right….homeowner ‘loses’ their home to foreclosure. Legally, its no longer their home. Home is legally in the hands of the bank. In the past…after the homeowner loses the home in a foreclosure sale….they move out…afterall, its no longer their home..home becomes a REO listing.
Now, homeowners are being offered the opportunity to stay in their home…reinstate their mortgage reflecting the value as established at the foreclosure sale. New mortgage terms, market interest rates.
It seems that this new ’secret’ program is being tested in many major markets across the US. The former homeowner is now able to REINSTATE their mortgage…at the new value as established by the foreclosure sale. In other words, the negative equity is gone…the second mortgage is gone….back property taxes paid off…back HOA fees gone. Their new mortgage amount IS the amount the lender paid at the foreclosure sale!
I want you to think about that for a moment. This means that even AFTER a homeowner missed payments…loses the home to foreclosure…that they can now IMMEDIATELY secure another loan for the homes current market value. WOW!
Consider this, 25% of all homeowners with mortgages are upside down by at least 10%…..10% of all homeowners with mortgages are upside down by at least 25%. HREU Students know that this trend of underwater homeowners will increase before it levels off. There are 50,000,000 mortgages in the US….as of today…6,000,000 aren’t ‘performing’. In other words, homeowners aren’t paying their mortgages!
What happens when all of these millions of upside down homeowners discover that they can have their negative equity wiped out….secure a new mortgage…and keep their home…if they let it go into foreclosure?
Let me know what you think about this…
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Here is an interesting perspective on housing for 2010…
Focusing on builders.
They are living in fear of the inevitable waves of REOs hitting the market.
Builders are lowering their prices, offering less doo-dads. Makes sense. They need to be priced in line with what the buyers are willing…and can afford to…pay.
In 2010 resell homes are going to suffer more significant price drops….especially higher end homes. We have been warning all of you about this for months. Later this year will see the start of the 3rd wave of foreclosures. This next wave will be in the higher end homes as they experience mortgage resets and lack of refinance options.
Lets talk about demand? Is there pent up demand for new construction homes? According to this interview, no. She thinks existing demand is ‘tepid’ at best.
Should the government pull out of housing…what happens if the government stimulus were to stop..as its scheduled to early this year?
Watch this CNBC video:
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Harris Real Estate University students (and future students) meet Elizabeth Warren…
How bad will it get…is our economy going to ‘bounce back’ ?
Watch this video as she explains what is happening now and what may happen next:
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| Elizabeth Warren | ||||
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More evidence that we are barely half way through the ‘correction’ in housing….
Now, the areas of the country that were considered ‘immune’ to the foreclosure contagion are now afflicted.
Why? Job loss.
Before the so-called ‘Sand States’ were suffering the most…now, its everywhere. Did you read yesterday’s post about why the first half of 2010 will be better (for housing sales…the economy etc) than the second half? Fellow agents, you need to know this stuff…read that post now.
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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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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