Realtor Coaching & Training: realtor coaching
Harris Real Estate University students (and future students) this week is all about real estate news.
First up, National Association of Realtors just released home sales data:
* Home Sales Dive 16.7% In December.
Why? Tax credit was set to expire. Remember, it was extended through April 2010.
* Sales up 15% Over Dec 2008.
* Inventory fell 6% nationally.
* Nationally, 7+ month supply of homes.
* Average sales price in the country now…$178,300
* Sales down across the board..in all regions…all states.
* Prices down 12.9% in 2009 over 08. (Largest year over year decline in history)
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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Watch this video….THIS IS HUGE!
As we have been expecting to happen for well over a year…the powers that be are now ‘exploring’ reducing outstanding mortgage balances.
You read that right…..reducing the amount a homeowner actually OWES on their home! WOW!
Agents, what can you do to help these homeowners…what can you do now to make money? Earn your HREU CDPD, Certified Distressed Property Designation. Did you know that the guidelines for Short Sales have all changed….? Watch the videos we created for you that explain the New 2010 Treasury Department Guidelines. 2010 IS the year of the Short Sale. 
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Harris Real Estate University students (and future students)…here is the information about that we have been promising you…
As you know we have been offering short sale training for years and years now. We were the first national coaching company to teach agents how to do short sales…and we are by far the largest. Thousands of agents have received their HREU CDPD (Certified Distressed Property Designation).
UPDATE: We created these 2 new videos for you….what you need to know about the changes with Short Sales
Video 1:
Video 2:
Why am I telling you all of this?
Simple, because rarely do we have the opportunity to share with you information that is this exciting…this ground breaking…and (frankly) this rule changing.
In October we reported that there were massive changes coming that would make 2010 the year of the short sale.
Drum roll please…here is the info:
* No reduced commissions! Lenders can’t ask or demand brokers lower their fees.
* Lenders to PRE-APPROVE short sales.
* Lenders must FULLY RELEASE borrowers from any future obligation (no more deficiency judgment fear!)
* No more money out of pocket demands from second lien holders….or any payback of the debt what-so-ever.
* Borrowers who do a short sale will be PAID up to $1500 to do a short sale! (read that one again)
* Seconds to receive no more than $3,000 TOTAL from the sale.
Bottom line, 2010 is the year of the short sale. if there was any doubt in your mind that being a short sale specialist…having your CDPD (Certified Distressed Property Designation) was optional……these ground breaking changes to the entire short sale industry will 100% convince you. There should be no question in your mind that short sales are simply one of the best ways to truly be of service to others and earn an amazing income for doing so. We have made it easy for you. Watch the FREE How-To list Short Sales video and then download the FREE Short Sale Secrets book NOW.
From Inman New Features:
The Obama administration has released long-awaited guidelines for a program that will provide incentives for loan servicers and homeowners to engage in short sales when borrowers who are eligible for the Home Affordable Modification Program (HAMP) don’t qualify for a loan mod.
The guidelines prohibit loan servicers from demanding that real estate brokerages reduce the commission stated in the listing agreement as a condition of approving a short sale — a practice that’s been a sore point with many real estate agents.
Troubled borrowers interested in exploring a short sale will also be allowed to receive preapproved short-sale terms prior to the property listing, and servicers must agree to fully release them from future liability if the sale goes through.
The incentive program, which includes payments to second-lien holders who often stand in the way of short sales, was announced in May, but issuance of the guidelines was stalled over legal concerns.
Troubled borrowers who agree to a short sale or deed-in-lieu of foreclosure will receive up to $1,500 to assist with their relocation expenses. Loan servicers and investors who sign off on payments to subordinate lien holders will earn up to $1,000 for successfully completing a short sale or deed-in-lieu.
Subordinate lien holders are limited to recovering no more than $3,000 from sale proceeds, although those who object to the cap can engage in short sales outside the program.
Jeff Lischer, the National Association of Realtors’ managing director of regulatory policy, told the groups’ members last month at their annual conference in San Diego that the incentives should make a difference but won’t be a cure-all for foreclosures.
Watch the FREE How-To list Short Sales video and then download the FREE Short Sale Secrets book NOW.
Separately on Monday, Treasury and the Department of Housing and Urban Development (HUD) kicked off a program intended to help convert as many of the 375,000 borrowers who have received trial loan modifications into permanent ones (see story).
In order to “hold (loan) servicers accountable for their commitment to the program,” they will be required to submit schedules for making a decision on each HAMP-eligible loan. Servicers failing to meet performance obligations under a servicer participation agreement may be subject to monetary penalties and sanctions, the Treasury Department said in announcing that initiative.
The initiative also offers new Web tools for borrowers, including links to all of the required documents and an income verification checklist to help borrowers request a modification in four easy steps.
Some economists and housing analysts have warned that lenders’ foreclosure prevention efforts aren’t keeping pace with deteriorating loan performance.
An industry coalition of mortgage servicers and investors, HOPE NOW, says its members have provided 2.1 million loan workouts in the first eight months of 2009. While nearly half of homeowners entering the foreclosure process in in 2007 ended up losing their homes, only about one in three do today, the group said.
But the number of homes in foreclosure or headed there continues to grow. A record 14.1 percent of homes with mortgages were at least one payment behind or in foreclosure at the end of September, according to the latest numbers from the Mortgage Bankers Association.
Nearly one in 10 loans outstanding on one- to four-unit residential properties — a seasonally adjusted 9.64 percent — were delinquent, up from 9.24 percent at the end of June and 6.99 percent a year ago.
Another 4.47 percent of outstanding loans were in the foreclosure process, up from 4.3 percent at the end of June and 2.97 percent a year ago.
MBA Chief Economist Jay Brinkmann said delinquencies and foreclosures continue to rise despite the recession having ended in mid-summer, “because mortgages are paid with paychecks, not percentage-point increases in (gross domestic product),” and unemployment remains high.
Over the last year, the ranks of the unemployed have increased by about 5.5 million people, Brinkmann said, increasing the number of seriously delinquent loans by almost 2 million.
Prime, fixed-rate loans accounted for the largest share of foreclosures starts and were the biggest driver of the increase in foreclosures, Brinkmann said. One in three foreclosures started in the third quarter were on prime fixed-rate loans, and those loans accounted for 44 percent of the quarterly increase in foreclosures, he said.
The foreclosure numbers for prime fixed-rate loans will get worse, he said, because they also represent most of the recent increase in loans 90 days or more past due, but not yet in foreclosure.
Watch the FREE How-To list Short Sales video and then download the FREE Short Sale Secrets book NOW.
More than 4 million loans were in foreclosure at the end of September or “seriously delinquent” — more than 90 days past due, the MBA said. That’s slightly more than the total number of homes currently on the market, although there’s some overlap between the numbers.
Brinkmann said he expects delinquency and foreclosure rates will continue to worsen before they improve. It’s unlikely the economy will begin adding jobs until sometime next year, he said, and then only at a very slow pace.
When the economy does begin to add more jobs, those jobs probably won’t be in regions of the country with the biggest excess housing inventory and the highest delinquency rates, Brinkmann said.
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More information on the Obama Administrations crack down on the lenders.
Anything that helps more folks keep their homes…
Anything that helps to expedite the short sale process….for those who can’t or choose not to keep their homes…
Anything that leads to the end of this housing crisis….
Every agent should support.
In this market agents must know about loan modifications. Even if that simply means having the ability to answer questions about loan mods….agents must be ready and able to be the nations resource for all things housing. Yes, you can mod your own loan…save yourself $100s per month and $1000s per year…yes, you can do loan mods for profit. Watch the FREE Agent Loan Mod Secrets video and download the FREE Loan Mod Secrets book.
Here is the CNBC Video:
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Very interesting, breaking news about housing….
Has the real estate markets FINALLY hit bottom?
Get this:
* 7 months of national inventory!
* Average national home sale price $173,000.
* 1/3 of ALL sales nationally are ‘distressed sales’ (Short Sales and Foreclosures)
* Home buyer tax credit going into next spring may solidify the housing recovery…
Here is the video:
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