Good luck guys! Trying to fix short sales again, are we?? More power to you!
"Daily Real Estate News | April 13, 2011 | Share
NAR Applauds Short Sales Bill
A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.
“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.
NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.
“As the leading advocate for home ownership and housing issues,
REALTORS® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”"
http://www.realtor.org/RMODaily.nsf/pages/News2011041302?OpenDocument
Showing posts with label real estate agents. Show all posts
Showing posts with label real estate agents. Show all posts
Wednesday, April 13, 2011
Friday, January 21, 2011
We need more jobs!!!
Surprise, surprise. We need more jobs!!!
"Daily Real Estate News | January 21, 2011 | Share
Job Recovery is Vital for a Strong Economy
With the exception of financial companies, corporate profits in 2010 were the highest ever, which should bode well for U.S. job recovery, says NAI Global Chief Economist Peter M. Linneman. “This could be a real stimulus for the economy,” unlike government efforts which just shifted existing funds around, he says.
The problem so far is that this $1.3 trillion of excess cash isn’t translating into new jobs. Linneman, who made his remarks during a Jan. 18 webcast, attributes the inactivity to uncertainty over political policies and regulation. But he adds that once corporations achieve a level of certainty, spending “could pick up much quicker than people realize.” “I’m very optimistic about this happening,” he says.
Yet, even if job growth returns to normal rates of approximately 1.7 million new jobs per year, it will take about five years to replace the 9 million lost jobs and absorb current vacant office space. “About 85 percent of vacancies today are due to job loss, not overbuilding,” Linneman says.
Jobs are also the catalyst for multifamily demand growth, says Linneman. With more than 2 million “pent-up households," there will be more households than units waiting for them if the economy begins to add jobs at a more normal pace."
Source: "Global Economic Outlook Web Conference," Peter Linneman, NAI Global (Jan 18, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012101?OpenDocument
"Daily Real Estate News | January 21, 2011 | Share
Job Recovery is Vital for a Strong Economy
With the exception of financial companies, corporate profits in 2010 were the highest ever, which should bode well for U.S. job recovery, says NAI Global Chief Economist Peter M. Linneman. “This could be a real stimulus for the economy,” unlike government efforts which just shifted existing funds around, he says.
The problem so far is that this $1.3 trillion of excess cash isn’t translating into new jobs. Linneman, who made his remarks during a Jan. 18 webcast, attributes the inactivity to uncertainty over political policies and regulation. But he adds that once corporations achieve a level of certainty, spending “could pick up much quicker than people realize.” “I’m very optimistic about this happening,” he says.
Yet, even if job growth returns to normal rates of approximately 1.7 million new jobs per year, it will take about five years to replace the 9 million lost jobs and absorb current vacant office space. “About 85 percent of vacancies today are due to job loss, not overbuilding,” Linneman says.
Jobs are also the catalyst for multifamily demand growth, says Linneman. With more than 2 million “pent-up households," there will be more households than units waiting for them if the economy begins to add jobs at a more normal pace."
Source: "Global Economic Outlook Web Conference," Peter Linneman, NAI Global (Jan 18, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012101?OpenDocument
Monday, November 29, 2010
Lending Money to Family...
Lending Money to family may be the only way to have a purchase close... but there are positives and negatives to doing this-- I think it can truly be a win-win, but do not blindly go into this!! Make sure you know the facts and the law, so that all can be informed and protected...
_______________________
Daily Real Estate News | November 29, 2010 | Share
How to Lend to a Family Member
Carrying a mortgage for a family member can be a good investment, but it can also be tricky. Here are a few things to consider.
The lender must be comfortable with the deal. While a 30-year term is a popular bank loan, private lenders are sometimes more comfortable with shorter loan periods like 15 or 20 years. A 30-year term could be made more attractive to the lender by introducing a higher rate of interest at 10-year or 15-year intervals.
Questions to answer before agreeing to make the loan include:
▪ How will the loan be paid off if the borrower dies or is otherwise unable to complete payment or sell the property for enough to pay off the loan?
▪ What happens if the borrower goes into bankruptcy?
▪ What if the borrower fails to make timely payments?
▪ Will the lender require the borrower to escrow the property taxes and insurance?
Also, put the details of the transaction in writing and record it at the local recorder of deeds office so the borrower can’t get another loan on the property or sell the home without paying off the borrower.
Source: Real Estate Matters, Illyce R. Glink and Samuel J. Tankin (11/27/2010)
http://www.realtor.org/RMODaily.nsf/pages/News2010112906?OpenDocument
_______________________
Daily Real Estate News | November 29, 2010 | Share
How to Lend to a Family Member
Carrying a mortgage for a family member can be a good investment, but it can also be tricky. Here are a few things to consider.
The lender must be comfortable with the deal. While a 30-year term is a popular bank loan, private lenders are sometimes more comfortable with shorter loan periods like 15 or 20 years. A 30-year term could be made more attractive to the lender by introducing a higher rate of interest at 10-year or 15-year intervals.
Questions to answer before agreeing to make the loan include:
▪ How will the loan be paid off if the borrower dies or is otherwise unable to complete payment or sell the property for enough to pay off the loan?
▪ What happens if the borrower goes into bankruptcy?
▪ What if the borrower fails to make timely payments?
▪ Will the lender require the borrower to escrow the property taxes and insurance?
Also, put the details of the transaction in writing and record it at the local recorder of deeds office so the borrower can’t get another loan on the property or sell the home without paying off the borrower.
Source: Real Estate Matters, Illyce R. Glink and Samuel J. Tankin (11/27/2010)
http://www.realtor.org/RMODaily.nsf/pages/News2010112906?OpenDocument
Wednesday, August 19, 2009
People Still Want to Buy Homes
LOOK!! People still want to own homes out there :)
Take care,
Karena Jolley
MendoGroup team
CBMR
http://www.MendoGroup.com
"Daily Real Estate News | August 19, 2009 | Share
Study: Americans Still Want to Be Home Owners
Despite all of the bad news in the media about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com.
Among the findings from the study:
92 percent say that a home is a good investment for the future.
48 percent worry about losing or being unable to afford their homes.
"These results provide an interesting illustration of the public's mindset in a difficult economy," says Julie Bandy, editor in chief at Bankrate. "While nine out of 10 still believe in the American dream of homeownership, nearly half worry about losing their homes.”
Source: Bankrate.com (08/18/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009081901?OpenDocument
Take care,
Karena Jolley
MendoGroup team
CBMR
http://www.MendoGroup.com
"Daily Real Estate News | August 19, 2009 | Share
Study: Americans Still Want to Be Home Owners
Despite all of the bad news in the media about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com.
Among the findings from the study:
92 percent say that a home is a good investment for the future.
48 percent worry about losing or being unable to afford their homes.
"These results provide an interesting illustration of the public's mindset in a difficult economy," says Julie Bandy, editor in chief at Bankrate. "While nine out of 10 still believe in the American dream of homeownership, nearly half worry about losing their homes.”
Source: Bankrate.com (08/18/2009)"
http://www.realtor.org/RMODaily.nsf/pages/News2009081901?OpenDocument
Tuesday, August 18, 2009
More taxes we don't need in real estate
Hello, check this out-- new bills that cost us more money in the long run!!
Can they just work to fix our economic situation WITHOUT always thinking of new ways to tax us to death?? This one sounds like its small in the beginning, but DO NOT allow this ball to roll downhill... more and more transfer taxes/etc will really add up...
"How AB 827 & 985 affect your business:
AB 827 allows counties to collect up to an additional $3 for the recording of a real estate document, on top of other existing recording fees. Counties will then be allowed to use the proceeds from the additional "fees" to pay for the archiving of historical documents, including those from local agency meetings, records pertaining to transportation or "other records of public or historical" interest. Again, since the charge doesn't directly pay for the RECORDING of documents, it is a TRANSFER TAX, and under existing law must be approved by the voters.
In the case of AB 985, county recorders are using computer scanning now to search for, and expunge, social security numbers from records and C.A.R. has sought to have the same mechanism applied to illegal restrictions. The author has refused. C.A.R. has continued to oppose the bill because it does not utilize modern data processing methods to search for illegal restrictions and is a disguised tax. Over the last three years only about two dozen correction requests have been received statewide. AB 985 will encourage local government to overcharge for a correction program and use these funds for other programs. The $60 million the bill will raise in the first three years far exceeds the costs of actually correcting the property records in question. Again, since the fee collected does not directly pay for the RECORDING of documents, it is a TRANSFER TAX, and under existing law must be approved by the voters."
http://takeaction.realtoractioncenter.com/carealtors/notice-description.tcl?newsletter_id=42608098&r=Fp3nAn6aN5kj
Can they just work to fix our economic situation WITHOUT always thinking of new ways to tax us to death?? This one sounds like its small in the beginning, but DO NOT allow this ball to roll downhill... more and more transfer taxes/etc will really add up...
"How AB 827 & 985 affect your business:
AB 827 allows counties to collect up to an additional $3 for the recording of a real estate document, on top of other existing recording fees. Counties will then be allowed to use the proceeds from the additional "fees" to pay for the archiving of historical documents, including those from local agency meetings, records pertaining to transportation or "other records of public or historical" interest. Again, since the charge doesn't directly pay for the RECORDING of documents, it is a TRANSFER TAX, and under existing law must be approved by the voters.
In the case of AB 985, county recorders are using computer scanning now to search for, and expunge, social security numbers from records and C.A.R. has sought to have the same mechanism applied to illegal restrictions. The author has refused. C.A.R. has continued to oppose the bill because it does not utilize modern data processing methods to search for illegal restrictions and is a disguised tax. Over the last three years only about two dozen correction requests have been received statewide. AB 985 will encourage local government to overcharge for a correction program and use these funds for other programs. The $60 million the bill will raise in the first three years far exceeds the costs of actually correcting the property records in question. Again, since the fee collected does not directly pay for the RECORDING of documents, it is a TRANSFER TAX, and under existing law must be approved by the voters."
http://takeaction.realtoractioncenter.com/carealtors/notice-description.tcl?newsletter_id=42608098&r=Fp3nAn6aN5kj
Thursday, August 6, 2009
Confidence, Everyone!!!!!!!!!
Okay, I had not known about this one before (and they have not asked for my opinion, either!!)
The Real Estate Confidence Index at http://agent.point2.com/reci.asp shows what real estate professionals are feeling every month. "They rate the current local real estate market, what they expect over the short-term (3-6 months), and what they expect over the medium-term (6-12 months)."
How are you feeling?? Depending on the day, I have a slightly different viewpoint!
Take care,
Karena Jolley of the MendoGroup team
at Coldwell Banker Mendo Realty, Inc.
707 354 2999888 590 3334 fax
www.MendoGroup.com
http://mendogroup.blogspot.com/
dre# 01482063
The Real Estate Confidence Index at http://agent.point2.com/reci.asp shows what real estate professionals are feeling every month. "They rate the current local real estate market, what they expect over the short-term (3-6 months), and what they expect over the medium-term (6-12 months)."
How are you feeling?? Depending on the day, I have a slightly different viewpoint!
Take care,
Karena Jolley of the MendoGroup team
at Coldwell Banker Mendo Realty, Inc.
707 354 2999888 590 3334 fax
www.MendoGroup.com
http://mendogroup.blogspot.com/
dre# 01482063
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