CoreLogic: 43.4% of Sacramento-area mortgages “underwater”
Thursday, September 2nd, 2010 | Foreclosures, Real Estate Investing, Short Sales | No Comments
This is a quick snippet I came across this morning after my workout… The article provides a link to what’s going on in the Central Valley. Hey, I know most of us don’t live in California, but with a population of 38MM it’s still a juggernaut and one of the largest economies in the world. With so many houses upside down, one wonders what can be done? ~Josh
See more in The Sacramento Bee
Housing quagmire: Is it time to remove relief?
Thursday, September 2nd, 2010 | Real Estate Investing, Real estate short sales | No Comments
Another good article that proposes a couple good questions at the end to consider…
~josh
“For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month — one program would help qualified homeowners refinance their mortgages after seeing their property values fall below the amount they owe, and the other includes another round of funding to help the unemployed or underemployed with their payments.”
See CNN
Duke suggests renting option could ease foreclosures, help housing market
Thursday, September 2nd, 2010 | Real Estate Investing, Short Sales | No Comments
A good article that builds on the one I posted before it. Question: How likely would you be to pay your lender rent on your house until you could get back on your feet?
~josh
Read more at The Hill
“Live Fire” BPO’s done right over the phone!
Thursday, September 2nd, 2010 | Uncategorized | No Comments
Good morning!
I’m so excited about my webinar tonight – I’m starting the countdown. Once again I have information that will literally transform your business. Do you hate negotiating short sales? Is that why you avoid them like the plague? Or have others do it for you? Or delegate it? Or outsource it?
Then you need to join this webinar I’m hosting tonight at 8:30pm EDT.
Click here to register.
If you’re avoiding short sales because you’ve had a bad experience or because you heard they’re a pain in the neck, then this is for you. It all has to do with negotiating THE RIGHT WAY.
And no one knows how to do it better than my special guest and good buddy, Dean Edelson. Dean is a Jedi Master at negotiating with loss mitigators. He’s been negotiating short sales for 7 YEARS… that’s over 2000 loss mitigation calls!
I don’t throw the “Jedi Master” term around lightly; this guy really is the best. Remember my webinar last week with Jerami King? He shared his inside knowledge on specific banks and their procedures to approve deals. He explained the percentages the top banks are taking off their BPOs and off their payoff balances.
Tonight Dean and I are going to build on that information and focus on how to ACTUALLY negotiate and SPECIFICALLY what to say when you’re on the phone with a bank. Dean has actually recorded over 1600+ loss mitigation calls he’s done so he has a library of mp3 audio files with “live fire” recordings.
******************************************************************************************
You’ll hear several of these calls live. You’ll even hear how to do the BPO right over the phone from your home or office so you don’t have to drive to the properties and meet BPO agents.
******************************************************************************************
What he will reveal to you is a GAME CHANGER.
Click here to register.
Get the *real* inside scoop on how to negotiate like the pros…
*Get your deals approved FASTER.
*Create bigger profits.
*Blast through bank red tape.
*Use this training to then re-train your staff
Go here now and see for yourself.
Peace,
Josh
P.S. You’re gonna like this, I guarantee it. Wait, in fact, Dean guarantees it.
If you feel that your time on the call was wasted, he’ll give you your time back. Yep, you read that right. If you stick around for the entire call, but weren’t impressed with what you heard…
…He’ll give you a FREE 15 minute one-on-one PERSONAL short sale consultation. No questions asked.
Register for the webinar now.
Free One On One Short Sale Negotiation Training
Wednesday, September 1st, 2010 | Real Estate Investing, Real estate short sales, Short Sales | No Comments
Morning!
I just finished up a morning bike ride to get in my daily exercise. My doctor said I’m having back spasms so I’m riding my bike instead of lifting weights.
Man does it feel good.
Anyway, I was thinking about you while I was riding and I have a question….
Do you negotiate your own short sales? OR do you have an employee, vendor or outsourcing company that does it?
Are they doing a good job? Could they be better? Faster? Get lower prices, bigger discounts and faster approvals?
Well if you answered “YES” to any of these questions, you have to get on Thursday night’s training call.
Whether you’re a real estate agent, mortgage broker, short sale investor, lawyer or do loan modifications, then boy, do I have something for you!
Join me on Thursday, Sept. 2 at 8:30pm Eastern to learn how you can get access to information that will COMPLETELY CHANGE how you negotiate your short sale deals.
You remember that last week I had a fantastic call with Jerami King who shared his inside knowledge on specific banks and their procedures to approve deals.
Jerami has a team of people he had to train, and I’m going to hook you up with “The Guy” who helped train all 20+ of Jerami’s employees, my good friend Dean Edelson.
Let’s face it…no one likes negotiating short sales. What we like is the end result. The approval letter.
So what if you could EASILY:
*Slam past loss mitigation roadblocks.
*Know exactly what to say to 1st mortgages to trigger the BPO.
*Negotiate effectively with 2nd mortgages, 3rd mortgages, lien holders, even the IRS.
*Get your deals approved FASTER.
*Create bigger spreads.
*Cut response time in half.
*Close more deals for more profits.
Go here now to register for tomorrow’s webinar.
He’s doing something you’ve NEVER heard before on a webinar… and it’s the key to your negotiating success. He’s going to play something on the call for you that will blow you away.
GUARANTEED.
Did I mention he’s crazy? He is. Because here’s his guarantee…
If you feel that your time on the call was wasted, he’ll give you your time back. Yep, you read that right. If you stick around for the entire call, but feel you weren’t impressed with what you heard, that you didn’t get any value out of the great content…
He’ll give you a FREE 15 minute one-on-one PERSONAL short sale consultation. No questions asked.
This crazy guarantee has people swarming to listen in, so hurry up and register now!
Peace,
Josh
P.S. I told you he was nuts. Register for this insane webinar.
Superman to the Rescue, Again!
Wednesday, September 1st, 2010 | Bank owned, Foreclosures | No Comments
It seems Superman’s powers just can’t be stopped.
In his latest rescue, a family on the brink of foreclosure saved their home when they found a rare copy of Superman’s debut comic, Action Comics #1, in their basement. The family was packing up their home when they came across a stash of old magazines and comic books. They contacted a local comic book dealer to see what they could pawn. The dealer was hesitant at first, but saw it was the real deal after the family sent him a photo. The dealer then took the issue to Comic Con to be valued. It is expected to fetch upwards of $250,000 at auction at the end of August. So how does this help the family now? The co-owner of the comic book store presented the bank with information on previous rare edition auctions and proof of what this issue could bring – telling them, they’d have their money soon. Once again, Superman saves the day.
Mortgage Closing Costs Jumped 40% in Illinois
Wednesday, September 1st, 2010 | Real Estate Investing | No Comments
Mortgage rates are the lowest they’ve been in a long time, and those people who are in a position to be able to capitalize on the market conditions and buy a home are facing another challenge: rising mortgage closing fees.
In Illinois alone last year, mortgage closing costs rose by 40%. The national average is 37%. Why the big jump? It has to do with new regulations on the mortgage industry that went into effect in January. Lenders are now required to provide much more accurate estimates of closing fees. If their estimates are not within 10% of the actuals, they are slapped with a fine. That means more time and labor going into preparing a loan, and bank being more honest. It also means fewer surprises for consumers in the end, but steeper fees. Either way, the result is not good.
Devalued Homes Anchor Prospective Job Seekers
Tuesday, August 31st, 2010 | Foreclosures, Real Estate Investing, Real estate short sales, Short Sales, Uncategorized | No Comments
In a recent post, I asked a question about how the recent housing meltdown has possibly changed the American Dream. This article support something that I’ve long considered, that housing can be more than just a financial burden; that it can prohibitively anchor someone to a community with limited opportunities and be an albatross around the neck.
Example, much of the Midwest is filled with communities that thrived as long as the local factory was in town. Unfortunately, most of them have been shut, taking their tax breaks and headed over seas for cheap labor. Millions of people were stranded in houses they couldn’t afford and communities with little to no financial opportunity… and this was long before the housing crash!
If you haven’t yet started your rental portfolio, now might be a good time to consider landlording. But before you do, make sure to check out our newest release, call Landlording Confidentail by Jeff Watson. You won’t want to miss the expertise he shares from his 25 years of experience maintaining a rental portfolio.
Oh… and be sure to check out this article. See NPR.
Procrastination on Foreclosures, Now ‘Blatant,’ May Backfire
Tuesday, August 31st, 2010 | Foreclosures, Pre-foreclosure, Real estate short sales, Short Sales, Wholesale properties | No Comments
This article builds on where the NYtimes piece left off…
“The industry as a whole got into a panic mode and was worried about all these loans going into foreclosure and driving prices down, so they got all these programs, started Hamp and internal mods and short sales,” said John Marecki, vice president of East Coast foreclosure operations for Prommis Solutions, an Atlanta company that provides foreclosure processing services. Until recently, he was senior vice president of default administration at Flagstar Bank in Troy, Mich. “Now they’re looking at this, how they held off and they’re getting to the point where maybe they made a mistake in that realm.”
What are you seeing in your market? Are prices finally coming in line with area local incomes? ~josh
See American Banker.
Widespread Fear Freezes Housing Market
Tuesday, August 31st, 2010 | Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales, Short Sales | No Comments
Well, you really can’t miss when you begin with a lead-in like this:
“ You have to wonder sometimes what they’re smoking over there at the National Association of Realtors.”
What real estate investor the past seven years hasn’t wondered the same thing?
~josh
See The New York Times.
