There is a misconception that auction properties are just
for foreclosures or just for investors.
Not so! Any home or business or
vacant land or apartment building or any other real property can be sold at
a real estate auction. The cool thing about selling at
auction is that while in traditional real estate sales the negotiating takes the
price down, in auction sales the price is negotiated up! Sellers and buyers who participate in
auctions are more knowledgeable in the economics of the sale than traditional
buyers. That is because both the buyers
and sellers are educated up front about the process. With auctions, not only local buyers see the
marketing, but national and international buyers as well. For more information contact us at
RealEstateAuctions.com
sharexy
Friday, November 30, 2012
Baby Boomers and Auctions
Baby boomers are an excellent market for auctions. These are the people who made their money in
the good times of our country’s economy, but are ready to sell. Many of these people have multiple properties
which may or may not have been income producing. Now that the baby boomers are well into
retirement, they want to sell. Many of
them are not on LinkedIn or otherwise networked. This means you will need to farm your
territory. Once you prove that auctions
work by selling one of their properties, they will likely ask for you to sell
the rest. They will be great references
for the future, encouraging other baby boomers who want to sell.
Friday, November 23, 2012
Spain needs buyers
Spain is so desperate for homebuyers, the country will give foreigners residency just to buy into the market. If you buy a home for more than 160,000 euros you get residency, but not a work permit.-HousingWire, jgaffney@housingwire.com.
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Real estate auctions are growing in popularity. I just read an article in Housingwire about a company in the NE doing auctions in the Carolinas. Now that I am in a real estate auction company, it seems more people are interested in it than I remembered seeing. Our company, RealEstateAuctions.com is holding a statewide auction in January. Check out our website for more information on auctions around the nation.
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Kerri Anne Panchuck in HousingWire says:
Refi's make up 81% of all mortgage applications right now. Adjustable rate mortgages make up 4% and are continuing to rise in popularity.
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According to cmlynski in HousingWire,
Bernanke said tighter lending conditions have been a major factor in the housing slowdown.
"It seems at this point the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes," he recently said.
I reported a while back that banks were raising their acceptalbe credit score level. The question is will the banks loosen up their requirements? I think not until the regulations lighten up and the banks are allowed to charge more interest so they can make money on the loans. Basel III regulations are depressors for the banking industry.
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MHopkins at HousingWire reports: There has been a jump in payment delinquencies on recently refinanced mortgages. This problem will be with us through 2013.
Shadow inventory fell to 2.3 million homes.
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Will the fiscal cliff end the mortgage deduction?
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Real estate auctions are growing in popularity. I just read an article in Housingwire about a company in the NE doing auctions in the Carolinas. Now that I am in a real estate auction company, it seems more people are interested in it than I remembered seeing. Our company, RealEstateAuctions.com is holding a statewide auction in January. Check out our website for more information on auctions around the nation.
-------------------------------------------------------------------------------
Kerri Anne Panchuck in HousingWire says:
Refi's make up 81% of all mortgage applications right now. Adjustable rate mortgages make up 4% and are continuing to rise in popularity.
-------------------------------------------------------------------------------
According to cmlynski in HousingWire,
Bernanke said tighter lending conditions have been a major factor in the housing slowdown.
"It seems at this point the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes," he recently said.
I reported a while back that banks were raising their acceptalbe credit score level. The question is will the banks loosen up their requirements? I think not until the regulations lighten up and the banks are allowed to charge more interest so they can make money on the loans. Basel III regulations are depressors for the banking industry.
----------------------------------------------------------------------------
MHopkins at HousingWire reports: There has been a jump in payment delinquencies on recently refinanced mortgages. This problem will be with us through 2013.
Shadow inventory fell to 2.3 million homes.
----------------------------------------------------------------------------
Will the fiscal cliff end the mortgage deduction?
----------------------------------------------------------------------------
RealEstateAuctions.com is now hiring project Managers to
help service our auctions in Northwest Georgia.
Expected annual earnings for the position are $120,000-$300,000. For more information email jpierce@realestateauctions.com. We are, also hiring in all parts of the US, so contact the company through the website for other states in these United States.
Sunday, November 18, 2012
HUD chief Shaun Donavan said in a phone conference that 1.3 million Americans have been removed from the list of underwater mortgagors. Paul Muolo who is reporting in Origination News is waiting to see if it is true.
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FHA is $13.48 billion in the hole. "The FHA will likely ask Congress to petition the Treasury to make up the shortfall." So says Christina Mlynski in HousingWire. This is a bailout!
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C Mlynski reports in HousingWire: Due to declining inventory, housing prices are rising. The number of homes for sale in October declined 28.9% from a year earlier. "2012 looks like the turn around year for housing with significant increases in sales and prices", says Margret Kelly of ReMax.
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Mike Larson in Money and Markets says: Yes, there is a recovery, but it isn't strong due to the Federal Reserve artifically suppressing interest rates and Bernanke's "strategy of trying to inflate asset prices far beyond their intrinsic value". In other words, he expects a drop in the real estate market yet again.
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Bank of America has just been ranked the worst for customer service by consumers. So says TBWS.
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National home ownership has declined for four years, 2007-2011 especially for those aged 25-44. Renting has increased by almost the same amount, but not quite. Ownership is down 2.6% and rentership is up 2%. -mhopkins in HousingWire-. (The problem is that of all the articles I read, almost no one is saying that the problem comes from so many Americans going into bankruptcy or other sever credit problems. That means it may be seven years or so for the market to recover from the economic crisis in the form of housing recovery. Too many people made over reaching housing purchases and are now paying for it. We are seeing it in the form of a slow housing market.)
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Mortgage rates hit an all time low for the fixed rate at 3.34% as of yesterday. The 15 yr FRM hit 2.65%.
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The Irvine, Calif.-based foreclosure research firm reported 186,455 default notices, scheduled auctions and bank repossessions. That is up 3% from September and indicates that one out of every 706 U.S. homes faced a foreclosure filing last month, according to RealtyTrac as reported in HousingWire.
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I am adding my own real estate news from now on since I just changed companies and am soooo happy with the business model of this company.
---------------------------------------------------------------------
FHA is $13.48 billion in the hole. "The FHA will likely ask Congress to petition the Treasury to make up the shortfall." So says Christina Mlynski in HousingWire. This is a bailout!
-----------------------------------------------------------------------
C Mlynski reports in HousingWire: Due to declining inventory, housing prices are rising. The number of homes for sale in October declined 28.9% from a year earlier. "2012 looks like the turn around year for housing with significant increases in sales and prices", says Margret Kelly of ReMax.
---------------------------------------------------------------------
Mike Larson in Money and Markets says: Yes, there is a recovery, but it isn't strong due to the Federal Reserve artifically suppressing interest rates and Bernanke's "strategy of trying to inflate asset prices far beyond their intrinsic value". In other words, he expects a drop in the real estate market yet again.
---------------------------------------------------------------------
Bank of America has just been ranked the worst for customer service by consumers. So says TBWS.
---------------------------------------------------------------------
National home ownership has declined for four years, 2007-2011 especially for those aged 25-44. Renting has increased by almost the same amount, but not quite. Ownership is down 2.6% and rentership is up 2%. -mhopkins in HousingWire-. (The problem is that of all the articles I read, almost no one is saying that the problem comes from so many Americans going into bankruptcy or other sever credit problems. That means it may be seven years or so for the market to recover from the economic crisis in the form of housing recovery. Too many people made over reaching housing purchases and are now paying for it. We are seeing it in the form of a slow housing market.)
-----------------------------------------------------------------------
Mortgage rates hit an all time low for the fixed rate at 3.34% as of yesterday. The 15 yr FRM hit 2.65%.
-----------------------------------------------------------------------
The Irvine, Calif.-based foreclosure research firm reported 186,455 default notices, scheduled auctions and bank repossessions. That is up 3% from September and indicates that one out of every 706 U.S. homes faced a foreclosure filing last month, according to RealtyTrac as reported in HousingWire.
--------------------------------------------------------------------------
I am adding my own real estate news from now on since I just changed companies and am soooo happy with the business model of this company.
REA
Updates for 11-16-12
Many
New Auctions Scheduled on RealEstateAuctions.com!
Visit our homepage to see our events planned for IL, CA,
TX, NY, GA and FL! http://tinyurl.com/cxlmz6u
When is an Auction Not Really an
Auction?
Robert Lane visited one near San Francisco that had the
look and sounds…but was it really? http://tinyurl.com/dx6a4tf
Atlanta-area Housing For Sale: Why the
Sudden Shortage?
Steve Adkins looks into why there are relatively so few
listings in and around Atlanta. http://tinyurl.com/btwarwx
Meet Grace Tsang, Our New Team
Leader in San Jose, CA!
Tech industry
veteran, Realtor® and multi-state investor who’s got a real passion for real estate! http://tinyurl.com/c29fsdu
Auctions are Many Things, But are They
Beautiful?
Absolutely, says our Florida Team Leader Julie Smith
Searer, who brings back a report from the NAR convention in Orlando. http://tinyurl.com/bsqvaw3
Monday, November 12, 2012
Sunday, November 11, 2012
According to Elise Glink today, there will be 20% fewer borrowers in the coming years. This is due to banks lending less, requiring higher credit scores and larger down payments. This will hinder the housing recovery.
-------------------------------------------------------------------------
A couple of the newsletters I read are saying that the Western world is reducing its credit borrowing.
---------------------------------------------------------------------------
"Restructuring is the necessary condition for credit expansion and job growth. Without private-sector credit growth there can be no jobs. Without justice for investors, pension funds and banks defrauded to the tune of hundreds of billions of dollars, there can be no investor confidence to support private finance. And unless the Fed and other regulators in Washington break the cartel in the U.S. housing sector led by Fannie Mae, Freddie Mac and the top four banks, there will be no meaningful economic recovery for years. Instead we will face hyperinflation and social upheaval, both care of the well-intentioned economists on the FOMC."-Christopher Whalen in HousingWire also in www.zerohedge.com.
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Interest rates still hover at all-time lows. The 30 year fixed rate mortgage average was 3.39%. A year ago it was 4%. The 15 year FRM was 2.74% this year, whereas last year it was 2.96%.
--------------------------------------------------------------------------------
Fannie Mae has, apparently, reached agreements with nine mortgage insurers to be more efficient with short sales and deeds-in-lieu. This should help speed up the foreclosure prevention process as well. We will see.
----------------------------------------------------------------------------------
Wells Fargo has mailed refunds of mortgage fees to FHA borrowers. However, if the recipient cashes the check they are not allowed to sue WF for this practice.
----------------------------------------------------------------------------------
Superstorm Sandy could cost $100 billion. While the net economy of the Northeast will be reasonable, the income will be redistributed from home and business owners to the construction industry. This event is expected to drop the GDP 1/2 of a percent.
-----------------------------------------------------------------------------------
Some community banks and credit unions are beginning to loan to home owners who have problems proving their income, such as the self-employed.- Paul Muolo in Origination News
------------------------------------------------------------------------------------
-------------------------------------------------------------------------
A couple of the newsletters I read are saying that the Western world is reducing its credit borrowing.
---------------------------------------------------------------------------
"Restructuring is the necessary condition for credit expansion and job growth. Without private-sector credit growth there can be no jobs. Without justice for investors, pension funds and banks defrauded to the tune of hundreds of billions of dollars, there can be no investor confidence to support private finance. And unless the Fed and other regulators in Washington break the cartel in the U.S. housing sector led by Fannie Mae, Freddie Mac and the top four banks, there will be no meaningful economic recovery for years. Instead we will face hyperinflation and social upheaval, both care of the well-intentioned economists on the FOMC."-Christopher Whalen in HousingWire also in www.zerohedge.com.
-------------------------------------------------------------------------------
Interest rates still hover at all-time lows. The 30 year fixed rate mortgage average was 3.39%. A year ago it was 4%. The 15 year FRM was 2.74% this year, whereas last year it was 2.96%.
--------------------------------------------------------------------------------
Fannie Mae has, apparently, reached agreements with nine mortgage insurers to be more efficient with short sales and deeds-in-lieu. This should help speed up the foreclosure prevention process as well. We will see.
----------------------------------------------------------------------------------
Wells Fargo has mailed refunds of mortgage fees to FHA borrowers. However, if the recipient cashes the check they are not allowed to sue WF for this practice.
----------------------------------------------------------------------------------
Superstorm Sandy could cost $100 billion. While the net economy of the Northeast will be reasonable, the income will be redistributed from home and business owners to the construction industry. This event is expected to drop the GDP 1/2 of a percent.
-----------------------------------------------------------------------------------
Some community banks and credit unions are beginning to loan to home owners who have problems proving their income, such as the self-employed.- Paul Muolo in Origination News
------------------------------------------------------------------------------------
Basel III may be killed or at least postponed.
Good news from Christina Mlynski in HousingWire:
"The Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued notices Friday to postpone current regulatory capital rules for the Basel Committee on Banking Supervision until an unspecified date." Because of this the cost of real estate transactions will remain the same and banks will continue lending at current levels instead of tightening requirements. Let's all rejoice! Pray that Basel III will be killed entirely. (http://www.housingwire.com/news/bank-regulators-delay-date-basel-iii-capital-requirements)
--------------------------------------------------------------
The Dodd-Frank bill is coming under numerous lawsuits. Some litigants are winning the legal fight to eliminate regulations. Since Romney didn't win the election, the big companies are going to court to fight this bill. So far the courts are favorable to the companies bringing the suites.
-----------------------------------------------------------------
According to TBSW:
According to LPS, mortgage delinquencies are up. They are at the highest level in four years. They expect more refi's and short sales in the coming months.
Fannie and Freddie are in the black for the first time in 6 yrs. Does this mean we will keep the GSE's?
------------------------------------------------------------------------
CMlynski reports in HousingWire:
"The 15-year FRM averaged 2.69%, with an average 0.7 point. This decreased from last week, which averaged 2.7%. The 15-year FRM average was 3.3% a year prior." This is good news for buyers. With housing prices rising and inventory down, we need all the good news we can get. http://www.housingwire.com/content/freddie-mac-mortgage-rates-remain-near-record-lows
-----------------------------------------------------------------
According to Cmlynski in HousingWire:
"On Nov. 1, the Federal Housing Finance Agency put in to place the short sale guidelines for both Freddie Mac and Fannie Mae. The guides will provide a more consistent and efficient approval process for servicers and borrowers."
Fannie Mae is happy with it's bulk REO sale and is planning on doing more. But, they don't sound as though it will be the way of the future. Just another tool in the shed.
http://www.housingwire.com/news/fannie-mae-pleased-reo-bulk-sale-pilot
--------------------------------------------------------------------
According to TBSW:
The median housing price is up 7.6% from this time last year.
Also, if you hear that HUD is broke, don't believe it. They have more capital than they did 4 yrs ago. It is just in a different account, but can be moved back to where it will be counted as following the law as to how much they must have.
The Mortgage Relief Act has not been extended. It expires at the end of the year. This will decrease home sales by 20%. This is the act which, during a short sale or loan modification, allows the principle not to be taxed as income. If it is not extended, distressed home owners will prefer to go into foreclosure or bankruptcy rather than be taxed when they cannot afford it. The average debt forgiveness on the average home is about $65,000.
15% of home sales contracts are falling through. The average credit score Fannie Mae rejected is now 734, two points higher than a year ago, and the average down payment rejected is 19%. This is because the powers-that-be are downsizing Fannie and Freddie. So, there will be fewer loans.
Reasonable underwriting standards must be established. We, also, need to keep the mortgage deduction in order to encourage a fragile housing market.
Because of superstorm Sandy, Barry Habib expects mortgage rates to fall again. We will see.
------------------------------------------------------------------------
Half of the community banks expect to make the choice in the next year of whether or not to stay independent. This is due to Basel III and Frank-Dodd.
"The Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued notices Friday to postpone current regulatory capital rules for the Basel Committee on Banking Supervision until an unspecified date." Because of this the cost of real estate transactions will remain the same and banks will continue lending at current levels instead of tightening requirements. Let's all rejoice! Pray that Basel III will be killed entirely. (http://www.housingwire.com/news/bank-regulators-delay-date-basel-iii-capital-requirements)
--------------------------------------------------------------
The Dodd-Frank bill is coming under numerous lawsuits. Some litigants are winning the legal fight to eliminate regulations. Since Romney didn't win the election, the big companies are going to court to fight this bill. So far the courts are favorable to the companies bringing the suites.
-----------------------------------------------------------------
According to TBSW:
According to LPS, mortgage delinquencies are up. They are at the highest level in four years. They expect more refi's and short sales in the coming months.
Fannie and Freddie are in the black for the first time in 6 yrs. Does this mean we will keep the GSE's?
------------------------------------------------------------------------
CMlynski reports in HousingWire:
"The 15-year FRM averaged 2.69%, with an average 0.7 point. This decreased from last week, which averaged 2.7%. The 15-year FRM average was 3.3% a year prior." This is good news for buyers. With housing prices rising and inventory down, we need all the good news we can get. http://www.housingwire.com/content/freddie-mac-mortgage-rates-remain-near-record-lows
-----------------------------------------------------------------
According to Cmlynski in HousingWire:
"On Nov. 1, the Federal Housing Finance Agency put in to place the short sale guidelines for both Freddie Mac and Fannie Mae. The guides will provide a more consistent and efficient approval process for servicers and borrowers."
Fannie Mae is happy with it's bulk REO sale and is planning on doing more. But, they don't sound as though it will be the way of the future. Just another tool in the shed.
http://www.housingwire.com/news/fannie-mae-pleased-reo-bulk-sale-pilot
--------------------------------------------------------------------
According to TBSW:
The median housing price is up 7.6% from this time last year.
Also, if you hear that HUD is broke, don't believe it. They have more capital than they did 4 yrs ago. It is just in a different account, but can be moved back to where it will be counted as following the law as to how much they must have.
The Mortgage Relief Act has not been extended. It expires at the end of the year. This will decrease home sales by 20%. This is the act which, during a short sale or loan modification, allows the principle not to be taxed as income. If it is not extended, distressed home owners will prefer to go into foreclosure or bankruptcy rather than be taxed when they cannot afford it. The average debt forgiveness on the average home is about $65,000.
15% of home sales contracts are falling through. The average credit score Fannie Mae rejected is now 734, two points higher than a year ago, and the average down payment rejected is 19%. This is because the powers-that-be are downsizing Fannie and Freddie. So, there will be fewer loans.
Reasonable underwriting standards must be established. We, also, need to keep the mortgage deduction in order to encourage a fragile housing market.
Because of superstorm Sandy, Barry Habib expects mortgage rates to fall again. We will see.
------------------------------------------------------------------------
Half of the community banks expect to make the choice in the next year of whether or not to stay independent. This is due to Basel III and Frank-Dodd.
Sunday, November 4, 2012
According to Elise Glink today, there will be 20% fewer borrowers in the coming years. This is due to banks lending less, requiring higher credit scores and larger down payments. This will hinder the housing recovery.
-------------------------------------------------------------------------
A couple of the newsletters I read are saying that the Western world is reducing its credit borrowing.
-------------------------------------------------------------------------
A couple of the newsletters I read are saying that the Western world is reducing its credit borrowing.
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