Sorting out the mortgage crisis and the onslaught of home foreclosures are at the top of the long list of challenges President Barack Obama is already tackling his first week in office. Obama promises to “approach the old challenge of affordable housing with new energy, new ideas, and a new, efficient style of leadership.†Yes, [...] Read more »
Property of the Week – Spacious Westside Long Beach Home
2880 Caspian Avenue, Long Beach, Calif. Price: $295,000 CLICK HERE FOR MORE PHOTOS Square Feet: 2,058 Lot Size: 5,865 sq. ft. Rooms: 5 bedrooms, 3 baths Extras: 2-door detached garage, partial copper plumbing, new roof, new laminate floors Located in an attractive neighborhood in Long Beach’s Westside, this exceptionally large home is perfect for large [...] Read more »
What Happened at REOMAC?
I just got back this week from the 2008 REOMAC Fall Conference in Hollywood, Florida. The event was attended by approximatley 2,000 industry people including asset managers, portofolio managers, REO brokers, attroneys and service provides. The event was more than half the size of thhe 5 Star Conference in Dallas last month. This gave the [...] Read more »
Secrets to Buying a Foreclosure-Series Intro
In this video I talk about one of the secrets to buying a foreclosure. This is going to be the beginning of a series of videos to help real estate buyers learn about buying foreclosed property. I am an REO agent. This means that I work for the banks to help them sell their foreclosed [...] Read more »
How to Buy Foreclosure Properties in Los Angeles and Orange County, California
I regularly deal with a number of large asset management companies and lenders who need to sell off their real estate owned property, often referred to as REO property. The word on the street is that most are expecting a 100% increase in the number of properties that are going to foreclosure in the next [...] Read more »
Benefits of a Short Sale Versus a Foreclosure
A great real estate agent and friend of mine, Aaron Simons, sent me this chart about the consequences of a short sale versus a foreclosure. The chart was developed by the Distressed Property Institute. I think it does an excellent job of dispelling some myths about short sales and their actual consequences to a borrower. [...] Read more »
Countrywide Takeover Will Pay Off, B of A’s CEO Says
This is a great article from the Los Angeles Times about the BofA and Countrywide merger. The most interesting point is that the CEO of BofA, Ken Lewis, thinks that the California real estate market has about another 20% drop in the not too future…I would have to agree. This is one of the first [...] Read more »
Countrywide Short Sales
I learned an interesting fact the other day from a Countywide Loss Mitigation Negotiator. These are the people that we work with when we are negotiating a short sale. This individual said that Countrywide has over 28,000 short sales in process, but only closes about 7% of these. Wow!! You know what that means? Only [...] Read more »
