Do you have questions about how the process of selling or buying a Short Sale works? Ask me and I will happily answer your questions.
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Great horse property with excellent location between Boulder and Longmont. Unbelievable views of foothills and Back Range including Longs Peak. Property is fully fenced and nicely landscaped. Huge deck off the back to enjoy the views and wildlife! Open floor plan flows easily and is great for entertaining. Newly remodeled kitchen with granite countertops and stainless steel appliances. House is light and bright. Exterior was recently painted.
I want to hear your opinions, then I’ll answer the Question and explain my answer. What are the best deals on the market? Bank owned or short sales?
Send anyone you know looking to buy and sell to me, and you BOTH get $100.00 Visa card. Make sure your loved ones get the best Agent and get some extra spending cash. I promise the best for you and your referrals. Radius Real Estate, HOME OF THE FLAT RATE LISTING AND FREE INSPECTIONS.
March 26, 2012
– — Many factors contribute to the experience and success of buying and selling homes, but even in the digital age of a more transparent real estate market, working with a good real estate agentcontinues to be one of biggest impacts on either side of the transaction.
But how do you pick the right person to represent you or your home?
Before you just start asking your friends or digging through the fliers in your mailbox or hunting online, here are a few dos and dont’s you should seriously consider when selecting an agent.
- Ask people you trust for agent recommendations, but take what they say with a grain of salt. Did they recently buy a home in your same price range? Have they had a successful time selling their home? Just because this agent worked out well for them does not guarantee the same experience for you.
- Research. Most real estate websites, including Zillow, have online agent reviews. This can be a good starting place.
- Find an agent that specializes in what you’re trying to do. Don’t select an agent who sells $2 million homes to help you find a $200,000 home. Check out current home listings. Do you like the photos, the description? Try contacting the agent to see if they’re available for you.
- Interview the agent. What is their specificmarketing plan for your home? How will they negotiate so that you can be the winning bidder on your dream home? Why are they the best option for you? Can you call some of their past clients?
- Set up expectations. What do you want from them? Outline your needs from the get-go so there won’t be any surprises down the road.
- Make sure you get along with the agent. You don’t need to be best friends, but ultimately there should be some sort of rapport that allows for a successful business relationship.
- Pick friends or family. You don’t want to jeopardize a friendship if the buying or selling process gets difficult. Also, be wary of hiring even a friend of a friend, or someone recommended. If you’re serious about real estate, find someone that you can be honest and professional with. Unfortunately, that may not include your cousin or your best friend’s spouse.
- Pick someone who dually represents the buyer and the seller of the property you’re looking at. They may not be able to fully transparent with you.
- Be afraid to break up with your agent. Be honest and simply tell the agent it’s not working out. List your reasons and be respectful.
- If you’re not quite ready to be tied down to a particular agent, it’s better not to engage one until you’ve made a formal decision. You can communicate with an agent and ask for advice, but be clear upfront where you stand.
I thought this was very interesting. Check out this link. http://seekingalpha.com/#article/455201-seeing-the-end-of-the-real-estate-death-spiral very interesting information. I still think Real Estate is the best investment! Have a great day.
Inflation erodes wealth. A way to counter the threat of rising prices is by investing in so-called real assets such as gold and real estate.
Central banks have flooded the markets with cash, oil prices continue to rise, and emerging market economies are growing rapidly. That means inflation is very likely to increase in the years — if not months — ahead.
The government’s measure of inflation, known as the consumer price index, or CPI, showed that inflation increased 2.9% in January from a year earlier. That’s lower than the average rate of 3.6% since 1980. However, John Williams, an economist at Shadow Government Statistics, thinks those numbers are grossly understated given the changes in CPI calculations. If inflation were measured the same way it was in 1980, the average increase over the past 30-plus years would be 7.7%, he says.
Beginning in 2007, foreclosures rocked the real estate world. Like an out-of-control freight train, they began decimating the market, peaking in 2009. Myths and rumors began propagating like mushrooms as consumers struggled to understand the new reality. Although many misconceptions have come and gone, we still encounter five myths on a regular basis.
1. There is going to be a flood of new foreclosures to the market.
This rumor has appeared every year since 2008 and has been routinely debunked. However, recent announcements that the Feds reached a settlement over the robo-signing scandal have reignited speculation. The idea is simple: Since the cork is now out of the foreclosure bottle, we’ll soon see another flood of REOs inundating the marketplace.
My personal opinion: don’t hold your breath.
Banks have learned that if they control inventory, they can affect local prices. By releasing homes in measured amounts, they realize higher prices than if they released a glut of homes. In addition, they’ve learned that if they can mitigate their losses by agreeing to a short sale, everyone wins.
2. You can go directly to a bank to buy a foreclosure.
Every few weeks I’m asked how to buy foreclosures direct from a bank. Someone knows a friend being foreclosed on and they want to step in and grab the house before it hits the market. Don’t we all? In reality, banks have a simple system – they first offer properties on the courthouse steps. The rest they assign to asset mangers who then hire local real estate agents to put them on the market along with all the other homes. Want an REO? Pay cash at the courthouse steps or get in line witheveryone else when they hit the local MLS (Multiple Listing Service).
3. You can get a killer deal by submitting lowball offers on foreclosures.
You would think this myth would be dead by now. Unfortunately, like Elvis sightings, it just won’t go away. Here’s the truth: Banks want REOs sold in 30 days or less, so they typically appear on the market priced slightly under comparable properties. If the property doesn’t sell quickly, the bank will lower the price after about 30 days. Lowball offers are ignored and are, quite frankly, a waste of everyone’s time and effort. You might get a deal by offering a lower price on a foreclosure that’s been sitting on the market for more than 90 days, but remember that there are good reasons it’s gone unsold for so long. And even if you have cash, your lowball offer won’t be accepted —seriously.
4. You can’t use foreclosures when doing an appraisal.
Or short sales, for that matter. That is no longer true. In fact, in many neighborhoods, that’s all that’s there. Therefore, foreclosed or distressed sales represent the actual value of homes in the area and HAVE to be used to appraise other properties. Don’t like it? Get over it. Times have changed and the ways neighborhoods are valued have changed as well.
5. Foreclosures are only affecting the bottom end of the market.
This used to be true. However, while foreclosure rates on the lower end of the market have actually decreased,they’re actually increasing on the upper end. According to Daren Blomquist, vice president of RealtyTrac, the market share of foreclosed homes under $1 million is shrinking, but those among properties valued over $1 million are rising – up 115% since 2007. And foreclosures on properties valued upwards of $2 million have increased by 273%. While some well-known jet-setters have melted down and lost everything, others are choosing tostrategically default. They see it like liquidating a poorly performing portfolio – they have enough resources to cut their losses and move on. Historically, banks have been reticent to foreclose high-end homes and absorb a large loss, but defaulters are now forcing their hands and mansion foreclosure rates are moving on up.
Myths control behavior, and this has never been truer than in the housing market. Savvy agents will work hard to educate their clients, debunk myths, explain market trends, educate with solid facts – and actually close transactions.
Thursday’s bond market has opened flat following mixed economic news and an uneventful opening in stocks. The major stock indexes have fluctuated between positive and negative ground, but within a pretty tight range. The Dow is currently up 9 points while the Nasdaq has gained 7 points. The bond market is currently nearly unchanged from yesterday’s close, which in itself is very good news for mortgage shoppers. However, due to a sizable downward move in bonds late yesterday, we will likely still see an increase in this morning’s mortgage rates of approximately .250 of a discount point if comparing to yesterday’s morning pricing.
This morning’s big news came from the Labor Department, who posted February’s Producer Price Index (PPI). They announced an increase of 0.4%in the overall reading and a 0.2% rise in the more important core reading. The core data excludes more volatile food and energy prices, giving us a more reliable measurement of inflation at the producer level of the economy. Analysts were expecting to see 0.5% and 0.2% increases in the readings, so we can consider the data neutral to slightly favorable for the bond market and mortgage rates.
The Labor Department also announced last week’s unemployment figures this morning, revealing that 351,000 new claims for unemployment benefits were filed last week. This was a decline from the previous week’s revised total of 365,000 new claims, hinting that the employment sector strengthened last week. That makes the data negative towards mortgage rates, but since it tracks only a single week’s worth of new claims, its impact on today’s trading has been minimal.
Tomorrow has three economic reports scheduled for release. February’s Consumer Price Index (CPI) will be released early tomorrow morning, which measures inflationary pressures at the very important consumer level of the economy. Its results can definitely have a huge impact on the financial markets, especially long-term securities such as mortgage-related bonds. It is expected to show a 0.4% increase in the overall index and a 0.2% rise in the more important core data. If we see weaker than expected readings, bond prices should rise and mortgage rates would likely fall tomorrow.
February’s Industrial Production report will be released at 9:15 AM ET tomorrow. This report measures manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is expected to show a 0.5% increase from January’s level. A decline would be considered extremely favorable news for bonds and mortgage rates because it would indicate manufacturing sector weakness and a broader economic recovery is more difficult if manufacturing activity is slipping.
The week’s final piece of data is the University of Michigan’s Index of Consumer Sentiment for March just before 10:00 AM ET tomorrowjk. This index gives us a measurement of consumer willingness to spend. If confidence is rising, then consumers are more apt to make large purchases. This helps fuel consumer spending and economic growth. A drop in confidence will probably hurt the stock markets and boost bond prices, leading to lower mortgage rates, assuming the CPI matches forecasts. Bad news for bonds and mortgage rates would be rising confidence. It is expected to show a reading of 75.8, which would be an increase from February’s final reading 75.3.