short sales: Crony Capitalism is now Invading Real Estate
- 03/30/12 01:06 AM
Bank of America is Getting into the Landlord Business
In my previous post Send Your Rent Checks to 123 Wall Street, I highlighted how some of the financial terrorists that helped create the real estate fiasco to begin with are getting set to make massive profits by becoming landlords at the expense of the U.S. Taxpayer. Rolling Stone author Matt Taibbi had an absolutely Fantastic article concerning just another hidden bailout to the Banksters that everybody should read and take note. An article that is FAR BETTER then the majority of the real estate PR campaign journalists (and many so called (8 comments)
short sales: Restoring the Housing Market begins with Short Sales for Starters
- 01/05/12 08:46 PM
No Real Solution for Short Sales is Poor Advice for
"Restoring" the Housing Market
New Federal Reserve "White Paper" released 01/04/2012 offers advice on restoring the Housing Market. You can read the summary at the Mortgage News Daily Here.
"In a letter to the chairs and ranking members of the Senate Banking and House Financial Services Committees on Wednesday, Federal Reserve Chairman Ben S. Bernanke said "Restoring the health of the housing market is a necessary part of a broader strategy for recovery." The letter accompanied a white paper developed by the Fed which Bernanke called a "framework for thinking (0 comments)
short sales: So I put in an offer on a Las Vegas Short Sale... What was I thinking?
- 05/19/11 02:45 AM
So I Put in an Offer on a Las Vegas Short Sale -- What the Flip was I thinking?
So I came across a property that I really liked. I obviously knew it was a Las Vegas short sale and the only reason why I even took a look at it was because I was taking a look at a "regular" sale around the corner.
What I mean by "regular" is something that has nothing to do with playing the Bank's games. Been doing that enough over the past five years representing other people and quite personally, I would rather deal (70 comments)
short sales: Bank of America to Stop Tarnishing it's Image...
- 05/12/11 07:09 AM
From the Financial Times:
BofA to cut it's bad $850B Bad Loan Book in Half
"Bank of America plans to shrink its $850bn portfolio of troubled home loans by about half over the next three years as it seeks to quicken the pace with which it resolves problems related to the housing crisis and its disastrous purchase of Countrywide Financial."
Translation: We are going to get rid of $425 Billion of Troubled Home Loans in the next 3 years. Many are still trying to figure out if B of A was "influenced" to purchase Countrywide since it made ABSOLUTELY NO SENSE (39 comments)
short sales: Maybe I should have been a Loan Servicer... Or How to make Money while the Real Estate Market is Dragging in Mud..
- 05/08/11 02:54 AM
Maybe I should have been a Loan Servicer
In Property Management, for the most part, when tenants don't pay the Property Manager does not collect the percentage of rent. Fire alarms go off, phone calls are made and Property Managers get proactive in working with tenants for a win-win solution. The actual landlords start calling the property manager non-stop and the Property Manager starts calling the tenants to find out what is going on.
The Property Manager tries to work something out and tries to find out what is going on. A REALLY good Property Manager will come up with a (5 comments)
short sales: True Confessions about Short Sales: My Mom is A Bankster...
- 10/14/10 06:39 AM
My Mom is a Bankster
I now confess. The secret to my success in Las Vegas short sales has to do with inside information straight from my Bankster Mom. Over 30 years in the banking business eventually leading to her title of VP of Commercial Lending led to this insane corruption that I'm going to share. The joys of playing in a vault full of cash pushing around a grocery cart full of cash... the insane responsibility of transferring tens of thousands of dollars of cash between bank branches for some summer job while going to college. It's all damming information (68 comments)
short sales: CNBC breaks Story on Short Sale Fraud..
- 01/15/10 04:20 PM
Not Sure if other Short Sale Agents have been receiving the e-mails from Jeremy Brandt requesting information on your short sales experiences concerning the practice of Second Lienholders requesting the sellers come in with extra money at closing in order for them to approve the short sale. Personally... I have not responded to them..
As Short Sales Agents know... just about every short sale approval letter from a first lienholder that allows a portion of the proceeds going to a second lienholder will specifically state the amount allowed and that "Any Additional Proceeds are to Go to the First Lender". (3 comments)
I've been meaning to write up something about the new headlines concerning a new program rolling out from the Treasury Dept. concerning short sales called HAFA.
There are loads of rumours flying around from people who have obviously not read the actual 43 page guidelines... And I've already come across bad information being supplied by agents who have never even done a short sale saying the new program is Mandatory for all Lenders to participate / follow. ENTIRELY not true..
Katerina Gasset has written up some great posts that pretty much cover it that I think is very important to (0 comments)
short sales: Las Vegas Short Sales Secret - Use a Buyers Agent that Understands the Process
- 05/17/09 04:18 AM
Las Vegas Short Sales - Tales of Agony and Ecstasy
I certainly love any and all offers on my properties for sale but the amount of offers incomplete and far below current market value with what is currently taking place in the Las Vegas real estate market is obviously an attempt of trying to get rich quick using agents trying to make the impossible happen. Maybe it will work with one in 30 tries... maybe.
Las Vegas Short Sale Secrets
The good news is that it appears Short Sales are FINALLY being addressed in one of the many homeowner (4 comments)
short sales: Help me figure out this short sale!!!!!!! What is the PMI company thinking.
- 08/14/08 03:38 PM
This is an interesting scenario concerning a short sale that Jeff Payne in Panama City Beach came across and posted about in a short sale that deals with PMI. I've heard of similar things happening and have even heard of lenders that would rather just let the property go to foreclosure since it has mortgage insurance.
We personally have not come across this for Las Vegas Short Sales that we have done for the mere fact so many people in Las Vegas used creative financing such as 80/20's to avoid PMI in the first place. This one is quite interesting and (0 comments)
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