Watch for upcoming foreclosure dates
When taking a short sale listing on a property owned by distressed borrowers that have missed a few mortgage payments, it is vital for agents to be aware of any looming foreclosure dates. For the last several years, many beneficiaries have been sued for wrongful foreclosure, but that doesn’t change things for short sale listing agents.
One of the most common problems faced by a short sale listing agent is the looming or unknown foreclosure date. That date is like a deadline: if the transaction doesn’t close by that date, then the property will be sold at auction (or revert to the Trustee). To avoid the stress of working around a foreclosure date, any real estate agent with a short sale listing should be very aware of any upcoming dates. In fact, some agents even find success in convincing short sale lenders to postpone auctions in order to entertain the idea of approving a short sale transaction.
Some states (California, for example) have even passed legislature that prohibits certain forms of dual-tracking (actively pursuing two things at once, such as foreclosure and loan modification). But, overall, it is the agent or short sale negotiator’s responsibility to work with the short sale lender in order to get an auction date postponed so that the short sale can be completed.
How to postpone a foreclosure
Here are four tips for how to get an auction or foreclosure date postponed:
- When you take the short sale listing, order a property profile or preliminary title report. Check what items have been recorded against the property. If there is any foreclosure activity, add those dates to your calendar.
- Have the seller open any and all mail, and alert you immediately if there is information about a pending foreclosure or foreclosure filing.
- Contact the short sale lender regularly. Sometimes short sale lenders change dates and do not record those changes in the city or county. So, check in with the short sale lender regularly in order to see if there are any new dates on the calendar that pertain to the subject property.
- Remind the short sale lender of upcoming dates. Don’t just wait for the short sale lender to contact you. If you want a bank employee to postpone an auction date, you need to be proactive and assertive. Notify the bank that the date is looming and that the seller is really motivated to continue in the short sale transaction.
On a side note, mortgage lenders are not always the foreclosing party. For example, you may find that a homeowner’s association is the party that will be foreclosing. If that’s the case, you need to work with the HOA to settle the matter before your client loses the property.
The key to a successful short sale is to be mindful and attentive to any looming dates. Imagine what happens when you miss a loved one’s anniversary or birthday? Well, if you miss a foreclosure date, the consequences could be far worse!
Austin tops the list of best places to buy a home
When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?
Looking at the bigger picture
(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).
That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).
They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.
“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
Business Entrepreneur2 days ago
How to effectively share negative thoughts with your business partner
Business Entrepreneur5 days ago
Why receiving big funding doesn’t guarantee startup success
Business Entrepreneur1 week ago
‘Small’ business was once a stigma, but is now a growing point of pride
Opinion Editorials3 days ago
Basic tips on how to handle common (and ridiculous) interview questions
Opinion Editorials5 days ago
Be yourself, or be Batman? A simple trick to boost your self-confidence
Social Media3 days ago
Twitter branches out into voice chat – what could go wrong?
Business Entrepreneur1 week ago
3 types of clients you should fire as a freelancer (without feeling guilty)
Business Entrepreneur2 weeks ago
Tesla: One company, or a collection of innovative startups?