What's affordable about this program? Is it really a modification program or just another program that's delaying the inevitable.
More than 85 percent of mortgage loans are now covered by the Obama administration's Home Affordable Modification Program. A total of 47 loan servicers were participating in the HAMP program at the end of August, up from 38 in July, and the program is on track to meet a goal of 500,000 loan modifications by November, the Treasury Department said in releasing its latest report on the performance of participating loan servicers.
The reality of HAMP... What this program does is modify people's payments for 6 months, typically reducing them by 30-40%. Then in 7th month the homeowner has a large balloon payment due.
I met with a homeowner today and she has been making a modified payment in the amount of $581 on the HAMP program. Now in month 7 she has a balloon payment of over $11,000 due. So where is someone who was headed into foreclosure and now on a modification program supposed to come up with over $11,000?
So are the number of foreclosures really going down or being delayed? What happens in 8-9 months owith all these modifications when the balloon payments come due? We are going to have a big surge of foreclosures once again. How is this helping anyone or the housing market to recover? The banks are trying to get as much out of down and out homeowners as possible.
The seven tips come from an analysis of academic research, multiple listings service data, and from information posted on various Web sites.
1. Don't overprice your property. According to a 2002 academic study of 3,490 listings, homes without a price reduction sold for 97 percent of the initial list price, whereas homes with a price reduction sold for 88 percent of the initial list price.
2. Set your price to show up in Web searches. A September 2007 study analyzed how online search filters affect traffic to a listing. Because real estate sites filter on price in $25,000 or $50,000 increments, listings priced at or below these thresholds - $250,000 rather than $251,000, or $325,000 rather than $326,000 - get as much as 7.1 percent more online visits.
3. Debut on Friday. A December 2007 analysis of online traffic for 119,079 listings across seven markets found that listings that debut on Friday get on average 7.7 percent more visitors in their first seven days than those that debut on the worst day, Thursday.
4. Get sellers engaged with your agent. According to several academic studies, motivated, active sellers are able to sell their property as much as 30 percent faster.
5. Market the property online. Promoting a listing on Web sites beyond the local Multiple Listing Service can drive a significant number of new online visits to a property. A December 2007 analysis found that promoting the listings on Craigslist resulted in an average of 6.8 online visits to the property for each Craigslist promotion.
6. Have sellers stay put. The study of 3,490 listings, cited earlier, found that vacant homes were 9.5 percent more likely to undergo a price reduction.
7. Wait to list your property until neighboring foreclosures are off the market. According to a November 2007 report from the Center for Responsible Lending, a foreclosure costs neighboring home owners an average of $5,000 when listing their property.
With the current financial crisis and foreclosures becoming more prevalent their are many people that don't know where to turn, but there are options.
In August lenders performed roughly 79,000 loan modifications for home owners to help keep them in their homes. So lenders are trying to be more pro-active in preventing foreclosures. Lenders take a hit on average of $100,000 per property that goes through foreclosure (Reuters News and The Associated Press - 10/02/08). So being able to work out loan modifications benefits both home owners, lenders, and the economy as a whole.
One of the main things when a homeowner needs assistance with doing a loan modification, it's extremely important to consult a professional with experience in dealing with lenders. This last month I assisted five families in working out loan modifications, enabling them to stay in their homes. For those did not qualify I was able to explain to them, options to avoid foreclosure.
If you have questions and are not sure where to turn, I'm here to help. E-mail me at MattEbbighausen@RealtyExecutives.com.
Are you headed into foreclosure and don't know what to do?
There are options out there for you. Lenders are doing loan modifications for people or accepting less than what is owed on the mortgage (short sale) when the property is sold. Lenders modified 112,353 first mortgages last quarter, a 56% increase from the previous quarter. (Reuters News, John Poirier 9/12/08).
I work with clients to do loan modifications or help them through the short sale process. If you need help and don't know where to turn send me an e-mail or give me a call.
There are many people out there who are experiencing hardship and are not able to afford their homes. At the same time they do now know where to turn and think they can not afford a real estate professional to help them out.
That is false!!!! You need a real estate professional! You need a professional who is experienced with short sales and coordinating the sale of your home with the bank. With all the short sales I have done, I have received compensation from the lenders or banks. Depending upon the loss the lender is taking commissions are sometimes negotiated, but the sellers have not been responsible for the real estate commission(s).
So thinking you have to sell your home "For Sale By Owner" is one of the biggest mistakes you can make if you are headed into foreclosure and need to sell your home. Call a real estate professional, don't try to take this on yourself.
 |
|
|
I inform, equip, connect, and serve my clients so they are empowered to make well informed decisions about the buying and selling process. I create new opportunities for agents in their careers!
Matt Ebbighausen is real estate broker for Realty Executives in Burnsville, MN. Realty Executives was founded in 1965 has over 800 offices and 15,000 Executives worldwide. Our Executives average nearly 13 years of real estate experience, nearly twice the industry average.
Behind Matt Ebbighausen is a team of real estate professionals with over 25 years of real estate experience. As an "Executive" Matt is perceived to be more than just an "agent" by both customers and the industry at large. This is my brand. I am perceived to be more experienced, better negotiators, highly skilled and able to sell homes faster. I am perceived to be "the true Executive of the industry."
What sets Matt Ebbighausen apart:
Realty Executives is truly where the experts are!
As a Broker/Owner of Realty Executives in Lakeville, MN, my clients are not only the buyers and sellers I am working with, but also the Executives in my office.
Realty Executives was created for exceptional people - people with the character, leadership and sales skills it takes to reach the highest levels of success. It was created for real estate professionals who are seeking to reach the pinnacle of their profession at the "Executive" level. We hope you will consider becoming a valuable member of this exclusive team and we invite you to learn more about our company and the exciting opportunities that may await you with Realty Executives. Put these advantages to work for you today by calling 952-898-9110.
10 Advantages of Becoming an Executive
There are many differences between a typical agent and an Executive. And if you recognize those differences, Realty Executives will be a perfect home for you.
At Realty Executives International - our sales Executives are a select group of seasoned real estate professionals with the experience, knowledge and skills to provide the best possible customer service - the true "Executives" of the industry with the tools to make the real estate industry a success. We'd love to have you join us.
Advantage #1: Inspiration
You'll be inspired to succeed when you're surrounded by Top Producers. You golf better when you play with good golfers. You sing better when you sing with a choir. And you can sell more real estate when you're surrounded by great Realtors®. Imagine how much your production can grow when you raise the bar by promoting yourself from "agent" to "EXECUTIVE."
Advantage #2: Freedom
There's nothing like the feeling of being in charge of your own destiny. At REALTY EXECUTIVES, you are free to creatively build your business to suit your needs. Our company is designed to support your efforts, while allowing you the flexibility to run your own business. It's the best of both worlds. You'll always feel like you're in charge of your own destiny, but you'll never feel like you are going it alone.
Advantage #3: Credibility
People will think even more highly of you when you hand them a business card from REALTY EXECUTIVES. We are perceived to be more experienced, better negotiators, highly skilled and able to sell homes faster. And our Executives benefit from this reputation of excellence. With the added credibility of our name and reputation, you'll establish more trusting relationships easier and faster than ever. After all, there is no greater sales tool than a name and logo that stand for integrity, character, trust and experience.
Advantage #4: Unsurpassed Support
Freedom doesn't mean being left alone to fend for yourself. At REALTY EXECUTIVES, we offer you and your clients top-notch support from a team of the best brokers and support staff in the business. We're there when you need us and we stay out of your way when you don't. Not only will you have higher quality and smoother transactions, you'll have the peace of mind that both you and your client are protected and part of a global network.
Advantage #5: Strength
Being in charge of your own destiny doesn't mean you have to go it alone. We surround you with some of the industry's best and brightest support staff and assistance programs in the industry. You are never more than a phone call or a few steps away from top-notch broker assistance, optional marketing and secretarial services, transaction coordination, technology and telecommunications help and more. For those times when you need helping hands, we are ready and available.
Advantage #6: Powerful Network
We all know one of the top reasons listings sell is networking. And, of course, networking with Executives of the highest individual productivity is the most efficient. With more than 700 franchise offices around the world, you are never far from the power of REALTY EXECUTIVES and our strong network of professionals, properties and potential homebuyers. And, through our International Online Referral Directory, our annual convention, periodic meetings and networking events, we give you countless opportunities to tap into that network.
Advantage #7: Training & Events
No matter what stage you are in your Real Estate career, we give you multiple avenues to better yourself, develop new and improved skills, or learn from those around you. Whether you want to advance your computer skills, learn new prospecting techniques, earn renewal hours, or trade marketing tips, share success stories and tap into the entrepreneurial spirit that has made REALTY EXECUTIVES the market leader for 40 years, we provide opportunities for you to gain that new edge.
Advantage #8: The Value of our Brand
An "Executive" is perceived to be more than just an "Agent" by both our customers and the industry-at-large. It is our brand. We are perceived to be more experienced, better negotiators, highly skilled and able to sell homes faster. We believe there is no greater sales tool than a logo that stands for integrity, character, trust and experience. And our Executives benefit from this reputation of excellence.
Advantage #9: United Marketing Efforts
You'll personally benefit from our strong, united marketing efforts, including leads from our world-class website. Our international and regional unified marketing programs, combined with your local marketing efforts, help elevate your reputation while likely generating leads for you through prominent TV, radio, print, outdoor and internet advertising. Even more importantly, your advertising calls go directly to you.
Advantage #10: Cutting-Edge Technology
REALTY EXECUTIVES is on the cutting edge of technology, so hopefully you can enjoy more free time with your family when you work more efficiently with our technology tools. Our MLS systems, CRM systems and our international website, RealtyExecutives.com, combined with your local broker site and your own personal Executive site, give you and your listings broad exposure on the World Wide Web, and help you connect with new and existing clients.
Put these advantages to work for you today!!
"Twenty years from now you will be more by disappointed by the things that you didn't do than the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover." - Mark Twain
Matt's specializes in a number of areas:
1.) First Time Home Buyers and Experienced Home Owners
2.) Short Sale and REO property
3.) High End Homes
4.) Investment Real Estate (Commercial and Residential)
5.) Realtor recruitment and training
Starting in real estate as investor Matt is well versed when it comes to investment property. Owning both commercial and residential real estate has equipped me to be able to assess the true value of investment real estate. It's also given me the expertise to help clients build impresive real estate portfolios. Being able to identify true CAP rates and rates of return on property is invaluable when it comes to buying investment real estate.
For Buyer's:
Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. Our services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, we also provide listings by email. We pride ourselves on repeat business and hope you'll come to understand why.
To make your experience more enjoyable and less stressful also review the Home Buyers Handbook.
PDA Home Search! Do you have internet on your PDA or cell phone? Have you driven by a house and wanted more information on it? Connect to the MLS from your PDA! The PDA website address is http://www.pdahomesearch.com/.
As Your Agent, We Will:
We offer our clients a 13 month home warranty when they purchase a new home. Unlike, other home warranties, there are now age restrictions in the warranty contract on appliances and mechanicals. It gives buyers piece of mind so they don't have to be concerned about unexpected home repairs. It's an ideal way to move worry-free!
Before You Start Looking For Your New Home:
Find out how much your closing costs could be.
For Sellers:
Selling your home shouldn't be a stressful ordeal. Making the smart move of choosing a REALTOR® is your first step to ensuring that your investment in your home pays off. Our services and experience allow you to focus on your move while We manage your home sale from our initial consultation to the closing deal, and beyond. We pride ourselves on repeat business and hope you'll come to understand why.
For additional information on selling your home review The Home Seller's Handbook.
What We Will Do For You
Recent Home Sales
Getting the Highest Price
Closing Costs
As Your Agent, We Will:
What are homes selling for on your street? Feel free to contact us to find out what neighborhood homes are selling for, free of charge, or to receive a more detailed analysis of the value of your home.
Getting the Highest Price for Your Home
Curb appeal is key and could make a difference whether people stop and take a flyer, or drive right by. Here are a few tips to increase the curb appeal of your home. Staging your home is important. Many buyers will stay in your home longer if it's staged appropriately. We have compiled some ideas to present your home in the most effective manner.
We offer our clients a 13 month home warranty. It gives buyers a piece of mind when buying a home. Statistics show a home offering a warranty sells 50% faster than those without and have been known to increase sales prices by up to an average of 3%.
Find out how much your closing costs could be.
For Investors:
What is a CAP Rate and how do you calculate it? How do you calculate IRR? Should you do a 1031 Tax Deferred Exchange? All things a knowledgeable real estate investor should know.
What are your goals and aspirations for investing in real estate? Tax benefits, buy and hold, appreciation, speculation, short sales, foreclosures, commercial, development or multi-family. Everyone's goals are different....
Matt is an experienced real estate investors and working to get his CCIM Designation. It's the highest designation a real estate professional can earn in commercial and investment real estate. Contact me for a free investment consultation.
"We relied on you to do all the detail work in making sure everything was done properly and you came through. You kept us abreast of what was going on, both closing came off without a hitch and everything went smoothly." - Jack & Barb McNulty
"Matt is a great guy. Fantastically detailed and a hell of a marketer. He's the type of guy that anyone would want on their side when it comes to real estate...because he's a tireless, tenacious worker. But most importantly, I can trust Matt 100%...which is paramount in his business. Without reservation, I would recommend Matt to anyone looking to invest in real estate." May 21, 2008 - Rick Dow, SVP, Managing Partner, engine Advertising
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
