Peter Tamura recently completed the Certified Distressed Property Expert Designation and training and has pledged to help homeowners struggling with payments to make good informed decisions and move forward with their lives.
"The thing that was shocking to me was the knowledge that as many as seven out of ten foreclosures happen with little or no active intervention. People don't know where to turn and are at a time in their lives where it is difficult to make good decisions. Even with the help of an agent, depending on the area, as few as two out of ten attempts to do a short sale are successful! It is therefore critical that the agent involved has the specialized training that a CDPE goes through to maximize the probability that a short sale will be successful," Tamura says.
In the Tulsa, market, homeowners may have options not available in other areas.
1) Rent the house. In certain neighborhoods and depending on when one has bought a house, renting the home may cover the entire mortgage and associated homeownership costs. Tulsa is a strong rental market, to find out what a home might rent for, try logging onto www.RentTulsa.com or www.VickiBerg.com to get an idea.
2) Loan Modification. Some lenders have their act together better than others in this area, but if one is still gainfully employed but struggling with the amount of the payment due to recent resets, this may be an option. Call your lender and ask to speak to the workout specialist.
3) Short sale. In certain cases, lenders will approve a short sale of a home, the homeowner will have to write a hardship letter and put the home on the market. Sometimes, lenders will discharge the difference between the sales price and the balance owed, sometimes they won't. If one is late on payments during this process the credit ratings will be adversely affected but it is usually preferable to a foreclosure which stays on your credit record for seven years plus the 180 day period beginning with the delinquency.
Call today for a consultation to discuss your various options.
Peter Tamura e-PRO, GRI, CDPE
RE/MAX Executives
918) 770-6999
Well, we saw this article and we thought it was an amazing example of how things are handled differently in different states.
http://www.tulsaworld.com/news/article.aspx?subjectid=11&articleid=20090412_12_A1_Valind871368
Well, for the cliffnote version of what happened, a woman in Owasso, OK bought a house. She was overjoyed that she got a great deal, the house had a large yard etc., etc.
Everything is peachy until one day the cable guy walks in and says, (paraphrasing)"Not to freak you out but did you know that there was a triple murder in this house?"
In Oklahoma's Residential Property Disclosure Act, murders and ghosts fall under "psychologically impacted property", which in Oklahoma is not considered a material fact.
In fact, in Oklahoma, a realtor is not allowed to disclose a murder without the express permission of the seller!
Now in California, where I was a realtor for four years, a person dying in the home has to be disclosed for three years and if a buyer asks the question specifically, you have to disclose beyond that if you are aware of it. Needless to say, despite being a CA realtor for four years, I have quit assuming that I know how things are done in Oklahoma because in many cases, it is done completely differently.
44% of Harvard MBA grads indicated they were pursuing jobs on Wall Street in 2007 according to an article by Robert Weisman at the Boston Globe.
It's a sad testament that our best and brightest are still opting for a career with an investment bank. It's an exciting field and you can make a lot of money, but it's hard to make a case that any of them are going to Wall Street to help mankind in any way like you could with a doctor, scientist, architect, engineer or real estate agent!
Looking at the motives of why most of these bright people go to Wall Street, it's easy to see how many investment banks and hedge funds wiped themselves out. Investment banks overleveraged with derivatives instruments that they created and didn't truly understand themselves. Consumed by greed and short term results, they each climbed into their brain and manually turned intelligence and good decision making off.
As Martin Sheen's character Carl Fox says in the 1987 movie Wall Street:
Carl Fox: Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others.
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What do investment banks do that are necessary?
Mergers and acquisitions?- The theory is that combining companies with different skillsets add efficiencies and diversification. In practise, merging companies adds no value in many cases, the sum is not greater than the parts, and usually leads to painful layoffs in order to try to attain efficiencies.
IPOs Capital creation- This is to me an investment banks most useful function. Providing capital and underwriting promising companies is a useful and necessary role in the financial markets.
Creation of esoteric derivatives to flog on corporations, school endowments and governments that nobody understands and they can charge huge fees for.-Certified Mortgage Obligation or mortgage backed bonds anyone?
Trading-provides liquidity to a market but it's a zero sum game, if someone is there trading or not, does it really matter? It's truly a waste that someone that is smart enough to get into the Harvard MBA program would aspire to this.
Managing hedge funds-Let me just say Long Term Capital Management, a hedge fund started by former Salomon Brothers trader John Merriweather and nobel prize winners Myron Scholes and Robert Merton, a hedge fund that lost $4.6 billion dollars and led to an earlier government bailout in 1998. Hedge funds try to gain superior returns by using high leverage, some hedge funds do very well but the commissions and fees are extremely high. They have been largely unregulated, which means they are free to go long and short and invest in commodities and CMOs!
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In closing another Wall Street (1987) quote, it's a Sun Tzu saying made famous by Gordon Gekko.
Every battle is won or lost before it is ever fought.
Don't go to Wall Street, o wise MBA graduates, become a real estate agent and help us sell these foreclosures caused by your predecessors!!!!!!
Savvy First Time Homebuyers Seen Snapping up Homes using the newly passed $8,000 Tax Credit
You are Invited!
Free Insider Knowledge includes:
* A Summary of the homebuying Process
* A-Z of the FHA loan (What you need to know!)
* Current details of the $8,000 Tax Credit
- find your Dream Home this week!
* Why real estate is still the best place to build wealth.
When: Saturday March 21st, 2009 9:30AM-10:30AM
Where: Bank of Oklahoma -7060 South Yale 2nd Floor- Northwest Corner of 71st & Yale
RSVP AT: PTamura@TulsaRealtors.com or 918-770-6999
Just when you swore up and down that you would never do another short sale because the lack of cooperation from banks and the amount of time and effort involved, you are told that this is going to be a huge niche and you need to figure it out. Right now the percentage of short sales that actually close is 10%-20% depending on the area, I am not kidding. (Trulia Voices)
So I'm keeping an open mind on this and putting together short sale packages to make it easier for the multi-headed processors at the banks.
So here's two wrinkles that we came across that really surprised us: (I hope my English teacher doesn't read this, I just went from second person to first person to third person.)
*The bank that had the second mortgages agreed to a certain sales price, then came back before closing and informed us and the seller that they are not releasing him from his obligation, about $20,000. If an agent negotiates with the second, and I'm not sure that the agent should always be the one negotiating, the premise is that if the house goes to foreclosure, they will get nothing, so they need to accepts X amount and release the client from the balance. Unless this is in writing, the second seems to be able to do this trick at the end. The seller could refuse to sign this, of course.
*The law firm that reviewed the files for the first mortgage caused numerous delays that caused the close date to be delayed, then charged $1,200 more because of the delay. Neat trick..
So two things that we hadn't come across before, if you know others, please share.
*Realtor Consultant-Residential Purchase, Listing & Investment *Bannochie Team-Team Members Margaret Bannochie CRS-23 years in the Tulsa Market & Peter Tamura GRI
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