Local Stories Of Loan Modifications
Loan modifications are tough, be prepared in case you can’t qualify.
Why Loan Modifications Are Rare
I talked to a friend who wants to keep his house and he asked me for advice. I told him that a previous client had gotten a loan modification at the final hour but that there were companies that could help him if he didn’t have the time. I have no idea how good they […]
June 2009 Market Action Report For Portland
The Portland Real Estate Market Action We have an uptick in sales price but are still down 14% compared to June 2008. Same-month pending sales were up for the first time since December 2006, and inventory reached its lowest point since August 2007. New listings are down 18.3%. That certainly helps our inventory numbers. RMLS […]
“I Begged For Foreclosure”
From the Washington Post, “I have even begged them for a foreclosure,” delinquent mortgage-holder Charlotte Jensen said. When she realized she couldn’t save her Glen Allen home last year, she filed for bankruptcy, packed up her family and moved out. Nearly a year later, Bank of America has yet to take back the home. I […]
In Short Sales The Patient Buyer Often Wins
Eighty percent of success is showing up. -Woody Allen. I got a call yesterday on one of my short sale listings. The potential buyer wanted to know if there were any other offers because if there was, she didn’t want to compete. Too much trouble. Most anyone who knows a little about short sales knows that […]
Blazers 4th In The West
Only one reason for the post. To tell my friend, “I told you so.” The Blazers are 4th in the west as I predicted when the season started. Below is the post where I predicted it. http://mikecandoit.com/2008/10/28/it-is-finally-blazer-day The Blazers are more fun to predict than this market.
Foreclosures May Surge
Banks Likely to Ramp Up Foreclosures More borrowers are expected to lose their homes to foreclosure as the nation’s largest mortgage companies lift their internal moratoriums on home repossessions and start to determine which troubled borrowers cannot be helped. The mortgage companies say the Obama administration’s housing plan has given them a better idea of […]
Blazers Make The Playoffs!!!
For the first time since 2003 the Portland Trailblazers are in the playoffs in the most competitive Western Conference in a long time. Go Blazers! http://www.nba.com/blazers/ripcityuprise.html
Seller’s Short Sale Syndrome or Foreclosure Fatigue
I have been working with short sales and sellers trying to avoid foreclosure in the last 12 months. I have also spoke to friends and friends of friends that were going through it and I have seen similar symptoms in many cases while trying to save their home. This is how I came up with […]
Avoiding Foreclosure Strategy
The stratedy is called Prove-The-Note. I wrote about this last March and it may be even more common now. Banks sell loans to other banks, plus in the last two years 300+ banks have either closed or been bought, and those original notes were lost in the transfer process leaving them on shaky legal ground. If the […]
What Is A Buyer’s Market? This is…
You can see the trend that January inventory bumps up compared to December but 19.2 months of inventory is a significant number. In my own experience and talking to other agents it seems that showings have increased in the last three weeks. Here is the complete report 1-09-market-action. Average market time is 152 days. This does […]
Will Home Prices Bottom Out In September 2009?
As anyone who has visited here with any kind of regularity will know, I am not a fan of prognostications. Someone high up in the banking industry told me that by th eend of the year rates should be right around 7%. They are not. He says that rates should actually be lower now as […]
Short Sale Frustration
A homeowner came to me 5 weeks before the foreclosure date of the home. Not much time but possible. I started, at what I thought was a low price, but no offers. I kept dropping the price and we were lucky to get a lowball offer. In short sales, any offer is desired as it […]
Pricing Your Home
I did an Comparative Market Analysis for a possible client today in NW Portland. The average sales price I am finding consistently recently is about $165 per square foot. I have never really followed that number in the past but with such a high a inventory it is becoming a consistent barometer. What I […]
The Easiest Transactions
The smoothest transactions are the one where each side is doing their best to be fair. Though some would argue that each side is trying to be fair to their own needs. I have had a few deals where everyone was just trying to be reasonable and it was so smooth and it was divine. […]
Anyone Can Have A Bad Day
Even Michael Jordan can get beat unexpectedly. Michael Jordan has a expensive “Flight School” Camp where people can learn from him and play him one-on-one. One opponent surprised him back in 2003. More info here. As nice as it is to see a regular Joe, in a basketball sense, get a win, Jordan says something […]
