RealTown's RealTalk

Hi all,

I want to have a mortgage lender do a talk at my office.  I am looking for suggestions on the topic I should have him speak about.

What would you want to hear about today?  I would appreciate any and all suggestions you can provide.

Larry Hainer

Realtor, ePro

One topic that we all should be learning about is the "short sale."  Our state Realtor's association just designed forms for both listing and buyer's agents to use for sales that may be subject to short sale.  With so many homes facing foreclosure, this will be a circumstance that most of us will be facing at one side of the sale or the other, if we have not already.

Gina Loebell

REALTOR, ABR

Butler, PA

Gina brings up a point:

"One topic that we all should be learning about is the "short sale."  Our state Realtor's association just designed forms for both listing and buyer's agents to use for sales that may be subject to short sale.  With so many homes facing foreclosure, this will be a circumstance that most of us will be facing at one side of the sale or the other, if we have not already".

I've yet to understand why so many agents are still having difficulty with "short sales"???  This is simple math 101!  Everybody understands a short sale means the property isn't worth the mortgage balance.  So what's the problem?  Regardless of whether the seller accepts the offer the bank always has options, take the short sale, foreclose the property or ask the American tax payer living next door to pay the short at the tune of $700,000,000,000.  I don't see a problem here other than Realtors being short changed in the commission. If you ask me it appears that everything is working according to plan.  The Federal Government is confiscating the secondary mortgage market (fannie/freddie) Government has an 80% position in the Insurance company that insures all our mortgage backed securities (AIG).  What's the problem here?  "Ask not what your country can do for you, ask what you can do for your country" just PAY THE BILL AND SHUT UP!  The Government gets what they want, the banks get what they want (bail-out) and the American Homeowner gets a dry pole where the sun don't shine.  Sounds like a plan to me!  So you mean to tell me your State Realtor's Association is just NOW getting around to designing forms for both listing and buyer's agents?  HELLO!!!  This must be that red tape I hear so often when I attend these boneheaded association short sale classes.  What will it be next?  Online designated short sale coarses with a specialty in BPO appraising.  Whoa there must be a paradum shift going on and we were not invited tell after the dance. 

Good Morning everyone

The courses offered on short sales will be most valuable to agents especially if  you do business in one of the 17 states w/the most foreclosures. In Atlanta we have 8000-10000 foreclosures each month and only 3700 sales recorded in MLS. Looks like the multitude of available homes won't  go away until 2014. Cathy McDaniel  w/American Real Estate University in Atlanta teaches short sales classes and wrote book "A Road Map to Saving Your Home"Her number is 404-550-0775 Hope this helps 

Janet Livingston

Broker/owner Remax Champions.

Good Morning everyone

The courses offered on short sales will be most valuable to agents especially if you do business in one of the 17 states w/the most foreclosures. In Atlanta we have 8000-10000 foreclosures each month and only 3700 sales recorded in MLS. Looks like the multitude of available homes won't go away until 2014. Cathy McDaniel w/American Real Estate University in Atlanta teaches short sales classes and wrote book "A Road Map to Saving Your Home"Her number is 404-550-0775 Hope this helps

Janet Livingston

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

You might want to consider the Short Sale course offered through Harris Real Estate University. The course -- Success Sale Secrets -- can be found here. As usual, let us know what you think.

Lots of things to hear about from lenders. Last week we had one in who
updated us on the current situation with the banks/security, etc. and the
bailout proposals and what it could mean to us.
Also what loans are available now. What to look for when we are receiving
an offer (to try to alleviate any problems early.) And how important it is
to get preapproval first and for the realtor to stay in constant contact
with the lender until closing because of all the changes taking place.
Each lender specializes in something so they like to flaunt their
specialties.
We also had one recently talk about all the on-line options now with the
bank (even the on-line checking.)
A few months ago one spoke about the fraud out there and how to protect
yourself against it. We have had an influx of fake checks and the offers to
cash checks for companies. It's good information for us realtors, but even
better as a value-added when we share it with our clients.
This is a smart move on your part to get a lender in. Ask your lender
what's affecting his/her life right now in the banking industry. They might
have some more ideas.

September 30, 2008 12:36 PM
Hi all,
I want to have a mortgage lender do a talk at my office. I am looking for
suggestions on the topic I should have him speak about.
What would you want to hear about today? I would appreciate any and all
suggestions you can provide.
Larry Hainer
Realtor, ePro

I hear the word 'depression' loosely bandied around. Folks, this isn't the remotest of the remote definition of that terrible time.

At least, not yet.

Let me tell you about a real depression. This old guy was born in the summer of the year, 1929, in the city of Detroit, Michigan. My father and his brother in law had a chain of what were called 'song shops'. They sold sheet music, guitars, guitar reeds, strings, and brass musical instruments and a host of miscellaneous supplies to folks who were still celebrating the 'roaring twenties', only a decade or so after WWI. Then, the crash hit; what a disaster in the Motor City! All those folks that worked in and speculated in the car companies' stock not only lost their investments but lost their jobs as well, nearly 40% at one point.

I recall, as a five or six year old boy, scores of men roaming the street clad in suit, shirt, tie and hat (almost a cut from a black and white movie) knocking on doors for work - mowing lawns, yard work, washing windows for a few quarters to feed their families. I recall sitting on the porch with some of these respectable fellows drinking a glass of milk and a sandwich which my blessed mother would offer them. These are the same guys that ten years hence would be fighting WW ll.

Then, the specter came to our home. My father lost his businesses and home. I vividly remember some great big guys walking the furniture out of our house. Then, for five years we lived with Grandma who still had retained her home. Dad finally found a job in the tool crib with the Ford Motor Company. I recall him coming home from work with the badge and lunch pail. And he hated working for someone else. My father didn't financially recover until he again started his own business in 1949 at the age of 59.

And we lived like princes out of that business for two decades until I sold it in 1980 and moved to Texas.

And that, folks, is what you call a depression.

Rich Tomlinson,
BCB, MBA, E Pro candidate
Business Broker Specialist
210 710 7974
Bradfield Properties, Inc.
San Antonio, Tx. 78258