Most of it is hot garbage. However, this one struck me as something that might actually come to pass”
“Dear Kenneth,I am sure that you have read about the $700,000,000,000 government bailout of the financial markets and you are probably wondering what this means to you as a real estate professional.
Well, I have good news and bad news for you.
This bailout is bad for the taxpayers but good news for REO agents and here’s why. After the financial meltdown of the 1980’s the RTC took over 748 Savings and Loans and liquidated their foreclosed properties for pennies on the dollar. The taxpayers were left holding the bag for hundreds of millions of dollars. This time things are going to be different.
The new governement rescue plan, Troubled Asset Relief Program, or TARP, will purchase defaulted loans from financial firms, freeing up cash so that they can continue making new mortgages. The big difference is that the government will leave the banks and lenders responsible for managing and selling their own foreclosed properties.
This is the big opportunity for you and I. You see, there is a huge back log of defaulted mortgages right now because most lenders do not have the cash to foreclose. They have been waiting for months for the government to come to their aid and bail them out. I’m sure that you’ve seen many of these vacant homes in your area. They’re easy to spot, newspapers in the driveway and weeds as tall as a NBA player.
As soon as these lenders get their hands on their share of the 700 billion dollars they will begin foreclosing on these bads loans as fast as they can. And they will need trained REO agents to manage and sell them.
If you’d like to learn how to become the agent of choice for these lenders and get REO listings click here: http://www.reorenegades.com/ .
If you are already a REO agent and you’d like to get more listings click here:
http://www.reo-companylist.com/.
Right now REO’s make up 42% of all real estate sales in the US. The number of REO listings is likely to continue to increase into 2012 before leveling off. If you’re not an REO agent you’re missing out in nearly half of the business opportunities in real estate today.
I have been an REO broker for over 8 years and have sold over 1,000 REO properties. Last year I closed 214 transactions. I can teach you how to get REO listings even if you got your real estate license yesterday. And it won’t cost you an arm and a leg. In fact, right now you can get started for less than the price of a tank of gas.
Click here and get training from a real live REO broker. This is not an ebook, and I’m not from some “guru” who just jumped on the REO bandwagon last night.
To your success!
Frank Patrick
REO Broker
PS. Many companies will only list their REO’s with one agent per office. Join me today and get started before the other agents in your office find out..
PPS. Join today and get access to 117 of my REO clients for FREE.”
I’m really not cool with this type of marketing, and I’m not going to sign up or anything. I also don’t think this is particularly applicable to SF. But will this go down? I think it’s likely.
Wachovia is now asking for 9% interest on 20% down jumbo loans.
Are jumbo’s important for SF?
-zanon
I was at WFargo yesterday, and we might refinance. 30y fixed might very well hit 5.5%
(and many jumbo are now conforming due to the new cap – which might impact your refinancing the nice way)
this is a time to have ears wide open. grab any opportunity you can.
Post bailout nonsense 30 fixed have jumped up in the last day or two. Wells Fargo now quotes 6.125. Jumbos are also 9% down with them.
Since the APR>Rate, there are some points on both of those loans.
Oh, and finally, don’t forget that Jumbos go from $729k to $625k in a couple months.
“there is a huge back log of defaulted mortgages right now because most lenders do not have the cash to foreclose.” “As soon as these lenders get their hands on their share of the 700 billion dollars they will begin foreclosing on these bads [sic] loans as fast as they can.”
That is the dumbest logic I’ve ever heard. This bailout, in whatever form it takes, will not have a material effect on the pace or numbers of foreclosures. The impact of the bailout will all be many derivative levels removed from Joe Delinquent Homeowner.
REOs Realtors are a necessary evil. REOs are the best way to find bottom ASAP so that we over get this crisis fast.
Massive liquidation followed by recovery would be much better than a slow-low-volume painful contraction.
“Oh, and finally, don’t forget that Jumbos go from $729k to $625k in a couple months.”
I was told by a lender the other day that two unit buildings now qualify for the max conforming 729.5K. That’s excellent news.
Anybody catch Fluj’s most recent post?
“Jeez. Unlike other sites, we’re not weighing in with umitigated nonsense. Noe Valley has undergone a sea change. Really. It has. There are few areas like it in the country. Maybe no other. Bears — tell me another. Seriously.”
If it’s not unmitigated nonsense Fluj, then why is that post, along with my comment, now deleted?
Just wondering.
[Editor’s Note: Sb, I can’t see any other comments from you in our spam catcher and didn’t see what you’re talking about. Fluj doesn’t have access to deleting comments, so I’m wondering where it went? Post it again.]
I can delete my own posts if I choose to. It isn’t all the way one thing, or all the way another. There are shades of grey. I thought it came across as perhaps too belligerent and that the Internets could do without it, so I deleted it. But have it your way, Sb.
I do think Noe Valley has totally and irrevocably changed. Wealthy people feel comfortable being around other wealthy people, and Noe Valley has that going for it. A three million dollar house in Noe would have been scoffed at in 2004. Talk of a return to 2004 levels is absolutely without merit. Period, end of story. Not to mention talk that “I perceived this bubble back in 2000.” Well, no, no you didn’t. You are a very much lying when you say that. You thought to yourself, “wow. real estate in San Francisco is expensive” when you first moved here. That’s the extent of your bubble perception. The financial tools that inflated the “bubble” weren’t even around in 2000. Yes. I’m calling a large number of armchair economists (and one actual, retired hedge fund guy who is archer than the Green Arrow, Robin Hood, Jughead, Veronica, and all the Archies comics gang combined hee hee hee the guy is that arch) out on that. It’s baloney. But you think those guys are great, Sb. More power to you.
So I do think that Noe is beyond the point of no return. I don’t know that that’s true for some other areas. One bedroom condos, one small block off Mission, in Bernal Heights, sold for 20K less within three years, with no improvements done notwithstanding. A one bedroom 707 foot Bernal condo for 587K, (~830 a foot) and all those brilliant minds wonder where fluj is to apologize for Bernal’s market collapse. It’s pretty humorous.
One thing ole flujjy used to always say on that other site was, “Don’t bet on static appreciation.” I may have even coined the phrase, come to think of it. An ardent bullish believer in unlocking equity I remain. Not so much on just chilling out and letting the double digit appreciation come rolling in. I seem to remember a lot of time spent on trying to illustrate those points. Yet somehow it became, “How would that apologist for the demise of the Bernal Heights market spin this nearly 600K one bedroom condo? Because it’s being sold within three years time, and no improvements done, and that’s obviously a clear signal that SFRs in Bernal are in a tailspin.”
There, is that what you wanted?
A recent Bernal sale.
just for the fun of it…. should I say : “I said so” ?
rate is now BELOW 5.5%. Fixed conforming is 5.340% right now (still wellsfargo).
and we are just betting it will still sink, and maybe drop below 5%?
just called my lender.
30 fixed for the new conforming is around 5.1%