I was able to visit the Philippine Housing Fair 2010 yesterday at the SM Megamall and one of the booths I visited was the booth of the Social Security System or SSS. Unlike other housing fair participants who told me their listings of acquired assets and foreclosed properties for sale can be found at their respective websites, the nice ladies at the SSS booth asked visitors to register and provide their e-mail addresses where updated listings can be sent.
Back in early 2009 we talked about how to Fight Foreclosure and telling the banks to produce the note.Well, the failure by the banks to keep proper records of the mortgage documents as they sold the loans in so many directions is coming back to bite them.
GMAC and JPMorgan are admitting they committed missteps in handling there foreclosures and title companies are refusing to write title insurance on these properties. What this means is the mistakes the banks have made are so bad that the title insurance companies see to much risk to write insurance.
That means the problem is bad.
So who are the beneficiaries of this problem with poor document management and ethics at the banks? Those who are facing immediate foreclosure have a great deal of ammunition to fight the foreclosure. They can get a lawyer and challenge the banks ability to foreclose based upon the fact that the documentation has to be exactly right.
GMAC and Chase are in trouble because, overwhelmed with foreclosures, they tried to process them as quickly and cheaply as possible, defense lawyers say. The companies say they are reviewing their procedures to take care of any violations.
The missteps stemmed from the affidavits the lenders file as they seek a quick or summary judgment in thousands of foreclosure cases. The affidavits state certain facts about the case, including the amount owed, which the signer indicates he has personal knowledge of. Without the affidavit, the lender would have to prove the facts at trial.
In depositions taken by lawyers for homeowners, executives at GMAC and Chase said they or their teams signed 10,000 or more affidavits and related documents a month. That did not give them time to review the cases.
Defense lawyers say the disclosures are symptomatic of the carelessness, if not outright fraud, that lenders have been exhibiting for years in their rush to file cases. Many necessary documents have disappeared, with defense lawyers saying the lenders often do not even have standing to foreclose. via the NY Times
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A container based student housing, Cite A Docks was built in Le Havre, France, designed by Cattani Architects. This housing consists of 100 apartments for students.
The configuration of some containers provides a town-like structure that is used as the student housing. The structure is a 4-story building, consists of 100 apartments, lays on 24 sq m area.
The building is designed to eliminate a “imprisoned” feeling for students and other tenants. That’s way, the building should be not “solid”, transparent, and lightweight. To provide them, metal structure is chosen. Metal structure will act as the container’s support. It will create a space for walkaway, patios, and balconies. All of configurations also create an “open” building, not “solid”, as a lot of open spaces, and transparencies.
The first level is raised from the ground. All of the the units can enjoy the same privacy. All of unit has an access view to the garden and has big glassed walls that can provide better natural lighting and optimal views to surroundings.
To ensure good insulation of heat and sound, the container walls that adjacent to outside and walls that divide the other units are insulated using fire walls in 40 cm wide reinforce concrete. Layers from rubber materials are also used to dampen vibration. The external facade is painted on metallic gray color, while for the interior, the walls are white painted and wooden furniture are used. Each apartment has its own bathroom, kitchen and WIFI access.
What a shame we never listened I told you through the television And all that went away was the price we paid People spend a lifetime this way And that’s how they stay Oh what a shame.
Words come easy, when they’re true Words come easy, when they’re true
Real estate coupons!? Please tell me this is a joke. RealtyCoupons.com says it “allows Real Estate Professionals to dramatically increase their Business and Production by offering Coupons for their Real Estate related business.” This is nothing but a cheesy gimmick aimed at despondent agents who think that lowering themselves to this level is going to procure business. What gets me most is that there are actually agents who buy into this and fork over their time and money. Glancing over the coupons posted by agents, it literally reeks of desperation. We do not need to stoop that low.
One of the more outlandish coupons offered is 50% off all real estate services, valid through 07/2012. It’s an agent firesale! Besides the fact you’ll probably go negative giving away half your earnings after factoring fees, taxes and expenses, you might as well strap a mobile police light atop your car, driving around the neighborhood with a speakerphone blaring “Attention Kmart Shoppers!” Who in their right mind wants to be known as the “Blue Light Special” Agent?
For those agents who are even remotely thinking about creating coupons, make no mistake… No client is ever going to have the following conversation with their friends and family: “Sue is a great agent! You ought to give her a call” “Wow, she must be an ethical and knowledgeable expert.” “No, you silly. She accepts coupons! Here‘s one I clipped out for you. Hurry, though. It expires tomorrow.”
Furthermore, real estate coupons are a dangerous path to go down. One day you’re doling up coupons to drum up business, and pretty soon, you find yourself accepting food stamps for your commission. Have some standards, people! If you continue debasing yourself, you are going to find yourself one day blurting out “Yes, I do!” when a prospect asks you, “Can we pay you on layaway?” Where does it end?!
Who goes to realtycoupons.com to look for coupons anyway? If you have to coupon, at least look less desperate by putting on on your Google Places profile, on Yelp or Groupon. Please!
For the love of Lady Gaga, there is no need resort to these foolish antics. Instead of wasting time and money on real estate coupons (and incidentally demeaning your brand), allocate your resources elsewhere to attract clients. Can I get an Amen!?
IHB News
I bought another house in Las Vegas this week. I wasn't planning on buying another one, but the deal was so good, I couldn't pass it up. I picked up a 3,300 SF house with a 3-car garage in a nice neighborhood for $201,700. It comps for $285,000 to $300,000. It will take a few weeks before I get pictures for this one as it is currently occupied. I should have a post on the first property I purchased this week. It is being photographed Monday, and if I like them, I will put up the MLS listing in Las Vegas and profile the property here.
I spent most of the week getting my systems in place to analyze, acquire, and process these properties. As I go through the process with these first ones I will refine my systems to be prepared to process more. I originally planned to put these systems in place before acquiring any properties, but the deals I spotted were just too good to let pass.
The company I work with in Las Vegas has the ability to find last-second dropped bids. The property I bought for $201,700 was $15,000 under my maximum bid price. Since nobody else had a chance to check out the property, I was the only bidder. Banks are pretty stupid when it comes to late dropped bids. They could have gotten a significantly better price if they had given potential bidders more time to research the properties. I can't say it upsets me to profit from the stupidity of banks.
As I mentioned last week, the window is closing on the investment fund. The first property is being listed next week, and when it closes escrow, the fund is closed for good.
Writer's Corner
I went to Mickey's Not-So-Scary Halloween Party on Friday evening. It was a great family event, and a good time was had by all. I highly recommend it. I want to offer a special thanks to Jamie Griffin who gave me the tickets she was unable to use.
I am a Disney regular. We have season passes, and my son and I go nearly every Sunday morning. We like to arrive just as the park opens and go on his favorite rides before the lines get too long. It is the high point of my week, and my son and I have many fond memories of Disney. Sometimes, we go on Splash Mountain first thing, and if there is no line, we stay on the same log and go over and over again. There are some aspects of Southern California life you can't duplicate in other places.
The best case scenario of prices while the banks dispose of their inventory is for prices to remain flat. Even if the banks can manage to engineer that miracle, there is still a cost to buyers who need to sell during the flat period: broker's commissions.
During the last period of flat to slowly declining prices in the early 90s, the most common lie realtors told their victims was that prices would rise 4% to 7% next year. The reason for this particular brand of bullshit is the need to convince a buyer that the commissions will be covered if they need to sell. What happens when prices don't go up?
Home Purchase Price … $805,000 Home Purchase Date .... 1/30/2008
Net Gain (Loss) .......... $(53,940) Percent Change .......... -6.7% Annual Appreciation … -0.3%
Cost of Ownership ------------------------------------------------- $799,000 .......... Asking Price $159,800 .......... 20% Down Conventional 4.74% ............... Mortgage Interest Rate $639,200 .......... 30-Year Mortgage $160,579 .......... Income Requirement
$3,331 .......... Monthly Mortgage Payment
$692 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $67 .......... Homeowners Insurance $75 .......... Homeowners Association Fees ============================================ $4,165 .......... Monthly Cash Outlays
-$804 .......... Tax Savings (% of Interest and Property Tax) -$806 .......... Equity Hidden in Payment $288 .......... Lost Income to Down Payment (net of taxes) $100 .......... Maintenance and Replacement Reserves ============================================ $2,942 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $7,990 .......... Furnishing and Move In @1% $7,990 .......... Closing Costs @1% $6,392 ............ Interest Points @1% of Loan $159,800 .......... Down Payment ============================================ $182,172 .......... Total Cash Costs $45,000 ............ Emergency Cash Reserves ============================================ $227,172 .......... Total Savings Needed
Property Details for 18 DELAWARE Irvine, CA 92620 ------------------------------------------------------------------------------ Beds: 4 Baths: 3 baths Home size: 2,800 sq ft ($285 / sq ft) Lot Size: 4,419 sq ft Year Built: 1985 Days on Market: 66 Listing Updated: 40431 MLS Number: P745761 Property Type: Single Family, Residential Community: Northwood Tract: Cs ------------------------------------------------------------------------------
This gorgeously upgraded and expanded Courtside home, full of natural sunlight, has over $100,000 in recent upgrades: dazzling travertine floors, white plantation shutters, crown molding, recessed lighting, a gorgeously remodeled kitchen with golden topaz granite, tumbled stone backsplash and top-of-the-line Bosch appliances, and three FULL elegantly remodeled baths with a spa tub in the master. For an older parent or visiting guest there is a convenient bedroom and full bath downstairs. So much livable space! In addition to the spacious downtairs family room with wet bar, there is an additional big crafts/study room leading to the backyard, another family room upstairs with wood flooring, and an upstairs landing off the bedrooms which is suitable as a T.V. room. Vaulted ceilings and skylights allow maximum vibrant sunlight into the home. This beauty is located next to a greenbelt/walking path, with additional side privacy and frontal privacy with no houses facing it across the street!
