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19January

Is Government Bulk Sale Pilot Near?

Bulk ForeclosureDiana Olick of CNBC reported that a group of Government officials led by FHFA (Federal Housing Finance Agency) “is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals.” FHFA is overseer of Fannie Mae and Freddie Mac.

Olick’s Realty Check article, entitled “Government Set to Sell Foreclosures in Bulk,”  indicates that officials are now working to resolve details such as market potential, pricing and property management concerns. Per Laurie Goodman of Amherst Securities, investors are raising cash “to buy properties on a large scale. But that means they have to build out a rental organization; it means they build out a management company, because if you’re accumulating a hundred homes in Dallas that’s very different than running a multifamily building.”

According to Jaret Seiberg of Guggenheim Securities, several pilots are expected. Seiberg projects that “Less fear about a flood of foreclosed homes hitting the market—could stabilize [home] prices.”

The Federal Reserve released its White Paper on Housing  on January 4. The comprehensive report concluded that “A government-facilitated REO-to-rental program has the potential to help the housing market and improve loss recoveries on REO portfolios.”

The idea is not new. Administration officials issued a request for information in August and received 4,000 responses touting various versions of how to resolve the housing crisis and meet the demands of a catapulting rental market.

For additional information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

17January

Top 5 Cities for Rental Ownership

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Top 5 Cities for Rental OwnershipMarket watchers indicate we are in a historically positive time for owning and leasing rental property. Studies indicate vacancy rates are decreasing and rents are increasing. Many investors have decided the “buy, rent and hold” investment strategy is a winning one for the foreseeable future.

A recent report from Local Market Monitor (Posted in AGBeat) listed Houston as the “most rewarding city for being a landlord.” The rating is based on “home prices, area economy and rents and ranked by job growth.” Below are the four markets rounding out the list of “Top Five Cities for Landlording?”

1. Houston, TX

Projected 3-year rent increase: 18%
Q2 home price: $174,000
Current monthly rent: $818
Annual job growth: 2.5%

2. Grand Rapids, MI

Projected 3-year rent increase: 15%
Q2 home price: $128,000
Current monthly rent: $785
Annual job growth: 2.4%

3. Rochester, NY

Projected 3-year rent increase: 25%
Q2 home price: $148,000
Current monthly rent: $785
Annual job growth: 2.3%

4. Dallas, TX

Projected 3-year rent increase: 16%
Q2 home price: $166,000
Current monthly rent: $877
Annual job growth: 2.2%

5. Tulsa, OK

Projected 3-year rent increase: 19%
Q2 home price: $146,000
Current monthly rent: $671
Annual job growth: 1.8

For additional information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

12January

Today Is The Day. Join Top REO Brokers For Online Radio

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Join Margo McKay Broughton, First Preston HT’s National Trainer and Vice President of Program Development, online today during “The Power Is Now” radio show. There are scores of savvy real estate professionals on tap to keep the business-building questions and answers flowing.

Protect the time slot.  It’s today, Thursday, January 12 from 12:30 p.m. to 2 p.m. CST.

There are three ways to participate.

  1. Listen online at www.blogtalkradio.com/thepower.
  2. Call (877) 497-1811 to listen in by phone.
  3. To ask a question or add a comment, you may call (877) 317-7323 to speak with Margo and the host during the show.

Join us live today, Thursday, January 12 from 12:30 p.m. to 2 p.m. CST. See you online!

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

11January

One Day to Go – Online Radio REO Style – Tomorrow’s the Day

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Can you comfortably explain to buyers the Home Inspection process and fees for HUD-owned homes? If the deal goes south, who gets the Earnest Money?

Just a Reminder—Join us tomorrow for an online radio show, designed to keep you in the know.

Save the date and time.  It’s this Thursday, January 12, from 12:30 p.m. to 2 p.m. CST.

There are three ways to participate.

  1. Listen online at www.blogtalkradio.com/thepower.
  2. Call (877) 497-1811 to listen in by phone.
  3. To ask a question or add a comment, you may call (877) 317-7323 to speak with Margo and the host during the show.
10January

2 Days to Go – Don’t Miss the Show

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Are you sure about HUD’s commission structure? Can you explain to an investor the offer timeline and which date they are eligible to place an offer on a HUD-owned property and why?

Just a Reminder—Only 2 days until the live Internet talk show—“The Power Is Now,” with guest speaker Margo McKay Broughton, from First Preston HT, who will share news you can use!

Save the date and time.  It’s this Thursday, January 12, from 12:30 p.m. to 2 p.m. CST.

There are three ways to participate.

  1. Listen online at www.blogtalkradio.com/thepower.
  2. Call (877) 497-1811 to listen in by phone.
  3. To ask a question or add a comment, you may call (877) 317-7323 to speak with Margo and the host during the show.
10January

You’re Invited To An Online Radio Broadcast

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First Preston HT Radio ShowAre you ready to get the latest scoop regarding HUD REO facts for 2012?  You’re invited to a live Internet radio broadcast, featuring Margo McKay Broughton, First Preston HT’s Vice President of Program Development and Director of Training.  “The Power is Now” show is hosted by Eric Lawrence Frazier, President of the Orange County (Calif.) Association of Real Estate Brokers and Assistant Vice President/ Branch Manager for Wells Fargo Home Mortgage.

Ms. Broughton is known for her fast-paced, lively training sessions that are packed with useful information for real estate professionals selling REO properties.  During “The Power is Now” broadcast, she will discuss topics such as “How to Become a Listing Broker for HUD Homes—Is There Still An Opportunity?” and “Successful Closing Strategies for HUD Properties.”

You can participate in the live broadcast in one of three ways.

  1. Listen online at www.blogtalkradio.com/thepower.
  2. Call (877) 497-1811 to listen in by phone.
  3. To ask a question or add a comment, call (877) 317-7323 to speak with Margo and the host during the show.

Save the date, it’s this Thursday, January 12, from 12:30 p.m. to 2 p.m. CST.

6January

FHA Announces Extension of Anti-Flipping Waiver

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On December 22nd, HUD announced that the Federal Housing Administration’s (FHA) anti-flipping waiver will be extended through the end of the year, 2012.

A December 28th press release stated that the extension permits “buyers to continue to use FHA-insured financing to purchase HUD-owned and bank-owned properties, no matter how long the homeowner has held the title—through December 31, 2012”.

The intent is to accelerate the sale of foreclosed properties. The first waiver, implemented February 1, 2010 has resulted in nearly 42,000 additional insured mortgages on properties which were purchased, often improved or renovated, then re-sold to new owners within a 90 day period.

The waiver extension comes with strict guidelines and conditions designed to prevent predatory practices. Read FHA’s anti-flipping waiver.

The FHA press release emphasized that “the waiver will allow homes to resell as quickly as possible, helping to stabilize real estate prices and revitalize communities experiencing high foreclosure activity.”

5January

California College Students Trade Dorms for Mansions

Trade dorms for mansionsNBC’s George Lewis and Lester Holt recently reported on a developing housing trend for college students. There is a shortage of affordable dorm space on some California campuses while at the same time there is a glut of foreclosed and available “mc-mansions” near California universities. Newer homes with four to six bedrooms have become the new domicile of choice for small groups of house mates. By splitting the rent they greatly improve the quality and square footage of space and amenities they can get for the money.

What do you think of the trend?

For additional information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

3January

Buyer Finds Cash Hidden in Walls

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Buyer Finds Cash Hidden in WallsHave you or a client found hidden treasure inside a recently purchased house? A demolition crew discovered thousands of dollars inside the walls of a house they were hired to demolish. The new owner observed the shower of cash and supervised the cash round-up, which took several hours.

Check out the video to see how the new owner, a Massachusetts dentist, handled the newly-found cash stash.

If the same thing were to happen to your client, how would you advise them to handle the money?

For additional information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

28December

“Humanized” Smartphone Showcases Nanotechnology – Can it Encourage Us to Innovate?

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Humanized PhoneIt’s a transparent, flexible phone shaped like a fish. This story uses one design team’s concept of the future of smartphone technology to highlight the importance of innovation.  Watch a demonstration of a featured prototype and prepare to be dazzled. If you’ve ever wondered what the smartphone could evolve into, this may be your answer. It is so advanced that you “don’t have to press anything to answer” a call.  Enjoy the perspective of a reporter who was invited inside the research center that developed this cutting-edge communications prototype.

This is not an effort to generate excitement about yet another new device; instead, it’s a reminder of the importance of continual self-development. Before the age of the smartphone, a famous southern axiom was “If it ain’t broke, don’t fix it.” Today a more appropriate quote would be “If it ain’t broke, take some time and make it better.” Or “Even if you’re on the right track, you’ll get run over if you just sit there.” Just as a Finnish high-tech design team spent years thinking about how the smartphone could be better, we can all find one more way to improve productivity or elevate our level of customer service. If we review and make meaningful improvements along the way– pretty soon– transparent, flexible, and intuitive solutions will maximize success and propel our businesses forward.

For additional information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.