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Before you submit a reo reimbursement to the reo bank or asset management company, there are five items you need to double check.

1. Vendor Correct Contact Information. The vendor contact information must be correct at all times. Make sure you have accurate information such as the full and correct vendor name, complete address, phone number, and business license number.

2. W-9 Forms - A completed and accurate W-9 form is very important. It doesn't matter if you are paying the vendor or if the bank/asset management company is paying the vendor. Inaccurate social security numbers or tax ID will often delay and/or result in payment rejection in invalid 1099s at the end of the year.

3. Certificate of Insurance - All vendors that perform repairs, install gas, electric, HVAC, pool,  and plumbing systems should have a Certificate of Liability. These are high dollar items and if the work is not performed correctly; resulting in damage to the property, should be held accountable. Additionally, many of the asset management and reo banks are now requiring the certificate.

4. Certifications - When work is perform on wells, septic/sewer, hvac, foundation, roof, etc., the  vendor is required to provide certification showing that the work has been completed and is working. If the vendor is unable to provide a certification, the vendor is not qualified.

5. Completed Invoice - All invoices should be complete and itemized. If not monitored correctly, vendors and agents will submit incomplete invoices to the asset management company and reo bank.  All invoices must have the following items to justify payments and/or to help ensure reimbursements.

• Complete vendor contact information
• Full Property Address
• Invoice number for easy tracking
• Loan number or property ID listed on each page
• Service dates, from and to
• Itemized list of services provided with the price listed for each line item
• Before and After photos for ALL repairs

6. Invoice Submissions - All invoices should be submitted within 48 hours of work completion and must include the asset management company/reo bank required documentation and follow the correct process. 

Following the correct procedures ensures that you will get paid and get paid on time. Trying to alter the required process will make it harder for you to get reimbursed in a timely manner.

There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash.  Since condos are the least expensive properties, have the fewest maintenance issue,  and tend to bring in more rent per dollar spent they are popular with investors. Coupled with the more restrictive lending practices on condos, many bay area developments are now in a position where the number of owner occupied units has fallen to a critical level. Owners of these properties are having trouble refinancing and buyers trying to get loans are being rejected by the lenders.  As a result, many complexes are starting to pass new HOA regulations limiting the number of rentals allowed in the condo development.

These restrictions can be a double edged sword.  If they occur in a building where the delinquency rate on the HOA dues is too high then a buyer will not be able to get a loan anyway and it will effectively cut off all sales.  In the future when the market has settled down the rental restriction could put a damper on future sales.  However, if they are not instituted it may become impossible for anyone but investors to purchase in some condo complexes, which in itself will lower values not to mention make things harder for the first time home buyer. It will also make it impossible for current homeowners to ever refinance in some of these buildings.

I do not have the answer here as to what is right or wrong here. I can only give some advise on what to do if you want to purchase or sell a condo and want to get the information about potential rental restrictions.

1. Ask your agent to find out if the HOA docs are available yet.  If it is an reo they most likely will not be and a

short sale very likely not

2. If the docs are not available before you make an offer ask your agent to ask the listing agent for the number of the HOA management company

3. Call the management company and ask about any current or contemplated rental restrictions

It is not that hard to find out and can save a lot of time and possibly money.

If you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

REO banks require the agent to turn on the utilities, pay the bill, and submit for reimbursement. It is very important that you keep track of each bill and submit in a timely manner to ensure that you are reimbursed by the banks. During the rush of completing your daily tasks, don't ignore the utility bills by adding it to your already filled and probably overflowing inbox. Separate your utilities and other bills by using hanging trays. Hanging trays can be added to the side of the file cabinet, hanged from the wall, or stored using a vertical rank on your desk. The bottom line is not to mix your bills with other office paperwork. Click Here for a Sample Upon receipt of each bill, add it to the tray for processing and process each bill weekly! Attach a copy of the check to a clean copy of the utility bill. Remember, each utility bill must show the following:

1. Utility Company Name and remittance address
2. Utility Account Number
3. Property Address
4. Service to and service from dates.
5. Itemized utility breakdown.

1.       Not following instructions!

2.       Your follow-up timeframe does not exceed the expectations of the asset manager. Are your taking more than 24 hours to verify the occupancy of the dwelling?

3.       Initial BPO and updated BPOs. Is it taking you longer than 48 hours to complete the BPOs? REO Banks such as GMAC expect 48 hours or less. Yes, we all see the 7 day turnaround time in EQUATOR but it needs to be completed much sooner.  No asset manager wants to see your task in red or yellow. Otherwise, your grade will be affected.

4.       Cash for Keys – How many CFKs have you successfully negotiated and if your are not successful, have you improved your CFK negation skills? Work on it!

5.       Are you following the bidding process and guidelines established by the asset company or are you making your own and trying to set your own rules to the requirements? If your are setting your own rules, you will get a low grade.

6.       Reimbursements – Each company has guidelines that list how the reimbursement must be submitted and a list of all supporting documents that are required. Are you submitting the requirements?

7.       Are you submitting estimates, bids, proposals, and statements in place of invoices? Shame on you. There is a big difference between an Invoice and the other items listed above.

8.       Setting the Price Right! Surprisingly, most asset manager use your expertise to set the price unless, you have a growing history of over and under pricing.

9.       Days on the Market (DOM) – Do you have properties on the MLS for more than 60 days? This is a big NO! NO! Work on getting the property more exposure. Don’t rely only on the MLS and Craig’s List. Post the property on 50+ sites (most free), and create a viewing report monthly for the AM. Additionally, add more than one photo to the MLS and marketing efforts.

10.   Are you keeping your closings on track and updating the required individuals in the loop? This is a big “To Do”!

You should also be aiming to build a reputation with the asset companies. You can build confidence in your skills, experience and profession if you settle for the basics. There are more reasons but I opted to list the top 10.

11.   Poorly written documents.  Consider using fill-able forms.

12.   Marketing verbiage is not impressive. Agents tend to provide simple verbiage on the best of homes.

13.   Poor quality photos used in marketing and BPOs.

14.   Lack of organization and file tracking outside of the portal.

15.   Lack of professionalism in emails and phone calls.

16.   MLS sheet lacks enough information that will get the buyers/investors interested.

Consider improving your skills, process, and perhaps, revamping your team.  Don’t be the eager beaver by taking on more properties than you can manage.  Turn your grade around and go for the A+.

I was in church this past week and the pastor spent the whole message going over the value and reasoning behind the Sabbath. For those of you that aren't church goers, the Sabbath is the 7th Day of the week. Traditionally most Christians celebrate it on Sunday, but some denominations like Seventh Day Adventists and Jews celebrate it on Saturday. Muslims celebrate a special day of prayer and rest on Friday.  No matter how you flip it though, most religions agree that there should be a day out of the week that you DO NOT WORK!!!

I'm as guilty as many of you reading this blog in that I might have a "day off", but that just means I don't go into the office. I STILL spend 2-5 hours in my home office or on my cell phone answering emails, returning calls, etc. SO.....for the last two weeks my family and I have challenged ourselves to do away with the TV, internet, phone, fax, email, Facebook, and whatever other electronic addictions we possess for an entire 24 hours.  IT WAS DIFFICULT....but a few things happened:

1. I found myself with more time to spend with my kids. I read  a book I'd been waiting to start for months.
2. I took a nap and felt more rested going into Monday than I have in months
3. My business didn't burn down. The urgent emails I felt like I needed to address, waited until Monday morning for a response. 

I'm curious for those of you who have been in the business for a while, do you have a day of complete rest?

If not, do you think you could be a better agent, father, or husband by taking one day truly off ?

http://agentacceleration.com/god-gave-us-the-sabbath-to-rest/

If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world.  HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to collect the money or take your home back. However, with a HELOC the lender can turn the account over to a collection agency, get some money for it right away, and you are left to deal with the debt collector.  

This can become a potential problem if you decide that your best option is a short sale. If you decide to sell your home as a short sale it is often easier to negotiate the payoff to the second if it is still owned by the bank, rather than the collection agency. The bank sold to a collection agency for pennies on the dollar, and would be more likely to let you go for the amount that the first lender offers.  By the time it goes to collection that entity had invested money and will expect to make a profit by getting a settlement larger than what they paid. If you cut out the middleman (in this case the collection agency) it should be cheaper.

So, if you can not pay your mortgage, don't just stand there, DO SOMETHING.  Whether is is going for a loan modification, refinance, or short sale, get started earlier rather than later. It will be less stressful in the long run, and generally much less complicated.

If you have any questions about short sales in the Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

When a buyer makes an offer on a Mountain View, or any Silicon Valley Short Sale they ocassionally want to purchase some of the furniture in the house.  Sometimes there is a couch that fits perfectly in the family room, or a dining room table that is too big for the seller's new house and they want to sell it. It's ok to do that, right?

NO NO NO NO NO!!!!!!!

Should I say it again?  Ok, NO DO NOT DO IT!!!!!

Here is why.  The seller is not allowed to have any gain from the sale of the home.  The bank gets all the money from the buyer in exchange for allowing the loan to be written down so the seller can get out of his/her obligation. If the seller sells furniture to the buyer it can be considered by the bank to mean that the seller has received money from the buyer. So, if the buyer wants a big table they will have to go to Ikea and buy one.  If the seller does not want a couch, put it on Craigslist, but do not sell personal property to the buyer.

If you have any questions about short sales in Santa Clara or San Mateo counties, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcyoyer.com

650-619-9285

D.R.E. 01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Credit reports frequently have mistakes. Very often consumers are not aware of these mistakes until they are trying to obtain credit for a large purchase like a home or car.  There is a process for rectifying credit mistakes, but it can take some time.

As more and more short sales are being processed it is only natural that some mistakes are showing up on credit reports, especially since there is no standard way for a credit report to reflect a short sale. The bank may report loan paid as agreed, or loan paid for less than the full amount. Which ever way it is reported it should not say foreclosure. Unfortunately occasionally this will happen, but the fix is easy.  When you sell a home as a short sale you will receive a HUD1 statement. this is a statement that spells out what money came in from the sale and how it was distributed. If a home is foreclosed there is no HUD1 given to the owner.  So, if you have a HUD1 your home was not foreclosed.  You should send the HUD1 to the credit reporting agency along with the statement that since you have a HUD1 you were not foreclosed on. They can then remove the foreclosure from your credit report. 

It is probably a good idea to check your credit report 6 and 12 months after a short sale just to make sure this has not happened.

If you have nay questions about short sales please feel free to contact me.

Marcy Moyer CDPE

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Right now it is estimated that nationally 1 in 4 homeowners owes more on their mortgage than their home is worth. You may be be one of those homeowners.  While not everyone who owes more money than their home is worth is going to sell that home, if they do, it will have to go through the short sale process. If you decide that a short sale is the best option for your circumstances be sure and check with a lawyer and/or accountant to get the best legal and tax advice.  You may find yourself unable to make the payments on the mortgage at all. If you own a condo the situation can get a little more complicated.  

In California the HOA can initiate foreclosure proceedings against a homeowner who does not pay his/her HOA dues.  In addition to that, many banks who are very willing to allow a borrower to do a short sale will not pay any money for back due HOA dues.  

So, if you can not afford your home, if you can not afford your mortgage, if you want to try a short sale, try to find a way to pay the HOA dues. If you do not, you could get to the end of the short sale process and not be able to close because a few thousand dollars are owned to the HOA and since that is a lien against the property the sale will not close.

If you have any questions about short sales, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

B PASHN8! 

This license plate has been on my Volvo for the past 8 years.  I recently gave my car to my church, and the DMV wouldn't let them keep the tags.  So, I received them back as a souvenir.  Actually, I was thrilled that I got to keep them. 

I put these tags on my car because I wanted to plant an idea in the heads of everyone who looked at them.  Be Passionate!  If there is one word that best describes my life, it would be passion.  I have a lot of things I'm passionate about, and I love to share my passion with anyone and everyone who will come along with me. 

When I first put the tags on the car I found that a lot of people would sit in traffic and try to sound it out.  What fascinated me most was that women almost always got it right away.  Men?  Well, the guys weren't quite quick and they tended to get distracted by the whole spectrum of what passion could mean.  Guys tended to be a little more animal and primal in their interpretation, and the ladies tended to be a little more cerebral and task oriented.  

For me, passion is the driving force that won't let me stop thinking about a plan, a new vision, a method of creating something that I've only dreamed about, a challenge that is waiting to be overcome, a goal that I am determined to accomplish, a deal that is being negotiated, an idea that is looking for wings, a hurdle that needs to be cleared.  It's my fuel for success.  Most of the things I do in life are a direct result of my own personal passion. 

I've never had a guaranteed income as an adult.  I've almost always worked for myself, and I love it that way.  Why?  Because my passion will not allow me to sit on the sidelines.  I have never been a clock puncher.  There is nothing wrong with that, but it's not for me.  I once had a friend ask, "What will you do if this venture doesn't produce enough money?"  I said, "I'll create a second source of income."  That's what passion says.   It's a power that is hard stop.

My favorite bumper sticker says, "If you ain't the head dog the scenery never changes."  I know that gnawing feeling of needing to break out of the pack and do something bold.  I think a lot of Realtors enter the profession because they are just like that.  They love their freedom, and they love to have the ability to have unlimited income based upon their own efforts.  

Passion empowers you to do amazing things.  It gives you the courage to exceed your own expectations.  It pushes you to take on projects that over your head because you know that some how you will not only succeed, but you will succeed beyond your own imagination.  I am confident that those who are passionate can do anything. 

There are plenty of naysayers in the world.  But, people who swear something can't be done are nearly always run over by someone doing it.  So, my friends, be passionate.  Have a great weekend while your doing it.

Teach Your Kids to be Financially Independent. Here's a Simple Way. 

One of the best things my wife and I ever did was put our kids on salary.  When our sons were 8 and 10 we put them on a monthly salary.  I had taught finance and investment seminars for a long time when I realized that there didn't seem to be anything out there for kids.  Then I found an amazing book.  The book was called "Debt Proof Your Kids," by Mary Hunt, and it spurred a lot of great ideas.  What if kids grew up understanding the value and use of money?  Go figure.  What a concept.

We modified Mary's ideas for our family, and it worked wonderfully.  I highly recommend the book.  Here's what we did.  From January 1 - June 30 we recorded every penny spent on the boys.  That included boy scout dues, clothes, shoes, stops by McDonalds, books, haircuts, theme parks, everything.  We averaged each boy's expenses, and on July 1st they went on salary.  Salaries ranged from $55-$70 a month at that time.  The mom and dad spigot was off. 

The deal was that we wouldn't buy them any clothes, shoes, books, pay dues, no sodas at the convenience store, no haircut money, no cash for theme parks, etc.  They would be responsible for every life expense.  If I chose to take the family out to dinner, I paid.  If they wanted to stop for a meal or soda, they paid.  If they needed a haircut, they paid.  If they wanted the new cool sneakers, they paid.  New video games, skate boards, trips to the movies or anything not initiated by me or my wife was at their expense.   We only paid for things my wife and I chose to do, and they paid for everything else. 

They were also required to save 10% and give 10% away.  So, they had to learn to live on 80% of their total salary.  In the first month, the youngest son was broke in about 2 days.  The first test of our plan came when my oldest son wanted to stop by a convenience store for a soda.  We did.  I bought one for my wife and one for myself.  My oldest son bought one, but the youngest son was busted.  No one offered the younger son a soda, and no one offered to share.  It was part of the deal.  That was probably one of the hardest things I've ever done. 

The second month, the youngest son made it to about week 2.  He did better, but he was still busted within 14 days.  Month three was much better.  He made it to the end of the month with  cash to spare.  Today, at 19 and 21, the boys are the bank.  Both boys are well on their way to financial independence.  The recession has had an unintended consequence for them. They've watched a lot of people lose everything they worked for because  they carried  excessive debt.  The boy's system has been to avoid unnecessary debt and save, and they're great at both.

Both boys have their own jobs now.  Mom and dad aren't supplying their salaries anymore, and they still save 10% and they still give 10% of their income away. The oldest son has developed into quite an entrepreneur and currently has his own business.  He's  also in college and the younger son is heading that way. 

We home-schooled the boys so scholarships are nearly non-existent.  This presents a new chapter in their financial lives.  Knowing that they will have some of their own money involved in schooling makes them a little more focused on what they will study.  Ironically, when their money is on the table they look at college with a whole different attitude.  They look at the value of what they receive in the classroom and not on college as one big party. 

Yes, we did get back involved in their financial lives once they were well established teens.  By then they were well on their way to a heathly financial life. 

If you have young children I would recommend that you pick up Mary's book and find out how to use it in your own life.  It has set my sons on the path to debt free living, and I love watching them use their minds to make things work rather than using Visa and MasterCard.  It's very exciting!  It's the one gift we gave to our kids that will last their entire lives.

Close Your Eyes So You Can See 

I've always heard that when you lose one of your five senses that the other ones become more intense.  Recently I was resting my eyes (taking a nap), and I heard a commercial on the radio that has a TV counterpart.  When I heard it on the radio I recognized it right away.  Only this time, it was different.

This time, the sound was amplified, and I heard the emotion in the voice of the speaker.  Her voice was silky smooth on the radio.  It didn't seem that smooth on TV, but there were distractions on the TV ad that I couldn't see with the radio ad.  It was the same ad.  What was the difference?  Since I couldn't see her this time my hearing was making up for my lack of sight, and it was an amazing difference.  Wow!  I was so surprised.

What does that have to do with real estate?  A lot!  When you list a house you need to list it with a buyer's senses in mind.  I recently did a walk through of one of my own listings.  I made up my mind that I was going to walk into this house as if I had never seen it, and I was going to determine why it hadn't sold yet.  I exhanged my Realtor senses for a buyer's senses, and I found a lot of things that would keep me "the buyer" from buying the house. 

So, close your eyes and listen.  Listen to something that you're already familiar with.  What did you hear that you haven't noticed before?  Now carry that into one of your listings that is moving slowly.  What do you see that you didn't see at the initial listing?  Close your Realtor senses, and open your buyer senses.  You might be surprised.

Sellers want to sell, and Realtors want to sell. So, what's the problem? 

Sellers want to sell, and Realtors want to sell. So, what's the problem? The problem is some sellers lie, and some Realtors lie (no offense to my colleagues ), and it slows down the process. Yahoo Finance posted an article today called "The 5 Lies All Home Sellers Tell." Drop by and check out the article. We've all heard it before.

But what about Realtors? Most of my friends who are in this business are awesome. I am proud to call them friends, and we do business together constantly, but there is another group. Let me tell you about my day.

I just left a client's home. She has her property listed with another company. Actually, it has been listed for over a year. In that year's time, her Realtor has never been by except to have her sign documents. There isn't even a sign on the property. There have been three showings and zero offers. The sad part about this house is that it's a great house on 82 acres of beautiful rolling hills, but it's being handled by a Realtor who would say anything to get the listing.

Here's the irony. I did all of the CMA work, research on conservation easements and laid the ground work for her to sell two years ago. I never heard from her again, a la "Dear Customer - I have a favor to ask" by Karen Crowson. A local attorney in her area recommended a different Realtor, and here she is a year plus later with nothing. That Realtor promised the moon. He would market vigorously, he would send out fliers, he swore he had five clients right then who had cash and one of them would scoop the property up right away. Baloney!

Some Realtors will say anything to get a listing, and then what? If it turns out to be hollow promises, like this Realtor's promises, the client, who is in desperate need, is left hanging and confused because she is holding on to the promises that had no substance. She believed in the recommended Realtor. She trusted his listing presentation, and he had a slick one. She was excited to get the property listed. Now, she is in financial trouble because she chose a Realtor who was only gathering listings to fluff his portfolio, and he didn't have a genuine plan for selling.

I once had a college professor who often said, "If you make a promise that something will happen you had better be prepared to make it happen." That's good advice for all of us. We should only promise what we know we can make happen because people trust us, and they need to know that we can do what we say we can do.

I didn't want to say it, but "Your baby is ugly!" 

We've all had that client who truly believes he can defy the market and list his home for 20-40% over a solid CMA value.  I get one (or more) every year who thinks there is something so extraordinary about his home that savvy buyers will simply ignore the obvious and pay too much.

When negotiating with that client you've got to be honest and tell him that "his baby is ugly." Be easy.  I know, it's painful to hear, but it's true.  Then, while he is gasping for air you can give him a list of things that may not make up that 20-40% difference in CMA values, such as:

• The love that went into the wall coverings.
• The plants his aunt Sally planted out front before she passed.
• The living room where the firstborn learned to walk.
• All of the time he spent mowing, manicuring and improving the yard.
• The pool.
• A partially finished basement with convenient drop ceiling and fluroescent lighting.
• The dog kennel out back.
• The bus stop at the end of the street.
• The hot tub.
• The neighbor who got his asking price just a short time ago (five years).
• The friend who is an expert and is advising him on housing values.
  
• Etc., etc., etc.

We all have our own list, but trying to convince an overpriced seller that his price is never going to bring a buyer is like getting a pacifier out of the mouth of a four year old.  It has the potential to be ugly, but it has to be done.  Be honest, even if it costs the listing.

  Yep, it ROCKS!

I have made so many wonderful contacts and friends here.  Read some stuff, send some emails.  If you are truly looking to connect and not to just *GET SOMETHING* from someone you will be happy you found this group!

I am also a member of WinDS (charter member) and I am member of NAHREP AZ and NAHREP Vegas and also AREAA AZ and AREAA Vegas.  I also highly recommend all of these listed groups for the great connections and educational opportunities.

Real Estate Porn
The search bunny keeps on going

Its interesting that online search for real estate is as strong as ever. Sales are miserable, people are afraid to buy. They no longer know what value and they have no job security. So, why is search so strong. Realtor.com President, Errol Samuelson notes that Online search is a critical measure of interest in real estate, especially now that more than 90 percent of buyers search for their homes online. So what can we glean from data mining search. Well, it turns out quite a lot.

Search As An Economic Indicator

Studys that indicate that the answer is yes, search can indicate future interest. The National Academy of Sciences of the United States of America (PNAS) recently published a study and concluded that predictive power of search can predict activity several weeks in advance.

Where Are The Top Ten
Sun Belt Still Strong

The top 10 most searched real estate markets in 2010 were established based on the number of visitors that viewed properties in each Metro Service Area (MSA) in the United States from January 2010 to December 2010 on Realtor.com. Despite changing market conditions in 2010, the nation’s top search destinations remained remarkably stable and focused on the sunshine states of California, Nevada, Florida, Texas and Arizona.

Bottom Fishing?
Or Just Entertainment?

Despite changing market conditions in 2010, the nation’s most searched destinations remained remarkably consistent, focusing on the sunshine states of California, Nevada, Florida, Texas and Arizona. Whether the strong interest in Real Estate is just window shopping or whether these states will seriously pop first when the buying public feels this is the bottom remains to be seen. Be interesting to see if the heavy search points to an early opportunity.

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.See More About:foreclosuresbuying short salesdistressed homesreal estate investors

Buyers should hire a real estate agent who specializes in foreclosures.
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Birmingham Alabama Short Sales Don't Lose Your Home to Foreclosure
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Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:

•Laid-off, fired or quit job
•Inability to continue working due to medical conditions
•Excessive debt and mounting bill obligations
•Squabbles with co-owner, divorce
•Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:


1.Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.

2.Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.

3.Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.

4.Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.

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