HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label real estate broker. Show all posts
Showing posts with label real estate broker. Show all posts

February 7, 2012

Options For The Underwater Homeowner

Good Afternoon, and Welcome Back, one and all!

   If you happened to catch my last post, "Strategic Default To Stop The Bleeding", we discussed the "taboo" topic of walking away from your Home Loan (and thus, your home). Of course, if you have some equity in your home, a Strategic Default would not make sense, therefore, the discussion was within the context of "Underwater Homeowners" (those homeowners that owe more on their Home Loan that the Home is actually worth).

   In a quasi-sequel to the above-mentioned post, I cannot stress just how major a decision it is to walk away from your home, and you (only you), would need to take a look at all of the factors (financially, legally, etc). What I will say is from some research done by Tara-Nicholle Nelson in her Inman.com story, "6 ways to save your underwater home", Nelson said that she noticed that "most upside-down homeowners don't really want to default on their mortgages". If that is the case, what alternatives do you have vs. walking away?

   At least 6 alternatives.

   Nelson laid out 6 alternatives, which include:
     * Get Rid of credit card balances and your debts.
     * Get a second job ("It won't last forever", says Nelson)
     * Start a side business/Monetize your spare time.
     * Rent out a room/rooms in your home.
     * Apply for loan modification and Government programs.
     * Short-sell your home with a local agent, attorney, etc.

   One other alternative is to keep your eyes and ears open. For example, there was a recent Bank of America special event that invited struggling BOA customers to meet in person with "home retention specialists", in a story from Leslie Berkman, titled, "Borrowers may meet with retention specialists". Some of the options for these customers were home loan modifications, among other alternatives.

   In summary, Nelson says that fortunately, your options for avoiding a foreclosure "are not so limited as they might seem at first glance". However, if you at that point of making this big decision, she highly suggests that you "consult with a reputable real estate broker, mortgage broker, local attorney and local tax professional -- at minimum".

   Are there any other alternatives that you can think of that were not included here. Please share it with your fellow readers.


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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #StrategicDefault #HomeLoan #underwaterhome #loanmodification #BOA #avoidforeclosure #retentionspecialist #realeestatebroker #mortgagebroker

December 15, 2011

Real Estate Can Make You Do Crazy Things

Hi Folks,
   Hope you're having a great week.

   It's nothing new to any of you reading this that Real Estate is a great way to make a lot of money, if done right with a cooperating market. However, there is also an under-current of those that use fraud, manipulation, and other schemes to scrape funds from people with blatant disregard for the law.

   For example, there were 4 such incidents that popped up in the news this past week, one involving a Real Estate Broker, one involving an Internet Scam, another involving some Real Estate Investors, and yet another one overseas, just to show how far-reaching this issue goes.

   To be specific, a Real Estate Broker in Phoenix was convicted for evading over $3 Million in taxes from land sales and broker commissions, while some guy sold property in Alabama...property he didn't own and never gave up the Title for once he was paid! The story involving the Real Estate Investors was related to fraud and bid-rigging at Public Real Estate Foreclosure Auctions in California. The overseas one that I referred to above was in New Zealand, where a real estate salesman misled a buyer and failed to pass on an offer made by another buyer.

   I'm going to assume that overall, people are "good", however, with the markets the way they are right now, there are a lot of desperate folks out there, and a lot of people waiting to pounce on them like prey. Of course, everyone is innocent until proven guilty, but the sheer spike in these stories tells me that this is a trend that will continue in tandem with the market woes.

   The lesson here: Caveat Emptor, or "Buyer Beware". Do you have any similar stories to share with our readers?

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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #RealEstateBroker #RealEstateInvestors #taxes #landsales #bidrigging #RealEstateForeclosureAuction #California #NewZealand

November 29, 2011

For a Smoother Closing Table Experience...

Hi All,
   Welcome back after the extended Holiday weekend.

   Last week, we touched on the things that can hamper a Closing ("Oh, Those Crazy Closings!"), and today, we are going to revisit the topic, since we are hopeful that more Closings will be happening, which would signify a robust Housing Market.".

One of the most respected Real Estate Websites, Trulia.com, has published a handout that provides 4 tips for Buyers to help them proactively prepare for the Closing. These tips are extremely crucial, and can make the difference between you and your new "keys"!

   Tip #1 - "Halt Major Money Moves". Basically, try to remain low-key in terms of deposits, credit limits, etc (any "money-related activity that could change your financial status in any way").

   Tip #2 - "Tell the Whole Truth". Everything that you do or say will be verified multiple times, i.e. credit, assets, marital status, employment. Getting a Mortgage is tougher than it was a few years ago, and the process has become much more strict than ever before.

   Tip #3 - "Closing Documents: Read Ahead". Know any corrections or changes in your documents before you get to the Closing table vs. the day of the Closing. This is so important!

   Tip #4 - "Watch the Calendar". Take control of deadlines for inspections, etc. Constant communication with real estate and mortgage brokers regarding dates is key to your deal (dates can impact interest rates, etc.).

   Overall, some great tips from Trulia. Is there anything else you can suggest?

Would You Like Our Blog Posts Sent Directly to your E-mail? Here's How:
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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #closing #creditlimits #assets #documents #inspections #trulia #realestatebroker #mortgagebroker #mortgage #interestrate

June 14, 2011

Real Estate Snapshot Of Long Island and New York City

Good Morning,

   Welcome back !

   Today, on a personal note, I was born and raised in Queens, NY (Howard Beach), and currently reside in Long Island, NY. My business has no physical boundaries, as our website covers every state and multiple countries around the world, however, as a homeowner and a local business owner, I like to keep my finger on the pulse of the housing market in this part of the world. Today, I'd like to focus on the Long Island and New York City markets, and I spoke with some local folks for their perspective on how things are going. I can tell you this;

   There has been a, "A marked upswing in the past couple of months, contrary to local newspaper articles", according to Janet M. Maffucci, an agent with Netter Real Estate in West Islip (an office of approximately 40 agents). Maffucci bolsters her claim with the yard stick of "sides", which she explains as parts of a transaction. She explains "sides" as follows: "For instance, if I get the Buyer for an "in-house" Listing (belongs to someone else in the office), that would be 2 "sides" for Netter RE because my office brought the Buyer AND its our Listing. Sometimes you just Sell an outside Real Estates Listing, so we would then have just 1 "side" of that transaction. So all together, we add up all these "sides" of transactions that the Sales Agents are involved in on a daily basis.". As for quantity, at the "height" of the Market in 2005-2006, Maffucci tells us she had, "40 sides on the "board" at any given time", but in the, "depths of the Market crash", she says, "we dipped into single digits". Maffucci proudly says that they are back up to 39 sides for the past few weeks, to which she concludes, as a, "definite upswing in the Real Estate Market".

   In terms of pricing and value, Erik Reilly, a Broker Associate with REMAX Shores in Oceanside, weighed in and said that he believes that, "Long Island values have come in for a "soft landing" however affordability has never been better.". Reilly says that with the low interest rates are with "prices down 20-25%" that there has, "never been a better time to buy for the long term." he does caution that Values may come down some more when interest rates rise or if more "distressed inventory (REO and short sales) puts downward pressure on values", but still believes that the cost of owning right now, "has never been better.". To the people who say, "you can't get a mortgage these days", Reilly says that this is incorrect, and adds that you can get a mortgage with a job and "decent credit".

   Lori Beldiny, an Associate Real Estate Broker with Coldwell Banker in Suffolk Country, says that as an active Associate Broker for 20 years, she has seen "many types of Markets". Beldiny says that currently, "our climate is strained with the negative press from media and challenges of our lending community.". She reminds us that last year at this time, the Government offered a $7,000 Tax advantage, which she says, "created a positive atmosphere for buyers who were actively looking but became real instead of tire kickers." As for today, as far as the Spring is concerned, it is, "opening up to a slow start.", and she points to the the "weather and lack of confidence" for the reasons. Beldiny says, however, that Realtors realize the timing now is "awesome", and that, "Money is cheap to borrow and supply of homes keeping prices at all time low's."

   In terms of our neighbors to the West (8 million + !), inventory is tight, says Jennifer A. Chiongbian, SVP & Licensed Associate Broker with Rutenberg Realty in New York City. Chiongbian says that, "extremely tight inventory has left prospective renters left with no choice but to pay higher prices and left with almost nothing to choose from.". As an example of how tight the inventory is, she say that Manhattan is, "already known to have an average of a 1% vacancy rate; at times a bit higher, at times slightly bit lower.", and says that currently, "we are boasting a .69% vacancy rate" (which, she adds, spans data from 39,000 buildings from 96th St. to Battery Park; which is considered prime Manhattan area). In contrast, she tells us that at this same time last year, they were averaging .98% total vacancy. Her prediction; "The peak summer rental months are just beginning, and from what I can see out there, there will be no respite from this rental gouging until September, so hang onto your hats!"

   Based on the "on-the-front-lines" information that was provided above, things don't seem as bad as the media would like us to believe. Are you a local Long Island or New York City Realtor or Investor? What's your take on our market? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #longisland #NYC #realestate

May 26, 2011

Home Prices - Look Out For The Herd

Happy Hot, Sticky, Summery Day,

   The one and only Winter fan shouting out to you today !

   When you think about Housing and Real Estate, one of the first things that comes to mind (or should come to mind), are Home Prices. This week, the Federal Housing Finance Agencys (FHFA) released their seasonally adjusted purchase-only house price index, which, as described, is, "calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages."

   The "skinny" on these numbers boils down to the 2.5% drop in Q1 2011 vs. Q4 2010, and the 5.5% drop from Q1 2010 to Q1 2011. In the actual breakdown of the figures, "the strongest prices", as they were referred, were in the West South Central Division, where prices, "declined only 0.5 percent." Amongst the largest price drops (for the 25 most populated metropolitan areas) was the Atlanta-Sandy Springs-Marietta, GA area, which saw prices drop in excess of 13% from Q1 2010 to Q1 2011. Ouch !

   What does this all mean? "Absolutely nothing!", says Eric Bramlett, a Real Estate Broker in Austin, Texas, who says that all Real Estate is "local", and that the only buyers who are interested in purchasing "anywhere in the United States" are investors. Bramlett says that the, "vast majority of home buyers need to buy a property in a specific city or metro area, and most want to purchase within a sub-market of that area."

   In the world we live in, and the way we are wired, when we hear a market is in decline, many people go into the "Herd" mentality mindset, slap the blinders on, and forge along with those negative thoughts, so in a way, I believe it does effect us, even if indirectly.

   Bramlett provides some solid advice for homeowners and buyers, which is to, "find out where your local market stands, and you will have an accurate read on where you stand as a homeowner or buyer."

   Hopefully, you will read this for knowledge purposes and will not slap on the blinders. Educate yourself, check your desired area for crime, business, expansion, employment, etc. Did we miss anything? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #homeprices #FannieMae #FreddiaMac #Atlanta #realestate

July 12, 2010

Common Misconception: Realtors ARE Welcome !

Hi Everyone,

   We hope you had a great weekend, and welcome back.

   Today, we would like to address a very common misconception, and we would like to clarify this for all of those who have asked us about this. We receive countless E-mails from Realtors, real estate agents, real estate brokers, etc, with some wonderful comments about our website, but telling us that since they are Realtors, they cannot use our website. This is a huge misunderstanding on the part of these individuals and companies, and we would like to discuss this today, since this one fact is holding them back from finding buyers for their homes for sale (or homes for Rent to Own), and simultaneously, is taking away from extra responses that buyers on our website can have presented to them.

   We would like to put this right out into the open to all people in the Real Estate industry; We are not your competitors - we are your friends and your resource.

   We are here for buyers, sellers, investors, Realtors, and anyone who is selling a Rent to Own Home, Buying a Rent to Own Home, or is offering home-related services (appraisers, attorneys, Realtors, mortgage brokers, etc). I will admit that when we first started, we did rant against Realtors, basically, it was a "silly rookie mistake", and we realized that we are all here for one purpose - to help people buy or sell homes. So for our tiny mistake back about 8 years ago, we take full responsibility and we apologize.

   Now, we know that not all of your clients want to Rent to Own. Some of them would like to sell outright, and if they can, fantastic. However, should their listing sit dormant on the MLS and be in jeopardy of becoming an expired listing, this mean that the homeowner is not able to get out from under their payments, and a Rent to Own might be the solution to their problem. So, that is where we come in - and we reiterate - we are not your competition. Of course, we ask that you not contact any homeowners on our website and ask them to list with you as that would be a violation of the terms of our website (and of course, just plain unethical), but, if you are contacting them about buyers that you have, then by all means, make the connection with the homeowner, and identify yourself and your intentions.

   Occasionally, we receive E-mails from people asking if we send them listings, however, we have clearly defined in our terms and in our "About Us" section (http://www.lease2buy.com/rent-to-own-homes.php), namely, "We do not "send" you listings: All of the listings of Rent to Own homes, Rent to Own buyers, and home service providers are all listed on our website, and you can browse them for FREE !".

   So, to summarize, where the MLS is a listing of homes for sale, HomeRun Homes (Lease2Buy.com) is a listing of homes available for Rent to Own, homes wanted by Rent to Own, and Home Services available for homeowners and prospective homebuyers. This puts us in a unique position within our niche of the Real Estate Market, and not as a competitor with the MLS and Realtors.

   Hopefully, we have been able to answer your questions about who we are and why we can work together. Your focus is on transactions, listings, and deals, and our focus is on being a central meeting place for Rent to Own buyers and sellers, but we both share a common ground in providing customer service and helping people. Realtors definitely help people, and we would like to think we do, as well.

   Have a Great Week and Happy Rent-to-Owning !!!