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

September 5, 2013

Big Market Players Focus on Filling Homes with Renters

Hi folks,
   I like to consider my readers as quite familiar with the way the Real Estate market works, namely, the ebb-and-flow of buying properties and selling properties. With that being said, you know that Investors make up an important chunk of overall home purchases. However, per data from the National Association of Realtors (NAR), in early 2009, 25% of homebuyers were investors. Earlier this year (in February), they made up 22% of home buyers, but then, in July, that figured dropped to 16% Nationally.

   "Housing has morphed from a form of shelter to one of the most popular tradable assets, thanks to a huge influx of institutional investors in a mammoth, albeit decreasing, supply of distressed properties", writes CNBC Real Estate Reporter Diana Olick. Olick adds that this is why, "...it should come as no surprise the housing market is now nearly as volatile as the stock market". Indeed, it is volatile, but what happened to all of these investors?

   Not too long ago, large investors like funds Blackstone and Waypoint were buying properties by the bushel, and pushing up home prices. But now? Well, with all of the homes under management, they are working on filling the homes with renters, as Olick wrote in her article, "As investors shift, housing is the new stock market", now investors are focusing on filling those houses with renters.

   With the slowdown in investor purchases, Olick say that there could be a consolidation of investor firms (larger firms buying up smaller players). But the volatility remains. A contributor for Olick's story was Glenn Kelman, CEO of Redfin (an online real estate sales company), who said that, "We've seen more volatility in real estate in the past five years than we have in the past 500".

   Stay strong and Stay tuned!



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Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes - Rent to Own Homes, since 2002
"Located at the Corner of Technology and Real Estate"
Rent to Own Homes and Real Estate Blog for HomeRun Homes: http://blogging.lease2buy.com

HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com



TAGS: #RealEstateinvestor #buyingproperties #sellingproperties #homepurchase #Realtor #NAR #distressed #housingmarket #sales



August 31, 2013

What's Up? Home Prices and Sales of Existing Homes

Hi Folks,
   It's great to report this, but guess what's up? The Federal Housing Finance Agency (FHFA) just released their figures for the June 2012-June 2013 time period, and there was a 7.7% increase in home prices. The big winner was the West Coast, which checked in with a 17% gain, followed by the Mountain Region, at 11%. The slacker was the Mid-Atlantic, including New York, which was only up 2.5%. Additionally, the National Association of Realtors (NAR) released figures for the July 2012 - July 2013 time period, and the median price of a previously owned home popped up close to 14%. As for sales, the sales of previously owned homes jumped by 6.5% last month.

   Know what else? Even with these increases, homes are reasonably valued, and they still have room to increase further. Additionally, it's still cheaper to buy than rent, which also bolsters the opinion that housing prices are still undervalued.

   What's going down? Not mortgage rates. That makes buyers nervous and makes them scramble to take action before the rates increase. A perfect example that John W. Schoen points out in his article on CNBC.com, titled, "Home prices across the US defy gravity, despite rising rates", Mortgage applications for both home purchases and refinancings dropped for a second straight week as rates rose, and he cites the Mortgage Bankers Association. "Demand fell 4.6 percent in the week ended Aug. 16 as the rate on a 30-year fixed mortgage rose to 4.68 percent, matching this year's high mark.". In order for people to keep buying homes, credit needs to stay available, and the post-bubble vice-grip needs to be eased further in order to allow folks to get approved.

   So overall, this is some pretty good news !! What are your thoughts?

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Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes - Rent to Own Homes, since 2002
"Located at the Corner of Technology and Real Estate"
Rent to Own Homes and Real Estate Blog for HomeRun Homes: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com


TAGS: #homeprices #existinghomessales #rates #mortgage applications #refinance #fixed mortgage #credit #bubble

August 14, 2013

Printing Power, Redefined !

Hi Folks,
   I hope all is well, and I'm glad to be back here with you.

   The good people at Epson have provided me a wonderful opportunity to test out their Epson Workforce Pro WP-4533, which has truly made an impact in my chaotic office.

THE PRINTER:
   This is a solid multifunction machine! The Epson Work Force Pro WP-4533 has some pretty slick features, such as the ability to Network it or print from devices over the Apple or Google Cloud-Print types. It tops out at a maximum printing resolution of 4800x1200 dpi, but in work-horse mode, it also acts as a two-sided printer, plus it functions as a Copier, Fax machine, and a Scanner. Scanned images can be saved to a PC or a flash drive, saved to PDF file format, or sent as E-mail.

PROs:
   Let's start out with the positives; I'm a tech-guy, and I have unboxed some messy equipment before, but this was a snap. Great instructions and very easy to assemble, with the installation of the four ink cartridges, and no need to toss everything when it's gone. Real quality machine, and great value!

CONs:
   The printing speed is 16 black pages per minute, a little slow, but just fine for my team. Additionally, the printer sleeps in a power save mode, but it wakes up fast! The LCD control panel is a little small, for those of us with imperfect eyesight.


THE BOTTOM LINE:
   This is a turn-key printer that provides you with not only a printer, but also, a copier, scanner, & a fax. Additionally, it is quite a bit less to use that a laser printer.



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

HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com




TAGS: #Printer #Epson #review #renttoown




November 21, 2012

Crucial Parts of a Rent to Own Deal

Hi Folks,
   Thanksgiving week is upon us as quickly as I think I've ever experienced it before. Does anyone else feel the same way?

   "Rent to Own Homes" are an excellent vehicle for both buyers and sellers, however, some folks throw around those 4 words in a haphazard manner with no thought behind it. When that happens, it opens the door to bad things, and some bad folks trying to profit on the backs of innocent people.

   With our 10-year anniversary celebration ongoing, by now, you should be fully convinced that we take the phrase, "Rent to Own Homes", quite seriously, and we cannot stress enough just how important it is to sort out  all of the facts and responsibilities of all parties, just as in any other business contract.

   There are certain things that the Seller/Homeowner must do, as well as certain things that the Prospective Tenant/Buyer must do, but most importantly, these things must be coordinated between both of the parties. Ignoring these things are the sure sign of legal repercussions down the road, for both parties.

   In an aptly-named article, "Questions to consider if looking to rent-to-own", Joanna Jackson, a sales manager/associate broker with Jackson Realty, wrote up a concise breakdown of these specific items.

   Basically, as you might imagine, these run the gammut between Who fixes the toilet bowl, who pays for the handyman, if needed, and plenty of "What If?" scenarios.

   Jackson list the following items the seller will need to consider; Who will tend to the property, pay for routine maintenance, and pay for major repairs? Will you be managing the property, and if not, will you hire a real estate agent (and what are the costs of those two routes)? How much does it cost to set up and manage an escrow account for the portion of rent allotted to the down payment? What if the renters bail on you? Who keeps the money in the escrow account? If the buyers change their minds, what will be required to put the property back on the market for sale?

   Jackson also lists some of the items that need to be thought out by the buyers; How much, if any, of the rent is going to the down payment? What if you change your mind (How locked in are you if you change your mind?), What will it cost you to get out of the deal, if needed?, How long will it take to accumulate enough of a down payment to help you towards qualifying for a mortgage?, Who is responsible for paying the property taxes (and other local taxes) and insurance on the property?

   These are all very open-ended questions with no Right or Wrong answer, however, there are certain local "traditions" or procedures that vary from state to state and sometimes even county to county. I fully concur with Jackson, who states that when "considering a rent-to-own deal, seek legal advice from a real estate attorney". I go one step further and suggest an attorney that is local to the property, and thus, the local laws.

   Although these above-mentioned items can seem a thorn in your side, remember one thing; these are what make a Rent to Own Deal an actual "Rent to Own Deal", vs. a shady open-ended agreement with many gray areas, which can stop you from selling your home, or, can stop you from obtaining your dream home. Nail it down the first time so everyone walks away happy!

   Have you had any good or bad experiences with a Rent to Own deal? We'd love to hear which of these suggestions came into play during the process.

   From your team at HomeRun Homes, we wish you a safe and enjoyable Thanksgiving Holiday!

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Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes - Rent to Own Homes, since 2002
"Located at the Corner of Technology and Real Estate"
Rent to Own Homes and Real Estate Blog for HomeRun Homes: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com


TAGS: #RenttoOwn #Homes #buyer #seller #contract #homeowner #tenant #property #maintenance #repairs #escrow #rent #sale #downpayment #qualify #mortgage #propertytax #realestate #attorney

September 28, 2012

You're OK, We're OK, They're Locked Up !

Hi Folks,
   I hope all is well.

   Not many companies have the audacity to say this publicly, however, if you cannot be honest when speaking to the good people who visit your website and blog, to which you've dedicated over a decade working on and enjoying...well, then is it all really worth it? With all of that babble out of the way, we had some malware hit our site last weekend. Immediately, I know this question would be on the minds of at least 99% of you: We had no compromise of personal data. This was not a breach, but more of a nuisance than anything else.

   I'm not one for acting like a parrot, but let me repeat that line above: We did not experience any compromise of personal data. This was not a breach, but more of a nuisance than anything else.

   This particular type of malware was a low-level one, which would redirect you to advertising for things that could be considered moderately vulgar, and if you've experienced any weird pages ("Redirects") via our site last weekend, I personally apologize, however, we have not received any reports (yet, we prefer to err on the side of caution!).

   Thankfully, the good folks at Hostway, the company that hosts our web server/web site (they are referred to as a "hosting company"), maintain our website on a PCI/Secure server, and they snapped into action to help us rid the pesky code that caused the issue. Kudos to the whole team at Hostway!

   Now, some of you who feel infuriated by those that make such malicious attempts on websites, such as the ones perpetrated against Apple and GoDaddy just recently, will take solace in the following updates I will now provide you with, so keep reading!

   We have been in business for 10 years, and we have an extensive reach into many emerging markets that are ripe for the "Rent to Own Home" model to stoke their Housing Markets and Economies. One such market region is Eastern Europe/Ukraine/Russia. With some well-cultivated local contacts, and along with the U.S. Consulate Offices in 2 different countries (and yes, a few Federal Agents in the family doesn't hurt, either!), we have been able to locate the source of this intrusion via traffic/timing pinpoint, and have apprehended the group of snot-nosed teenagers (18-20 year olds) who did this. If I had time, I would fly there for their trial, and spit in their faces! However, I believe in our system of justice, and we model ourselves on not being barbaric and crude as many others tend to be.

   The sad thing here is that with the amount of work they put into their devious art, and with their intelligence, they could have collectively worked with us to advance their Economies, and make even more money. Well, I certainly hope they will enjoy their jail cell, which I have been made aware of the physical locations they are being held. I did a quick Google search on these places, and I think they'll be paying quite well for their sins. To this, I smile, and I say, "May all of those out to disrupt our economy enjoy the comforts of a rotten filthy jail cell". Hey fellas, here's a tip for your stay behind bars: Don't drop the soap !!

   We bring you truth, whether it's admitting a bump in the road, or showing you how powerful our site is in helping you Buy a Rent to Own Home or Sell a Rent to Own Home.


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


TAGS: #malware #redirect #blog #website #renttoown #home #hosting #webserver #website #housingmarket #Europe #Ukraine #Russia

September 17, 2012

A Bill of Rights...For Homeowners?

Hi Folks,
   I hope everyone had a great weekend, and welcome back!

   It had to happen. We knew it was coming. We didn't know how, or when, however, we do know what it is, from whom, and why! It started with our "Bill of Rights" here in the United States a few hundred years back. Fast forward those few hundred years, and we have seen the creation of a different Bill of Rights for Airline Passengers. And on January 1, 2013, the "Homeowner Bill of Rights" takes effect in the state of California.

   The legislation was actually passed in July, however, this "landmark law", as it's been referred to, is making a big splash from coast-to-coast. Emerging from the dust and ashes of the "Robosigning" scandal, as well as the vulnerability of homeowners during the mortgage modification and foreclosure process, this Bill of Rights is actually a "series of bills enacted to protect California homeowners", to which the California Attorney General Kamala Harris said, "will give struggling homeowners a fighting shot to keep their home" (as per a recent story by Barry Paperno on Credit.com).

   In terms of lenders and loan servicers, the Bill of Rights imposes requirements on them, such as prohibiting “dual track” foreclosures (simultaneous foreclosure process and loan modification negotiation with the servicer), guaranteeing a single point of contact from the lender/servicer "for a borrower with a loan modification application pending", writes Paperno. Additionally, banks will need to be much clearer in explaining a rejected loan modification to a borrower, and similarly, allows borrowers to sue lenders for "significant, material violations” of the law, writes Paperno. The Robosigning fiasco was also addressed in the requirement that servicers "document their right to foreclose and imposes fines of $7,500 per loan on fraudulently signed mortgage documents".

   These sound like some great components, however, as Paperno writes, consumer advocate critics of the bill have charged that "only first-lien mortgages for owner-occupants apply", that by first taking effect in 2013, "hundreds of thousands of troubled homeowners won’t benefit from these protections". Additionally, additional criticism included the lack of obligation by servicers to "consider applications for loan modifications or appeals before January 1, 2013."

   "Opposition to the Homeowner Bill of Rights was mounted by the large banks, the California Chamber of Commerce, title companies, real estate agents, trustees and securities industry representatives", writes Paperno.

   There may be some minor drawbacks, and there may be some tweaks needed, however, this looks like a solid piece of legislation in a state that has been pummeled by Foreclosures, and these new laws could have been quite helpful all along. Will they start sprouting up in other State Legislatures? I certainly believe so, but help is needed now in states such as Arizona, Nevada, Florida, and many more. How soon do you think these and the other states will see light at the end of the tunnel?

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


TAGS: #Homeowners #BillofRights #California #Robosigning #mortgagemodification #foreclosureprocess #loanservicer #lender #borrower #firstlien

August 31, 2012

Pricing Your Home Off The Market

Hi Folks,
   I hope you've had a great week, thus far.

   If you've seen the Real Estate news from this week, we had some incredible news, with the National Association of Realtors (NAR) stating that "Pending home sales rose in July to the highest level in over two years and remain well above year-ago levels" (Up almost 2.5% from June 2012 to July 2012 and almost 2.5% from July 2011 to July 2012). With this fantastic news, we also heard from the Standard and Poors/Case-Shiller folks that Home prices are on the rise, showing, "positive annual growth rates for the first time since the summer of 2010", and also, this is the second consecutive month where "all 20 cities and both Composites recorded positive monthly gains."

   So if you're selling a home, where do you even begin to price it? Emotions usually dictate the offer price that a seller will choose, as opposed to solid, fact-based reasoning. HomeGain.com ran a survey earlier this year that uncovered the following: "76 percent of homeowners believe their home is worth more than the list price recommended by their real estate agent."

   "Homebuyers usually have a better grasp of current market value in the area where they're looking to buy than do sellers who own and live there", says Dian Hymer, a veteran real estate broker, author, and a nationally syndicated real estate columnist, in a recent story on the Inman News website. Hymer says that "Buyers look at a lot of new listings. They make offers, know what sells quickly and for how much, and what doesn't and why." HomeGain reported that "homebuyers still think sellers are overpricing their homes."

   Hymer says that if a home lacks features from recent sales comparables ("comps"), "it's time to subtract value". She reminds us that a home is worth "what a buyer will pay for it given current market conditions", which may conflict with your opinion on price or what you are hoping for. With a spot-on comment on this dance, Hymer says that "Relying on emotion rather than logic when selecting a list price can lead to disappointing results."

   As for timing, Hymer says that it's the "prime opportunity for selling a home" when it first hits the market, as there are buyers who wait for these new listings, and as she writes, these listings "receive the most showings and have the busiest open houses during the first couple of weeks they are on the market". With that rule in mind, that is the time to show off your home at an attractive list price, and she aptly says, "Listings that sell today are priced right for the market". Very simply, Buyers want to feel they are getting a good deal, and will not overpay in a market that is still dropping or struggling, and Hymer says that in areas of strong sales, "buyers may shy away from multiple-offer situations if they feel the recovery is fragile and that prices may slide further before stabilizing", thus, effectively, it seems they would step away from engaging in a bidding war.

   As most of you are aware, real estate agents and appraisers use "Comps", or sales of similar homes in your area, to help establish a price range for offering/selling your home. Hymer says that if your home does not have a feature of a specific Comp (i.e. a remodeled kitchen), value is subtracted from the value of your home, and if your home has a feature that a specific Comp does not have (i.e. an easily accessible, level backyard), value is added to your potential sales price.

   With that being said, we're all human, and emotions play a factor.

   As Hymer says, "It's difficult for sellers to step back and take an attitude of detached interest in their home", and adds that it's "essential to do so if you want to sell successfully in this market.". She suggests selecting a "list price that undercuts the competition to drive buyers" (and offers?), to your home. She also says that if Comps show prices moving up, you can take a "more aggressive stance on pricing". "But don't list too high", cautions Hymer, who says that it's better to "stay in the range shown by the comparables and expose the house to the market before accepting offers", since the market will drive up the price if it's warranted.

   As a final note, Hymer cautions us not to rely on rumors about home sale prices that circulate in the neighborhood, as they tend to get inflated when "passed from one person to another", and suggests that you, "Select your list price based on hard facts."

   What are your thoughts on this? Have you sold a home before? Have you overpriced it? Did you underprice it? We'd love to hear about your experience, good or bad.

Would You Like Our Blog Posts Sent Directly to your E-mail? Here's How:
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Happy Birthday to my son, who turned 6 today !

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


TAGS: #HomeSales #HomePrices #RealEstate #homebuyer #homeowner #salescomparables #Comps #Appraiser #NationalAssociationofRealtors #NAR

August 23, 2012

5 Real Estate Investor-Endorsed Tips For Buying a Home

Hi Folks,
   The weekend is here. By a virtual show of hands, how many of you will be house hunting this weekend? For those of you that rose your virtual hand as a "yes" to house-hunting, do you feel anxiety about buying a home? Do you feel like you might not be able to keep up the payments, but you really love the home, and you turn a blind eye to any of it's flaws?

   "Most people only buy a couple homes in their lifetime. This lack of experience leads many home buyers to feel woefully unprepared...", says Justin Pierce, a real estate investor in Northern Virginia. It certainly is a big move for most of us, but as Pierce writes in his story on the Washington Post website, "you’re not getting married. You don’t have to make a lifelong commitment to a home", and adds that you can always move later "if you fall out of love with your home, as long as you buy right."

   Pierce writes that he buys a home "almost every month", and admits that even with his experience, "it’s hard to know whether to pounce on a deal or to walk away", but says that the process doesn’t have to be so complicated "if you keep things in perspective."

   There is a set of rules that he relies on when buying a house, and he says that these same rules can be used by anyone buying a house.Pierce shares his wealth of knowledge here to give us some great tips:

Tip #1: Determine your needs for the next five years:
The number one priority is affordability, says Pierce, who suggests that you consider all the costs (including maintenance and utilities). A great example is any unplanned expenses, such as your cesspool overflowing all over your basement the first week you move it (yes, that's what happened in our home!). The cost for removing the carpet that was just put down 2 days earlier, pumping the cesspool, and putting new carpet down was a $2,000 very unwelcomed surprise!). Pierce muses about the folks who buy "half million dollar McMansions and then fail to maintain them", urging you to "buy the right size home; bigger is not always better".

Tip #2. Get the facts:
Pierce says the the number one rule is "do not overpay for a home", and says that he never buys on future value (and refers to that as an illusion that got many of us in trouble). He suggests being realistic if estimating the cost of repairs the home will need. Conversely, he cautions us not to let a home inspection "scare you away from a good deal", and he provides an example of a friend who had the opportunity to purchase a $650,000 home at a short sale for just $520,000, but walked away after the inspector "found a laundry list of items that needed repairs". Albeit a "scary" looking list, as he called it, it was about $20,000 of work, leaving the remainder as over $100,000 in equity. Remember: "Get the Facts !".

Tip #3. Don’t fall completely in love:
"When I’m remodeling a home for resale and I’m faced with a decision to either improve the home’s insulation or make the home more beautiful, I’m almost always forced to beautify.", says Pierce, who says that people who lack experience will rely on their emotions. He adds that Real Estate agents are well aware of this, and this is why they try to "decorate and stage a home so that people fall in love and forget the facts". He cautions that if you fall prey to your emotions, you can get into "bidding wars and overlook discrepancies that need more attention". The final point he makes on this tip is that "It’s much easier to replace kitchen cabinets some time down the road than it is to reinsulate a home. But people aren’t concerned or willing to pay for what’s behind the walls. They should be."

Tip #4. Get professional help:
Pierce says that "Real estate agents, home inspectors, appraisers, lawyers, surveyors and contractors are all valuable resources but they’re no good if you disregard their advice.", and he says the key here is "to trust but verify. In terms of a Real Estate agent, speak with many different agents and ask for references, until you find one that you are comfortable with. Once you are working with an agent, ask your agent to go over comparable sales with you, and "not just spit out a value", as Pierce says, since this will "help you feel confident about your offer and reduce the risk of complications from a low appraisal."

Tip #5. Don’t be afraid to pull the trigger or walk away:
OK, so you have all of the facts about a house that you are incredibly fond of, and if "the price is fair and affordable then don’t be afraid to seal the deal", says Pierce. On the flip side, if the price is above the market value or the price does not take into account the amount of work it needs, Pierce recommends that you, "remind yourself that there are plenty of other houses to choose from".

   Certainly some great tips here, but sometimes, when in the heat of battle and bidding for a home, it's easy to lose perspective. Pierce aptly sums up what your mindset should be during the process; "Remember a house is just sticks and stones and there are plenty of them out there. You make it a home."

   If you were going to add a "Tip #6", what would it be? Please share it with us here.

Would You Like Our Blog Posts Sent Directly to your E-mail? Here's How:
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3. Check Your E-mail and Confirm Your Subscription...it's That Simple !

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


TAGS: #RealEstateInvestor #Homebuying #ShortSale #HomeEquity #BiddingWar #Agents #HomeInspectors #Appraisers #Lawyers #Surveyors #Contractors

August 15, 2012

The Unwritten Rules Of Internet Real Estate Websites

Hi Folks,
   Once in a while, there is information that I like to share with you, however, I like to try not to cross over the line of impartial (not by too much, at least) to "Sales Pitch". Today is one of those such days!

   As anyone in the Real Estate industry will tell you, with a few clicks of the mouse, you can have a seemingly infinite amount of resources to help you decide to buy or sell a property. Data on past sales, photos, floor plans, etc, can all be located on the Internet, and can speed up the entire process.

   However, "not all websites are created equal, and not every participant knows how to properly harness the opportunities offered by the Web", says David Bediz, principal of the Dwight and David Group, LLC of Coldwell Banker Dupont, in a story titled, "Real Estate in the Internet age", on the website, WashingtonBlade.com. Bediz points to some agents that are still relying on "blurry cell-phone-camera photographs to help them sell their listings". Bediz says that sellers need to monitor their listings for mistakes and to be more vigilant. As for the other side of the closing table, Bediz say that Buyers have a "responsibility to themselves to learn the differences in online information sources"

   When we talk about Real Estate data websites, quite often, Trulia and Zillow are quoted by major media outlets, but as Bediz says, "the truth is that most of their listings contain inaccuracies.", and he says that most notably, "Trulia and Zillow are notorious for posting listings as “Active” that have long since sold.", and says that they "rarely post listings at the moment they are listed. This prevents a serious homebuyer from learning about a new home listing quickly enough to act on it, especially in a situation where there could be multiple offers."

   Why do these "big fish" websites have these deficiencies?

   Bediz says that it, in a way, "it’s because of their sheer size", and adds that since they are nationwide sources of data, and "to collect data from every corner of the country, they cannot possibly rely on a direct connection to each online database (Multiple Listing Service, or MLS) for each area. This is especially true when some areas are served by several MLS’s, and also when many of these services charge upwards of tens of thousands of dollars for direct access to their services." The way they go about it, as Bediz describes, is that they rely on "relationships with the major brokerages that exist nationwide to feed information to them directly, and they also have built-in programs to scour the web for additional listing and sale data." For any properties listed by a smaller brokerage, those listings may never show up on these two major sites (since they wouldn't have a "direct method for feeding listing data to those websites").

   So how can a buyer ensure that they are seeing current (as well as accurate) listings, and how can a seller ensure their listings are seen everywhere (including Trulia and Zillow)?

   Bediz suggests that buyers should visit "REALTOR.com or, locally, HomesDatabase.com, which is the public side of the only MLS that serves Washington, D.C. and surrounding areas.". He also suggests checking out "Other individual and broker websites" (including his website, www.DwightandDavid.com), which he says has, "direct connections to the MLS". For Rent to Own Homes websites, such as our site (Lease2Buy.com and HomeRunHomes.com), there is no direct connection to Trulia and Zillow, however, we do Feed our listings to them, and they get picked up as for Sale, with the keywords of your descriptions absorbed within the listing on other major Nationwide Real Estate Data and Listing websites. This certainly boosts traffic to your Ad.

   Bediz suggests that you ask an agent that might list your home if "their brokerage has a direct feed to Trulia and Zillow.", and if the agent pays to "advertise on those sites, or pays to increase the visibility of their listings there.".

   What has your experience been with Trulia, Zillow, and other major Real Estate data websites?


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TAGS: #RealEstateWebsite #Trulia #Zillow #MultipleListingService #MLS #brokerage #realtor #renttoown #listings #offers #pastsales #floorplans #homebuyer #feeds

August 7, 2012

Licenses Revoked At Record-Levels Industry-Wide

Hi Folks,
   With the Real Estate market starting to bloom again in many parts of the country, this is a much-anticipated time for many folks in our industry to shake off the pain of the past few years, put our chins up, and keep the market chugging.

   For those of us who have worked within the guidelines that are mandated by all-levels of the Government, as well as the State Real Estate departments, we will start to reap the joys of an up market. However, the actions of some folks who walked outside those lines, are now showing up in license revocations in multiple sectors of the Real Estate industry.

   "The California Department of Real Estate said it revoked a record number of real estate licenses in the recently completed fiscal year", states a recent article from Mark Glover on the SacBee.com website. The figures from fiscal 2011-12 showed a jump of 14% in revocations, along with a record number of "license surrenders from licensees facing disciplinary action", and these figures jumped to 1109 suspensions from 553 suspensions about 5 years back (Just about the time things took a bleak turn in the market). Indeed, as Glover writes, the California Department of Real Estate attributed the "collapse of the real estate market" as a contributor to the jump in revocations and suspensions.

   These actions are not confined solely to Real Estate Agents.

   A Real Estate Appraiser in Maine just recently had his appraisal license revoked, per an article on the website, BangorDailyNews.com. As a matter of fact, the Maine Department of Professional and Financial Regulation issued a press release regarding this particular case, in which they stated that the Board "has received indications" that this individual may be "continuing to conduct appraisal work, and may also be committing the same violations of Maine law that led to the revocation.” These violations came to light after complaints that the appraiser had a pattern of "taking money from property owners but failing to provide a promised appraisal or submitting an incomplete appraisal months late", per the article.

   Another such revocation involved an Auctioneer in Evansville, who was accused of, "colluding with two people to bid up the price of a house, even though neither of the two had any intention of buying the property", per a recent article by Jim Leute on the website, GazettExtra.com. The violation stems from a real estate auction in 2008 when the auctioneer allegedly asked relatives of the sellers to bid on the house. One relative opened the bidding, and the other bid several times, according to the state order against the auctioneer. In this case, the State agency said that he (The Auctioneer), "knowingly escalated or attempted to escalate bidding through collusion with another".

   So, the market is turning around, but as always, keep your head in the game.

   As the California Department of Real Estate stated in the article by Glover, "the large number of financially stressed homeowners set the table for scammers involved in foreclosure rescue and short-sale scams". Bill Moran, DRE enforcement chief and acting chief deputy real estate commissioner, said that "Consumer education is the key piece to really protecting consumers". Similarly, in the Maine case, the Board Administrator "encouraged property owners to report any appraisal dealings they have had" with the Appraiser in question.

   Be Vigilant!

   What can you suggest to make sure folks don't become victims to scams, theft, collusion, and other crimes?

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TAGS: #RealEstatemarket #California #departmentofrealestate #license #revocations #suspensions #agents #appraiser #Maine #propertyowner #auctioneer #collusion #bid #foreclosurerescue #shortsale #scam

July 29, 2012

Eminent Domain And The Real Estate Finance Market

Hi Folks,
   Welcome back and glad you are here with me, as well as about 2500 fellow readers of this Blog !

   "Eminent Domain" (called "Appropriation" in some U.S. States), which is the seizure of property by the Government for a variety of different reasons, has always been a hotly contested topic. This is particularly important to the Real Estate market, in light of all of the underwater mortgages (mortgage outstanding is higher than the actual value of the home).

   Once of the hardest hit states has been California.

   "California, once ground zero of the housing crisis, is and will continue working its way back to a stable real estate finance market.", writes David H. Stevens, in a recent article titled, "Property seizure is not the answer". Stevens, who is the President and CEO of the Mortgage Bankers Association, which is based in Washington, D.C.), uses the term, "radical", in referring to the use of eminent domain to take over underwater mortgages.

   Stevens cautions that the "property seizure program", which permits local governments to use their "eminent domain power to "condemn" underwater mortgages", presents a "spiraling effect of withdrawal of mortgage credit, declining home values and a threat to local economic recovery." What happens is that the actual lenders are paid the current market value, but then the mortgage is repackaged for investors to purchase at the lower value, explains Stevens.
 
   Some other fallout from the use of Eminent Domain, per Stevens, would be an increase in uncertainty, as well as a decrease in available credit and thus, a large impact on the real estate finance market, leading to decreasing home values, and ultimately, retirement savings. As Stevens writes, "many people, whether they know it or not, have retirement accounts that are invested in the same mortgage-backed securities. In other words, anyone with some form of retirement savings is likely invested in mortgage bonds that this proposal could devalue."

   The irony in all of this is summed up by Stevens, when he says that the "fear of government action will likely prevent homes from being purchased and halt any chance of economic recovery". He says that once the government begins "condemning and seizing mortgages", the investors, he says, who we depend on to buy mortgages, "Will likely believe that any mortgage can be interfered with and therefore the risk of loss to them will be too great to allow any loans to come from this affected market area."

   So what is the right way forward?

   The "policymakers should look to homebuyers of the future", says Stevens, who says that we need to do all that we can "to protect families wishing to stay in their homes during periods of economic uncertainty without harming the future of the same community to recover for the long term." He suggests that these policymakers "must consider any consequences to quick-fixes in the real estate market financial system".

   What will help us? Stevens lists a few items, such as eliminating uncertainty, reducing foreclosure backlogs, and in my opinion, one of his strongest proposals: "creating an environment for private capitol to reenter the market, and allowing access to credit for qualified homeowners", which is the fuel that is required in the tank to drive us to stability and further growth.

   Stevens aptly admits, "there is no silver bullet to recovery in the real estate finance markets". Do you agree with him? What other changes need to be implemented? What are your feelings on Eminent Domain. We'd like to know!


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TAGS: #RealEstateFinance EminentDomain #underwatermortgage #housingcrisis #propertyseizure #retirementsavings #foreclosurebacklog #homevalues #mortgagecredit #housingcrisis

July 15, 2012

A Page Turns on The Housing Market

Hi All,
   Well, it finally happened. Finally. The hype and the media coverage about it's imminent return have all been fulfilled. The U.S. Housing Market has finally began crawling back up from the bottom.

   It's been a long time, about 7 years, and a lot of ugly things have happened during that time, but most of the home price indices are starting to head back up in the right direction. In a recent WSJ article by David Wessel titled, "Housing Passes a Milestone". David Blitzer of S&P stated that "We finally saw some rising home prices", and reported the first monthly increase in prices after seven months of declines.

   Aside from prices, we all know the impact of housing inventory. It's simple Supply and Demand Economics. In what was called a surprise, the inventory of existing homes for sale has fallen "close to the normal level of six months' worth despite all the foreclosed homes that lenders own", per this article, and adds two additional key points, which are that a fraction of homes that are vacant is "at its lowest level since 2006", and that the amount of existing homes that were sold in May 2012 was 10% higher that those sold in May 2011. Wessel notes that many of these homes were purchased by investors "who plan to rent them for now and sell them later", which he infers to as "an important sign of an inflection point". We can surmise from our angle that the amount of homes being sold via Rent to Own is trending upwards from what we are seeing from our Rent to Own Homes website.

But can this just be a statistical aberration?

   Wessel provides an additional reason why this seems to be the real deal. Aside from the reduced inventory of homes that will support the higher prices, he also points to the increase in construction of single-family homes. Comparing May 2012 to May 2011, "Builders began work on 26% more single-family homes in May 2012" than the previous time last year.

   There is still a long way to go. Wessel mentioned some things that we should not forget: Single-family housing starts are still 60% below the 2002 "pre-bubble pace", Americans' equity in homes 25%, less than it was in 2002, and more than one in every four mortgage borrowers "still has a loan bigger than the value of the house". But "the housing bust is over", which for many of us, is music to our ears.

   Have you seen any signs of the Housing Market turning around by you? We'd love to hear.


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TAGS: #HousingMarket #homeprices #housinginventory #foreclosedhomes #existinghomes #builders #singlefamilyhomes #renttoown #mortgage #investors

July 5, 2012

Developers Say, "If You Build Them, They Will Rent Them"

Hi Folks,
   Hope you had a great July 4th, and if you were lucky enough to snare a 5-day weekend, then good for you !

   It always amazes me to see the things people do to adapt to the financial environment, but when you start looking at what large companies do to adapt, you quite often will see a slower response, as the inner mechanics all need to line up, however, that is not always true!

   With the bump in May building permits spanning both single and multi-family (apartment), this indicator of future construction made it to the best levels seen in about 4 years. With this market direction, a large number of Developers are building single family homes as rentals, per a recent article on CNBC.com, titled, "More Builders Are Turning to New Market: Rentals".

   The interesting point, the article says, is that, "Historically, builders did this largely in low-income, government-subsidized housing projects", but goes on to say that the "market is quite different today." One such developer mentioned was Joe Petersen of Insight Real Estate Strategies in Texas, who said that "there are so many people with mortgage issues … and just recognizing these issues will not go away soon, we felt like how could we deliver high quality rental housing in a product that single family homeowners would appreciate?”. The answer: high-end homes built specifically as rentals, which takes all of the variables into account (mortgage industry, economy, etc).

   Petersen is clearing land and raising money to build single family homes just outside Ft. Worth, and does mention that a lot will be different in this type of construction, including the maintenance and business plan, but he "believes demand is strong enough for him to be able to charge premium rents"

   Petersen is banking on the fact that since rent homes are typically "not the nicest homes", that he will be able to offer people something different, "having a professional staff on site, maintaining and managing it", in which they can "offer a lifestyle very different from a part-time Realtor or a homeowner who’s renting it because he can’t sell".

   Now, back to those "rent homes". Per the CNBC.com article, Beazer Homes recently launched a “pre-owned” business, “for the purpose of acquiring, improving, renting and ultimately reselling previously owned homes within select communities and markets which we operate,” according to its recent 10-Q.

   Taking this a step further, Beazer is "buying foreclosed homes", "rehabbing them, then renting them with the intention to ultimately sell.", so in other words, Rent to Own. Petersen is also keen on the Rent-to-Own option. He intends to build up to 300 homes, and will use the rent-to-own option just as other builders have; "to alleviate a backlog of unsold homes and reduce carrying costs."

   What are your thoughts on this strategy?

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TAGS: #realestate #developer #buildingpermits #futureconstruction #builders #rentalhousing #renttoown #rent-to-own #foreclosedhomes #rehabbing #realtor #homeowner

June 18, 2012

Real Estate Finance 101

Hi Folks,

   Hope you've been well, and I'm glad to be back here with you !

   For some of you reading this, you are Real Estate Gurus, and you can finance a home in your deepest sleep. For the others, you are obviously familiar with Real Estate on some level, so with today's post, I'm trying to hit on all levels of Real Estate Skills.

   Financing. Without it (in one form or another), Real Estate would not change hands. Financing is a very broad term, and when discussing Real Estate, it helps to break the topic into “Traditional” and “Non-Traditional“.

   In an article on the RealtyBizNews.com website, titled, "Real Estate Money Basics – 10 Ideas For Financing a Home", the author describes the traditional category as inclusive of "government insured loans like FHA, VA" and others. They mention the fact that since these loans are “insured”, that "they generally require the borrower to jump through a number of “hoops” in order to qualify.", and that they require, "better credit scores, documented income, a careful review of your bank statements and any other information the lender may happen to require", and in addition, they "generally offer the lowest down payment options".

   FHA, the best known, can be "applied to almost any home, in any location, as long as the home meets certain condition requirements and the buyer can meet the credit and income requirements", says the article. If you are a Veteran, you may be eligible for a Zero down payment VA loan.

   Since these loans are “government insured” to "protect lenders from a borrower default", they still will "allow" borrowers to "buy with a low down payment, and still avoid a higher interest rate", and in return, the lender can "make a “claim” for insurance if the property goes into foreclosure". RealtyBizNews.com says that these loans are "very expensive", and include funding fees” and other costs that are "rolled into the loan".

   Now, onto the “non-traditional” financing sector, which deals with the purchase of a home "without the hassles of qualifying for a traditional loan".

   Even though these options are "open to all buyers, they are not very well known to the general public", say the article on RealtyBizNews.com, and calls this "creative real estate finance” a group of strategies in which "real estate investors spend a great deal of time studying and practicing", and that most of these strategies "will not require good credit, and a few don’t even require the buyer to have any money of their own."

   Some examples, but we'll lead off with our personal favorite: "Lease with an Option to Buy" (or "Rent to Own")

   Lease with an Option To Buy, as described on RealtyBizNews.com, is a "popular strategy for buyers who don’t have good credit and don’t have money for a down payment", where the "tenant/buyer finds a property to rent, with a landlord who is willing to credit them with a portion of the rent towards a down payment". Over the course of the contract, "If the buyer pays their rent on time, and accumulates credit towards a down payment, they can then “exercise their option” and purchase the property at a price that was agreed upon when they rented the property.". This strategy is immensely popular with investors to sell their properties, and is a very good way to sell in a tough market, and a great way for a "tenant/buyer to accumulate credit towards a down payment." The caveat here, as always: "Buyers should have their lease and option agreement reviewed by a competent attorney to insure that the deal is structured properly.

   Some other ways include: “Subject-to the existing mortgage”, where the buyer takes over the payments on the sellers existing mortgage “Hard Money” loans, which are short-term (and expensive) loans made on a property in need of repairs. “Seller Financing”, which is preferable to a seller vs. renting, and works great when the seller has a lot of equity and is perhaps unable to sell.

   Some great financing ideas have been raised here for you. Perhaps you already know about them, but if they are new concepts for you, I hope that you can use them in your Real Estate Investing endeavors (of course, after you do your homework and have your attorney review your plans and contracts). Do you have any to add to this list?

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TAGS: #RealEstateGuru #RealEstateInvesting #creativerealestate #financingahome #traditionalloan #FHA #VA #leaseoption #renttoown #subjectto #hardmoney #sellerfinance

March 15, 2012

Buy-to-Let Deals Are Fast-Tracking UK Recovery

Hi Folks,
   Glad to be here with you.

   Today, we are going to talk "Buy-To-Let". What is "Buy-to-Let"? It's a very popular type of Real Estate Investment in the United Kingdom (the "UK"), where a property is purchased solely for the purpose of renting it out. This is similar to our version, which is a non-owner-occupied property (which oftentimes can refer to "Rent to Own"). So, now that we tied this in with some familiar terms from this side of the Pond, let's discuss how popular this investment has become.

   "For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Lower house prices, rising rents and improving mortgage deals are tempting investors once more", says Simon Lambert in his article, "Ten tips for buy-to-let". We will return to his tips shortly.

   In terms of had figures, David Whittaker, managing director of buy-to-let specialist Mortgages For Business, recently commented in an article ("Buy-to-let lending 'propping up' mortgage market") on the UKs' LandlordToday website, and said that that the increases in both new mortgage and remortgage approvals could have been largely driven by property investors. "Whilst buy-to-let lending to individuals has been lumped in with the total figures, we all know that it’s most likely the professional investors who are making hay while the sun shines", says Whittaker, who adds that "the likelihood is that the lending market is being propped up by the residential investment sector particularly with so much uncertainty surrounding the economy and first-time buyers largely locked out the of market.”

   In the same article, David Brown, commercial director of LSL Property Services, agreed, and commented that "demand for buy-to-let has been a key driving force behind the improved lending picture".

   Not just for Real Estate Investors

   This surge in Buy-to-Let is not isolated to just the Real Estate Investors. In a different, yet aptly titled article on the same UK LandlordToday website ("Build to rent is 'next big thing', says UK's biggest landlord"), it stated that "Developers are to be encouraged to build new housing estates where all the properties will be for rent, not sale". The article says that this would "mark a fundamental shift in the structure of the UK housing market", and that "Institutions and property companies would own, and trade, these ‘build to rent’ developments". The idea has been floated after research by Grainger, the country’s largest listed residential landlord, highlighted the huge shift in public opinion over home ownership versus renting, and the Grainger chief executive, Andrew Cunningham, was quoted in the same article that "build to rent will be the ‘next big thing’".

   Now, back to those 10 tips from the article written by Lambert, to which he refers as "the ten essential things to consider for a successful buy-to-let investment". The list includes the following; Research the market, Choose a promising area, Do the math, Shop around, Think about your target tenant, Don't be over ambitious, Consider looking further afield, Haggle over price, Know the pitfalls, Consider how hands-on you want to be. Great tips!

   This is a big thing in the UK. One of the LandlordToday articles stated that "The Government is taking the issue seriously, looking at how to encourage Real Estate Investment Trusts (REITs) in the residential sector". This is sure to deepen the market for Buy-to-Let in the UK, and the demand for Buy-to-Let in the UK should only continue to increase.

   What do you think this means for the United States? Should we be pushing the Fed to get more involved in this? It looks like they are on the right path when discussing doing something similar with the Foreclosure homes and REOs. What are your thoughts?


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TAGS: #buytolet #realestateinvestment #UK #foreclosure #REO #renttoown #risingrents #residential #mortgagemarket #London #England #buildtorent #developer