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Breaking News from RealEstateInsiderNews.com

Thanks to CNBC’s Diana Olick for another great housing report (is there another housing reporter other than Diana?)

Housing is showing signs of having FINALLY bottomed!

Here are the facts:

Distressed sales are now 32% of the market.

ALL cash buyer are 31%.

Home sales INCREASED in December. I think this is not a small point. When was the last time that housing sales INCREASED in December? (never)

The overall supply of homes has dropped from 11 months to 6.2 months.

National Association of Realtors is calling this a substained recovery. Meaning, we have seen consistently positive housing reports over the last 90 days. Granted, these positive reports have been mere blips on the radar. We will take all the positive blips- positive momentum we can get!

Diana makes a point that does put some water on the optimistic fires of recovery: 6,000,000.

Thats the number of homes currently being held in the banks shadow inventory. One way or another those will become listings for REALTORS (YOU?) For the housing market to truly turn the corner we must clear that inventory. How long will that take…what do you think?

QUESTION: Why do 1% of the agents make 99% of the money? Answer: They are making money NOW doing REOs and BPOs. Why aren’t you? Watch the FREE 2012 Agent REO Secrets video and grab the NEW FREE REO/ BPO Book. NOTICE: Free book guaranteed for the first 100 agents only.

Who is Tyler Smith?

Donald Trump, Mark Cuban and  Russell Simmons.  Take a little of Donald’s real estate knowledge and passion, some of Mark’s technology background and “You can’t stop me attitude” and mix in Russell’s accomplishments and the way he takes care of others and himself and you have Tyler Smith

Tyler has the relentless drive of a focused entrepreneur with the “mature for his age” wisdom of an experienced veteran.  Challenges to Tyler are like a box of truffles to a chocolate addict.   He can’t wait to devour the next one.

Holding seminars and training fellow agents decades his senior would intimidate some.  It invigorates Tyler.  His peers say “If he can do it why can’t I”?  He gives them a reason to believe in themselves.   With Tyler the glass is not half empty nor is it half full.  It is overflowing

With staff vacations, parties and surprise lunches etc Google might envy the work environment he has created.  He allows his staff plenty of leeway to develop and take on more and more responsibilities.  Tyler’s staff mimics his energy and professionalism.

Early on, Tyler decided to stop shuffling papers and created an electronic system for managing his transactions called SkySlope.  This allowed Tyler and staff top better manage the details and keep customers up to date on their transaction. SkySlope has grown to over 40,000 subscribers in less than one year of being out of Beta.

Tyler takes self improvement seriously.  He reads voraciously, listens to other entrepreneurs and learns from all.

Questions for Tyler:

* Where do you sell real estate?

* How long have you sold real estate?

* What did you do before you decided to be a Realtor?

* Tell us about your real estate market?

* How many homes did you sell in the last 12 months?

* What are your primary sources of business?

* What are your best lead generators?

CLICK HERE NOW FOR LIVE LISTEN IN EVENT INFO

* You are a strong proponent of delegation…tell us what learning to delegate has meant to you?

* Tell us about your team?

* How have you changed your real estate team over the last few years?

* When did you take your first REO?

* How did you get your first REO Assignment?

* How did your real estate business have to change inorder for you to become successful with REOs?

* What are the best aspects of being a REO listing agent?

* Over the last few years…how many homes has your team sold?

* Are goals important to you and why?

* Lets talk about goals, how many homes will you  sell in 2012?

* You are obviously very successful…what other goals do you have for the next 12 months that you would like to share?

* How many listings do you carry?

STOP and READ NOW: What do to the top 7439 REO Listing Agents in the US know that you don’t?Watch the FREE Agent REO Secrets video and download the FREE REO Training Guide. NOTICE: Free book guaranteed for the first 100 agents only.

* How many pendings (escrows) do you have now?

* How did you have to change to meet this new market?

* What were the biggest challenges you and your team had to overcome from…3 years ago…to today?

* Looking back, when did you really feel like you could do it…be successful in real estate for the long term?

* Did you ever doubt that you would be as successful as you are now?

* Do you ever have doubts now?

* How do you stay on track, do you have weekly min standards?

* How do you work on days you don’t feel like working..how do you stay so motivated?

* How can you possibly manage your time…a successful real estate business, a real estate team, a growing family…and still have a ‘life’?

* Describe your role in the company….what exactly do you do?

* How do you keep it all in balance…? (or is balance a myth?)

* Talk to us about the importance of your goal setting process and execution?

* Lead generation…tell us what your team does to generate so many transactions?

* What are your best lead generation sources for Short Sales?

* Does your team do BPOs? (How many per month?)

* How many REO Asset Manager relationships do you have?

* When I say the word..SKILLS…what does that mean to you?

* Lead generation wise…marketing wise…if you could only do ONE thing…to generate business..what would that be?

* Are referrals are a big source of business for you?…what do you do to cultivate?

* What has surprised you most about what has happened so far in your real estate market over the last few years?

* What will surprise your market this year?

CLICK HERE NOW FOR LIVE LISTEN IN EVENT INFO

* Why YOU? Why are you so successful now when so many other agents are struggling?

More On Tyler, From His Website:

Our Vision

To serve our clients with such a high level of service, that they become our only and loudest advocates. We will accomplish this by being the progressive leader in our industry, setting the standards for other real estate agents on how to treat patrons (clients).

Our Mission Statement

Our goal is to help fulfill your dream of buying & selling a home in a personal, relaxed, yet professional manner.

We are committed to providing our clients with comprehensive information and expert advice in a non-judgmental environment. Transactions can be stressful, but we will do our best to make it as enjoyable and fun-filled as possible!

Excellence

• We strive for excellence in all we do. We have a passion for continuous quality improvement. We measure what counts and take actions based on facts.
• Excellence is our minimum standard
• If it is not excellent, don’t do it
• Always take the high road.
• Exceed people’s expectations

Innovation

• We are constantly looking for ways to innovate and improve. We embrace change as an opportunity.

Teamwork

• We communicate actively and openly. We build trust by honoring our commitment. We show respect for each other and value diversity.

Integrity

• We are honest in all interactions. We earn our reputation by adhering to the highest ethical standards and conduct.

Performance

• We recognize and reward outstanding performance. We hold ourselves accountable for achieving our goals.

REALTOR Magazine’s “30 UNDER 30” Class of 2011

Tyler Smith & Team just made the Wall Street Journal’s  TOP 250 in the Country, take a look we are number  175 in the country….

Wall Street Real Trends TOP 250

Direct: 916-235-7003

e-Fax: 1-916-817-4202

Take a look at our web page: www.TylerSells.net

What is a deficiency judgment and should defaulted owners live in fear of receiving one?

From Wikipedia:

A deficiency judgment is an unsecured money judgment against a borrower whose mortgageforeclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. ^[1] The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law. In some jurisdictions, the original loan(s) obtained to purchase property is/are non-recourse, but subsequent refinancing of a first mortgage and/or acquisition of a 2nd (3rd., etc.) are recourse loans.

In short, many jurisdictions hold that the loans obtained at the acquisition of a property (“purchase-money”) are non-recourse, and most if not all subsequent loans are.

States that follow the title (trust-deed) theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow deficiency judgments. States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against the debtor.

It is important to note that there is a difference between a deficiency and a deficiency judgement. A “deficiency” is the difference between the amount owed on a loan and the total amount received/collected at the closing of a loan. A Deficiency Judgement is the constructive notice as well as legal and public record of that amount owed, and by whom.

So, that is the technical description of what a deficiency judgment is…now, should defaulted owners live in fear of deficiency judgments?

Not really. HREU has been monitoring all the major lenders for any indication that they intend on pursuing judgments. Thus far, 5 years into the housing crash there is no evidence that the banks have any intention of pursuing defaulted owners for judgments.

Why? Because the lenders must know the judgments would be largely uncollectible.  Defaulted owners are generally not asset rich.

Additionally, HARRIS REAL ESTATE UNIVERSITY  trains agents to negotiate their final short sales agreements so that the deficiency judgment language is completely removed from the paperwork. Bottom line, NO short sale agreement should contain Deficiency Language if negotiated correctly.

Many states have formally made deficiency judgments near impossible for lenders to pursue…now, there is a bill to make deficiency judgments a near non-issue for the entire country:

A bill introduced in the U.S. House of Representatives Tuesday aims to limit and standardize the timeframe that a mortgage company can go after a home owner following a foreclosure for a deficiency judgment.

Known as the Fairness in Foreclosures Act of 2011, H.R. 3566, the bill seeks a one-year cap on any deficiency judgment, except in states that already have shorter time limits already in place. The bill also proposes that mortgage lenders not be allowed to go after “low-income” borrowers for a deficiency judgment.

STOP: Agents, are you finally ready to dominate your real estate market? Become a Lender Approved REO and BPO Agent. FREE Training Video and Book. NOTICE: Free book guaranteed for the first 100 agents only. DOWNLOAD NOW>>>

Deficiency judgments vary greatly by states. In some states, when a bank does not recover the money owed on the mortgage after a foreclosure or short sale, the bank may pursue the former home owners and require them to make up the loss. In some states, lenders can pursue borrowers for deficiency judgments up to six years after a foreclosure sale, HousingWire reports. Other states, such as California and Nevada, have banned deficiency judgments in some circumstances.

“A deficiency judgment after foreclosure seems to be one of the greatest injustices that occur to home owners after they have gone through the arduous foreclosure process,” Rep. Edolphus “Ed” Towns, D-N.Y., who introduced the bill, said in a release. “Not only are they behind by thousands of dollars on their mortgage payments and facing public auction of their houses, the ordeal may continue indefinitely.”

Source: “House Bill Proposes 1-Year Limit on Foreclosure Deficiencies,” HousingWire (Dec. 7, 2011) and “Rep. Town Introduces the Fairness in Foreclosure Act,” Congressman Ed Towns (Dec. 6, 2011)

HARRIS REAL ESTATE UNIVERSITY Real Estate Training Event

Cost: FREE

Topic: 2012 Business Planning

Event Info:

EVENT: Super Star Interview: Your 2012 Business Planning.

DATE & TIME: Friday, December 2nd at 9:00am Pacific

My Financials: Knowing My Numbers

Part One:  Know how much it takes for you to accomplish all of your goals.  The most successful people and businesses in the world are experts at  ‘knowing the numbers’!

SECRET: Most agents (and people in general) earn only what it takes to pay for their basic needs.  This is why agents get in trouble at tax time…they didn’t budget for it.  It’s also why Realtors often feel they are living check to check.  Use this formula to know what you REALLY need to earn to achieve your personal, business, family and financial goals this year!

MONTHLY

a)    Personal Overhead $__________________________________

b)   Business Overhead

$__________________________________

c)   ‘Fun’: The money necessary for you to accomplish all of your ‘fun’ goals this year.  If you skip this category, you won’t have any fun!  If it’s not planned for, it doesn’t happen.

$__________________________________

d)   Taxes:  Add up a, b, and c and add 25% as a general rule of thumb.  Some people pay more, some less, but 25% will cause you to prepare for taxes.

$__________________________________

e)    Savings:  All Realtors say, ‘I want to save more’…decide how much more.  A good place to start is at least 90 days of personal and business savings.  If you already have that, work on having 1 year of reserves saved.

Add up a + b + c + d + e =

Income Required to earn per MONTH = ____________

My Outside Income is:  $____________________

(this is any non-real estate income, including spouse’s income, investment income, etc.)

The difference is: (Take Income Required from above, subtract Outside Income) =  $___________________

It’s ok if you don’t have any outside income.  Many agents don’t but if you do have money coming in from somewhere else, if it’s predictable income, you need to account for it.

What I MUST EARN:  $____________________ / month.

Take that amount, multiply by 12 to equal your required YEARLY income for personal, business, savings, taxes and fun.  That amount is: $______________________________________.  You’ll need this figure later when you use the Income and Unit Calculator, which shows you how you’re going to accomplish this income.

Part Two:

The amount of my average net commission is: $____________________________________

Secret: If you’re not sure, ask your Broker if he/she tracked this for you.  If you’re a NEW agent, find out the average sale price in your area and use the average net commission based on that price.

Secret: Net commission is what you KEEP after all broker splits, any processing fees, etc.

Take the amount you must earn per MONTH and divide by your average net commission.  This will reveal the number of transactions necessary to cover your personal, business, savings, fun and taxes each month.

Amount needed per month divided by my average net commission = _______ deals needed monthly.  X 12 = deals necessary yearly.

Part Three:

I am currently averaging _______ deals per month.

This does / does not cover my personal, business, savings, taxes and fun.  (circle your answer)

I am / am not satisfied continuing to earn at this level.

Secret: if you keep doing what you’ve been doing, you’ll keep producing what you’ve been producing, -or- you’ll slide backward as other agents pass you by who have upgraded their skills, education, mindset and goal setting.  Don’t let this happen to you!

Am I motivated by fear?  Am I motivated by Incentive?

What is driving me?

We’ll examine these questions more in our Goal Setting modules.

After completing the exercise above, you now know how much you must earn monthly and how many deals that requires you to produce. Don’t worry if it’s more or less than you thought.  Keep working through this business plan so you will have the confidence and the know how required to create your Real Estate Treasure…the amount required to achieve your personal, business, savings, and fun objectives, and also pay your taxes.  Budgeting and planning what it takes NOW will help ensure your success throughout the year.  Reviewing this worksheet every two weeks will assist you in following your schedule, and making any changes necessary as you go.Watch 2012 Real Estate Business Planning Video and Download Your Plan NOW.

Its a fact that this housing crash is now officially worse than even the Great Depression.

Few facts:

* Nevada has the highest share of underwater borrowers, but just over 300,000.
* In total 11,000,000 Homeowners (loan owners) are underwater.
* Estimates are that up to 50% of ALL HOMEOWNERS (with a mortgage) are now underwater.

Consider the following from mortgage analyst Mark Hanson:

On US totals, if you figure average house prices use conforming loan balances, then a repeat buyer has to have roughly 10 percent down to buy in addition to the 6 percent Realtor fee to sell. Thus, the effective negative equity target would be 85%. You also have to factor in secondary financing, which most measures leave out.

Based on that, over 50 percent of all mortgaged households in the US are effectively underwater — unable to sell for enough to pay a Realtor and put a down payment on a new purchase without coming out of pocket. Because repeat buyers have always carried the market as the foundation, this is why demand has not come back. It’s as if half the potential buyers in America died over a two-year period of time.

It should be absolutely clear to everyone that Short Sales are the solution for homeowners who want to avoid foreclosure. Its a very safe bet that 2012 will be a huge year for agents who are true short sale experts.

WARNING: Short Sales – love em or hate em, they’re here to stay! Go beyond the basic short sale designation. Watch the FREE Short Sale video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for first 100 agents only.

Watch video: From CNBC’s Diana Olick on underwater mortgages.

More on Dave…

I have an unusual way of looking at the world. My wife, Sharon, says I’m weird and truthfully—I am weird. But there’s a reason. Starting from nothing, by the time I was 26 I had a net worth of a little over a million dollars. I was making $250,000 a year—that’s more than $20,000 a month net taxable income. I was really having fun. But 98% truth is a lie, and that 2% can cause big problems, especially with $4 million in real estate. I had a lot of debt—a lot of short-term debt—and I’m the idiot who signed up for the trip.

The short version of the story is that debt caused us, over the course of two and a half years of fighting it, to lose everything. We didn’t tell anyone what was going on, but if we had to do it again, we would learn from the wisdom of others who have been through it. We soon learned that we were not the only ones at the bottom. Barbie and Ken (you know, the couple who appear to be perfect—perfect clothes, perfect car, perfect house) are broke, and I don’t take financial advice from broke people anymore.

STOP: Agents, are you finally ready to dominate your real estate market? Become a Lender Approved REO and BPO Agent. Grab Your FREE Training Video and Book. NOTICE: Free book guaranteed for the first 100 agents only.

After losing everything, I went on a quest to find out how money really works, how I could get control of it and how I could have confidence in handling it. I read everything I could get my hands on. I interviewed older rich people, people who made money and kept it. That quest led me to a really, really uncomfortable place: my mirror. I came to realize that my money problems, worries and shortages largely began and ended with the person in my mirror. I also realized that if I could learn to manage the character I shaved with every morning, I would win with money.

I went back to my first love, real estate, to eat and to get out of debt. Along the way, I began another path—the path of helping others, literally millions of others, take the same quest to the mirror.

I formed The Lampo Group in 1992 to counsel folks hurting from the results of financial stress. I’ve paid the “stupid tax” (mistakes with dollar signs on the end) so hopefully some of you won’t have to. I wrote the book, Financial Peace, based on all that Sharon and I had learned, and I began selling it out of my car. With a friend of mine, I started a local radio call-in show called The Money Game, now nationally syndicated as The Dave Ramsey Show.

Our company history is full of landmarks leading up to the release of our third best-selling book in 2003—The Total Money Makeover—and we’re not slowing down. The Lampo Group now has nearly 300 team members and a variety of products and services to help you reach your financial goals.

Many companies define success based on the dollars coming in, but at The Lampo Group, we define our success by the number of lives changed: listeners getting out of debt, readers taking their first Baby Step and saving $1,000, FPU graduates investing for their future. We learned early on that if we help enough people, the money will come. Our mission statement isn’t just lip service—it’s our mantra:

“The Lampo Group, Inc. is providing biblically based, common-sense education and empowerment which gives HOPE to everyone from the financially secure to the financially distressed.”
Thank you for visiting our website! Wherever you are in the process—making the quest to your mirror, struggling to get your budget to work, paying off that last debt, debt free and looking for places to give—let us know how we can help you take that next step in your money makeover. That’s what we’re here for.

Get started on your Total Money Makeover now with Dave’s Seven Baby Steps.

What is Dave Ramsey’s ELP Program:

Dave Ramsey, a media powerhouse to promote your business

Each day 5 million listeners tune in to over 450 radio stations to listen to The Dave Ramsey Show. Our website, daveramsey.com, receives 1 million monthly visitors. Add in our 1 million newsletter subscribers and over 800,000 Facebook fans and you can quickly see how partnering with our ELP program can dramatically increase your business.

WARNING: Short Sales – love em or hate em, they’re here to stay! Go beyond the basic short sale designation. Watch the FREE Short Sale video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for first 100 agents only

 

The most effective referral program – period.
Do you love helping people get top dollar for their home? Does negotiating on a buyer’s behalf get your heart racing? Are you able to put your client’s needs above your own? If so, then we should talk.

For the past 9 years, Dave’s endorsed local provider (ELP) program has helped hundreds of agents increase their business and thousands of families find homes. Our formula for success is as unique as it is simple: Introduce loyal, high-quality clients with elite agents that fight tooth and nail for their client’s best interests.

What makes the ELP program unique?
We provide two things no other referral program offers – Dave Ramsey and loyal fans. As a celebrity and trusted authority on money management and real estate, Dave has a nationwide following. Dave fans trust his endorsement. That trust is transferred to each agent Dave endorses.

Interested in learning more about becoming a Dave Ramsey ELP?

As we reported last week, the Obama administration has rolled out another ‘save housing’ program.

As you read the details that follow (provided by Zillow, thanks guys!) the questions you have to ask yourself are:

1) How many owners will keep their underwater home?  As you will read this new program is geared towards moving underwater owners to shorter term loans.  To be clear, the home STAYS UNDERWATER! Inflated mortgage balances on shorter terms mortgages usually don’t result in lower payments.

2) If someone participates in HARP 2.0 what ‘relief’ does this really afford them? There is no guarantee that their house payments will be lower because the new HARP 2.0 program is designed to refinance owners to shorter term loans. (Remember, this program is for UNDERWATER owners…if they re-fi to a shorter period won’t that often make they payment HIGHER not lower…even with the lower rates?)

QUESTION: Why do 3% of the agents make 97% of the money? Answer: They are making money NOW doing REOs and BPOs. Why aren’t you? Watch the FREE Agent REO Secrets video and grab the NEW FREE REO/ BPO Book. NOTICE: Free book guaranteed for the first 100 agents only.

3) There are 11,000,000 underwater owners in the US. (and growing). Estimates are that HARP 2.0 can only ‘help’ 10% of those underwater owners…big reason, the owner must be current on their mortgage. If you are late, don’t apply. Of the estimated 11 million underwater owners nearly half are already behind on their payments, in default.

4) HARP 2.0 has nothing to do with homes already foreclosed. There are millions of homes readying to become REO listings over the next 12-24 months. Millions of homes that will be put for sale and discount prices. What effect will this have on property values?

5) Did HARP 1.0 work? The HARP program in its current form has fallen well short of its intended target of 4-5 million homeowners, helping just 894,000 of which only 70,000 were significantly underwater.

So, I ask you….is the new HARP 2.0 offering Hope or will this program follow the same path as all the other programs and be seen as Hype?

READ ALL THE DETAILS OF HARP 2.0, WATCH THE VIDEO <---------Click Here NOW!

Short sale today…get paid BIG.

How Big?

In some cases an owner who does a short sale will literally receive a check from their (previous) lender for $10,000..$20,000…$30,000+

From the New York Times:

Chase, for instance, has been quietly offering as much as $35,000 to homeowners who are “upside down” on their loans — meaning, they owe more than the home is currently worth. In a short sale, the lender allows the sale of the home for less than the loan amount and often relieves the borrower of any further obligation.

The incentives began late last year and are available nationally, a Chase spokesman said. Why would the bank want to pay more money to a homeowner who hasn’t been keeping up with the mortgage payments? It generally wraps up the transaction much more quickly, and leaves the home in better shape for resale. “A short sale generally produces a better and faster result for the homeowner, the investor and the community than a foreclosure,” the Chase spokesman said in an e-mail. Chase has completed more than 140,000 shorts sales since the start of 2009. The program is continuing.

WARNING: Short Sales – love em or hate em, they’re here to stay! Go beyond the basic short sale designation. Watch the FREE Short Sale video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for first 100 agents only.

READ THE COMPLETE LIST OF ALL BIG BANK CASH AT CLOSING PROGRAMS HERE

As promised, there has been a DRAMATIC SHIFT in Big Bank short sale approvals!

Harris Real Estate University students (and future students) I have a simple question for you…

….what are YOU DOING NOW to take advantage of the changes happening now for short sales?

In 2012 the demand for agents who know how to actually list and sell short sales is going to be insane. I have NO DOUBT that the banks are going to do everything they can to get as many short sales through to avoid foreclosures. Why the change in policy..or at least why are banks now wanting to push for more short sale closings?

Simple, the lose less money. Before the banks were doing and internal analysis to determine if they would lose less money doing a short sale vs a foreclosure. Up until about 6 months ago the banks were favoring foreclosures because they thought the real estate depreciation was leveling off. Were they every wrong!

If you read this blog daily, you know that most  real estate economists are predicting home values to drop as much as another 15%. (Note: KNOW YOUR MARKET…you may live in an area where homes won’t lose value and may be gaining in value). Now that the banks are anticipating additional depreciation they know that they will lose less money if they home is sold now…as in right now.

Bottom line, 2012 is FINALLY the year of the short sale.

Join us for this weeks Exclusive Bank Insider Short Sale training event:

AGENT ALERT: New Secret 2012 Big Banks Short Sale Programs Leaked. Free Training Event THIS WEEK.

Here is an article from Bloomberg: