Matt Harber here with Keller Williams and http://www.prodigyteam.com/. Its been a while since I last posted, so I thought I would return and make a few comments. First, I want to point out that if you go to my website, http://www.prodigyteam.com/, I just added a new feature that will provide you with free market analysis. It is called, fittingly enough "market snapshot" and is provided by me, to you, for free. Check it out. You can find out information about your neighborhood, or a neighborhood you are interested in even. I'd love to hear any feedback about it.
It has come to my attention numerous times today by different people about the expose' run by the Today show on NBC. Basically, that if you want to buy a house, wait 3-6 months as there is going to be a surplus of homes that come on the market and housing prices are really going to get hammered. Let me say, that I agree, there probably is going to be a surplus of houses coming on the market as banks have been forced to not foreclose on a large amount of homes and now the time has come to do just that. I understand the news needing to report the news...but I have a serious problem with what to me looks more like sensationalism than anything else.
First off, we all know that the media is a major influencing factor in the reaction of the consumer. It seems like we just started turning the corner in the market (as far as sales go) and even in the economy. The stock market has started to recover and it seems, to me, that people are out and about a lot more right now, spending money. News like this causes widespread panic in the consumer.
Second, the majority of these foreclosures are going to occur in certain areas of the country, not the whole. Places like California, Florida, Nevada and Arizona have always been the most serious offenders, contributing to 1/3 of the nations foreclosures between the 4 of them alone. But when panic occurs in a consumer, because of the media sensationalizing things like the Today show did, housing prices everywhere are going to suffer. The direct effect of this is a continuation of the downward trend. By presenting it as a National problem, they perpetuate the problem into more of a reality than it ever might have become. Washington State is a prime example. We have been fortunate enough to have not been as hard hit by the foreclosure and catastrophic value loss as California or Arizona. Our sales have been up, and in some areas, values have actually gained stable footing. What does news like this do to the consumer? It scares them away!
Third...is there a third? I don't know, but all I can say as a person concerned with the economy, my own home values, and the real estate market, is that the only way we are going to come out of this, is if people stop listening to the dooms day, negative, down in the mouth drivel that comes from the media right now. There are incredible deals right now, and while the grass is always greener on the other side, if you wait too long, you'll be on the outside looking in.
All for now.
If there is anything Matt Harber, or the Prodigy Team can help you with, whether its buying, selling or investing, call, email or visit http://www.prodigyteam.com/ and we can help.
Friday, July 31, 2009
Saturday, November 22, 2008
Loan Modification
What is loan modification and are you going to be posting every day Matt? The answer is, great questions. Probably not on the posting, but this is just something that I am actually really excited about for my friends, my family and my future clients. It really is going to help a lot of people get out of their financial troubles right now.
So what is loan modification? I wanted to go to a reputable source, not some off the street site that would be looking to represent loan modification in the best light. So, the HUD site, defines loan modification as this:
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. (http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm)
What does this mean? Basically, the people who are falling behind in their monthly payments, have possibly lost some of their income streams, have adjustable rate mortgages coming up (ARMs) or any other possible reason for not being able to make the loan work and are ultimately, at risk for going into default and/or facing foreclosure are candidates. These people are now going to be able to have their loan changed to a permanent, most likely fixed rate, longer term mortgage, that will allow them the opportunity to stay in their home.
How can I get my loan modified? If you fit the above mentioned criteria or know someone else that does, honestly, call me (253-441-2262), email me (mattharber@kw.com), track me down http://www.prodigyteam.com/. I will set you up. There are all sorts of attorneys that are working this system right now. I am currently getting set up with an attorney that charges about $2,000-4000 to negotiate the contract with your lender and come to terms. That might seem like a lot of money, but first understand that there are others out there charging 3 and 4 times that amount, but in the long run, you will realize the benefit of this cost hand over fist. I don't care what part of the country you are from, I can help you.
The reason I am excited about this...Is because the fewer homes that have to come onto the market because banks are taking them back or people are having to sell to keep from getting that foreclosure, means the sooner this whole thing is going to settle down and turn around. Once the glut of houses evaporates, prices will normalize. This is a tremendous opportunity. Call me!
So what is loan modification? I wanted to go to a reputable source, not some off the street site that would be looking to represent loan modification in the best light. So, the HUD site, defines loan modification as this:
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. (http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm)
What does this mean? Basically, the people who are falling behind in their monthly payments, have possibly lost some of their income streams, have adjustable rate mortgages coming up (ARMs) or any other possible reason for not being able to make the loan work and are ultimately, at risk for going into default and/or facing foreclosure are candidates. These people are now going to be able to have their loan changed to a permanent, most likely fixed rate, longer term mortgage, that will allow them the opportunity to stay in their home.
How can I get my loan modified? If you fit the above mentioned criteria or know someone else that does, honestly, call me (253-441-2262), email me (mattharber@kw.com), track me down http://www.prodigyteam.com/. I will set you up. There are all sorts of attorneys that are working this system right now. I am currently getting set up with an attorney that charges about $2,000-4000 to negotiate the contract with your lender and come to terms. That might seem like a lot of money, but first understand that there are others out there charging 3 and 4 times that amount, but in the long run, you will realize the benefit of this cost hand over fist. I don't care what part of the country you are from, I can help you.
The reason I am excited about this...Is because the fewer homes that have to come onto the market because banks are taking them back or people are having to sell to keep from getting that foreclosure, means the sooner this whole thing is going to settle down and turn around. Once the glut of houses evaporates, prices will normalize. This is a tremendous opportunity. Call me!
Friday, November 21, 2008
My deal of the week
So this is clearly going to be an evolution. Its going to be a process, me developing what I want this blog to be. I hope that people find it useful. Ask me questions. Tell me what you want and what I can help with. There will probably be some boring stuff in here, skip it and come back again. I'll try to get something for everyone at some point. This week, its going to be my deal of the week. The thing that I love about Real Estate, particularly in this market that we are in, is that there is an amazing amount of opportunity to be grasped if people are willing to step out of their comfort zone and reach for the spoon. There will be people that lose large sums of money over the coming years but there are also going to be an incredible amount of people that make FORTUNES off of this market. Those who establish stringent criteria, use people such as myself who are able to identify that properties that meet those criteria, and then make it happen.
There is a great quote by a man I have tremendous respect for, Gary Keller. He said in his book, the Millionaire Real Estate Investor (which is a great read):
Money lives on the other side of fear...Fear keeps us from getting what we want, especially in matters of money. It is true for me, and it is true for you. All of us can look at our lives and count the times when fear stepped in, prevented us from taking action, and cost us a precious financial opportunity...It blinds us to opportunities. It keeps us where we are, stuck in a financial box-a box built by fear, a box built by our own hands...
Now obviously, I understand, especially in times such as now that we have to be careful and not throw caution to the wind. That is why we establish criteria for investments. We establish it and don't waiver from it. If it is sound, we remove the risk.
I look forward to being help many, many people over the coming years build financial wealth. Wealth and freedom from the 9-5s that we all dread. Seize the opportunity in front of you. We may never see another time such as now in our lives.
Without further ado, here is the deal of the week. I have been in this 4 plex. The neighborhood is marginal. Not bad. Not great. Near an elementary school and the lively 6th Avenue district of Tacoma.
The positives: Developing area, close to popular area, structure appears sound and requires minimal work to turn into rental (less than 5k), section 8 possibility (which means secure payments from the government and you dont have to worry about your tenant not making payments). Will cash flow immediately upon full occupancy. Killer Price.
The negatives: The area. It is a catch 22. Time will tell what happens to the area if it improves or not. Right now it is marginal. Needs some work. Currently vacant.
Take a peak. http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONhm5hKfAmbnL6%2BDVbO67%2Bx4%3D&KeyRid=1&Include_Search_Criteria=
This expires in 30 days I believe. If you want to find out about it after it expires, send me a note. I don't think it will be available for long however
There is a great quote by a man I have tremendous respect for, Gary Keller. He said in his book, the Millionaire Real Estate Investor (which is a great read):
Money lives on the other side of fear...Fear keeps us from getting what we want, especially in matters of money. It is true for me, and it is true for you. All of us can look at our lives and count the times when fear stepped in, prevented us from taking action, and cost us a precious financial opportunity...It blinds us to opportunities. It keeps us where we are, stuck in a financial box-a box built by fear, a box built by our own hands...
Now obviously, I understand, especially in times such as now that we have to be careful and not throw caution to the wind. That is why we establish criteria for investments. We establish it and don't waiver from it. If it is sound, we remove the risk.
I look forward to being help many, many people over the coming years build financial wealth. Wealth and freedom from the 9-5s that we all dread. Seize the opportunity in front of you. We may never see another time such as now in our lives.
Without further ado, here is the deal of the week. I have been in this 4 plex. The neighborhood is marginal. Not bad. Not great. Near an elementary school and the lively 6th Avenue district of Tacoma.
The positives: Developing area, close to popular area, structure appears sound and requires minimal work to turn into rental (less than 5k), section 8 possibility (which means secure payments from the government and you dont have to worry about your tenant not making payments). Will cash flow immediately upon full occupancy. Killer Price.
The negatives: The area. It is a catch 22. Time will tell what happens to the area if it improves or not. Right now it is marginal. Needs some work. Currently vacant.
Take a peak. http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONhm5hKfAmbnL6%2BDVbO67%2Bx4%3D&KeyRid=1&Include_Search_Criteria=
This expires in 30 days I believe. If you want to find out about it after it expires, send me a note. I don't think it will be available for long however
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