about 3 months ago - No comments
The other day 60 Minutes ran another report on “Strategic Defaults” as they are called – home owners who are underwater in their mortgage and walk away from their home (causing a foreclosure) even though they have the ability to continue with mortgage payments.
The most interesting thing about the story was a University of Arizona [...]
about 7 months ago - 126 comments
The Short Sales and Bank Fraud story continues to gain traction. After CNBC aired the story we brought them, dozens of other media outlets, bloggers and authorities have contacted me to discuss this topic.
Here is the story of how this fraud initially came to our attention, along with the evidence to back it up.
Last [...]
about 7 months ago - 58 comments
This morning CNBC aired the story we brought them regarding short sales, bank fraud and kick-backs to banks.
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Diana Olick — CNBC Real Estate Reporter
Big Banks Accused of Short Sale Fraud
Just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud and another mortgage meltdown, [...]
about 7 months ago - 1 comment
A short sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the property.
It generally occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a loss is better than foreclosure.
Both parties must consent to [...]
about 1 year ago - No comments
The Okvath family, recipients of an Extreme Home Makeover in 2005, have listed their mansion for $1.3 million. The 5,346 sq. ft. home is on a 1.07-acre lot, has 6 bedrooms, 5.5 baths, and a 3-car garage big enough for four cars and includes a home theater with seating for 12.
Unfortunately, it seems that it [...]
about 1 year ago - No comments
Over the past few months we’ve been re-launching our Motivated Home Seller brand for real estate agents – HomeFlux.com.
It has been exciting to see how agents are rapidly growing their business through focusing on motivated home sellers – a segment of sellers that is rapidly growing, and is incredibly under-served by most real estate professionals.
With [...]
about 1 year ago - No comments
Recently I did an interview with a magazine devoted to residential real estate investing on the topic “Who can you trust in real estate news?
I highlighted my appearance on Larry King Live, where a supposed “real estate expert” made incorrect comments regarding the taxation of forgiven debt during a short sale. Unfortunately, my interview segment [...]
about 1 year ago - No comments
It’s basic human psychology that if something is free, we tend to value it much less. Take for example the rash of foreclosures on homes from the show “Extreme Makeover, Home Edition“.
Most of the people who participate in the show receive a brand new, high-end home that is mortgage free.
The problem is, many of the [...]
about 2 years ago - No comments
Wednesday I had the great opportunity to be interviewed by Larry King on his show about foreclosures, short sales and the housing mess.
A lot of people have contacted me regarding the final segment in the show. Two supposed “real estate experts” both made a huge error.
They stated that after a short sale, the home seller [...]
about 2 years ago - No comments
I had the opportunity recently to participate in a USA Today roundtable on the housing market . It was a great way to share some of my thoughts on investing, foreclosures and what home owners should do given the current housing market. I was surrounded by some very smart people from various industries.
One of the [...]
distressed home sales are on the rise again, accounting for an amazing 29% of all home sales in the month of January.