about 3 months ago - No comments
According to the “Distressed Sales Activity” report from First American CoreLogic, distressed home sales are on the rise again, accounting for an amazing 29% of all home sales in the month of January.
Nearly 1 Million distressed sales occurred last year, which includes short sales and real estate owned (REO) property.
Distressed property sales are at their [...]
about 6 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 6 months ago - 2 comments
The response to the story we brought CNBC on fraud in short sales has been amazing!
The whole goal of getting this story out there was to change the practice and prevent it from happening in the future. It’s obvious from the response that this is a major issue, hopefully the authorities will take notice and [...]
about 6 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 6 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 10 months 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
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
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 [...]
about 4 years ago - No comments
Definition: Lis Pendens
noun. Latin for “a suit pending”.
A notice of a pending lawsuit tied to real property recorded with the appropriate office to put the public and property owner on notice.
This alerts a potential purchaser or lender that the properties title may be in question, making it less attractive to either. Further, anyone who purchases [...]
