Friday, November 18, 2016


What amenities buyers want most, from coast to coast! Team Thayer #realestate #market #investor #economic #housing #investment #news #oregon

what homebuyers are looking for

Wednesday, November 16, 2016

Foreclosure Process To Be Streamlined! Team Thayer #realestate #housing #market #foreclosure #reo #bank #foreclosed #market #economic #news #oregon


With the recent news of foreclosures increasing in October, what trends are you currently seeing when it comes to foreclosure metrics?
I think everyone needs to take a deep breath over the foreclosure numbers. There is really no evidence that we are going to see any meaningful increases in foreclosures right now. I think what we had was a one month blip and I suspect that by next month you will see the number settle down significantly.
October historically is a busy month for foreclosure activity. Lenders and servicers try to move things through the pipeline ahead of the traditional holiday foreclosure moratorium that takes place so there is always a bit of a bump. I think two things inflated the number this time. One is that we are coming off a very small base to begin with so any kind of increase make the percentage look bigger. The other is that we are getting to end of a cycle where a lot of really old loans that probably should have been foreclosed upon a few years ago are reaching the end of the foreclosure process, so we are likely to see some spikes month to month on particularly REO activity before this settles down. If you look beyond the backlog of old loans in a handful of states, there is virtually nothing entering the system as delinquent loans.
In moving these foreclosures through the pipeline, why has there been a shift in the length of time these properties are held onto from longer to shorter in the past few years?
I think there are a couple reasons for this shift. Predominately though I think it is a better way to mitigate loss for the servicers and the note holders. What I think we have found over the last couple of years is moving these properties more quickly actually ends up delivering a higher sales price and lower carrying costs for the servicers so they make out better. The investors that they are selling to are looking at a market where there is relatively limited inventory available so they are willing to jump at some of these properties as soon as they are made available. The truth is very few of the properties coming through the pipeline right now are appropriate properties for traditional owner occupants to buy. These are all really investor properties so the sooner you can get them in the hands of the investors the better for the servicer and the neighborhood because they can take what in a lot of cases are vacant properties and get them back into market condition.
Why are servicers choosing to use auctions as the method of choice for selling their foreclosed properties?
Using an auction gives a sense of date certainty. For example, the auction is going to be on Tuesday and that is when the property is going to be sold. The investors know that and they will make their bids accordingly. If you put the property out on the market in the more traditional sense, you are never sure when the property will sell. You also would get more interest from buyers who wouldn’t be getting an ideal property for themselves because they are not investors. I think the ability for an auction company to effectively target investors, to bring some certainty to the time the property will be on the market and get the best execution in price are the reason servicers use auctions. It is important to also emphasize the online aspect to auctions because doing auctions online exponentially expands the potential customer base. It turns it from a local market to a global market by marketing these properties online.

Monday, November 14, 2016

Foreclosures Increase After Months of Decline! Team Thayer #realestate #housing #market #foreclosure #economic #news #oregon

Foreclosures See an Increase After Months of Decline

Foreclosure Three BH
October foreclosure filings increased 27 percent from the previous month after experiencing a 129-month low in September, according to the latest U.S. Foreclosure Market Report from ATTOM Data Solutions.
Despite increases month-over-month in foreclosure starts, bank repossessions (REO), and scheduled foreclosure auctions, these trends including total foreclosure filings still saw a marginal decline year-over-year.
"Part of this could be tied somewhat to the election with lenders holding back for the last few months as there are uncertainty around the election," says Daren Blomquist, SVP of ATTOM Data Solutions. "Even though they didn't know the outcome in October when we saw this activity take place, there was probably a lot of certainty thinking that Clinton would win. I think with this certainty, lenders went ahead and pushed through more foreclosures."
The report also found that 28 states and the District of Columbia experienced an increase in foreclosure activity from the previous year, despite the national trend of decline.
"Some of these housing markets still have a backlog of distressed inventory and those do tend to be Northeast and Rust Belt States,” says Blomquist. “We are seeing a continuing of working through the backlog. What also really stood out in October was that in some of the states that seemed to put the foreclosure crisis behind them, we saw some pretty big jumps in foreclosure starts. This was in places like Arizona, Georgia and Colorado. A lot of this activity was tied not to loans in the last foreclosure crisis but loans originated since 2009."
Blomquist assures that foreclosure increases both national and state specific are nothing to be concerned about, though.
"A one month jump in foreclosure activity does not mean we are seeing a crisis again," he says. "But I think what it does say is that there is still risk in originating loans even in a very healthy and robust housing market, particularly with the lower down payment loans."
Click  link Below To Find Foreclosed Homes In Oregon

Click Here To See Foreclosed Homes In Oregon 


Team Thayer  www.teamthayer.com

Will Trump “Make the Housing Market Great Again?” Team Thayer #realesate #housing #market #economic #news


Despite the fact that President-elect Donald Trump addressed the topic of the housing market and its various sectors only marginally throughout his road to the presidency, as a business mogul, it is safe to assume that when it comes to making decisions that impact the industry, Trump will rely on his financial knowledge to steer his judgement.
Laurie Goodman, Co-Director for the Housing Finance Policy Center at the Urban Institute says that Trumps perspective as a businessman could make a big difference in several aspects of the market including housing supply.
“We figure new single-family housing plus new multi-family housing plus manufactured housing minus obsolescence is about 430,000 units short of new household formation,” says Goodman. “So supply constraints are huge and what that does is put upward pressure on both prices and rents and create affordability problems. In turn, those affordability problems are expected to get worse over time.
Given that Trump is a businessman that understands supply constraints and can think about ways to put pressure on state and local governments (because this is a state and local issue), eliminating supply constraints would be a business-friendly thing to do and very helpful thing to do,” adds Goodman.
Daren Blomquist SVP for ATTOM Data Solutions says that Trump’s victory could be a catalyst for other sectors of the market such as foreclosures.
“With foreclosures, we expect a short-term uptick in activity into early next year as banks have more confidence as to who is in place,” says Blomquist. “Trump brings less fear of regulation on foreclosures and I believe we will see the backlog of foreclosures being pushed through.”
On the flip-side of the equation, when it comes to loan originations and potential homeowners looking to enter the market, according to his recent commentary, Trulia Chief Economist Ralph McLaughlin says Trump’s election will both help and hinder consumer confidence.
“Homebuyers in economically healthy blue states will likely be rattled and more hesitant about the future the U.S. economy, which will curb their interest in making large investments,” says McLaughlin. “In economically stagnant red states, on the other hand, homebuyers will likely feel a surge of confidence that could bolster demand.”
Blomquist says that he doesn’t believe sales will be impacted based on the election results one way or another.
“I don't think the sales trend will be heavily effected. We started see sales slowdown before the election and that could have been in part because of the uncertainty,” says Blomquist. “I think we will see a short-term uptick in sales as people are more confident and have certainty. But the overall downward trend we are seeing in sales is slowing down and I believe we will continue to see that because of affordability constraints.”
When it comes to a long-term forecast for how the market will react to this new administration, the future is somewhat murky.
“What the long-term really depends on is what housing policies Trump puts into place," says Ralph DeFranco, Chief Economist at Arch Mortgage Insurance. "My sense is that he is going to help on the demand side of the equation and that would improve the homeownership rate over the two plus year horizon."
ds_image

Click  link Below To Find Foreclosed Homes In Oregon

Click Here To See Foreclosed Homes In Oregon 


Team Thayer  www.teamthayer.com

Tuesday, November 8, 2016

The 5 best Affordable Upgrades For your home! Team Thayer #realestate #housing #market #news #oregon







1. Swap out your kitchen countertops

But don’t assume granite is always the best choice. “Granite isn’t as special as it once was because every kitchen has it now,” advises Loder. If the countertops are the only upgrade you’re planning, splurge on recycled glass (around $85 per square foot) for a true wow factor, or for a less expensive but equally stunning option, try quartz (around $60 to $75 per square foot). Stick with neutral colors like white, gray, or “greige,” which will appear clean and bright and won’t turn off potential buyers. If your budget allows, Loder recommends upgrading your backsplash with wide, light-colored subway tiles (think 4-inch-by-16-inch tile) arranged in a unique pattern, such as herringbone.

2. Invest in a free-standing bioethanol fireplace

“They add a ton of character without breaking the bank,” says Erin Davis, lead designer at Mosaik Design and Remodeling in Portland, OR. “Free-standing units use piping to vent the smoke out of the home, so it makes for an easier, more cost-effective installation.” Things to keep in mind: Since the heat radiates from all sides, you’ll need at least 36 inches of clearance around the unit. Opt for one that comes with a stand (most do), which will alleviate the need to add noncombustible flooring.
home improvement ideas

3. Increase your living space with decking

“It’s an affordable extension of your home and a perfect place to entertain guests or relax with your family,” says Thomas O’Rourke of DeckingHero.com, a resource guide to buying and installing decking. And we’re not just talking raised decks either. Decking materials can be used to create patios, outdoor living rooms, and even outdoor kitchens.

4. Add low-voltage outdoor lighting

Think lights along your driveway, walkways, and patio, and uplights on trees. “Doing so creates ambiance in the evening, especially when entertaining, and it will increase the quality of any photos you post of your home when it comes time to sell,” says John Bodrozic, co-founder of HomeZada, a digital home management site. Once you have a lighting system in place, make sure to install timers, which can also deter burglars.

5. Give your exterior a makeover

Have your house exterior and front porch professionally power-washed, upgrade light fixtures (this can be as simple as replacing the bulbs with Edison-style ones, which instantly ups the cool quotient of your current fixture, says Loder), swap out the hardware on your front door, upgrade your mailbox, replace worn-out or broken shutters, and freshen up your landscaping. These simple changes outside will pack a punch without crushing your budget.
Click  link Below To Find Foreclosed Homes In Oregon

Click Here To See Foreclosed Homes In Oregon 

Factors Stabilizing Housing Affordability! Team Thayer #realestate #news #housing #market #reo #foreclosure #news #oregon

A "pretty amazing balancing act" between low interest rates and rising home prices is reportedly keeping affordability stable at the national level, according to the latest Black Knight Mortgage Monitor.
Team Thayer www.teamthayer.comThe report found that the average U.S. home value increased by $13,500 from the year prior, but low interest rates mean the monthly P&I payment on the median-priced home is only a dollar less than last year. Additionally, it currently takes only 20 percent of the median monthly income to cover monthly payments on the median-priced home. This is well below historical norms.
Despite these national levels, affordability varies across the country based on home price appreciation (HPA). For example, the report shows that in Washington and Oregon, it costs 5-6 percent more in P&I each month to buy the median priced home than the year before. In contrast, states such as New Jersey, Wyoming, North Dakota and Connecticut cost 3-5 percent less each month than in the previous year.
If the rates where to increase though, this would disrupt the balance that affordability is seeing nationally. The report computes that a 50-basis point increase in interest rates would be equivalent to a $17,000 increase in the average home price, thus potentially bringing the affordability ratio up to 21.5 percent of median income. That would make affordability the highest it's been post-crisis. With a 1 percent rise in rates, the payment-to-income ratio would potentially increase to 23 percent, the equivalent of increasing the cost of the average home by $34,000.
Additionally, at 1 percent, the rate of all mortgages that are in active foreclosure fell to its lowest point in nine years. Month-over-month, the number of active foreclosures dropped 3.38 percent but it was year-over-year where the truly substantial decrease was seen, 31.23 percent. Total foreclosure starts fell to 61,700 this month, a decrease of 10.32 percent from the previous month and 22.78 from the year prior. Likewise, foreclosure sales decreased 5.82 percent from August to 2.03 percent. This was an increase though from last year by 2.47 percent.
Click  link Below To Find Foreclosed Homes In Oregon

Click Here To See Foreclosed Homes In Oregon 


Team Thayer  www.teamthayer.com

Friday, November 4, 2016

Bankruptcy Filings Dip Even Lower! Team Thayer #realestate #housing #market #investor #News #oregon


Bankruptcy Filings Dip Lower
DS News Sponsored PostNationwide bankruptcy filings were 5 percent lower in October 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to October 2016 AACER bankruptcy data reported by Epiq Systems.
Bankruptcy filings totaled 63,042 in October, which was an increase from September’s total of 64,614, and was approximately 2.4 percent higher than October 2015’s total of 63,042 (an increase of 1,572).  Year-to-date, there have been 656,125 bankruptcy filings nationwide for the past nine months of 2016 (about 65,613 per month), down from 2015’s year-to-date total through the end of October of 700,014 (about 70,001 per month).
The average number of filings per day in October 2016 was 3,152 over 20 days, which is an increase from September’s daily average of 3,077 over 21 days. The extra filing day in September compared to October accounts for the slight increase in the number of filings in September; had October featured 21 filing days, there would have been over 100 more filings averaged per day than in September. Bankruptcy filings have averaged 3,121 for the past nine months of 2016 over a period of 210 filing days.
October’s total of 63,042 bankruptcy filings was less than half of the peak total for the month of September recorded in 2010 of 135,771.
The state with the most cumulative filings for the past nine months of 2016 was again California with 61,173. As has been the trend, Illinois was second in year-to-date filings with 44,965. The next three states with the most cumulative filings were Georgia (39,3777) Florida (37,430), and Ohio (30,888).
Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for October with 5.66 and 5.53 for every 10,000 people, respectively. Those numbers were virtually the same as September’s numbers. The national average of filings per capita in October 2016 held steady over-the-month at 2.53, though it has increased by about 50 basis points since January 2016’s average of 2.02 percent.
Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia.

Wednesday, October 26, 2016

Housing Demand Is Going Up! Team Thayer #realestate #housing #market #econimic #news #oregon

Housing Demand Is Going Up! 

real-estate-online-five BHDemand for single-family housing reached its highest level since June 2013, having picked up momentum after Labor Day, according to Redfin’sHousing Demand Index for September 2016.
According to Redfin, buyer demand rose by 13.3 percent over-the-month in September up to a level of 105, its highest level in three-plus years, after nearly 32 percent more potential buyers toured homes and nearly 27 percent more potential buyers made offers.
A reading of higher than 100 for the Redfin Housing Demand Index indicates stronger or higher-than-expected demand, while a reading of lower than 100 indicates weak demand. For September 2015, the reading was 101.
This data indicates that there is a healthy pool of buyers ready and willing to purchase a home as long as they find the right one, according to Redfin.
“Buyer demand gained momentum after Labor Day when a pop of fresh listings hit the market,” said Redfin chief economist Nela Richardson. New listings are up 3.3 percent compared to last year at this time. “More than any other factor, new listings pulled buyers into the market in September. The pace of this demand will only be sustained if the supply of homes for sale continues to improve.”
Despite the new listings that hit the market after Labor Day, Redfin agents still reported a need for more inventory in what has turned out to be a lengthy housing supply shortage. The National Association of Realtors (NAR) reported that in September, there were 2.19 existing homes for sale, which was 6.8 percent lower than September 2015’s inventory despite a slight monthly increase.
“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” NAR Chief Economist Lawrence Yun said. “Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”
Click  link Below To Find Foreclosed Homes In Oregon

Click Here To See Foreclosed Homes In Oregon 


Team Thayer  www.teamthayer.com

Thursday, October 20, 2016

Foreclosure Rate Higher for Men vs Women! #teamthayer #realestate #realtor #oregon #foreclosure #bank #econimics

Hand Grabbing House BH
A recent report from ATTOM Data Solutions, parent company for RealtyTrac, found that although men may make more money than women, women do a better job of avoiding foreclosure.
ATTOM reports that in order to determine this information, they looked at the public property records for more than five million single-family home and condos nationwide.
Specifically, it is noted that overall male homeowners have slightly higher foreclosure rates compared to female homeowners. This is represented by 73 out of 10,000 male homeowners in foreclosure compared to 72 out of every 10,000 female homeowners. Following this trend married men and widowers both have significantly higher foreclosure rates than married women and widows.
Broken down further, it was shown that 83 out of every 10,000 married male homeowners are in foreclosure. This is compared to 66 out of every 10,000 married female homeowners. It was also shown that 112 out of every 10,000 widowed male homeowners were in foreclosure contrasting greatly with 94 out of 10,000 widowed female homeowners in foreclosure.
There is one exception for this trend though. ATTOM reports that for single men homeowners, it was found that 70 out of 10,000 of those homeowners were in foreclosure. This was a slightly lower rate than single women homeowners, which report that 73 out of 10,000 of these homeowners are in foreclosure.
www.teamthayer.com
Click  link Below To Find Foreclosed Homes In Oregon

Click Here To See Foreclosed Homes In Oregon 


Team Thayer  www.teamthayer.com

Low Bank Foreclosure Inventory Reduces Market Share of Cash Sales! Team Thayer #realestate #housing #market #foreclosure #economic #news #oregon

With less REO properties available for investors, declines in REO sales triggered a further decline for national cash sales. Not all states experienced the same level of decline though, according to the latest Cash Sales and Distressed Sales Data Report from CoreLogic.
Cash sales accounted for 29.7 percent of total home sales in July 2016, down 1.9 percentage points year over year from July 2015. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. CoreLogic reports that if the cash sales share continues to fall at the same rate it did in July 2016, the share should hit 25 percent by mid-2018.
REO sales, no surprise, had the largest cash sales share in July 2016 at 57.6 percent. Following behind, resales had the next highest cash sales share at 29.4 percent with short sales close behind at 28.1 percent and newly constructed homes at 15 percent.
While the percentage of REO sales within the all-cash category remained high, REO transactions have been in decline since peaking in January 2011. REO sales made up 4.3 percent of the distressed sales share of total home sales while short sales made up 2.9 percent in July 2016.
Most notably, CoreLogic reported that the distressed sales share of 7.2 percent in July 2016 was the lowest distressed sales share since September 2007. As with cash sales, the pre-crisis share of distressed sales was traditionally significantly than that of the post-crisis share. If the current year-over-year decrease in the distressed sales share continues, it will reach that "normal" 2-percent mark in mid-2018.
Eight states did record higher distressed sales shares in July 2016 compared with a year earlier, though. Maryland had the largest share of distressed sales of any state at 19.4 percent, followed by Connecticut at 18.6 percent, Michigan at 17.8 percent, New Jersey at 15.6 percent, and Illinois at 15.5 percent. North Dakota had the smallest distressed sales share at 2.5 percent.
While some states stand out as having high distressed sales shares, only North Dakota and the District of Columbia are close to their pre-crisis levels, says CoreLogic, each within one percentage point.
On the cash sales side, New York had the largest share of any state at 44.6 percent, followed by Alabama at 43.6 percent, Florida at 39.6 percent, New Jersey at 37.3 percent, and finally Indiana at 37 percent.
Click  link Below To Find Foreclosed Homes In Oregon

Team Thayer  www.teamthayer.com

Saturday, October 15, 2016

Foreclosure Timelines! Team Thayer #realestate #housing #market #news #oregon

Foreclosure-Four-BH-300x198Foreclosure timelines declined over the year in the third quarter, a first in RealtyTrac’s reporting history, according to the latest Foreclosure Market Report released Thursday by ATTOM Data Solutions, the parent company of RealtyTrac. RealtyTrac has been reporting foreclosure timelines since 2007.
It took five fewer days to foreclose a home in the third quarter of this year than in the third quarter of last year, according to RealtyTrac, which reported an average foreclosure timeline of 625 days in Q3 2016.
This momentous decline was “the final nail in the coffin of the foreclosure crisis,” according to Daren Blomquist, SVP at ATTOM Data Solutions.
“The decrease in the average foreclosure timeline indicates that banks have worked through the bulk of the legacy foreclosure backlog in most states – with a few lingering exceptions – and that most of the foreclosures being completed now are relatively recent defaults that are more efficiently progressing through the foreclosure pipeline,” Blomquist said.
Overall foreclosures have “been on a steady slide downward over the past six years, finally dropping back below pre-crisis levels in September,” Blomquist said in the report.
Foreclosure filings were down 13 percent over the month in September and 24 percent over the year, reaching their lowest level since December 2005, according to ATTOM Data Solutions.
Foreclosure filings actually ticked up 4 percent over the third quarter of this year, but they were down 10 percent from the same quarter last year, marking the fourth consecutive quarter of year-over-year declines.
Foreclosure starts also followed a downward trend, sliding 13 percent over the month in September and 20 percent over the year to a more-than 11-year low. Bank repossessions were down 32 percent over the year and 12 percent over the month in September.
A significant share of properties sold at foreclosure auction in the third quarter went into the hands of third-party investors, according to ATTOM. Forty-four percent of properties sold at foreclosure auction went to investors, breaking a pre-recession high of 30 percent in 2005 and higher than any quarter since RealtyTrac began recording data in 2000.
Nationally, one in every 1,600 homes had a foreclosure filing in September. The states with the highest foreclosure rates were Delaware (one in every 680 homes), New Jersey (one in every 691 homes), Nevada (one in every 897 homes), Illinois (one in every 946), and Florida (one in every 950).
While foreclosure timelines decreased over the year nationally for the first time on record, the time it took to foreclose a home increased on an annual basis in 27 states in the third quarter.
The states where the foreclosure process takes the longest as of the third quarter are New Jersey (1,262 days), Hawaii (1,241 days), New York (1,070 days), Florida (1,038 days), and Illinois (942 days)—all of which are judicial states.
States where foreclosures take the least amount of time include Virginia (196 days), New Hampshire (230 days), Texas (246 days), Minnesota (250 days), and Mississippi (253 days)—all of which are non-judicial states.
Click  link Below To Find Foreclosed Homes In Oregon

Team Thayer  www.teamthayer.com

Foreclosure Lows Needed Boost to Housing! Team Thayer #realestate #housing #economy #market #news #oregon

American Flag House BHForeclosures and foreclosure inventory are definitively down. Compared to a year earlier, the foreclosure inventory nationally in August was 30 percent lower, while the actual number of completed foreclosures was down by more than 42 percent, according to CoreLogic’s August 2016 National Foreclosure Report.
In raw numbers, there were 37,000 completed foreclosures in August. A year ago, there were 64,000. The national foreclosure inventory included approximately 351,000 homes with a mortgage (about 1 percent) compared with 499,000 homes last year. The numbers made August’s foreclosure inventory rate the lowest it's been since July 2007.
CoreLogic also reported that the number of mortgages in serious delinquency (90 days or more past due, including loans in foreclosure or REO) declined by 20.6 percent from last August. The decline was geographically broad with decreases in serious delinquency in 48 states and the District of Columbia.
Over the year, Florida had twice the number of completed foreclosures (55,000) than its nearest second, Texas (27,000). Ohio, California, and Georgia also all had more than 20,000 foreclosures, and these five states made up about a third of all national foreclosures.
On the other side of the coin, the District of Columbia had the lowest number of completed foreclosures since last year, with 212. Conversely, D.C. also had the highest foreclosure inventory rate in August, almost 2 percent. Over the year, New Jersey’s 3.2 percent inventory rate led the way, followed closely by New York, with a 3 percent rate.
“Foreclosure inventory fell by 30 percent from the previous year, the largest year-over-year decline since January 2015," said Frank Nothaft, chief economist for CoreLogic. "The large decline in the distressed inventory has been one of the drivers of steady home price growth which helps Americans increase their home equity to support increased spending or cushion future economic risk."
Anand Nallathambi, president and CEO of CoreLogic, said that the downward trend in foreclosure and serious delinquency exhibit strong demand growth and rising prices."
"With the foreclosure inventory now under 1 percent nationally,” he said, “the need to boost single-family housing stocks through new construction will become more acute in the coming months and years."
Click  link Below To Find Foreclosed Homes In Oregon

Team Thayer  www.teamthayer.com

Friday, October 7, 2016

Eleventh Circuit Court Stops “Abuse of the Bankruptcy Process” On Foreclosed Properties! THIS IS AN INCREDIBLY IMPORTANT EVENT! #realestate #housing #market #news #oregon

This week the 11th Circuit Court of Appeals ruled in Failla v. CitiBank that debtors who file a statement of intention to surrender property in bankruptcy cannot later contest a foreclosure action, and bankruptcy courts have broad power and authority to sanction violations.
The U.S. Court of Appeals for the 11th Circuit’s ruling eases foreclosures in that circuit because, first, it means that a debtor who discharges mortgage debt by surrendering property can’t oppose creditors who then try to foreclose in state court, and second, it speeds that process. Specifically, bankruptcy courts can order debtors who surrender property to drop their opposition to foreclosure.
According to a report from Bloomberg BNA, this case involved husband and wife David and Donna Failla, who defaulted on their mortgage in 2009 and subsequently filed for bankruptcy in 2011. The couple then agreed to surrender their house to discharge the mortgage debt, but fought Citibank's foreclosure proceeding in state court. The bankruptcy court, on Citibank's motion, ordered the Faillas to surrender the property, and, likewise, a district court affirmed.
One of the points the Faillas argued was that they only needed to surrender to the bankruptcy trustee, but the 11th Circuit did not agree and thus upheld both lower courts’ decisions. The Court said that indeed the Faillas have to surrender the property and drop their efforts to stop foreclosure. The Court also said that a “debtor who promises to surrender property in bankruptcy court and then, once his debts are discharged, breaks that promise by opposing a foreclosure action in state court has abused the bankruptcy process.” Furthermore, the Court noted that bankruptcy courts may compel debtors not to fight foreclosure.
According to a release from CitiBank’s representation, John R. Chiles and Jonathan M. Sykes of Burr & Forman, the 11th Circuit’s opinion in Failla affirms a rapidly developing line of cases in bankruptcy and state courts in Florida holding that a debtor who surrenders real property in bankruptcy cannot defend foreclosure in state court.  Debtors who wish to discharge the personal liability for mortgage debt will also lose the right to contest a foreclosure action, and bankruptcy courts are authorized to sanction debtors who fail to comply.
To read the entire court decision, click HERE.
Click  link Below To Find Foreclosed Homes In Oregon

Team Thayer  www.teamthayer.com

Monday, October 3, 2016

Ask these questions when looking at The Seller disclosure report! Team Thayer #realestate #housing #realtor #buyers #



Each state differs in what it requires sellers to disclose. In fact, only one disclosure is required by the federal government: whether there’s any lead-based paint on the property, and that applies only to structures built before 1978. Read between the lines of a disclosure report with these tips that let you know what to look out for and why.

How old is your roof?

You see on the disclosure statement that the roof is 8 years old, but that doesn’t tell you much — unless you know the typical life span of a roof or whether life span depends on roofing material. Roofs can last anywhere between 10 and 50 years. “The traditional tar-and-gravel roofs typically have a much shorter life span than almost any other roof material,” says Michael Thompson, an Oakland, CA, real estate agent.
Tar-and-gravel roofs usually last 10 to 20 years. The popular composition shingle roofs usually last about 20 years, and the clay roofs that you see on Spanish- and Mediterranean-style homes can last over 50 years.

Crawl space versus cement slab

“There are mixed opinions as to which is better and why,” says Carlyn Neuman, a Florida attorney and real estate broker. One plus of having a crawl space? A home inspector can easily identify any issues by examining it — after the spiders are out of the way. “[A crawl space] also makes it easier to make repairs or upgrades by allowing access,” says Jonathan Macias, an El Segundo, CA, real estate agent.
But adequate ventilation is important; otherwise, you might be dealing with mold. And “all ventilation areas should be covered with screens to keep the critters out,” says Rachael Hand, a broker in Lafayette, CA. Cement slabs, on the other hand, help you avoid possible mold or critter problems, but if tree roots or soil damages the slabs, it may cost you a pretty penny. Slabs also need to be removed to repair broken or leaking pipes.

Plumbing and pipes

Replacing your plumbing is a major expense. Note the age and type of your pipes. Brass, copper, and galvanized steel can last 80 to 100 years. But polybutylene or lead pipes? Translation: trouble. These materials need to be replaced.

The HVAC and water heater

The disclosure statement can tell you how old the HVAC system and water heater are, but what’s the rule of thumb on when they’ll probably need replacing? “Water heaters don’t need to be replaced until they leak or fail,” says Hand. Gas water heaters usually last 10 years, and electric ones, 15. If the disclosure shows the water heater is that age or older, consider that it probably needs replacing.
But even if the HVAC is working, “a 15-year-old system is running 40% less efficient than a new system, costing you much more on your monthly bill,” says Carlyn Neuman.

Cracks in the wall

If you see this on the disclosure report, hope for the best but prepare for the worst. “[The cracks] could be structural,” says Macias. Call in a structural engineer to look for foundation issues; a thorough inspection should be all you need to know whether you’re dealing with normal settling issues or something more ominous.

Animal damage

If the report is marked “yes” for animal damage, make sure it’s being dealt with properly. When you’re looking to buy, a few pest traps won’t suffice. You should probably interpret the seller’s claims of “handling it” to mean sealing the house properly to prevent the nasty critters from entering in the first place, or hiring an exterminator. Also, team thayer eugene oregon, ask the seller to include one.

Additional explanations or further disclosure

Be sure you don’t just glance over the “additional comments” part. “If something is out of the ordinary, there will be further information to explain the situation,” says Hand. She explains that some items that could appear in this section include pending liens, restrictions, or easements. Those could be deal breakers for you. Pending liens can tie up the property for some time, and restrictions or easements limit what you can do with the home.

Disclosures don’t necessarily tell all

The seller disclosure statement represents the first steps in your home research. Go with your gut and take note of suspicions along the way. Your next step is to “keep your eyes open for things that just don’t seem right, like a wall out of place, stucco that has been disturbed, or strange additions,” says Macias.
Hand says to get a CLUE. And, no, it’s not an insult. CLUE is a comprehensive loss underwriting exchange, which tells you a home’s history, such as prior damage. Most home insurance companies put claims in the CLUE database. Knowing how to read the seller disclosure is important, but it’s no substitute for having the property evaluated by a qualified home inspector.

Click  link Below To Find Foreclosed Homes In Oregon

Team Thayer  www.teamthayer.com