Tuesday, August 30, 2016

Real Estate Lessons From Board Games! Team Thayer Real Estate #realestate #housing #market #news #oregon

1. Have a strategy (and allies)

The real world isn’t always candy-themed. Unless you’re playing a game where you rely on the luck of the dice to move you along, you’re going to need a strategy. Are you coming in hot and trying to build an early lead? Or are you lying a little low, waiting to see how the game unfolds, and then striking at precisely the right moment? The exact same thing applies to house hunting.
Bold and aggressive? Buy low on a fixer-upper and make something amazing out of it. More conservative? Prepare for the long haul to find the right match that you’re willing to pay a premium on. Get your strategy straight with the help of an ally in the form of a real estate agent — a third party who’s not directly playing the game but is there when you need guidance. Check those boxes, and you’re on the way to winning this thing.

2. Sometimes you need a little luck

Sometimes in the real estate world, you can do everything right but still find yourself on the house hunt six months later. The truth is, finding a home often requires luck. And there’s not much you can do to encourage the luck factor except hope to get lucky. In board games, it’s a dice roll or the spin of a plastic wheel. In house hunting, it might be that the offer ahead of yours falls through or you just happen to get your offer in five minutes before someone else. One of the tenets of Stoic philosophy is to try to control only what you can control, and it’s a perfect match for house hunting. Do your best but don’t stress about what’s out of your control. It won’t help you and it will only make you anxious.

3. Don’t make emotional decisions

We’ve all been there. You don’t have the cards, the dice have been coming up snake eyes, and your pink plastic dude is so many spaces behind. This is not the time to dwell on those feelings. Swallow the despair and double down on the comeback run that you have in you.
House hunting is no different. You’re going to lose a house that you put an offer on. Maybe several of them. And sometimes, you’ll lose a bidding war on a home you’d already started dreaming about moving into. Don’t get frustrated and settle for something you don’t want or a place with serious red flags. This is going to be one of the largest purchases you ever make in your life. Breathe deep and make these decisions with your head on straight and your eyes wide open.

4. Be in it to win it

In a board game, it’s easy to get caught up in the superdope-looking board or choosing between the silver top hat or the silver Scottie dog. Those are just distractions. You’re a coldhearted winner; you’re not here to make friends (although, ironically, you’re probably playing those old board games with your friends). You’re in this thing for one reason and one reason only: to crush the competition. Don’t forget that when house hunting either. It’s fun to look at places and check out the market, but don’t get caught up in seeing every Southwestern ranch-style home in the city when what you really need is your home.
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Should Investors Have a Real Estate Attorney? Team Thayer Real Estate #housing #market #realestate #houseingmarket #investor #news #oregon

Should Investors Have a Real Estate Attorney?

Handshake Three BHHaving a real estate lawyer is a wise choice to provide valuable assistance and general advice for anything throughout the fix and flip process that investors may be unclear about, according to arecent report from RealtyTrac.
According to the report, there are five specific problem areas that investors would benefit from having legal counsel in. These include: creating entity documents, reviewing loan documents, evaluating purchase and sales contracts, understanding the closing process, and dealing with title issues.
When starting a real estate investing business, the report states that one of the first pieces of legal trouble investors can potentially fall into is creating entity documents. The report also states that because many investors choose to fill out these documents themselves, attorneys tend to find that the information provided is insufficient. The report notes that an attorney will make sure all these documents and paperwork are taken care of properly so investors can avoid having any closing issues or delays.
After an investor locates a property they wish to invest in, the report states that they will need to find the rest of the funding to finance their purchase, and when they are faced with the loan documents, a real estate attorney can be beneficial to help the investor review the documents. The report states that this is especially true for a first-time investor who has never seen a loan document before and is unclear on how to read it.
The report cites evaluating purchase and sales contracts as an important step in the buying process because it essentially is what will define the investor’s agreement with the seller to purchase their property. An attorney can help the investor negotiate these outs before something unexpected happens according to the report. It cites the example of how most buyers don’t realize that the short inspection period provided on standard real estate contracts can actually be extended. An attorney will be familiar with this and can request more time for a thorough inspection. The report says that better inspections mean better opportunities for having outs in the contracts or reasons to negotiate the price down.
Additionally, the report says that investors don’t always know what the process will look like when they get to the closing stage. Prior to even going to a closing, the report says investors should make sure that all requests made by the underwriting team are resolved and a lawyer can offer advice on this process and help clarify anything that the investor is not sure about.
During the closing stage, the report says investors may encounter title issues that could hinder their purchase including judgements, unpaid HOA fees, or outstanding taxes that have become liens against the property that now must be satisfied. The report emphasizes that investors need to know that unless these liens are cleared prior to closing, these liens will stay with the property, not the owner That is to say when the investor acquires the home, they are also acquiring these debts along with it. The report shares though that an attorney will understand how to negotiate with the seller to have any unpaid liens satisfied.
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Bills to Protect Reverse-Mortgage Borrowers! Team Thayer Real Estate #realestate #market #reversemortgage #housing #news #oregon

Senate BHNew York lawmakers are working to increase the protections put in place for reverse-mortgage borrowers in the foreclosure process, according to a recent report from the New York Post.
The report states that Assemblywoman Helene Weinstein (D-Brooklyn) and Senator Jeff Klein (D-Bronx/Westchester) have introduced bills whose purpose is to provide reverse-mortgage holders with the same protections as first-mortgage borrowers during a foreclosure.
“We need to extend the consumer protections that exist for homeowners facing foreclosure to this most vulnerable population,” Weinstein said in the report. “Sometimes they are getting foreclosed upon over small amounts … losing their home … the major asset they’ve worked all their lives for, because the law doesn’t protect them, and obviously lenders are taking advantage of them.”
In these bills, there are two key changes according to the report. The first of these changes is the requirement for a written notification, including a notice with contact information for free nonprofit foreclosure-prevention assistance, to the borrower 90 days before the lender files a foreclosure case. The second of the changes is to mandate a settlement conference for both the borrower and the lender in order to try to work out a deal under an appointed judge or court-appointed mediator.
The report also states that Weinstein doesn’t expect this particular legislature to be back in session before the end of the year, but she does say that she plans to push for the law as well as “plug the hole” when it does come to session next year.
Additionally, the report also states that in the last legislative session, Weinstein tried to include some new protections for reverse-mortgage holders as part of a package of foreclosure-related bills. This was reportedly halted though by other issues that took priority. The report states that this included fines of up to $25,000 for lenders who fail to negotiate in good faith at settlement conferences. The report states that those sanctions take effect in this December.
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Number of Underwater Homes Down! Team Thayer Real Estate #realestate #market #foreclosure #housing #news #oregon

As home prices continue to rise, the number of underwater borrowers has fallen over the years significantly to the point where 92 percent of all mortgaged properties are in positive equity territory, according to a recent report from Fannie Mae.
Fannie Mae reports that in the first quarter of this year, 46.7 million properties had positive equity levels, while 4 million borrowers were underwater, or owed more on their mortgages than their homes are worth. They have attributed their data collection to be sourced from CoreLogic. They state that factors they believe can lead to negative equity include a decline in a home’s value, an increase in mortgage debt, or both factors combined.
The report notes that out of 176 cities that CoreLogic tracks, San Francisco topped those with the highest percentage of homes in positive equity territory in the first quarter of 2016. Additionally, the home equity positions of some of the 10 biggest cities have seen dramatic improvements when comparing the first quarter of 2010 to the first quarter of 2016.
Specifically, Fannie Mae cites certain areas that have seen large percentage increases such as San Francisco-Redwood City-South San Francisco, California jumped from 90.1 percent in 2010 to 99.4 percent in 2016. Houston-The Woodlands-Sugar Land, Texas increase from 85.6 percent in 2010 to 98.3 percent in 2016. Denver-Aurora-Lakewood, Colorado increased to 98.3 percent in 2016 from 2010 where it sat at 75.2 percent. Los Angeles-Long Beach-Glendale, California rose from 72.8 percent in 2010 to 96.1 percent in 2016. Boston, Massachusetts leapt from 82.1 percent in 2010 to 94.3 percent in 2016.
Fannie Mae also presents data from New York-Jersey City-White Plains, New York/New Jersey that jumped from 86.9 percent in 2010 to 94.0 percent in 2016. The Washington D.C. -Arlington-Alexandria area rose significantly from 69.6 percent in 2010 to 89.1 percent in 2016. The Chicago-Naperville-Arlington Heights region of Illinois increased from 71.7 percent in 2010 to 83.3 percent in 2016. Miami-Miami Beach-Kendall, Florida nearly doubled from 46.7 percent in 2010 to 80.4 percent in 2016. Finally, Las Vegas-Henderson-Paradise, Nevada increased a whopping 4 times its percentage of 22.4 in 2010 to 80.1 in 2016.
Fannie Mae also notes that Las Vegas’ percentage of homes in positive equity territory grew 57.7 percent in that period, but it’s still among the 10 cities with the lowest equity positions that CoreLogic tracked in the first quarter of this year.
These top 10 cities with the highest percentage of homes in negative equity territory for Q1 of 2016 include Ocala, Florida at 21.3 percent; Las Vegas-Henderson-Paradise, Nevada at 19.9 percent; Miami-Miami Beach-Kendall, Florida at 19.6 percent; Lakeland-Winter Haven, Florida at 18.8 percent; Atlantic City-Hammonton, New Jersey at 18.4; Detroit-Dearborn-Livonia, Michigan at 17.8 percent; Camden, New Jersey at 17.2 percent; Flint, Michigan at 17.1 percent; Orlando-Kissimmee-Sanford, Florida at 17 percent; and finally Cleveland-Elyria, Ohio at 16.9 percent.
Hand Grabbing House BH
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Foreclosure Sales Drop Down! Team Thayer #realestate #market #housing #news #foreclosre #oregon

Distressed sales, which include REO and short sales, accounted for 8.4 percent of total home sales nationally in May 2016, according to a recent report from CoreLogic. This was a decrease of 2.1 percentage points from May 2015 as well as a decrease of 1 percentage point from April 2016.
The report states that within the distressed category, REO sales accounted for 5.4 percent of total home sales in May 2016 and short sales accounted for 3 percent. CoreLogic also shows that the REO sales share was 1.7 percentage points below that of May 2015. It is also the lowest for the month of May since 2007. Additionally, the short sales share fell below 4 percent in mid-2014 and has remained in the 3-4 percent range since then.
CoreLogic says that at its peak in January 2009, distressed sales totaled 32.4 percent of all sales with REO sales representing 27.9 percent of that share. They state that while distressed sales play an important role in clearing the housing market of foreclosed properties, they sell at a discount to non-distressed sales, and when the share of distressed sales is high, it can pull down the prices of non-distressed sales. Additionally, the report notes that there will always be some level of distress in the housing market, and by comparison, the pre-crisis share of distressed sales was traditionally about 2 percent. CoreLogic believes that if the current year-over-year decrease in the distressed sales share continues, it will reach a "normal" mark of 2 percent by mid-2019.
In a further breakdown of the data, CoreLogic reports that all but eight states recorded lower distressed sales shares in May 2016 compared with a year earlier. Specifically, they say that Maryland had the largest share of distressed sales of any state at 19.4 percent in May 2016, and this was followed by Connecticut at 18.5 percent, Michigan at 17.8 percent, Illinois a 16 percent, and finally Florida at 15.8 percent.
In contrast, CoreLogic reports that North Dakota had the smallest distressed sales share at 2.5 percent. They also report that oil states continued to see year-over-year declines in their distressed sales shares in May 2016. Specifically, Texas saw a 1.3 percentage point decrease, and Oklahoma and North Dakota both saw a 0.1 percentage point decrease. In addition, Florida had a 5.5 percentage point drop in its distressed sales share from a year earlier. This was the largest decline of any state.
California had the largest improvement of any state from its peak distressed sales share. It fell 60.4 percentage points from its January 2009 peak of 67.5 percent. CoreLogic reports that 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 Both are within one percentage point of those pre-crisis levels.
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Friday, August 12, 2016

TEAM THAYER TRICKS TO CUT FLIPPING HOME EXPENSES! #realestate #housing #housingtips #flippinghomes #flippinghouses #realestateinvestor #oregon

fix and flip home expenses

Fix and flip home expenses don’t need to be as big of a burden on your next rehab as you may think, at least if you try these tricks on your next deal:
1. Find The Right Property
While far from ground breaking, I would be remiss if I didn’t at least mention that the right property could go a long way in cutting fix and flip home expenses. If for nothing else, your intentions will dictate the appropriate exit strategy; if a lot of work needs to be done on a respective property, your expenses will essentially increase exponentially. On the other hand, finding and acquiring the right property that aligns with your specific exit strategy will prevent you from paying an exorbitant amount in fix and flip home expenses.
Consider this; a turnkey property will require little to no expenses to turn over. The alternative, however, is a home that needs extensive work, otherwise known as a “gut.” Homes that you know will require a lot of work will inevitably come with more costs. That said, it is entirely possible to keep those fix and flip home expenses down by finding a property that is more in line with what you intend to do.
It is also worth noting the fix and flip home expenses that may accompany the property once the rehab is complete. Selling a home may take longer than expected, and you could face additional holding costs. It is in your best interest to understand what those costs may be, and that you can take care of them as they arise. It will also help you avoid any costs you don’t want to encounter in the future.
Knowing is half the battle; carefully consider each and every cost that may come with the property; only then can you truly cut fix and flip home expenses.
2. Provide An Accurate Cost
I can’t say it enough; the easiest way to cut fix and flip home expenses is to come up with an accurate initial estimate. Nothing, for that matter, will add more to the cost of a rehab than an inaccurate repair estimate. It is absolutely imperative that you mind due diligence and understand the commitment — both financial and time – it will take to complete a project.
3. Work In Tandem With Another Investor
I am convinced that the easiest way to save money on fix and flip home expenses is to partner up with another investor. In doing so, it is entirely possible to cut your costs in half, provided your arrangement with your partner acknowledges as much. It is important to note, however, that while costs are cut, profits will also receive a hit.
This is a strategy I recommend for new investors without access to a lot of capital, as it is a great way to get your feet wet in the investing industry. However, don’t let the lower profit margin scare you; with two people working on the job, not only will you see fix and flip expenses reduced, but you will also be able to complete a deal in much less time. That means you will be able to turn around and fund another project much faster than if you were working by yourself. The amount of money you lost splitting profits with your partner can easily be recouped on your next deal.
4. Cash Is King
One of the first things you learn as a real estate investor is that cash is king; nothing else has the power to help you close deals faster, in a more timely fashion, and for less. If for nothing else, cash is the ultimate bargaining chip, and it alone can cut the fix and flip home expenses on your next project.
For starters, paying in cash will allow savvy investors to navigate the purchase process without having to acquire a mortgage. It should go without saying, but without a mortgage looming over your purchase, you aren’t expected to pay interest. Zero financing means you won’t be confronted with additional costs just to purchase a subject property. Sometimes people will even knock a percentage off the asking price if you offer to pay in cash; the benefits of cold hard cash are as clear as day.
I haven’t even mentioned the speed of implementation it awards real estate investors. If time isn’t everything to an investor, speed certainly is. Using cash to purchase a home will get investors into a property much faster than a traditional mortgage will allow. Instead of waiting for a loan to get approved, you can start knocking down walls and rehabbing the kitchen as soon as you get in the property. That means it takes less time to complete a deal and, therefore, reduces holding costs.
Reducing the fix and flip home expenses that have become synonymous with real estate investing is an essential component to any successful entrepreneur. If for nothing else, fewer costs on a project can increase your bottom line, which I am sure everyone is on board with. If you are looking for a way to take your business to the next level, try these tips out; your bank account will thank you.
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Team Thayer Real Estate House Flipping Traps! #flippinghouses #eugeneoregon #oregon #housing #market #realestate

real estate rehab mistake
If you’ve got several leads waiting to turn into potential deals, you can’t wait for one to suddenly come knocking at your door. Successful real estate house flippers have one trait in common: they place an emphasis on proper planning.
Once you’ve secured a deal, you must decide what kind of rehab you will perform. Will you conduct a few simple cosmetic upgrades (like these 10 rehab projects you finish in one weekend)? Or, is the home nice enough to sell after an easy prehab? Are there structural damages that will require you to carry out more major renovations? Will you focus on implementingenvironmentally friendly renovations – also known as “greenhabbing” – so that you qualify for certain tax benefits? Once you’ve determined your strategy, it is important to ask yourself these specific questions before diving into the construction action:
  • What are the current market conditions in my area?
  • What does my ideal buyer look like?
  • Does my marketing campaign target my ideal buyer?
Understanding the real estate market where you are carrying out a fix and flip deal is essential to your success. One way to gain a more well-rounded grasp on market conditions is by analyzing comps in the area. It does not matter what a home was listed for, it matters what it sold for. Only once you’ve researched your specific market, can you move forward to thinking about your marketing strategy and ideal buyer candidate. If you’re ultimate contender is a first-time home buyer millennial, you should consider launching a social media marketing campaign. If you are targeting older homeowners who are looking to downsize, a direct mail marketing campaign might be more effective.
It is one thing to know the correct real estate flipping strategy, it is another to implement it. Even the most seasoned investors make these simple mistakes, so try to avoid falling into these sneaky traps with your rehab properties this summer:
Improper Estimates. The best real estate rehabbers are not the best marketers, they are not the best contractors, they are not the best negotiators, they are the best estimators. A real estate rehabber must not only calculate an accurate ARV (after repair value), he or she must also use that ARV to determine an estimate cost of repairs. While online sites like Zillow and Trulia are great places for investors to begin their research, they are not the only places to go to come up with an accurate ARV. Consider working with a local professional real estate agent who can work to pull reasonable comparable sales. Your realtor should try and get more specific than simply looking at recent sale prices of homes in the area. They should look at homes that are the same style, were built in the same year, have similar features, and are comparable in size.
Calculating an accurate ARV will in turn help you figure out your cost of repairs. Beginner real estate rehabbers must keep in mind the time and money it takes to successfully fix and flip a property. It is advised to determine a budget and then increase that budget by 10 to 20 percent in order to give yourself some wiggle room. Remember, the best investors allow room for the unexpected. Once you’ve completed several rehabs, you will have a better understanding of your system; however, until then, it is essential to take note of every move you make. If you keep a physical record of the mistakes you make, problems you run into, people you work with, and materials you utilize, you are sure to improve with every future rehab deal.
Lack Of Due Diligence. Performing proper due diligence goes back to understanding the market conditions of where you are carrying out your rehab before making an offer. There are obvious procedures every real estate rehabber must keep in mind before starting renovations, like hiring an inspector and analyzing comps; however, there are other important questions that must be posed (that are often forgotten). Smart investors will dig deeper and inquire about the neighborhood where the home resides. Is it nearby restaurants, nightlife, entertainment venues, shopping malls, or public transportation? Are there foundation, permitting, or zoning issues that will arise down the line? Is there any construction occurring close to the home? Why is the homeowner selling? Is the home situated in a flood zone or other problematic area? Has there been any mold damage, rot, or pest problems in the past? All of these questions will play a factor in your property’s final sale price, and a lack of due diligence could easily result in you generating an inappropriate asking price
Lazy Marketing Efforts. The last thing any investor wants is to carry out a beautiful rehab only to conclude and have no buyers. The best way to prevent this from happening is by placing a large value on your marketing efforts. Even seasoned investors forget to focus on their marketing strategy, but this can be a tragic mistake, especially when not properly rectified. A good marketing campaign can be the difference between a home that sells in 3 days and one that sits on the MLS for two months. Keep in mind however that you should not choose a marketing strategy at random. Determine your target audience and then tailor your strategy to suit that specific audience. Whether you select a direct mail marketing campaign, an email marketing campaign, or a bandit sign campaign depends on your ideal buyer profile, but there are three basics strategies every real estate rehabber should be apart of:
    • Social Media Marketing: It is essential to create social accounts on the primary social media platforms if you want to be a successful investor. Facebook, Instagram, Twitter, and LinkedIn are all great sites for professional investors who want to get the word out about their businesses. Active social media accounts will attract millennial first-time home buyers and give prospective buyers an inside look into your properties. Staying up to date with social media is something you won’t regret.
    • Content Marketing: If you want to stand out as a thought leader in your industry, content marketing is a must. Content marketing involves creating unique content to share with the world that shows off your knowledge and expertise. Share your blog content across your social media sites and you will be networking with like-minded professionals in no time.
    • Direct Mail Marketing: Direct mail marketing is one of the most effective marketing strategies because it allows you to easily target a specific group of people. Whether you target homeowners who are behind on their tax payments, individuals who inherited a home following a loss, or foreclosures in the area, is up to you.
Don’t fall into the category of real estate rehabbers who do not succeed. As long as you make a special effort to avoid these simple mistakes, you will be on your way to closing your first rehab deal in no time.
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Are Foreclosure Levels Reaching a New Normal? Team Thayer #realesate #reasltor #foreclosures #marketnews #housing #oregon

Tuesday’s CoreLogic May 2016 National Foreclosure Report provides further evidence that the housing market may be reaching a “new normal.”
The report showed that foreclosure inventory as well as completed foreclosures continued to declined in May 2016 from where it stood the prior year in May 2015. Despite the decline, the foreclosure rate (1 percent) remains twice that of the national long-term average (0.5 percent). This is due to the individual rates on a state level and is not, in fact, conducive to the progress already made nationally.
The foreclosure inventory declined by 24.5 percent and completed foreclosures declined by 6.9 percent compared with May 2015. Additionally, the number of completed foreclosures nationwide decreased to 38,000 in May 2016 from 41,000 in May 2015. These results also represent a decrease of 67.9 percent from the peak of 117,813 completed foreclosures in September 2010.
The national foreclosure inventory held approximately 390,000, or 1.0 percent, of all homes with a mortgage in May 2016 compared with the May of 2015 foreclosure inventory of 517,000 homes, or 1.3 percent. It was also determined that the May 2016 foreclosure inventory rate is the lowest it has been for any month since October 2007.
“The foreclosure rate fell to 1 percent in May, which is twice the long-term average of 0.5 percent. However, this masks the underlying progress at the state level,” stated Dr. Frank Nothaft, chief economist for CoreLogic. “Twenty-nine states had foreclosure rates below the national average, and all but North Dakota experienced declines in their foreclosure rate compared to the prior year.”
Because of the progress CoreLogic felt was derived from the state level, the report felt it was important to note that the five states with the highest number of completed foreclosures consisted of Florida with 63,000, Michigan with 45,000, Texas with 27,000, Ohio with 23,000, and California with 23,000. These five states account for almost half of all completed foreclosures nationally. This is compared to the four states and the District of Columbia with the lowest number of completed foreclosures. They are the District of Columbia with 139, North Dakota with 323, West Virginia with 494, Alaska with 648, and Montana with 690.
Additionally, the report also included the four states and the District of Columbia that had the highest foreclosure inventory rate. They were New Jersey holding 3.6 percent, New York holding 3.2 percent, Hawaii holding 2.1 percent, the District of Columbia holding 2.0 percent, and finally Maine holding 1.9 percent. The report compared these results with those for the five states with the lowest foreclosure inventory rate. Alaska held 0.3 percent, Arizona held 0.3 percent, Colorado held 0.3 percent, Minnesota held 0.3 percent, and Utah held 0.3 percent.
CoreLogic found the number of mortgages in serious delinquency decreased by 21.6 percent in May 2016 from the previous year to 1.1 million mortgages, or 2.8 percent of total mortgages. The serious delinquency rate for May 2016 is the lowest it has been in more than eight years, according to the report.
On a month-over-month basis, CoreLogic reported that the foreclosure inventory fell 3.0 percent in comparison to April 2016. It was also reported that completed foreclosures rose 5.5 percent from the 36,000 reported for April 2016 to 38,000 in May 2016. CoreLogic compares these particular results to data in 2007 taken before the decline in the housing market. During that time, completed foreclosures between 2000 and 2006 averaged 21,000 per month nationwide.
7-12 CoreLogic Graph

“Delinquency and foreclosure rates continue to drop as we experience the benefits of a combination of tight underwriting, job and income growth and a steady rise in home prices. We expect these factors to remain in place for the remainder of this year and for delinquency and foreclosure rates to decline even further,” said Anand Nallathambi, president and CEO of CoreLogic. “As we finally move past the housing crisis, we need to increase our focus on expanding the supply of affordable housing and access to credit for first-time homebuyers in in sustainable ways to ensure the long-term health of the U.S. housing market.”
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7 Ways To Compete With Cash Buyers In A Seller's Market! Team Thayer #realestate #market #advice #news #oregon

If you really, really want the house, here’s how to play ball.

The old adage “money talks” rings true in real estate. After the stock market crash in 2008, homebuyers with all-cash offers quickly became sellers’ most sought-after suitors. All-cash, after all, means no mortgage, and no loan means no need to rely on lenders. So now that the market has heated up again, bidding wars are the new normal, from Eugene, Or, real estate to homes for sale in Portland, Or. Unfortunately, it’s common for a seller to favor an all-cash offer over an offer from a buyer whose deal hinges on a mortgage approval.
“If you’re shopping for a home, there’s a good chance you’ll be competing with all-cash offers,” says Justin Thayer, president of the Orlando Regional Realtor Association. “As of February 2014, 43% of all offers were all-cash! Couple that with the fact that it’s a seller’s market out there, and it can be very difficult — and competitive — to get the house you want.” So what’s a homebuyer to do? Here are seven ways to compete with all-cash buyers in a seller’s market.

1. Put your best foot forward

Don’t wait to submit your best offer. If you want a specific house and it’s a competitive market, you need to put in your very best offer first. “Assume that you will not have the opportunity to negotiate on price, so make your best offer upfront,” advises Lazenby. Adds Ross Anthony, a real estate agent with Willis Allen Real Estate in San Diego, CA: “If you are afraid of overpaying for the home, make sure you look at the current appreciation rate for the market. You may pay a little extra today, but if prices keep increasing and you keep getting outbid, you may find yourself priced out by the end of the year or paying significantly more for the same property anyway.”

2. Go a little higher

The highest offer doesn’t automatically mean a sale — but in many cases, it can’t hurt to inch your price up a bit, says Anthony. “It sounds obvious because it is, but this is often the most important thing to consider when offering on a home in a competitive seller’s market. More often than not, cash buyers are investors and investors want to increase their margins as much as possible by getting the property for as little as they can,” he explains, and that gives you a little negotiation power. “You must understand that in order to make your offer more attractive, you will most likely have to beat out the competition on price. Make sure your agent takes a close look at the comparable sales and can justify the purchase price, but also adjust your expectations of getting a home for less than it’s worth. Sometimes as little as an extra $1,000 on top of the list price can be the determining factor in the seller’s eyes.”

3. Find out the seller’s terms

“When telling agents that I might be coming forward with an offer, I first ask them what terms the seller is looking for,” explains Heather Witt, a real estate agent with Partners Trust in Los Angeles, CA. “Does the seller need extra time in the property to find a new home to live in? Are they looking for a quick close? Do they want to control who processes escrow and title? Do they already have those services picked out so that I might write an offer that won’t need to be countered?” Having a real estate agent who can handle this early negotiating on your behalf can mean the difference between landing a home and losing it.

4. Be flexible

“In any market, the buyer who is financing must be creative when up against all-cash buyers,” says David Dubin, a real estate broker with Douglas Elliman in New York, NY. One key to creating a winning offer? Emphasize your flexibility. If your agent can find out the sellers’ desired terms, you can sweeten the deal by letting the sellers drive the timeline and some of the specifics. “The more flexible and accommodating the buyer is, the more a buyer’s bid will pique the interest of the seller,” says Dubin. Simple things such as being accommodating with the closing date, offering to rent the house back to the sellers while they continue to hunt for their new home, or requesting minimal repairs can go a long way when competing with an all-cash offer.

5. Be thorough

“If you have already done your homework and know the seller’s specific needs, make sure every ‘i’ is dotted and every ‘t’ is crossed in your offer,” says Ross Anthony. “The fewer items that the seller will have to include in a counteroffer will make them more likely to sign and accept your offer.” Don’t forget to include things such as an updated pre-approval letter. You could even offer “to put them in touch with your lender if they would like added assurances of your ability to follow through with the purchase,” adds Anthony. “If the lender is confident and can convey this to the seller, it will help put their mind at ease.”

6. Show some personality

“I always recommend my buyers write a sincere letter to the seller to include with their offer that shows a genuine love and interest in the home,” says Anthony. “If you are just starting your family and let them know you can already imagine your future children playing in their beautifully manicured yard, then the seller is likely to imagine this too. Tug at their emotional heartstrings! Some sellers may not take this into consideration at all, but it certainly can’t hurt your chances and it takes very little effort.” Whatever you do, make sure your offer letter is memorable so that it will stand out from the crowd.

7. Throw in the “as is” offer

What could be more attractive to a seller than an offer that states the buyer will take the home “as is”? “Putting in an offer that says you’ll buy the home without asking for any repairs or any extra money to fix something that pops up in inspections can make a noncash offer way more alluring,” explains Anna Marie Simpliciano, a real estate agent with Hilton & Hyland in Beverly Hills, CA.
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Foreclosures Drop Sharply from Last Year! Team Thayer #realestate #market #housing #news #oregon #foreclosures

National foreclosure completions in June were up 5 percent from May, but compared to a year ago, the number of foreclosures is definitively down, according to the  June 2016 National Foreclosure Report  from CoreLogic.

June’s 38,000 foreclosures is a bump from May’s 36,000, but is 26 percent down from a year ago, and still 67.5 percent down from the foreclosure peak of 117,835 in September 2010. As of June, CoreLogic reported, the national foreclosure inventory included approximately 375,000, or 1 percent, of all homes with a mortgage, compared with 507,000 homes (1.3 percent) last year. Overall, June’s foreclosure inventory was down 3.6 percent compared with May and is the lowest for any month since August 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 21.3 percent from June 2015 to June 2016, with 1.1 million mortgages, or 2.8 percent, in this category. The June 2016 serious delinquency rate is the lowest since September 2007.
Five states accounted for almost 40 percent of all completed foreclosures nationally over the past year. Florida led with 60,000 foreclosures, followed by Michigan, with 47,000. Texas (27,000), Ohio (23,000) and California (22,000) completed the big five foreclosure states, though according to  Frank Nothaft, chief economist for CoreLogic, the serious delinquency rate in the Dallas area has fallen by 0.5 percent from a year earlier, as home prices and employment have continued to rise.
However, the rate in the Midland area, jumped 0.5 percent, “reflecting the weakness in oil production and job loss over the past year," Nothaft said.
New Jersey had the highest foreclosure inventory rate, at 3.4 percent, followed by New York (3.1 percent), the District of Columbia (2 percent), Hawaii (2 percent), and Maine (1.9 percent). Interestingly, D.C. had the lowest number of completed foreclosures (179) over the Last year. North Dakota (321), West Virginia (487), Alaska (639), and Montana (675) rounded out the five states with the lowest completions.
The five states with the lowest foreclosure inventory rate were Colorado (0.3 percent), Michigan (0.3 percent), Minnesota (0.3 percent), Nebraska (0.3 percent), and Utah (0.3 percent).
"The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market," said Anand Nallathambi, president and CEO of CoreLogic. "We expect the combination of continued home price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them."
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