Team Thayer Property Servicing

Justin Lee Thayer / Eugene Oregon The number of borrowers who owe more money than their home is worth is slowly decreasing; however, more than half of these borrowers are stuck in an underwater free fall with little to no hope of resurfacing. According to  Zillow ’s first quarter  Negative Equity Report  released today, although the negative equity rate is falling, about 4 million homeowners owed at least 20 percent more than the worth of their home. In order for these underwater homeowners to even come close to breaking a sale, their homes would have to appreciate by more than the percentage at which they are underwater. "It's great news that the level of negative equity is falling, but what really worries me is the depth of negative equity,” said Dr. Stan Humphries, Zillow’s chief economist. “Millions of Americans are so far underwater, it's likely they may not re-gain equity for up to a decade or more at these rates," "And because negative equ...

Imagine 3 appraisals on one property, and all of them have a different value. How can appraisers have any credibility when there is so much difference? I hear this question all the time, so I wanted to pitch in some thoughts to hopefully strike a balanced conversation for home owners, agents, and appraisers. Here are three points to consider for perspective. Any thoughts? Range of Values:  We like to think value is incredibly precise, but one of the best things we can do is realize there is a range of value in real estate. This means realistically buyers might be willing to pay anywhere between $330,000 to $340,000 for a particular property instead of such an exact figure of $334,568. The same is true when we buy a new car or even buy something on Craigslist. Rather than being tied down to one exact figure, we often recognize there is a price range we’d be comfortable paying. We might think of a Camry as having a value anywhere from $21,500 to $23,000 or a used bookcase being...

Hiring a Property Manager vs. Self Managing: What’s Better? 15  have made the case that   buy and hold real estate investment   is the best investment around. However, it comes with two major challenges. The first is   financing , which   I covered last week . The second is   property management . Without good management, even the best purchases can go sour. Property management is the very lifeblood of any successful hold. And because of this, it can never be neglected. When approaching this challenge, the first question to ask is simply whether you should manage yourself or hire a management company to do it for you. My personal sympathies lie with managing yourself and eventually setting up your own management company. Much of this probably comes from having had some bad experiences with management companies in that past. We’ve been overcharged, misled, and we watched helplessly as properties were run into the ground by b...

T he world of real estate can be confusing, and sometimes, even with careful planning, mortgage payments can be difficult to make . If you find yourself faced with options like foreclosure, bankruptcy or a short sale, it’s important to understand your choices. A short sale is for those who do not qualify or do not want to  refinance their home mortgages . In this situation the seller can accept a lower bid for the property to increase the chances of a quicker sale. This requires that the lender agree to accept a payment lower than the balance owed on the mortgage. The lender takes a loss but gets at least some (or even most) of its money and both parties  avoid foreclosure . The Process Short sales can be a long and complicated process and require a streamlined communication line between seller and mortgage lender. Most creditors require that the borrower show that financial hardship is preventing them from making mortgage payments. Different c...

'Boomerang' Buyers Get Second Chance About 7.2 million homes have been lost to foreclosure or short sale since the housing crash began, according to housing data from Black Knight Financial Services. That has forced millions of former home owners into renting, as they work to rebuild their credit. But a government program launched last summer by the Federal Housing Administration is helping these former home owners step back into home ownership in as little as a year after a foreclosure or short sale. The  FHA’s Back to Work program  allows them to qualify for low interest rates with a minimum of a 3.5 percent down payment. Applicants must show that the main culprit behind losing their home was that they lost at least 20 percent of their household income for at least six months. They also must show they’ve worked to repair their credit for at least a year. Lenders are reporting an uptick in boomerang buyers coming in to explore financing opportunities for a home pur...

There are many reasons why a home is not selling. Some reasons carry more weight than others. Here are 7 common reasons why your home isn't selling. Who is your Sales professional?   Every real estate market has hundreds or even thousands of real estate agents in their respective board. Just like “no two people are alike,” “no two real estate agents are alike!” Every real estate agent has different ways of communicating, how responsive they are, how they negotiate, their energy level, and many other characteristics that differentiate one agent from another. Selecting the “right” real estate agent to sell your home is a vital part of whether a home will sell. Both their budget as well as mastery of  negotiation & marketing makes such a huge difference.  What is the Marketing  Plan?  According to the National Association of Realtor's, 92% of home buyers use the internet for their home search. Is it important to have a real estate agent who is...