Everywhere
you turn today, the talk is about a next wave of foreclosures. I wonder
whether this is accurate information. When I logically assess these
statements and claims in my mind, I cannot understand.
While many Option Arm and adjustable rate mortgages are about to reset, I wonder whether the next wave of foreclosures will be a tsunami or just a few ripples.
How I see it:
Major lenders like JP Morgan Chase, Bank America, Wells Fargo and
many more are offering loan modification programs to homeowners who
would otherwise lose their homes.
Today vs last year: Home Owners who are behind on their payments are better educated on their options. I believe that short sales will be the dominant force in real estate in 2010. and foreclosures, not nearly as many..here's why:
1. A Judge earlier this year, in Massachusetts ruled that due to
improper paperwork two banks improperly foreclosed on two
Springfield-area homes; therefore, the title to these properties have
been "clouded" or defective. Mortgages were not properly recorded, and
sometimes not recorded at all, or recorded well after the date the
mortgage was given. Judges have declared this illegal.. the banks
sold and resold the mortgages multiple times to other investors. This
affected and will continue to affect several homeowners in
pre-foreclosure and foreclosure status. We are continuing to see this
happen in other states as well. Based on this, I am of the opinion, at least right now, that
there will NOT be a so called "glut" of foreclosures, I believe they
will exist and come on the market, but not a wave or tsunami, as we saw
last year and in first quarter 2009.
A. Another case Landmark National Bank v. Kesler, August
28, 2009 , the Kansas Supreme Court held that a nominee company called
MERS has no right or standing to bring an action for foreclosure. MERS
is an acronym for Mortgage Electronic Registration Systems, a private
company that registers mortgages electronically and tracks changes in
ownership. The significance of the holding is that if MERS has no
standing to foreclose, then nobody has standing to foreclose - on 60 million mortgages?
That is the number of American mortgages currently reported to be held
by MERS. Over half of all new U.S. residential mortgage loans are
registered with MERS and recorded in its name. Holdings of the Kansas
Supreme Court are not binding on the rest of the country, but they are
dicta of which other courts take note; and the reasoning behind the
decision is sound. This will halt so many foreclosures, giving
homeowners time to consider their options. and yes, the banks will
continue to attempt foreclosure.
2. Lenders have to be accountable to their investors and their
bottom line. Foreclosures are toxic assets and are cost prohibitive.
Lenders do not want real estate, they want their money. Would you want
to own a house where you would have to fund an asset manager, real
estate agent, repairs, liability insurance and more. The cost of
foreclosure on some homes can be greater than what the home is worth!
3.Because of Obama's new Making Homes Affordable program, banks have become kinder and gentler in the way of loan modifications for those who qualify.
4. For homeowners unable to qualify for a loan modification, short sales are the other best alternative. I believe that our inventory will consist of more short sales than foreclosures in 2010.
Lori Lincoln is knowledgeable, experienced and educated in
foreclosures and short sales. Not all agents know the process, please
call her if you or someone you know needs help. http://LoriLincolnTeam.com
Lori Lincoln
Keller Williams Realty
508-878-0917
Search Thousands of MLS listings for Taunton,Rehoboth,Lakeville, Assonet,Somerset, Raynham, Easton, Massachusetts
$8000 tax Credit. Luxury Home Specialist in MA
// --> // --> // --> // --> // --> // --> // --> // --> // -->
• 1,826 sq. ft., 2 bath, 4 bdrm single story
-
MLS®
$299,000
- Rare 4 Bedroom
Assonet, Freetown
-
LIVE THE GOOD LIFE! Spacious 4 Bedroom Home with lots of room for your growing family. Eat in Kitchen with sliders to deck. The oversized master bedroom is fit for a king and a queen, and a nice walk in closet. All other bedrooms are good size. Park like landscaping with nice plantings and gardens and nobody behind or to right.Take comfort in knowing..your kids can play safer..due quiet cul-de-sac. Save on heat this winter with the pellet stove too.
Property information
Nice 3 bedroom 2 bath Colonial Cottage
• 1,289 sq. ft., 2 bath, 3 bdrm 2 story
-
MLS®
$219,000
- Not A Short sale
Dighton Line, Taunton
-
Just in the nick of time for the the $8000. tax credit. Not a short sale or foreclosure. Just priced right.Move Right in. Newly Rennovated Colonial Cottage on a nice lot with no back yard neighbors. freshly painted in today's neutral colors. Enjoy your brand new granite kitchen, brand new 2nd bathroom and quality refinished hardwoods throughout. Distant views of the Taunton River, Park is nearby. NO Showings until Saturday 9/26. Buyers must have a full desktop underwritten pre-approval.
Property information
• 2,396 sq. ft., 3 bath, 3 bdrm 2 1/2 story
-
$409,000
- Reduced!
Berkley, Berkley
-
You Deserve to live this good! COMMUTERS DREAM..THIS IS YOUR NEXT HOME! Minutes to 24, but not too close. Friendly neighbors actually wave to you! Gourmet kitchen with all state of the art appliances and gourmet kitchen. Retreat to your Spacious master suite,master bath & large walk in closet& bonus room/office adjacent to master bedroom.plus 2 other large bedrooms and one smaller. Entertainment is easy,sliders to deck..enjoy cookouts,and unique bird sightings across way at conservation area. More photos to be uploaded in the near future
Property information
I heard this statement today " There are 2 buyers now for every property" and now I know how to communicate this news to the sellers, buyers and agents that may not be aware:
Did you know that there are now 2 buyers for every house on the market? Yes, the buyer and the bank. We can prevent what we can predict. And yes homes get sold if we prepare all parties with the following information:
1. Title 5- Did you know that now the title 5's are scrutized by the underwriters at the bank? Did you know that if the system passes, and it is older, some banks won't accept an out of date plan.. the Title 5 inspector's new design is sometimes acceptable, sometimes though requires an engineer?
2. Appraisals- Even if an appraisal comes in at sales prices, the appraisals are reviewed, reviewed, reviewed by the bank and sometimes even 2nd and 3rd appraisals. Deals are being thrown on appraisals. Sellers sometimes think the buyer would be willing to pay the difference. I know I wouldn't buy a house that was over-valued, and most people wouldnt' The "unique buyers" are virtually non-existent.
3. FHA guidelines- always have been strict- but a great review- FHA and other government loan programs have strict safety guidelines, mandatory pest inspection/treatments, mandatory handrails, asbestos removal mandates, and more.
With all of the strict lending guidelines, we as a real estate community are still out selling homes. Transactions are occuring successfully if you prepare ahead. Most homes are sold within 95% of asking price.
Over-priced homes listed have a slim chance of being viewed by buyers.Buyers' agents educate their buyers. Buyers are looking for value to supercede price, and they really want to buy, not negotiate. This is why 20% of the homes on the market WILL sell. 80% won't.
_________________________________________________________________________________
Lori Lincoln is a Realtor with Keller Williams Realty serving Bristol County Massachusetts including Taunton, Rehoboth, Dighton, Seekonk, Assonet, Freetown, Lakeville and surrounding cities and towns. Lori Lincoln consult and educates her clients, helping them achieve their home buying and selling goals.
You Can Reach Lori at 508-878-0917 or emal lorilincoln@kw.com
http://LincolnTeamRealEstate.com
Keller Williams Realty
Filed under: Market Conditions, For Sale, Finances, Buyer Information, Seller Information, MA, MLS, Rehoboth real estate Taunton homes MLS sell sale, Massachusettts Taunton real estate home homes house listings mls, massachusetts, taunton, dighton, homes, homes for sale, assonet, home value, foreclosure, Keller Williams Taunotn
WoW! What a month! May was an extremely busy month for me and many agents in my area. Three of my listings had multiple offers.. I never thought I'd see this again.
It just proves a point.. 80% of the homes on the market are priced out of the market 20% will sell in a timely manner. There are homes IN the market.. then there are homes that are just ON the market.
Buyers appreciate homes in great condition, nicely located real estate that is priced fair.
The $8000.00 tax credit with great interest rates for buyers has also helped. Higher end homes do not seem to be moving as quickly.
Stay tuned for the June Market reports which I will post this week for Assonet, Berkley, Taunton, Rehoboth, and Somerset.
_______________________________________________________________________________________________
Lori Lincoln is a Realtor serving Bristol County Massachusetts including Taunton, Rehoboth, Dighton, Seekonk, Assonet, Freetown, Lakeville and surrounding cities and towns. Lori Lincoln consult and educates her clients, helping them achieve their home buying and selling goals.
You Can Reach Lori at 508-878-0917 or emal lorilincoln@kw.com
http://LincolnTeamRealEstate.com
Keller Williams Realty
The perfect storm, interest rates are below 6%, homes are very affordable, some parts of Bristol County where you can own a home for less than what you pay for rent! Now first time buyers can take advantage of the $8000.00 tax credit, if they purchase before December 1,2009.
Don't miss this opportunity, I've never seen it so good for buyers. Interest Rates are likely to rise over time. If they go up, you could price yourself out of the market.
As you know, I believe in educating my buyers...and sellers alike. If you are a first time home buyer, you can get this book for free by contacting me via email or by phone.
Call me or send me an email request to get this book for FREE!____________________________________________________________________________________________________
Lori Lincoln, of Keller Williams Realty
educates and consults her buyers and sellers in making the right decision on home buying and selling. Lori serves all of Bristol County MA and surrounding cities and towns including: Assonet, Berkley, Taunton, Rehoboth, Norton, Lakeville, Middleboro, Easton, Fall River, Dighton, Raynham, Easton, Swansea, Somerset and more
Looking to sell? Find out what your home is worth go to http://www.LincolnTeamRealEstate.com
email: lorilncoln@kw.com
phone: 508-878-0917
I am never too busy for your referrals.
Filed under: Market Conditions, For Sale, Buyer Information, Seller Information, MA, MLS, Rehoboth, Taunton MA Real Estate Bank Owned Rehoboth MLS Listings, Assonet Ma homes in for sale real estate seller, Massachusettts Taunton real estate home homes house listings mls, massachusetts, taunton, dighton, homes, assonet, home value, foreclosure
The way buyers buy home are based on
PRICE, LOCATION, CONDITION, STYLE 1. Fear of overpaying is a huge deal-They area afraid of paying too much, a huge issue today. Gas is expensive, heating costs will be a consideration this winter.
2. Condition- Buyers may look at your home if the price is low, but they will also consider the fix-ups and "shop up" instead of investing $30,000 in repairs, they will buy the home that needs nothing.
3. Curb appeal: Buyers do judge a book by its cover. Your front yard should be nicely landscaped and eye-appealing. Fresh paint or siding outside. Mulch, gardens. Make it look really nice!
4. Cleanliness and Decluttering- Be sure you keep your home clean, neat and tidy and smelling good. Hire a stager if it's in your budget. Staging alone can net you thousands more for your home.
5. Updated- Hardwoods are in! If you got 'em flaunt them. Remove ugly, stained or dated carpet and replace with hardwoods or new carpeting. The best choice is hardwood floors. Ceramic flooring in the kitchens and baths.
Granite or Corian countertops, maple or cherry cabinets. If you have dark oak, dingy or old looking cabinets, you may want to consider painting them white. Orange countertops- OUT!
By the way, buyers hate dark rooms. Brighten up all of your rooms with light neutral wall colors. Paneling is OUT!
Leave your appliances if they are in good working order.. Not leaving them gives buyers the impression that "this seller is cheap".
If you don't want to do any work before placing on the market you may as well just take it off the price.
Small fixes can save you from having to sell below market.
Turn offs: pet odors, dirty laundry hanging around, yard debris, cigarette or cigar smoke, unpopular walls or wall colors, holes in walls, shag carpet, dirty carpets, clutter ( especially around where the mechanical systems and electrical systems are located). Broken windows, torn screens.. welll now you're probably getting the picture.
My name is Lori Lincoln, I am a Realtor with Keller Williams Realty. I help buyers and sellers in Taunton, Rehoboth, Swansea, Somerset, Raynham, Assonet, Freetown, Middleboro, Lakeville, Berkley, Dighton and surrounding towns.
For more help and pointers on selling your home in today's market, go to the following link
Sellertips.com
Another Great Site for Online Home Value, MLS search (FREE)
http://www.BristolCountyHomeTeam.com
You can search thousands of listings in Bristol County Massachusetts here.
Filed under: Real Estate, MA, MLS, Rehoboth, massachusetts, realtor, real estate agent, dighton, homes, homes for sale, assonet, home value, agent, taunton MA Real Estate Bank Owned sell house
This market is overwhelmed with agents who haven't any experience in short sale properties. It can be a daunting experience for the sellers and the buyers.
My most recent short sale involved sellers who placed their home on the market with 2 different agents in 2 years prior to listing the home with me.
The first agent grossly overpriced the home, listing it as a regular listing. In the meantime, the sellers had such high hopes of selling for a price that never would be.
Hence, the listing expired, and in walks agent number 2 who also overprices the home giving the sellers high hopes of selling the home at a profit.
When the listing expired again, the seller called me. The first conversation with the sellers didn't go as well as they would have liked. Market statistics don't lie. If a home's market value is less than what the seller wants, it will not sell, short sale or not.
Long story longer.. the sellers owed the bank $100,000 more than market value.. YIKES! I listed the home at a lower price, reduced the price 3 times ( at the mercy of the sellers bank of course), then finally sold the home for full market value.. (not what the seller owed)
Sellers who are in financial trouble should be extremely honest with their agent. As professional agents, our responsibility is to protect your honor and keep conversations confidential.
Most sellers believe that their home will sell for a higher price than last year.. yes, even with all of the media stories on how our market is declining.
In this market, if an agent quickly agrees to list your home for what you want, without documenting and verifying market data, be cautious. Some agents just like to place their sign in the front of your yard for publicity only.
There is much education involved in the short sale process. I will be happy to provide a free, no obligation consultation.
You can reach me at 508-878-0917
Thank you for viewing my blog
Lori Lincoln, Taunton Massachusetts area Realtor
Keller Williams Realty
email: lorilincoln@kw.com
http://www.LoriLincolnTeam.com
Lori Lincoln, Keller Williams Realty lists and sells property in Taunton, Rehoboth, Swansea, Somerset, Fall River,Bristol County Massachusetts and surrounding communities http://lorilincolnteam.com
Filed under: Real Estate, MA, MLS, Rehoboth, massachusetts, taunton, realtor, top producer, real estate agent, dighton, homes, homes for sale, assonet, home value, agent, short sale, foreclosure
In these time where everything is expensive. I wonder how and what I can help my clients and myself save money on cleaning their home. Here are some of things I do:
Bleach- my best friend- use diluted for kitchens, baths, laundry, light colored floors, it cleans and kills germs too. can be toxic
Baking Soda- usually less than $1.00 a box. You can use to deodorize the garbage disposal, freshen the fridge, use as an abrasive on stubborn stains, bleach out white clothing.
White Vinegar- Because of its acidity, it cuts right through grease. Use on windows, cooktops, coffee pots, stainless steel and more.
Lemon Amonia for flooring- use 1 part amonia to 3 parts water. Still cheap. Not the best product if you are environmentally concious, but it is cheap. It is also a toxin so be carful to have proper ventilation
Dish Liquid- I prefer to use the best dish soaps. I find the generics are watered down.because you just need a small amount for each sink of dishes, buy the good stuff. I also know of people who use bar soap to wash dishes!.
Club Soda- gets out stains in clothing and carpet.
Lemon Juice- also a great degreaser because of the acidity. Use on copper too.
Other ideas?
Air Fresheners- I am looking for ideas on this one. maybe somebody else does. The air fresheners can be expensive as are the plug in refill.
Let me know if you have other ideas so I can share them with others.
Thank you for viewing my blog.
Lori Lincoln
Keller Williams Realty
lorilincoln@kw.com
508-878-0917
http://www.lincolnteamrealestate.com
Lori Lincoln and her team are neighborhood experts in Taunton, Dighton, Rehoboth, Somerset, Swansea and much of Bristol County and surrounding Massachusetts cities and towns.
" No pressure or hassles, just results!".
About 2 months ago, I listed an expired listing which was on the market for awhile and listed for a much higher price which the market also rejected. I listed the home below the previous price, but still too high. So yes, you guessed it.
We had 2 showings in 2 months. Lots of open houses, marketing to buyer agents, 30+ websites and frustrated sellers ( and agent). Every week during this time, I informed my sellers weekly of sold homes and homes that were under agreement.
After exhausting all of my efforts, I approached the sellers with some real concrete market data and statistics, most of which was shared in our first meeting at the time of the listings, but the sellers needed to "try the high price. Sometimes market value news is tough to hear, tough for me to communicate to my sellers as well. Finally they reduced the price.
After one week, at the reduced price, we had 5 buyers preview and consider purchasing the property. All 5 buyers through their agents submitted an offer! I have to admit, I was absolutely shocked!. We now have one accepted offer and one back up offer.
The sellers of this home are very smart for reducing their price. Now they can move on with their lives, buy a home that suits them for a great price..
The buyers also won. They will likely gain equity if they stay in the home for 7 years or more.
I am so grateful to my company for providing the knowledge to help my sellers get what they needed.
I also have even more insight on how important it is urge my sellers to price just slightly below market value.
So many times, I see sellers make the mistake of pricing to high when they first list the home. Then they every other months they keep reducing the price down just a bit, but still over market value...chasing the market down. Eventually they sell for a really low price because they cannot keep up the pace of the declining market with the small price reductions.
My advice to sellers.. PLEASE..refrain "Neverland/Fantasy" pricing. If you want your high price, you might want to consider selling it in a different market.
If you owe more than what the home is worth, this a completely different blog. Speak to an educated experienced agent regarding this matter.
I digress.. All of the marketing in the world will not convince buyers to buy your home if your home is out of the range of true market value.
Just to illustrate. I like to shop at Macey's, say I find a dress, my size, my color etc.. I see the dress at Macey's for $150. then I see the same dress at Penny's for $95.00. All things being equal, which one do I buy? This is how buyers are thinking today. They're greatest fear is paying too much and right now, with all of the inventory, real estate, in my opinion, is about price.
You may say " but I have a unique home". Sad to say, but in the current market, there aren't unique homes, that buyers will pay over market value for.
Lori Lincoln, Realtor/Partner with Keller Williams Realty. If you would like more information on selling your home. Lori lis a Real Estate Expert in Bristol County Massachusetts. If you would like a free market valuation of your home without cost or obligation, call Lori Lincoln who knows the facts, the neighborhoods and will help you achieve your goals and sell your home.
Lori Lincoln and her team sell homes in Taunton Massachusetts, Berkley, Assonet, Rehoboth, Somerset, Freetown, Bristol County MA and surrounding cities and towns.
For a Free MLS Search for the entire state of Massachusetts go to Massachusetts Real Estate
Thank you for viewing my blog.
Lori Lincoln
http://www.Lincolnteamrealestate.com
I read an article on Boston.com today.. For sellers, the next year will be a trying year. If you do not need to sell.. DON"T. Record numbers of foreclosures are causing home prices to fall. In April of 2008, there will be hundreds of adjustable rate mortgages that will reset.. what this means is that those with adjustable rate mortgages may experience a larger house payment, which has been the driving force of the plethora of bank owned properties we are seeing on the market today.
Today's buyer is shopping, shopping for price. The market is truly all about price.
Average market time for the state of Massachusetts is 15 months now. 20% of the homes on the market are priced to sell. The other 80% will either expire or not sell at all, or sit for many months unless the price is adjusted.
I cannot give a prediction of what the market will do, nobody has a crystal ball. I do know, however, that homes are taking longer and longer to sell. Price equals pace in this market.
I would love to be buying today!
If I personally were looking for a home, this would be the perfect opportuntity. Interest rates are low, home prices are low. One never knows when rates will rise.
Advice to Buyers- Work with a Realtor that knows the market.. Make sure you see comparables.
My take on buying a home today..." It really doesn't matter what the price is, most are priced well below 2 years ago".
Unless you plan on selling your home within the next 5 years, just buy the home you love..
Don't be nervous Ned or Nelly,
I got a call recently asking me about a home I had on the market 6 months ago, the buyer asked if he could make an offer.. I said, "Sorry, sold it 5 months ago". Buyers can miss out on well priced homes if they hesistate... someone else will be enjoying their dream home, all because they were hung up on $10,20, 30 more a month!. If you are first time buyer, you have all the more reason to buy. Your tax write off for interest can offset your income taxes, sometimes, substantially!
For more information on Market Trends, Home Selling and Buying, Please Contact Lori Lincoln, 508-878-0917
http://www.bristolcountyhometeam.com/
http://tauntonhomes.net/
http://assonethomes.com/
http://berkleymahomes.com/
http://lorilincolnteam.com/
Lori Lincoln has homes for sale in Taunton, Assonet, Rehoboth, Dighton, and
Bristol County Massachusetts
Technorati Profile 
Dighton Line, Taunton - Announcing a price reduction on 1453 Somerset Avenue, a 1,869 sq. ft., 2 bath, 3 bdrm 2 story. Now MLS® #70663909 $339,900 - Amazing Price! Now 339900.
Property information
Technorati Profile
This year, my first FULL time year in Real Estate has been a sweet blessing from Heaven! All of the people that helped along the way and the support I received has been phenominal!
This year, I would like to personally thank all of my friends, clients and business associates publicly
My clients :
Em and Mike
Nelson and Kathy
Mike and Erin
Maureen
Tom and Judy
Jeff
Jennifer
Glen and Cathy
Sean
Gary and Eileen
Jacqueline
Ann and Denis
Patricia
Mr and Mrs L
David and Denise
Patrick
Jay M
Holly and Brent
Mike N
Jen and Keith
Noella
Chris
Jill C
Darrell
Linda and Horace
Rose and Bob
Just as important- Noella, Rose and Bob, Mike, Jackie, Noella, Patricia, Mary, Gary, thank you for your referrals!
My family- Thank you Andrew, Melissa, and Andrew Jr.. Elaine- thank you! Noella- Thank you again!
My support system at Keller Williams - Barry Papagno, Scott Morris, Carolyn Phillips, Cedalia, Jen, Marilyn, Charlie, Derek, Jerry, Fred and Nadine, Beth, Colleen, Rob C, David Lenger, Dan Derito, Sheryl Orcutt, Denise Gormley, Eric K, Bobbie Files, Tricia, (please forgive me if I left you out). You are amazing people with big hearts that care! Your classes, when put into action, really do work!
Barry and Carolyn- Thank you for tolerating my bullheadeness in the beginning...learned much on humility.. the hard way!
Scott- Thank you for your belief in me- you have a way of making everyone feel important.
To My Active Rain Friends- I have learned so much on this forum. You've made such a positive contribution to the way I l do business
Bill Gassett- ReMax Metro West- I don't know when you sleep! You are A role model in the blogging world! I'm still working on the photos, links and more. I've learned so much from you. Thank you.
Maureen Stacatto- Thank you for your imparted wisdom.
Suzanne Sands- who knows more about Mattapoisett than anyone I know. A great person, full of life and a passion for the business.
If I left anyone out, please forgive me. This blog was just.. off the cuff, thinking of Thanksgiving and those who have helped me along the way.
If you or someone you know is interested in buying or selling Real Estate in Taunton, Rehoboth, Somerset, Swansea, Assonet area, please contact me for the utmost in professionalism, communication, and knowledge of the area.
You can also go to BristolCountyHomeTeam.com
Technorati Profile