Sunday, June 7, 2020 / by Dave Magua
Buyers are already embracing the new rules, and the only potential issue is how soon sellers and their listing agents will figure it out as well. Here are our top five tips for real estate agents looking to capitalize on their seven seconds:
Learn how to handle classic seller arguments. These include, “We want to give the buyers the opportunity to upgrade the home the way they want to,” or “If we replace the carpet, the buyer may not like it and we will have wasted our money.”
These arguments are effectively dead. Today’s buyers, in large, do not want to fix up homes. When sellers ask why they should spend money to upgrade when a buyer might change things once they move in, the question you ask in return is, “If you can spend $1,000 to make $2,000-$3,000, does it matter what buyers do when they move in?”
Sellers must understand that buyers are looking for homes that meet their criteria, not the seller’s. Homes tha ...
Friday, May 15, 2020 / by Dave Magua
Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash. That amounts to a total of 4.7 million homeowners now in forbearance, which is up from 4.5 million loans reported one week ago.
The latest numbers have been enhanced to include loans that were in forbearance but not previously reported as “COVID-19-related.”
About 7% of mortgage loans backed by Fannie Mae and Freddie Mac are now in forbearance, while 12.4% of FHA and VA-backed loans are in forbearance. Just over 9% of portfolio and privately securitized loans are also in forbearance.
In terms of loan numbers, that’s 27.9 million GSE loans, 12.1 million FHA and VA loans, and 13 million other mortgage loans.
In total dollar amount across all loan types, the total unpaid principal balance on loans in forbearance is $1 trillion.
Meanwhile, servicers must continue to advance principal and interest payments along with ta ...
Wednesday, May 13, 2020 / by Dave Magua
Prepping for a Delinquency Spike May 2020
"However, the pandemic-induced closure of nonessential businesses caused the April unemployment rate to spike to its highest level in 80 years and will lead to a rise in delinquency and foreclosure. By the second half of 2021, we estimate a four-fold increase in the serious delinquency rate, barring additional policy efforts to assist borrowers in financial distress.”
“After a long period of decline, we are likely to see steady waves of delinquencies throughout the rest of 2020 and into 2021," said Frank Martell, President and CEO of CoreLogic. "The pandemic and its impact on national employment is unfolding on a scale and at a speed never before experienced and without historical precedent. The next six months will provide important clues on whether public and private sector countermeasures—current and future—will soften the blow and help us avoid the protracted, widespread foreclosures ...
Tuesday, May 12, 2020 / by Dave Magua
Every listing agent has a similar goal — sell your house for the most money in the least amount of time. But there’s much more to it than that, and many things set a good or great agent apart from an average one. Sellers evaluate real estate agents based on the services they offer, their skill level, their expertise and their character. Ultimately, the right real estate agent for you is the one who best understands your goals and expectations.
What services to expect from a real estate agent when selling
All agents should provide the following basic services. If you’re considering working with an agent who doesn’t cover the following items, consider trying to negotiate a lower commission. Here’s what to expect from your real estate agent.
Provide a comparative market analysis
Your agent should come prepared with a comparative market analysis (also called a CMA). It’s a re ...