May, 2014

31May 2014 by admin

Foreclosure Red Flags: Short Sale Specialist Discussion

A Short Sale Specialist Discusses Factors That May Increase Your Risk of Foreclosure Disclaimer: I am a Realtor who specializes in short sales and this article and video are my opinion based on my own subjective experiences. I am not an attorney. I am not an accountant. The materials presented herein are not legal, tax or financial advice. Use this article as a starting point and be sure to independently verify all facts on your own. You're encouraged to seek out experts (attorneys and accountants) to answer questions about your specific situation. The information I provide here is based on my experiences as a real estate licensee involved in short sales. Also, state and federal laws change often and vary based on your circumstances and state of residence. As a…

29May 2014 by admin

Should I Invest in Real Estate? Q & A With a Realtor on The Pros & Cons

Buying Real Estate

Real Estate Investing: Five points to consider Disclaimer: I am not an attorney. I am not an accountant. This article is not tax advice. This article is not legal counsel. This article is not investment advice. As an Oregon Real Estate Licensee I cannot promise you future profits or losses. This article is written to encourage the public to educate themselves and to seek out expert opinions as applicable to their needs. The anecdotes contained herein are based on my own subjective experiences as a professional Realtor in business through the entire housing crisis. 1: Seeing a "Foreclosure Millionaires!!!" Infomercial/Seminar doesn't make you an expert. [caption id="attachment_6678" align="alignleft" width="131"]Beware of Get Rich Quick[/caption] Someone once said that "a rising tide lifts all boats" and this is certainly true for housing.…

28May 2014 by admin

Should I Buy A House This Year? Q & A with a Realtor

Buying Real Estate

As a professional Realtor in Portland, Oregon people ask me whether or not they should buy a house this year quite often. My answer is that there are many factors to consider and ultimately YOU are the one who has to live with the outcome, not your real estate agent, not your friends or relatives. Is it time to buy real estate? Nobody can make this decision for you. This article is written by an Oregon Real Estate Licensee IS NOT legal counsel and IS NOT tax or financial advice. Realtors cannot predict or promise future profits or losses and this article is solely the opinion of Richard Lockwood as of the date of publication (I reserve the right to change my mind and at some point in the future…

20May 2014 by admin

High-End Homes Soar, Low Price Homes Tank

economy

National Housing Market: Luxury Homes Sales Soar, Affordable Homes Falter The volume of homes selling in working and middle-class price ranges is falling dramatically, while at the same time sales of luxury homes are ramping up by very large margins. Mortgage bankers note that new loan applications are on the rise for properties with an asking price of over a half million Dollars whereas the numbers of new loan applications are dropping in every other real estate pricing tier. Nationally, closed transactions of $250,000 or less have sagged by a jawdropping 12 percent when compared to last year, according to Bloomberg.com. United States Economy Grew by 1.9% Last Year, Portland Real Estate Went Up 12.1% Median sale prices of residential real estate in Portland, OR rose by 12.1% ($316,400 versus…

12May 2014 by admin

Response to 05-08-2014 Housing Article

economy

My sister, Dr. Julie Lockwood Pechacek (PHD, Economics) wrote the following response to my May 8th article on real estate and the economy. Response To May 8th Real Estate Crash Article: I read your article on the economy and the Portland housing market. Here are some thoughts. Let's talk more often! Love you, -Julie -While I agree that timing is important, you appear to rely heavily on the fact the recession in pdx occurred after the main wave. I say "appear" because I don't think this idea is required for your argument. Recession timing is more related to the geographic dynamics of contagion, and how a financial contagion spreads, than any specific features of Portland's (moderately diverse) economy. -Your essay leads me to wonder if all sectors of the housing…

08May 2014 by admin

Case Shiller & Another Portland Real Estate Crash

economy

This is an editorial opinion article written by Richard Lockwood, a real estate agent active in the Portland Metro area. This article makes no effort to assure anyone of future capital gains or losses. For further inquiries please see disclaimer at bottom of page. Fewer Homes For Sale Vs. Low Wages, Slow Recovery With first quarter housing market data in for the year 2014, one of the prime factors having a stark impact on the housing sector for Portland is the lack of available residential real estate inventory. RMLS data (graph on the left ) shows lower inventory in the year 2014 (marked in red) as compared to the two years prior. The simple law of supply and demand points out that reduced inventory of available homes for sale will…

06May 2014 by admin

Funny Short Sale Fail

Short Sales

Some time ago, while negotiating a short sale on behalf of a Portland Home Owner and the bank's phone system went into something of an endless loop of fail. And, while the bank's computer and phone systems failing is not very uncommon, on that particular day I had video rolling to capture the event for all time. I should note that eventually I did get through and we did successfully resolve the transaction but this video still serves as a reminder of the frustration that many home owners experience. The bottom line is we know how you feel and we can help! If you need a short sale in or around the Portland Metro area don't hesitate to give us a call. We're ready to listen and we're experienced in…

01May 2014 by admin

How To Fill Out The Wells Fargo Short Sale Affidavit

Short Sales

Who am I? • I am a real estate broker licensed in Oregon • Broker with Oregon Realty Company • Top producing short sale agent Disclaimer: • I am not an attorney or accountant and this video is not legal, tax or financial advice. • That said, these are forms common to the short sale process and you will see them if you are involved in short sale real estate with wells fargo. Short Sale Affidavit Tips: • Ensure you have the current form version and call in to 866-903-1053. • Don’t wait for the bank to ask for the form. • Use the last date on the sales contract. • Fill in all details buyer & seller address. • Put the following language on an addendum: “This contract shall…