Alan Bennington
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Latest Comments8 Comments
Realtors, Prepare to Lose Your 6 Percent
Your assertion that "there is no such thing as a six percent commission" is specious at best. The average man on the street knows that agent commissions are 6%. As Americans, we are not prone to haggling over prices as many other cultures do. That the 6% can be lowered simply by negotiation is just not considered by most people...the untutored...less sophisticated great un-washed masses, as you might call them, tend to pay what is asked.
Your second point is equally misleading, in saying..."the only information realtors keep from the public is for security reasons..." belies the fact that the MLS purports to contain proprietary information. This MLS info is really public information albeit reported sooner than at your local recorder's office.
As an investor who buys foreclosure properties, I need up to date immediate information about a particular house, neighborhood sales...along with other information.
I need to know the market value today,not three months from now.
Because I'm not an agent I cannot get MLS access, I'm willing to pay but my money isn't good enough. As a result the NAR ( Nat'l Assn. of Restriction) is "steering" me to "Mr. Local Agent...thereby hoping to get a bigger piece of my wallet.
Don't fret...I get my MLS access from friendly agents...quid pro quo for us both.
Media Coverage of the Mortgage Crisis
Your observations are spot on. I've said it before and I'll say it again.
As Markham reminds us...it takes two or three or four to tango. Everyone knew their hand in this game...they played their cards, now they'll pay the price.
William Jefferson Clinton...disgraced "hound" as he is, was the genesis for the mortgage crisis we are witnessing. He pressured the GSE's; et al to lower their underwriting guidelines for the sole purpose of pandering to his base. Sheep will do as they are told...they willingly went to the slaughter.
And, they will still vote on the left aisle.
When will we realize...Liberal largesse does not work!
11 Places to Find Foreclosed Real Estate
You are the smart one who demonstrated his total lack of knowledge about short sales in a recent post. Fella ...you better go back to night school...and apologize to your spouse about your poor paycheck.
Homeowners Turn to Bankruptcy to Stave Off Foreclosure
Why Do We Want People to Own Homes?
Book excerpts can be heard at Hillary's campaign stops...How my "snake of a husband" screwed millions and got away with it...subtitled-" The gift that keeps on giving." "Bill screwed the mortgage bankers...those RICH people...now watch how I screw the American public with my Health Care (Socialism) Plan.
'Subprime Chuck' Plays the Fool
Alan Bennington
What's the Problem with Real Estate Short Sales?
IRS Pub 544 is the needed form form for homeowners when they file their taxes.
I don't mean to "dump" on Stockerblog but I'm an investor who helps people in foreclosure everyday. I do lender loss mitigation to keep people in their home if possible, I do short sales or can buy the property other ways and I also help with credit restoration. All of this is of help to the homeowner...preventing a foreclosure or bankruptcy or further erosion of their credit.
I see so much incorrect information being spread around by people innocently or maliciously. I just have to say something out of frustration...especial... when people and groups talk about investors stealing your house. It does happen at times, but there are ethical people like myself working and helping on a daily basis.
Alan Bennington
ralanar850@bellsouth.n...
What's the Problem with Real Estate Short Sales?
Homeowners in a foreclosure situation don't get to live Tax Free" let alone free and they don't have to put their home up for sale...more on this matter to follow. Mortgage payments will continue to be assessed...even if the payments are not made.
The basic premise of a short sale is: the lender is willing to accept a discounted payoff of the note and release the homeowner from the debt obligation. If the lender does not accept...there is no short sale. The homeowner, a real estate agent or an investor can attempt a short sale. If the short sale is accepted it is a three way win...the home homeowner wins by getting out of the debt. the lender wins because they tend to lose less money than going through the full foreclosure and the investor or end buyer wins because they have gotten a property at a big discount.
The investor will ask for "full satisfaction" of the debt in negotiations. The lender has two choices at this point: to pursue a deficiency judgment or to issue a 1099. Most lenders don't pursue the judgment. Depending upon the homeowner's solvency or insolvency at the time, will determine their tax liability. Homeowners need to speak with their accountant to file the correct forms required to prove insolvency. Generally the tax ramifications aren't as onerous as perceived.
Alan Bennington