Twin Cities Real Estate News

Mortgage Default Prediction

Thu, 06 Aug 2009 19:52:00 -0700

If the author of the article I've just read is correct, we haven't seen anything yet and it doesn't bode well for a real estate recovery anytime soon. I don't want to take anything out of context from the author. Instead, you NEED to just go and read the article. More troubling to me is how are we going to work our way back from the crisis? That's the big question I have in my mind. The solution is that we need sustainable good jobs that pay a decent income and offer some degree of security. With the goal in mind, we need to figure out how to get there. As a Minneapolis area realtor and MN mortgage broker, my perspective covers the entire spectrum of a real estate transaction. Here is the article's title: About half of U.S. mortgages seen underwater by 2011 By Al Yoon Al Yoon Wed Aug 5, 5:12 pm ET And here is the link to the article http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank Has this recession stabilized and are we improving or are we headed in a depression? We'll all know with hindsight. I have posted the following information about the Great Depression of old. I don't believe we are there yet, but things may get worse before they get better. There are lessons to be learned from studying history-let's hope our politicians are good students. The Great Depression Many of us have heard first hand accounts about the great depression from our parents and grandparents. These stories often come about when children want something they feel they should be able to have. Many people that suffered through the Great Depression feel people today don't appreciate all that they have. There were some world wide effects caused by this event though. There were signs of economic trouble in many countries including the United States in 1928. The big fall came in October of 1929 when the stock market came crashing down. This date is often referred to as Black Tuesday. The trickle down effect of the money not coming in affected everyone. Companies closed down production as people weren't able to buy their goods. Stores had to shut their doors locally as well. People all over were out of work and barely able to keep food on the table. Farmers struggled to make ends meet even though they were still growing crops. They were only about to sell them though for less than what they were used to. As a result many of them lost their land. Those that kept it farmed less land as they couldn't afford to continue getting the supplies. In many instances they choose only to grow enough to feed their own families for survival. The effects of the Great Depression continued to become more desperate. It didn't seem like the world would ever be able to rebound from it. Ironically, it was the amount of jobs created by the emergence of World War II that helped people to get back on their feet. While war is seldom considered to be good economically, this was one time when it was. People were able to have money again and they started to buy things like they once did. For many that lived though the era of the Great Depression though they never forgot the impact. They continued to put money away and to expect such a fall to occur again. Many of them saved their money in jars or under bed mattresses. They didn't want to trust the banks and then not be able to get their money if things in the economy didn't survive once again Great Depression Timeline In order to get a very accurate understanding of what took place in regards to the Great Depression you need to start at the very beginning. This period of time began in 1929 and lasted into 1941. There are many significant things that occurred during that span of time. In 1927 and 1928 there were economic problems developing, yet it was the stock market crash of 1929 that resulted in the start of the Great Depression in the eyes of most people. By 1931 an estimated five million people in the United States a[...]

Making Home Affordable Plan-HARP-Could Help Clients Who Can't Sell Or Previously Refinance

Sat, 11 Apr 2009 11:32:00 -0700

This could be BIG. Many homeowners today can't sell or refinance because the value fo their home is underwater. This means they owe more than the home is worth. This week, the new 75Billion dollar plan to allow people whose first mortgage doesn't exceed 105% of the value became available. If you wan't a lower rate-before inflation kicks in due to our Trillion dollar spending-then find out more about this plan. The Freddie Mac plan is called Freddie Mac Relief Refinance Mortgage and the Fannie Mae Product is called Fannie Mae DU Refi plus. Already in existance is the FHA Streamline and the VA streamline. With the FHA and VA loans, an appraisal may not be necessary. Consider exploring your refinance options while rates are historically low.

I did a YouTube mortgage video about the plan:

I also went to Youtube to get a HARP video-more or less for fun-but to remind you of the anacronym of the Making Home Affordable Plan(it's sweet music to our ears)

Lastly, If you are thinking of buying or selling a home, there may be a payment protection plan available that you will want to explore. I have access to this program.
http://www.authorstream.com/tag/creative+alliances

Don't Worry Be Happy By Bobby Mcferrin

Tue, 10 Feb 2009 06:27:00 -0800

In "interesting times" like those of today, one needs to look outside themselves for inspiration. I woke up today stressed, but I made a conscious decision to remain postive and productive. I watched a great video about deciding to make a difference. Attitude is so important in everything we do. Once you watch the video below and sign up for their newsletter, you will be taken to a video page with many other great inspirational videos. I encourage you to watch a few, and then decide how your day will be

http://www.simpletruths.com/simpletruths/a.aspx?af%219&mo=stsr

After you're done with this site, watch an all time favorite from Bobby Mcferrin- Don't Worry Be Happy:

http://www.youtube.com/watch?v=l9K4BKkLaCI

Italian Fish Soup-Whatsa Matta U-Cioppino

Tue, 20 Jan 2009 16:02:00 -0800

OK, you might be asking yourself- "what does this video have to do with real estate?" Well, the answer is everything. In real estate, we sell dreams, special times with family, and memories. Otherwise, we are selling houses. I prefer to sell homes. Are you selling homes or houses to your clients? We recently shot this video with the Flip Ultra this past summer. I just turned it into a movie with the software on the web cam. It is absolutely the best investment you will find for $150. You don't need to be afraid of it being too complicated. It is as easy to use as "point" and "click". Anyway, I wanted to encourage my fellow Realtors to look at doing some inovative marketing. For example, next time you are on a listing appointment, pull out you Flip and ask the client if they would like to give a video testimonial about the house and what it has meant to their family. Then, post it on YouTube or some of the other video sharing sites. You could have a link to the client testimonial with pictures of the home and possibly a virtual tour.

Here's the other benefit. You WILL actually use the video recorder. You will shoot memories of your own friends and family. I have captured some great moments that I would not have if It hadn't been for the flip.

So here are two examples-one was our first cooking show at my house, and the other was at a commercial listing that I posted online. I would encourage everyone to increase their technical skills. This is a fun way to go about learning video.

FHA 203B| FHA 203 Streamline Lite Version| FHA 203K FULL version

Wed, 07 Jan 2009 15:43:00 -0800

Have you ever wanted to know the difference between FHA loan types? We've put together a few slide shows that explain some of the characteristics of FHA mortgages. In our Minnesota real estate marketplace, we are seeing 1/3 to 1/2 the financing being FHA. Some of the special rehab money which would be great for scratch and dent REO and foreclosure propertys are not used often enough. Not all lenders offer the rehabilitaion funding. FHA 203K loans are available in Minnesota. You may need to contact a mortgage broker who is able to do FHA financing to find this loan. If you are a real estate agent that wants to sell more homes, you need to make yourself aware of various programs and where you can get these loans. In Minnesota-visit http://www.VentureLoanApp.com Fha Home Loan View SlideShare presentation or Upload your own. (tags: rate no) Minnesota FHA 203 K Full ReHab Financing for Home Purchase or Refinance View SlideShare presentation or Upload your own. (tags: mn refinance) FHA Streamline 203K-light Rehab loan View SlideShare presentation or Upload your own. (tags: minnesota mortgage) [...]

Free Press Release Service-Why Not Tell The World

Sat, 03 Jan 2009 19:12:00 -0800

I recently completed the CDPE-Certified Distressed Property Expert designation. I thought the program was EXCELLENT. I would highly recommend it to any Realtor looking to work with distressed properties. That being said, I wanted to announce the news to the world. The CDPE institute created a template for recent graduates to use. This is only available if you are in their advanced program-which is $99 per month. By the way, I love that program as well. The founders truly care. Here is the press release with my information as well as a link to the service I used to distribute the press release for free.

Press Release: JOHN MAZZARA EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Free Press Release

Minneapolis Relocation|St Paul Relocation|Minnesota Relocation

Sun, 30 Nov 2008 18:25:00 -0800

I recently received an email with links to three excellent sites for relocation information. These links will provide value regardless of where ever you are moving to. I framed the title of this entry with cities around Edina MN where I live. If you are moving to Minneapolis or St Paul or one of the 7 counties that make up the Twin Cities area and need more relocation assistance please reach out and I will be as helpful as I can. If you want to learn about the Twin Cities real estate market, visit my real estate site at http://www.MinneapolisStPaulHomes.com

Here are the links:

FHA Streamline 203K|Rehab Loan Helps Sell Scratch & Dent Properties

Sun, 30 Nov 2008 18:15:00 -0800

The FHA 203 K streamline is back in our arsenal of mortgage programs. Until recently there was just one investor in town offering the 203K. That has changed. Out of necessity, there needs to be a program that will allow qualified borrowers to obtain financing for properties that need a little bit of work. Many of the bank owned foreclosures are in need of some repair work. The regular 203K (which allows for major rehab in exess of 35K) isn't something I have access to with the investors I work with. Trying to find that loan has proved to be impossible. It may exist for Minnesota properties, I just haven't run across it.

Rather than write out all the nuances of the FHA 203K streamline loan, I decided to create a power point. You can view the particulars of how the program works at:

http://www.slideshare.net/mnguru/fha-streamline-203klight-rehab-loan-presentation/

Real Estate & Mortgage TV Shows| Marketing On TV

Sun, 23 Nov 2008 18:55:00 -0800

One of the things we do in the Twin Cities is produce a mortgage and real estate show called Dollars & Sense. We've been producing the show for the past 5 years. While it doesn't bring in that much new business, it is a great way to stay in front of past customers-which of course are your best referral sources. Here are our two most recent recorded shows where we discuss the current lending environment and various mortgage loan programs. We cover 100% financing, combo loans, the new first time buyer tax credit, the 700 billion bail out bill, the best type of investment property to purchase today in our opinion, and we offer the viewer a way to get a copy of the book I wrote on investing in real estate entitled "Reality Based" Real Estate Investing. This book is delivered in PDF format as a series of chapters over a series of weeks.

Show # 1

Show # 2

Credit Link you or clients might find helpful

Internet Resource For Tips And Techniques

Sat, 22 Nov 2008 10:04:00 -0800

I have purchased many different products from various internet "gurus" over the past 24 months. One of my favorites-and most affordable- is Marlon Sanders. He has learning modules that are progressive and give you the skills you need. Most are really inexpensive-$59-79. If you are looking for great product and great service-you should check him out: http://getyourprofits.com/z/499/CD30258 Here is an article he just wrote and sent in email: How To Cut Your Learning Curve By At Least 50% (The Secret, Hidden Power of OMG Marketing That Saves You Enormous Amounts Of Time, Money and Energy And Gets You To Paydays 50% Faster -- And It Doesn't Even Cost You A Dime) By Marlon Sanders---- I hate learning curves. Because they take time and cost money. Plus, they're a pain. What do you have to create? * Banner ads * Sales letters * Graphic design * Affiliate site * Web site * Ebook cover * Upsells * Downsells * Ezine ads * Google ads * Blogs * Facebook sites Would you rather find the success you're seeking in 6 months or 1 year? Which do you prefer? If you want to do it in 1/2 the time, if you want to be on the 6 month program and not the 1 year program, then I'm going to share with you three simple rules to cut your learning curve by 50% or more, speed your progress enormously and get you the results you want many times faster. Rule one: You Can't Create From A Vacuum I'm a writer by trade. And the hardest thing to do is to write from a vacuum. If you start and have no input but expect to crank out output, you're in a pickle. That's why when you write or create, you build yourself a fodder package. This can be samples of other writings, quotes, materials, articles, web sites you print, books, pages ripped out of books -- anything that will prime your brain when you begin the creation process. Rule Two: Always Have A Model When I do consultations or the rare event where I critique items for mmy customers, I notice a trend: Almost no one follows a proven model. They omit obvious factors used in almost every successful sales letter, blog, banner ad, upsell, Google ad or creative you see online. This goes hand-in-hand with rule one. You can't create in a vacuum. So build up a collection of sales letters and web sites you KNOW work. Then, when you go to create YOURS, make sure you incorporate all the successful elements you see in the model or models. I'm always taking screen caps of guarantees, headlines, page designs, bullet points and order forms that I can use as examples on our next project. What you do is COMPARE what you're creating against your models, your benchmarks, your examples in order to make sure that what you create is up to speed. I don't see a lot of people doing this. What I see the vast majority of people doing is putting a small amount of effort into the end result and not doing their homework. Plain and simple: The people who succeed in this business do their homework. Those who don't, don't. But this isn't some arduous task. You do it while sitting on the sofa watching TV and during commercial breaks. You surf web sites and save good ones to your hard drive. Or take a screen cap of the best elements. Then you take your MODEL or MODELS and you print them out. Hang out on a lawn chair or go down to your fav coffee shop and read over them. Study them. Sink your teeth into the copy, the headline, the psychology. This is EASY work. It's actually fun. But it's extremely important. Rule Three: Make A Side-By-Side Comparison After you create whatever y[...]

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