Hi Students,
Here’s the follow up from today’s class.
It looks like the 90 day tenant eviction rule will sunset in 2012.
Here’s a video of Jim the Realtor doing an initial walk through of an REO.
Here’s the link to the Pacific NW Housing Summit website.
Here’s the attorney referral page I mentioned in class.z
Here’s my youtube channel showing the recent foreclosure auction over at Factoria.
Here’s the article on MSN about rents dropping in Seattle.
Here’s the problem bank list courtesy of Calculated Risk.
And here’s a GREAT article by Matt Carter over at Inman News on Short Sale “Flops” which addresses BPOs. The article will go behind the members only section at midnight. Here’s a preview:
“Industry groups representing appraisers say the Obama administration’s short-sale incentive program lacks safeguards to prevent mortgage fraud, including so-called “property flopping” schemes in which real estate agents help investors obtain distressed properties at deflated prices.
In a letter to Treasury Secretary Timothy Geithner, four groups representing appraisers, including the Appraisal Institute and the American Society of Appraisers, urged the Obama administration to prohibit the use of broker price opinions (BPOs) when valuing properties eligible for the Home Affordable Foreclosures Alternatives (HAFA) short-sale incentive program.
“Generally speaking, real estate agents and brokers are not independent or properly trained valuation specialists,” the groups said. “They have an inherent bias toward quick results and action, which produces a fee for themselves irrespective of whether the lender … gets a fair return on the short sale.”
The National Association of Realtors did not immediately respond to a request for comment by Inman News. While some real estate agents acknowledge that property flopping and mortgage fraud can be a problem with short sales, they say BPOs in and of themselves are not necessarily to blame.”