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By Dennis Norman, on August 10th, 2010
Dennis Norman
A report just released by CoreLogic estimate the financial impact of short-sale fraud to be $310 million annually. It is estimated there is fraud in one in every 53 short sale transactions resulting in an unnecessary loss to the lender of $41,000 per transaction on average.
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By Dennis Norman, on July 16th, 2010
Dennis Norman
Worst Street In America for Mortgage Fraud is In Orlando (actually they have 5 of the top 10 streets)
According to the 2010 Mortgage Fraud Trends Report released by CoreLogic this week, fraud risk in the mortgage industry has declined by 25 percent since it peaked in the third quarter of 2007. Even though
Continue reading… Mortgage Fraud Trend Down; Still $14 Billion in 2009 Losses
By Dennis Norman, on June 30th, 2010
Dennis Norman
Average discount on Foreclosure and Bank-Owned Homes is 27 Percent
This morning RealtyTrac released a report stating that 31 percent of all residential sales in the first quarter of 2010 were foreclosure homes or bank-owned homes. They are reporting 233,000 foreclosure and bank-owned homes sold during first quarter 2010 at an average price
Continue reading… Nearly 233,000 Foreclosure and Bank-Owned Homes Sold in First Quarter
By Dennis Norman, on June 8th, 2010
Dennis Norman
According to data from NeighborWorks America, a national nonprofit organization created by Congress to provide community-based
Continue reading… Loan Modification Scams On the Rise
By Dennis Norman, on June 1st, 2010
UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA:
agents are not permitted to rebate a portion of their commission to the buyer,
sellers who are real estate agents must list their home for sale with another broker,
Continue reading… Fannie Mae Issues Guidelines For HAFA Short-Sales and Deed-in-Lieu
By Dennis Norman, on May 21st, 2010
Dennis Norman
California typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and forgiving homeowners of their state income taxes on forgiven debt.
Continue reading… California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners
By Dennis Norman, on April 15th, 2010
Dennis Norman
As readers know, I have been somewhat critical of the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’ Making Home Affordable Program for a few reasons, one is I believe it is just a temporary “band-aid” and not a cure for the problem and two, it does not appear
Continue reading… Home Affordable Modification Program (HAMP) Update
By Dennis Norman, on March 26th, 2010
Dennis Norman
Back in early December I did a post about a new program that was announced in November, the Home Affordable Foreclosures Alternative (HAFA) Program which is scheduled to go into effect April 5, 2010. There was recently supplemental documentation published as well as FAQ’s about the program and I have to admit,
Continue reading… Help for homeowners facing foreclosure or are underwater
By Dennis Norman, on March 18th, 2010
Dennis Norman
“Generally speaking, real estate agents and brokers are not independent or properly trained valuation specialists.” This was said in a letter from several appraiser organizations that was sent to Treasury Secretary Timothy Geithner last week. The letter, not actually signed by anyone, but instead just bearing the names of the following four appraiser
Continue reading… Do Real Estate Agents and Brokers Know The Value of a Home?
By Dennis Norman, on January 15th, 2010
Dennis Norman
Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax season, along with instructions and guidelines for other documentation that must accompany your tax return.
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By Dennis Norman, on January 7th, 2010
It’s not surprising, that according to Zip Realty foreclosures and short sales dominated the U.S. housing market last year and were the driving force for the real estate roller coaster ride of 2009.
Zip Realty broke down what they considered were the nine major real estate stories for 2009 and they are:
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By Dennis Norman, on October 12th, 2009
By: Dennis Norman
I just did a post to a real estate investors blog about a video by Steph Davis, the Tampa-based bartender turned wholesaler, on how investors can use the MLS to locate cash buyers for their “flip” deals. While doing this, I realized many agents may find this information useful as well. With a
Continue reading… Using the MLS to find cash buyers for your foreclosures, REO’s and short sales
By Dennis Norman, on September 19th, 2009
By: Dennis Norman
Dennis Norman
“I’m from the IRS and I’m here to help you.”
Yeah, sure.
Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well as
Continue reading… First-time homebuyer credit provides tax benefits to 1.4 million familes to date according to the IRS
By Dennis Norman, on August 24th, 2009
Dennis Norman
As green building gains in popularity and buying a green home grows in importance with buyers, agents and brokers need to be knowledgeable and informed about green building and green homes.
So what is “green building”? The Environmental Protection Agency (EPA) defines green building as the practice of:
Increasing the efficiency with which buildings and their
Continue reading… Green building information and resources for real estate agents and brokers
By Dennis Norman, on July 1st, 2009
Dennis Norman
By: Dennis Norman
Short sales are on the rise. Yesterday I did a post on an investor blog on short sales in which I cited stats showing short sales in the first quarter of 2009 were up over 200% from a year ago.
While the increase in short sales has created a market niche for
Continue reading… Having problems with commissions on short sales?
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