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New Program Pays Owners to Sell for a Loss

Monday, March 8, 2010 posted by Tommi Crow

With more than 5 million households currently behind on their mortgages, the Obama adminstration is rolling out a new program to encourage lenders to accept a short sale.   A short sale is one in which a property is sold for less than the outstanding mortgage owed to the lender.   The administration hopes the program will prevent more foreclosures, which further depress property values and harm good neighborhoods.

The  program, which takes effect April 5, 2010,  pays lenders and borrowers to complete a short sale.   Key points of the program are as follows.

  • 1.  The program compels lenders to accept a short sale offer and forgive the difference they are owed between the market value and the outstanding mortgage balance. 
  • 2.  The lender will receive $1000 for every short sale they participate in.
  • 3.  The program encourages millions of borrowers to get serious about getting rid of their homes.  It  pays homeowners $1500 in walking away cash for finding buyer for their property and closing the sale.
  • 4.  The lender will utilize real estate agents to determine the present market value for a home.  That value will set the minimum acceptable price.   The estimated value will not be shared with the homeowner.  If an offer is submitted that is equal to or higher than the estimated value, the lender MUST take it.

Pro’s and Con’s

  • 1.  For the investment pools which own most of the home loans, there is the hope of getting more money from a short sale than a foreclosure proceeding.
  • 2.  For the lender, $1000 will help offset the labor intensive short sale process.
  • 3.  For the borrower, their credit will suffer less damage.  They have the lenders assurance that they won’t be sued down the line for their unpaid balance.  And, they get $15oo to assist with their relocation.
  • 4.  For the community, short sales mean fewer empty houses sitting around waiting for the bank sale.  It is estimated as many as half of all vacant properties are ransacked, neglected, vandalized and depress the value of neighboring homes.
  • 5.  The downside is that short sales are “tailor made” for fraud.  House values are inherently subjective, which provides a wide latitude for potential conflicts.
  • 6.  Another problem is that bankers hate the very idea of accepting an offer short of what they are owed.  By nature, they don’t want to sell anything at a discount.  If they loan $200,000 …they expect to be repaid $200,000, not $150,000.

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If you are one of the millions of Americans who are outraged by the unrepentant behavior of the “too big to fail” banks, please consider moving your money to a local, community bank.   These arrogant, “Walmarts of Banking” have continued to reward themselves with huge bonuses, expensive trips, parties, private jets and fancy offices at the expense of working people.   And, to add insult to injury, these banking shysters are spending millions of  tax dollars to lobby Congress, solely to prevent financial reform that might protect us from paying for their fraud and financial fiasco’s in the future.  

HAVE WE HAD ENOUGH, ALREADY???

Forget about the politicans in Washington DC, they don’t really work for us and we don’t need them to make our position clear.   Americans can simply move their checking or savings accounts from the Wall Street “bailout” behemoths such as Citibank, Bank of America and Wachovia to their local, community bank or credit unions.  And, switching  banks is not a lot of trouble.  If you want to read over a checklist before you start, go to the moveyourmoney.info website for tips and helpful information. 

Millions of taxpayers and outraged citizens have already moved their money.  They’ve had enough and they’re not taking it anymore.   The bonus… even though it surprised many people who made the change, the rewards for switching to a local bank are huge   All banks, large and small, now offer Debit and Credit cards, ATM’s and Online banking.    But, the big banks can not match small banks in terms of service.  Local banks offer lower fee’s, higher interest rates on deposits, personalized service focused on the local community and perhaps best of all, you can speak face to face with someone you know, who can make a decision for the bank.   What’s not to LOVE????

Crow Erickson, Inc., parent company of InfoTube.net, puts our money where our mouth is.  We conduct all our business at a local, community bank and we hope every hard working American follows our lead.  Are you Tired of Feeling Helpless??   Do you Want Change Really???   You have the power, this time!  Move ALL Your Money from the Megabanks today.  Action is the only change Wall Street understands.

Finished Building Lots. The Next Boom.

Tuesday, February 16, 2010 posted by Tommi Crow

Are you one of the millions of people looking for the next boom in real estate?   If so, you might want to consider abandoned subdivisions.  Savvy investment groups and individuals have been snapping up finished building lots like candy.  

Why?   There are so many incomplete developments for sale, that finished building lots are being dumped onto the market at 50 cents or less on the dollar.   Small builders or investors, who have the time to hunt down smaller projects, or buy the fill in lots that don’t interest big investors, are doing even better.  They report buying quality building lots at 20 – 30 cents on the dollar.

The Law of Supply and Demand.  

Supply:  The two to three year supply of unsold building lots has stopped developers from investing in more land, finishing projects or starting new ones.   

Demand:  The United Stated needs 1.2 million new homes for the next 10 years, just to keep pace with population growth.  During the past few years, builders have constructed only 500,000-600,000 homes per year, or less than half the amount needed to keep pace.    When housing demand rises, the need for finished lots will be painfully obvious and builders will pay a premium to get their hands on them.

Investment in building lots was significant by the end of 2009.  Before you jump in and invest in a vacant building lot, make sure your expectations are reasonable.   Other than the Golden Rule…Location, Location, Location…, keep in mind, generally, land can not be flipped.  Plan to hold on to the property for a minimum of one year and up to three.  If you are considering unfinished lots, plan to wait a minimum of three to four years before ringing the register.

MORE…..Check back with us tomorrow.  We’ll tell you how to spot a good price for a lot and buy below the finishing costs!

Thank you for visiting InfoTube.net, a FREE website for real estate.  Search thousands of listings for great deals or put your property on the site today.

InfoTube.net on Facebook and Twitter

Friday, February 12, 2010 posted by Tommi Crow

InfoTube.net announced some recent updates to it’s website that make it easier for homeowners to share information and property details on the internet.

Share Your Property Information with One Click

InfoTube.net has provided a direct “Share” link on every home listing.  The “Share” link automatically feeds your property listing to all major sharing websites such as Facebook, Twitter, MySpace, etc.  If you use social networking or RSS feed websites, simply select where you want your property listing posted and click.  It’s that easy.  (The Share Link can be located under the “Email Seller” link on every home listing.)

Sellers and Buyers Communicate, Learn and Get Advise

InfoTube.net for Real Estate has an Offical Facebook and Twitter page where you can post pictures, questions, idea’s or funny real estate stuff you want to share.  Become a Fan and Contributor Today. 

Thank you for visiting InfoTube.net for Real Estate.  We hope you like the new improvements.  If you don’t already have a FREE property listing on InfoTube.net, post one today, you’re missing buyers.

Cut Real Estate Fee’s and Foreclosures

Tuesday, February 9, 2010 posted by Tommi Crow

Cut foreclosures by slicing real estate fees

Al Lewis

Tuesday, February 2, 2010

President Obama has often said that it would be a shame to waste this economic crisis. Nowhere is that more true than in residential real estate. Federal home-buyer tax credits up to $8,000 designed to increase home sales and reduce foreclosures are having little impact. Sales of existing homes fell a record 17 percent in December, while foreclosure petitions are rising. Instead, let’s use this crisis to try a new approach: permanently slashing the 6 percent real estate brokerage commissions prevalent in most markets.

Unlike commissions paid for buying cars, stocks or insurance, these hidden commissions include two payouts – about 3 percent each to the seller’s broker and the buyer’s broker. But there’s no need for two brokers in real estate transactions. These hidden fees survive only because real estate brokerage is a cartel. Forty years ago, you needed one broker to buy a house – today you need two. In law and medicine, fee splitting is illegal. In real estate, it is required.

Most people would not hire commissioned brokers if they had to pay for them directly – that’s why the brokerage industry wants them hidden. So let’s eliminate hidden fees for the buyer’s broker. We could then drop the homeowner tax credit, since the buyer is saving three grand, and replace it with a $1,000 incentive credit. This cash bonus would go only to home buyers whose purchase prices include a total commission of 3 percent or less (or none at all).

The selling brokers will naturally complain: “We can’t afford to split a 3 percent commission with the buyer’s broker. That’s how much we need to make ourselves. So buyers will have to make their own arrangements if they want assistance.”

And that is exactly the point: Instead of allowing the 3 percent commission to be hidden in the sales price, this tax incentive would encourage home buyers to pay openly for whatever level of assistance they want, if any. Given those other options and the chance to collect $1,000, few buyers would opt to pay a 3 percent out-of-pocket commission – about $15,000 on a median-priced Bay Area home. Faced with the prospect of paying that bill explicitly, most Internet-savvy buyers would probably opt for personal advice just a few times during the home-buying process, and pay by the hour or by the showing.

Even with only $1,000 of tax credit, these buyers will be better off financially than first-time buyers who collect a hefty home buyer credit, but who still pay hidden commissions. And taxpayers are better off, too. Any buyer could still opt to pay the traditional commission at closing – but would have to forgo the incentive credit.

This temporary incentive credit could permanently alter the structure of real estate brokerage, because there would be no going back once the credit expires. As happened when stock commissions were allowed to decline, much lower transaction costs would create more transactions and hence more liquidity. Liquid markets will allow people to sell houses more easily before they go “underwater,” thus reducing foreclosures.

Of course the real estate brokerage industry, which has strongly endorsed home buyer tax credits, will oppose this incentive credit. Fortunately, an equally powerful coalition of builders, bankers, mortgage brokers and consumer advocates will be lined up supporting it.

Much lower transaction costs would not just reduce foreclosures by facilitating transactions, but would also increase people’s net equity in their existing homes. Homeowners would be better off and, at least in real estate, this economic crisis would not be wasted.

Al Lewis is author of “OOBonomics: 12 ‘Outside Of the box’ Ideas to Improve the Economy.”

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/02/ED4C1BP3O5.DTL

This article appeared on page A – 10 of the San Francisco Chronicle

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To All Animal Lovers

Tuesday, February 2, 2010 posted by Tommi Crow

InfoTube has a very simple request for animal lovers.  Please go to the Animal Rescue Website and Click on the Purple Box that reads… “Fund Food for Animals for Free”.

The Animal Rescue website needs daily clicks to meet their quota for providing FREE FOOD for neglected and abused animals.  Their corporate sponsors use the number of daily visits to donate food in exchange for their advertising.

Clicking the link takes only 15 seconds and doesn’t cost you one thing!!  Please do it today and everyday.  And, please tell your friends.  It’s a great way to make a difference with no strings attached!!

Thank you for visiting InfoTube.net a FREE homes for sale and rent website, that also has no strings attached.  Feel free to post your property listing or search for over 20,000 great deals on homes with complete privacy.

Nicolas Cage Loses Homes to Foreclosure

Monday, November 16, 2009 posted by Tommi Crow

Is it a sign of the economic times, or more like MC Hammer deja vu??

Academy Award winning actor, Nicolas Cage, lost 2 New Orleans homes to a foreclosure sale this week. 

More bad news for freespending Cage. He owes more than $6 million in back taxes to the IRS. And, his properties in California and Las Vegas have been foreclosed on and are scheduled for auction this month.

Mr. Cage owed the City of New Orleans $151,730 in back real estate taxes and defaulted on his $5.5 million mortgage debt.  His home at 1140 Royal Street in the French Quarter, valued at $3.5 Million, sold for $2.3 million.  The other property located at 2523 Pataniya Street, appraised at $3.3 million, sold for only $2.2 million.  Pataniya Street is located in the Garden District.  Famous neighbors include author Anne Rice and football great Archie Manning, father of Peyton and Eli.

Bad Times or Crazy Spending?  Nicolas Cage, a member of the famous Coppola family, is known for being a big spender and news maker.  His obsession for Elvis resulted in a one minute marriage to Lisa Marie Presley.  He once paid $276,000 for a dinosaur skull.  At one time Cage owned 2 islands in the Bahama’s, luxury yachts (plural), a room full of shrunken heads and drove a stable of expensive cars, including a Lamborghini.  

Stars may occassionally fall to Earth, Nic won’t stay long.  Nicolas Cage and the Coppola family are Hollywood Royalty.  His movies have generated over $8 Billion in Box Office Sales.    Although Mr. Cage is facing financial ruin because he continued to spend, while millions of dollars drained from his bank accounts, we predict he will crank out more movies and will be back to living the high life in no time.  Also, it is rumored that Johnny Depp may come to Nic’s rescue.  It seems Depp has a soft spot for Cage, who got him his first roll in Nightmare on Elm Street.  Aren’t friends great!!

Thank you for visiting InfoTube.net Free Homes for Sale and Rent website.  We have helped sellers and buyers connect since 1988.  We can help you too!!

Latest Housing and Foreclosure News

Tuesday, November 10, 2009 posted by Tommi Crow

The latest news about home sales through October 31st, was nearly more scary than Halloween.  Here are the high or low lights, depending on your market position.

  1. Existing home sales were up 11 percent, due mostly to the $8000 tax incentives.
  2. Sales prices were down 11 percent.  Average US home price is now $177,900.
  3. One third of all homes sales were short sales or foreclosures.
  4. Foreclosures are up nearly 90 percent.  And, the banks reported that one-third of all their foreclosures are being held off the market.  Their strategy is to trickle more homes on the market, in hopes of keeping inventory lower, and therefore, prices higher.  Bottom Line.  There will be a huge second wave of Foreclosures hitting the market in 2010.
  5. The loan crisis isn’t over, it’s just starting in new places with new people.  Most defaulting subprime borrowers are already on the street.  When picturing the new homeless, visualize the bigger, Prime borrowers.  Expect foreclosures to rise dramatically in Salt Lake, Provo and Boise.  Also, expect a new surge of foreclosures in upscale, step-up homes and communities. 

Thank you for visiting InfoTube.net homes for sale and rent FREE website.   We have helped Americans sell homes since 1988.  Anyone can post a property listing for FREE, on our site or Search for great deals in complete privacy.  We never sell or distribute user information, EVER.  We are a US manufacturer, who sells to US retailers and that pays our bills!  We don’t need to churn email lists!!

Home Buyer Tax Credit Extended.

Thursday, October 29, 2009 posted by Tommi Crow

Great news for home buyers, sellers and owners, alike.  The homebuyer tax credit has been expanded to include step up buyers, who have owned a home for 5 years.  It also extends the tax credit through the end of 2010.  

GREAT NEWS! 

It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and odds are it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing a home, by April 30, 2010, to participate and receive the full credit available.

The credit will continue until the end of 2010, but the amount of tax credit will drop by 2 percent every 90 days.  The graduated benefit should help the housing market recover into and through the 2010 summer selling season.

Here is the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit.  The latest version extends the program to home sales signed not closed by April 30. Purchasers would have another 60 days to close the sale.  The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut slightly to a $7,290 cap.  Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Poison Drywall of China

Friday, October 16, 2009 posted by Tommi Crow

Toxic, sulfur laden sheetrock, Made in China, is making people sick, causing electrical wiring to go crazy and is corroding copper, wire and stainless steel in American homes.   The problem has affected thousands of homes in 20 states, yet, the US court system is powerless when to hold Chinese manufacturers (most of which are owned by the Chinese government) responsible for problems caused by their products.

The hardest hit area of the country may be the slowly recovering New Orleans area, and the coastal area’s wiped out by Katrina.  After enduring floods and mud, this man-made victimization is the last thing these communities need or deserve.   For those wondering how bad the problem is….The problem is so bad that local governments, already low on funds, are waiving property taxes for homes rebuilt with the Made in China, toxic sheetrock.

                                      Facts About Toxic Chinese Drywall and Sheetrock:

  1. The sheetrock may emit a sulfuric odor, which smells a bit like rotten eggs.
  2. Health Problems are being Reported.  The most common health effects from the drywall are skin rashes, blisters and headaches.
  3. Homeowners insurance does not cover claims due to construction defects.  When insurers discover a property has Chinese drywall, they are canceling homeowner policies.
  4. The gases emitted by the Chinese Drywall eat away at any copper, aluminum or stainless materials inside the home.  This means that appliances, wiring, mirrors, computers, toys, plumbing pipes and fixtures, jewelry, HVAC or any systems that contain these component materials will also be damaged, usually beyond repair
  5. Seller’s of Homes that contain Chinese Sheetrock must disclose that fact, even if all the sheetrock in the home has been replaced.
  6. If your home contains any Chinese Made Drywall/Sheetrock file a compliant with Consumer Product Protection Council and also check about making a local compliant with your state.
  7. For updates on the Chinese drywall, multi-district lawsuits (MDL #2047 to to www.laed.uscourts.gov and click on Drywall MDL.

One tell tale sign of toxic sheetrock can be seen in the corners of mirrors

Watch for corrosion in and around plumbing fixtures, refrigerators, ac units, on stainless steel appliances or any area with metal components.  

Our two cents:  In light of this most recent, very serious, and potentially deadly, problem with cheap imports, all Americans need to reconsider their ongoing love affair with everything cheap and Chinese.  If the US government, who allows these imports, can’t force the Chinese manufacturers to stand behind the products they sell, then the retailers, who chose to buy these goods should have to.    The cost of uprooting families and replacing all the sheetrock, mechanical systems and personal property in over 60,000 reported homes is overwhelming.   If anyone deserves a taxpayer bailout, it’s these innocent homeowners who have been victimized by governments and retailers, alike.

Thank you for visiting InfoTube.net.  All our products are MADE, ASSEMBLED and SHIPPED right here in the USA!!!   In November, we will celebrate our 20th Anniversary, proving that you can hire US workers and run a profitable business.   Thank you for your support over all these years and please tell your friends about us!!!

Check for Bed Bug Outbreaks in Real Time

Monday, September 21, 2009 posted by Tommi Crow

A new website The Bed Bug Registry is a free, public database of bedbug infestations. Use it to check for bedbug reports before booking a hotel room or renting an apartment.

The Bedbug Registry gives travelers and renters a reliable and neutral platform for reporting their encounters with bedbugs. Though most Americans have still never encountered one, these retro pests are spreading extremely quickly across several American and Canadian cities.

Bed bugs are easy to transport in luggage and very hard to get rid of. For this reason they have become an especial nuisance for hotels, who are not eager to publicize their infestations. You can’t tell whether a building or hotel room has them based on cleanliness – the bugs can thrive anywhere there are cracks and crevices to hide in.

Until a reliable, safe pesticide becomes available, avoiding bedbug encounters will be the only reliable way to ensure they don’t spread into your own home.

To Read More About How to Spot and Stop Bed Bugs Before You are Eaten Alive,  CLICK HERE!!!    

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10 Signs of a Bottom in Housing

Wednesday, July 22, 2009 posted by Tommi Crow

For those of us searching for signs of a bottom in the housing market, the writing is now on the wall.  The charts are bottoming out and leveling off.

10 Noteworthy observations and signs include:

  1. The rate of REO’s (real estate owned by the bank) coming onto the marketplace has slowed across the country.
  2. In May, sales prices for existing homes rose 3 percent from April levels.
  3. The number of Sold Homes surged in California, Nevada, Arizona and other hard hit area’s of the nation.
  4. Even in Las Vegas, the epicenter of the crash, sales prices are firming and seller’s are receiving near full asking price, albeit at a 50 percent discount to pre-crash levels.
  5. Inventory levels of existing and new homes has fallen in recent months.
  6. The doomsayers were wrong about runaway inflation and rising rates.  30 year fixed interest rates remain at a very attractive 5.5 percent and banks are lending money.
  7. Stocks of pubically traded home building companies have moved off their bottoms and are trading within a sustainable uptrend range.
  8. The number of housing starts increased for the first time in months.  Since financing for speculation homes is hard, if not impossible to obtain, we assume these homes are already sold before construction begins, signaling demand.
  9. Large home builders are starting to acquire select tracts of land for future development.
  10. The rate of borrowers receiving notice of foreclosure has seen a meaningful decline of late.

Finally, we have a glimpse of light at the end of a long tunnel.  While the market will surely continue to experience difficulties, news indicates that the worst may well be behind us. 

Thank you for visiting InfoTube.net.   The summer home selling season is rapidly getting away.  If you need to sell a home, nothing beats the power of the MLS to get you noticed.  To learn more about the advantage of selling by owner and taking advantage of the MLS, Click Here.

A delight for commuters and motorcycle enthusiasts alike, The Zero is a new electric motorcycle with sharp style and enough speed to embarrass other bikers at stop lights. 

Made in California, the Zero is fast, agile and a joy to ride.   “People have waited decades for these things to be practical”, said Neal Saiki, inventor and founder.  “We make every part of the bike”, said Saiki, “It’s very light and half the weight of a normal motorcycle.”  In addition to being pollution-free, the street and dirt versions of the bike are silent when running. 

One limitation for consumers may be the bike’s range and price.  It runs between 40 and 60 miles, before it needs to be re-charged.  And, the price is a bit steep at $13,500, which is about double the cost of a gas powered equivalent.

Thank you for visiting InfoTube.net homes for sale or rent website.  Seller’s can post property information on InfoTube.net for FREE.  Buyers can search the database for thousands of properties often seen no where else on the web.

In a bad economy, housing con’s, scams and fraud are on the rise.   The increase in real estate related scams is up so much this year that the Obama administration is involved, and promises “We will shut down fraudulent companies more quickly”.

Here are some of the most common scams seen in the housing industry and tips about how to protect yourself and your family.

Promise to Stall or Halt Foreclosure

Foreclosure scammers are the worst of the worst.  Like vultures, they swope down to pick at the flesh and bones of weak and vulnerable.   These companies promise to stall, avert or stop the foreclosure process.  Many families which are facing the loss of their homes interupt their “pitch” as an answered prayer.   Don’t Fall for It. 

Homeowner’s can identify these companies because they always ask for an upfront fee for their service.   In addition to losing thousands of dollars to these con men, the victims also waste precious time in working with their lenders, which means that this scam can actually speed up the foreclosure process.

Homeowner’s are advised to check with the Better Business Bureau, their lender and the Hope Now organization, before doing business with any company promising the stop a Foreclosure.  

Loan Modificiation

The state of California issued permits to real estate agents for loan modifications.  The state now has almost 600 Realtors, so far, that can collect upfront fee’s for negotiating loan modifications and short sales with lenders on behalf of the homeowner.

We have heard reports that some of these companies charge $2500-$3000 to negotiate with lenders, saying they provide more service and expertise than overworked non-profits do.

Consumers should ALWAYS be on High Alert if they are ask to pay upfront fee’s to anyone, especially when the service provider can not guarantee results.   There are a lot of starving real estate agents out there, so beware and always verify credentials before paying for any upfront service.

Where to go for Real Help.

  1. Homeowner Preservation Foundation.  1-888-995-4673 
  2. Hope Now    Website Link
  3. Making Home Affordable. gov   Website Link
  4. Your Lender
  5. Beware:  Don’t be fooled into working with companies because they have official sounding names and copy cat websites.  The government recently shut down 5 companies and issued warning letters to 71 others who are operating under names that sound legit, but aren’t. 

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This short video clip offers a very interesting look at changes in world demographics and the progress of information technology.  Do yourself a favor and watch this one.

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