An excellent post from Shaun McCloskey featuring a short interview with one of his students.
“I just got off the phone with a student of mine, Brian Haskins. I must say I’m pretty proud of him. He’s really taken off and hit the ground running with this whole short sale thing. We were talking on the phone today and he started telling me that he recently hired an assistant to help him through some of the day to day “stuff” in his short sale business and it reminded me of when I struggled with that decision to hire help just a few short years ago…”
A hat tip to Cory Boatright for passing this one along. A real eye opener.
“The cost of a foreclosure, it turns out, is pretty staggering and we wonder why lenders and the investors they represent aren’t jumping at a solution, any solution, that would allow them to avoid going to foreclosure whenever possible. According the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs $3,300…”
“Mortgage fraud cases are up all over the country, with FBI investigations rising to 1,380 from 818 in fiscal 2006. Many perpetrators were home buyers who inflated their incomes or credit status to obtain mortgages; while other schemes involved teams of real estate brokers, appraisers, and “straw buyers” who never had any intention of living in the properties…”
“Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis’ mounting damage to homeowners and the economy. The latest snapshot of the mortgage market showed that the proportion of mortgages that fell into foreclosure soared to 0.99 percent in the January-through-March period. That surpassed the previous high of 0.83 percent over the last three months in 2007…”
I mean…couldn’t he have just paid cash for his house originally and avoided this? Somebody buy Evander a Dave Ramsey financial peace membership…
“Not too far from my home sits Evander Holyfield’s monster mansion. With 109 room and 235 acres the home is the largest in our county and sits on Evander Holyfield Highway. And according to local reports, the 10 million dollar mortgage on the property was past due and the home went up for auction…”
I wonder how much Ed gets paid for delivering the giant sweepstakes checks? The above article is from Yahoo news. I noticed another interesting one from USA Today.
“Ed McMahon blames the possible foreclosure of his multimillion-dollar Beverly Hills house on a set of problems all too familiar to many Americans: a foundering economy, health problems and poor planning. ‘If you spend more money than you make, you know what happens,’ McMahon said…”
“Cindy Nguyen has little time for sleep while she sniffs out deals in one of the world’s hottest property markets. Last year, the president of San Jose’s Lakami Professional Realty returned to Vietnam for the first time in 23 years. She was stunned by what she saw: instant wealth being created by land prices that have tripled, even quadrupled, in recent years…”
That’s it for industry news of the week that struck me as fascinating, interesting or otherwise noteworthy. I’m sure there’s a lot I missed.
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