Archive for June, 2009
June 27th, 2009 by admin
“The King of Pop,” Michael Jackson, suddenly died today at the age of 50 as a result of cardiac arrest. His passing has and will unearth myriad issues throughout his successful — albeit checkered — career in the days, months and years ahead.
One topic that has been popular around here has been his real estate portfolio, including his sprawling Neverland Ranch estate located in Los Olivos, Calif., which he nearly lost to foreclosure in 2008.
Despite his tremendous success for nearly a half-century, during which he amassed a jaw-dropping personal fortune that most rich people can’t even fathom, Jackson was reportedly $500 million in debt.
He was a big spender.
And he poured countless dollars into Neverland, which he purchased for $19.5 million in 1987, to turn it into a giant playground, featuring “two railway lines, two helicopter pads, its own fire department, a zoo and a plethora of amusement-style rides,” according to MSN Money.
When all was said and done the property cost an estimated $10 million or more per year to maintain.
It was eventually too much to handle and Jackson defaulted on a $24.5 million loan. He avoided foreclosure by selling Neverland to a real estate investment company, Colony Capital, that entered into a joint venture with Jackson to renovate and re-sell it.
Talk about an incredible investment — Neverland will more than likely now fetch a tremendous return with Jackson’s passing. Unless, of course, it is turned into a museum to honor his memory.
Whatever happens … all eyes will eventually shift toward co-owner Colony Capital to see what the investors plan to do with the property as the many layers of this story get peeled back over time.
June 27th, 2009 by admin
The June 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details how you can find and bid on the best foreclosure deals in your area through online auctions.
Foreclosure deals are everywhere. Lenders, banks and others that own large real estate portfolios are looking to move their inventories in new and exciting ways, including via the Internet.
It makes perfect sense — more than 80 percent of house hunters begin their searches online.
Now it’s our job to tell you where to find these types of auctions, as well as all the things you need to be aware of before placing a bid. Auction homes are priced to sell fast within a certain time frame. That means you need to be ready to move at the drop of a dime when the opportunity of a lifetime emerges.
“Investment Exchange” to the rescue! To check out Online Real Estate Auctions today be sure to click here.
Remember that “Investment Exchange” is a FREE resource that Foreclosure.com provides its site visitors. Sign up to receive the educational real estate newsletter each month at no cost right here.
June 27th, 2009 by admin
Count the Atlanta Journal-Constitution among the growing number of wise media outlets and organizations that will no longer accept nationwide foreclosure-related statistics from RealtyTrac at face value.
According to Inman News (subscription required), the leading daily in the state recently compared legal notices published in newspapers in five metro Atlanta counties against numbers from the self-proclaimed “most trusted source of foreclosure information.”
And while it’s no surprise that RealtyTrac was way off (by nearly 4,000 filings) again, it is quite shocking that the company is now apparently underreporting data.
Here’s the irony:
“After changing its reporting methods two years ago in response to accusations that it was overstating the number of homes subjected to foreclosure-related filings, data aggregator RealtyTrac is facing the opposite problem …”
RealtyTrac still can’t seem to ever get it right.
Meanwhile, Foreclosure.com continues to collect data that is more in line with Mortgage Bankers Association, as well passes tests from the Wall Street Journal, Associated Press, Inman News — the leading source of independent real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike — and other prestigious publications/newswires.
And yet several newspapers and media outlets throughout the nation still to this day continue to source RealtyTrac data — even when the company’s own spokesperson admits there “needs to be a better process.”
The good news is that there already is a “better process” and it can be found conveniently online at Foreclosure.com. We work hand-in-hand with major lending institutions, government agencies, corporate sellers and other top-level sources, scrubbing the information that we receive to ensure its accuracy.
Put simply, our process works.
For more troubling news reports that reference RealtyTrac foreclosure statistics click here, here, here, here, here, here and here. Sorry if we missed a bunch; however, it’s just so much to keep track of over the years.
June 27th, 2009 by admin
Foreclosure is unpleasant for several different reasons. Not only are homeowners forced out of their homes, but their credit scores suffer long after the banks repossess them.
In fact, a foreclosure can affect a credit score by as much as 250 to 280 points for up to seven years. That of course can become a major problem and inconvenience down the road when it comes to buying/leasing a car, renting a new place or even getting approved for a credit card.
It’s a horrible gift that, unfortunately, keeps on giving.
For the sake of comparison, short sales and deed-in-lieu are less of a drain on your credit. Short sales can affect a score by 80 to 100 points and deed-in-lieu is anywhere from 120 to 175. Clearly, it’s in homeowners’ best interests to try and short sale or sell their homes by some other means before losing them to foreclosure altogether.
The good news is that a credit score can never drop below “0.” It’s also always changing — when credit takes a ding for any reason time is a reliable ally that helps improve the rating.
Of course, a person needs to focus on doing the things that will not make a situation worse for a score to get better. The key to great credit is to be educated on how prompt payments and buying behaviors affect long- and short-range financial goals.
Nationwide consumer credit reporting companies such as Experian, Equifax and TransUnion allow one FREE credit file disclosure every 12 months. The first step, clearly, is finding out what your credit score is and the factors that went into it.
From that point on raising your credit score is like getting into shape — it takes some time and there is no quick fix. If you are having credit problems or would like to speak with a professional about how to best go about repairing your credit — especially if a foreclosure is involved — visit CreditLawGroup.com today.
June 27th, 2009 by admin
Mention the word “foreclosure” and the usual reference is to residential real estate, but now the term is beginning to have a new meaning, one with a troubling economic impact.
June 27th, 2009 by admin
We’re now at a very unusual point in financial history, one which home buyers and foreclosure investors may want to examine with care.
June 27th, 2009 by admin
Former heavyweight champion Evander Holyfield is yet again faced with the threat of foreclosure on his 54,000- square foot home in suburban Atlanta. It is reported that Holyfield expects an agreement to be arrived at before the 235- estate is auctioned. Evander Holyfield has earned more than $120 million throughout his entire career but at the ripe age of 46- despite Evander claiming he is still an active fighter- there is no big money coming in. Holyfield must reduce himself to a humbler abode that does not include 109 rooms, 17 bathrooms, three kitchens and a bowling alley. Holyfield is going through some rough times……
Natasia DaSilva
Foreclosure Expert
June 16th, 2009 by admin
One of our internal commitments is to our staff at Foreclosure.com. We actually take our employees to live foreclosure auctions at the Palm Beach County Court House in West Palm Beach, Fla., each week to teach them the foreclosure process.
This experience, which we offer to introduce new employees to the actual experience, as well as keep the topic fresh on the minds of our more experienced team members, helps them better understand the value we bring our subscribers. From customer service to human resources to programming, all personnel types from every department at Foreclosure.com are invited to participate in the weekly excursions.
NOW WE WANT TO INVITE YOU TO COME ALONG AND JOIN US!
Linda Yates, Director of Education at Foreclosure.com, is now conducting FREE auction education classes at the Palm Beach County Courthouse every Thursday morning. The class will teach you how to look up information on the properties for sale, then you will attend a live auction to see how the auction process works.
You’ll become a pro in no time!
So if you are ever in the South Florida area and want to learn the tips and tricks to finding a great home and/or make a fortune at foreclosure auctions then you need to give us a call at 1-866-382-2439 to make a reservation for the class.
You MUST have a reservation because class sizes are limited. Classes, which are again FREE to attend, are held from 9:30 am to 11:30 am every Thursday.
Hope to meet you on the court house steps real soon!
June 16th, 2009 by admin
June 16th, 2009 by admin
The Foreclosure.com Community Expert Program (CEP) continues to roll, connecting real estate agents with 1,000’s of potential buyers in their local areas for less than the cost of one open house ad.
Sounds too good to be true, right? Well, the good news is that it is indeed a fact.
Community experts appear directly on the property details pages for all the listings that we have in our massive nationwide database (more than two million and counting) in their designated communities. It’s the best and most cost effective online marketing program available anywhere.
Especially when you consider that Foreclosure.com is getting crushed around the clock and setting new traffic records month-over-month because of the interest in distressed real estate.
In fact, Foreclosure.com — already America’s largest and most trusted source for distressed real estate information — is among the top 20 online real estate destinations on the Web, placing twelfth for visits on a recent report from HitWise.com — the leading online competitive intelligence service — for the week ending on Feb. 28.
This business has always been about “Location, Location and Location.” And it doesn’t get any better for real estate agents right now than marketing their services on the hottest Web address on the Internet to find buyers, Foreclosure.com.
We can tell you about how successful Community Expert Program agents are until we’re blue in the face, but it might be better if we let you hear it straight from them. Check out our latest testimonials after the jump, as well as instructions on how to get in on all the scorching action.
Community Expert:
Kristin Triolo
Sarasota, Florida
Five CEP zip codes
“You were right about the 34205 zip code! I already got a call this afternoon. Thank you!”
Community Expert:
Dennis Hearing
Broward, Florida
25 CEP zip codes
“I would caution anyone considering sponsoring zip codes. If you hate it when the phone rings-ALOT, this program is definitely not for you! Since we have been on we have connected with several serious investors and many, many serious RTG qualified buyers. We are currently in contract on several properties and have closed several others from leads we received from Foreclosure.com”
Community Expert:
Jennifer Nelson
Buffalo, New York
Five CEP zip codes
“You were right about the 34205 zip code! I already got a call this afternoon. Thank you!”
Community Expert:
David Offutt
Brockton, Massachusetts
Five CEP zip codes
“Being a Community Expert has brought me a whole new group of buyer leads, helps keep my pipeline full, and has introduced me to lifetime colleagues & business partners.”
Community Expert:
Sean Sweeney
Johnson, Texas
Five CEP zip codes with 11 homebuyers to date
“The program is going great. I just wish i did it sooner. I know have 9 buyer under agreement with me, 2 pending contracts already and phone is still ringing with newbies. 110 percent completely satisfied with you.”
If you are a real estate agent/broker who would like more information on the Foreclosure.com Community Expert program click here or call us at 866-382-4445 — we’ll set you up fast!
Interested buyers/investors who would like to connect with CEPs in their areas should begin their searches right here.
