Archive for 'Foreclosure'

The report is in for the month of June and the results for home sales in California are showing positive once again according to the CALIFORNIA ASSOCIATION OF REALTORS®. Pending home sales were up again over 12 percent as compared to June  2014, marking the seventh straight month of year-to-year gains and the fifth straight month of double-digit advances. A breakdown of distressed sales by County is in the chart below.

LOS ANGELES, July 23, 2015 /PRNewswire-USNewswire/ — California pending home sales continued to gain steam in June, registering seven months of continued annual increases and the fifth consecutive month of double-digit increases, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

In a separate report, California REALTORS® responding to C.A.R.’s June Market Pulse Survey saw a reduction in floor calls, listing appointments, and open house traffic, compared with May. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS®, which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Pending home sales data:

  • California pending home sales were up 12.5 percent on an annual basis from the revised 107 index recorded in June 2014, marking the seventh straight month of year-to-year gains and the fifth straight month of double-digit advances.
  • Statewide pending home sales fell in June on a month-to-month basis, with the Pending Home Sales Index (PHSI)* decreasing 2.6 percent from a revised 123.6 in May to 120.4, based on signed contracts.  The month-to-month decrease was slightly below the average May-June loss of 1.9 percent observed in the last seven years.
  • A shortage of available homes in the San Francisco Bay Area stifled pending sales in June, pushing the PHSI to 127.9, down 5.3 percent from 135.1 in May and down 0.9 percent from the 129.1 index recorded in June 2014.
  • Pending home sales in Southern California continued last month’s increase by rising 4 percent in June to reach an index of 109.6, up 14.2 percent from the June 2014 index of 96.
  • Central Valley pending sales fell in June, dropping 8.2 percent from May to reach an index of 99.5 in June but up 14.2 percent from the 87.2 index of June 2014.

Equity and distressed housing market data:

  • The share of equity sales – or non-distressed property sales – declined slightly in June to make up 92.4 percent of all home sales, remaining near the highest level since late 2007. Equity sales made up 92.6 percent of all home sales in May and 89.9 percent in June 2014. The share of equity sales has been at or near 90 percent since mid-2014.
  • Conversely, the combined share of all distressed property sales (REOs and short sales) rose slightly in June, up to 7.6 percent from 7.4 percent in May. Distressed sales made up 10.1 percent of total sales a year ago. Ten of the 43 counties that C.A.R. reported showed month-to-month decreases in their distressed sales shares, with Alameda and Santa Clara having the smallest share of distressed sales at 1 percent, followed by San Mateo (2 percent), Contra Costa (3 percent), and San Francisco (3 percent). Glenn had the highest share of distressed sales at 27 percent, followed by Merced and Siskiyou (both at 23 percent).

June REALTOR® Market Pulse Survey**:

  • Reversing last month’s decrease, the share of sales closing below asking price increased to 43 percent in June, up from 40 percent in May, but down from the highest point of 55 percent in January 2015.  More than a third of homes (33 percent) closed over asking price, and 24 percent closed at asking price.
  • For the one in three homes that sold over asking price, the premium paid over asking price increased in June, suggesting increased market competition among home buyers in some local markets. In June, homes that sold above asking price sold for an average of 11 percent above asking price, up from 8 percent in May and 7.3 percent in June 2014.
  • The 43 percent of homes that sold below asking price sold for an average of 11 percent below asking price in June, up from 7 percent in May.
  • The share of properties receiving multiple offers was unchanged at 65 percent in June but down slightly from 66 percent in June 2014.
  • The average number of offers per property increased slightly to 2.9 from 2.8 in May and 2.7 in June 2014.
  • REALTOR® respondents reported that floor calls, listing appointments, and open house traffic all declined in June, compared with the previous month.
  • While the majority of REALTORS® (83 percent) expect better or similar market conditions over the next year, the percentage of REALTORS® who are optimistic about conditions over the coming year has been on the decline for the past six months from 62 percent in January to 44 percent in June.

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale

Jun-15

May-15

Jun-14

Equity Sales

92.4%

92.6%

89.9%

Total Distressed Sales

7.6%

7.4%

10.1%

     REOs

3.5%

3.6%

4.4%

     Short Sales

3.7%

3.4%

5.4%

     Other Distressed Sales (Not Specified) 

0.4%

0.4%

0.3%

All Sales 

100.0%

100.0%

100.0%

Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County

Jun-15

May-15

Jun-14

Alameda

1%

3%

4%

Amador

8%

9%

23%

Butte

9%

5%

8%

Calaveras

6%

10%

16%

Contra Costa

3%

2%

4%

El Dorado

8%

5%

12%

Fresno

10%

11%

17%

Glenn

27%

0%

21%

Humboldt

16%

14%

8%

Kern

9%

8%

11%

Kings

11%

13%

25%

Lake

18%

15%

23%

Los Angeles

8%

7%

10%

Madera

9%

5%

9%

Marin

4%

2%

3%

Mariposa

20%

18%

40%

Mendocino

20%

16%

10%

Merced

23%

16%

16%

Monterey

8%

7%

13%

Napa

12%

4%

6%

Orange

4%

4%

6%

Placer

5%

6%

7%

Plumas

20%

16%

18%

Riverside

10%

10%

13%

Sacramento

11%

10%

13%

San Benito

8%

6%

7%

San Bernardino

12%

10%

17%

San Diego

4%

5%

6%

San Francisco

3%

3%

3%

San Joaquin

12%

10%

14%

San Luis Obispo

4%

6%

5%

San Mateo

2%

1%

3%

Santa Clara

1%

1%

2%

Santa Cruz

4%

4%

7%

Shasta

8%

13%

14%

Siskiyou

23%

17%

19%

Solano

21%

9%

13%

Sonoma

9%

3%

6%

Stanislaus

11%

8%

12%

Sutter

12%

13%

8%

Tulare

14%

14%

21%

Yolo

5%

2%

12%

Yuba

18%

16%

9%

CALIFORNIA

8%

7%

10%

*Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.  Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market.  A sale is listed as pending after a seller has accepted a sales contract on a property.  The majority of pending home sales usually becomes closed sales transactions one to two months later.  The year 2008 was used as the benchmark for the Pending Homes Sales Index.  An index of 100 is equal to the average level of contract activity during 2008.

**C.A.R.’s Market Pulse Survey is a monthly online survey of more than 300 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Leading the way…® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS

CONTACT: Mary Belongia, (213) 739-8363, maryb@car.org

RELATED LINKS
http://www.car.org

Foreclosure Numbers Dropping

Foreclosure

The banks are reporting lower foreclosure numbers for the last quarter of 2011. Some of that can be attributed to the robo-signing fiasco and some to the new programs that the banks have put in place to help the home owner keep their home. The banks have become a little more flexible in dealing with these delinquent mortgages mainly because the tactics they were using before simply wasn’t working. You can read more about it here:

 

 

Bank of America Tiptoes into Landlording Business

Foreclosure properties

Foreclosure properties. (Photo credit: Wikipedia)

 

It seems like it was only yesterday that when an investor wanted to purchase a property through the short sale process, two things that the Banks demanded were that the homeowner was not to receive any cash and that they were not allowed to stay in the property after the sale. All of that has now been turned on it’s head. Some banks are now offering cash to homeowners for the keys to the property and now BoA will allow some owners to stay on as tenants. The idea is to eventually sell the properties off to investors. Good news for investors and it’s been a long time coming.

Bank of America Corp. has tentatively joined a nascent housing industry movement in which homes in or near foreclosure are sold to investors as rental properties.

The bank on Friday began a test program for 1,000 homeowners headed into foreclosure in Nevada, Arizona and upstate New York — borrowers it has been unable to help with loan modifications but hopes to keep on as renters. If successful, the program could be tried in California and rolled out nationally.

Consumer advocates maintain it often would be better for homeowners, communities and the banks themselves to keep troubled borrowers on as renters rather than kick them out. Seizing and selling empty homes creates neighborhood blight and accelerates downdrafts in housing prices, they contend.

Bank of America doesn’t plan to become a longtime landlord for borrowers turned tenants. In the pilot, it hopes to take possession of homes for no more than three months before selling them to investors making a bet on the recovering housing markets. If the program becomes established, the goal would be for the investors to take over as soon as the occupants relinquish ownership and pay the first month’s rent.

Whether this scheme can work is to be determined by the pilot, the first such test announced by any major mortgage company. The bank wants to find out whether getting a loan off its books with a quick sale at a deep discount is a better deal financially than the foreclosure process, which can drag on for months or even years in highly regulated states such as New York.

“This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support,” said Bank of America’s Ron Sturzenegger, who oversees about 1 million troubled loans inherited from aggressive mortgage giant Countrywide Financial Corp., which Bank of America purchased in 2008.

Homeowners can’t apply for the program themselves, a bank spokesman said.

The trial is limited to a tiny slice of the 1 million loans that Bank of America owns outright. It is not testing any of the additional 8 million home loans on which it provides customer service but which are owned by investors in mortgage bonds.

Bank of America executives said the 1,000 homeowners selected are all at least 60 days late on their loans and are not qualified for or not willing to accept other alternatives to foreclosure.

They will be offered one final deal: hand their property titles to the bank, which would cancel their mortgages in what’s known as a deed in lieu of foreclosure, and sign contracts agreeing to rent the home for up to three years at or below market rates.

Source

Hopefully this program works out for all parties and the foreclosure backlog starts moving again.

Foreclosure Funding is Available Up to 110%

Foreclosure Funding

Foreclosure Funding (Photo credit: niallkennedy)

 

It’s hard to open the newspaper or watch the news without hearing something almost daily about foreclosures. Maybe you’ve even looked at some of these properties either for your own use or as an investment property. If you have been looking than you’ve probably noticed that most of these houses need a lot of work, with roofs, kitchens, heating systems all seeing better days. Makes you wonder how all that work will get done, especially if you’re not all that handy. It just so happens that the Fed’s have a great program to cure what ails these rundown houses.

There are some great bargains right now in foreclosed homes but they often aren’t in the best of shape. Fortunately, the FHA’s 203(k) program allows you to both buy a house and fix it up with a single mortgage loan.

The FHA 203(k) mortgage is designed for fixer-uppers. You can borrow up to 110 percent of the expected value of the property after renovation to pay for both the purchase and home improvements. You can even do the work yourself, provided you’re qualified to do so, although the FHA will likely insist that you hire professionals for more demanding projects.

Many foreclosures need repairs

Foreclosed properties can be in poor condition for a number of reasons. To begin with, if the previous owners couldn’t make their mortgage payments, they probably didn’t keep up with routine maintenance either. Second, foreclosures often stand vacant for a long time before they are purchased, and may deteriorate during that time. Finally, homeowners facing foreclosure sometimes remove appliances and other items of value, or simply damage the property to spite the bank.

On the plus side, these are some of the reasons why foreclosures sell at a discount in the first place. Quite often, they can be purchased and put back into shape for considerably less than you would spend on a conventional home purchase with only minor upgrades needed.

Streamline option for basic improvements

There are two types of FHA 203(k) loan. If the home only needs modest improvements, like a new roof, new appliances, kitchen remodeling, repairs or upgrades to heating, electrical and plumbing system, floor repairs, basement refinishing and the like, you can apply for a streamlined 203(k), also called a modified 203(k). This will allow you to borrow up to $35,000 with more simplified application requirements than on the standard 203(k).

The standard FHA 203(k) is used for more extensive improvements, those costing more than $35,000 or involving structural work. This might include adding an addition, repairing structural damage, moving a load-bearing wall or any kind of work that involves detailed drawing or architectural exhibits.

Borrow up to 110 percent of improved value

In either event, the maximum you can borrow is either 1) the total of the purchase price and planned improvements, or 2) the estimated improved value of the home plus 10 percent (110 percent of the improved value), whichever is the lower of the two. In any event, you’ll need an appraisal done to calculate what the improved value will be.

In addition, you’ll need to prepare a work plan showing what you plan to do and the cost of the materials and labor. You can do the work yourself, but must show that you are qualified to do so. In addition, you must include a provision for the cost of the labor, so that you can pay to have the work completed by professionals if you are unable to do so in a timely manner – you’re allowed six months for do-it-yourself projects.

 Limited to owner-occupants

The FHA 203(k) loan program is limited to owner-occupants – you must live in the home once renovations are complete. However, the loans can be used to purchase and improve multiunit homes of up to four units, provided that you make one your residence. The loans can also be used to divide a single-unit home into multiple units, or turn a multiunit property into a single-family residence.

Not all FHA lenders deal in 203(k) loans, so you may have to do some looking around to find one who knows how to handle them. You can also expect a somewhat longer closing period than on a regular FHA mortgage, usually about 45-60 days.

 Source

So now you have no more excuses. Get out there and start making offers.

Foreclosed Self Storage Facility

Foreclosed Self Storage Facility

Attention Commercial Investors! Here’s a rare opportunity to acquire a Self Storage facility in Southern California. These things don’t come along every day. The property has been foreclosed and is now in the hands of the lender.

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that it has begun marketing and sales activities for the lender owned self storage property known as Newport Mesa Self Storage in the city of Costa Mesa, California.   The firm was selected as the exclusive listing broker for the Orange County facility.

Newport Mesa Self Storage is a three-story self storage property located on Newport Boulevard in the city of Costa Mesa in Orange County, California.  It is currently operating under the Storage Direct trade name. The property is located on a busy frontage road with freeway visibility along the busy 55 (Costa Mesa) Freeway.  This freeway is the main connection between Newport Beach and the rest of the Orange County metropolitan area.

The project contains approximately 37,870 net square feet of storage space in 480 rental units. The property is currently at 62% occupancy by unit count and 72% occupancy by rentable square footage.  Economic occupancy currently stands at about 65% of the gross potential rental income.  As the average occupancy in the area is approximately 90%, it appears this property has significant upside potential to increase value with higher occupancy and income.

“There have been very few storage properties available for sale in Southern California and especially in Orange County,” said Dean Keller, President of Bancap Self Storage Group. “This is a rare opportunity to purchase a well located facility in a very desirable market, with tremendous upside potential.”

Costa Mesa is well known for its retail (including the renowned South Coast Plaza), higher education (including Orange Coast College and Vanguard University) and its arts and entertainment (including the Segerstrom Center for the Arts.)  The city is ideally located with close proximity to commercial, industrial and residential districts around the Orange County / John Wayne Airport area.  It is also closely associated with its coastal neighbor, the world famous Newport Beach.

The property was recently obtained through foreclosure and the foreclosing lender/owner is represented by LNR Partners, LLC as the special servicing agent for the note-holders.  LNR Partners has engaged Platinum Storage Group to provide professional property management services for the property.   LNR has previously engaged Bancap Self Group as its exclusive broker – most recently in the sale of the Casino Self Storage property in Moorpark, California.

Bancap Self Storage Group is the top selling broker of self storage facilities in California with over $900 million in completed sales.  The company has specialized exclusively in self storage properties for over 25 years.  The firm has recently brokered several lender-owned “REO” properties, as well as several first-class high occupancy properties that were very profitable.  The firm has also facilitated numerous self storage portfolio sales in the state.

For more information contact Dean Keller, President of Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

English: Foreclosure Sign, Mortgage Crisis

Florida Foreclosures-Image via Wikipedia

It looks like the enormous logjam of foreclosures in Florida isn’t going to be cleaned up anytime soon. With almost 400,000 cases backlogged at this time and more coming in every day, some are estimating that it may be ten years before this mess is completely cleaned up. There’s enough finger pointing going on as it is with regard to who is responsible, but now the homeowners themselves have figured out a way to delay the process even more, insuring that they can stay in the house for up to a year longer.

Florida courts continue to struggle with a backlog of more than 368,000 pending cases, according to Jane Bond, a Florida foreclosure attorney at McCalla Raymer. It’s a nightmare, attorneys say — one with no end in sight.

“It’s not as bad as it seems. It’s much, much worse,” said David Rodstein, a foreclosure attorney with the Rodstein Law Group.

Bond and Rodstein chaired a panel at the Mortgage Bankers Association annual mortgage servicing conference in Orlando, Fla. The state is suffering from an ailing housing market. Home prices dropped 41% from 2006. Nearly half of all borrowers are underwater. Distressed properties abound. Unemployment is at 9.9%. And as it tries to clear the backlog of foreclosures, the state is going nowhere fast.

“The judges are frustrated. The attorneys are frustrated. The servicers are frustrated. Everyone is frustrated,” Bond said.

The average foreclosure in Florida takes nearly 800 days to complete, more than twice the national average, according to RealtyTrac.

Rodstein said 40% of foreclosures filed by servicers are contested by the borrower because of a very efficient bar system in the state. It’s helped create a cottage industry of delays, displacing an earlier system not any fairer.

“Borrowers can hire these attorneys for a small monthly payment — much less than the mortgage — and the attorney can come in and easily delay the case for year plus,” Rodstein said.

But the delay recently has much to do with some attorneys’ own mistakes.

Source

The story of Florida’s foreclosures will be one for the History books. The final chapter hasn’t been written yet and won’t be for a long time.

 

Foreclosure Numbers Lowest in the Better School Districts

Maybe you’ve been thinking about buying a house in foreclosure and even though you have some money saved you still need to find a really good deal. If you’re at the point that you’re actually looking at these houses, you start to notice that most of these properties are in marginal neighborhoods. Now, that may be OK for the investors but you have kids and plan on living in the house and don’t want to send your kids to those school districts. A new study just released addresses this situation.

Highly ranked school districts may have been spared the worst of the foreclosure crisis, according to a new analysis, showing that the housing crash was akin to a tornado that tore through wide swaths, but hit with particular force in certain areas.

The analysis, conducted for Developments by Location Inc., a Worcester, Mass.-based company that mines local data for businesses and consumers, looked at six months of 2011 sales data collected by RealtyTrac Inc. It showed that the percentage of foreclosure (or “real-estate-owned”) sales went down as the school ranking went up in five metro areas – Jacksonville, Fla; Atlanta; Toledo, Ohio; Stockton, Calif.; and Seattle. Higher-rated school districts also maintained higher home-sale prices, and higher home prices per square foot.

“If you are looking to buy into one of these good school districts, it is very rare to find a foreclosure,” said Location Inc.’s chief executive Andrew Schiller, an expert in demographic analysis who conducted the research with his colleague Jonathan Glick. “It’s better to just go into a normal sale.” (The five cities were chosen to provide a general market overview.)

The finding is, to a certain extent, not a surprise. Schools have long been a driver for home buyers, whether in determining location or timing. So it would make sense that school ranking could serve as a kind of proxy for measuring the damage from the foreclosure crisis.

It’s also not that foreclosure sales don’t exist in highly ranked districts; they are just much less of a factor, and the reason could be income. Stan Humphries, chief economist for real-estate data company Zillow, said that it’s “likely both educational outcomes and foreclosures are ultimately linked to income, not to each other.”

The upper tier of homeowners saw less of an impact from the housing crash than the bottom tier, according to Mr. Humphries; the top third of homes dropped 26% from the recent high point; the bottom third of homes in value fell 37%. Some sought-after neighborhoods probably saw less severe price erosion, which in turn helped sustain property taxes and protect a vital funding source for schools.

Mr. Schiller said he sees school quality as both a result and a driver of income concentrations in parts of metropolitan areas. “Once in place, the higher-quality school systems reinforce this, causing higher demand for properties there, and higher values.”

Good schools may also be one of few factors keeping buyers in certain markets today, further bolstering prices and property-tax bases in sought-after districts like Newton, Mass. and Cupertino, Calif., said Glenn Kelman, chief executive of the online brokerage Redfin. “People always want to live in those school districts,” Mr. Kelman said. “And those school districts have remained well-financed even as neighboring districts have to cut costs.”

Source

So, while it’s true that even million dollar houses sometimes go through foreclosure, it doesn’t happen that often. But when it does, the competition level goes way up and you won’t be buying that house for a mere pittance. Unless you have a lot of time and money, you’re better off with a traditional sale.

Mortgage Lenders vs The Scarecrow: If I Only Had a Brain

Are you kidding me? The Banks are just now paying homeowners to get out of a house they can’t afford anymore? They should have been doing this years ago instead of dragging out the short sale process and then delivering the big “No” months later. And then letting the house go through the foreclosure process, which eats up more time and costs them even more money in the process. Here’s one for you: “The banks have realized, ‘We are losing more on the foreclosures than the shorts,'” Augustyniak said. “And they are even willing to compensate the sellers, to give the sellers money to vacate the property.” Wow! What a revelation! Any half-assed Real Estate investor straight out of a short sale seminar in 2006 could have told them that. Guess it takes a while to sink in.

Chase Puts Their Money Where Their Mouth is With Large Short Sale Cash Incentive

McGeough Lamacchia Realty and Dorner Law negotiate a $35,000 payment to their short sale client at closing.

Quote startIt’s important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale.Quote end

Chase Bank sent a homeowner (name withheld) a solicitation letter offering up to $35,000 to do a short sale. Back in August the homeowner called McGeough Lamacchia Realty right away and the home was listed for sale within two weeks.

Once an offer was obtained the staff at McGeough Lamacchia Realty and Dorner Law submitted a short sale package to Chase along with their solicitation letter to remind them that this $35,000 was offered. After five weeks of negotiating Chase not only offered a short sale approval and waived the entire deficiency balance but they agreed to pay this homeowner the entire $35,000.

Over the past year more major banks have realized that paying distressed homeowners a substantial sum is a great way to incentivize them to move out of the home they can no longer afford. Chase has been sending out these solicitation letters of up to $35,000 for about a year. Citi Mortgage has been paying up to $12,000 for about 6 months and Bank of America has most recently agreed to pay up to $20,000.

McGeough Lamacchia Realty and Dorner Law have negotiated large sums for its clients before, but this $35,000 is a new record that they are proud of. These programs are only offered on the loans where these banks actually own the mortgage. Most mortgages are being serviced by the large banks on behalf of one of the three GSE’s: Fannie Mae, Freddie Mac, and FHA (Federal Housing Administration). FHA does offer a $1,500 incentive to do a short sale under their Pre-Foreclosure Sale program. Fannie Mae and Freddie Mac do not currently offer any money unless the short sale is through the Treasury’s HAFA program.

Under the Treasury’s HAFA (Home Affordable Foreclosure Alternative) program which came out in April 2010, lenders are paying $3,000 to distressed homeowners who complete a short sale through the HAFA program.

“It is clear that the major banks have woken up and realized that a short sale is the best way to decrease losses and assist distressed homeowners in a graceful and dignified exit from their home. It’s unfortunate that Fannie Mae and Freddie Mac still haven’t seen the light,” says Anthony Lamacchia.

Short sales are increasing across the country for several reasons:

  •     They are becoming better known to distressed homeowners.
  •     Banks have realized that they save tremendous money through a short sale vs. a foreclosure
  •     Banks have finally hired more staff and are working hard to better their short sale processes
  •     All the major banks are now sending out letters offering short sales to homeowners who cannot qualify for a loan modification. Bank of America recently came out with a Home Transition Guide.
  •     Banks recognize that the sooner they get out of a non-performing loan the more money they save.

“I did my first short sale 20 years ago. They are a great alternative to foreclosure and it is nice to see more distressed homeowners are finally opting for them, especially now that these great incentives are being offered,” says Attorney Hillery Dorner.

Nationally short sales have increased 12% in 2011 and many believe they will increase by much more in 2012.

“One thing distressed homeowners need to know now is that banks will be foreclosing much faster in 2012 than they did in 2011 due to these robo-signing issues for the most part being worked out. Therefore it is important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale,” says John McGeough.

For more on this story, visit the New England Short Sale Blog

About McGeough Lamacchia:

McGeough Lamacchia is the #1 Listing Agency in Massachusetts and named one of the Top 100 Real Estate Teams in the country by RealTrends and the Wall Street Journal. They are a full service real estate agency specializing in short sales in Massachusetts and New Hampshire.

So there you have it. All you seminar graduates, go out there and make some money.

Foreclosed Self Storage Facility Goes for $10.5 Million

Foreclosed Self Storage Facility Goes for $10.5 Million

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm has successfully brokered the sale of the Casino Self Storage property located in the city of  Moorpark in Ventura County, California.  Dean Keller, the firm’s president, was the exclusive listing agent and sole broker in the transaction.  The sale was facilitated by special servicing company LNR Partners, LLC on behalf of a CMBS fund that had foreclosed on the property earlier this year.  The buyer was Public Storage, a publicly traded REIT, which will re-brand the property with its name.

“This is a classic example of a very desirable first class property that was just over-leveraged in a very difficult economic climate,” Keller said “It is the nicest storage facility in the city and it should perform very well in the long run.”

The property sold for $10.5 million on an “all cash” basis. This was much less that the property’s outstanding debt at the time of foreclosure.  Although physical occupancy was over 85%, economic occupancy was approximately 66%, offering further upside potential to the buyer.  The facility’s gross potential income at the time of closing was approximately $1,078,000 per year.

Casino Self Storage contains nearly 85,430 net square feet of self storage space divided into 822 units, including 91 climate controlled units.  The attractive two-story project was built in 2005 and is located on Los Angeles Avenue (also known as State Highway 118) on a highly visible corner in retail and commercial oriented location.  The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.

“There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years and we have been the exclusive listing broker for most of them,” Keller said.  “There are plenty of buyers looking to “steal” lender owned properties, but we have been able to obtain very good and fair prices for the sellers – usually millions of dollars more than the “direct offers” received from potential buyers and other brokers before our listing and marketing of the property.  Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.”

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $900 million in completed self storage sales, including many lender-owned “REO” properties, numerous portfolio sales, and a record setting single property sale at over $31 million.  For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Contact: Dean Keller

Phone (949) 888-5355

Fax (949) 203-6105

Email: DKeller@BancapSelfStorage.com

Foreclosure Crisis Black Magic Report Released

Foreclosure Crisis Black Magic Report Released

Foreclosure Crisis Black Magic Report Released-Image via Wikipedia

Occupy Wall Street adds another exhibit to the Wall Street Hall of Shame and call it Deconstructing the Black Magic of Securitized Trusts by Oppenheim Law’s foreclosure defense team Roy Oppenheim and Jacquelyn Trask-Rahn.

The banks must be held accountable for their conduct on all levels

The Black Magic article will be published in Stetson Law Review’s Spring 2012 issue and is posted on OppenheimLaw.com. In the article the attorneys analyze the continued failure of the banks to follow the rules, and how their fraudulent documentation involving millions of foreclosures opened the door on an even larger scandal regarding the improper securitization of “mortgage-backed” securities, that were never mortgage-backed. The article chastises a court system that has become a private collection agency for the banks, and which has seen the practice of “lore” rather than law as rules of evidence and civil procedure are blatantly disregarded in order to promote expediency rather than protecting the due process and property rights of homeowners.

The article calls for members of the legal community and implores them to protect the integrity of the judicial system through the foreclosure epidemic: “The judicial system was never meant to be evaluated by how swift justice could be dispensed or by how quickly a particular judge could dispose of cases on his or her docket. As officers of the court, both judges and attorneys are responsible for protecting the integrity of the system, ensuring that the system is never compromised solely for financial expediency.”

Going viral with corporate greed and systematic fraud

Legal documents don’t typically go viral, but this article caught the attention of highly influential consumer advocates and bloggers such as April Charney and Neil Garfield, who both commented on the article.

“Exceptionally well written and I am looking forward to these authors going forward to tackle the negotiable/non-negotiable debate raging right now …,” consumer advocate and attorney April Charney said in an email to legal peers.

Charney is an attorney with Jacksonville Area Legal Aid and has been called the “Angel of Foreclosure Defense.” She has been at the forefront of the legal fight against home foreclosures in America.

“Explicitly articulates the basic problem with foreclosures today as well as providing insight into the changing mortgage approval process,” noted Garfield on his highly trafficked website Livinglies. “The authors clearly explain how the system was rigged to provide the appearance of passive entities to avoid tax consequences and in so doing ignored basic requirements of substantive law.” Garfield stated that the article “is balanced and … should be used as an authoritative treatise in memos to the Court.”

Are banks too large to be governed and too big to be caught?

In fact, the article has gone viral due in large part to the notion by a growing segment of the population that the banks have become too large for government to control. “We pinpoint how securitized trusts are emblematic of the problems inherent in the whole system, ranging from robo-signers to fraud-closure,” said award-winning blogger and real estate attorney Oppenheim.

Homeowners finally have a fighting chance in court

The other reason that the article has gone viral is that the court system is finally paying attention to the fact that there are real defenses available to homeowners. Homeowners are now in a better position to bring a defense and fight the banks rather than just walking away. Further, when they fight, they become part of the overall protest movement.

When Oppenheim was asked what should be done with the conclusions drawn from the article, he said, “It’s simple! Like all people the banks must be held accountable for their conduct on all levels. Management must go and the owners and bondholders must be responsible for allowing management to run amuck. Finally, the banks have proven to be too big and powerful to be adequately regulated and governed, taking on the illusion of being a fourth branch of our government. To restore true capitalism and democracy, they must be broken up. It’s just plain common sense!

For a copy of the executive summary or full article submitted to Stetson Law Review, the online versions of the full article are available on OppenheimLaw.com or the Executive Summary on the South Florida Law Blog at http://southfloridalawblog.com/2011/10/25/executive-summary-deconstructing-the-black-magic-of-securitized-trusts/

Oppenheim Law
2500 Weston Rd Ste 404
Weston FL 33331
954-384-6114

Contact:

Lisa Buyer
954-354-1411 x 14

Web Site: http://www.oppenheimlaw.com

 Page 1 of 12  1  2  3  4  5 » ...  Last »