Category Archives: Realtors

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Short Sale Realtors® – First Do The Numbers!

Posted on by Phil Querin

As a follow-up to my last post on difficult short sales (here), it occurs to me that I should mention the small, but persistent complaint of some seller-clients, who are under the mistaken belief that their Realtor® can and will handle the entire transaction for them.  “Two liens? No problem!  We’ll negotiate everything!”  But in […]

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Posted in Deficiency Liability, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales | Tagged , , , , ,

Distressed Housing, Distressed Marriage

Posted on by Phil Querin

Over the course of the past two and one-half years, I’ve met with hundreds of folks experiencing the trauma of dealing with huge negative equity in their homes.  In lay terms, they’re “underwater” – meaning that the value of their home has dropped below what they paid, and frequently is now less than what they […]

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Posted in Deficiency Liability, Foreclosure, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Tax Issues | Tagged , , , , , , , , ,

OREGON HOUSING: Multiple Offers – Then and Now

Posted on by Phil Querin

Introduction. For those Realtors® who were in the business in 2005 – 2007, multiple offers occurred fairly frequently.  Today, we are seeing them again.  However the circumstances are far different from before. The term “multiple offers” refers to situations in which sellers receive two or more offers to purchase their property.  The reason for multiple […]

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Posted in Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, REOs, Short Sales | Tagged , , , , ,

Understanding Seller-Carried “Wrap-Around” Transactions

Posted on by Phil Querin

With the slowdown in real estate and the increasing difficulty in obtaining bank financing, some home sellers have begun to consider carrying the financing themselves with “wrap-around contracts” and “wrap-around trust deeds.”[1]     They work like this: The seller has one or more existing trust deeds on his/her property.  Say the total underlying mortgage […]

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Posted in Financial Crisis, Foreclosure, Market Conditions, Miscellany, Real Estate/Distressed, Realtors | Tagged , , , , , , ,

Oregon to Sign on to 50-State AG Settlement

Posted on by Phil Querin

Word has it that Oregon has agreed to sign on to the 50-state attorneys general settlement with five of the country’s largest banks: Bank of America, J.P. Morgan Chase, Wells Fargo, Ally Financial, and Citi Group.  As in all settlements, neither side will be completely satisfied, and this time is no different.  But it is […]

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Posted in Deed in Lieu of Foreclosure, Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Realtors, Refinancing, Servicers, Short Sales, Trust Deeds | Tagged , , , , , , , , ,

The Portland Housing Market: Is the Glass Half Full or Half Empty?

Posted on by Phil Querin

As we enter the New Year, everyone, it seems, has an opinion or prediction.  However, one rule should always be applied: Be careful how you interpret the numbers! A recent Oregonian article is a case in point. It carried the following headline: “Portland home sale volume improves in November.” The article, which was based upon […]

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Posted in Foreclosure, Lenders, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, Short Sales

Do You Know Who Just Read Your Hardship Letter?

Posted on by Phil Querin

  Have you ever been curious about what “test” the Big Banks apply when deciding to allow short sales?  I have.  What follows is my analysis only.  Readers are free to disagree; but remember, a couple of anecdotal stories overheard at a cocktail party, do not a trend make.  There are rules and there are […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Lenders, Loan Modifications, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, Refinancing, Servicers, Short Sales | Tagged , , , , , , , , , , , , , ,

Oregon Realtor® Warning: Sending Trust Money Out Of State

Posted on by Phil Querin

Introduction. As we know today, there are many bank-owned properties being listed and sold.  A term commonly used to refer to these homes are REOs, i.e. “Real Estate Owned.”  After a lender forecloses a home, it takes it back into its REO inventory, prepares and lists it for sale.  Most of the heavy lifting is […]

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Posted in Financial Crisis, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Realtors | Tagged , ,

Oregon’s Shadow Inventory – The “New Normal”?

Posted on by Phil Querin

The sad reality is that negative equity, short sales, and foreclosures, will likely be around for quite a while.  “Negative equity”, which is the excess by which total debt encumbering the home exceeds its present fair market value, is almost becoming a fact of life. We know from the RMLS™ Market Action report that average […]

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Posted in Foreclosure, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Trust Deeds | Tagged , , , , , , , , , ,

Short Sale Trap: Mortgage Insurance [Part Two]

Posted on by Phil Querin

In a recent post on mortgage insurance (“MI”), I addressed what I saw as a problem, but didn’t yet fully understand the depth of it, so just issued a cautionary warning to Realtors® and sellers that they should find out, in advance, if MI was obtained on the underlying loan.  The reason for this warning […]

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Posted in Deficiency Liability, Foreclosure, Lenders, Miscellany, Mortgage Insurance, Real Estate General, Real Estate/Distressed, Realtors, Short Sales | Tagged , , , , , , , , , , ,
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