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Prudential Real Estate & Relocation Services Launches R&D Lab, Futuristic Immersive Technology at Annual Sales Convention
RISMEDIA, March 9, 2010-Prudential Real Estate & Relocation Services (PRERS) announced yesterday at its annual sales convention in Austin, Texas, the launch of a first-of-its-kind research and development laboratory designed to build a new generation of tools for real estate professionals.
With "Make it Happen" as the theme of its 2010 convention, PRERS Chairman Jim Mallozzi introduced the Prudential Real Estate Collaborative Innovation Partnership (PRECIP)-a program that will bring together the real-world knowledge of key Prudential Real Estate Network brokers and sales professionals with leaders in immersive world technologies, web 2.0 applications, mobile technologies and more.
"I want to talk to you today about change and innovation," said Mallozzi from the stage of the Austin Convention Center, "but talk about change and innovation is cheap - we hear it every day. I'd like to borrow on the success of James Cameron (creator of the film "Avatar"), and invite you on a tour of another world...not really another world, but the future; a future that's right around the corner. I'd like to welcome you into my imaginary home."
With that, Mallozzi took attendees on a life-size virtual home tour that allows both real estate professionals and prospective buyers to interact by immersing themselves into the tour-no matter where their respective physical location happens to be. Serving as a preview of new technology to come from PRERS' imminent relationship with Montreal-based Immersive Design Studio (IDS), these next-generation virtual home tours are designed to be as emotionally compelling as the real thing.
"This is a real house tour, not a power point or a video," said Mallozzi. "This is something we can interact with. If we want to turn right, we turn right. If we want to go upstairs, we go upstairs. If the client doesn't like the color of the walls, then snap-change it. IDS is the leading-edge innovator in the realm of immersive experience, responsible for building one of the top video game engines. Why not use this amazing technology for business? As I think about our business, I think we should be led by this simple, but powerful, phrase: why not?"
According to Mallozzi the immersive home tour technology will allow agents and clients "from opposite ends of the continent, from opposite ends of the world" to come together in the virtual home and exchange thoughts with each other in real time. "You can participate from your own PC or iPad...or real estate professionals can create their own interactive space within their office," he added.
New technology, however, is nothing without the input and exchange of ideas from the Prudential Network, stressed Mallozzi, referring to the new R & D lab as a "collabrotory."
"Our mandate is to take new ideas and technology and turn them into the types of tools we need to compete in the future. PRECIP is a network of thinkers and doers, including many of you."
"It's a new year, it's a new time," PRERS President Earl Lee told the audience. "Like you, we're very confident of our destiny and it's in our own hands. You all make it happen."
According to Lee, in today's challenging marketplace, embracing change and innovation is a must for the brand as well as its affiliates. "Fundamentals are more important than ever, but the most crucial aspect of our business is how we communicate with our customers. We must transform that 'how.'"
As part of its innovations aimed at further enhancing communication with consumers, PRERS also announced the following online tools at the convention:
- Prudential Media Center: A centralized, online repository for presentations, videos, photos, etc., allowing agents to easily create and customize listing presentations.
- Rent-to-Own Calculator: A website tool enabling consumers to see how much home their current rent payments would allow them to buy. The calculator displays Prudential listings in the area whose estimated mortgage payments would match the buyer's rent payments.
- Upgrades to the Online Seller Advantage (sm), including direct interface with more than 200 social media sites, allowing agents to share listings.
- Mobile solution: Allows consumers to receive Prudential Real Estate listings via their smartphones
Steps to selling your home
Steps to selling your home
STEP 1 – DEFINE NEEDS
Write down all the reasons for selling your home. Ask yourself, „Why do I want to sell and what do I expect to accomplish with the sale?“
STEP 2 – PRICING STRATEGY
Your next objective should be determine the best possible selling price for your house. You will need to take into account the state of the local market, the condition of your home and sales of comparable homes in your neighborhood. It is often hard to maintain a non-biased view of your property, so you will want to gather the necessary information in the most objective way possible. If you want a truly objective opinion about the price of your home you could have an appraisal done. This may cost between $300-$500. Be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price too high. If your home stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price.
STEP 3 – PREPARE YOUR HOME
Get your home in „showing and selling“ condition. First impressions are the most important. Work with your real estate agent to help you take a fresh look at your home.
- Organize your closets and kitchen cabinets
- Make sure items stored in the attic or basement are tidy
- Open the curtains or blinds during the day to maximize the natural light
- Turn on the lights at night to create a welcoming environment for prospective buyers
- A home with too much „personality“ is harder to sell. Consider painting walls white/neutral color, remove clutter. This will help the buyer to visualize the home as theirs
STEP 4 – MARKETING STRATEGY
Now that your home is ready, it’s time to put it up for sale and market it. Establishing a marketing strategy with your real estate agent is a must. Your agent will expose your home to the greatest number of potential buyers possible. He or she will use a marketing plan that will bring not only the most buyers, but also most qualified buyers to your doorstep. You and your agent should structure your marketing strategy so that the first 3-6 weeks that your house is on the market will be the busiest.
STEP 5 – RECEIVE AN OFFER
When you receive a written offer, your real estate agent will advise you as to whatever or not the prospective buyer is qualified to purchase your home. After determining the buyer’s qualifications, you and your agent will review the written contract, taking care to understand what is required of both parties to execute the transaction. The contract should protect the interests of all parties.
STEP 6 - NEGOTIATE TO SELL
Most offers to purchase your home will require some negotiating to come to win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent will review the written offer with you to make sure you thorougly understand what the buyers are offering and what they are asking you for in return.
Once both parties have agreed on the terms of the sale, your agent will prepare a contract. Remember...bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.
STEP 7 – OTHER NEGOTIATIONS
Once you accept an offer to sell your house you will need to make a list of all the things you and your buyer must do before closing.
STEP 8 – PRE-CLOSE PREPARATION
A few days before the closing you will want to contact the entity that is closing the transaction and make sure the necessery documents are goiing to be ready to sign on the appropriate date.
STEP 10 – CLOSING
„Closing“ refers to the meeting where ownership of the property is legally transfered to the buyer. Your agent will be present during the closing to help explain the process and forms to you and make sure everything goes as planned. Be sure to read all the documents and ask questions. It is important you understand every document you are signing.
Congratulations on the successful sale of your home! Now that you have closed, prepare to vacate your home in the time frame agree upon.
Is there deficiency judgment after foreclosure?
Is there deficiency judgment after foreclosure?
When a mortgage company-Lender- forecloses upon a house, more than likely, it will turn around and sell the house to recover any money owed by the previous homeowner. This amount includes the prior mortgage balance, lawyer’s fees, late payment fees and administrative expense acquired during the foreclosure process. In many cases, in today’s real estate market situation, a lender is able to sell the property at a portion of the cost. The consequence is that the lender losses money on the transaction.
For example, a lender loans a borrower $300,000 to buy a house. 1 year later, the homeowner fails to make the payments and the lender is forced to foreclose. When lender sells the property, it is only able to sell it for $250,00. This results in a $50,000 loss to the lender plus all the fees mentioned above.
In some states, the lender may be entitled to receive the deficiency judgment in court for the remaining balance owed. This means that the lender could sue the home owner for $50,000 loss, that lender incurred. Not in Arizona though. There are some limitations written in State laws: "anti-deficiency" statutes prevent a lender from suing a person for any losses on a home after foreclosure.
Arizona Anti-Deficiency Law says if home is secured with Deed of Trust and sold at Trustee’s Sale no action may be maintain to recover deficiency if:
- The property is 2.5 acres or less
- Used for single family or two family dwelling
- Sold pursuant to the Trustee's power of sale.
The only exceptions to Arizona’s anti-deficiency statutes are VA loans.
If a lender seeks a deficiency judgment, it has 90 days after the sale of the property to begin judicial proceedings to recover.
Pricing your home to sell not only in Arizona
There are a few steps to follow and a few qiestions to answer before pricing your home.
With a few simple pointers, your home will sell as quickly as possible and for the highest possible price.
- Be realistic on your time line. If you decide to list your property on the "high end" of the market
your home will most likely sit on the market for a longer amount of time. If your price on the low end,
you give yourself a much better chance of selling quickly. - Hard for sellers to undersatnd, but your potential buyer does not care how much you paid for the property,
how much better your house is than the one next door or how much you spent on upgrades.
They will determine the value based on the other homes they see in your price range. - Make sure that your agent does a complete CMA (Comperative Market Analysis).
This is the perfect way to narrow down a realistic price for your property. Pricing it properly is a must.
Valley-wide home selling statistics that illustrate the current market inventory levels.
Residential Market Update - Valleywide, All Dwellings, September 2009
SHORT SALE - SHOULD YOU EVEN BOTHER…?
There is a lot of confusion out there when it comes to short sale legal consequences.
Many people believe in myth, if they sell the property in short sale process, anti-deficiency laws protect them.
It is absolutely false!
It is important that we not make incorrect representations to the sellers in this regard.
The anti-deficiency statue is very clear:
- Anti deficiency protection happens during a Trustee Sale (foreclosure) ONLY. A short sale is NOT a Trustee Sale.
- The Lender has a right to pursue a lawsuit to recover remaining balance that is left after short sale transaction. THIS IS SCARY: Lenders have up to 7 YEARS to collect!!!
- Another myth that goes around states: if the loan was used as purchase money only, the Seller is protected. Not true either. Some Lenders may release in this case but they are not obligated to do so. Unfortunately, there are no laws on the book AS OF NOW that protects homeowners.
- Any protection has to be worked out in negotiation with the Lender, that could be done by real estate agent, attorney or borrower himself (depends who handles a short sale transaction).
- It has to be delivered by the Lender in writing with language that spells out the terms in short sales acceptance letter. If the lender does not fully release the Seller from the lien, but only releases the property to close and transfer, there is not any guarantee that the lender will not pursue for the remainder of the unpaid balance on the note.
- Again, the homeowner must be sure to negotiate for a release from the lender. There are quite of few situations already happening when a homeowner, overjoyed to obtain the bank’s approval of a short sale (after months of waiting), quickly sign the approval agreement WITHOUT READING and understanding its terms. In many cases, the bank reserves its right to sue the borrower in the future for the balance owed on the NOTE.
So, make sure fellow REALTORS®,
that you and your CLIENTS read the paperwork from the Lender.
Should the homeowner even bother to do Short Sale versus foreclosure
(AZ is anti-deficiency State)?
What is the advantage for the homeowner then?
Of course there is a clear benefit in favor to do short sale.
Foreclosure remains on record and effects credibility of the borrower far much longer than short sale. That could have impact on future financial flexibility in regular day-to-day living.
In reality
- VERY FEW lenders will seek a deficiency judgment due to the cost of obtaining judgment and due to the fact, that borrower is not able to pay anyway.
- 99% of the time the Lender will send a 1099-C (Cancellation of debt) instead of even worrying about the deficiency judgment; even they can legally seek that option.
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Once the 1099-C is sent, the Lender cannot seek a deficiency judgment. Lender can only do one or the other, but NOT BOTH.
This post contains a basic overview of Short Sales and Anti-Deficiency Laws.
It should not be relied upon for legal advice. Please contact your attorney for counseling.
The new, old El Chorro in Paradise Valley will reopen this month (February 18th 2010)
The new, old El Chorro in Paradise Valley will reopen this month (February 18th 2010)
El Chorro Lodge
5550 E. Lincoln Drive, Paradise Valley
480-948-5170
elchorrolodge.com.
Sunday 10 a.m. - 10 p.m.
Monday-Thursday 11 a.m. - 10 p.m.
Friday 11 a.m. - 11 p.m.
Saturday 10 a.m. - 11 p.m.
After an astonishing 72-year run, the last 57 under the direction of Joe and Evie Miller, El Chorro restaurant closed last May. But new ownership is bringing it back to life at 11 a.m. Thursday, Feb. 18. The restaurant is now in the hands of Jacquie Dorrance.
El Chorro Lodge built in 1934, in the shadows of Camelback and Mummy mountains, on 11 desert acres in Paradise Valley, Arizona, is the perfect place to enjoy Saturday and Sunday breakfast with friends, share a romantic dinner or celebrate a special occasion.
The new menu features many of the original El Chorro comfort classics, including famous sticky buns and relish tray served with every meal, and a variety of new fresh, healthy lifestyle selections.
The kitchen is now under the direction of Charles Kassels, who worked at the Boulders and Westin Kierland before his last post at the AAA-four diamond Old House Restaurant in Santa Fe.
Awards
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source: elchorro.com
The Arizona Renaissance Festival, Apache JunctionThe Arizona Renaissance Festival is one of the largest of the Renaissance events in the nation; costumed fantasy village with:
- Twelve Stages of Continuous Live Entertainment
- An Outdoor Circus
- A Medieval Arts & Crafts Fair
- A Jousting Tournament with Three Performances Each Day
- A Day - Long Feast
During the months of February and March every year - Apache Junction, Arizona (about 36 miles from Phoenix) is transformed into a 16th Century European Country Faire and opens to the public.
The Arizona Renaissance Festival is a wonderful combination of amusement park, shows, comedy, music, feats of daring, street performers, shopping, and indulging. The Festival is spread out over 30 acres, and it is easy to spend an entire day there.
WHEN?
- every Saturday and Sunday
- February 6, 2010 through March 28, 2010
- Open on President's Day
- Hours are 10 a.m. to 6 p.m
WHERE?
- State Highway 60 East, east of Apache Junction, just east of Gold Canyon Golf Resort
TICKETS:
Advance discount tickets are available at Fry's Stores and Fry's Marketplace
- $18 for adults
- $8 for children 5-12
- Children under 5 are free
- Tickets are $2 more if purchased at the event or on line
- Senior (60+) tickets can be purchased at the Festival Ticket Booth for $17
The admission price includes parking, all entertainment shows, including the Tournament Jousting and Birds of Prey show.
It does not include the purchase arts and craft items, food or beverages, or rides and games.
You can also buy a season pass that's valid for any festival day.
For more information, visit the Arizona Renaissance Festival online or call for information 520-463-2700.
New mortgage fraud by big banks
New mortgage fraud by big banks
In order for a short sale with two loans to happen, the second lien holder has to drop the lien.
If they don’t, and there’s no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.
In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn’t have to agree, but more and more are doing so.
That’s all legal.
But here’s what’s not legal and what’s apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. On the side means in cash, off the HUD settlement statements, so the first lien holder doesn’t see it.
And some agents are doing it to get the transaction closed, with probably very little awareness that is a RESPA violation.
RESPA is the Real Estate Settlement Procedures Act, the 2008 law requiring that consumers receive disclosures at various times in the transaction. It outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD.
Source: By: Diana Olick , Jan 15, 2010
Arizona February Real Estate Updates. Short Sales are still hot.
Current Statistics
(from the Cromford Report as of 2.8.10):
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Current Active Short Sale Listings: Pending Short Sale Sales: |
15,442 |
* over last year Month for Month
** of the sales for the last 30 days
The Active listings have gone up and sales have
dropped slightly leaving the Valley at a 6.7 Months of Supply
Pending sales are way up at 11,412 which tells us that closing
will go back up.
Right now
- 46% of the sales are REO properties
- 23% are short sales
- 31% are normal sales
- 92% off sales are under $400,000
The Breakdown for months of supply by area:
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Valley Wide
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6.7 11.0
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Residential Market Update: Percentage
of Distessed Properties / February 2010
REO, Short Sale and Normal are Single Family Residences only
OTHER includes all non-Single Family Residences (Land, Commercial, Condo, etc).
Residential Market Update: East Valley
February 2010
Data Used:
Cities: Chandler, Tempe, Gilbert, Mesa
Single-Family Residences
Chandler: A:1531; P:409; C:243
Tempe: A:490; P:111; C:74
Gilbert: A:1804; P:549; C:274
Mesa: A:2581; P:762; C:439
Residential Market Update: Luxury Homes
January 2010
Data Used:
Single Family Residences
"Luxury" properties include those listed at $1,000,000+
Residential Market Update: Paradise Valley
February 2010
Data Used:
City: Paradise Vally
Single Family Residences
Residential Market Update: Scottsdale
February 2010
Data Used:
City: Scottsdale
Single Family Residences
Information deemed reliable but not guaranteed
Why Do I Need a Mortgage Pre-Approval?While it's true that mortgage lenders are tightening the purse strings, home loans are still out there and readily available to those who qualify. The only way you will know if you do qualify is to seek a mortgage pre-approval.
A mortgage pre-approval will help:
- confirm your eligibility for a home loan
- establish a price range
- give you confidence in the home buying process
- reassure home sellers of your ability to secure a loan
Your loan application information will be the basis for your mortgage pre-approval. Lenders will also weigh heavily three credit reports and income verification. Before you shop for a mortgage pre-approval, review your own credit history. Determine what you can comfortably afford to pay for housing including taxes and insurance.
Before you visit a lender, or fill out a loan application, check your credit report for potential problems. Your credit score will help determine whether or not you get a loan, the terms of the loan and the interest rate you will pay.
Federal law entitles you to one free credit report in a 12-month period from each major credit reporting agency. Get a free report at www.annualcreditreport.com. Check the report for errors and resolve errors before you apply for a loan. You can also call the three major nationwide consumer credit reporting companies for your free report:
- Equifax: 1-877-576-5734; www.equifax.com
- Experian: 1-888-397-3742; www.experian.com/fraud
- TransUnion: 1-800-680-7289; www.transunion.com
Mortgage Pre-approval vs. Mortgage Pre-Qualification
A mortgage pre-approval is not the same as a mortgage pre-qualification. Many people confuse the two terms. A mortgage pre-qualification is the first step to getting a mortgage pre-approval.
During the mortgage pre-qualification process, a mortgage lender will evaluate your financial status based on information you give over the telephone or internet. It does not usually require an application fee or require you to substantiate income and expense claims. The lender will determine how much you are likely to be able to afford for housing. It is important to be completely honest with your lender and yourself during this process.
A mortgage pre-approval is more formal. It will require fees including an application fee and a credit report fee. You will be asked to provide documents to verify employment or other forms of income. The mortgage lender working on the mortgage pre-approval will pull your credit reports and review your credit history. Mortgage pre-approval is a better guarantee of your eligibility than a mortgage pre-qualification.
Mortgage Pre-Approval Gives You Bargaining Power
Home shoppers are often disappointed when they are turned down for a loan. Home sellers suffer too when their intended buyer is not able to secure a loan. Sellers are wary of buyers who may not qualify for a home loan. A mortgage pre-approval will give you bargaining power.
Our company has a vast network of lenders and other real estate transaction support services. Contact us today for help getting pre-approved for a home loan.