Real Estate Information - Common Challenges With Foreclosures - www.cjharrington.com

Posted By:
CJ Harrington
cj@cjharrington.com
www.cjharrington.com
440.336.0612
Keller Williams Realty
12/31/08


Common REO Challenges

1. The first challenge is determining what the property is worth. This is not your average comparative market analysis. You will need run you average CMA and work from there on a deduction basis. AKA know what rehabilitation costs.
2. Staying on top of the management of the property. Use checklists to manage duties and tasks. This consists of transfering utilities and scheduling a clean out crew to say the least, considering it is much more involved.
3. Along with managing the property, you will need to front the money, then make sure you have the systems to manage the money. Typically, expenses will be higher to service these properties.
5. Finally, getting clean offers to present to the bank. The bank does not have time to wein through bad offer, or run an offer that will not close. So, make sure any and all offers that are going to be considered for acceptance have the proper preapproval and make sense (reasonable contingencies).

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Real Estate Information - What to expect in Short Sale Process - www.cjharrington.com

Posted By:
CJ Harrington
cjharrington.crs@gmail.com
www.cjharrington.com
440.336.0612
Keller Williams Realty
12/30/08
Step 1
Prequalify seller - Answer the following questions: Where are they on payments? Is there a foreclosure date yet? Who is the bank? Is there a second lien?
Step 2
Complete a Comparative Market Analysis, CMA, on the subject property to analyze actaul market value of home.
Step 3
Draw up letter of authorization to bank, and get bank guidelines if they will do a short sale.
Step 4
List property, get offer and submit contract for bank approval.
Step 5
Take short sale packet to bank. Make sure all piece are presented at once (purchase agreement, buyer preapproval, letter of hardship)
Step 6
Contact bank every 48-72 hours.
FOLLOWING TIMELINE:
Step 7
Appraisals/2 BPO's ordered (1-20 Days).
Step 8
Package goes to negotiator (30-45 Days)
Step 9
Management decides on package (7-14 Days)
Step 10
Demand letter written (7-14 Days)
Step 11
Close transaction (30 days to close)

Please visit our website at www.cjharrington.com for FREE information.
-Buy a Home With Little Money Down
-FREE Seller Reports-Sell Your Home Fast And For Top Dollar
-FREE Buyer Reports-Get The Most Home For Your Money
-FREE Home Value - Report & Evaluation
-Find Out What The House Down The Street Sold For
-And much more...

Real Estate Information - What Caused the Current Financial Situation? - www.cjharrington.com

Posted By:
CJ Harrington
cjharrington.crs@gmail.com
www.cjharrington.com
440.336.0612
Keller Williams Realty
12/30/08

1992
Fannie Mae and Freddie Mac enacted legislation which loosened the lending standards for home ownership.
1999
The Financial Services Modernization Act was passed. This act allowed for less government oversight of the banking industry and allowed for competition among banks, securities companies and insurance companies.
2000-2006
The use of nonprime mortgages such as subprime and near-prime grew rapidly. This growth is attributed, in part, to mortgage lenders who adopted the credit-scoring techniques first used to make subprime auto loans in order to determine the creditworthiness of potential homebuyers. This caused the potential defaults on home loans to be under-predicted - they underestimated the risk.
2000-2007
The Credit Default Swaps market, CDS, an insurance-like market that was invented in the mid-1990s as a way to offset risk in lending or bond portfolios, grew from $900 million in 2000 to more than $45.5 trillion in 2007. In this unregulated market where investors traded contracts without ensuring that buyers had the resources to cover the losses if the security defaulted. As a result, the CDS market now far exceeds the face value of the corporate bonds underlying it.
2000-2008
The global pool of money in the world doubled as poor countries developed,banked money, and wished to invest in good, safe investments. In other words, there was too much money chasing too few good investments.
2003-2004
After events such as the dot.com bust and 9/11, Alan Greenspan made the decision to keep the US Fed fund rate at an extremely low level to prevent the US economy from weakening. As a result, global investors found they couldn't make money with US Treasury Bonds and looked to invest in "safe" US residential mortgages, which had more favorable yield.
2001-2005
The loosened lending standards for home ownership created demand which rapidly drove up home prices.
July 2006
The housing market's prices peaked. Once this happened, housing prices began a rapid decrease.
2006-Present
As conditions in the housing market worsened, delinquencies and foreclosures rapidly increased and loans that Fannie and Freddie backed went bad.
2007-Present
Financial institutions began to fail due to both large mortgage-related losses from defaults and the valuing of mortgage-backed securities at levels that were not considered representative of their fair value due to mark-to-market accounting rules.
Present
Financial companies have started to question each other's ability to pay off debts and stopped lending to one another, which kicked off a global credit crisis.
Please visit our website at www.cjharrington.com for FREE information.
-Buy a Home With Little Money Down
-FREE Seller Reports-Sell Your Home Fast And For Top Dollar
-FREE Buyer Reports-Get The Most Home For Your Money
-FREE Home Value - Report & Evaluation
-Find Out What The House Down The Street Sold For
-And much more...

PRICE REDUCED - 12/29/2008 - 16812/16888 Pearl Road - Strongsville Commercial Real Estate - Keller Williams Realty

C J Harrington | Keller Williams Realty | cjharrington.crs@gmail.com | 440-336-0612 16812/16888 Pearl Road, Strongsville, OH 16812/16888 Pearl Road:Strongsville Commercial Real Estate Business Opportunity offered at $550,000 Year Built 1968 Sq Footage 11,935 Floors 1 Parking Unspecified Lot Size Unspecified Maint $0 per month DESCRIPTION 12 lane bowling alley and tavern (formerly Zig's). Electronic scoring, working kitchen, walk-in beer cooler. Two masonry buildings-9,639 sqft., bowling alley/taven-1948 and 2,296 sqft. plus basement and store front-1960. For more information call: The CJ HARRINGTON Home Selling TEAM at 440-336-0612 or email at cjharrington.crs@gmail.com or visit cjharrington.com see additional photos below PROPERTY FEATURES Two Masonry Buildings-9,39 sqft bowling alley/tavern(1948) & 2,296 sqft+bsmt sstore front(1960) LOCATION FEATURES 12 Lane bowling alley and tavern OTHER SPECIAL FEATURES Electronic scoring, working kitchen, walk-in beer cooler. ADDITIONAL PHOTOS Seller contact info: C J Harrington Keller Williams Realty cjharrington.crs@gmail.com 440-336-0612 For sale by agent/broker Equal Opportunity Housing Posted: Dec 29, 2008, 11:40am PST

SOLD - 13789 Clipper Cove - Bent Tree - Strongsville Real Estate

C J Harrington | Keller Williams Realty | cjharrington.crs@gmail.com | 440-336-0612 13789 Clipper Cove, Strongsville, OH SOLD - 13789 Clipper Cove Bent Tree:Strongsville Real Estate 4BR/3.5BA Single Family House offered at $264,900 Year Built 1995 Sq Footage 2,830 Bedrooms 4 Bathrooms 3 full, 1 partial Floors 2 Parking 3 Car garage Lot Size .28 acres HOA/Maint $21 per month DESCRIPTION Charming custom cape cod with 1st floor master and 3 car garage. 2 story foyer entry with a catwalk above. 9' ceilings on the 1st floor. Formal dining room with crown molding. Formal living room with a trayed and crowned ceiling. Spacious kitchen with loads of cabinetry, a center island breakfast bar and a wet bar. Family room with a crowned ceiling, loads of windows and a cozy fireplace.1st floor master with a skylit luxury whirlpool bath and walk-in closet.3 large bedrooms upstairs with a skylit bath. 15x8 laundry room on the 1st floor. Finished rec room with a full bath. 2 relaxing concrete patios located on a private setting. Neighborhood Pool and Tennis. For more information call: The CJ HARRINGTON Home Selling TEAM at 440-336-0612, email at cjharrington.crs@gmail.com or visit cjharrington.com see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Tile floor Family room Living room Bonus/Rec room Dining room Breakfast nook Dishwasher Microwave Basement Laundry area - inside Balcony, Deck, or Patio Yard Jacuzzi/Whirlpool ADDITIONAL PHOTOS Seller contact info: C J Harrington Keller Williams Realty cjharrington.crs@gmail.com 440-336-0612 For sale by agent/broker Equal Opportunity Housing Posted: Dec 29, 2008, 11:41am PST

PRICE REDUCED - 12/29/2008 - 16812/16888 Pearl Road - Strongsville Commercial Real Estate - Keller Williams Realty - www.cjharrington.com

Description 12 lane bowling alley and tavern (formerly Zig's). Electronic scoring, working kitchen, walk-in beer cooler. Two masonry buildings-9,639 sqft., bowling alley/taven-1948 and 2,296 sqft. plus basement and store front-1960. For more information call: The CJ HARRINGTON Home Selling TEAM at 440-336-0612 or email at cjharrington.crs@gmail.com or visit cjharrington.com Features Bedrooms: 0 Bathrooms: 1 Parking Spaces: 30 Year Built: 1968 School District: Strongsville Square Footage: 11935 Agent Name: C J HARRINGTON Broker: Keller Williams Realty MLS #: 2499958 Location 16812/16888 Pearl Road Strongsville Ohio 44136 Powered by vFlyer.com vFlyer Id: 2053158

SOLD - 13789 Clipper Cove - Bent Tree - Strongsville Real Estate - www.cjharrington.com

Photo Gallery Description Charming custom cape cod with 1st floor master and 3 car garage. 2 story foyer entry with a catwalk above. 9' ceilings on the 1st floor. Formal dining room with crown molding. Formal living room with a trayed and crowned ceiling. Spacious kitchen with loads of cabinetry, a center island breakfast bar and a wet bar. Family room with a crowned ceiling, loads of windows and a cozy fireplace.1st floor master with a skylit luxury whirlpool bath and walk-in closet.3 large bedrooms upstairs with a skylit bath. 15x8 laundry room on the 1st floor. Finished rec room with a full bath. 2 relaxing concrete patios located on a private setting. Nieghborhood Amenities Pool and Tennis. For more information call: The CJ HARRINGTON Home Selling TEAM at 440-336-0612, email at cjharrington.crs@gmail.com or visit cjharrington.com Features Bedrooms: 4 Bathrooms: 3.5 Year Built: 1995 Subdivision: Bent Tree Lot Size: 95x129 Garage Size: 3.5 School District: 1830/Strongsville City Square Footage: 2830 Agent Name: CJ HARRINGTON Broker: Keller Williams Realty MLS #: 2497848 Location 13789 Clipper Cove Strongsville Ohio 44136 Powered by vFlyer.com vFlyer Id: 2004768

PRICE REDUCED - 12/19/2008 - 11774 Fox Grove - Westwood Farms - Strongsville Real Estate

C J Harrington | Keller Williams Realty | cjharrington.crs@gmail.com | 440-336-0612 11774 Fox Grove, Strongsville, OH 11774 Fox Grove Westwood Farms:Strongsville Real Estate 5BR/4.5BA Single Family House offered at $444,900 Year Built 2003 Sq Footage 3,656 Bedrooms 5 Bathrooms 4 full, 1 partial Floors 2 Parking 3 Covered spaces Lot Size .33 acres HOA/Maint $32 per month DESCRIPTION Upgraded Brockton on manicured lot with expanded concrete stamped patio. 2 story foyer entry with ceramic tile flooring. Formal living room with french door entries, a walk-out bay window and large crown molding. Formal dining room with crown molding, wainscoting and lovely arched windows. Gourmet kitchen with ceramic tile flooring, corian counter tops and stainless steel appliances. Dramatic arched and pillared view into the cozy family room with a stone fireplace and ceramic tiled walkway. Vaulted 1st floor den or 5th bedroom. 1st floor laundry room with cabinetry, sud sink and ceramic tile flooring. Master suite with a walk-out bay window, a sitting room, 2 walk-in closets, luxury bath, corian counters with dual vanities and make-up area. There is a Jack & Jill bath with dual vanities between bedrooms 3 and 4. The 2nd bedroom has its own private bath. Enormous finished rec room with a full bath and walk-in closet. Luscious grounds maintained by a sprinkler system. Other features of a security system, invisible pet fence, wood play set and a stand by generator. Plus More! For more information call: The CJ HARRINGTON Home Selling TEAM at 440-336-0612, email at cjharrington.crs@gmail.com or visit cjharrington.com see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Tile floor Family room Living room Bonus/Rec room Office/Den Dining room Breakfast nook Dishwasher Stove/Oven Microwave Stainless steel appliances Basement Laundry area - inside Balcony, Deck, or Patio COMMUNITY FEATURES Clubhouse Swimming pool(s) Tennis court(s) Playground ADDITIONAL PHOTOS Seller contact info: C J Harrington Keller Williams Realty cjharrington.crs@gmail.com 440-336-0612 For sale by agent/broker Equal Opportunity Housing Posted: Dec 19, 2008, 8:12am PST