My 07 Prediction & Where I’ve Been… Youtube & Wedding & Law School
First my thoughts on the $700,000,000,000 bail out… I told you so!
Read my blog post from 12-2007 entitled: SIV= Imagine Enron, Bank Wide. (I posted it on my more frequent, but less polished blog on ActiveRain)
The #1 problem is OFF-BOOKS accounting! All of these sub-prime loans are hidden. Nobody knows how much exposure all the banks have.
Second
ly, people have been emailing me asking what I’ve been up to and why I haven’t 
posted more frequently. Well, as some of you might know I’m in night school at Washington College of Law at American University. (I should be reading right now actually)
Oh and I also got married!
Anyhow, don’t fear. I’m still sharing my thoughts, but more so over at my WheelEstateCam on Youtube. I attached the camera to my steering wheel and I take you for a spin as I head over to class. The “Video Blog” was featured in Friday’s Washington Times. Make sure you subscribe to Youtube.FranklyRealty.com
Here is a round up of my recent Video blogs:
- Lending Tree blows. How to Pick a Lender & today Close call closing.
- 4 Bank Tales: 22 Offers, Destoyed HVAC, Verbal counters, Bank Required lenders
- FranklyMLS.com 101 New E-mail Alerts. NO Passwords! How-To Video. This video is particularly cool. I have been constantly upgrading FranklyMLS.com. No MLS search site site comes close in terms of speed and massive amounts of data at your fingertips. Even other buyer agents use it!
- “Wheel” Estate Cam– Bank Foreclosure Bidding Wars (the first one!)
- Redfin- Debating their “Real Estate Science”
- Need to Sell before you can Buy? Some Options.
- And a little shout out to NVAR (Northern Virginia Association of Realtors) for their new Youtube channel to promote Realtor classes. Watch (the class is on Nov 12 2008)
So if you don’t have a Youtube account, you can sign up for free and subscribe to my Youtube Channel and get emailed when I post something new.
Oh, and yes, I’m still doing real estate! (plug: in case you need a Realtor)
Written by: Frank Borges LL0SA Broker FranklyRealty.com
ps. Please send me any typos
- 22
- September
- 2008
Frank – goodness, you have been busy – and still take time to help me with my camera search! Congratulations on your wedding. Does she blog?
Do you have any stats on the average appreciation/depreciation for units in 1021 over the last 12 months?
Hey anonymous. I don’t really believe in averages. You have to look at the raw data. I know of 2 people that broke even from 2005, but then two units were unloaded bank deals that went for $125k below the 05 price. As for the non-bank seller, most are losing $30k, which is about the same as 12mo ago. There is only so much loss one can take, then they just rent it.
EMail me if you want alerts when good bank ones hit.
Frank
Frank,
Con-gra-tul-ations !
I’m working with a *great* local loan officer from a start-up regional bank. I can’t say enough good things about him. Totally on the ball, loan ready on time, even attends closings! Whoa! Buy local is my motto now.
Wheel cam–very cool!
Congrats on AU/Law!
Watch NAR come runnin’ now! ;)
Shoot… night school? I wish you had opened up your decision process for public input. I’m sure you’ll do well, I’m just surprised you weren’t attracted to the numerous advantages of full-time matriculation.
PS. Is there an alert you can setup for “good” bank listings for a region (either by zip code or subdivision)?
We are working on email alerts now for phrases. Email me directly and you can beta it.
Frank
Any thoughts on how the banks are now viewing short sales with all that is going on? Are they more or less inclined to accept a short sale? Last week I placed an offer on a short sale (the sale amount is said to be bank approved) and have had previous experience (bad) with them. Any thoughts?
Good question. I think banks would take 3-6 months to react. So nothing immediate.
As to the listing being bank approved, make sure your offer is NET of their approval. I see bank approved homes for $400k, and people offer $400k with $12k back. Well the bank sees that as $388k. You can do it, but that will kick in a much longer wait.
Also it is key to see if the listing agent has ever closed one.
Hi,
Love the camera mounted to your steering wheel. What sort of camera are you using for that? How are you keeping the noise level down enough to get your voice so good.
I have a Saab 9/3 convertible and cannot even use my blue tooth head set with the top down.
jim at http://www.jboyerhomes.com sorry did not want to put my e-mail there.