Are people still making decent money in real estate even with the exceeding numbers of foreclosures? What is the median range of salary for first year real estate agents? Also do you receive base salary as well as commission?
My mother is planning on buying real estate with my grandmother and aunt. All three provides capital for down payment, grandmother provides the loan, and my aunt and grandmother live in it since the’ve only lived in apartments for the longest time.
This time they think they will just pick up a foreclosure…
The problem is that their plan is for the property to be split up when my grandmother dies. But there is ANOTHER aunt that could lay claim to the property after this AND the argument could deffinately be made that since my mother only provided an initial down payment and didn’t pay the mortgage she could easily lose out on the “1/3 share” of the property she thinks she will get. ALSO my parents don’t think these things out, they were originaly going to get land thinking in 5 years they will cash out not knowing much research goes into land speculation on top of the fact that they would have to be paying the mortgage, no renter, until they did sell it.
(Sorry its not that im stupid, the program just mixed up some of my paragraphs, the line about foreclosure goes here)… They think (because they told me) that you could get foreclosures for really cheap, like 150k off of market value. And I tried explaining that its simply not as easy as the late night infomercials make it sound but I’m their son so what do I know. They really think its going to be easy and nothing will go wrong but as with all things, especialy business between family members, this WILL go sour and I don’t want to see my parents burned. They won’t start an LLC, get a contract signed with all members, anything to cover themselves.
What on earth could I tell them to bring them to their senses? Websites or resources they can read so that they know that they really need to treat this as if they are dealing with non-relitive investors?
As a Realtor it is hard to even trust that a deal will close now-a-days with the lenders going out of business and leaving buyers stuck out at closing. This has been a terrible experience for me.
Here in Houston mortgage brokers and loan officers are hurting and some are even given up. As a Realtor I have other options but rearranging my structure and client base will take me a minute to start building back up.
It would be interesting to know how others in the real estate industry are doing these days.
As the mortgage shakeout forces dozens of home lenders into bankruptcy, some are merely going into something like suspended animation — shutting down temporarily and hoping to escape intact once the crisis has run its course.
Published 12:00 am PDT Sunday, August 26, 2007
The total volume of subprime loans nationally fell less than 4 percent in 2006, even as defaults and foreclosures were starting to spike, according to data compiled by Credit Suisse. Some big lenders never really did apply the brakes: New Century’s loan volume was down a mere 1.3 percent through the end of February, or about two weeks before trading in the company’s stock was suspended.
Published 12:00 am PDT Friday, August 24, 2007
Former branch manager Heather Fern-Luzzi, foreground, and Heidi Freiberg clean up as the Roseville office of First Magnus Financial Corp. shuts down. As lenders cut back because of a credit crunch and slack housing demand, 13,000 mortgage jobs disappeared nationwide in the past week.
Hi, I am wondering how a finance real estate professional makes an income from handling Foreclosures, in any aspect. Is it similar to “points” and a mortgage broker’s way of income?
Any Foreclosure specialists in the house?
I’m getting into the business of stopping foreclosures,and i was told that this type of business is less than attractive to real estate agents.My question is two part,why is that and what can i do to get them to actively sell my properties…Equity is not an issue,each property has an average of about 20 to 30 thousand,with all closing costs paid,walk through and all…
Can most real estate agents help their clients with foreclosed properties, or do they usually just stick to listings with home owners? We’re looking into buying, but are on a limited budget, and want to look more closely into foreclosures. Thanks.
I work with a real estate agent who gets his listings from law offices and banks. How do you do it?
I’m a real estate agent in Sarasota, Florida setting up a new website geared towards distressed properties. What tools would you like to see on a website that would help you learn more or do more with foreclosures?