Austin, Texas, Man Sentenced to 61 Months in
Federal Prison for Bankruptcy Fraud and Identity Theft in Connection with Nationwide Foreclosure-rescue Scheme

post from Real Estate Consumer News on 03 May 2012 08:43:08 PM. © Real Estate Consumer News

An Austin, Texas, man was sentenced today in the Western District of Texas to 61 months in prison and was ordered to forfeit $84,010 for his role in operating a foreclosure-rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently delaying foreclosure sales. [...]Related posts:

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Bidding Wars Seriously

post from Florida Gulf Property/Purtee Team on 03 May 2012 06:25:16 PM. © Florida Gulf Property/Purtee Team

Well, if you thought bidding wars were a thing of the past... think again! Homebuyers here in the Tampa Bay area are finding more competition when trying to find their dream home. The problem is that buyers are getting frustrated that this is the current scenario.

Why are things getting so competitive? There are several factors that have fueled the increase in multiple offers during the first quarter.

1) Low inventory of homes for sale. [ See Absorption Rate Blog ] In Pinellas County alone there has been a DECREASE of 44% less inventory of homes or condos for sale, leaving homebuyers with fewer options and more bidding on the same property! During March, absorption rates moved over 20%!

2) Record low mortgage interest rates remain around 4%. It appears the Feds will support this rate for at least two more years making financing very attractive when combined with a great deal.

We have 3 real life examples going on at this very moment here with The PURTEE Team:

1) We listed a 3-bedroom beach front condo in an extremely popular 7-day rental complex in Indian Shores. The unit is bank owned and was listed at a "sell quick" price of $399,900. In less than two days there were multiple offers involved. Bank called for highest and best and accepted the highest offer... leaving the other 6 buyers high and dry, along with all those who simply hadn't made time to get an offer in. The sense of urgency is bank!

2) In Clearwater Beach there are a very limited number of condo complexes that allow weekly rentals making them highly desirable. Over the past couple of years, several units in each of these complexes have sold at highly distressed and de-valued prices. However, there was NOTHING available in any of these buildings. With the pent up demand, we listed a condo in one of these buildings on Tuesday of this week. It is a corner unit with solid rental history in place, fully furnished, over $10,000 in future bookings, a repeat renter group and two live and fully operational rental websites for the unit. It was listed at $485,000... $35,000 higher than the highest recent sale. For every realtor or buyer who is calling arguing about its price, there are two others trying to see it. This one will set a new bar in price and guess what... the next buyer will wish he got it at this price!

3) We submitted a full price buyer offer for a bank owned property that was listed at $39,250. Needed quite a bit of work but a lot of potential. 3 offers came in and were submitted to bank. Bank called for highest and best yet they held the property open for additional offers. This one is still in 'wait and see' mode.
The point is... read our blog about Low-Balling Offers. If you are a buyer or investor looking for a great property, USE A REALTOR AND FOLLOW THEIR ADVICE. You still may not get the property in this situation, but you at least have a fighting chance. The next tier of listings will come as sellers begin to enter their properties at non-distressed but still value packed prices. PURTEE advice: don't miss out!

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Commercial Real Estate, Twitter, and Linkedin

post from Rofo Blog on 03 May 2012 05:27:04 PM. © Rofo Blog

Besides the massive amounts of rent and commissions generated by these social media giants for a few brokers and landlords, how else is the CRE industry benefiting? I was asked this question by an institutional landlord yesterday who is no stranger to signing really big tech deals (Dropbox was one of their recent deals which [...]

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AIG CEO: Insurer rebuilding 'legacy of
excellence'

post from HousingWire on 03 May 2012 05:27:02 PM. © HousingWire

AIG reported net income of $3.2 billion compared to $1.3 billion one year earlier.

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EverBank IPO prices short

post from HousingWire on 03 May 2012 05:25:48 PM. © HousingWire

Jacksonville-based EverBank Financial Corp. saw its stock price rise nearly 2% during its first day of trading as a public company.

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Toronto Home Sales Up 18% in April

post from Toronto Real Estate Blog on 03 May 2012 05:23:38 PM. © Toronto Real Estate Blog

Greater Toronto Realtors reported 10,350 transactions through the TorontoMLS System in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached...

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Two GOP congressmen argue against principal
reductions

post from HousingWire on 03 May 2012 04:52:53 PM. © HousingWire

Fight over principal reductions on GSE-backed mortgages leads to Congressional letter writing war.

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May 5, 2012 Cinco De Mayo At Riverhouse Reef &
Grill

post from REAL Magazine on 03 May 2012 04:38:47 PM. © REAL Magazine

Cinco De Mayo At Riverhouse Reef & Grill.Celebrate Cinco de Mayo Saturday, May 5th - Riverhouse Reef & Grill at Regatta Pointe Marina on the Manatee River. Happy Cinco de Mayo from Riverhouse Reef & GrillShrimp Enchaladas with Beans and Rice[...]

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Home Sales Have A Little More Spring In Their
Step

Early reports show that the critical spring home buying season has gotten off to its best start in five years. Sales of new single-family homes totaled 83,000 units during the first quarter, up 16...

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D+H acquires Avista Solutions for $40 million

Davis + Henderson Corp., a provider of tech solutions to the finance industry, bought Avista Solutions Inc. this week to grow its platform through the addition of Avista's mortgage loan origination software program for community banks and credit unions.

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