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REinventing MLS . . .

Monthly Archives: January 2013

Negative Equity: The Latest Statistics [Infographic]

Check out the latest statistics on negative equity from the KCM Blog

negativity

 

MRED CEO Bergeron Retains Spot on Inman News Honor Roll

LISLE (January 22, 2013) – At last week’s Inman Real Estate Connect® in New York City, it was announced that Russ Bergeron, Chief Executive Officer of Midwest Real Estate Data LLC (MRED), has again been selected as one of the top 100 most influential real estate leaders.

The Inman 100 is an annual list of individuals whose actions have helped change the real estate industry in the last year through their leadership, innovation, ingenuity, power and persistence.  The complete list of honorees is available on www.inman.com/Inman100.  Mr. Bergeron has been selected for the Inman 100 every year from 2009 through 2013.

“Russ Bergeron was brought on board because of his national profile and the influence he wields across the country,” said Rob Schaid, President of MRED.  “On behalf of our leadership, we congratulate Russ and could not be more pleased that he continues to be recognized as a force in our industry.”

“I am honored to once again be recognized by Inman News,” said Mr. Bergeron.  “It is gratifying that the hard work done by everyone here at MRED results in recognition from such a respected organization.   I look forward to the continuation of our efforts to lead our industry forward; and to creating opportunities for all the real estate professionals served by MRED in what appears to be a recovering and dynamic real estate market.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  For more information please visit www.mredllc.com

About Russ Bergeron

Please click HERE for the biography of Russ Bergeron.

MRED’s Inventory of Homes Half That of Two Years Ago

Good News for Chicagoland Home Sellers in 2013?

LISLE, ILLINOIS (January 22, 2013) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that December 2012 figures indicate the volume of properties for sale on December 31, 2012 was at about fifty percent (50%) of that for 2010.

A reduction this significant is indicative of a couple of things.  The recent real estate market was extremely active to incur this reduction in this relatively short period of time.  That was good news for the 2012 real estate practitioners, many of whom experienced record years.  For sellers now in the market, having to compete against fewer homes than they would have previously is an advantage.  It also suggests the return of more multiple-offer situations, where several competing offers are made on a home from different potential buyers.

“We anticipate the inventory will grow slowly in the coming year,” said Russ Bergeron, MRED CEO.  “In some locations, and because current pricing has been established during a high-demand time frame with a lower supply of homes, we can anticipate some price appreciation in 2013.  This has been experienced in other parts of the country, but not here.”

“Because some pockets of the Chicagoland have higher numbers of distressed properties – foreclosures and short sales – one cannot make a blanket statement to cover every location,” Bergeron added. “In these hard-hit areas the distressed market will keep the prices down for another year or more until such time that they can be processed through the system.  Overall, the recovery will show a steady improvement – but there will be some neighborhoods that significantly outshine others.”

While the number of distressed property sales has remained relatively steady throughout 2012, the percentage of “traditional” sales as compared to the overall market was up, providing some good news for those sellers who have been on the fence. Because of the local nature of real estate markets, it is always a great rule of thumb to consult a real estate professional familiar with your neighborhood when thinking of entering the market.

“Due to the internet, real estate has become one of this country’s most popular spectator sports,” said Bergeron. “However one feels things might be going, it’s definitely worth watching.  We’re seeing year-around real estate markets and very busy agents and brokerages.  While we probably won’t return to the craziness of the last decade, the industry appears to be back on solid footing with the ‘arrow’ pointing up.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents and appraisers and 8,000 offices.  MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.  For more information, visit www.MREDLLC.com.

History of the Internet: 1969-2012 [Infographic]

This infographic comes from dailyinfographic.com and avg.com.

“The infographic focuses on major viruses and major steps the Internet has taken to arrive where it is today. The Internet is something us kids these days take for granted. Take a look at this and become enlightened on the major strides people and companies took to provide everyone with an abundance of information!”

history-of-the-internet-640x2692

What It Took to Get a Mortgage in 2012 [Infographic]

The KCM Blog posted a great infographic on What it took to get a Mortgage in 2012

2012-in-review

 

Avoiding the Dirty Dozen Barriers to Short Sale Success

Following is another good article from the KCM folks that will help you experience success with Short Sales.  Though written for consumers, use it to develop your own expertise.  When you read the last tip (#12), this is where the Short Sale Assistance Desk (SSAD) fits in for Fannie Mae properties.  For more info on that, click HERE.

Short sales often take three times longer than a traditional transaction and sometimes never close at all.  By hiring an agent who knows to avoid these twelve barriers, the process can be less stressful.

1.) Poor short sale candidate

  • Establish objective criteria
  • Conduct an extensive interview with homeowner
  • Ascertain seller is motivated and cooperative

2.) Agent lacks familiarity with the lender’s requirements and procedures to complete the short sale

  • Harvest and maintain lender and investor guidelines
  • Secure individual forms required for each lender/servicer

3.) Title exam not obtained in the beginning

  • Identifies individuals on deed and mortgages
  • Determines all lien holders

4.) Incomplete package submitted to the lender/servicer

  • Focus on the quality of the package at time of submission
  • Detail orientation is critical
  • All docs completely executed
  • Complete package allows process to flow faster

5.) Short sale not begun prior to receiving a contract to purchase

  • Adds 30 to 60 additional days
  • Lender never looks at buyer contract until seller candidate is approved and market value has been determined

6.) Complete package not maintained throughout the short sale process

  • Must keep all required homeowner financial information current and forwarded to the servicer every 30 days

7.) Lack of communication with the lender

  • Most negotiators overwhelmed by the number of individual cases they are working on
  • Misunderstandings, loss of documents, and/or lack of familiarity with files are very common
  • Agent must continue to follow-up with the servicer twice a week to reduce unnecessary delays

8.) Poor record keeping /documentation by agent

  • High probability of changes in processing personnel
  • New person often lacks familiarity with case.
  • Has to rely on the quality of notes in the file
  • Information is often lost or missing
  • Agent’s role is to help fill in the gaps

9.) Professional relationship with the negotiator never established

  • Stressful environment
  • Lots of frustration
  • Lack of respect and trust are common
  • Begins with building rapport
  • Can be a big game changer

10.) Failure to meet BPO/Appraiser at the listing

  • Without a detailed inspection of the property inside and outside the value will be distorted
  • Meeting BPO at property provides great opportunity to share information that  might not otherwise be  discovered

11.) Fair market value dispute

  • Common in most markets
  • Negotiators lack current relevant information on most markets
  • Forced to make decisions based on the data provided by BPO and information in the lender package
  • Agent must be willing to provide additional current, detailed, relevant information (ie. local market, economy, demographics, and property condition) that can have an effect on value.

 12.) Failure to “escalate” to higher authority when communication breaks down

  • Escalation is part of the short sale process
  • Escalating to a supervisor can be the key to moving forward
  • Upper levels of every lender’s short sale department are working toward one goal– avoiding another foreclosure

Avoiding these dozen pitfalls will increase your odds of success while reducing everyone’s time and stress.