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PROPERTIES FOR SALE 

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A recent report from The National Association of Independent Landlords recommends that landlords complete background checks for tenants.

And it makes perfect sense.

But you have to wonder what people are going to do if they have been foreclosed upon and are looking for a place to live. There credit is shot and quality landlords are going to give them a pass instead of renting to them.

It may explain why so many families are now renting before they lose their home to foreclosure just to avoid this predicament. And these same families instead of fighting to save their home are banking their mortgage payment to use as a high deposit on their potential rental property.

A proactive foreclosure abatement process could probably take some pressure off the marketplace instead of the intense downward spiral we find ourselves falling into.

Running a thorough background check is essential. The National Association of Independent Landlords urges property owners to:

• Verify employment and salary. An applicant’s monthly income should be at least triple the amount of the rent.
• Corroborate rental history. Confirm it is the actual landlord giving the reference, not a friend or relative posing as such.
• Avoid applicants with a history of collections, evictions and judgments.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Landlord Association Recommends High Credit Standards For Tenants

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Just because you can do something does not mean you should do it.

Someone please explain that to the braintrust of Re/Max of New England. Seriously.

They are planning on opening up 17 offices in Stop & Shop grocery stores. Again, my reaction is seriously?

The idea of going to a grocery store to buy a house just degrades the brand. There is no alignment there. Eggs, milk, and Re/Max just does not do the brand justice.

If I was a Re/Max agent in New England I would be screaming at management. Imagine having to do desk duty next to the register? And if they do not listen, time to get new Keller Williams business cards.

Would you like Paper or Plastic?

Jay Hummer, executive vice president at Re/Max of New England, said the Natick company signed an agreement with Quincy-based Stop & Shop Supermarket Co. late last year to open as many as 17 real estate offices in Stop & Shop supermarkets within the next year. Most of the potential locations are in Southeastern Massachusetts.

Hummer said Re/Max franchisees were told about the opportunity to open offices in the stores last week.

“It’s something we’ve been working on for a year now,” Hummer said. “It’s a great way for our broker-owners and agents to be able to connect with the consumer … in a very convenient location.” via Enterprise News

Update:

It gets worse, I found this prototype of the office at the Boston Globe. Imagine going over your mortgage information and other personal information in the middle of a supermarket? Or stressing over an offer and a kid rolls a shopping cart into you? The office is open air…

Check it out.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

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We are living in a period where the great economic arguments are being fought out right in front of our faces. The battle between Hayek and Keynes really has been waged with economic policy and governmental policy in our backyard. The real estate world.

There was a great rap video done, and I promise you, I am not a huge rap fan but this is amazing, where they explain the differences between the two different schools of economics. If you have teenagers watch it, and if you are a real estate professional it is not a bad watch either. They do explain the issues involved very well.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

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When we look back at the implosion in the real estate markets, the example I see being used the most will be Tishman’s purchase of Peter Cooper Village and Stuyvesant Town in New York City. This will be the poster child example.

I bring this up because today Tishman Speyers Properties gave up their ownership stake in the properties to their creditors. What most likely is the biggest deed in lieu of foreclosure in the history of mankind.

The only people happy over the debacle of the Stuy Town purchase are the MetLife shareholders who made out like bandits, and some bankers that pocketed the extraordinary fees from the deal.

The property’s owners signaled they would be unable to reach a deal with lenders and instead decided to allow creditors to proceed with what amounts to an orderly deed-in-lieu of foreclosure, which means a borrower voluntarily gives the property back to lenders to avoid a foreclosure proceeding.

“It has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives,” the venture said in a statement to The Wall Street Journal. “We make this decision as we feel a battle over the property or a contested bankruptcy proceeding is not in the long-term interest of the property, its residents, our partnership or the city.” via the WSJ

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

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