Breaking Real Estate News: Foreclosures

Hello All:

James Gage here with breaking real estate investing news; it seems Florida has put foreclosures on the fast track!According to CNN, Duval County (which is Jacksonville) has hired retired Judges to push foreclosures along at record speed. It seems Duval County along with others state wide are getting rid of the foreclosure backlog by having these hired Judges rule on Foreclosures from filing to sale at an average of 2 minutes per case! The average Judge will hear and render a decision on a whopping 35 or more cases a day.

Sounds to me like there will be a lot of challenges going on at the Florida Supreme Court level to these retired Judges verdicts. Is it me or does anyone else think that the bank and or mortgage companies have something to do with this process? I understand the frustration on both sides of the coin, but I was always taught if you are going to do something make sure you do it right the first time, and it seems to me that 2 minute hearings don't fit the bill.

As for us real estate investors, this means it's time to brush up on our REO strategies.

Until next time be well and to your success.

James Gage

PS: For more great tips and strategies click here to join our FREE Newsletter.

Foreclosure News: GMAC

Hello All:

GMAC announced today that they are halting all foreclosures and issuing a hold on selling all REO (Real Estate Owned) properties! What doe this mean? It means that they have finally seen the light!!! They have figured out that the more foreclosed properties they flood into the market for sale, the less money they will make on these properties because of market saturation. Is this a good move on their part? I say No!

My logic is this, a little bit of something, is better then a whole lot of nothing. What I mean to say is, that what are you going to do with these properties, hold them for the next 25 years, waiting for the housing market to improve? The way I see it the housing market will not rebound until unemployment retracts, government clues us in on the tax structure after January 2011, and we start supporting and encouraging small businesses to flourish.

So, in conclusion, I would say that short sales are still possible with GMAC you just have to be at the top of your Negotiating game.

For more information and tips on leveraged real estate investing and negotiating for profit, please visit our website and sign up for our Free newsletter: Click Here

Until next time - be well.

James Gage

www.JGage.com

Real Estate Investing: Happy 4th of July

As we spend this 4th of July weekend with family and friends, let’s pause for a moment and think about what this Independence Day really means. As our country goes through hard times, let us remember that the sacrifices of those that have gone before us paid so we may enjoy the opportunities and freedoms which make this the best country in the world.

Happy 4th of July to you and yours, and don’t eat too much BBQ.

James Gage

Breaking Real Estate Investing News

Hello All:

James Gage here with some breaking real estate investing news:

The US Government reports that according to their latest stats on loan modifications, 75% of modified home loans will re-default within 6 months after modification.

Get read for the 3rd wave of foreclosures I have been predicting for the last 8 months. Of course, this means $$$ for those of us that know how to take advantage (in a moral and ethical way of coarse) of this situation.

For more information on how you can benefit Click Here.

Be well.

James Gage

Real Estate Investing: Should You Buy Title Insurance?

Hello All:

Just a quick post to answer a question I received today. The question: " Should I but title insurance both when buying and selling a property?" You should always buy title insurance on all transactions! You should never just rely on research done by the title company, they are human and can miss something and report the title clean, and when you get ready to sell something from previous owners pops up. If you don't have that insurance -YOU are on the hook! Believe me it happens; it happened to me with the first house I purchased.

So don't forget to buy that insurance, you will be glad you did.

Be well.

James Gage

www.JGage.com

Breaking Real Estate News: Foreclosures

Hello All:

I have some breaking news for you on the real estate investing front! Foreclosures for the first quarter of 2010 are up 19% according to CNBC!

You maybe asking yourself how can this be, when the stock market is rallying and breaking the 11,000 mark. Well, it’s simple! Most of the money coming in to the stock market is foreign money, looking to make a quick buck on this temporary stock market rally. Remember, also today we were told that unemployment unexpectedly increased – yeah right.

So what does that mean to you the investor? It means the 3rd wave of foreclosures I have been predicting is starting to come to pass. As always, in any cycle, there is opportunity to be found, if you just look. There will be more short sale, assignment and lease option opportunities for all of us to make a boat load of cash; if you know what you’re doing….

To learn how to benefit from this cycle, click here and sign up for my Free Newsletter.

Until next time, may all your deals be profitable.

James Gage

Real Estate Investing: Beware of Short Sale Companies

I have come across more than a few companies that claim to be “experts” in short sale negotiations, only to find that not only is the information they provide not accurate, but sometimes they are just out-and-out scams. Most are newly formed companies, with no true experts on site. Typically they’re just trying to take advantage of the current market. I know of a company in GA that tells real estate investors that they will negotiate short sales on their behalf for $1,800.00 per transaction and the investor gets to keep all the profit! Only one problem; they close less then 1% of the short sales they are given.

We are in a time where many people are desperate financially and emotionally, and there are those out there who are eager to take advantage of people in these types of situations. Granted, there are some agencies out there that are good, legitimate short sale companies but, you have to know the difference between the good and the bad.

So what is the answer? Learn how to negotiate short sales yourself! Yes, it's possible to learn to negotiate short sales, as an investor or on behalf of someone else.

If you are ready to learn how to negotiate short sales correctly please Click Here

Until next time.

James Gage

Real Estate Investing: Breaking Foreclosure News

Hello Everyone:

Finally some validation on what I have been saying over the past 4 months! If you remember, what I said was “get ready for a 3rd wave of foreclosures”. The increases in home sale prices were just “smoke and mirrors”!

This was just posted by Standard & Poor’s:

Heartened by the recent rise in home prices? Don't get too comfortable. Standard & Poor's, the credit-rating agency that tells investors what mortgage-backed securities are worth, reports that the increase was just an illusion. It predicts the nation is about to see a deluge of new foreclosures that will drive real estate values back down.

Blame the "shadow inventory" – nearly 1.8 million homes that are on the road to foreclosure but for all kinds of reasons haven't gotten there yet.

Now you might be asking yourself, since I predicted what was happening in the housing market – how did I use this information to profit as a real estate investor?
In my next post I will explain how…

James Gage

To profit from this type of information before it happens, why not sign up for my FREE Real Estate Newsletter by Clicking Here ?

Real Estate 2010

Hello All:

Well, here we are 2010! The past year was a great and profitable year for those of us who have taken our real estate investing and negotiating skills to the next level. In the coming year I will share with you, my faithful subscribers, some new strategies and tactics I'm currently using to bring in consistent cash flow in a down economy.

That being said, on behalf of myself and everyone here at Gage Consulting Group may the New Year bring you and yours many blessings and success in all your endeavors.

Happy New Year.

James A. Gage

Short Sales Can They Still Be Done Successfully?

I'm asked on a regular basis, Jim, can the average investor still do Short Sales, or has that market opportunity played out? The answer is No! Let me qualify my statement. You can be successful with short sales as long as you know what you're doing... That being said, there are numerous gurus out there claiming that you can get these deals done in 30 days or less - that just isn't true!! Actually the truth is, that it may take at the very least 90 days!

So, that's why I tell my students that it is imperative that they have multiple deals in the pipe, so when one closes the next one replaces it on the profit train. Remember, not all deals close, so if you are doing these deals one at a time, you better think about getting a job at the "Golden Arches" AKA McDonalds.

For more information on how I do successful short sales click here.

Real Estate Investing Wishes

On behalf of myself and everyone here at Gage Consulting Group we wish to wish you and yours a Merry Christmas and a Happy Hanukkah.

As we rest and spend time with our loved ones and families, let's get ready to make 2010 the best year yet!

Peace be with You.

Jim Gage

Creative Real Estate Investing Resources

Hello All:

I know everyone, including me, is doing their last minute Christmas shopping and that's all that is in our cross hair's - but....
I would ask everyone to take a few minutes and ask yourself what 2010 will look like for you in relation to real estate investing. Will 2010 be the same as 2009 for you? Are you burned out on real estate investing clubs, real estate tele-seminars and real estate boot camps?

If you are, then you will want to sign up for my Free Newsletter, which will also get you immediate access to all my e-mails that I send my fellow investors; information that shows you step by step how I invest in real estate with 100% leveraged techniques! If your interested in making a change in 2010 click here to receive your cutting edge creative real estate information.

Until next time.

James Gage

Experts Conclude Further Deterioration of Mortgage Securities in 2010

Despite signs that the U.S. economy is now on a slow path to recovery, collateral performance will continue to be weak for all U.S. structured finance sectors next year, Fitch Ratings said in its 2010 outlook report. The firm expects downgrades to continue for residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and collateralized debt obligations (CDOs), though at a slower pace than during the debilitating days of the recession.

For more breaking real estate news click here to sign up for our Free Newsletter.

Until next time be well.

James Gage

Real Estate News: Will FHA Loans Become More Expensive For Home Buyers?

The problem is simple; with foreclosure rates skyrocketing, the FHA has had to pay out more and more insurance claims to the mortgage companies. Part of every FHA loan is the mortgage insurance premium (both upfront and monthly). The upfront mortgage insurance premium is paid (who would have guessed?) upfront at closing. However, it is possible to roll that premium into your financing (so many people don't actually bring that cash to the closing table).

The monthly mortgage insurance premium is a monthly fee tacked onto your your mortgage payment. Like other insurances, you're paying today, in case something goes wrong tomorrow. In the event a home buyer defaults on their loan and the house is foreclosed on, the lender gets paid out of the FHA funds that are built up through the collected of these mortgage insurance premiums.

So somebodies got to pay; guess who....

Real Estate News

Right now on CNN, a honesty man by the name of John Adams, a real estate broker, agrees with me, that the real estate market is on "life support"! Finally, some validation on what I have been saying for the last several months from the main stream media. As I have said, the government must extend the home buying tax credit past November of this year, and even extend it to people other than first time home buyers or we will see a reversal of the halt in the declining home prices and values we are seeing across the country.

Until next time, be well.

James Gage

Short Sales: U.S. Treasury set to finalize home "short sales" plan

Hello All:

Here is breaking news on short sales: http://news.yahoo.com/s/nm/20091002/bs_nm/us_treasury_foreclosures_plan

Be well.

James Gage

Short Sale Considerations

The majority of the time this blog is devoted solely to real estate investing from an investor’s point of view, however, during this post I will address the homeowners’ position in terms of short sale considerations. That being said, a short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer’s offer. If the lender rejects the offer, a short sale will not take place.

• Tax Consequences
• If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007.
• You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.
• Blemished Credit Report
• A short sale will show up on your credit report. It’s a pre-foreclosure that has been redeemed. Short sales affect credit ratings. While the damage to your credit report may not seem as significantly bad as a foreclosure to you, creditors may not make the distinction. Experts say the drop in your FICO score is identical to a foreclosure reporting.

Real Estate Investing in Florida

Flagler County Florida's unemployment rate rose in July to 15.9 percent, up from 15.6 percent the previous month, according to figures released today. Ouch!!!! Bet there are some great opportunities there for real estate investors . I'll let you know :-)

See you in Florida.

James Gage

Foreclosure News

Hello All:

Many have called a bottom in the real estate market, while others, not as bold have stated that foreclosures are decreasing! I have to respectfully disagree on both points! Last month their were 360,000 foreclosure notices sent out, so the the third wave,the term I have coined, is on it's way and we should see the effect by fall.

So, what does this mean for us that are real estate investors? Get ready to make some tremendous profits with my "kibble and bits" strategy...

Until next time - be well.

James Gage

Real Estate Tip of The Month Aug 09

I have a valuable tip for Home and Condo renters, and for individuals that do lease options.
Have a clause put into your lease and lease option contracts with the seller, which requires the Property owner to supply documentation to you monthly that proves that they paid the mortgage. By documentation I mean a copy of their mortgage statement. Also state that the Rent payment will not be made until the mortgage statement is received. If they do not agree to these terms, just move on to another landlord or lease option seller. A reputable landlord eager to rent their property will agree to this.

Note: In the case of lease options, if you feel that the seller might not make the payments; insist that you pay the bank or mortgage company on a monthly basis.

This is just a sample of the useful information you receive as a Gage Consulting Group Newsletter subscriber, why not tell others? They will thank you for it; direct them to http://www.JGage.com

Thank you in advance for your support.

Until next time, be well.

James Gage