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Welcome to the "Real Estate Insider " with Greg McClure Thank you for tuning in. We are currently takling a break from recording. We will be back soon with a new format and a ton of new information for you. Thanks for your support--GREG The Real Estate Insider Show is a local, one hour, weekly radio show dedicated to the world of Real Estate News and Information with a twist of humor and entertainment. The show focuses on local and national news and how that affects the local community and local economy. Greg McClure offers a lively, insightful look into the world of real estate including foreclosure scams, short sales and new government programs designed to help the struggling homeowner. He uses his years of real estate knowledge and experience as well as his personal experience helping many clients over the years. He is equally adept at discussing cases presented in the media as well as being able to answer questions from interviewers or callers.
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Greg McClure a recognized real estate expert in the Central Valley, is the President and Founder of Smart Click Realty. This award winning company was founded on principles based on service, commitment and a strong focus on providing a superior level of service. Greg’s background included experience working for many local and national brokerage firms. He worked as a Realtor/Broker, and developed expertise in a wide variety of areas including marketing, consulting, training and recruiting. Smart Click Realty is a full service company serving the Greater Sacramento Area. Areas of expertise include, Short Sales, Foreclosures, Investors, Buyers, Sellers, Land, Multi-Family and Commercial properties.In early 2007, Greg began working in the distress sale-marketing arena, and developed a client list that included national lenders and many Fortune 500 companies. His responsibilities included evaluating properties and assigning values while developing a marketing strategy for those properties. These non-performing assets were in various stages of distress, including pre-foreclosure, post-foreclosure and post-trustee sale properties. Greg’s responsibilities included eviction; cleanup, restoration and managing the sales process through closing.Greg's ongoing seminar series throughout the Sacramento area has been praised and welcomed by the community. This seminar was developed to help struggling homeowners and hundreds of people have benefited from this program.
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Recap
RecapJuly 9, 2011- This week we opened up our lines and dedicated our show to answering questions from our listeners. Our first caller, Steve, is interested in selling his house, however, it is worth less than what he owes, and he wanted to know if he had to stop making payments to get the bank to agree to do a short sale. Greg said that no, you do not have to stop making payments, and many successful short sales have been completed without having missed a payment.One caller asked if he had a second mortgage on his house, if he could still do a short sale. Greg said that the biggest concern with second mortgages is a recourse loan, and a real estate company works to negotiate the deficiency out of the loan, to make sure there is no further liability down the road. So to answer the question, absolutely you can do a short sale with a second mortgage.Suzette called in and asked how financially purchasing home compares with renting. Greg said that with rates where they are and with prices where they are, often times you can purchase a home for far less than you can rent. Keith said that not only is it less out of pocket, but the mortgage payment is usually less than what the rent would be. The benefits of homeownership are numerous.July 2, 2011- The importance of getting good, sound legal advice from a legitimate, knowledgeable attorney is tremendous, our guests attorneys Bret Adams and Will Ramey advised.Bankruptcy is a legal process with the federal court for people in financial trouble where, in one way or another, you rid yourself of your debt. To determine if bankruptcy is an option, Will Ramey looks at the size of the debt, and if other debt problems are present. Once it is determined that bankruptcy is the best option, you must then determine which type of bankruptcy is best. Chapter 7 is the most common bankruptcy, known as the personal liability chapter, where you can relieve yourslef of all the personal liability you have on your debts. Chapter 13 sets up a payment plan to repay your lenders your debt over 3-5 years.Many people wonder if the bank can sue them after a foreclosure or a short sale, and Bret Adams said that. thankfully, in the state of California, there is statutory protection for homeowners especially if there is only one mortgage. A nonrecourse loan gives the bank no rights to come after a homeowner.June 25, 2011- To remodel, or not to remodel, that is the question! Surprisingly, the most cost effective improvement you can do to your house that will give you %103 value back, is a full siding exterior makeover. The average cost is $10,000, with average resale value increasing at $10,700. Keith Collins reported that FHA came out with an update this week that as of October 1, 2011 the loan limits will drop almost $100,000 to $474,950. Things are changing, and interest rates won't stay low forever, so now really is the best time to buy. Dee McKenna of McKenna Pacific Appraisals came on to talk about the appraising process. In an appraisal, they start by measuring the oustide, looking for any discrepancies in square foogage, making sure it's close to what the county has registered. They then look at the condition of the inside and quality materials and upgrades and effective age. It's an appraisers job to give the bank their best opinion of what a buyer would pay. If you would like to contact her, e-mail her at mckennapacificappraisals_msn.com.June 18, 2011- Continuing on from last week, homeowners are taking a lot of heat for the problems in the economy, but we're flipping it around to show the mistakes the banks are making. One example of a terrible mistake include one woman in Pennsylvania who was up to date on her payments came home to find her home locked, re-keyed, empty and completely winterized, due to the fact that the bank had gone to the wrong house.Keith Collins says he was once advised that your ability to grow your network will be directly related to your ability to acquire good debt. Now it makes more sense to borrow than to rent, as most people will find themselves paying as much as or less than they would renting, with tax benefits and home ownership.June 11, 2011- Homeowners are taking the heat for the problems in the housing crisis, but should the fingers be pointed at the lenders too? The banks need to be held responsible for the mistakes their making, such as the "robo-signing" scandal. Lenders are intentionally breaking the law and committing illegal acts because they have made it clear they truly do not care.Keith Collins reported once again that interest rates are still low, the average rate on a 30-year fixed rate mortgage is 4.55%. FHA has a great program called the FHA Non-Occupant Co-Signer Loan, which is used for parents to co-sign for their kids, and both the parents and the kids get to be on the title. If the kids can't make the payment, it also allows the parents to make the payment.A homeowner gets even with the bank! A couple from Florida purchased a home in cash, but Bank of America filed a foreclosure against them! After many failed attempts at contacting the bank to fix the problem, the homeowner hired an attorney, and finally after a couple months the bank dismissed the foreclosure. But the homeowner had accumulated some attorney fees, so he went to the courts and got a judgement against the bank, but the bank still refused to pay. Finally, he went back to the courts and got a writ of execution to seize assets. So on June 3rd two deputies and a moving truck showed up at the local branch and told the bank to hand over the money money or they were going to foreclose on the bank! Bank of America came up with a check in a few minutes, but talk about a great David and Goliath story!June 4, 2011- This weekend was Nationwide Open House Weekend, so this week we discussed the benefits of homeownership and how the media negatively affects the housing market. It is very important to support the recovery of the housing market because if we can get the housing economy back on track it will benefit the overall economy.Josh Mottashed from Alpine Mortgage Planning sat in for Keith Collins this morning and reported that rates are holding pretty good as rates are at the lowest they've been in fifty years. There has never been a better time for financing. 5 out of 10 people who are renting could actually be eligible to buy a house. There are multiple programs that offer 100% financing. For any questions for Josh, call him at 916-798-1252 or e-mail him at jomottashed_alpinemc.com.The media is constantly talking about the doom and gloom of the housing market, but really, how bad is the market, and is it really a bad time to buy? From a buyers' perspective, now is a phenomenal time to buy, with prices where they were in the early 90's. Unfortunately, the impact of the negative media is so great that it scares people away from buying a home. If we can spread the word about the wonderful opportunities available in the housing market then we can create a positive vibe and boost the economy.May 21, 2011- It was Community Safety Day this weekend in Roseville, so our show was dedicated to home safety tips. 80% of all fire-related deaths occured in homes WITHOUT a smoke detector, so making sure one is installed in every level of your home and outside every sleeping area is extremely important. Also, pool safety is very important, as drowning is the number one cause of death in children under five in California, so make sure to have a fence and self-latching gate around your pool.Keith Collins announced that his company Alpine Mortgage Planning is opening it's brand new office in Roseville and they are having a grand opening party on Wednesday, May 25th from 4-7 PM, open to anyone! Rob Baquera, Head of Public Safety Community Relations for the Roseville PD and Fire Department, came on to promote Community Safety Day and to discuss some home safety tips. Rob stressed the importance of making sure your home is safe from disaster, including having a fire escape route, making sure to never leave your cooking unattended, checking your electrical cords, getting to know your neighbors and starting a neighborhood watch program. May 14, 2011- MYTHBUSTERS! This week was all about debunking common myths and misconceptions in real estate. One of the most common seller myths is to price your home high, and then negotiate down, which in reality is a terrible strategy, since most buyers who believe a house is overpriced will just move on. Another myth is to never accept your first offer, when statistically the first offer is usually the best offer.Keith Collins dispelled some common loan and mortgage myths. The first myth is that you can get the best interest rate by clicking online, which is completely untrue. Another myth is that you can't buy a home with less than 20% down, which is a complete lie, as there are 100% financing companies and FHA, is as low as 3 1/2%.Hot Off the Press- 1 in 4 homes are underwater according to a recent survery as a flood of foreclosures continues to weigh on many markets, the Obama administration is looking to get rid of 14,000 surplus properties, home prices dropped 5.9% in March 2011May 7, 2011- The rental market is in severe high demand right now, with all the foreclosures and home losses, so the time has never been better for investing. The ideal investment home is a single story three bedroom, two bath, two car garage home. Or, if you're interested in muti-family homes, occupy one side and rent out the other. There are many different options and strategies to explore when it comes to investment homes.Keith Collins is back! In the three weeks he has been gone, interest rates have gotten better. The movement we are seeing right now is in fee and cost, from Monday to Thursday, they got a quarter of a percent better in fee, worth asking your mortgage professional about.Jeff Sipes with Blue Water Credit, a credit restoration company, helps people with low credit scores analyze their credit reports for errors and give them advice on how to raise their score. 1 out of 4 people have erroneous information on their credit report that is hurting their credit score. If you would like Jeff to help you with your credit score, call him at 916-315-9190 or e-mail him at jeff_bluewatercredit.com.April 30, 2011- There has never been a better time for investing than NOW! Although the investing market has gotten a bad stigma, the reality is that investors can be extrememly beneficial to the economy by re-habbing homes, bringing the value up, and helping to stabilize the economy.Hot Off the Press- Lee B. Farkus, owner of one of the largest mortgage lending companies, was found guilty for masterminding a scheme that cheated lenders and the government of $2.9 billion dollars, the IRS has paid $512 million dollars in shady homeowner tax credits and has now taken positive steps to strengthen controls to prevent the insurance of inappropriate homebuyer creditsAnna Freddi, a CPA with the Riolo, Roberts & Freddi firm, advises that everyone's personal situation is different, so seeking tax advice is critical when going through a short sale regarding tax liability and tax consequences. A knowledgeable and well-informed CPA who knows the changing market well is essential to making a decision regarding the fate of your home. You can contact her at 916-771-4134 or www.rrf-cpa.com.April 23, 2011- Time is your enemy when dealing with short sales, so the more you increase the saleability of your home, the better. A recent study found that of 17,000 foreclosed homes, those that were re-habbed and in move-in condition sold 60% faster than those that weren't.Alex Munn, an attorney with the BPE Law Group, specializes in short sales and foreclosures, which is exactly what we are dealing with in today's market. Alex stresses the importance of seeking legal advice because everyone's situation is unique and while a foreclosure might be the right choice for one person, a short sale may be the answer for another. Knowing what liability you have to the bank is extremely important.A recourse loan is a loan where the bank has the ability to seek a deficiency from the homeowner. A nonrecourse loan means that if the bank takes the home back from the homeowner in foreclosure, they CANNOT seek back deficiency from the owner. In a short sale, it is possible to get your recourse loan negotiated away, and it is important to work with agents and attorneys who are experienced and knowledgeable and able to help you do so.April 15, 2011- It's spring cleaning time! Spring is here which is the kickoff for home selling, and it's always extremely important to properly prepare your home to sell. The goal of selling your house is to attract buyers and market your home. Curb appeal is one of the most important aspects of selling your home as it is the first impression buyers have of your home.Elizabeth Weintraub, an author and columnist for About.com, suggests the first thing to start with when preparing your home is to work on the exterior. Curb appeal is essential. Also, give your home a good, thorough cleaning, to give your home that extra sparkle and shine.James Roe, with North American Home Services, spoke about the importance of home inspections when you are preparing to sell your home. Pests and termites can be extremely detrimental to your home and the value of your home, and warns that in the springtime one of the biggest pests to look out for in the spring is black widows.April 9, 2011- HAMP and HAFA have been under assault by lawmakers. Awareness needs to be brought to these programs because this is taxpayers money being wasted. Servicers and lenders need to take care of the problem as they have proven they can do it because their internal programs have done a far better job of helping homeowners avoid foreclosure than government programs. Keith Collins discussed reverse mortgages, which is a loan that could be the answer for many people. It allows a client to access a portion of the equity in their home to a paying tax free cash without having to make monthly mortgage payments.Hot Off the Press- 5 states got foreclosure aid for unemployed people, former Sacramento Kings player Kevin Martin has been added to the list of celebrities who have lost their home to foreclosure, some of Sacramento's wealthiest residents are defaulting on their home loans as often as everybody elseApril 2, 2011- Continuing on from last week, successful short sales are a key component to recovering the economy. A recent article said as part of a settlement with the attorney generals major banks may be forced to let severely delinquent homeowners sell their homes for less than the original loan amount. The goal is to help stabilize the real estate market by clearing out the backlog of these defaulted mortgages.Keith Collins reported that rates are stable this week. However, he predicts rates will move up in the future as the mortgage bond market gets flooded with bonds the value of those bonds will decrease so the offered interest rate, to entice purchasers, has to increase. Hot Off the Press- 1 in every 14 homes in Sacramento is vacant, enough to shelter all the state's homeless on a typical night; 8 new bills have been proposed chipping away at Fannie Mae and Freddie Mac; House of Representatives voted to end HAMP two years early.March 26, 2011- Short sales can play an important role in the state's economic recovery. Foreclosures are detrimental to our economy, to our communities, and to each individual homeowner. In an open letter the California Association of Realtors asked the banks and servicers to step up and do their part in helping get through the economy and do these short sales.Keith Collins reported that interest rates are moving up. He also advised consumers not to wait for housing prices to drop to buy because although the consumer may buy for a lower price, interest rates will go up causing the consumer to pay more each month and in overall interest.Celebrities Worst Real Estate Mistakes- Scarlett Johansson lost about $2 mil, Beck lost about $2 mil, and Toni Braxton lost about $2.6 mil, but worst of all was Nicolas Cage, with a whopping loss of $39,150,000.March 19, 2011- Continuing from last week, IS the American Dream of buying a home dead? Absolutely not, and even the third richest man in the world, Warren Buffet, agrees. With today's lower prices and bargain interest rates, the dream is as real as ever. Keith Collins reported that interest rates got better this week, as there was a temporary drop in rates. He also advised that if you are in contract on a home doing a home loan, ask your loan officer about a renegotiation on your interest rate.Guest HUD Broker Zoritha Thompson came on the show discussing HUD homes and why people should consider buying one. A few benefits are that HUD pays 3% of buyers closing costs, and HUD also does an upfront appraisal once the house is listed. For more information, you can contact Zoritha at 916-870-4765 or zortiha_aol.com.March 12, 2011- Is the American Dream of buying a home dead? It is not and should not be. The American Economy counts on Housing to help maintain and grow our over all economy. Guest Steve Parrish from Building PI home inspections gave great insight on why it is so important for buyers to use a qualified and certified inspector.March 5, 2011- Avoiding scams in all types of real estate transactions. Guest Doug Thomas from Lyon RE explained a situation with one of his listings. Someone posted an ad on Craigslist trying to rent out one of his vacant properties. They did not get away with it!February 26, 2011-First Show. We are off to the races.
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