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| Date | Show Overview | Bio |
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05-17-2008 |
Bruce Norris is once again joined by investor, creative real practitioner and educator, and author, Bill Gatten. Bruce and Bill discuss investors who are new to a downturn and how they are currently reacting, what Bruce thinks the market might look like in 2010-2011, non-inclusive options, difference between an Illinois land trust and the Pac Land Trust, options of selling in non-traditional fashions, creative financing and different issues, due on sale clause, how the Pac Trust avoids the due on sale clause, Garn- St Germain act and the rules, percentage the beneficiary needs to retain for tax and insurance reasons, insurance in the land trust transaction, what is negotiated in the land trust transaction, what sellers typically want when they call off an ad, taxes with a land trust, running ?I buy houses? ad in the current market, who are the people who make up those phone calls, profit centers when using the land trust, Bill Gatten working with builders in the current market, helping builders that have no other options, lenders that don?t understand the Pac Trust, how Bill deals with lenders that tries to implement the due on sale clause, and finally, landtrust.net. | ||
05-10-2008 |
Bruce Norris is joined this week by investor, creative real practitioner and educator, and author, Bill Gatten. Bruce and Bill discuss how long the concept of holding title in a trust been around, why it was created, the mid-70s and interest rates and problems with lenders, why we didn?t have huge price changes in 80s, creative financing, Garn- St Germain Depository Institutions Act in 1982, how it limited lenders on foreclosing, the living revocable trust, due on sale violations, the inter vivos trust, fee simple bundle of rights, the phase of acceptance for new ideas and where the living trust currently resides, how a living trust is structured, asset protection under the trust concept, the percentage of lawyers who understand the trust concept and how even fewer understand the land trust, the different Realtor groups that have made great use of the land trust in Southern California, creating options for the seller, if changing interest rates changes the strategy, problems with using a lease option, problems with contract for deeds, the steps in a transaction where using a land trust is appropriate, why it?s best for the seller not to remain in the property when using this transaction, the players in a trust transaction and who holds the power, the trustee, the settlor, the beneficiary, why a corporate trustee is important, and finally, landtrust.net. | ||
05-03-2008 |
Bruce Norris is joined this week by Senior Vice President, Field Sales and National Accounts of PMI Mortgage Insurance Co., Pete Pannes. Bruce and Pete discuss the basic business of PMI, when a borrower in a transaction pays for PMI, the range in cost, when PMI is required on a loan, if sellers can pay for the cost of PMI, competitors in mortgage insurance, what would happen if a mortgage insurer went out of business and its effect on the lenders, current stresses on mortgage insurers, how the industry is structured to handle issues in the market, how insurance changes the amount a consumer can borrow, if PMI is only for first trust deeds, if PMI has gotten more popular in recent years, if property value increases reduce insurance costs, at what point PMI is cancelled, what happens if prices go backwards, can PMI be reinstated if loan to value shifts, what price range of loans PMI covers, variances in PMI by state, if PMI can be used for purchases and refinances, how the market got away from paying PMI with 80% first and 20% second, if more traditional underwriting is taking place and if it includes PMI, how PMI was ignored because of run up of appreciation in previous years, reemergence of FHA and how it compares to PMI, how the consumer benefits from PMI, how lenders benefit from PMI, if PMI makes loan more liquid on Wall Street, how PMI assists bank if foreclosure takes place, what is covered in the policy and for how much, the borrower in foreclosure and recourse against borrowers in default, how do consumers prove they are in a 20% equity position, if late payments or rapid market declines can cause the bank to change its policies, do mortgage seconds or home equity line of credit change the PMI situation going forward, will PMI be required for longer amounts of time, pmigroup.com. | ||
04-26-2008 |
Bruce Norris is joined by one of the Nation?s best salesmen and sales trainers, Ben Gay III. Bruce and Ben discuss how Ben?s life changed when he answered an ad from Bill Dempsey, how Ben got his start in the sale business, working for one of the first multi-level companies called Holiday Magic, rubbing shoulders with some of America?s best known salesmen including J. Douglas Edwards, Zig Ziglar, Earl Nightingale, Napoleon Hill, and Fred Herman, the concept of no graduation day for a professional sales person, Closers 2 and the sales infiltrator concept, the normal sales setup and how the sales infiltrator changes the dynamics, thinking on the behalf of the client and how that wins loyal customers, bfg3.com. | ||
04-19-2008 |
Bruce Norris is joined once again by Co-founder and Chairman of National Recreational Properties, Real Estate Disposition Corporation (REDC), LandAuction.com, and author of Auction Revolution and soon to be released How to Make a Fortune at Real Estate Auctions, Robert Friedman. Bruce and Robert talk about the process lenders currently use to exit properties, coping with unrealistic sellers, why the real estate auction method makes talking to unrealistic sellers easier, what percentage of properties close, not working will sellers that are truly unrealistic, how real estate auctions work with lenders, how long it takes to go from contact from a lender to live auctions, after the auction process, how many auctions can take place in an area per year, reserving the right to bid on behalf of the seller, shill bidding and why its currently a common practice, ethics and shill bidding, if REDC sees investors as playing a larger part in the future, if prices are going to correct further, dealing with lenders now compared to the 1990s, dealing with Wall Street versus lenders in the last cycle, having decisions makers in the audience to accept or reject offers, REDC?s clients, REDC?s lender of choice, how that relationship helps during the auction, if the buyout of Countrywide is going to affect the business, the inventory in this cycle compared to the last downturn, if auctions need more structure and regulation, the perception of real estate auctions in the public and if those perceptions are changing, broker participation, Robert?s upcoming book and when it will be released, the different types of auctions REDC does, Robert?s involvement in the Big Brothers and Big Sisters program, ushomeauction.com ? REDC?s live real estate auctions, landauction.com ? live land auctions, landauctionbid.com ? online land auction, auctiontoday.com ? real estate developer closeout auctions. | ||
04-12-2008 |
Bruce Norris is joined by Co-founder and Chairman of National Recreational Properties, Real Estate Disposition Corporation (REDC), LandAuction.com, and author of Auction Revolution and soon to be released How to Make a Fortune at Real Estate Auctions, Robert Friedman. Bruce and Robert discuss how long Robert has been involved in auctions, how he got started, land auctions, the evolution of auctions in cycles past, terms for land auctions, land auctions in the coming years, if REDC can handle more volume, how the volume so far and the magnitude of the downturn was unexpected, how his company goes about buying land, underwriting title, current clients of REDC auctions, the different kinds of auctions, the type of auction REDC uses and why, why banks lean to a certain type of auction, introduction of buyers? premium at auctions, where the profit center is now for auction companies, advantages of absolute auction if any, licensing for becoming an auctioneer, Robert?s new book, the amount of people it takes to pull off a great auction, how marketing has changed for auction companies, the Internet and real estate marketing, working with builders, early lessons in the industry, ballroom auctions versus other types and why Robert chooses ballroom, most active areas, benefits to having an established brand at auction, why auctions have never been accepted in booming markets, and the stigma with auctions in a down market. | ||
04-05-2008 |
Bruce Norris is joined once again by auction legend, co-founder of Williams and Williams Auctions, and current president of the National Auctioneers Association, Tommy Williams. Bruce and Tommy discuss what the duties are as the president of the National Auctioneer Association, foreign countries and the auction process, the lessons to be learned from foreign countries, the leading foreign auction country, auction cycles and the psychology of acceptance, Tommy?s dream for the auction process, the biggest impediments for the auction method to gain wider acceptance, the possible synergy with Realtors, what the National Auctioneer Association is doing to reach out with the National Association of Realtors, the number one auction category in the United States, what rules or regulations could be put in place to help the auction process, Tommy?s wish to see foreclosure process change, the perception of auctions and how its changed over the years, what the public thinks about auctions and how Ebay has played an important role, shill bidding on Ebay, the benefits to joining the National Auctioneers Association (NAA), the national auction publications, the education process of an auctioneer, how the auction industry self regulates against those that abuse the system, how word of mouth weeds out the bad seeds, rookie mistakes of auctioneers, the importance of understanding value, how the business has changed since the Internet, marketing being the most important ingredient for the auction process, the future for the Williams and Williams auction company. Williamsauction.com | ||
03-29-2008 |
Bruce Norris is joined this week by auction legend, co-founder of Williams and Williams Auctions, and current president of the National Auctioneers Association, Tommy Williams. Bruce and Tommy discuss how Tommy got involved in auctions and his family?s history in the auction business since the 1800s, how the tradition continues in the family, how Williams and Williams auctions are set up, the team members that make auctions possible, on-the-front-yard auctions, why Williams and Williams chooses not to pursue ballroom auctions, why auctions on the lawn helps obtain true market value, dealing with surprises during live auctions, how bad weather actually makes for a better auction, how long the process takes and how efficient the process has become, how government-backed banks are harder to deal with than private institutions, the readiness of Williams and Williams to grow as the market changes, the different types of auctions and which Williams and Williams chooses to use, how a seller is more willing to change what they will take for a property on auction day, true market value and how auctions show the seller the truth, if sellers today are more willing to accept lower offers, why it?s important to have the seller present at auction, problems with old appraisals, shill bidding in current California auctions, when shill bidding is acceptable and what auctioneers should be doing if it?s a practice they choose to pursue, how some states have licensing laws and other?s do not, Tommy?s thoughts on shill bidding, the stigma to builders considering auction, what any seller will need to consider when considering the real estate auction process, the difference between a loved home and an unloved home, auctions during the peak of a boom and how sellers could see even more gains, the marketplace tells the truth, and finally, williamsauction.com. | ||
03-22-2008 |
Bruce Norris is joined by former Chief Economist with Fannie Mae and current Chief Economist with PMI Group, David Berson. Bruce and David discuss what PMI Group does, mortgage insurance, risk lenders are no longer willing to take, the size and scope of PMI Group and its services, risk averse lenders and how it all changed, practices of lenders and pushing the credit envelope in cycles, unsustainable trends and the end of subprime, lenders passing loans through new vehicles not previously available, mortgage-backed securities and CDOs, portfolio lending, expansion of Fannie Mae and Freddie Mac and what the effects will be, investors and their assumption of risk for mortgage-backed securities, credit ratings and how they misled investors, the issue of looking backward and not forward, why pricing inflation saved the day, if the worst over, home sales and price stabilization, California in a recession, the economic signs of a recession, consumer spending, what happens if consumer spending dwindles, unemployment rates and its importance to the market, what happens if wages decline, Realtors and jobs in California, impact on bond insurers if ratings are lowered, separating muni bonds from subprime bonds, what happens when insurers go out of business, mortgage defaults, unanticipated price drops, when Fannie Mae started to be concerned, the national scope of price drops, Great Depression talk and if it?s exaggerated, raising loan limits for Fannie and Freddie, the FED and their solutions, moratorium on foreclosures, what signs to look for in a recovery, bond yield spreads and what they might say about interest rate moves by the FED, stagflation, and the percentage of housing market for employment. | ||
03-15-2008 |
Bruce Norris is joined once again by president of The Short Sales Processor, Nicholas Manfredi. Bruce and Nick talk about what attracted Nick to the world of California real estate investing, his background in data, if sales was important to being an investor, how the Inland Empire Investors Forum began, how his Southern California investor club has helped his business and skill set, what choices people have when facing foreclosure, what mistakes California investors are making when approaching people in foreclosure, how different short sale businesses are structuring their business, the ideal time frame to complete the short sale process and have the lender participate, where lenders are currently participating in the foreclosure process, the credit difference between foreclosure and a short sale, what someone facing foreclosure wants to hear when doing a short sale, lenders and their focus on BPOs, building relationships with loss mitigation departments, turnover in the loss mitigation industry, the BPO process, the amount of time per California short sale file, synergy with short sales and REO brokers, Nick?s upcoming short sale seminar, the structure of a successful California short sale business, doing what you?re good at, learning to set up a machine to do the most profitable things, percentage of response for short sale marketing, why education is always less expensive then learning the hard way, how long the short sale business in California will likely last, price adjustments in California, and his website, theshortsaleprocessor.com. | ||
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