NC Home Foreclosures Drop 38%…..Really?

According to the Business Journal article linked below, foreclosure filing rates in NC are down 38% compared to one year ago.  The question is, as the article mentions, whether these numbers are skewed because of continued bank delays in processing foreclosure documents.  I tend to think that’s the case.  Our Clients have indicated there is still plenty more on the way.  Make sure you are registered on the Source Feed to recieve emails on all new bank-owned inventory from our office:  www.sourceforeclosures.com/user/register   

http://www.bizjournals.com/triangle/news/2011/06/16/north-carolina-home-foreclosures-drop.html

 

FDIC Quarterly Banking Report

Below is an excerpt from the Q4 2010 FDIC Quarterly Banking Report:

The fourth quarter 2010 FDIC Quarterly Banking Profile (QBP) is now available on line. FDIC-insured institutions reported an aggregate profit of $21.7 billion in the fourth quarter of 2010, a $23.5 billion improvement from the $1.8 billion net loss the industry reported in the fourth quarter of 2009. This is the sixth consecutive quarter that earnings registered a year-over-year increase. Almost two-thirds of all institutions (62 percent) reported improvements in their quarterly net income from a year ago. The average return on assets (ROA) rose to 0.65 percent, from negative 0.06 percent a year ago. Although community banks’ aggregate return on assets lags the ROA for larger institutions, as a group they are recovering, as most community banks reported higher earnings than a year ago.

Link to Full Report Here

New “Property Feed” is LIVE

The New ‘Source Property Feed’ is now LIVE at our website:  www.sourceforeclosures.com

This new technology has been in development for the last six months and will allow our investors to customize their search criteria and receive real-time email updates on Pre-Market Foreclosures as soon as they become available.  Click here to register:  www.sourceforeclosures.com/user/register

IMPORTANT NOTE:   Investors previously registered with us will have to re-register under the new system.

Foreclosures Numbers to Rise in 2011

I have seen a number of articles recently like the one linked below from cbsnews.com.  Most are projecting foreclosure filings in 2011 to be worse than 2010.  While it makes things rough for our clients, it continues to foster a great buyer’s market for investors.  Click below the article link to search foreclosure we currently have available for sale.

1M Foreclosures in 2010: Outlook Gets Bleaker

http://www.cbsnews.com/stories/2011/01/13/business/main7242285.shtml

Search our properties:  http://www.sourceforeclosures.com/buyer/search-our-properties

Love Romance? Spend the Night in Rodanthe

Love romance?  Have your own Night in Rodanthe with this gorgeous 8 bedroom, 8.5 bath home with unbelievable views of the ocean and sound for only $611,000! This amazing property has everything you need — generous sundecks, pool, elevator, game room with wet bar, media room, seven master suites, corner gas fireplace and an open living area and spacious kitchen!

DISCLAIMER:

All information contained herein is deemed accurate, but subject to verification by Buyer. Source Agency, LLC represents the Seller of these properties.  You should not share any information with an affiliate of Source Agency that you would not want the Seller to know.  All properties are sold “as-is,” “where-is.”  Please note that a listing in this package does not guarantee a property’s availability and the information viewed via website may or not be current as our inventory changes daily.  Additionally, a minimum bid quote in this package does not guarantee that the property will be sold at that price.

Source Agency offers recently foreclosed properties to investors and individuals before they are repaired, cleaned, or listed with a local agent. We are an REO asset management firm that manages bank owned properties. Our pre-market sales save our bank clients money and allow our buyers/investors to acquire properties at a much better price. These properties are typically available to investors and individuals for two weeks before they are cleaned out and listed with an agent.

We are based in Greensboro, NC and our exclusive “Pre-Market Quick Sale Program” is available on properties in North and South Carolina. In order to receive notification of new properties or find out more, please register on our website: www.sourceforeclosures.com.  From the homepage, click on “For Investors/Buyers” or “Register as a Buyer/Investor”. For additional information, contact Shannon at Shannon@sourceforeclosures.com.   Equal Housing Opportunity.

Visit us at www.sourceforeclosures.com for more information or call us at 336.295.1441.

Real Estate Economics: Supply and Demand

When people ask me “what they can get a good deal on” in the real estate market, my answer is usually the same thing:  buy what others aren’t.  I’m sure this isn’t the profound answer the person seeking my guidance was after.  I’m sure this simple tidbit leaves the investor feeling a little disappointed.  And I’m sure it seems I am oversimplifying a complex world of spreadsheets, algorithms, and advanced college degrees used to make well-educated investment decisions.  Maybe.  But the fact is– it’s the best advice I can give that almost always applies.  The basic rules of economics…supply and demand…apply to real estate investing and, more specifically, to acquiring foreclosures.  You want to buy what others don’t want, when they don’t want it, in order to get the best value.  If you have cash to fund the deal or the ability to sustain a leveraged purchase…..your discounted initial investment will likely payoff long term. 

Keep your eye focused on things like:

SEASONS:  For example, if you are considering a beach house as an investment buy…wait until the dead of winter to make your offer.  Typical peak time to make offers on beach property is spring through mid summer.  By fall, offers slow to a crawl and are usually whisper quiet during the winter.  As a result, a seller will likely be more responsive to your offer if it shows up in January.

MARKET CHANGES:  For a while, it seemed vacant land sales were slow in our office.  However, we have recently seen a large uptick in land and lot sales.  It appears that the national and regional builders are getting back in the new construction game, making a play for new projects.  Smart investors are taking this market knowledge and using it to their advantage.  In the past 30 days we have put 224 lots under contract.  Most of them were to investors who will buy from our clients and re-sell to a large builder over time on a take-down schedule at a significant profit.  They made offers on a product that wasn’t moving (over supply, no demand), bought it cheap, and will sell it at a profit.  It’s Profitable Economics 101: buy low, sell high.

Keep in mind that as an asset manager, my firm represents banks.   That’s all we do.  We work with lots of investors, but we don’t represent their interests.  This causes me to write from a unique perspective.  I think of how we package and present offers to our clients.  We generally include our recommendation along with it.  We factor a number of things into this recommendation:  recent activity on the property, other interested parties, season, comparable sales, competing listings, and likelihood of receiving another offer in short order.  If you are the person who makes the offer on the beach house in January, we are probably going to suggest the bank take a harder look at your offer and remind them that it may be their only chance to sell it before sometime in the second quarter. 

Bottom line:  You may have just bought yourself a new beach house….and my simple advice may have just paid off in a big way.

Check out all of our properties at www.sourceforeclosures.com.

Hello world!

Welcome to the first installment of the Source Agency blog! I am John Adcox, the President of Source Agency, and my marketing staff has convinced me that it’s time for me to join the ranks of the other socially connected professionals in our industry and write a blog.  I am still a little skeptical about how I will find the time to keep up a blog and whether or not I have enough to say to warrant one at all… but nevertheless, I am excited to venture into the blogsphere. So here goes.

The plan is fairly simple: to post real-estate centered information that is relevant and interesting to our circle of clients, investors, and friends. While we are still working to hone in on exactly what content will be here and on what timeline it will be posted, here is a breakdown of what you will likely find:

-FORECLOSURE/REAL ESTATE NEWS: breaking foreclosure industry news and statistics

-MY COMMENTARY AND THOUGHTS ON SAID NEWS: from time to time I may weigh in and offer my thoughts on the government’s involvement in the real estate industry or a particular company’s decision to buy another company, etc. Could be interesting!

-SOURCE AGENCY DEALS/PROPERTIES: while we have 10’s of millions of dollars worth of foreclosures for sale at any given time, I will likely mix in some opportunities that I think are particularly sweet.

-Source Agency News: news on special events and promotions (such as property liquidation sales and auctions) or things happening at Source that I think you would want to know about…

-Random Other Things: I will probably mix in some other completely random and unrelated things that I think are funny or interesting…just to break it up a little. We will see how that goes…

Some posts will be long and detailed, full of industry stats and other boring but vital info.  Some will be very short, maybe just a link to something else. All in all, I am aiming to make an informative blog for serious real estate investors (no waste of time here) and a place where open dialogue can take place between people to discuss ideas and opportunities in the marketplace. I encourage you to SUBSCRIBE to this blog, VISIT OUR WEBSITE: www.sourceforeclosures.com for more information on our firm and subscribe to our Real Property Feed.

In the meantime, feel free to leave some comments on what you would like to hear about…

Follow

Get every new post delivered to your Inbox.