THE KENOSHA KOЯNER

Finally, an EASY BUTTON for SHORT SALES

Ralph Nudi (Weichert, Realtors® - Precision) — Fri, 12 Feb 2010 15:37:12 -0600

ATTENTION AGENTS WITH SHORT SALE CLIENTS and SELLERS facing FORECLOSURE!

I have a client that buys SHORT SALES from your client, AND successfully negotiates with the lender to ensure the homeowner gets approved and out of debt. My client is a CORPORATE BUYER that makes purchases in ALL 50 states. If you want to know more, read on.

Let me give you some background information on my experience with short sales first...

I am a Broker/Owner and have been a short sale/REO expert in the Kenosha Wisconsin area for the past 5 years.

I am very experienced at closing short sale transactions, and if you are like me, you have noticed that these transactions have gotten increasingly hard to close because of two reasons:

1. Lenders are taking longer to approve short sales than before. Two years ago I was closing 70% of my short sale requests and averaging 5 closed short sales per month out of 7-8 under contract.

The following year was closer to 60% and I was only closing 4 per month. Even though I was still putting 6-7 under contract per month.

In 2009 that number dropped to 3 per month and closing ratio was closer to 42%. I was still listing short sales, and getting offers. I was still submitting them the same way, but the lenders added more levels of bureaucracy making it more difficult to speak with a negotiator (They are calling them "underwriters" these days to lend more credibility to the fact that they are inaccessible and ineffective. Weren't "underwriters" the ones who approved these non-performing assets in the first place?)

This process frustrated me, as well as my seller clients, buyers who wanted to buy short sales, and the agent writing offers on them. Thankfully I hade been transitioning to REO sales which kept us very busy

2. Because of #1, buyers and their agents are more reluctant than ever to write on a short sale, regardless of how good the deal looks. This makes the marketability of a short sale even lower and in most cases investors are the most likely buyer. Investors usually make lower offers resulting in a lower approval ratio further creating a vicious circle.

Recently I started representing a corporate buyer who is with a company that buys short sales NATION WIDE. Additionally my buyer NEGOTIATES the short sale, taking all of the work with little home of results away.

Our client is often able to get short sales done that I wouldn't have been able to get approved, and succeeds where most agents fail. This is for several reasons.

Our Client buys in BULK. They purchase homes as short sales, purchase notes and negotiate bulk sale REO deals. Because of this they have a fully staffed SHORT SALE department with a rolodex that includes contacts often higher on the food chain than we are able to get contact with. They also know how to handle the BPO order so that it does not "blow the sale" as many agents do not.

WE can even get your seller "CASH FOR KEYS" where most short sales cannot accomplish that. This is fully disclosed to the sellers lender and is usually approved because it does not come out of the funds of the transaction, but paid as a service to the sellers for delivering the property in "BROOM CLEAN" condition as lenders allow for in REO situations.

We also have a program for homeowners who really want to save their home. This program can keep a seller in their home long term, and still get you paid as their agent. This is their "Foreclosure Savings Plan".

In order to qualify a seller must:

#1 Be 90 days or more past due

#2 Have an IRA, 401(k) from a previous employer, or ROTH IRA. We have a qualification sheet that is quick and easy to fill out and send to our client for review.

If you are a homeowner facing foreclosure, or if you are an agent with a client looking to short sell or facing foreclosure, please let us know and we will spend a few minutes on the phone qualifying your deal.

Kenosha Youth Sports: Weichert Realtors' PEE WEE STEELERS WIN CHAMPIONSHIP

Ralph Nudi (Weichert, Realtors® - Precision) — Sun, 01 Nov 2009 14:15:57 -0600

Kenosha, WI - Sunday November 1, 2009

In a packed Mahone Middle School stadium, the Boys and Girls Club/CYC sports hosted it's 2009 Championship Games.

In the Pee Wee Division the Blue Division Champion STEELERS sponsored by Weichert, Realtors Precision extended their undefeated regular and post season record to 7-0 as they ran past the undefeated Red Division Dolphins with a 33-12 Victory for the 2009 PEE WEE Championship.

Leading the Team in scoring were running backs Tristan Jass with 3 rushing touchdowns and Frank Garcia with 2 rushing touchdowns. Garcia also threw for almost 30 yards.

Quarterbacks Reese Dutton and Logan Ramos executed the plays given by the coaching staff headed up by John Lynn.

Also of considerable mention this game were the tackles/assists/returns and rushed executed by Steven Felber, Taquillan Washington and Jimmy Collins.

Congratulations to all the players, parents and coaches for a hard working season.

FREE REAL ESTATE CAREER SEMINAR

Ralph Nudi (Weichert, Realtors® - Precision) — Sun, 11 Oct 2009 22:08:49 -0500

FREE

REAL ESTATE SEMINAR
Learn The Benefits Of Working In Real Esate

TUESDAY NIGHTS AT 7:00 PM
Weichert, Realtors - Precision
4235 Green Bay Rd., Suite 202
Kenosha, WI 53144

CALL TO RESERVE YOUR SEAT
(262) 656-7171

It's Time to Regain your Momentum

Ralph Nudi (Weichert, Realtors® - Precision) — Mon, 05 Oct 2009 16:19:26 -0500

As we approach the end of 2009, now is a good time to re-evaluate your career as a real estate professional. One of the most important things you can do is have a business planning and goal setting workshop with yourself and/or your spouse.

What types of things should you be evaluating. One of them should be your broker and/or your company. Many brokers in this day and age are nothing more than landlords for sales agents. Are you part of a functioning team, or a mere tenant in your brokers office doing business your own way. What tools does your brokerage provide to help you do business. What safeguards are in place to ensure your co-workers are not doing a substandard job and bringing down that brand in your office. What training, marketing and lead generating strategies does your broker implement. Does your broker take a personal interest in ALL the clients of his/her firm? Are you competing with your broker and/or manager for business?

How can you regain your momentum after being beat down over the past 18 months in the Kenosha Real Estate Market. Weichert, Realtors - Precision may have the answers your are looking for.

Blame it on RIO??!!

Ralph Nudi (Weichert, Realtors® - Precision) — Sat, 03 Oct 2009 08:47:21 -0500

All of the hopes for Chicago hosting the 2016 Olympics came to a crashing halt yesterday then the Windy City was eliminated in the FIRST round of IOC voting. The question is why?

Many were hopeful, as a decision like this would have spurted an economic boom for the entire midwest. Being in Wisconsin, but close to the border, I truly believe that the Kenosha housing market would have seen a huge boost.

For starters, the United States has hosted many Olympic games in the past. Lake Placid, NY was the site of the 1980 winter games. Los Angeles was the site of the 1984 Summer games. Most recently Salt Lake City hosted the 2002 winter games. Canada and Mexico have also hosted games.

South America on the other hand as a continent has never hosted an Olympic event. The economy of Brazil is growing and is perhaps the newest emerging market that investors are paying attention to. This will be the case NOW more than ever.

But why the first round??? After all, we elected the candidate for president that the world asked us to... and even Oprah graced Europe with her presence. We were sold this bill of goods that we needed a president that the rest of the world would like. The truth is, the rest of the world is still jealous of America. Jealous of our economic power and both jealous and fearful of our military power, even though we have used that military might throughout modern history to save many a people and nation from aggression and oppression. Of all the military superpowers in the history of the world, only the United States of America has consistently exercised restraint from using that power to conquer other nations. And yet... were are still ONLY loved when we are needed for our money or our might.

We need to stop believing this lie that we need a leader more respectable to the world at large and remember, the world at large does not have the best interests of the USA in mind. The world at large generally feels better about itself when America appears weak, therefore they will always meddle in our affairs in favor of a weaker leader over a stronger one. Whether it be something as large as supporting us in our quest for world security by standing united against Iran, or as small as showcasing one of our greatest cities, the world will most often disappoint the United States of America. And to think... they don't even have to blame this one on George W. Bush RIO!

TODAY IS A BIG DECISION FOR ALL!

Ralph Nudi (Weichert, Realtors® - Precision) — Fri, 02 Oct 2009 09:27:31 -0500

CHICAGO 2016 DECISION TO BE MADE TODAY

Todays IOC decision about whether or not to hold the 2016 Olympics in Chicago will have a major impact on the Chicago Real Estate Market, but it doesn't stop there. The impact on Chicago 2016 will affect all the surrounding Chicago markets as well, and it's impact will reach the entire tri-state area including Indiana and Wisconsin.

As an expert in the KENOSHA REAL ESTATE market I am especially excited and anxious to hear about this decision. The lastest real estate recession seems to be coming to an end in the coastal regions of the country, but we are still waiting for some signs of real recovery.

The Olympic Games would directly create some 300,000 jobs in Chicago and generate $22 Billion immediately. Additionally, ancillary providers and businesses would be coming to the area far in advance of the olympics.

If the State Governments of Wisconsin, Illinois and Indiana play this smart they could use the positive attention with some attractive tax incentive programs to attract much needed industry and businesses to the area. When it comes down to it, ita all about jobs.

Looking to Kenosha where half of Kenosha's residents commute to work, this would be an economic boom to the Kenosha Housing Market as well as to commercial real estate in Kenosha. I am expecting with the lower cost of living and better schools, for many people with these newly created jobs, do decide to search for a home in Kenosha rather than Illinois.

So regardless of your political leanings, lets all hope that President Obama (and his de facto Olympic Czar: Oprah Winfrey) is successful in this bid.

A GREAT DAY IN WEICHERT-LAND

Ralph Nudi (Weichert, Realtors® - Precision) — Tue, 29 Sep 2009 08:59:14 -0500

I wanted to share what was a great day for my team and my office today in KENOSHA, WI. For one thing, we held our regular i-CALL session on Monday morning. We are just implementing this strategy at our office, but it is used in Weichert offices all over the country on a day to day basis.

An i-CALL session is where all of our agents get together and call our customers and our prospective customers together. As the BROKER/OWNER, I supply the donuts, the coffee, the scripts and some leads. The agents are responsible for creating their own call lists from their spheres of influence, past customers and referrals.

We-CALL every monday morning from 9:00-11:30 and every tuesday evening from 5:00-7:00 as a team. From there each agent is responsible for prospecting on their own throughout the rest of the week. The idea is to get some success and momentum early in the week to set the tone for a overall successful week in the real estate business.

I find it shocking that while most agents complain about the market, few are really willing to work hard. If you put the time into the activities that MUST BE DONE on a daily basis, you will be successful in ANY MARKET.

This is actually a great time to be in this business. It is MUCH HARDER for a home owner to sell their home BY OWNER in a down market. Buyers are harder to find, and financing is more difficult to come by. A qualified competent real estate agent that can give professional advice on pricing, provide superior service in marketing and assist buyers with finding financing is an invaluable asset to a homeowner who NEEDS TO SELL.

Tonight, I will be holding one of my regular CAREER NITE sessions at our office at 7:00 PM. I spend an hour going over:

WHY THIS IS ONE OF THE GREATEST TIMES TO BE IN REAL ESTATE
WHY WEICHERT REALTORS IS WHERE A NEW AGENT WOULD WANT TO WORK
HOW TO GET STARTED IN REAL ESTATE
WHAT YOU NEED TO DO TO BE SUCCESSFUL

Many people have questions, and I spend time answering those questions as well. If you are interested in learning more about a career in real estate, this is a great place to get the answers.

To reserve a spot, call our office (262) 997-0668 or just walk in to our office

WEICHERT, REALTORS - PRECISION

4235 Green Bay Rd., SUITE 202

Kenosha, WI 53144

Links:

Wisconsin Real Estate Classes, Kenosha Real Estate, Kenosha Homes For Sale, Weichert, Realtors Wisconsin

Weichert, Realtors® Precision is looking for agents

Ralph Nudi (Weichert, Realtors® - Precision) — Sat, 05 Jul 2008 18:39:32 -0500

Weichert, Realtors® Precision is Kenosha's fastest growing real estate company.

Over the past year we have doubled in agents AND our volume is up over last year in a down market.

At a time in the real estate industry when many agents are asking questions, we are providing answers!

Watch our video, and decide for yourself.

If you are interested in learning more about a career in REAL ESTATE or learning about Weichert, Realtors® Precision please contact us by phone (262.997.0668) or email us at ralph@ralphnudi.com

Or got to www.RalphNudi.com for more information!

Bernanke's Second Day on the Hill - The Charade Continues

Ralph Nudi (Weichert, Realtors® - Precision) — Wed, 22 Jul 2009 13:53:39 -0500

Today was the second day of Federal Reserve Chair Ben Bernanke's Monetary Policy Report Report to the House Financial Services Committee. I was only able to tune in for a short time, but I was able to also read some of the testimony online.

The report itself seemed to be a re-statement of the obvious. That the economy continued to retract in the first quarter of 2009, that there were some signs that the RATE OF DECLINE was slowing.

Of significant importance was the testimony that the potential wave of defaults in commercial real estate may present a “difficult” challenge for the economy, without committing to additional steps to aid the market. (*1)

Commercial real estate is typically a lagging indicator, this means that the values of commercial real estate rise or fall months and sometimes years AFTER the adjustments in other sectors of the economy. In this case we have seen a 7.6% single month decrease in commercial property values across the board. There are also over $108 BILLION in commercial real estate loans in default. This could mean a whole NEW WAGE of financial institution collapses and a second drag on an economy that already has several weights tied around it's neck as it attempts to tread water.

These anchors include the subprime meltdown, the subsequent cost of the bailout, the automobile industry collapse and the "stimulous plan" which has accomplished it true intented task of using a recession as an excuse to expand government, force small business owners (such as auto dealers) out of business, and give away pork money to the districts and organizations that have helped liberal-neosocialist cause.

Putting that little diatribe away there were additional questions of Bernanke that piqued my intererst.

- One of the topics of conversation was the mixed messages banks were getting about lending money, and the fact that while the federal government has been saying publically that banks need to start lending money, the regulators are at the same time criticizing lenders for making too many loans. Benanke acknowledged that this problem exists, and said the key was in retraining regulators to encourage lenders to make profitable loans to credit worthy customers.

- An item that should be of noteworthy concern is the continued witch hunt of the mortgage broker. Most mortgage brokerage firms are small businesses and do not have a strong lobby to protect their interests. As a result they have been an easy target on capital hill and a scapegoat for the subprime meltdown.

Rep. Chris Dodd (D) grilled Bernanke on the subject of YIELD SERVICE PREMIUMS, (YSP's) YSPs are the fees paid by mortgage lenders to brokerage firms for funding loan applications. These YSP's typically increase as the agreed upon interest rate increases, as a higher rate means more profit for the end lender. Many in congress in both political parties are seeking to end the practice of paying YSPs to brokers, or severely limit/cap the amount that may be paid on any given loan. While some broker's may have abused this practice, this tool was used by many to generate enough income to offset and sometimes eliminate closing costs for the comsumer. What the average Realtor(R) and consumer should also know is that MORTGAGE BANKERS (which are typiclly larger companies than brokers) will not be affected by these proposed changes as they FUND their loans FIRST and then sell them to other lenders collecting a SERVICE RELEASE PREMIUM that is not disclosed to the consumer and not subject to the limits. This means that while the small business owners are being punished, big business gets to eliminate competition. All in the name of consumerism.

Let's face it, while there were some bad players (as there are in any industry INCLUDING ELECTED OFFICE) in the mortgage brokerage industry. Most brokers played by the rules, sought to help consumers, and offered products made available by the lenders.

MORTGAGE BROKERS DID NOT RENDER CREDIT DECISIONS - the lender's did

MORTGAGE BROKERS DID NOT DEVELOP TOXIC LOAN PRODUCTS - the lenders did

MORTGAGE BROKERS DID NOT CHARGE OR COLLECT PRE-PAYMENT PENALTIES - the lenders did

MORTGAGE BROKERS DID NOT SET INTEREST RATES - there merely sold what was available.

There are times and cases where a mortgage broker may have made a larger profit on one consumer than another, perhaps that particular customer required a substantial amount of time and work in order to find the correct product and obtain a loan approval.

At the end of the day, almost a year from the initial MORTGAGE MELTDOWN, lawmakers and journalists alike still don't understand the problem any more than they did a year ago. They want to blame the little guy, because that provides a villian with the least of political consequences.

Ralph Nudi is the Broker/Owner of Weichert, Realtors - Precision in Kenosha, WI

Ralph specializes in Foreclosure, REO, Distressed and Short Sale residential sales, and in commercial real estate in Kenosha, and Racine counties. Weichert, Realtors - Precision is a full service real estate firm with an entire staff of residential real estate agents.

Recruiting in a down market?

Ralph Nudi (Weichert, Realtors® - Precision) — Tue, 09 Jun 2009 23:34:50 -0500

As the market continues to cough and spit and sputter, the fact of the matter is THERE IS STILL REAL ESTATE BEING SOLD out there.

One of the toughest sales is the Real Estate industry as a career choice during this tough market, yet our office is actually in need of agents willing to service the quality leads that we are able to generate on an ongoing basis.

We have listings that are actually making the phone ring, buyers calling and sellers looking to us for serious help in marketing and selling their homes.

I still believe in this industry in spite of our current market, but am having a difficult time selling this to prospective hires.

A recent prospect told me he needs a job that will give him a paycheck "right now". That was in February and this prospect is still looking for employment. By now, if he had been following our proven systems, he would have started getting paid for his efforts.

With the large number of auto dealers being forced out of business, I am surprised that there aren't more people with sales skills looking to get into the real estate industry.

As I look to the existing pool of real estate agents, most are in one of a few categories.

They are either still doing well and don't want to mess with their current formula in this market, or failing and jaded, believing "its the market" that's the reason for their failures and not willing to look for answers internally or externally that could change their fortunes.

Still I work every day to weed throught this pool of prospects to find 1-3 solid prospects every month that are willing to attempt to learn, and to do what it takes to be successful in this industry.

We currently hold a CAREER NIGHT every Tuesday in our office and we offer WISCONSIN REAL ESTATE LICENSING COURSES. This is our opportunity to educate people on the opportunities that still exist.

Stunning Executive Home in Oak Creek, WI $200k under assessed value

Ralph Nudi (Weichert, Realtors® - Precision) — Wed, 27 May 2009 16:05:04 -0500

Photo Gallery

View From Front

Garage View

Pier and Pond View

Pond and Shed

Rear from Pier

2 Story Great Room w Fireplace

Kitchen and Dinette

Master Suite

Master Bath

View From Cat Walk

2 Story Foyer

Description

This Magnificent brick home on 2 acres boasts almost 4500 square feet, with a large beautiful first floor master suite, a two story foyer and great room with a cat-walk leading to the 2nd bedroom suite with 3rd and 4th nicely sized bedrooms on the other side of the cat walk. The first floor also has a large eat in kitchen/dinette, a formal dining room, formal living/sitting room and an office. The rear of the home overlooks your own private pond with your own pier. The previous owner used to stock the pond with fish. The property has been foreclosed on and is being sold for HUNDREDS Of THOUSANDS of DOLLARS UNDER ASSESSED VALUE! Property is in need of cosmetic improvements and a few other minor repairs.

Features

Bedrooms:	4
Bathrooms:	3.5
Parking Spaces:	6
Year Built:	1991
Subdivision:	Shangri-La
Lot Size:	1.993
Garage Size:	3+ Car
School District:	Oak Creek
Square Footage:	4252
Agent Name:	Ralph Nudi
Broker:	Weichert, Realtors- Precision
MLS #:	1081573

Location

10630 Shangrila Court Oak Creek WI 53154

vFlyer Id: 2540584

In Lending: Common Sense is Not So Common

Ralph Nudi (Weichert, Realtors® - Precision) — Fri, 20 Feb 2009 12:45:27 -0600

As I talk with my closest friends in the mortgage industry, and we reminisce about all of the old "EXOTIC LOANS" that used to be available, I think about how there is truly no common sense whatsoever in mortgage lending.

If you turn on any channel today, there is another news flash about the latest effort by the Obama Administration to save borrowers who are in trouble. There is also plenty of focus on saving banking with various forms of what is ultimately socialized or government controlled banking. Of course if you want to know who to blame... the media will help you out with that one too. All the blame is falling squarely on the "EVIL MORTGAGE BROKERS"

Let's not forget who really created this problem... Institutional Lenders, Borrowers .... and Government

This is a clip of what lenders USED to tell borrowers:

LENDERS used ABSOLUTELY NO common sense WHATSOEVER when creating such loans as:

NO DOC loans

NINA loans (That is not SPANISH for "Little Girl" but an acronym for No Income No Asset)

NINJA loans (NO...THIS IS NOT A LOAN SPECIALIZING IN BORROWERS WHO WERE ALSO MARTIAL ARTISTS! THIS IS A LOAN THAT REQUIRED NO INCOME, NO ASSET, AND NO JOB VERIFICATION!)

These loans met with the approval, and often times the urging of the government, to get more people into homes!

ARE YOU SERIOUSLY KIDDING ME? NO JOB? IF YOU ARE STUPID ENOUGH TO THINK YOU WERE GOING TO GET PAID BACK - YOU DESERVE TO GO BROKE!

So now... we are in a financial pickle...
The Government has promised us that our TRILLIONS of tax dollars are going to save the world, and will thaw the frozen credit markets....

Meanwhile SUNTRUST mortgage today announced to borrowers that they will not pay brokers do an FHA government insured mortgage for borrowers UNDER a 720 credit score. So these same people who have taken over 1.5 Billion in TARP Money (and yes the same idiots who wrote NINJA loans) are going to penalize a borrower with perhaps a 680 credit score (or perhaps a bit lower) who may have NEVER missed a payment to ANYBODY in his/her life, has a good paying job, has saved a down payment, and perhaps even has some more money in the bank based on a scoring system that inherently flawed and can be easily manipulated.

I have looked at THOUSANDS of credit reports in my lifetime and I can tell you there were many borrowers with 720 plus credit scores who really didn't deserve it. I have seen college students where the only credit they have is the students loans they have not yet begun to pay back, with scores over 720. Then there were multitudes of other borrowers with MID 600's credit scores with NO derogatory credit, no late payments and more cash in the bank than most people I know. Many of them with several mortgage loans pais on time with ZERO late payments

Credit scores were always meant to be a guideline, not a hard and fast rule, or an exception to common sense.
Nobody wants to apply common sense underwriting to lending anymore. These lenders were FOOLISH to create mortgage products that were damned to failure before they even funded. Now they are going to be even more foolish by failing to put GOOD loans on their books to offset the troubled assets they now hold

They don't have to worry about fixing their portfolios... we will bail them out, and then they will look down their noses at the very taxpayers that have footed the bill, and say no thank you to many worthy borrowers.

Nudi For President?

Ralph Nudi (Weichert, Realtors® - Precision) — Mon, 08 Sep 2008 09:37:41 -0500

HELP - My lender is going to send me a 1099 for my short sale!

Ralph Nudi (Weichert, Realtors® - Precision) — Wed, 24 Oct 2007 11:07:12 -0500

I often get the question... Will I have to pay taxes on the amount the bank writes off on my short sale?

The answer is NOT a simple one, it depends on the situation. Legislation is currently being proposed that will further simplify the issue, but in the mean time, there are cases where you WILL NOT have a tax liability.

#1 - Not ALL lenders actually issue a 1099 to their borrowers.

#2 - There are rules regarding insolvency. Here is the response from my CPA on this issue:

According to IRS Publication 908, Bankruptcy Tax Guide, income from cancellation of debt can be excluded from income on an individual's tax return if the cancellation takes place when the individual is insolvent, but only by the amount of the insolvency.

Insolvency is when an individual's liabilities exceed the fair market value of their assets. Determine your liabilities and the fair market value of your assets immediately before the cancellation of your debt to determine whether or not you are insolvent and the amount by which you are insolvent.

The amount excluded must be used to reduce certain tax attributes. These don't apply to most people, but they are net operating loss, general business carryovers, minimum tax credit, capital losses, basis in other properties, passive activity losses.

Form 982 needs to be attached to the person's 1040. This shows that the cancellation of debt income is being excluded.

- This of course is intended for informational purposes ONLY and should not be used as a substitute for professional tax advice. You should contact your CPA if you need advice on how to handle your individual situation!

http://RalphNudi.com

HARBOR PARK a brief history

Ralph Nudi (Weichert, Realtors® - Precision) — Mon, 11 Aug 2008 12:11:23 -0500

A history of harbor park condominiums is soon to come.