Auction Lite - our fastest growing real estate solution!

AUCTION LITE

Pay just HALF commission… or NONE at all!
Sell in DAYS, not months.
Get MULTIPLE offers, not just one.
Sell for MORE, not less.
No gimmicks, no fine print. Here’s how…

What are the top reasons to work with a trusted real estate broker?

Results-driven marketing, negotiation expertise and qualified closing representation.

Now, what are the top reasons to auction your home?

Multiple qualified buyers, a quick sale, and more important — paying less in commissions.

Now there’s a revolutionary new way to do real estate that combines the BEST of traditional real estate and the BEST of auctions! It’s called Auction Lite, and it’s only available through 24by7bid Realty!

That’s right, you get the BEST of both worlds. You are represented by a broker who has hundreds of successful closings and has worked with hundreds of unique clients. Plus, you get the benefit of their complete professional marketing team that will bring tons of exposure (and lots of showings and ultimately several offers) to your home.

In addition, because Auction Lite works similarly to an auction, you have the option of paying only HALF or even ZERO commission!

Full representation AND reduced commissions — No wonder Auction Lite is our fastest growing real estate solution!

In addition, because Auction Lite works similarly to an auction, you have the option of paying only HALF or even ZERO commission!

With traditional real estate, for weeks and months, you have to keep your home at showroom quality. You wait and wait for an offer. Then when one finally comes, in many cases the financing kills the deal.

Auction Lite is like traditional real estate on steroids. You’re no longer waiting, you’re SELLING! In most cases, Auction Lite brings multiple offers on your property within 15 days or LESS! Plus, rather than meeting with different agents and different buyers and juggling paper contracts, everything is done from the comfort of your home or office.

Want more advantages? Here you go.

• With Auction Lite, your house only shows when you want it to. No more running around and cleaning for an hour for a last minute showing.
• Prospective buyers are approved online — so you only deal with people qualified to buy!
• There is ZERO risk to you because the seller reserves the right to accept or reject the highest bid.
• Plus, you benefit from aggressive Internet marketing campaigns, unlimited image uploads as well as YouTube videos of your home, and the entire process is eco-friendly since it’s all online without paper and waste.

Another difference you’re sure to notice is what happens once the auction starts. Human beings are naturally competitive, and an online auction brings this competitive fire to the surface! The result: You get higher offers, even exceeding the negotiated sale price.

Our highly trained Real Estate professionals are eager to help you in all aspects of your Real Estate business. Call us today to learn why Auction Lite is the real estate option for you.  

Call now: (925) 415-5224

24by7bid.com

California consumer sentiment slides

The California Composite Index of Consumer Confidence declined approximately 10 points to 78.6 in the fourth quarter of 2011 compared with the third quarter’s revised reading of 88.2, according to the A. Gary Anderson Center for Economic Research at Chapman University.  An index level below 100 reflects a higher percentage of pessimistic consumers versus those who are optimistic. In contrast, the survey of consumer confidence at the national level conducted by the University of Michigan showed a reading of 64.1 in the month of November increasing from the August reading of 55.7. The California Composite Index is generated based on three indices: Consumers’ outlook on current and future economic conditions, and an index measuring consumers’ spending plan. All three components of the composite index declined over the last three months.
Continued high unemployment rate in California, currently at 11.7 percent, and volatile stock market may be the main factors explaining why the consumer assessment of the current economic conditions has deteriorated so sharply. This index declined to a reading of 60.8 in November of 2011 from 67.1 in August of 2011. The index measuring future economic conditions also decreased to a reading of 95.8 in November from a reading of 106.8 in August 2011. Moreover, the index measuring consumers’ planned spending on big-ticket items decreased significantly from the August reading of 93.4. The reading of 79.8 suggests consumers’ spending in the early part of 2012 may decline sharply from the current strong pace reported by the retailers. (C.A.R. Newsline)

Fitch: CMBS Delinquency Declines Hit Month Four

November marked the fourth straight month that Fitch Ratings has recorded a decline in the delinquency rate for loans held in U.S. commercial-backed mortgage securities (CMBS).

CMBS late-pays fell by 15 basis points last month to 8.41 percent, down from 8.56 percent in October. New delinquencies totaling $1.8 billion were offset by $2.2 billion of resolutions, Fitch reports.
Behind the positive numbers, though, the New York-based ratings agency says the performance of CMBS collateralized by office properties remain an area of concern heading into 2012. More than half of all new delinquencies in November consisted of office loans.
Of the four most prevalent CMBS property types (office, retail, multifamily, and hotel), loans backed by office properties saw the largest percentage gain in delinquencies since October, as well as over the past twelve months.
Office late-pays were up 4.3 percent (27 bps) month-over-month, and since November 2010 they have increased 16.5 percent (93 bps), settling in at a 6.56 percent delinquency rate as of the end of November.
Office properties now contribute 210 bps ($8.4 billion) to Fitch’s CMBS delinquency index. The agency has said for some time now that office properties with rolling rents would be responsible for an increasing number of new delinquencies.

Fitch says delinquencies for loans backed by office properties have closely mirrored broader trends seen across the sector. For example, several weak office markets contribute an outsized share toward the overall office delinquency figure, including Atlanta, Phoenix, Dallas, Sacramento, Detroit, and Las Vegas.
Each of these markets experienced third-quarter vacancy rates at or in excess of 20 percent, with three markets – Phoenix, Detroit, and Las Vegas – reporting rates over 25 percent, according to data provided by REIS.
However, loans backed by central business district (CBD) office properties from the strongest office markets are virtually absent from Fitch’s index. For instance, the CBDs of D.C., New York City, San Francisco, and Boston collectively contribute just one office loan to the index – a New York City office property in foreclosure.
In contrast to the increase for office – and modest upticks for hotel and industrial – multifamily and retail delinquency rates declined last month.
Multifamily delinquencies dropped 28 basis points to 15.71 percent, while retail shed 20 basis points to hit 6.63 percent.
Past-dues among hotel properties rose 12 basis points, posting a delinquency rate of 12.66 percent in November, while industrial delinquencies edged up 4 basis points to 10.34 percent.
Fitch Ratings’ delinquency index includes 2,579 loans totaling $33.8 billion that are currently at least 60 days delinquent, in foreclosure, REO, or considered non-performing matured. The total delinquency percentage is calculated from the outstanding CMBS populated rated by Fitch, consisting of approximately 33,500 loans comprising $402.3 billion.
The index excludes rated loans that are 30 to 59 days delinquent, which totaled $2.1 billion in November, compared with $1.5 billion in October.
Fitch Ratings maintains a ‘stable outlook’ on approximately 86 percent of its U.S. CMBS portfolio. Most of the remaining bonds are either considered distressed (8 percent) or have a ‘negative outlook (6 percent). (Carrie Bay -dsnews.com)

Prices Decline Slightly But Show Signs of Stabilizing

While home values are continuing to decline, they are beginning to stabilize as the market nears the bottom, according to the Zillow Real Estate Market Report, released Tuesday.

Since their peak in May 2007, prices have fallen 23.7 percent, according to Zillow’s data.
On a yearly basis, prices fell 5.1 percent in October, arriving at $147,000.
However, on a monthly basis, prices fell just 0.3 percent, demonstrating a deceleration in decline.
“As expected, home values continue to fall in the back half of this year due to an abundance of housing supply relative to demand,” said Dr. Stan Humphries, Zillow’s chief economist. “Potential buyers remain on the sidelines or doubled up in other households, despite record high housing affordability and historically low mortgage rates.”

Zillow, based in Washington, measures 156 metropolitan statistical areas (MSAs) each month. In October, prices declined in 95 MSAs and rose in 39.
Prices in the remaining 22 MSAs remained relatively unchanged over the month.
Some of the harder hit areas are starting to a reprieve from their sharp declines in home values.
Miami’s prices remained essentially unchanged for the month, and hard-hit areas of Phoenix and Detroit saw slight gains – 0.2 percent in Phoenix and 1 percent in Detroit.
On a yearly basis, 10 of the 156 MSAs experienced rising prices.
In addition to stabilizing prices, Zillow reported another positive sign for the market in its most recent report. The foreclosure liquidation rate fell for in October to 8.1 out of every 10,000 homes.
This contrasts the record high reached one year ago – 10.7 of every 10,000 homes.
While Zillow reports some slight positive signs for the market, Humphries says the “crisis of consumer confidence along with high rates of negative equity, are the biggest factors hindering a housing recover.”
“However, I’m encouraged by the positive, albeit slow, progress in working down the unemployment rate, which should help to improve consumers’ appetites for buying homes,” he continues. (Krista Franks - dsnews.com)

Industry Home Price Reports Show Further Declines

Home price indexes from CoreLogic and Lender Processing Services (LPS) both recorded continuing declines through the month of October.

CoreLogic’s study shows national home prices dropped 1.3 percent between September and October, marking the third straight monthly decline.
The company puts October home prices 3.9 percent below their year-ago levels. That follows a decline of 3.8 percent in September 2011 compared to September 2010.
“Home prices continue to decline in response to the weak demand for housing,” commented Mark Fleming,

CoreLogic’s chief economist. “While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance.”
Fleming says looking forward, CoreLogic’s forecasts indicate flat growth through 2013 for residential home prices.
LPS says its preliminary data indicates the same downward trajectory for home prices, with a 1.1 percent month-over-month decline for October, coming on the heels of a 1.2 percent drop in September.
Kyle Lundstedt, managing director for LPS Applied Analytics, says the latest data is consistent with seasonal patterns occurring since 2009.
“Each year, prices have risen in the spring, but revert in autumn to a downward trend that has not only erased the gains, but has led to an average 3.7 percent annual drop in prices to date,” Lundstedt explained.
LPS’ latest index of average national home prices continues the downward trend begun after the market peak in June 2006, when the company says the total value of U.S. housing inventory stood at $10.6 trillion.
The value has declined 30.2 percent since that peak to $7.56 trillion.

Treasury to Withhold Foreclosure Prevention Incentives from Two

The U.S. Treasury said Wednesday that it will continue to withhold incentives from JPMorgan Chase and Bank of America for modifications, short sales, and deeds-in-lieu completed through government programs.

JPMorgan is the only servicer participating in Treasury’s Making Home Affordable program that was determined to need “substantial improvement” in complying with program guidelines during the third quarter.

The company – now said to be the largest U.S. bank by assets – was also in need of “substantial improvement” during the first and second quarters of this year. JPMorgan’s servicer incentives have been withheld since the first assessment was made at the conclusion of Q1.
Treasury called out JPMorgan in its report for the servicer’s “lack of progress in implementing previously identified improvements.”
Bank of America was given a grade of needing “substantial improvement” during the first and second quarters, but moved up a notch on the assessment scorecard to needing only “moderate improvement” for the third quarter.
Still, Treasury says it “will continue to withhold servicer incentives from Bank of America, NA, until it makes additional improvements.”

Treasury’s quarterly compliance assessments cover the 10 largest servicers participating in the Making Home Affordable program.
Six other servicers were also found to need “moderate improvement” during the third quarter: American Home Mortgage Servicing, CitiMortgage, GMAC Mortgage, Litton Loan Servicing, Ocwen, and Wells Fargo. Incentives are not being withheld from any of these program participants.
Two servicers met the established benchmarks for program compliance, indicating that they require just “minor improvement” on the areas reviewed for the third quarter: OneWest Bank and Select Portfolio Servicing.
Treasury says when Making Home Affordable began, “most servicers did not have the staff, procedures, or systems in place to respond to the volume of homeowners struggling to pay their mortgages, or to respond to the housing crisis generally.”
Officials note that participating companies have taken specific actions to better their servicing processes. “While the servicers have improved their performance, they still have more progress to make,” according to Treasury.
Treasury says its decision to make individual servicer assessments public is intended to push servicers to correct identified shortfalls.
Treasury notes that participation in Making Home Affordable – including the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternative (HAFA) program– is voluntary.
As such, Treasury does not have the authority to impose fines or penalties, but can take certain remedial actions for non-compliance such as withholding incentive payments. (Carrie Bay - dsnews.com)

California and Nevada AGs Announce Mortgage Investigation Alliance

Attorneys General Kamala Harris of California and Catherine Cortez Masto of Nevada have entered into a joint investigation alliance targeting both mortgage servicers and perpetrators of mortgage-related fraud.

The AGs say the initiative is designed to assist homeowners who have been harmed by misconduct and fraud in the mortgage industry.
The alliance will link the California and Nevada attorney general offices’ civil and criminal enforcement teams in order to speed up investigations of wrongdoing in the two states, which have experienced similar foreclosure and mortgage fraud crises.
“The mortgage crisis is a man-made disaster that has taken a heavy toll on the country, but it saved its worst for California and Nevada,” Harris said. She described the mortgage crisis as “a law enforcement matter,” adding

that she and Masto will pursue prosecution to hold those responsible accountable.
The partnership forged between Harris and Masto illustrates the deep rifts that have developed within the attorney general camp in recent months over robo-signing settlement negotiations.
What started out as a united front of lead counsels from all 50 states has splintered as talks between the AGs and servicers has dragged on for over a year.
Massachusetts Attorney General Martha Coakley filed her own individual lawsuit against the five servicers taking part in the negotiations last week.
The California-Nevada mortgage investigation alliance is the product of weeks of discussion between Attorneys General Harris and Masto to ascertain “the most effective and efficient means of achieving justice” for their respective states, the two said in a joint statement. Tuesday’s announcement formalizes an agreement reached between the two officials last week.
By most measures, California and Nevada have been the states hardest hit by the nation’s foreclosure crisis. The attorneys general note that the crisis in their states are similar because both employ a non-judicial foreclosure system in which a bank can foreclose on a borrower’s home without court oversight.
“The collective result has created a rich opportunity for predators, leading both states to make mortgage-related law enforcement action a top priority,” according to Harris and Masto. (DSNews)

Experts Advocate Stabilizing Neighborhoods with Short Sales

“Foreclosures are going to go up before they go down,” according to Craig Nickerson, president of the National Community Stabilization Trust.

Nickerson says estimates put foreclosure tallies at 850,000 this year, as high as 1.5 million in 2013, and then back to the levels we’re at today by 2015.

With all these distressed properties potentially making their way to an already stressed marketplace, Nickerson, along with a panel of industry professionals at the inaugural MPact Conference advocated for bulk short sales.

The panel discussion centered around neighborhood stabilization initiatives and HUD’s $7 billion program created to facilitate the rehabilitation of properties in communities challenged with high levels of foreclosures and property vacancies – aptly named the Neighborhood Stabilization Program (NSP).

“Foreclosure prevention by itself is not going to [be the] cure” for the housing crisis, Hala Farid, deputy director of Citigroup’s Office of Homeownership Preservation, told those attending the standing-room-only session.
Farid says Citi is devising a procedure where NSP program participants will have access to escalated points of contact to expedite the short sale process in support of neighborhood stabilization efforts.
Francis Martinez Myers, president of Employee Transfer Corporation (ETC) and ETCREO Management, said the industry is “on the cusp” of utilizing short sales as a viable means of stabilization, “but it’s not without its challenges,” she added.

“Lenders have to be aggressive about offering pre-approved listing prices for short sale properties,” according to Myers. She says having pre-approvals in hand would help facilitate transactions for bulk short sales.
Myers described the size and magnitude of this crisis as unprecedented. “I feel like we are in a five-alarm fire and we are still negotiating over which kind of garden hose we’re going to use … If we’re not careful and not aggressive, it’s going to be very difficult to get through this,” she said.
“Holistically we’re not doing enough fast enough,” according to Myers. Just “selling one house at a time, means 10 years from now we’ll still be here having this conversation,” Myers said.
She spoke of the advantages of tailoring services that are geared toward investors and nonprofit groups to facilitate bulk purchases of short sale properties.
Myers says her organization is working on a pilot initiative which aggregates available short sales in the market, pools together properties meeting investors’ and nonprofits’ qualifications, and lines them up for inspection.

Tyler Smith, VP of Wells Fargo’s REO disposition team, noted that managing investor participation with communities’ neighborhood stabilization efforts “can sometimes be a conflict of interest.”

According to Jerome Devadoss, manager of alternative dispositions for Fannie Mae’s REO sales operation, it’s important to engage community-minded investors to work alongside local nonprofits toward neighborhood stabilization, whether it’s through short sales or any other loss mitigation strategy.

Jim O’Donnell, manager of the West Coast REO Revitalization Program at Chase, says his company is exploring ways to facilitate short sales to nonprofit organizations. Chase is looking to make short sales and distressed portfolios part of its “First Look” program.

Short sales are increasingly making their way into the conversation as a practicable solution to support neighborhood stabilization.

Eric Will, senior REO sales director for Freddie Mac’s HomeSteps division, said “knowledge around this [short sale] space is growing. We know it needs to be done.”

Why online real estate auctions?

Why online auctions?

Real estate auctions are one of the fastest-growing forms of Real-Estate Marketing in the United States. If you are a Seller who wants to move your property at an accelerated pace, and to earn true market value in return, then the Auction Method of marketing may be for you. If you are a Buyer who wants to make a smart investment at fair market value, and is tired of endless negotiations with unresponsive sellers, then the purchase of properties at Auction will work for you.
Until recently real estate auctions, unlike art and antique auctions, have experienced unfounded negative images in the market place. The majorities of auctions today don't result from foreclosure or distress situations, but rather are the result of a seller choosing a cost-effective, accelerated method to sell a property. Auction is truly a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding.
Online Real Estate Marketing is an innovative and effective marketing tool which can be profitable to sellers and buyers, alike. In fact, under the right circumstances, online marketing can be the most effective way to accelerate a property sale and establish the property's true market value. All of our transactions are conducted via the Internet, on our company's website.
Our state of the art Online Marketing format allows customers and/or brokers/agents to transact from their own computer, 24/7, in the privacy of their own home or office. A property listed with our company, receives world wide exposure through our international alliance with an extended network of renowned real estate professionals and comprehensive marketing campaigns.
Our comprehensive marketing campaigns are creative, effective, results-oriented and tailored specific for each property. Each campaign is conducted on a local, regional, national and International level. Our company's experienced marketing professionals, execute the most focused cost-effective advertising campaign for every online listing.

Why sell real estate at auction

Why selling at auction?

• Real Estate Auction offer the seller another option.
• Auctions create competition among buyers. Consequently, the Auction price can exceed the price of a negotiated sale.
• An Auction generates excitement and heightens buyer interest.
• An Auction creates the most exposure in the shortest period of time and accelerates sales.
• Requires that potential buyers be registered and qualified with certified funds on the day of the Auction.
• Eliminates high seller carrying costs -- such as interest, taxes, and maintenance.
• Eliminates high seller carrying costs -- such as interest, taxes, and maintenance.
• Auction is a true market forum.
• A seller can plan and select the date they want to sell. They control the sales process.
• A seller sets the terms and conditions of the sale while maintaining control of the property throughout the Auction.
• Auction eliminates numerous and unscheduled showings.
• Auction takes the seller out of the negotiation process.
• Auction is an aggressive, advanced marketing program that increases potential interest in and awareness of a property.
• A seller is able to obtain liquidity, free up capital and move on to other investments or property decisions.

Questions and Answers on selling at auctions

 

Questions and Answers on selling at auctions

Q: Why should I sell my property using the Auction Method?
A: To accelerate the sale of your property by generating additional consumer interest and activity. Advertising a property for Auction creates a sense of urgency, bringing all interested parties together on one specified day. An Auction provides multiple bidders competing to buy, bringing higher revenues than negotiating with a single buyer. Non-contingent contracts and 30-day settlements are required of the buyer of your property. This means a quick transaction for you.
Q: I am not in financial trouble, and I am concerned about what people may think if I should Auction my property. Can you give me any insight on this?
A: You are not alone in your concerns. Many people are afraid of the old, outdated perception of Auctions that some people have. There are great differences in the marketing and the public image of a voluntary, 'by choice' Auction, such as ours versus a distress Auction. For example, some owners may offer financing on certain Auction properties. Our Auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property.
Q: I am concerned about the net amount I will realize from the Auction, and my ability to cover my existing mortgage. What advice do you have to offer on this?
A: We understand your concerns and your need to cover an existing mortgage on your property. Auctions are designed to accelerate the sale of property by determining what the market is willing to bear. On Auction day, the market will determine what valuation is acceptable for your property. The fact that you are selling at Auction does not change the market value of your property. In short, if the market value is at a level below your existing mortgage, then that is the price that you have to work with regardless of whether you use the traditional method or the Auction method to sell your property.
Q: Will we still have to consider contingent contracts?
A: Everything that we sell at Auction is sold "as is" and "non-contingent," with a 30-day projected settlement date and the buyer paying all allowable closing costs associated with the sale.
Q: Where will the Auction of my home be held?
A: The property will be listed on our fully automated website for a predetermined time period. Buyers can bid on the property online from the comfort of their own home or office during the listed period.
Q: Who pays the Auctioneer fee?
A: The Auctioneer is paid via the buyer's premium, which is added to the buyer's final bid. There is no commission charged to the seller.
Q: Does "as is" mean that I do not need to disclose any known defects?
A: Though we are selling "as is," we must abide by applicable State and Federal Laws. The Broker-Auctioneer will offer full disclosure to all interested parties in accordance with the law.
Q: How do I sign up for Auction?
A: Contact 24by7bid Realty, Inc. to set up an appointment to view your property and determine whether it is appropriate for the Auction Method of sale. If your property is listed with a Real Estate Broker, ask them to refer your listing to Continental Realty, Inc. and the Broker will be compensated. After signing with us, expect a three to four week advertising campaign prior to your Auction day. Then expect to close in 30 days or less, with no contingencies.
Q: The property is priced below the market right now. What is this going to mean if I register it for Auction?
A: We find that often price is not the issue in determining why a property has not sold. Many times the reason that a property has not sold is that there has not been adequate traffic to view the property, and therefore, not enough interest has been generated in order to sell the property. In other words, it has become "stale" on the market. The Auction process is the best way to revive interest in the property and instill the excitement for it that will result in a positive sale.
Q: What types of properties do you sell?
A: We Auction all types of Real Estate, from condominiums, co-ops, townhouses, single-family dwellings, land, vacation properties, commercial, investment properties, to high-end premier properties and country estates. Auctions have been successful in all of these categories.