Until I moved to Los Angeles, I didn’t know that Magic Johnson made most of his money from real estate. If it’s a young basketball player’s dream to make it to the NBA, it should be a rookie NBA player’s dream to make it into the real estate game to the level that Magic Johnson has.
Just with the rental programs that Bank of America is working on, other banks are going to seemingly follow suit. Wells Fargo announced that it was giving a home to a family of a young girl who is fighting brain cancer. The home, located near the girls hospital in Michigan, is being given to the family mortgage-free.
It’s apparently a great time to be in the real estate market if you’re a celebrity in California. Last week we reported that Ellen DeGeneres and Portia De Rossi sold their Malibu home for $13 million. This week we discover that Robin Williams has listed his 654-acre Villa Sorriso vineyard for sale, and that Matt Damon has just closed on a $15 million dollar resort-like home in the Pacific Palisades.
Banks pulled one of the greatest magic tricks of all time. They made millions of Bank Owned REOs disappear. We all know that all great magicians make things re-appear afterwards. It seems that the banks are about to make the REOs re-appear now.
Did you hear that Ellen DeGeneres and Portia De Rossi moved out of Malibu? Their Malibu home, which they bought from Brad Pitt less than a year ago for $12 million, sold in June for $13 million.
Earlier this year, Bank of America started the new trend of banks trying to rent their foreclosed inventory rather than sell it. Now they’re going a step farther and looking to give away the homes!
We’re all humans, and humans make mistakes. That’s just a fact of life. Unfortunately, when mistakes happen, they are often costly. Therefore, we owe it to ourselves to mitigate mistakes as best we can. We’ve written about all kinds of mistakes people make in real estate. Here is our list of the top 10 mistakes people make when dealing with real estate and real estate transactions.
The State of California is currently working on passing a Homeowner Bill of Rights. Monday 7/2/2012 the State Senate and Assembly took a big step towards getting this passed as a bill. “The Assembly, by a vote of 53 to 25, and Senate, 24 to 13, approved the Foreclosure Reduction Act”. This Act aims to help homeowners who are still struggling with homeownership. One of the most impactful things the act does is to limit the bank/lender options of foreclosure while they are exploring options such as principal reductions or loan modifications.
I recently sold an REO home in Placentia California. If you still think the real estate market is a dump, make sure you read this case study to be proven wrong. This case study will be an overview of what happened on this home from Foreclosure Sale through final Disposition.
We often talk about the How To’s of homeownership, but today we’re going to talk about the Why’s of homeownership. There are many benefits to being a property owner. Some might be obvious to you, others might not. Take a look at the list below and let us know in the comments section any benefits of being a homeowner that we might have missed.