Talon Northwest Neighborhoods

Negotiating short sales? Talon's EZ HUD can help!

Recent state and federal laws have drastically reduced the number of short sale coordinator/negotiator services available for distressed sellers and listing brokers. These regs will likely result in more brokers shouldering this task for their sellers...at no extra charge. All this when new HAFA changes (Home Affordable Foreclosure Alternatives) are making it easier for servicers to steer distressed sellers towards short sale rather than foreclosure. Some expect HAFA's new program will increase short sales by as much as 50% in 2011! 

Given the above scenario, real estate professionals should be asking themselves "what tools are available for making my life easier when dealing with short sales?". A big part of negotiating with underlying lenders is the constant tinkering and resubmitting of the HUD-1 settlement statement. Talon's EZ HUD makes this task a snap!

We wrote about how to utilize this tool several months back and have continually improved it's functionality. As matter of fact, our own closers depend on it for kicking HUDs out by the dozens. For more information on Talon's EZ HUD, please contact your local Talon representative for a demonstration...it's as EZ as...

   
Photo by Kimberlykv

Receiving too much email? Talon looks to lighten your inbox with eGreen

The day has finally come! Complaints about "too much email" have surpassed complaints about "too much paper". For as long as I can remember in this business, "quit killing me with paper!" has been the the number one complaint coming from title company customers. It's no wonder, considering that there are subdivisions in our local market with CC&R's approaching a thousand pages! Until email delivery of title documents is clearly seen as "legal delivery" these cries for being "green" are sure to continue.

The term eGreen was our attempt in coming up with a term that stands for email conservation. There was a day when The Talon Group practically stood alone in emailing current transaction status and custom reports to all real estate professionals involved with the deal. Now just about every corner of our industry is using email to inform and market their features. Here's a scary thought, imagine when politicians start robo-email campaigns to supplement their robo-calls...

What is Talon doing to reduce email?

We're not going to recycle them if that's what you were thinking. Instead, we will start by consolidating our Weekly Escrow Report onto one merged email. This alone reduces email emissions down from 2,009 to just 374 at the date this post was written. We'll continue look at other email friendly approaches as we examine our other status communications. 

Subscription Manager is another tool The Talon Group is deploying to help strengthen your e-zone layer. When you see the words Subscription Management at the bottom of our reports, simply click the link and choose which emails you would care not to receive. You'll even have options to receive your emails in text rather than HTML!  If you prefer to review these reports over your smart phone, you might want to check out this option.  You can always change back if you don't like it.

 

Sorry for the long post but I believe this one is worth your time!  We will continue to explore other avenues that will help ALL of us be more efficient.

 

Need help analyzing a potential investment property? CoreScore can help!

Current market conditions are increasing the number of real estate investors in our local Seattle area market and while any potential buyer wants to make a sound financial decision a real estate investor does not have the emotional attachment to a property and often has a set "exit plan" for how long they want to hold the property and goal return on investment for that time frame.

Seeing this trend emerge made us ask ourselves: 

What tools are available to help real estate investors research a potential investment property?

Our sister company CoreLogic has developed a report ("CORESCORE") that combines data from multiple sources and then "grades" the property.  In their words; "CORESCORE is an advanced model that grades the relative strengths and weaknesses of the localized market.  The score, which ranges from A through F, is based on a weighting of key pricing, market and neighborhood attributes that are strong indicators of market strength and greatly influence future value.  Properties graded an A are judged to be strong and in stable markets, while properties graded F represent weak markets with substantial down side risk."  

 

CORESCORE analyzes 10 key components to determine a "grade" for the property.  Even more importantly for real estate investors, CORESCORE will suggest an "INCOME APPROACH" purchase price which is an estimate of the bottom line dollar amount an investor could purchase the property for and still turn a profit. (assuming they are able to get the ESTIMATED MARKET RENT for 3 years and their costs do not exceed 10%)

This report will also evaluate comparable rental properties and propose an ESTIMATED MARKET RENT as shown in the sample below. This analysis includes estimating expenses at 7%, 10% and 13% as well as a recommendation for whether the transaction is recommended or not.   

While this is great information for real estate investors to have (and a bargain at $14.95 per report) it is just one section of the report and may not provide a complete picture of the property.  Reports based solely on database information cannot assess the physical condition of the property and neighborhood. Which is why you may want to consult with a local real estate expert before making a decision to purchase or sell.

For example; CORESCORE must gather data to do the analysis of the property and neighborhood.  It gathers this data by doing a radius search around the subject property.  The distance of the radius search is determined by the density of the area.  In plain English, this is probably not going to be the best data in a sparsely populated area.  Which is why data and reports are helpful, but they cannot replace a local person with knowledge of the area.  Put the two together, though, and we think it can be an incredibly useful tool. 

Would you like to see a sample report?

Tools for Seattle Area Real Estate Investors

Over the past month or so, I've noticed several national media sources writing about the re-emergence of real estate investors as a major player in home sales. The Talon Group is seeing this in the local Puget Sound market as well. In an effort to support real estate investors, The Talon Group has fired up some initiatives designed to aid them throughout the home buying process.

• CoreScore: This is a new tool we offer real estate investors that's designed to help distinguish good from bad investment decisions. Our sister company Corelogic, created this tool by combining several data sources into one comprehensive report that literally grades potential properties for investment purposes. By using the combination of CoreScore's analytical system and the local knowledge of a real estate professional, investors gain a head start in choosing the "right" property. These reports are nominally priced at $14.95 each and can be obtained from our Property Info department.

• Investor Dashboard: Once an investor makes an offer on a property, The Talon Group delivers real time status and communication throughout the escrow process. This service is the result of our real estate agent customers wanting us to directly involve their investors in our communications. Our agents acknowledge that a majority of their investors are "real estate savvy" and would benefit from knowing where they are in the escrow process and what communication is taking place. Please request a secure login and password from your local Talon Representative.  Not sure who that is?  

• Escrow discounts: Ask your local Talon representative if you or your client qualifies for deep discounts off of escrow fees when purchasing investment real estate. The Talon Group recognizes that professional investors are apt to be more familiar with the entire real estate process and have therefore filed an appropriate discount with the state.

Photo by Chris Griffith

2010 Property Taxes - What Should I Know?

I've gotten quite a few questions in recent days about 2010 tax amounts.  Many of the questions that we've received looked something like this:

"Hi Chris.  I have a home in Seattle that I purchased in May 2005.  I see that my assessments have gone down for 2010.  Can you send over what my taxes are looking like for 2010?  I'm looking forward to seeing my tax bill go down this year!"

Unfortunately the total property tax amounts won't be available until February, so we can't know for certain what our individual tax bills will look like until the counties make them available then.

2010 assessed values were calculated and notifications were sent out to homeowners around July of 2009.  Homeowners may be surprised to find out that while many assessments have gone down all around the Puget Sound, the individual property tax amounts probably won't be changing much.

Here is a quick video presentation that we made available last July in response to many of these same questions.  It will guide you through the process so that you will better understand how taxes are calculated, and why your individual tax bill may be going up slightly. 

Thanks everyone,

Chris Lodge - Real Estate Information Manager for the Talon Group.

The Talon Group creates on-line fee calculator for shopping title & escrow in WA

In response to new RESPA guidelines that encourages consumers to shop for title and settlement services, The Talon Group has developed a user friendly fee calculator designed for both consumers and real estate professionals in and around the Seattle-Bellevue, Everett and Tacoma areas. The online calculator  computes title rates, escrow fees, sales tax, transfer fees (excise tax), and recording fees that are customary for the greater Puget Sound area.

For lenders, The Talon Group's calculator will prove invaluable for filling out the new Good Faith Estimate where loan originators are held responsible for any title/settlement charges that exceed the quote by over the 10% tolerance. With just a few key strokes, lenders will secure a guaranteed quote for both title and escrow services and provide safe estimates for completing additional blocks of the GFE.

Consumers benefit by having an easy to use tool for comparing title and escrow fees for their home purchase or refinance. Although most title companies located in Washington state post these fees on their websites, they can be very difficult to decipher. Nearly all title company rate sheets are designed for real estate professionals who have been trained on how to calculate the correct price for the correct policy. 

Although our rate calculator is mainly designed to help consumers and real estate professionals as they shop for title and escrow services in or around Seattle, Bellevue, Everett and Tacoma, we have listed title fees for a majority of counties throughout the entire state of Washington. Discounts on title insurance may apply for these other counties so we strongly encourage that you contact them for details. A simple phone call can result in substantial savings! 

King County Tax Appeals are Soaring!

According to Aubrey Cohen's recent article about property taxes, the total amount of appeals jumped to "more than 12,000 King County properties this year, up from 3,800 last year".  Homeowners are naturally concerned considering King County assessments are going up, while the values are dropping an average of 5% year to date*.  There is a lot of confusion as to how those values are calculated and how taxes are processed.  So where can you turn?

The Talon Group has put together Information that can help you better understand the process.  County statistics are updated and posted monthly so you can track what is happening in your area.  The Talon Group has also put together a brief summary on the appeal process, which is aimed at helping you get started and to prepare for the hearing.

The Talon Group downloads assessor sales data every month to ensure that you're getting the highest quality and most up to date sales information.  If and when you decide to appeal your property taxes, give our customer service department a call.  They can run a comparable sales report on your specific property and get you the best data possible.  Remember, you are appealing your fair market value of your home.  You will need comparable sales as evidence for your case.

In addition, your local real estate agent is one of the best resources available.  They are experts in your local community, and can also pull solds and pendings in your area to help establish a fair market price. 

During these crazy real estate times, isn't it nice to know that there are local experts looking out for your best interests?

*data from King County October 2008 statistics

FHA Condo Spot Approvals

FHA loan programs have certain conditions that need to be met in order for the loan to be approved.  Talon's customer service department has received more than a few calls lately requesting help in researching condo complexes to see if they will meet FHA requirements.  This used to be a very time consuming and somewhat costly task. 

Talon can help you and your underwriters expedite this process.  Provide us with the name of the condo complex, and we can email you an excel spreadsheet containing homeowner and loan information for the entire complex.  The data is updated nightly to ensure you receive current information, and it only takes us a few minutes to compile the list.  The cost is minimal (5 cents per name).

Excerpt from Report

 

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