Tuesday, January 31, 2012

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Scottsdale renter fights to stay in foreclosed home

If Scottsdale had a railroad line, Bill Flood said, his rental house would be considered south of the tracks.

As it is, his three-bedroom home southwest of Hayden and McDowell roads is in a neighborhood hit hard by foreclosures over the past few years.

Flood got an eviction notice a few days after a Jan. 6 trustee sale but is fighting to stay in his home of 15 years on East Moreland Street. The home sold for $98,000, said Flood, who attended the trustee sale.


"It was like they stabbed me in the back," he said of the new owner, Patrick Kirker of Perth Development LLC of California.

Flood is among thousands of area renters affected by the housing meltdown. They often are unaware that their landlord is in default on their mortgage until after a foreclosure and a trustee sale.

That's when a new owner knocks on the door or sends a notice to evict them. Flood was aware his rental home had been sold but he believed his lease would protect him.

Rental tenants who are current on their rent have legal protections under the federal Protecting Tenants at Foreclosure Act of 2009.

Flood has a valid lease with former property owner Margret Williams through February 2013, said Robert Nagle, a Phoenix attorney representing Flood.

That gives him the right to stay in the home through the terms of the lease unless the new owner wanted to move into the home. Then Flood would be given 90 days to move out, Nagle said.

Fair-market rent

However, the federal act does not protect a tenant who is a child, parent or spouse of the previous owner. The lease has to be a proper arms-length transaction and the renter must be paying rent that is not substantially below market value.

In this case, the arms-length transaction and fair-market rent is in dispute, said Scottsdale attorney Mark Zinman, representing Perth Development. He declined further comment saying any evidence would be presented in court, unless a settlement can be reached.

Flood and Williams had been domestic partners but now are friends and she looks after Flood's 13 dogs when he is at work as a plumber, Nagle said.

Flood said he paid $500 a month in cash to Williams in rent and did repairs on the 1,200-square-foot home that was built in 1958.

Flood admits that the house is in poor condition with holes in the walls, a leaky roof and only an evaporative cooler that he installed to keep it habitable in the summer.

Forging a settlement

He said he has tried to work with the new owner to move out before the lease expires or pay more rent if they fixed the house up.

"They say the want to gut it, fix it up and rent it out," Flood said. "I think they just want me out."

Flood said he was offered $1,000 to move out within 30 days but it would take him at least 60 days to move all the belongings he has collected after 15 years in the home.

Nagle said there is a middle-ground solution that would be more cost-effective for both parties short of litigation.

Meanwhile, tenant leases are among the complicating risks for investors buying foreclosed property, he said.

"That's why people prefer to buy retail or short-sale homes," Nagle added.

by Peter Corbett - Jan. 27, 2012 08:36 AM The Republic | azcentral.com



Scottsdale renter fights to stay in foreclosed home

Thursday, January 19, 2012

Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.

Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.

‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

by Property Wire Jan 18, 2012



Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.

Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.

‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

by Property Wire Jan 18, 2012



Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.

Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.

‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

by Property Wire Jan 18, 2012



Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.

Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.

‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

by Property Wire Jan 18, 2012



Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.

Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.

‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

by Property Wire Jan 18, 2012



Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Failed property transactions in the United Kingdom (UK) have buyers frustrated and Channel Four’s property presenter, Phil Spencer, has launched a Web game that lets buyers vent their anger and potentially win much-needed cash. Angry Buyers invites buyers to fire mortgage managers, property lawyers and other real estate “professionals” out of a cannon at buildings for the chance to win paid rent or mortgage costs for six months. Spencer hopes the game will help ease buyers’ frustrations as well as draw attention to the number of failed transactions – 531,000 – that occurred in the UK in the final months of 2011. For more on this continue reading the following article from Property Wire.

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers In-Deed.net, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due to a lack of available mortgage finance it is no surprise buyers are angry. Angry Buyers is a new online game where players can let off steam by firing estate agents and property lawyers out of a cannon for the chance to win their rent or mortgage paid for six months,’ said Spencer.

Research from In-Deed shows that from September to November last year there was a dramatic spike in failed property transactions and suggests that more buyers than ever give up trying through sheer frustration. Some 531,000 sales fell through in these three months compared with 394,000 for the three months from December 2010 to February 2011.

The firm pointed out that in the last six months of 2011 it became more likely that a transaction would fail than succeed and half of buyers lose money when the move falls through, costing them an average of £5,500. As a result the number of buyers who give up after the first try more than doubled across the year.

Difficulties securing mortgage finance is also a key factor, seriously aggravated by declining service standards among property professionals, according to the firm’s research.

Almost a quarter of buyers, some 24%, reported that the vendor couldn’t secure a mortgage to move on, while one in ten, 11%, said that they had the same problem themselves.

Legal issues were the culprit in one in eight cases, 12%, with many reports of incompetence, delays and mistakes by solicitors, 13% and 5% reported anger with the legal profession.

Estate agents were also the target of buyers’ anger with nearly a fifth, 18%, saying that they were upset with the buying agent involved.

‘With mortgage finance harder than ever to secure and poor service standards rife in estate agency and conveyancing, it’s no surprise that home buying is such a frustrating process. You can make it a lot less stressful by using a reputable online conveyancing service,’ said In-Deed chairman and founder of Rightmove, Harry Hill.

by Property Wire Jan 18, 2012



Want To Shoot Your Real Estate Agent Or Mortgage Broker Out Of A Cannon?

Housing Market: Here Are 9 Industry Insiders That Think the Rebound Is for Real

David Crowe, chief economist at the National Association of Home Builders (NAHB), has released a bullish forecast regarding the 2012 Housing market.

He estimates new home sales will increase from 304,000 in 2011 to 360,000 in 2012. Additionally, housing starts will increase by 17% to 709k. Single family homes will also increase by 17% to 501k. Total starts will hit 709k. Crowe also anticipates new home sales will significantly increase in 2013,reports CalculatedRisk.

Of course, NAHB's forecast isn't the only one that matters. Analysts from Merrill Lynch, John Burns, Wells Fargo, Goldman Sachs, Moody's, and Fannie Mae have released forecasts of their own.

Using a table from Calculated Risk, we see the forecast range. Merrill Lynch comes in as the least optimistic for New Home Sales in 2012, predicting 304,000. On the other hand, Moody's anticipates 530,000 new home sales.

For single family home starts, Merrill Lynch again comes in as the most pessimistic of the lot at 427k. Moody's is most optimistic at 687k single family starts.

Business section: Investing ideas
So, which housing stocks are worth a closer look?

For ideas, we collected data on insider transactions and identified a list of housing stocks that have seen significant insider buying over the last six months.

Theoretically, insiders know more about their companies than anyone else. So if they're using their own cash to buy the shares of their employers, you better pay close attention.

Insider executives are optimistic on the outlook of these companies. They seem to think the rebound is for real -- do you agree? (Click here to access free, interactive tools to analyze these ideas.)

1. PulteGroup (NYSE: PHM ) : Engages in homebuilding and financial services businesses primarily in the United States. Over the last six months, insiders were net buyers of 93,802 shares, which represents about 0.03% of the company's 336.42M share float.

2. KB Home (NYSE: KBH ) : Operates as a homebuilding and financial services company in the United States. Over the last six months, insiders were net buyers of 36,000 shares, which represents about 0.05% of the company's 65.47M share float.

3. Beazer Homes: Designs, builds, and sells single-family and multi-family homes in the United States. Over the last six months, insiders were net buyers of 88,300 shares, which represents about 0.14% of the company's 62.67M share float.

4. Armstrong World Industries: Engages in the design, manufacture, and sale of flooring products and ceiling systems in the Americas, Europe, and the Pacific Rim. Over the last six months, insiders were net buyers of 16,000 shares, which represents about 0.08% of the company's 20.65M share float.

5. Headwaters (NYSE: HW ) : Provides products, technologies, and services in the building products, construction material, and energy industries primarily in the United States and Canada. Over the last six months, insiders were net buyers of 293,818 shares, which represents about 0.5% of the company's 59.04M share float.

6. Texas Industries: Engages in the production and supply of heavy construction materials in the United States. Over the last six months, insiders were net buyers of 2,744,380 shares, which represents about 20.15% of the company's 13.62M share float.

7. Two Harbors Investment (NYSE: TWO ) : Operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS) and related investments. Over the last six months, insiders were net buyers of 121,000 shares, which represents about 0.09% of the company's 139.68M share float.

8. ARMOUR Residential REIT (NYSE: ARR ) : Over the last six months, insiders were net buyers of 200,000 shares, which represents about 0.25% of the company's 81.27M share float.

9. Campus Crest Communities: Focuses on building, owning, and managing student housing properties in the United States. Over the last six months, insiders were net buyers of 12,525 shares, which represents about 0.04% of the company's 30.58M share float.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned above. Analyst ratings sourced from Zacks Investment Research.




Housing Market: Here Are 9 Industry Insiders That Think the Rebound Is for Real

Housing Market: Here Are 9 Industry Insiders That Think the Rebound Is for Real


David Crowe, chief economist at the National Association of Home Builders (NAHB), has released a bullish forecast regarding the 2012 Housing market.
He estimates new home sales will increase from 304,000 in 2011 to 360,000 in 2012. Additionally, housing starts will increase by 17% to 709k. Single family homes will also increase by 17% to 501k. Total starts will hit 709k. Crowe also anticipates new home sales will significantly increase in 2013,reports CalculatedRisk.
Of course, NAHB's forecast isn't the only one that matters. Analysts from Merrill Lynch, John Burns, Wells Fargo, Goldman Sachs, Moody's, and Fannie Mae have released forecasts of their own.
Using a table from Calculated Risk, we see the forecast range. Merrill Lynch comes in as the least optimistic for New Home Sales in 2012, predicting 304,000. On the other hand, Moody's anticipates 530,000 new home sales.
For single family home starts, Merrill Lynch again comes in as the most pessimistic of the lot at 427k. Moody's is most optimistic at 687k single family starts.
Business section: Investing ideasSo, which housing stocks are worth a closer look?
For ideas, we collected data on insider transactions and identified a list of housing stocks that have seen significant insider buying over the last six months.
Theoretically, insiders know more about their companies than anyone else. So if they're using their own cash to buy the shares of their employers, you better pay close attention.
Insider executives are optimistic on the outlook of these companies. They seem to think the rebound is for real -- do you agree? (Click here to access free, interactive tools to analyze these ideas.)
1. PulteGroup (NYSE: PHM ) : Engages in homebuilding and financial services businesses primarily in the United States. Over the last six months, insiders were net buyers of 93,802 shares, which represents about 0.03% of the company's 336.42M share float.
2. KB Home (NYSE: KBH ) : Operates as a homebuilding and financial services company in the United States. Over the last six months, insiders were net buyers of 36,000 shares, which represents about 0.05% of the company's 65.47M share float.
3. Beazer Homes: Designs, builds, and sells single-family and multi-family homes in the United States. Over the last six months, insiders were net buyers of 88,300 shares, which represents about 0.14% of the company's 62.67M share float.
4. Armstrong World Industries: Engages in the design, manufacture, and sale of flooring products and ceiling systems in the Americas, Europe, and the Pacific Rim. Over the last six months, insiders were net buyers of 16,000 shares, which represents about 0.08% of the company's 20.65M share float.
5. Headwaters (NYSE: HW ) : Provides products, technologies, and services in the building products, construction material, and energy industries primarily in the United States and Canada. Over the last six months, insiders were net buyers of 293,818 shares, which represents about 0.5% of the company's 59.04M share float.
6. Texas Industries: Engages in the production and supply of heavy construction materials in the United States. Over the last six months, insiders were net buyers of 2,744,380 shares, which represents about 20.15% of the company's 13.62M share float.
7. Two Harbors Investment (NYSE: TWO ) : Operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS) and related investments. Over the last six months, insiders were net buyers of 121,000 shares, which represents about 0.09% of the company's 139.68M share float.
8. ARMOUR Residential REIT (NYSE: ARR ) : Over the last six months, insiders were net buyers of 200,000 shares, which represents about 0.25% of the company's 81.27M share float.
9. Campus Crest Communities: Focuses on building, owning, and managing student housing properties in the United States. Over the last six months, insiders were net buyers of 12,525 shares, which represents about 0.04% of the company's 30.58M share float.
Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned above. Analyst ratings sourced from Zacks Investment Research.



Housing Market: Here Are 9 Industry Insiders That Think the Rebound Is for Real

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