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9 posts by 6 users
Nov 05 '08, 10:40 PM
My name is John Henson. I am a real estate attorney in Birmingham. I work for a real estate and title company.
My daily work is focused on closings, foreclosure resales, short sales and other transactions.
My non-work interest is in tax liens.
I hope to be able to contribute and to learn a lot.
Nov 06 '08, 12:03 AM
Welcome John!
I have heard good things about Birmingham and think that you might be sitting in a gold mine :)
GL and enjoy the site. There are many here with tons of great advice!
Nov 06 '08, 06:41 PM
John,
Welcome to BP. I am sure you will find a ton of information and I look forward to hearing some of your knowledge as well!
What is the market like there in Birmingham. I used to live in Montgomery a few years back.
Nov 07 '08, 02:55 AM
The market in Birmingham is basically healthy. Our business (closings) is up, but this is due to a HUGE influx of REO properties.
The non-REO closings are steady, but the types of houses we are closing is different. We are closing a lot more $150k-$225k houses, whereas a year ago we were closing a lot more $400k and up.
The upper end sales are still there, but they are mostly cash deals.
Nov 07 '08, 04:23 AM
Hi John,
Welcome to the group. I can't wait to read some of you postings on short sales. Do you suggest any short-cuts to shorten the process?
Nov 10 '08, 03:42 AM
"We are closing a lot more $150k-$225k houses"
About the same here in Austin but its $115,000-$200,000. We have homes $260,000- $280,000 selling for &185,000-$209,000. WE are just starting to see foreclosures here, mostly investor owned. They were taking $300-$500 neg a month to lease out homes over $200,000, Homes less than 2-3 years old. Lots of great buys but we have not seen the bottom yet. It will just get better for investors here. Lots of opportunities.
Short Sales are taking too long here, buyers are not wanting to wait. Homes are stuck in underwriting.
LindaTx
Nov 11 '08, 02:37 AM
"Homes are stuck in underwriting."
If I had a dollar for everytime a lender told my office, "We should have the package to you shortly"....
The loan process is not what it was 16 months ago, that is for sure.
The number of requests we get for lease-purchases is amazing. This is directly correlated to the problems people are having in the loan process.
Nov 11 '08, 06:39 PM
Hello John,
Glad to have you here!
Alabama...I have a CPA I work with in your state and I recall she is involved with a group of RE investors.
More than happy to PM you here contact info?
Nov 12 '08, 01:17 AM
So, are buyers and sellers wanting title work on lease purchase options or, are the leases being created in lieu of sales transactions?
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