When writing to another agent today about short sale service releases, it made me realize how little the average consumer knows about this practice. A service release happens when a bank sells the servicing rights for a loan to another bank. Some banks are the actual investor, the entities that own the note, but many banks are nothing more than a collection agent for the loan. The bank takes the money from the borrower, pockets a fee for its services, and then distributes the rest to the investors. It has other duties outlined in the PSA such as handling the foreclosure, which pays the bank even more money. That’s one of the reasons why some banks can prefer foreclosure to short sale.
We celebrated a Winter in Lake Tahoe: a Culinary and Libation Excursion at the Red Rabbit Restaurant in Midtown last night. This restaurant is located across the street from my office at Lyon Real Estate, so we decided to park in the garage below my office. As a top producer, I have a free parking card that gets me into the garage after hours. I don’t use it very often, which is why I forgot that once the card lets you in, it will only let you back out. You can’t use it to get in again. And I left my keys to the office at home.
There is no real way to describe the movie: Life of Pi. It’s a movie that should be experienced, and you can see it at the downtown mall in Sacramento. It’s not like The Tree of Life that forced the Tower Theatre to put up notices in the lobby warning moviegoers about it because so many people complained that it wasn’t a movie. This movie is not only visual. It’s moving and magical and monumental and magnificent. Director Ang Lee’s majesty is all over it.
You might wonder, like I did, how a movie about a boy lost at sea in a boat with a tiger could be very interesting but it was mesmerizing. First, the movie is in 3D, so if you have an opportunity to see this movie in your area and it’s not offered in 3D, I would not go see it. You know how some movie theaters are and not all of them show a 3D movie in 3D. The 3D effects are spectacular, and except for the couple of instances of a hummingbird fluttering over the seat in front of me, I quickly forgot that I was even wearing glasses. I was sucked into the movie and became part of it. It was Zen.
This Sacramento real estate agent and About.com homebuying expert finished her 2013 real estate predictions and forecast yesterday. It seemed like December 1 is a good target date to try to hit every year. It provides a healthy amount of time for people to argue with me before I head off to — this year it will be French Polynesia — my holiday vacation. And every year I get the same question: Elizabeth, how do you know this stuff?
I know this stuff because I look at the way things are going and I predict they will continue to move in that direction. Most of the time I am 100% on target with my forecast. Sometimes, things take a right or left turn or spin around and blow up, but not very often.
When I started in real estate in the 1970s, I represented mostly investors looking to buy a rental home. I also cultivated investors by showing regular homeowners how they could tap the equity in their homes to buy investment properties. It was a completely different world of real estate back then. You may find this difficult to believe, but I never asked my investors for their opinion or how they would like to write a purchase offer. I bought all of their properties in my name as assignee using promissory notes. The world of Sacramento investors has changed a bit.