"Amazing CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase

The Paul Paterakis Power Team presents Amazing Real Estate CyberTips E-Newsletter, which, in very concise form, will provide you with monthly Cyber tips and tricks along with our pointers to Internet places of special interest to real estate owners, investors and related professionals.

Please click here to access your copy of the March Issue of "Real Estate CyberTips"

www.REcyber.com/cybertips/PowerTeam

This month's special security issue includes the following Tips:

* AN EASY WAY TO KEEP OFF THE SPAM LISTS!
* MANAGE YOUR PASSWORDS - WITH EASE!
* WE KNOW YOU DON'T SPEED - BUT --
* DE- CRAPIFY YOUR NEW COMPUTER!

I hope you enjoy "Real Estate CyberTips". Please let me know at any time if I may be of help with any of your real estate needs.

Kindest Regards,

Paul Paterakis of The Paul Paterakis Power Team
paul@powerteamhomes.com/ 847-366-3455

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VESTING - Who is in Title to the Property? -PowerTeamHomes.com

•Vesting is determined by the last deed of record
• Many different forms of ownership
• The agent needs to make sure that the listing is signed off by the actual owners of the property

o Single: A sole person owning the property.
Watch out for Homestead!

o Tenants in Commons: undivided interest in the property by 2 or more people.
Can be equal or unequal shares of the property
No right of survivorship
Creditors can attach a claim against the entire property

o Joint Tenancy: undivided interest in the property by 2 or more people
Equal shares of the property
Right of survivorship
Creditors can attach a claim against the entire property

o Tenants By The Entirety: Husband and wife own the entire property.
Equal shares of the property
Must be their primary residence
Limited protection against credit

o Land Trust: The trustee is a bank or a trust company. The trustee executes the deeds
and mortgages upon the written direction of the beneficiary
If you sell a property where a Land Trust is in title you must have the following:
• Certified copy of the original trust agreement
• The Trust Department must execute any recordable documents

o Living Trust: The trustee is usually one of the individual owners of the property. The
living trust allows the property to pass in accordance with the trust without probate.
If you sell a property where a Living Trust is in title you must have the following:
• A properly certified copy of the original trust agreement

o Corporation
If you sell a property where a Corporation is in title you must have the following:
• Letter of Good Standing from the state: www.cyberdriveillinois.com
• Copy of the Articles of Incorporation and ByLaws
• Resolution Authorizing Sale

o LLC: Limited Liability Corporation
If you sell a property where a LLC is in title you must have the following:
• Letter of Good Standing from the State
• Copy of the Articles of Organization
• Copy of the Operating Agreement

o Partnership
If you sell a property where a Partnership is in title you must have the following
• Copy of the Partnership Agreement
• Affidavit/Certificate that the Agreement has not been further Amended

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011 - PowerTeamHomes.com

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011.The U.S. Department of the Treasury recently announced an initiative designed to increase the number of electronic transactions and reduce the amount of paper processing done by the agency.

The new program will reduce dependency on paper in several ways, one of which impacts Form 8109.

Electronic Federal Tax Payment System Businesses currently permitted to use Form 8109 federal tax deposit coupons for deposit of payroll tax liabilities will be required to use the IRS Electronic Federal Tax Payment System (EFTPS) beginning in 2011.

The only exception will be very small employers whose tax liability is less than $2,500 quarterly.

These employers will be able to deposit taxes with a timely filed Form 941.
Along with the obvious cost-saving benefits of this program, there are additional security and
convenience features associated with electronic payment options. According to IRS research, businesses using EFTPS for tax deposits are 31 times less likely to make a deposit error, and this change is expected to save an estimated $65 million in the first five years.

Businesses that make federal tax deposits using a paper 8109 coupon should be aware that this form of payment will cease beginning in 2011. Failure to make payments using EFTPS could result in a 10% failure-to-deposit penalty.

Details about EFTPS enrollment can be obtained at www.eftps.gov or by calling 1-800-555-4477 or calling the Paul Paterakis Power Team at 847-366-3455 begin_of_the_skype_highlighting 847-366-3455 end_of_the_skype_highlighting today!

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Real Time..Housing Trends NOVEMBER - 2010 Newsletter by The Paul Paterakis Power Team

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the Housing Trends November - 2010 Newsletter http://powerteam.housingtrendsenewsletter.com

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://powerteam.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

Sincerely yours,

The Paul Paterakis Power Team RE/MAX Showcase 7159 RFD Long Grove IL 60060 847-388-7551 | Info@PowerTeamHomes.com

SHORT SALES-REO/FORECLOSURES-MORATORIUM WHAT’S NEXT?

Realtors can never get old or outdated, our industry changes so fast that it leaves us no time or choice:

always moving forward and always learning new models and how to deal with a crazy and non-stop real
estate environment. If that wasn’t enough, Illinois is requiring all Realtors to move up to Broker status
by 2012 at the tune of many more hours of class time and studying!

As the national/global meltdown began we found ourselves selling homes with no equity and in most
cases way below the even mark. Besides retooling ourselves, it was not an easy task to sit with sellers
and tell them the value of their homes had gone south, they were up-side-down and yes, we’ll need
your check book at the closing table.

So we transacted higher numbers of short sales by spending countless hours negotiating with lenders
who were not happy to take less, tax issues and homeowners associations just to mention a few. Along
with that we usually have one or more junior liens just to spice up the equation and they will kill a deal
for just a few hundred dollars, just because they can in a short-sale scenario.

The fine printing was hiding the other eight hundred pound gorilla: deficiency judgments; just when you
thought you had it all covered, the lender wanted to recover the unpaid part of the short sale from the
homeowner after the fact. Some lenders packaged the unpaid balances/individuals and “sold” them in
“bundles” (here we go again with bundles) to collection agencies who will tie you up in knots for the
next several generations.

If the short sale didn’t do the homeowner in, then foreclosure came in from the back side and put the
homeowner out on the street. Now Realtors are doing BPO’s and watching vacant properties fall apart
for months/years while the lender/new owner follows the due process to regain possession, along with
ownership, of the same home.

Three to four months after the judge awarded the property, on the conservative side, the home comes
out of redemption and the real work begins for the needed repairs. Now the home is ready and a buyer
buys it in good faith. This should be a happy beginning for a new homeowner who got in at a nice
reduced price and has a growing family.
Not so. That final judicial deed could in fact be tainted. As the homeowner’s loan was sold a few times
from one holder to the other via “securitized bundles” the paperwork did not necessarily follow as it
should have. The big guys were too busy making huge money on each bundles’ turn that there was no
time for the paperwork. Now the final note holder may not have the “paper right” to foreclose on the
non-paying borrower/homeowner.

Realtors are still in all of this and left watching out for their clients as well as their very own survival. As
they submitted offers on foreclosed homes, on line or in hard copy form, the lender/seller would require
them to fill in certain blanks assuming all liabilities on the property from general conditions to possible
title problems the lenders created.

The Paul Paterakis Power Team and RE/MAX Showcase quickly brought liabilities back on the lenders’ laps where they belong with our own Addendum/Rider which allowed us to submit all offers and prevented us from assuming the lender’s liabilities via their required fields. Imagine a seller, other than lenders/sellers, who tell the world, including Realtors: when you submit an offer and purchase this property you are taking on all the past liabilities on the same property including clean title to it! Is this not absurd? Look out, it’s very real and lawsuits are going on right now in various parts of the country on this very issue.

Currently we are in a moratorium phase with only a handful of lenders closing transactions, but not
really resolving title issues. We are looking at a future full of lawsuits and if the national/global economic
meltdown didn’t shut a company down, these kinds of lawsuits will. The damages and legal fees will be
unbelievable.

Very sad and painful to accept the fact that entities outside of real estate made billions on the way up
with all that “bundling”; they are now making as much money on the way down and we are left holding
the bag and paying for their careless quick money turnovers. Inflated home prices going up, blow out
home prices going down and a few more years needed to “stabilize” the market.

On the positive side just under ninety percent of homeowners with a mortgage remain current while
more than a third of all homes in the U.S.A. have no mortgages on them at all. The good numbers are
huge compared to the distressed mortgages and homeowners. Going forward changes will be needed to
assure ourselves and future generations that this misery will not be repeated again.

When we talk about low accident rates or any kind of low statistics it is very easy to accept them on
their face value; however, we must keep in mind that even a small one percent foreclosure rate is
everything to that one individual who is now on the street while the other ninety nine individuals are
just fine.

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Near Complete Stop to Foreclosures Nationwide - PowerTeamHomes.com

What started out within a few lenders has now turned into a major halt to the nation’s REO and foreclosure business by Freddie Mac, Fannie Mae, Bank of America, GMAC, JP Morgan Chase, Wells Fargo and many other large and small lenders.

For HomeSteps a foreclosure program,Properties with Sales Pending: Per Freddie Mac, buyer must be notified,through the buyer’s attorneys and buyer’s agents, that all buyers who are under an executed, approved contract, may keep their contracts in place while the issue is being addressed and resolved. However,should any buyer wish to terminate his or her contract, Agents must work with the assigned closing agent to terminate the contract of sale and promptly return the earnest money deposit.

Buyers must be notified, through the buyer’s agents per Freddie Mac, with which Freddie Mac has only accepted verbal offers but have not executed a written contract, that the property is being taken off the market temporarily to address title related issues. Once the property is available, Agents must notify all listing agents affected, and reach out to the buyer's agents to resubmit their offer, with direction from Freddie Mac.

How did it happen? Some bank employees in multiple unrelated cases
around the country testified in court that they could not “verify the accuracy of every foreclosure” put in front of them as they were receiving between 10,000 and 18,000 cases per month. This brought into question the validity of some completed and ongoing foreclosure actions. If the foreclosure was defective because the lender bringing the foreclosure action did not have the legal authority to foreclose, then the buyer at the sheriff’s sale, along with successive purchasers, could be challenged on the validity of the title they are holding. As Wall Street was “re-packaging” loans prior to the meltdown that started in 2007 the actual“final” owner may or not have had legal title to the promissory note and mortgage therefore creating the gap causing the current issues.

If the mortgage holder who brought the foreclosure action did not have the authority to bring the action or otherwise failed to comply with the requirements of the foreclosure statues, then the court has the power to vacate the foreclosure judgment(s) for an ongoing transaction as well as prior closed ones. Lenders will not resume foreclosures until the flaws in the process are resolved, they need time to confirm that the foreclosure was properly initiated by a legally authorized party and that the due process was completely followed.

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Real Estate Scams You Need to Know About - PowerTeamHomes.com

Foreclosure Rescue Scam

“Rescuers” promise home owners who are in financial trouble that they can save their home from foreclosure.

Their goal is to make a quick profit through fees or mortgage payments they collect.

Red Flags:

• The “rescuer” guarantees to stop the foreclosure process – no matter what the

circumstance.

• The borrower is instructed not to contact his/her lender or lawyer.

• The “rescuer” collects a fee before providing any service.

• The borrower is encouraged to deed the property over to the “rescuer,” lease it, and

buy it back over time.

• The “rescuer” tells the borrower to make the mortgage payments directly to it instead

of the lender.

How to prevent this type of fraud:

• Remember that there is no quick fix for someone who has defaulted on their mortgage

payments for a long period of time.

• Borrowers should NEVER send their mortgage payments to anyone other than the

lender or per the lender’s direction.

Short Sale Flipping Scams

Borrowers owe more than the current value of their home so they fake financial hardship and no longer make

their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property

via short sale. The lender agrees to the short sale, unaware that it was premeditated. The property is then

resold at the home’s actual value for profit.

Red Flags:

• The borrower suddenly defaults on the mortgage with no workout discussions with

the lender.

• An immediate offer is made to the lender at a short sale price.

• Cash back is offered at closing to the seller (disguised as repairs or other payouts).

How to prevent this type of fraud:

• DISCLOSE!! If the property is going to be resold, the short sale lender should be

informed of this in writing by both parties and must agree to it.

• If the property is to be resold, the sales must be 2 separate, arms-length transactions.

IRS also looks into that.

• Most short sale lenders require buyers and sellers to sign statements affirming that

the transactions are arms length and there are no agreements in place to resell the

property.

• If you are the listing agent on a short sale, do your due diligence to make sure you are

getting the best offer.

• Watch out for cash back to the seller on short sales. Most short sale lenders do not

allow the sellers to receive any money back.

• Under HAFA, the buyer agrees not to sell the property within 90 days of closing.

Straw Buyer Scam

A straw buyer allows someone else to use their credit profile to obtain a mortgage they are unable to secure

on their own. The lender then qualifies the straw buyer and the loan closes in the straw buyer’s name, but he

never makes a mortgage payment and the property goes into foreclosure. In other words, the money

disappears, leaving the lender with a huge loss.

Red Flags:

• A quit claim deed is recorded right before the loan closing.

• Investment property is represented as owner-occupied.

• Someone signed on the borrower’s behalf.

• Names were added to the purchase contract.

• Sale involves a relative or a related party.

How to prevent this type of fraud:

• Know your clients, always verify their identity.

• Check with the title company to see if any quit claim deeds were recorded right before

closing.

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