Proactive Mobility Solutions For A Reactive Real Estate Market. Worldwide ERC would like to thank today s sponsor:
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1 Proactive Mobility Solutions For A Reactive Real Estate Market Worldwide ERC would like to thank today s sponsor: Date: Tuesday, July Worldwide ERC
2 Welcome and Learning Zone Instructions Technical difficulties? Dial , or questions to To submit a question 1. Click on the Q&A tab in the lower right-hand portion of your screen 2. Type your question into the dialog box at the bottom of the screen 3. Click the Send button To return to meeting room window: If you are in full screen mode, you may return to the meeting room window by clicking the View Meeting Room button located at the bottom left corner of your screen Worldwide ERC
3 CRP Certification If you are a CRP seeking CE credit for this Learning Zone, you must utilize the CRP Recertification Credit Form, available online at: s/crp-recertification-form.aspx (please note that all (S)CRPs must use this form and pay the $8 admin fee to receive CE credit) 2012 Worldwide ERC
4 Today s Presenters Pam Milani, CRP Vice President, Corporate Real Estate SIRVA, Inc. Rick Hoover, CRP, GMS Director, Client Services SIRVA Mortgage 2012 Worldwide ERC
5 Today s Challenging Real Estate Market Potential transferees and job candidates are hesitant to accept relocation offers - Many companies cite the decline of the real estate market as the leading reason A failed relocation is a loss of money and talent 5
6 Agenda Overview of current U.S. housing and mortgage markets Identify challenges for relocating employees and companies Provide best-practice policy solutions Q&A 6
7 U.S. Housing Trends Federal Housing Finance Agency (FHFA) reporting indicates that U.S. house prices increased slightly, 0.5% for Q over Q This is the first annual increase since
8 The S&P/Case-Shiller home price indexes were up in April on both the 10- and 20-city measures This comes after seven consecutive months of falling home prices Average home prices across the United States are back to the levels where they were in early 2003 Measured from their June/July 2006 peaks through April 2012, the decline for both Composites is approximately 34% Top 10 worst housing markets have unemployment rates higher than national average U.S. Housing Trends 8
9 Foreclosure Market Trends 830,000 completed foreclosures in % from 2010 April 2012 lowest monthly total foreclosure filing since July % April to May 2012 national foreclosure filings $161,214 average foreclosure sale price 1 in every 639 mortgage holders received a foreclosure notice in April 2012
10 Foreclosure Market Trends 3 out of 10 homeowners with mortgages have no equity in their homes or < 5% equity 45% of home-loan borrowers have < 20% equity in their homes 1.6 M units Shadow Inventory as of January 2012 (6 month supply). Down slightly on a YOY basis of 1.8 M units (8 month supply)
11 Mortgage Fraud Fraud has an Impact on ALL Home Sellers and Buyers TYPES OF FRAUD Loan Origination Fraud Distressed Homeowner Fraud Flipping Foreclosure Rescue Schemes Flopping Loan Modification Schemes Straw Buyers Builder Bailout/Condo Conversion Seller Misrepresentations Equity Skimming Documentation Forging Silent Second Illegal Property Flipping Home Equity Conversion Mortgage Air Loans Estimated Annual Losses: $10 billion+ (Source: Corelogic) Total Suspicious Activity Reports in FY 2011: 93,508 with > $3 billion in losses FBI Mortgage Fraud Task Forces/Working groups: 92 Pending Investigations (through 12/31/2011): 2,590 with 71% involving loses > $1 million Cases opened in FY 2011: 599 Successes in FY2011: 1,220 indictments/informations; 1,089 convictions
12 Mortgage Market Trends Fraud Prevention: Four areas of documentation scrutinized for deception Extensive documentation requirements for all borrowers: regardless of income or credit scores or down payment amounts Extensive property valuation requirements by lenders: In addition to a standard lender appraisal, lenders require AVM s as a secondary check Down payment requirements increasing: particularly in distressed markets Relocation underwriting waivers once common are no longer available: i.e. Trailing Wage Earner income Cost of financing increased: Private Mortgage Insurance premiums and Guarantee Fee for Fannie/Freddie loans increasing. Tax code changes eliminate PMI income tax deduction Rate for a 30-year, fixed-rate loan reached record low: The rate has matched or hit a new low for 10 of the past 11 weeks as reported by Freddie Mac 12
13 Market Impacts to Employees What Does All this Mean for Employees Considering a Move? Departure Location What is my property worth? Do I have sufficient equity in my home or am I upside down? How difficult will it be to market my home? Can I afford to take this move? Destination Location Do I qualify for a mortgage loan? How do I know if I m making a good decision on the home I d like to buy? What happens if we are moved again? What paperwork and documentation will I have to have to supply?
14 Market Impacts to Companies What Does All this Mean for Companies that Need to Relocate Their Employees? Departure Location What is the potential cost of the home sale? Is this a viable candidate for our needs? Is it cost effective for us to move this employee? Destination Location Will the property qualify for our home sale program if we move this associate again? What is our exposure to potential future loss on sale? How can we help our employees make better buying decisions?
15 Best Practice Solutions Pre-decision evaluation of home in departure location Pre-purchase evaluation of home in destination location Destination Inspections on new home purchase Appropriate use of contractual safeguards Mortgage counseling and pre-approval Additional solutions - Utilization of property management programs - Rent vs. Buy options - Stronger oversight on home-finding activities
16 Pre-decision Property Reports Data Analysis to Determine Financial Impact of a Potential Relocation Comprehensive and timely real estate market analysis Best is ERC appraisal when time permits BMA s APO s and various hybrid methods of valuation Benefit More accurate assessment of potential total cost of home sale Company can make a more informed decision on whether to extend offer Cost reduction and cost-effective offers Employees and candidates better equipped to make the best decision
17 Pre-decision Property Reports Data that should be included: Property details Local marketing and neighborhood conditions Comparable sales Distressed property comparables Up-to-date lending guidelines for local area Final summary including sale price range Overview of destination market conditions Origin market and destination market comparison
18 Pre-purchase Evaluations Determine home s value by identifying the appropriate range of value for the subject property Comprehensive price-trend analysis including data on: - State, Region, County, and Local Real Estate Markets Benefit Identify potential impediments to resale and marketability Financing information includes a review of lending conditions in the local market and potential financing issues Ensure all indicated inspections are performed Ensure the property is compliant with company s home sale program, protecting you and your employee against future losses Today s purchase is tomorrow s resale!
19 Nice Curb Appeal Excellent Reception Fresh Water Supply Easy Highway Access 2012 Worldwide ERC
20 Destination Inspections Ensure a Professional, Objective Home Evaluation Foreclosure and bank owned homes made up 26% of resale market in Q Pre-foreclosure made up an additional 12% Inspectors should be licensed by the American Society of Home Inspectors Benefit Transferees are informed and confident in negotiating repairs with the current homeowner Home inspectors report potential issues for the future sale of the home, addressing concerns proactively
21 Mortgage Counseling Pre-decision counseling. Critical to understanding financial situation, credit situation, and determining comfort zone Involve National Relocation Lenders early in the process. They can determine buying power in the new area based on today s underwriting criteria Consumers need education, protection and the confidence that lender is keeping up with constant changes Importance of pre-approval. House hunting with confidence, increased leverage with sellers and agents, proactively prepare and fix issues that may present an obstacle for loan approval Forget the past. The loan process is dramatically different from a few years ago.
22 Additional Best Practices Utilization of Property Management programs Rent vs. Buy Options More oversight on home-finding activities 22
23 Questions & Answers
24 Thank you for attending! Visit the Worldwide ERC web site at or contact Worldwide ERC for more information on these topics Worldwide ERC
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