It seems not all that long ago that many of us were stressing about the increase in Foreclosures andShort Sales. The accepted strategy at the time....avoid them!
Fast forward a year and Foreclosures and Short Sales have become the norm. Transactions sit in limbo and negotiated rather than dictated terms...are a pleasant diversion.
There are days I worry that I may become hardened to the reality of life and accept business as we now know it. But then as I walk through a house strewn with clothes and toys and children's homework....I recognize how important it is for me, for all of us, to keep foremost in our minds the stories behind the foreclosures. We should grasp tightly to the human side of what we do so that we can help our clients through it with not just knowledge but with compassion!
Not too long ago my friend and fellow AR Blogger William Johnson wrote a thoughtful post about the stories behind the Foreclosures. I thought his idea of putting together a resource list for people in our local area was a wonderful one and have put together one for mine.
We accepted the voted on the name (Riverside Meadows).
Following brief discussion, Membership Applications were passed out. Each family is entitled to one Membership and that Membership entitles them to one vote on Co-Operative matters. The Membership fee is $25/household. This becomes the "working capital" for the Board of Directors for initial expenses (postage, fees,filing charges etc.)
Out of a potential 70 households....we have an initial signing of 48..... Off to a great start!
We were charged with the task (for that evening) of discussing, adjusting to our needs and adopting a set of by-laws. We will eventually be writing our own but for now just adjusted the existing ones provided. We were then charged with electing a Board of Directors. Nominations were made by various members. The nominees gave their brief biographies and experience. A ballot vote was taken and officers were elected.
It was made clear that this Board would have the power of negotiating on our behalf, the power to borrow money and would be researching information to present to the Membership regarding our potential purchase.
An empowerment resolution was passed.
Everyone present seemed to completely engaged in the process and eager to see this happen!
The next matter of business will be an open Board of Directors meeting!
In 1983 a non-profit organization known as The New Hampshire Community Loan Fund was founded. Their goal was affordable loans and housing for low to moderate income citizens of NH.
Their financing model was established in 1984 when the Sisters of Mercy loaned them $43,000 (at low interest). That money was loaned to 13 families in Meredith who lived in a manufactured housing park and wanted to purchase the park from its aging owners.
This was the first NH Co-Op....one of many to come. They are now known as the Meredith Center Cooperative listen to their story! This milestone meant that the residents now owned the land beneath their homes, they controlled when and if they would move,their rates were stabilized and any sub-structure improvements built more equity in their homes.
To date the Loan Fund has helped fund more than 90 Co-Ops throughout the State and even in this economy.... they are still lending. In February of this year the NHCLF is investing, in the State of NH, 1.5 million dollars where it will be lent to small businesses and non-profits, people re-financing manufactured homes and co-ops buying manufactured home parks.
In the state of New Hampshire one of the most difficult properties to finance is manufactured housing. If the home is on its own land....there is hope. But if it is in a park and older than 1973....cash is the best option. Even if you can manage to obtain financing....it usually means a larger down payment and higher interest rate. However,if your property is in a co-op....not only may your values be higher....there are also more lending sources available for potential Buyers.
My husband and I have reached retirement age. And like so many others, circumstances have dictated that we keep working.
We sold our home of 25 years to not only downsize but to reduce monthly payments. Our goal was to buy a place we could still afford to live in when working may no longer be an option. Fortunately we have found a lovely manufactured home in "The Meadows" in Hopkinton NH. It has a 3 bedrooms, 2 baths and a sunroom on 1/4 acre lot with a peaceful river in he back. Best of all they are taking steps to go Co-op! And will be working with the NH Community Loan Fund.
Not only is this an improvement financially but as a Realtor I will now have first hand information on the benefits and "inner workings" of the process. This can only help to benefit future clients!
I will be posting Blogs about the proceedures and our progress.....
I just read a somewhat humerous but sobering article in my local paper.
New environmental rules seem to have spurred a flurry of inter-state smuggling.
Last July, Spokane County Washington became the launch pad for our nation's strictest ban on dishwasherdetergents made with phosphates. It is well known that phosphates are a heavy water polluter and this is an attempt to reduce water pollution! The ban will become statewide come July 2010 and several other states are expected to follow suit!
Now for the smuggling part: It would appear that "green" detergents do (1) Not cut grease and (2) Don't get dishes clean. Those folks in Spokane County were forced to either wash their dishes by hand, put them through a pot & pan cycle (more water) or head East on Interstate 90 into Idaho....for the real deal! One, unnamed, Consumer says"everyone she knows buys their soap in Idaho". The manager of the Costco in Coeur d'Alene Idaho estimates his detergent sales have increased 10%.
Among the other States considering a like ban are our sister states of Vermont and Massachusetts.
For years our border businesses in NH have benefited from tobacco and liquor pricing and our lack of sales tax......do we have another potential source of revenue? On which side will the Legislative debate land? Will we too go green or encourage non-green sales benefits?
Boy....Kermie was right! It's not easy being green!
This morning on my way into the office, I was listening to my FAVORITE radio station (NHPR). They were interviewing an author, Emily Yellin, about her newest book "Your Call is (not that) Important to Us: Customer Service and what it reveals About Our World and Our Lives"
She was discussing the observation that in these challenging and economically competitive times....many businesses were having to "re-visit" how they were spending their image and Marketing $$$$$. Many are reaching the conclusion that instead of telling people how good you are....you should show them, in an area where it really counts...Customer Service.
This concept applies equally to Real Estate.
In this Market....hanging on to a Customer is where it's at. People are looking for knowledge and instruction from their Agent. They are looking for someone who can guide them through what has increasingly become a frustrating, time consuming, stressful and often discouraging process. They need a counselor, a cheering section and a dispassionate voice of reason.
Our office has always stressed Customer Serviceand follow-thru such as monthly newsletters, frequent phone calling, monthly reports on listed properties and Buyer reality checks. This attitude has helped us build a loyal customer referral system.
I'm betting that many of us are finding that getting back to basics is what is keeping us in business these days. Investing of yourself, your time and your knowledge.
Good old fashioned Customer Service....the customers are passing the good word and coming back for more!
This morning I received an email from a Client who is very involved with Dog Rescue Organizations (Ridgeback).
When I first met her she and her husband had taken in two female Rhodesian Ridgebacks that had been used as "Breeders" in an unscrupulous puppy mill. They had known no life outside of their crates and their only purpose was to have litters. When I would show my Clients property no one even knew they were there because they were so un-socialized they laid "statue like" in their crates as we walked through.
To date one has been socialized enough to be given to a good home,the second is on her way and they have now taken in a new "foster child".
She asked me to pass the word about anABC special tonight on Nightline. They will be doing an expose' on puppy mills in PA.
Hopefully there will be information on how interested party's can get involved!
It would seem that people are still finding it profitable to sell these puppies. It is up to us as Consumers to research not only the puppy we are buying....but where we are buying it from.
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This is the original email....reprinted with permision of the author.
Subject: Fwd: "Nightline" 3/27 Puppy Expose! Please Crosspost To: Date: Thursday, March 26, 2009, 2:00 PM
The cat is out of the bag - or should we say the dog out of the hutch! This Friday night, March 27, ABC's Nightline will be investigating puppy mills!
ABC Correspondent Sharyn Alfonsi and investigators from Nightline travel the byways and back roads of Lancaster County, Pennsylvania - visiting numerous puppy mills and filming Main Line Animal Rescue's volunteers as they rescue breeding dogs and puppies from Lancaster County's notorious Amish commercial breeding facilities.
This promises to be a very special program. If you are involved in rescue, advocate on behalf of the millions of puppy mill dogs interned in our nation's commercial dog breeding facilities, or if you just simply love animals, you will not want to miss this.
Sharyn Alfonsi interviewed, on camera, an Amish breeder while touring his facility - a first for network television. With approximately 500 dogs housed on his property, this commercial breeder speaks openly about an industry cloaked in secrecy and suspicion - the cruel factory farming of man's best friend.
PLEASE tell your friends, your family, your coworkers - ABC Nightline investigates puppy mills - this Friday at 11:35 pm (Eastern Standard Time). Please take the time to forward this to all the rescues, shelters, and legislators in your area.
It has been almost one year since Oprah's puppy mill show aired. That program received the highest viewer response of any Oprah Show in years. Now we need to spread the word about this very special Nightline. Only by educating as many people as we can, will we be able to help these animals. And after you watch the program, please don't hesitate to contact ABC and Nightline to thank them for casting such a strong light on the plight of our nation's puppy mill dogs.
Bill Smith Main Line Animal Rescue
Friday's airing of Nightline's investigation of puppy mills is subject to breaking news. If for any reason it is not shown, it will air the beginning of next week. Please check listings for your time zone.
(I just had an email from a past Client concerned about what was happening to us and wanting details. I have also had several emails from some of you with the same concerns. Here is my return email with all the gory details!)
Hi Abby,
Yes, we are still living in the Red Roof Inn in Loudon, NH-Geoff and I and the two dogs.... the boys are next door!
You knew about the Leach Field. There were also some electrical issues. We had to put money in Escrow for the repairs.
We were supposed to close on a Foreclosure in Pittsfield the same day but 4 days before that deal fell apart because of appraisal.... We booked the motel thinking it would be resolved in a few days! :0)
Meanwhile after looking more closely at our Movers contract with his 10 day "free" storage....we realized it was going to cost us over $5,000 so we canceled it. We called the guy who we have used to take stuff to the dump and he rented a truck and brought a friend. Geoff and I, the two guys and the boys moved ourselves. And rented a storage unit.
Meanwhile my smallest dog went to the Vet. for surgery for Bladder stones.
Well.....it has been a very long 25 years since I last moved and I totally underestimated how much wehad accumulated and overestimated our ability to do it ourselves! It was a disaster!! They scheduled their walk through for the evening before close (which I never should have allowed) the place was a mess and obviously we weren't going to be finished.
That night the Buyers agent said they would give us until 6:0 PM the next evening to finish our moving. It was not a hardship for them . They only lived 3/4mile away and had until the 31st.....but...if we weren't out we would have to forfeit any remaining escrow that may remain. We foolishly agreed. (My boss said we should have asked for a delay in the closing or for an additional 2 days to move because of the circumstances)....He was right! I have learned a valuable lesson....never represent yourself. I was too close to the situation, too tired, too stressed and I just wanted it over. So....you guessed it we didn't finish till 7:30 the next evening, while they sat at the end of the driveway. They informed us the next day that not only were they taking the (if any )remaining escrow but proceeded to ream me up one side and down the other because the house wasn't cleaned to their satisfaction (they even insisted on hangers being removed from the closets).
I told their Agent NO that I was done giving.I had done the best I could under the circumstances and they could take me to court. My Broker agreed with me ....it all boils down to your interpretation of broom swept clean. Meanwhile the Buyer called and left a message at the office that he was going to sue the company. That was going too far. I asked my Broker to handle it because I just couldn't do it anymore. He did and the agreement was for $750. Whether it was or was not left after the electric. Of course it wasn't left so not only did the electric cost over $3000 we handed them (the Buyers) a check for $750.
The saddest part....I couldn't wait to get out of a house I'd loved for 25years!
Now....the reason we are still here at the Motel:
The Foreclosure became "on" again when Citi Bank agreed to lower the price but then no Mortgage Insurance company would insure the loan. So we tried going 20% down so we didn't need Insurance but three different Lenders wanted another appraisal. What it all boiled down to was that the other Banks just didn't like the property and didn't want another Banks bad investment....they only want to loan on houses in good condition. So the whole thing is dead in the water. Last week we started looking for an apartment that was big enough and would take the dogs....we weren't having much luck and the motel is bleeding us dry. So...we went out to look at an area we had seen about 4 years ago called "The Meadows" It's in Contoocook (Hopkinton) and has all double wide manufactured homes. It looks like a village of small ranches. We found one we really love. It is adorable!! It needs updating but has 3 bedrooms, 2 baths, a 3 season porch and fenced in yard area for the dogs. It also has a 1car garage and a workshop and the Warner River is in the back yard. The people were already moving out and agreed to let us move in before closing once we had Bank commitment. We got our commitment today from First Colebrook and plan on moving in on Sunday.
The boys have been given notice that one of them is in Geoffs future office and the other in our guest room...they have till August 1st.
This has truly been a nightmare! I was so stressed from the situation and the physical trauma of all the packing and hauling, I developed edema and could hardly walk....my face was like a melon and my legs tree stumps! The Dr. put me on a diuretic and I seem to be getting back to normal.
Sooo....aren't you sorry you asked? I look at it this way...I can definately identify strongly with both sides of a transaction after all of this. I'm probably the most empathetic Realtor in town!
I'm going to forward this to the other Joan too....she needs to hear "the rest of the story" and I'm tired of typing. Thanks for caring kiddo... Joan
I couldn't see the point of unpacking a whole bunch of stuff only to have to pack it up again!
We hired a professional mover. We figured 25 years in the same house there was a lot of accumulation inthe attic, cellar and second floor of the garage! More than our ancient bones could handle! The Mover had a 10 day free storage policy that we figured would work out well if we didn't close on time on our purchase. All we had to do is find a motel that would take the dogs!
I was exceptionally proud of the "system" I came up with. I wanted to cut down on the time it took the movers so I not only labeled the boxes for content ....I color coded them for where they went. Green tape Garage, Red the shed, Yellow the living room and Blue...upstairs.
As time went on it became obvious we weren't going to close on the new house on the 15th. We were going FHA and that part was all set, the Foreclosures Seller agreed to the reduced price. but, now the MIcompany was reluctant to insure the loan. Our Broker researched another Company and still no go because we had been late (in the past two years) on one Mortgage payment. So we decided to go with 20% down so the insurance wouldn't be an issue.
The increased costs meant we had to cancel the professional mover so we hired a local guy and a helper....disaster!!
It was totally overwhelming....the stuff, the trash, the running out of boxes, the running out of bags, the having to rent a second storage unit, the pure exhaustion!! It was obvious that we weren't going to be able to be out by 11:00 the next day. The Sellers offered an extension till the next evening. If we weren't out we had to give them $725.
Well....you guessed it...we were an hour and 1/2 late getting out. And had to forfeit the money. I can look back now and see all the woulda, coulda, shouldas I should have done! but..working as my own agent I was just too close to the situation, too tired and too emotional to make good decisions!
Now that the Home Inspection had been signed off on ....we decided it was possible to see if we could find a new home an an affordable range that our new circumstances dictated.
Since we had a closing date of January 15th we figured we had about a week to find something. If that didn't happen we were going to rent for a while. So armed with our pre-quals...we headed off into the world of foreclosures!
I can't even describe some of the properties we saw. Most were either so old or in such bad shape...they weren't worth fixing up. The others had been "rehabbed" and the work had to be undone before you could....move on!
We had been looking at smaller homes but a Foreclosure with a price reduction came up on the MLS. Situated in the Village of Pittsfield NH, a Victorian Colonial (1865) In this style house the first and second floors are usually a mirror image. This would give us the option of doing over the first floor from scratch for us and making a second apartment for income on the second.
It had high ceilings, hardwood floors,baths up and down a beautiful lot and was within walking distance to the center of town!
We decided to make an offer. I will say I was pleasantly surprised at the quick responses with offer/counteroffer. We had a heating and plumbing contractor check the systems as best he could with all shut off and meters removed. The house had been winterized, but not properly, and there was pipe damage to the tune of $7,000. We felt the cost was worth the final product.
The hang up came with the appraisal. The appraisal came in at about 20 thousand less ($75K) than agreed upon Selling price ($93K).
I sent in an addendum for a commitment extension and a new price plus a copy of the full appraisal.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Our first Membership Meeting for the 
In 1983 a non-profit organization known as 
New environmental rules seem to have spurred a flurry of inter-state smuggling.
This morning on my way into the office, I was listening to my FAVORITE radio station 
Posted by 
The boys have been given notice that one of them is in Geoffs future office and the other in our guest room...they have till August 1st. 
living room and Blue...upstairs.
In this style house the first and second floors are usually a mirror image. This would give us the option of doing over the first floor from scratch for us and making a second apartment for income on the second.
;)
;)
