My Blog

DONT LOSE SIGHT OF THE BIG PICTURE

Carlo Gobba (REMAX in the Hills) — Tue, 11 May 2010 23:52:02 -0700

Recently, I have heard numerous prospective sellers tell me that they decided to hold off on their move because they didn't feel they had much if any equity in their homes.

When you look at your situation, today's real estate market can be slightly depressing to say the least.

When looking at the big picture however, you may have noticed that there are numerous properties on the market that are already priced well below value and previously sold prices. Some are still asking slightly more than what they are worth in today's market and it's unbelievable BUT there are a few that are still way over (by 15% or more) what they would reasonably sell for in today's market.

An experienced full time agent can help you assess your current situation to help you obtain the greatest amount of money for your current home AND, help you acquire a home for a great value.

Here is an example: I just had the honor of working with a client that bought a home in the Royal Oak area 3 1/2 years ago for $232,000. They put 20% down and mortgaged $186,000. They were shocked when reviewing recent comps that showed a value of approx. $185,000 to $195,000. The way they were looking at it, they felt that their down payment was lost. So they made the painful decision to stay put. Luckily (I was referred to them while they were still willing to look at what I had to offer them.) Upon closer look at their situation, we worked through the following scenario. (If they had decided to rent the same home to live in for the past 3 years, rent would have run them $1,350 a month or $48,600 for 3 years of housing.) *And while their home had already been for sale for 5+ months with another agent. I was able to help obtain a buyer in less than 2 months for $194,500. (Please note that this is $11,100) more than if they would have rented for the past 3 years which I believe was a huge win for the seller as so many homes by that point have developed the stigmata of being a problem property. So they were still ahead of the game and were able to use the tax benefits by owning a home for the past three years to their advantage.

They have just purchased a home in Troy that sold 4 years ago for $415,000. While the home was in foreclosure and needed some work, the "as-is" appraisal came in at $348,000 and we were able to acquire it for them for just $260,000 which was a $88,000 to $145,000 swing in their favor. So even if we looked at the conservative side and calculated the $88,000 below value, they still had an almost $53,000 swing in their equity position.

They now own a home that is almost 3 times the size. Long story short... I have been thanked nearly 37 times in the last 60 days for not letting them make a decision to stay put without all the facts. In addition, I have had three referrals already from these grateful clients who have now become friends.

The moral of the story... Looking at the market from only one perspective may hurt you. The big picture is what you need to consider.

A well experienced Realtor can be a major asset to you. Don't select your agent based upon what they charge. Select your agent based upon the value and RESULTS that they bring to the table.

There are many agents that compete based upon the commission that they charge. (I say that this is because they probably don't have anything else to compete on such as experience or even a true marketing plan to get your home sold.) Simply sticking a sign in a sellers front yard today doesn't do the trick.

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

Carlo is the recipient of numerous awards since beginning his career in 1996. "It's NOT the many awards that I have won over the years" says Carlo. "The many people that I have been able to help over the years is what keeps me focused and why I remain motivated today. The market is complex and you need a great agent on your side!" *So connect with Carlo Gobba today! Carlo Gobba is Oakland Counties: HouseSold Name!-sm

CONSIDER AREA ABSORPTION RATE BEFORE PRICING YOUR HOME FOR SALE

Carlo Gobba (REMAX in the Hills) — Tue, 11 May 2010 23:36:42 -0700

They key to a successful sale must take into consideration the current neighborhood absorption rate.

In a sellers market, absorption rate may have played a factor into a sale but not as much. What is an absorption rate you ask? Well, it's a tool that your real estate agent SHOULD take into consideration when pricing your home but many do not!

If you were in need of getting your home sold in less than 6 months, it may be less than a 50-50%. With current market conditions telling us that the average time to get a home sold in the Metro-Detroit area is about 7 months, there is more to pricing a home than simply pulling sales that took place in a neighborhood recently. You must consider the fact that on average many neighborhoods have seen a decline anywhere from 1-3% PER MONTH. So pricing your home is especially important. Taking into consideration the neighborhood absorption rate is key. What this means is that if you currently had 12 properties in a neighborhood that were activily for sale and there have only been 6 sales take place over the past 6 months then what you would do is take the 6 sales and divide it into the 12 that are available to get a 12 month supply of homes. If you had 6 sales over the past six months with only 2 homes that were currently available, you would end up with a 2 month supply of homes and could therefore be more agressive in your asking price.

Once you have taken into consideration, the neighborhood absorption rate you can better assess your chances of actually selling and where your pricing needs to be. Another very important step to take is to actually run each of the available homes for sale and find their TRUE, UNAJUSTED HISTORY. (Some homes are marketed by one agent, then taken off the market and re-listed with another agent.) This tends to throw off the true marketing time. By looking at the entire marketing time, you will also prepare yourself with all the available facts. Lastly, in a declining market like what we face locally in Metro-Detroit, you only need to look at the number of available properties in a neighborhood. Base 90% of your pricing strategy on actual sale OR you will find yourself chasing the market and constantly having to adjust your price. This strategy will only hurt you and you will end up having to accept an offer for even less than if you had just priced it aggressivily in the first place.

Of course none of the above will make any difference whatsoever if you list your home with just any agent. Consider interviewing several agents. NEVER hire an agent based upon a fee that they charge. Rather, sellers should focus on the value that an agent brings to the table which includes actual market knowledge, and sales as well as a unique marketing plan that gives you (the seller) a total marketing plan which will give your home worldwide exposure and increase the demand.

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

WHEN SELLING IN TODAY'S MARKET, PRICE AHEAD OF THE CURVE!

Carlo Gobba (REMAX in the Hills) — Tue, 11 May 2010 23:13:51 -0700

PRICE TO SELL NOW OR HOLD ON FOR THE RIDE!
It still amazes me that even after all the doom and gloom in the last few years that the majority of sellers that contact me and want to sell are still using an old and outdated strategy of pricing their properties to negotiate rather than pricing them ahead of the downward curve and price them to sell! Statistics show that property values in the Metro-Detroit area are declining 1-2% per month. Once a seller has interviewed several agents and selected the agent they fell is best suited for them (generally basing their opinion on LIKE, TRUST, CARE, COMPETENCE & WORTH) they should spend a great deal of time studying the market facts. All the servicing and marketing in the world cannot cure an over priced listing.

I recently had a call from a seller just furious about the fact that his home sale recently fell through. He began blaming his agent and appraisers and (basically everyone in the transaction.) Upon discussing the situation further, I determined that his agent DID review with him the facts (as they were 6 months ago) in the marketplace. I determined that while they were high in price 6 months ago they made only one slight price adjustment to their asking price and that was 4 months ago. When I pointed out the fact that out local studies were showing that our area was declining roughly 1-2% per month, he quickly stated that if he had seen this information at the time of listing, he would have gladly participated in a game plan regarding the pricing on his home to stay in tune with the market. *I want to point out two things here. First, while it is impressive that he says he was willing to listen to market statistics that were never presented to him, their was still one important piece of information that I had to point out to him and that was in order to sell a property in today's market, "You MUST Price your property AHEAD of the market in order to achieve the greatest return." In other words in a declining market most people that need to sell would rather loose just 3 dollars as opposed to loosing 5 or 6! You see, he was understanding the fact that you MUST use hard market statistics to make educated decisions, he was still wanting to price his property WITH the market as opposed to pricing it ahead of the market. While it could be an up hill battle to find a buyer that will pay more in today's market for your property than what it is worth, it is entirely possible. Finding this buyer could still end you with a tremendous amount of wasted time when the appraisal comes back short. In his case the appraisal came in approx 10% short. Using the simple math that I laid out already, if he and his agent had priced the home just 2% a month less at the beginning, they would be at what the market was saying the home was worth and not short. *In addition, homes begin to develop the stigma of a problem property after a certain amount of time spent on the market. Remember that the entire marketing process and then the processing time of the sale could take as many as six to eight months at which time you will only find that values have fallen further than the value the market was telling you like yours were selling for.

The many foreclosures that you have seen enter the market have affected values, yes. Be advised that we are still not even half way through the storm however. In my best but most humble opinon, I see a minimum of 2-3 years left of the market that we are in before it even begins to get better. You see in Michigan, homeowners have a six month redemption period (even after they have been foreclosed on which is normally 120 days after missing their first payment) in order to "redeem their home." So, long story short... What I am trying to communicate here is that IF you have decided to sell your home either NOW or at any time within the next three years... Pricing your home above fair market value and leaving room to negotiate is OUT! (Pricing your home higher than the fair market value in order to come down in your price and make the buyer feel that he/she got a deal.) Price your home ahead of the curve. Price your home to SELL. I am not saying that you must price your home to give it away. Pricing your home just 2-4% BELOW what the current market is bringing *Coupled with a marketing plan that is interactive and gives your property 24 hour exposure, interest will begin to be sparked. It is ONLY Then when there is interest that is sparked that your advocate can go to work for you and defend your equity (or what little is left.) Pricing your home by using market facts and ahead of the downward slide will give you and your agent the best possibilities to choose from. You may still (even in this market) be able to stimulate multiple offers. (I've delivered these to my clients even in this market and we were ended up over our asking price quite a few times latley too! It takes an agent with Zest to be able to create this however.

Not all agents are created equal! Not even close, so select your agent wisely. The little amount of equity that you have left in your home can be freed ONLY if you make educated decisions in your home sale.

For those that are upside down in their homes, there are answers for you out there as well. The most common is something called a "Short-Sale." Not every agent knows how to work them. List your home with an agent "Certified" in handling Short-Sales. http://www.carlogobba.com/

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

DON'T LOSE YOUR HOME TO FORECLOSURE

Carlo Gobba (REMAX in the Hills) — Tue, 11 May 2010 22:46:50 -0700

10 REASONS TO AVOID FORECLOSURE

#1 You may be responsible for any defaults after foreclosure. The difference between what you owed plus costs and what the bank was able to sell your home for could result in never ending collections for an indeterminate period of time. A Short Sale gives you the opportunity to negotiate with the bank to forgive the debt.

#2 While it may not seem like it now, there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything possible to avoid the feeling of hopelessness and devastating financial consequence a foreclosure can bring. There is a light on the other side of the tunnel. Reclaim your life.

#3 Foreclosures can haunt you forever. If asked you will have to disclose that you have had a foreclosure on future mortgage applications and job applications from this day forward.

#4 A foreclosure is the most difficult credit item to repair.

#5 Security clearances and government positions including but not limited to the military and law enforcement can be jeopardized by a foreclosure.

#6 It is hard to determine how much a foreclosure will lower your credit score versus a short sale; however they are shown differently on your report. A foreclosure will show as a "foreclosure". A short sale may be shown in a variety of ways such as "discharged", "settled for less than owed", or "pre-foreclosure in redemption".

#7 A foreclosure will remain on public records for an indefinite amount of time.

#8 The time frame needed to qualify for the purchase of another home on a short sale is normally 2 years. The time frame for a foreclosure is 3-4 years.

#9 Many banks are accepting Short Sales. By hiring the right Realtor you can possibly avoid foreclosure at no cost to you, with the bank paying all commission and closing costs.

#10 Avoiding foreclosure may be as easy as calling our Short Sale Team of Consultants for an analysis and possible solutions.

COMMONLY ASKED QUESTIONS:

How can I avoid foreclosure?
Your bank may be willing to work out an alternative to foreclosure that may help you save your home or at least prevent a foreclosure.

Repayment Plan - Your bank may give you a fixed amount of time to repay the amount you are behind, plus late fees, by adding a portion to your regular monthly payment. This is a good option if you only missed a few payments.
Loan Modification - Your bank may agree to reduce your interest rate, extend the term of the loan, reduce the balance or add missed payments to the loan balance.

Forbearance - Your bank may agree to suspend your payments for a period of time. At the end of this time, you will resume your regular monthly payments, and you may be required to either make one lump sum payment or additional partial payments. This may be a good option if you have a temporary reduction in income.

Deed in Lieu of Foreclosure - You voluntarily transfer title to the bank. You must negotiate with the bank to cancel your debt. You may have to pay taxes on the debt forgiven.

Selling your Home - Selling may provide funds needed to pay the mortgage debt in full. If the value of your home is less than what you owe, your bank may agree to allow a Short Sale.

What is a Short Sale?
A Short Sale is an arrangement with the bank where they allow the homeowner to sell the property for less than the amount owed on the current mortgage.

Can I still use the Short Sale option if I have more than one
mortgage?
Yes the Short Sale option is still available. It is a more complicated process - however it can be done.

Will I owe any money?
In most cases the only cost to you is $350.00 for the preliminary title search & specialized processing of the paperwork. Unless you agree in writing to pay a portion of the unpaid debt back to the bank, the Short Sale includes all costs. The bank's approval of a Short Sale normally includes closing costs, commission, outstanding liens on the property and the balance remaining used as a short payoff of your mortgage.

Why would a bank agree to a Short Sale?
If a property is taken back in a foreclosure, the banks know they can only sell the property for market value. Yet, they have incurred attorney fees, court costs, holding time & maintenance. If they are able to sell on a Short Sale they avoid these additional costs and still can get market value for the home.

How do I know if I qualify for a Short Sale?
Your Short Sale Consultant will help you to determine this. Of course, the final decision is up to the bank; however the basic criteria include three things.
Financial Hardship - A short definition of financial hardship is a material change in between the day the mortgage was signed and today that has affected your ability to pay. This must be a verifiable issue that has caused you to miss payments or have financial difficulties. This could include mortgage payment adjustment, job loss, reduction in earnings, too much debt, or business failure.

Monthly Shortfall - The bank wants to see that the homeowner cannot afford to pay their mortgage. They will look to see what your monthly shortfall or shortage is when you subtract all your monthly debts from your monthly income. If you do not have a monthly shortfall now but will have one soon due to a payment increase or pending layoff, etc, the banks will still consider this as long as it can be verified.
Insolvency - This does not mean you have to be completely broke. The bank will want to see that you owe more than you have in cash and that over time you will not be able to pay their obligation.

What must I do to request a Short Sale?
You must gather your financial information and fill out our Short Sale Package. With this information we can determine if you are a candidate for a Short Sale. Your bank will make the final approval; however our experience with Short Sales has given us a solid knowledge of what is required. Your Short Sale Consultant will place your home on the market at a price that is attractive to a buyer and generate activity. They will advise you on the best possible value. Traditionally the listing price should be lower than its competition and only slightly higher than the sales price of the most recent, lowest sold comparable property.

Will I receive any funds from the closing of my home?
There will be no surplus funds available to pay you. The amount of the mortgage on a Short Sale is higher than the price it sold for. The bank will have a loss for the unpaid amount of your mortgage plus closing costs.

Are there any tax ramifications?
A bill was passed to help homeowners in distress. This is called the Mortgage Forgiveness Debt Relief Act of 2007. Prior to its passage, a homeowner would be responsible to pay income tax on any amount of the mortgage loan that was not fully paid. So if you owed $200,000 and only $150,000 was applied to the loan, you would pay income tax on the $50,000 that was left unpaid. With this Act you would NOT have to pay income tax on the unpaid debt as long as certain conditions are met. This is an area that you should consult with your accountant. You can also review the Act on the IRS website (www.irs.gov/individuals). Once on that homepage, scroll down and click on link "Mortgage workouts, now tax free for many homeowners, claim relief on newly revised IRS form". Next scroll down to "Frequently asked questions on the Mortgage Forgiveness Debt Relief Act." We can provide you with the basic criteria from the Act for qualification. That criteria includes:

· Applies to debt forgiven in calendar years 2007 through 2012.

· Must be your principle residence.

· Debt forgiven must have been to buy, build or improve your principle residence.

· Debt that was used for above could have been refinanced and still qualify.

· Up to 2 million dollars for a married couple can be forgiven.

THERE IS HOPE! IF YOU OR SOMEONE THAT YOU KNOW IS IN THIS SITUATION, WHERE THEY CANNOT PAY THEIR MORTGAGE PAYMENT, NEED TO SELL THEIR HOME AND FEEL THAT THE BALANCE DUE ON THEIR MORTGAGE PLUS FEES ASSOCIATED WITH SELLING THEIR HOME WOULD BE MORE THAN WHAT THEY OWE THEIR LENDER, PLEASE DON'T LET THE HOME BE LOST TO FORECLOSURE! WE HAVE BEEN ABLE TO HELP MANY FAMILIES MOVE ON WITH THEIR LIVES. DON'T WAIT, TIME IS OF THE ESSENCE. ASK ABOUT MY SHORT-SALE SOLUTIONS PROGRAM TODAY.

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

25 HOT TIPS TO HELP SELL YOUR HOUSE

Carlo Gobba (REMAX in the Hills) — Mon, 10 May 2010 22:39:17 -0700

Once you have decided to put your home up for sale you may begin to look at it differently. At least, you should. The best way is to look at it through the eyes of a prospective buyer.

I have invested in and offer a special video that not only helps you visualize your home and prepare it successfully for showings. The video, "Dress Your Home For Success" is available free of charge (on loan from me to prospective sellers.)

There are six key steps to giving your home a winning look! 1.) KEEP IT UNCLUTTERED: It will look neater and larger. You want to convey a more spacious feeling. 2.) KEEP IT CLEAN: This creates an impression that you have given your home loving care. Fresh Paint and a good clean scrubbing give surfaces a good fresh look. 3.) KEEP IT REPAIRED: Fix it BEFORE a buyer inquires about it. The need for repairs could break a sale. 4.) KEEP IT NEUTRAL: Get rid of distracting colors and personal accessories. Neutral colors and simple decor help buyers to visualize themselves and their own belongings in the home. 5.) KEEP IT DYNAMIC: Make your home memorable! From Fresh flowers to fresh clean smells, your home should be inviting. 6.) SHOWTIME: Make a final check of every room. Put away and toys, clothes, food, or other left out items.

THE SMALL DETAILS: With the key steps in mind, take an inventory of your home beginning with teh outside. Trim, Weed and neaten up the garden. Clean up pet areas. Resod or reseed. Repair screens, windows and doors. Add fresh bark under shrubs. Add potted or hanging flowers to decks and porches.

IN THE KITCHEN: Clear away extra small appliances, Remove stains from sinks, Straighten memo areas and papers. Clean and deodorize vent or exhaust hood.

IN THE BATHROOM: Clean counters of extra toiletries. Store them out of sight. Remove stains or mold from tub, sink and shower. Patch, caulk and grout as needed. Put out attractive "For show only" towels.

IN THE LIVING AND FAMILY ROOMS: Rearrange furniture for openness. Remove any extra pieces and store. Spot clean carpets or rugs. Have neutral paint or wall paper. Use flowers or potpourri. Open the shades to let in light.

IN THE BEDROOMS: Straighten up closets, box and store extras clothing and or shoes. Arrange toys to look appealing. Add curtains or valances to rooms without them. Remove attention getting posters.

IN THE BASEMENT OR GARAGE: Thoroughly clean and deodorize areas where pets sleep or spend time. Straighten tools, shop and laundry. Sweep floors and clean up grease spots.

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

Pricing Your Home for Success!

Carlo Gobba (REMAX in the Hills) — Tue, 04 May 2010 10:44:15 -0700

Surprising as it may seem, I've seen agents break pricing rules in real estate sales as long as I have been in the business (which has been since 1996) and thought I would share a very easy technique that I began using my first days in the business and it still works today. What do they say if something aint broke, then don't fix it, right?? LOL

If you pay attention to many of the major real estate websites which advertise your listing such as Realtor.com, they all price in $5k, $10k and $25k price brackets. So when I discovered this, I broke down my pricing strategy into three simple steps when listing a property for sale...

STEP ONE: Which $25k price bracket does the home fit BEST within... I.E, $175k-$200k OR $200k-$225k? Ideally, you do not want to be at the very Top or the very Bottom of any bracket. Lets just say that our comps are showing $177k-$190k.

STEP TWO: Which $10k price bracket do our comps show we compete with best?? As I just mentioned, $177=$190k is what the comps are coming in at so I round and use $175-$185 because in the market we must be better priced than the competition. *Keep in mind that studies show a market will never let you undersell a home. NEVER. IF you price it aggressively, and your product is nicer and better priced, you may even receive multiple offers and or even more than asking as people will compete for a product that is priced well. So at this time, we have enough info to take the property to the market and select a price of lets say $180k.

STEP THREE: This is a fine tuning step and I highly recommend that it be made within 3 weeks of the initial pricing and beginning the showings on a property as the most activity studies show take place within the first three weeks of initially showing it. Secondly, serious buyers in many markets are shopping for less than 6 weeks, (that is two cycles in my system) which gives time to adjust the price and bring back some of those that may have already seen it but weren't captured by the price it was being offered at last. So step three is a fine tuning step and if the first to steps were executed correctly, the third step is rarely necessary. In a buyers market, or in a market that may be declining, this third step is essential.

A RARE STEP FOUR: And for those that were just way off in the first two to three steps additional adjustments may need to follow. As above, I reccomend that pricing be reviewed every 3 weeks. Adjusting your price may seem painful in some cases especially if you had to adjust more than once or twice. Studies show in the end that homes sell for more the first few weeks on the market so do yourself a favor and use the guidlines of the market.

ADDITIONAL WORDS OF WISDOM IN PRICING: Never price in the middle of any $5k bracket, I.E $177, 500, or $182,000. When you adjust your price from $182,000 to say $179,900 there is no bite really. Or adjusting from $177,500 to $175,000. Always adjust by a min of 3% or at least $5,000. ALWAYS PRICE to edge out the competition. I.E, if three other active properties are $175,000, $174,900, $174,900 then price yours at: $174,800 or even $174,877 and make it stand out from the rest. (I like using round numbers whenever possible except when there are other homes in the same area at that price already being offered for sale. Don't hesitate to use an odd number such as $174,977 as the buyer is more likey to remember your home out of the many they saw in their search.

This is very elementary. I've used it since 1996 but it aint broke so I won't fix it!

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

HOME FOR SALE BUT SHOW SOME RESPECT!

Carlo Gobba (REMAX in the Hills) — Wed, 21 Apr 2010 13:47:00 -0700

After being in the real estate business since 1996, I have had home owners time and time again complain that as soon as the for sale sign goes up they feel as though they are being trampled on by some prospective home buyers. There seems to be a lack of etiquette in the business of home buying and frankly, I thought I would write about it.

YES, in many markets around the country their are many many foreclosures for sale. YES, these homes are vacant. YES, its exciting to be starting out the home buying process and maybe find a HOT new listing that just popped up on the market. (I've been there myself!) I understand that there are emotions attached to buying the single largest investment most people make. I do. What on earth possesses some prospective buyers to show up at a homeowners door unannounced and practically demand to be shown their home "On the Spot" or just go roaming around someones back yard and peeking in the windows (and I have seen this happen with the homeowners car in the driveway and their kids toys in the yard when its plainly obvious that the home is being occupied.)

Since my very first days in the business I have made it a point to educate my sellers that they may have someone show up at their doorstep to simply ask the visitor to call my direct line on the sign and upon a simple pre-qualification we will schedule an appointment to show the home if it fits their housing needs. Seems to me that a "serious buyer" would understand this so the bottom line is this... (That could be part of the problem and I admit that I do understand half these people may have not even contact a real estate agent yet or even know what they can afford) but if you are a serious buyer in today's market, why on earth would you see a for sale sign and just show up at a door or go running around the sellers yard. Contact your agent for a professional showing. Be courteous to the current seller and don't trample on them. In some cases they are selling the home because they are ready, willing and able to trade up. And in other cases, they may be having financial difficulties which is their reason for selling. Adding to this stress is the fact that there are many buyers out there with a lack of respect that show up on an owners doorstep and just take a for sale sign as permission to go walking around the home that is for sale peeping in windows, etc... Is that you??

If you are a serious buyer, understand that their is a human being that may be selling this home. Its still somones home. Be contious of this and contact your agent today. After a short-prequalification process, you will sift and sort through the hundreds of properties being offered for sale (that meet your price range) and select ONLY those homes that match your housing needs. You will then be treated as a VIP buyer and privatley shown these homes at a time that is convenient for you and the sellers. In addition, once your agent builds your profile of the type of home you are looking for and what area and price range, you will be sent emails with HOT new listings that match so you will be "Up To Date" with the many new listings hitting the market.

Following these steps will help to make your home purchase process a much better one!

So in closing, remember that when a home is for sale, it may still be occupied and thanks for showing your respect!

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

The Top 5 Reasons To Select A RE/MAX Associate

Carlo Gobba (REMAX in the Hills) — Wed, 06 Jan 2010 17:15:58 -0800

13 YEARS AGO IT WAS 1996 AND I WAS JUST BEGINNING MY REAL ESTATE CAREER. YOU COULD DRIVE DOWN ALMOST ANY STREET AND FIND 2 OUT OF EVERY 10 HOMES ON A STREET FOR SALE. (IT WAS FOR A DIFFERENT REASON THAN TODAY HOWEVER.)

The market in Oakland County was HOT! Sellers had doubled their investments (even without any major improvements) in just under 9 years. The economy was in a much different position that it is in today. A home that was just listed for sale was selling in just a few days and had multiple offers on it. I remember on several different properties putting the for sale sign out and being stopped by a buyer that wanted to write an offer that day! Well... The use of a Realtor has always been important. It is even more important in todays market that ever before however. Things are changin in the industry and while it was not difficult to drive through any neighborhood during the vibrant economic times, to see that 15% of the available inventory was being advertised by proivate home sellers or FSBO for short, thats a difficult task today. Roughly 40% of homeowners are upside down in their mortgages today. There are sales called "Short-sales" (Pre-foreclosure) today and prior to just 18 months ago, I can tell you that I had never sold a property that was being sold short, or even being foreclosed. Sales are more complex today. Forget about trying to sell your home yourself when you are underwater on your mortgage. The banks won't allow it. And obviously if your home is foreclosed on then the banks don't sell homes themselves either! Realtors are just as important today as ever!

Here are the top 5 reasons you should select a RE/MAX agent like myself to represent you:

1.) YOU CAN COUNT ON OUR EXPERTISE SUCH AS:

A.) Knowing the market. B.) Pricing your home correctly. C.) We have access to home stagers for the greatest impact! D.) We use the most innovative marketing in the industry to give your home the greatest exposure. D.) Our skilled negotiators are the very best in the entire industry. E.) We navigate other home sellers each day through the inspections, appraisals and all the details. F.) Our agents close twice as many deals per year as our nearest competitors.

2.) PUT THE INDUSTRY LEADING EXPERTS ON YOUR SIDE:

A.) Experience equals results. Selling your home in a timley fashion and for the best price depends on accurate evaluation and list price. B.) Effective Marketing C.) Smart Negotiation

***RE/MAX agents are the iundisputed ndustry leaders in designations and education!

3.) MARKETING FOR MAXIMUM EXPOSURE:

A.) Getting the basics right. A lawn sign is the number one way to show your home is for sale. Listing with an industry leading agent Buyers feel confident in the fact that all the details will be handled correctly. B.) REMAX agents have access to not only local but National media. C.) Putting the internet to work for you. RE/MAX.com is the most utilized real estate search website attracting millions of searchers per month. D.) RE/MAX agents have access to various marketing materials such as E-Flyers and E-Cards which can be utilized to promote your property to everyone that you know in a digital way. E.) RE/MAX is a franchise of over 120,000 agents working together!

4.) IT'S ALL IN THE DETAILS:

A.) Contracts may contain complicated language and or special clauses that your RE/MAX agent will help to guide you through. In addition, a RE/MAX associate is most qualified to guide you through inspections, appraisals and all the details. B.) Once the details have been addressed, you can close with confidence! C.) If you are relocating, our agents have access to the largest independent relocation network in teh entire industry! Chances are that we have a RE/MAX office in the city you are moving to. We can help make your connection smoothly and put you in contact with an agent that specializes in your new area.

5.) RE/MAX agents care! These agents are activly involved in their communities and contribute to such groups as:

A.) The Childrens miracle network B.) The Susan G. Komen foundation C.) The RE/MAX Green foundation

Finally, I want you to know that there are certainly other very good companies out there. Prior to entering into an independent contractor relationship with any of them, I did my homework. RE/MAX was the only company that allowed their agents the flexibility to run their business as they saw fit. In otherwords, the agent you deal with is empowered to make decisions. No having to run to managers for every little detail. When we get together, you will see for yourself some powerful illustrations on the success RE/MAX agents deliver! Email me today: I would be honored to share with you how we can navigate you through your situation to a successful closing.

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

STOP LIVING IN FANTASY LAND! HERE'S THE REAL WORLD!!

Carlo Gobba (REMAX in the Hills) — Tue, 05 Jan 2010 17:42:23 -0800

For some time now I have been telling you that Homes are selling for less than cars these days!! Here are some "Real World" transactions that have taken place recently for which I have information on that I can share with you. I MUST say that these results may or may not be typical of your own transaction and each transaction varies and is unique. These examples are "Real world" examples of real transactions for which purchasers have purchased homes and "Flipped them for a profit!"

1.) BANK OWNED FORECLOSURE IN SOUTHFIELD

-AMOUNT BANK OWNED IT FOR: $103,473

-PREVIOUS SALE (PRIOR TO FORECLOSURE) $230,000 IN 2003

-ACQUISITION PRICE: $28,000

-REHAB COST: $42,000

-TIME TO FLIP AND CLOSE: 95 DAYS

-SALE PRICE AFTER REHAB: $140,000

-NET PROFIT AFTER SALES EXPENSES AND REHAB: $63,000

*TOTAL IN $70,000, TOTAL OUT IN 95 DAYS: $63,000!

2.) BANK OWNED FORECLOSURE IN SOUTHFIELD

-AMOUNT BANK OWNED IT FOR: $146,894

-PREVIOUS SALE (PRIOR TO FORECLOSURE) $234,000 IN 2006

-ACQUISITION PRICE: $83,000

-REHAB COST: $20,000

-TIME TO FLIP AND CLOSE: 164 DAYS

-NET PROFIT AFTER SALES EXPENSES AND REHAB: $41,000

-SALE PRICE AFTER REHAB: $151,000

*TOTAL IN $103,000, TOTAL OUT IN 164 DAYS: $41,000!

3.) BANK OWNED FORECLOSURE IN LATHRUP VILLAGE

-AMOUNT BANK OWNED IT FOR: $125,600

-PREVIOUS SALE (PRIOR TO FORECLOSURE) $206,900 IN 2005

-ACQUISITION PRICE: $67,000

-REHAB COST: $17,000

-TIME TO FLIP AND CLOSE: 117 DAYS

-NET PROFIT AFTER SALES EXPENSES AND REHAB: $42,000

-SALE PRICE AFTER REHAB: $140,000

*TOTAL IN $84,000, TOTAL OUT IN 117 DAYS: $42,000!

4.) BANK OWNED FORECLOSURE IN WEST BLOOMFIELD

-AMOUNT BANK OWNED IT FOR: $173,700

-PREVIOUS SALE (PRIOR TO FORECLOSURE) $187,900 IN 2005

-ACQUISITION PRICE: $76,000

-REHAB COST: $23,000

-TIME TO FLIP AND CLOSE: 164 DAYS

-NET PROFIT AFTER SALES EXPENSES AND REHAB: $50,000

-SALE PRICE AFTER REHAB: $165,000

*TOTAL IN $99,000, TOTAL OUT IN 164 DAYS: $50,000!

5.) BANK OWNED FORECLOSURE IN BLOOMFIELD TOWNSHIP

-AMOUNT BANK OWNED IT FOR: $259,500

-PREVIOUS SALE (PRIOR TO FORECLOSURE) $216,900 IN 2000

-ACQUISITION PRICE: $90,000

-REHAB COST: $7,000

-TIME TO FLIP AND CLOSE: 87 DAYS

-NET PROFIT AFTER SALES EXPENSES AND REHAB: $34,000

-SALE PRICE AFTER REHAB: $153,595

*TOTAL IN $97,000, TOTAL OUT IN 87 DAYS: $34,000!

AND THERES MORE! GET AHOLD OF ME ASAP FOR MORE EXAMPLES: MAKE YOUR FORTUNE NOW!

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

HURRY UP! GET YOUR TAX CREDIT!!

Carlo Gobba (REMAX in the Hills) — Tue, 05 Jan 2010 14:35:28 -0800

THERE ARE SIGNS THAT BUYERS ARE BUYING AND THE LOCAL REAL ESTATE MARKET IS BEGINNING TO RECOVER

You must however be prepared to lose out on your "Obama Bucks" if you do not have a primary residence under contract very soon!

$8,000 for the first time buyer

$6,500 for a second time buyer

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Q: Existing homeowner credit: Must the new house cost more than the old house?

A: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all

eligibility requirements will qualify for the $6500 credit.

Q: I am a first-time homebuyer but was not within the prior income limits at the time I entered into

my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. When I go to settlement, will I be eligible for a credit?

A: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit

and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Q: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home

with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

A: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000

makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Q: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I

purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

A: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify

for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Q: I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do

I have to go to closing before December 1? How does the extension date affect me?

A: You do not have to close before December 1. Once the legislation was signed, it was as if the November 30

date had never existed. Therefore, so long as the binding contract is in place before April 30 and closes by July 1, the purchaser will be eligible for the credit.

In closing, please consider the following:

On a $200,000 mortgage (utilizing the FHA mortgage and 3.5% minimum required downpayment) a buyer would have to put down just $7,000 of their own money to acquire the home. NOW, add back the money President Obama is offering ($6,500-$8,000) and VIOLA!!! *Esentially zero down!! It's a NO Brainer...

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

HOW WE STEP IN TO "TAKE ACTION" ON YOUR BEHALF!- Short-sales

Carlo Gobba (REMAX in the Hills) — Mon, 04 Jan 2010 22:34:11 -0800

WHAT SEPARATES THE GOOD FROM THE GREAT YOU ASK??

ACTION IS JUST ONE OF THE MAIN INGREDIENTS! I GAINED THIS KNOWLEDGE FROM MY FRIEND "MIKE SHER" AND USE IT TO MY CLIENTS ADVANTAGE NOW.

Often Realtors, Clients or Friends ask me what is the key to Short Sale success. As you can guess from the Churchill quote above, "ACTION" is the key to success. This quote also covers why Short Sales fail "INACTION". Below I have listed examples of Action and Inaction: so you know the difference.

Action:

Preparing your seller properly so that they know what to expect!
Faxing 3^rd party authorizations in the day you get the listing & ordering pre-title.
Getting the hardship package scanned, prepped and sent in within the first weeks of the listing.
Lowering the list price every 10-15 days until you stimulate an offer.
Preparing the buyers agent as well as the buyer on "What to Expect" from the process.
Helping to position the buyer in hand to win the deal!
Calling them back every time you fax them document then two to four times a week once you have an offer in.
Taking great notes!
Having your HUD-1 done with 24 hours of getting an offer
Faxing in your offer package with in 48 hours of getting an offer.
Meeting the BPO/Appraiser at the home with comps.
When calling the banks, always asking where we are in the process and what can be done to speed things up.
Keeping the Seller and Buyer Agent up to speed.
Always "pressing on" after every success and/or failure until you close.

Inaction:

Taking a short-sale listing where nobody knows what to expect!
Faxing in 3^rd party authorizations well after taking on the listing.
Not scanning documents at all.
Starting the listing off way too high in price then never adjusting it to stimulate an offer!
Never preparing the buyers agent and buyer on what to expect
Not properly positioning the buyer to Win the deal
Never calling the bank regularly
Not taking great notes.
Not having the HUD-1 Prepared in a timley fashion!
Not getting your offer package in to the bank within 48 hours
Not meeting the BPO/Appraiser at the home.
Never asking where you are in teh banks process or what else you can do to speed things up!
Not keeping all parties informed of the progress.
Not lowering the price regularly.
Giving up at the first bumps in the road.

FROM MY VERY FIRST DAYS AS A REALTOR IN 1996, I HAVE ALWAYS TAKEN ACTION. THIS IS THE MAIN REASON WHY I OBTAINED THE RANKING OF (TOP 5% OF ALL REALTORS NATIONWIDE) MY VERY FIRST YEAR IN THE BUSINESS.

EMAIL ME TODAY, I AM NEVER TOO BUSY TO HELP! Carlo@CarloGobba.com

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

Short-Sale Certfiied Agent! Troy Michigan

Carlo Gobba (REMAX in the Hills) — Mon, 04 Jan 2010 22:13:19 -0800

This is a Troy Short Sale that I listed and closed. My seller needed to sell. He was stuck in a predatory loan with a very high monthly payment. The balance of this loan was so high; I don't know how the borrowers could have qualified. The loan was a no doc, stated income "liar loan". The fees on the refinance were so high it was criminal.

The seller could not afford the loan in the first place and with the economic downturn he was certain to be foreclosed on. The Seller and Buyer were both thrilled by my services. Without a Short Sale, the seller would have been foreclosed on. This would result in years of debt and probable litigation.

PROFILE:

Location: Troy, MI

Type: Single Family Residence

Condition: Need of some repair.

Lender #1: Option One Mortgage Corp

Amount Owed: 310,000

Sold Price: $213,000

Loss Absorbed and Accepted By the Bank: $93,500

Negotiation time: 3 months

Total Seller's out of pocket costs: $3,895

Hardship: loss of income, due to divorce while in a predatory loan.

Happy Seller, Happy Buyer and One less Foreclosure in Michigan.

Email me, I can help! Carlo@CarloGobba.com

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

Why Buy Troy??

Carlo Gobba (REMAX in the Hills) — Mon, 04 Jan 2010 21:49:20 -0800

It's interesting that while many cities are currently in financial trouble (because of our economy and the simple fact that so may cities tied their income so closely to property taxes) that the City of Troy REMAINS one of the most sought after areas to live in Michigan!

About the City of Troy, Michigan

Where can you find the best city to live in Michigan that is also one of the safest in the nation and second most ethnically diverse in the state? What city offers affordable housing, A+ rated schools, quality public services, and a solid bond rating? Where can families and businesses prosper in a place that offers the finest high-end office space in the Midwest, world class shopping and dining, and over 900 acres of parklands? The City of Troy!

While Troy maintains its hometown charm, the City is a vibrant business and technology center and a community recognized for its civic spirit and quality of life. Located in the busy northern Detroit suburbs, Troy is home to more than 81,000 residents and appproximately 5,700 thriving businesses that employ 125,000 people. With seven million square feet in retail space, 18 million square feet of office and 20 million square feet of manufacturing/engineering space, Troy is one of a few AAA rated cities in Michigan and a prime location for new and expanding businesses located in Oakland County.

Watch this video: http://www.troymi.gov/CommunityAffairs/WhatDoIGetForMyPropertyTaxes.asp

Read this recent CNN Article! http://www.troymi.gov/CommunityAffairs/CNNMoney.pdf

Here is the maps of the schools: http://gis.troymi.gov/ArcGIS/Maps/School.html

The City Of Troy Website is: www.TroyMi.gov

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

To Buy Foreclosed or NOT Forclosed

Carlo Gobba (REMAX in the Hills) — Sun, 04 Nov 2007 13:35:29 -0800

There seem to be alot of foreclosure opprtunities for purchase out there especially in the Royal Oak and Troy Michigan areas of Oakland County. What are the top 3 to 4 things you look for in a foreclosure purchase opportunity?

Do you want to be in Troy or near Somerset mall? Various bank owned foreclosure opportunities have recently popped up in Troy. These homes boast a strong central location, solid bones, minimal turn over and a solid neighborhoods. There are also various homes that are "Pre-foreclosures" that may be in even better condition than after the acquisition by the bank. You may only pay a few percentage points more than that of a foreclosure. These homes normally represent less work initially to make them livable.

Forclosures have sold on average of 50-60% of what they were just selling for just 3 years ago. By Comparison Short-sale or "Pre-Foreclosures" are selling for just 5% more yet they represent less in repairs and initial cash outlay to make them liveable. Either way, you are saving 35%-50% OFF recent retail values.

Add to that scenario the $6,500 to $8,000 in "Obama Bucks" and we will begin to see the bottom of the market very soon. Statistics are already showing this fact.

Interested in the MOST Recent list of bank foreclosures anywhere in Oakland County? Email me today at: Carlo@CarloGobba.com and let me know that you would like to become one of our V.I.P Buyers!

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com

Time to Buy?

Carlo Gobba (REMAX in the Hills) — Mon, 04 Sep 2006 15:39:39 -0700

Is is time to buy or should we hold off?

Carlo Gobba is an Associate Broker with RE/MAX in the Hills located at:36700 Woodward Ave Suite#100 Bloomfield Hills, Michigan 48304. Direct line: 248-283-0661 and email: Carlo@CarloGobba.com