Dave's Blog

Movie Review - Dark Knight

Dave Watkowski (Keller Williams Realty) — Sat, 19 Jul 2008 14:48:16 -0500

People keep telling me they like my movie reviews, so I started a blog.

You can visit it at

http://popcornpicks.blogspot.com/

Dave Watkowski, SRES, ABR
Senior Real Estate Specialist
Accredited Buyer Representative
Specializing In Serving Mature Clients Age 55+
"Helping People Find Their Way Home"

FEDS GET TOUGHER ON LENDERS

Dave Watkowski (Keller Williams Realty) — Fri, 18 Jul 2008 12:14:33 -0500

Finally!

The Federal Reserve is getting tougher on what it called "deceptive acts and practices" by some mortgage lenders. The new rules, which apply to all banks and other lenders and specifically target subprime loans and borrowers, will take effect Oct. 1.

The new rules are intended to protect consumers from unfair or deceptive acts. In other words, they are finally taking steps to help working people from getting ripped off.

The new rules will prohibit loans to borrowers who can't repay the loan from income and assets other than the home's value and will require lenders to verify the borrower's income and assets. Prepayment penalties are banned for the first four years of any adjustable rate subprime loan and for the first two years on other subprime loans. Lenders also must establish escrow accounts for property taxes and insurance for all first-lien loans

Also banned are seven misleading advertising practices, including use of the word "fixed" to describe a rate or payment that changes at any time during the loan term. Other prohibited practices include loan comparison advertising (unless all payments and rates are disclosed), foreign-language ads where disclosures are presented in English, and encouraging appraisers to misrepresent a home's value.

The rules also will require lenders to credit payments on the date of receipt, prohibit pyramiding of loans, and require a good faith estimate of costs and payments on any loan application for a home secured by its value (including home equity loans and refinancings) within three days. Further, borrowers cannot be charged any fees other than to obtain a credit report before receiving that estimate.

In my view, these are important first steps in getting us back on track to do business the right way. I am tired of lenders taking advantage of people. As realtors, we must advise and protect our clients.

Palm Springs, CA Market Trends

Dave Watkowski (Keller Williams Realty) — Thu, 17 Jul 2008 12:34:58 -0500

Keeping you informed ...

Here is the straight story about our local real estate market in Palm Springs and throughout the Coachella Valley.

Facts:

More and more homes are appearing on the market as bank owned. That means that a bank had to foreclose on the homeowner.

The banks are selling them at great low prices. They are selling fast. In most cases, they are getting the asking price or very close to it.

If you want a bank owned property and submit a low ball offer, you will probably not get that property. Someone else will.

Many of the bank owned homes are in terrible condition.

The ones in good condition are receiving multiple offers and are on the market just a matter of days. Smart buyers and investors are scooping them up.

Short sales are being ignored because of the poor turn around time in getting approval.

Locally, only 15% of short sales result in a sale. Most end up in foreclosure.

This is a great time to buy property to live in or to use as a rental and let someone else pay your mortgage for you. If you would like to know more about how you can take advantage of these great opportunities, please call me. I will explain the entire process.

The Best Way To Miss Out On Great Opportunities In Real Estate

Dave Watkowski (Keller Williams Realty) — Fri, 12 Oct 2007 15:48:54 -0500

More great advice from Keller Williams co-founder and chairman, Gary Keller:

"Trying to predict when it is a good time to buy, or not, means you're trying to time the market.Staying on the sidelines is the surest way for most people to never time anything correctly."

The Only Market That Matters Is Yours

Dave Watkowski (Keller Williams Realty) — Fri, 12 Oct 2007 15:47:27 -0500

In September, 2007, CNBC's Jim Kramer uncompromisingly stated, "now is the absolute worst time to buy!"

Remarks such as these from so-called experts might be pushing potential buyers to the sidelines. They scare people.

Here's what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:

"Residential real estate is not a national product - It is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for weather in the U.S. today is 92 degrees - It is a useless and irrelevant perspective."

Media Reports On Real Estate Can Be Deceiving

Dave Watkowski (Keller Williams Realty) — Fri, 12 Oct 2007 15:44:56 -0500

The drive-by media loves tragedy. One of the great tragedies is the way they cover reports on the real estate market, especially the national programs. Because real estate markets vary by location it is impossible to categorize "real estate" in general and give it a pass or fail grade.

All real estate is local. What should be of importance to you is your local market where you live or where you are considering buying.

The information from national "news" programs should be taken with a grain of salt or better yet ignored. Check with a local real estate professional you can trust or your local Board of Realtors to get the straight story on what's going on in your area.