Now that it is Summer my kids are out of school. After they roller skated all morning on the wood floors in the house I told them it was time to take the fun outside. I went off to go show homes. My mother is temporarily off work awaiting a fourth knee surgery in July. Instead of being a mellow grandma babysitter, I came home to find my home the subject of a 6pm news feature story on Snakes in Chesapeake VA. OK yes our backyard backs up to a gorgeous forest like place, We have raccoons, foxes, frogs, and yes Snakes! Here is the video of my mom with my girls. Try not to laugh to hard.
Some of us need a quick swift kick in the pants for all the spending and lack of saving we have done over the years. Now with credit card debt and foreclosures at a all time high we are all quick to say it is the bank and government's fault. When do we stand up and take responsibility? Take a moment to read my AR friend John Mulkey's view below. This info brought to you by The Hampton Roads Real Estate Lady!
While the stock market, housing prices, jobless rate, and falling GDP may point to a financial crisis, those are only symptoms of the real illness. Just as a doctor would never describe an overweight patient’s condition as, “a crisis of too many fat cells,” we must look to the cause of our problem if we ever expect to effect a cure.
The USA has gorged itself on debt, but even that’s not the problem. It’s yet another symptom of a society focused upon personal comfort and satisfaction, chasing an ever-changing vision of happiness, a narcissistic assumption that it was about us, and that “we should have it all,” and have it now.
In the past few decades we've shifted from a country of savers to one of spenders—binge spenders, drunken in our chase for the “good life.” Movies and television told us we could have it, and their ads spewed a never ending array of what we “needed.” With the latest gadgets our lives would become simpler, less stressful. With wondrous images they carted us off to faraway beaches with perfect sunsets and plastic people.
But the images were all a lie; the contrary was true. The accumulation of “stuff” created a need for more money, requiring that both spouses work, and work harder, longer. The constant demand for money kept us forever chasing a better position, more pay, to help us afford the stuff we had already bought. More money would take us to an even better lifestyle that always remained just out of reach.
We didn’t want the simple house of our parents; we wanted more bedrooms, more bathrooms, bigger kitchens, fireplaces, media centers, and three car garages. We weren’t satisfied with a basic car; we needed SUVs, maybe two, and a sports car for the kids. A vacation at the beach wasn’t enough, unless the beach was in Hawaii.
We wanted the best for our children and we bought computers, video games, cell phones, and other electronics, expensive clothes and cars; we wanted them to have it all, too, to have a better life, to have more than we’d had. And we succeeded—after a fashion. We spent more, went in debt more, and lived for the pleasure of the moment.
We had more and our kids had more; but the ever-increasing indebtedness, like a millstone, pulled us into an abysmal stupor and caused us to miss out of much of the enjoyment. We drugged our stress with alcohol, pills or the latest pop psychology that promised to restore us to “Nirvana,” and the children whose happiness and love we purchased, became strangers.
Of course this isn’t a universal indictment; but it’s more widespread than many are willing to admit. And it doesn’t apply to ME or to YOU. It’s those “other people” who have allowed their problems to morph into a crisis. But WE all have an obligation to help find the solution.
As our country and the world enter the crucial stages of a financial meltdown, many are reflecting upon lives spent chasing an elusive future utopia that could never be; and many are ready to get off the train. Some have begun to reconsider where they have focused their energy, their labor, and have begun to realize that life was never about the stuff. It’s about discovering our place and helping others; it’s about the choices we make and the lives we lead; it’s about releasing ourselves from fear and living and sharing the wondrous joys of this life; and it’s about today. We don’t have tomorrow. The good life we’ve been seeking isn’t in the future. We’ve had it all along.
Add Virginia Beach and Chesapeake Homeowners to the list of those complaining of Chinese Drywall found in their homes. Residents have joined for a lawsuit against the local supplier, contractor and Chinese manufacturer of the drywall. The suit is one of several locally connected to the use of Chinese-made wallboard. Chinese-made drywall, which has been the focus of complaints in several states by people who say it emits a corrosive gas that damages household electrical systems and causes respiratory problems.
The local Virginia Beach couples are out of thousands from replacing appliances, they all have experienced bouts of sickness, and the inconvenience of a nagging egg like odor has made their homes difficult to live in. They have asked the CPSC to investigate.
According to CPSC, To date, the CPSC has received over 365 reports from residents in 18 States and the District of Columbia who believe their health symptoms or the corrosion of certain metal components in their homes are related to the presence of drywall produced in China. State and local authorities have also received similar reports. We received our first incident report from a consumer on December 22, 2008. The majority of the reports to the CPSC have come from consumers residing in the State of Florida while others have come from consumers in Alabama, Arizona, California, Georgia, Kentucky, Louisiana, Mississippi, Missouri, New York, North Carolina, Ohio, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming, and the District of Columbia.
Consumers largely report that their homes were built in 2006 to 2007, when an unprecedented increase in new construction occurred in part due to the hurricanes of 2004 and 2005.Common features of the reports submitted to the CPSC from homes believed to contain problem drywall have been:
Consumers have reported a "rotten egg" smell within their homes.
Consumers have reported health concerns such as irritated and itchy eyes and skin, difficulty in breathing, persistent cough, bloody noses, runny noses, recurrent headaches, sinus infection, and asthma attacks.
Consumers have reported blackened and corroded metal components in their homes and the frequent replacement of components in air conditioning units.
Krispy Kreme: 1 Dozen Original Glazed Doughnuts ONLY .99 on May 23rd!
Sounds like a great day to break my diet! I may even stock up for open houses and office meetings for the next week! Mark your calendars for another yummy deal! Celebrate penny day on May 23rd with Krispy Kreme! They will be selling a dozen of their Original Glazed doughnuts (yum!) for ONLY $0.99! Limited one original glazed dozen per customer.
**This offer is valid only at participating Krispy Kremes, so I would definitely recommend calling ahead!
So when your clients drive you crazy, the husbands nagging you, the kids are begging, steal a moment to enjoy something sweet and good!
The $8,000first time homebuyers TAX CREDIT - HUD has saved the day. Well, okay, it saved it for a day. It's gone now, recinded, at least for now. Everything that you have been reading about yesterday, about FHA/HUD putting out mortgagee letter 2009-15, it's no longer there. Tom Burris had noticed this yesterday and I just got off the phone this morning with the HUD office. For reasons unknown, this letter, ML 09-15, has been taken off the self. Besides, I have my reasons to this and also felt that many of the blogs posted yesterday were incorrect. Here is why....
In regards to FHA loans, a borrower can only obtain monies for their actual downpayment of 3.5% by the following :
Their own funds
up to 100% of a gift from a relative/family member
From the Federal, state, and local governmental agencies and nonprofit instrumentalities of government
FHA approved non-profits
monies from their employer in a form of employee contribution
monies from secured borrowed funds... IE. borrowing equity from your home to buy another home or borrowing against your car that is free and clear or borrowing from your 401-k, etc, etc
Here is the major confusion that was put out yesterday both HUD, NAR, and many realtors and loan officers that wrote about this. In the body of the mortgagee letter, ML 09-15, at the bottom, it stated :
The Tax Credit: Short-Term Loan:
Entities that can offer the tax credit advance with short-term loans:
Federal, state, and local governmental agencies and nonprofit instrumentalities of government, FHA-approved nonprofits, and FHA-approved mortgagees may provide short-term or "bridge loans" secured only by the anticipated tax credit due the homebuyer as collateral.
The confusion : It states, As collateral and not as a secured lien against the home, but as a secured loan against the collateral. Which in this case would be the $8,000 tax credit, which would be secured against.
Because of this, HUD does not allow for monies to be borrowed or given to in any form that I did not mention above, to be used for the down payment. The reality of it all, basically everything that was stated in the mortgagee letter, that has been revoked for now, is old school FHA. When it comes to FHA loans / FHA mortgages, you could get monies for your down payment from the items that mentioned above, which is mentioned in the mortgagee letter. Well, was mentioned... One caveat to all of this is that HUD was going to allow for lenders to secure a short term loan or bridge loan against the $8,000 to be used to purchase a home. But again, that can't be used for the actual down payment, because it goes against the basic FHA guidelines of downpayment monies of 3.5%. Now, unless HUD changed this, it does not clearly state this in the mortgagee letter, even though that letter is no longer valid.
Summary : When I read the ML 09-15 the other day, all of this jumped into my head. But I didn't have time to dissect all of this, yet I wanted to get this out to the public. After seeing many blogs written with inaccurate information, because NAR stated certain things from a HUD spokesperson, it was never clear, in which this gave me large goose bumps. My advice, consult an FHA Expert, even if you hear it from others that are high up, such as the NAR. And be careful on those that call themselves Experts also. I personally think that this was immature of several agencies for putting this information out there without verifying it's accuracy and intentions. And I would have to assume that HUD feels the same way since they took this mortgagee letter off their site and off the HUD clips site. Thanks
EXTREMELY IMPORTANT REMINDER : Just because HUD or any other source puts information out there, doesn't mean it will happen. Keep in mind that most lenders have overlays and can add to certain rules and or guidelines.
And just for the fact that HUD says it's fraud to obtain the tax credit prior to closing. This question has been asked to HUD by many of us and their response is FRAUD. Why? You are receiving the monies before you are buying the house. Yes, you can give the IRS the address prior and a potential closing date. But I smell shit hitting the fan very soon, since a lot of this is still new. And remember those lender overlays? I know some lenders and underwriters that won't allow this type of loan to go to closing.
AMF bowling centers is offering a great free deal.
Kids under the age of 15 can bowl 2 free games EVERYDAY, ALL SUMMER LONG. With the price of bowling this is a great offer.
You can also buy and adult pass good for 4 people for $23.95.
Select a bowling center near you.
Register directly on the bowling center page (The registration is valid only at the bowling center where you register and cannot be used at any other bowling center unless otherwise noted.)
This event will be held at Chesapeake City Park, of South Greenbrier Pkwy near Kempsville, This fun family friendly event is geared to all Ages. There will be rides, food, giveaways, and more food.
Amusements of America provides us with the largest array of traveling carnival rides and games east of the Mississippi!
Known for its great fireworks show. This is a must see event. The fireworks will be Saturday the 16th, at 9pm. Bring your lawn chair and a blanket and listen to live music all day and the headliners below.
Announcing the musical lineup for the 2009 Jubilee
The greatest living exponents of Jamaica's reggae tradition provide a dynamic start to the 2009 Chesapeake Jubilee. It promises to be an unforgettable evening of music as the Wailers perform the legendary "Exodus" album.
Brandishing heavy guitars and an unabashed fetish for British Invasion Pop, The Smithereens carved their niche on album rock radio and earned a reputation as a great concert attraction with sizzling pop songs including: "A Girl Like You," "Only A Memory," and "Blood and Roses."
These talented singer-songwriters bring their amazing "A Place to Land" tour to Chesapeake. Come hear the future of country music as Little Big Town's highly acclaimed album comes to life with a thrilling live performance on the Bagley Stage at City Park.
If you think you are the grill master on the 15th & 16th there will be a bbq cookout. Over $10,000 in cash and prizes are up for grabs.
From funnel cakes to smoothies, the Jubilee has food for everyone's taste
First the terrorist, then the financial crisis, then the mortgage meltdown, and now the swine flu. Enough is Enough!!!! I will turn off the TV the news at least for the next few weeks and try to just enjoy spring. I am going to plant some flowers, work in my yard, and enjoy the new warmth and sunshine. I have had enough. I will go ride a bike, get some exercise, ( I ordered the new Pilate's machine), I will show property to the smart buyers and savvy investors sharp enough to know that the best deals can be found now. I will relax, I will play with my kids, I may even go to the beach. I am at the point of burnout with all the bad news. My husband and son watch the History channel alot and are convinced the world is ending in 2012. I am a glass is half full kind of girl, and though I am not naive that we need to get the swine flu under raps before we are living a movie about a world epedemic, I do believe I have had just about all I can take of CNN, Fox, MSNBC, and my local news horror stories. I am looking for the happy stuff, the positive stuff, all this negative is breeding negative. Where are the awards for the do gooders, the stories on the war heroes, the thousands of people held at the borders for quarantine to be cured, the stories that the flu can be cured quickly if found early. Is anyone else sick of the negative, And if so keep writing positive blogs and I am one person who will be sure to read them!!!!!!
From time to time I like to pass on some practical suggestions that we glean from seeing a number of Real Estate closings pass through our system...
Keeping in mind 'Real Estate is local', and as such, real estate transactions are subject to local laws and customs...thus, practices may differ from region to region even within a State...!
1. If you hire an attorney to guide you through a transaction, be sure to employ themBEFORE you sign any legal documents, especially an agreement of sale...!!!
2. Be prepared to document all funds required in a transaction...'mystery' monies often will negate a transaction from closing...so providing bank statements detailing recent deposits will expedite greatly your closing time...!
3. When shopping for a mortgage, please don't use 'quoted interest rates' as the sole determinant of your final choice of lenders...interview loan officers until you find one you trust...then stick with him/her...!
4. Select your own choice of settlement service providers...don't buy into that 'one stop shopping' ploy...if someone wears more than one hat in a real estate transaction, chances are they have multiple agendas, which may not place you at the top of their 'care list'...!
5. In real estate transactions, where so much of your time and money are invested, there are no such thing as 'dumb questions'...there are, however, 'dumb answers', so don't be afraid to ask questions of the many real estate professionals involved in a typical real estate transaction...and don't wait until the last minute...if something is bothering you that you don't fully understand, raise a flag and get an answer...
Finally, use these tips and be assured that in spite of what you may read or hear about real estate professionals, the majority are concerned consumers just like you and me...!!!
My AR associate JL Boney III, from South Carolina gave 10 reasons that are great for anyone who is on the fence to read. With a little humor the point is well made so I am sharing his post with you.
With all the posts out there about how now is the best time in history to run out and buy a home, I thought it only fair to show you the reasons that you should not do so. The last thing this economy needs is for consumers to start spending money, that would actually cause the great deals to go away. Mainly due to the fact that it would cause the economy and the real estate market to recover, and at this point that's the last thing we need.
10- Rent is fun to pay. I mean it's not at all like having to pay your own mortgage, why do that when you can pay a mortgage for someone else. If you went out and bought a home, there would be one less investor out there getting a free house with your money.
9- The amount of homes for sale on the market. There is no need to running out there when you have a ton of homes for sale at your disposal. You should certainly wait for the numbers to dwindle so you will have less of a choice you decide to buy. This will keep you from having to be so picky.
8- The great deals will be the first to go. This will be your indicator that you are getting close to time to start looking. All the good homes will be taken and then you can go sift through the left overs for what you can salvage.
7- Low Interest rates. Low interest rates will cause your mortgage payments to be lower, and this may make you feel like you are not doing your fair share. You should definitely wait around for those rates to rise so you can make a higher monthly payment. Then you won't have to deal with the guilt of saving money.
6- The price of homes for sale. Currently many homes for sale are on the market at very competitive lower prices. If you can manage to hang in there a little longer without buying a home, then you can catch market during or after a recovery. This means that you will get to pay more for the home than you would today.
5- With today's rates and prices, mortgages on many homes for sale are actually cheaper than rent on the same homes. Again this would possibly save you money, and that's not what you want to do. You need to wait for the prices to rise so you're not getting as good of a deal.
4- A 10% of the sales price tax credit up to $8,000. If you were to buy a home now,and you are a first time home buyer, then you would receive this tax credit. If you can hold out until next year, then you will be able to avoid this tax credit all together. This will save you the aggravation of trying to decide what to do with the extra money on next year's tax return.
3-Builder incentives. At present, in addition to the competitive prices, many builders are offering other incentives on new homes. Incentives like a percentage of of the home for sale depending on your employment and reduced pricing on upgrades. Some are even offering free upgrades and tossing in little extras that they normally do not offer in order to sweeten the pot. This would mean that you could get a great deal on a brand new home in your area, and that's the last thing you want. Wait for these deals to be snatched up other buyers before you even consider looking for your new home.
2- Lack of competition for you. Right now with many would be buyers sitting on the fence trying to make a decision, you would have your pick of the litter as far as the homes currently available are concerned. You need to wait until many more buyers are on the search, that way you can possibly end up in multiple offer situations and have to fight another buyer over the home you really want.
1- The pride of home ownership. There is no reason to come home to a home that actually belongs to you. Why not constantly come home to a house that you are buying for someone else.
I hope that in some way this has helped anyone reading to figure out why you should stay on that fence. There are really too many great deals and incentives out there to subject yourself to making a decision as to which one you want. So hang in there and stay on those sidelines. With a little discipline and a little luck you'll be able to avoid all the great deals that this current market has to offer. Best of luck to you.
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.
I told them it was time to take the fun outside. I went off to go show homes. My mother is temporarily off work awaiting a fourth knee surgery in July. Instead of being a mellow grandma babysitter, I came home to find my home the subject of a 6pm news feature story on Snakes in Chesapeake VA. OK yes our backyard backs up to a gorgeous forest like place, We have raccoons, foxes, frogs, and yes Snakes! Here is the video of my mom with my girls. Try not to laugh to hard. 
The USA has gorged itself on debt, but even that’s not the problem. It’s yet another symptom of a society focused upon personal comfort and satisfaction, chasing an ever-changing vision of happiness, a narcissistic assumption that it was about us, and that “we should have it all,” and have it now.
As our country and the world enter the crucial stages of a financial meltdown, many are reflecting upon lives spent chasing an elusive future utopia that could never be; and many are ready to get off the train. Some have begun to reconsider where they have focused their energy, their labor, and have begun to realize that life was never about the stuff. It’s about discovering our place and helping others; it’s about the choices we make and the lives we lead; it’s about releasing ourselves from fear and living and sharing the wondrous joys of this life; and it’s about today. We don’t have tomorrow. The good life we’ve been seeking isn’t in the future. We’ve had it all along. 
Chinese-made drywall, which has been the focus of complaints in several states by people who say it emits a corrosive gas that damages household electrical systems and causes respiratory problems.
I am going to plant some flowers, work in my yard, and enjoy the new warmth and sunshine. I have had enough. I will go ride a bike, get some exercise, ( I ordered the new Pilate's machine), I will show property to the smart buyers and savvy investors sharp enough to know that the best deals can be found now. I will relax, I will play with my kids, I may even go to the beach. I am at the point of burnout with all the bad news. My husband and son watch the History channel alot and are convinced the world is ending in 2012. I am a glass is half full kind of girl, and though I am not naive that we need to get the swine flu under raps before we are living a movie about a world epedemic, I do believe I have had just about all I can take of CNN, Fox, MSNBC, and my local news horror stories. I am looking for the happy stuff, the positive stuff, all this negative is breeding negative. Where are the awards for the do gooders, the stories on the war heroes, the thousands of people held at the borders for quarantine to be cured, the stories that the flu can be cured quickly if found early. Is anyone else sick of the negative, And if so keep writing positive blogs and I am one person who will be sure to read them!!!!!!
Real Estate closings pass through our system... 
deposits will expedite greatly your closing time...! 
chances are they have multiple agendas, which may not place you at the top of their 'care list'...! 
that you don't fully understand, raise a flag and get an answer... 
;)
;)
