Pat Palmer-Realtor, Upland, CA 91786's Blog

Regular Sale..Not An REO, Short Sale Or Investor Property....I Swear!

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Mon, 01 Feb 2010 08:55:58 -0800

***THIS IS A REGULAR SALE***

Are you tired of unresponisve banks , REO properties and endless short sales? Then look no more!!!Cozy, well kept starter home. Perfectly manicured yard in a perfectly manicured neighborhood. You will be immediately struck by the care and craftsmanship of your new home. True hard wood floors in hallway and bedrooms. The living room allows in soft light through a large bay window, and also features a warming fire place. This opens into a huge den that makes this home perfect for family and guests. There is a separate laundry room conveniently located off of the kitchen. The yard has been lovingly cared for. Both front and back have mature, beautiful shade trees. The back yard is very large and is secured with block walls. The view of snow capped mountains is included in the price. You'll be amazed at how well kept the entire neighborhood is as well. You are literally walking distance from the lush grounds of California Baptist University and a very short drive to schools, shopping and freeways. You won't regret making this your choice.

Offered at $127,000

2 Bed/ 1 Bath/ 1247 sq. ft.

Immaculate Riverside bungalow perfect for new home owners. The neighborhood is as immaculate as the home itself. This has all the charm of 1950's Southern California.

REALLY?? REALLY?? IS YOUR LISTING AGENT LIKE THIS...

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 27 Jan 2010 08:04:56 -0800

I have been around pretty much since the advent of dirt. And I have to be honest, I recieved a reply from yesterday's blog entry, ATTENTION LISTING AGENTS ,that left me speechless. Being of Irish decent, I don't find myself afflicted with that problem very often. Luckily, it didn't leave me fingerless, so here I am. Please take a moment to read that blog entry above. The following is the actual reply I received from it.

I'm guilty of this. Here's our problem...We have an offer (or many offers) and we sent one to the bank. We are waiting for the bank to respond to the offer to see how they respond. At this point, we don't even know if the buyer is still around. Although we are supposed to put it in "backup mode", we need the days of market to accumulate and to show active so the BPO can reflect this info.

Now here you come and want to see the property. The reason why you don't get a quick response, is because we don't need you at this time until we know what the bank wants and if the buyer is still around.

Is it unprofessional? Yes. However, just move along to another short sale listing is all I can say.

Satar - Amiri Property and Financial Services Corp.

Now, here is my reply to Mr Amiri:

Satar-Some how, I'd bet you feel neither guilty nor have the conscience to do so. Hopefully, you'll find your way out of the business as quickly as you found your way in. I think it's safe to assume that will happen when you realize that neither this business, nor the rest of the world, revolve around you.

Pat Palmer-REALTOR, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage)

I would love to know how you feel about this?

ATTENTION LISTING AGENTS

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Tue, 26 Jan 2010 09:26:13 -0800

OK, I normally try not to vent here. But I'm afraid that if I don't, the top of my hairless head may very well blow off. So here goes:

Attention Listing Agents!!! Attention Listing Agents!!!...

The slightest bit of professionalism would be greatly (and at this point, refreshingly) appreciated. You are not any busier than anyone else. We all have a million things to do. And the rest of us don't care what your office assistant is up to.

GOD, I feel better. Now here's what led up to my momentary meltdown. Yesterday, I was setting some showing appointments (say that a few times fast). On one, the instructions were to "Call listing office for key" . Well now THAT seemed easy enough. When I called the listing office, a woman that sounded suspiciously more like a grandmother than a receptionist answered the phone. Why, do you ask, would I draw such a conclusion? It was a combination of her voice tone...AND THE SCREAMING BABY SHE WAS OBVIOUSLY HOLDING WAY TOO CLOSE TO THE PHONE. So, through the teething screams of a toddler, I explained that I was calling to find out how to get a key for showing. The very pleasant, patient, elderly woman then informed me that I needed to call the listing agent's cell number...HUHHHHH?

Attention Listing Agents!! Attention Listing Agents!!!...

If you instruct us to call your office (?), make sure that your baby sitter, I mean receptionist and you understand who we are to call, and where YOUR key is. And just as an aside, you might have her put the baby down when answering the phone.

Soooooooooo, I call the listing agent's cell phone at about 11:00am and got a voice message. I explained who I was and why I was calling. I asked if she could call back and give me instruction. May I see a show of hands out there of the people who think she actually called back?? Anyone...hello? No? I decided to email her as well. Keep your hands down. That didn't get returned either. At 7:30 last night, I decided to text this agent. It was the only electronic medium left for me to pursue. At 8:04, I got a text back...Yiipeeeeeeeee!!Whooooo-hooooooo!!! She's Aliiiiveeeeeeeeeeee!! The message read:

" I'm sorry. I've been so busy today. We've had tons of offers on that property. I thought that was already on hold". I kid you not. If this were an isolated case, my Irish wouldn't have gotten up so much. Unfortunately, that is not the case. Literally more often than not, REO/Short Sale listing agents are very,very long on excuses and very, very short on professionalism.

Southern California Home Prices Up in December

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Tue, 19 Jan 2010 15:05:26 -0800

Southern California is seeing steady, month over month gains in housing appreciation. If you enjoy reading that as much as I do, I'll write it again, just so you don't have to go back.

Southern California is seeing steady, month over month gains in housing appreciation.

What is even more impressive is that these gains were realized in what has historically been two of the worst months for sales, November and December. The link below is from today's Los Angeles Times. Positive headlines are incrementally, but steadily showing up more and more. Keep your head's up. You just might see the price of your home doing the same thing.

Southern California housing market strengthens in December - latimes.com

FHA Finally Flips Out

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Mon, 18 Jan 2010 08:53:23 -0800

How many of you have been out house hunting and seen some bank owned properties that look like this:

They are usually the ones that the "creative" REO agent describes with terms like " Needs a little TLC" or "Handyman's Delight". In reality, the description should be "Bring your own hand sanitizer. This ones a dump".

The problem is that if an investor buys that lil gem,fixes it up and sell it, he's labeled as a "flipper". In today's market that's equivalent to sporting a scarlet letter A from years past. The punishment for such a heinous act is that, as a flipper, you aren't allowed to re-sell that renewed, improved property for 90 days. If your reaction is ...HUUUHHHHHHH???... you're not alone.Luckily, FHA has come to its senses..well at least on this point. Starting 2/1/2010, and with a couple of minor exceptions, a flipper can buy, fix up, and re-sell that property to you immediately. If you qualify, you can get an FHA loan to buy it. So instead of needing some "elbow grease" on the above property, you can now put an offer in on something like this:

Several months ago when it originally came to light,I addressed this problem in a previous blog post:

Why We Need More Investors In This Market

I Have A Dream Was Ad Libbed..And I'm Sure Glad It Was

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Fri, 15 Jan 2010 10:19:41 -0800

Read The Time Magazine Account of The Historical Speech Here

Several years ago, I heard George Raveling, former University of Iowa & USC basketball coach, give his fascinating, first hand account of the events prior to /during/ after one of our country's most important speeches. George Raveling was there, and in fact, owns the actual speech Martin Luther King read from on that day. What I find amazing about the speech is that it wasn't actually called "I Have A Dream" . In fact, those very words were never in the speech.

A more in depth account by Time Magazine is in the link above. I hope you will take a moment to read and appreciate the perspective the article gives.

GOOD MORNING HOUSING INDUSTRY

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 13 Jan 2010 09:48:21 -0800

MUSIC TO MY EARS

Signs of life in the home-building industry - latimes.com

Who would ever have thought it? The thrill of street closures, the sweet sounds of construction crews pounding away at what-the-hell o'clock in the morning and giant vehicles full of lumber&roof tiles...it's starting again, and it's music to my ears. The industry is waking up and new construction is popping up.This is just another sign that the housing market is gaining a foot hold in stability.

Attention Rocket Scientists

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Thu, 07 Jan 2010 19:00:30 -0800

In a surprising move, The Federal Reserve of New York has apparently hired all forward thinking rocket scientists currently available in the U.S. Further proof of this was an article appearing in today's Wall Street Journal. To the shock of the banking world, home loan modifications are actually more successful when a permanent solution like...ohhh, I don't know...balance reduction is granted.

I know what you're thinking, "God, it must surely take those of superior intellect to come up with a solution we mere mortals couldn't !" Below is the article that backs up my Rocket Scientist proof:

http://blogs.wsj.com/developments/2010/01/04/ny-fed-most-successful-mortgage-modifications-reduce-borrowers-principal/

Holiday Texing

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Sun, 27 Dec 2009 11:22:46 -0800

Call me traditional(it sounds a lot better old-fashioned), but I don't get the generic, 'Merry Christmas...Hope The Season Brings You Great Joy", mass texed ( what IS the past tense of "text" anyway) messages. Other than an 800 number that would follow, there's not much difference between that and the company trying to sell me stock tips, siding, or the hot short sale property the out of area agent just listed.

Don't get me wrong, I appreciate a simple card, call or email. 'Even if the card is just signed. At least I know the sender put a moment's effort into signing it. But much like the "family update-brag about my fudge receipe-isn't our new dog cute" newsletter insert, I find the text thing kind of annoying.

Is TARP A Good Idea & Does Sarah Palin Annoy You...

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Thu, 24 Dec 2009 10:00:27 -0800

...Personally, the answers are "Could Be" and "Like A Mosquito Bite In the Middle of My Back"

TARP profit at least $16 bln so far: Treasury - MarketWatch

Don't look now, but TARP ( Troubled Asset Relief Program) is getting re-paid, and may actually turn a profit! Before I go any further, let me give my normal disclaimer here: I am not a bleeding heart liberal, nor did I vote for Obama. BUT, I am also not a Limbaugh-Palin-Beck, arch-conservative either. I happen to think good ideas can come from either side of the aisle. Blasphemy, huh? As it remains to this day, TARP has been pilloried in large part because the guy in office lights up the blue states on that annoying CNN Expando-Map. God, I hate that thing! But that's a blog for a different time. The premise of TARP is distasteful. But I think far less so than an entire financial & economic meltdown. Big banks are still big, and their CEO's are still getting bonuses. However, I haven't noticed any soup lines popping up either. And TARP is actually making money. If you are one that despises anything to do with the Obama administration just because...well, he's Obama, I'd love your input on this.

IT LOOKS LIKE SANTA HAS A FEW MORE STOPS TO MAKE

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Tue, 22 Dec 2009 12:10:07 -0800

Dear Santa,

Please see the link below:

Tax credit spurs rush of November home buyers - MarketWatch

I really hope Rudolph and The Boys are rested, 'cause it looks like you have a lot more stops to make.

Because there has been no viable alternative, I have been a supporter of the First Time Home Buyers Tax Credit, and now The Extension. Naysayers will immediately point to the raw cost of this program, and they have a point. But the link shows, the tax credit is motivating people to buy.

Perhaps just as importantly, the tax credit is also generating positive headlines. Call me an optimist, but I feel that this program is having a motivating effect on new buyers. And over time, it will lead to buyers starting home improvements, hiring contractors and buying large ticket home appliances. If there is a viable, workable alternative, I welcome any discussion you may have. In the mean time, enjoy a positive headline. I promise, it won't kill you.

IT SUCKS LESS

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 16 Dec 2009 09:29:31 -0800

Home prices continue to rise in The Inland Empire and Southern California. If you live in Upland or Riverside, or Rancho Cucamonga (yes , there really is a place called Rancho Cucamonga) read that first sentence out loud. Recovery won't happen over night, unless it's a month's worth of Alaska winter nights. But housing is starting to recover. And the psychology of recover is every bit as important as any other aspect. Yes, short sale lenders are going to continue to be a giant pain in the assets. And no, that REO listing agent probably won't call you back. But look at the bright side. As the market recovers, there will be less and less of them in it. Southern California home prices and sales improve in November -- latimes.com

HAVE YOU GOTTEN THIS EMAIL? I WOULD SUGGEST BEING VERY CAREFUL

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Mon, 30 Nov 2009 10:17:58 -0800

I got the following in my ActiveRain inbox this morning. Far be it for me to be skeptical, but the theme of Ms. Samuel's email is "interesting". I'd be interested to know if you have gotten the same. How would I report an email to ActiveRain administrators? The message I received is below:

Message details:
From: jennifer samuel
Email: jenyjnom@yahoo.com
Subject: Hello (Sent via Activerain)

Hello,

It is my pleasure to contact you for business transaction that i believe will be of long lasting relationship with you.For a brief on myself; My full name is Jennifer Samuel, i am 26 years old girl,from Sierra Leone but presently,i am living in neighboring country Senegal both countries is in Africa.I came to here in Senegal due to the civil war fought in my country years ago.

My late father was Gold and diamond dealer before he was killed in cold blood.Please listen to this, i have my late father's Fund deposit documents and death certificate here with me which i will send to you later, because when he was alive he deposited the amount of $7,000,000.00(Seven Million US Dollars).So, i will like you to help me transfer this money to your account and serve as a guardian of this fund.

On transfering this money,you will arrangement for me to come over to your country to further my education and to secure a resident permit in your country. Moreover,i am willing to offer you 25% of the total sum as compensation for your effort/ input after the successful transfer of this fund into your nominated account overseas.Awaiting your reply.

Best Regards,
Jennifer.

Ohhhh Nooooo!!! Not More Good News!!!

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 25 Nov 2009 13:22:38 -0800

The following good news is brought to you by The Los Angeles Times and Forefront Real Estate. Don't look now, but new home prices in Southern California, The West, and everywhere else are also unmistakably on the rise. In today's market, it's actually OK have a little optimism. I'm not suggesting to run out and bet the farm on 2010 being the best year on record. But we've all been beaten down by dour headlines and predictions. Have a look at the article and graph below. But be careful, it may make you smile.

New US home sales rise 6.2% -- latimes.com

DO NOT READ THIS IF YOU WANT BAD NEWS

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Mon, 23 Nov 2009 10:16:11 -0800

U.S. home sales rise more than expected. Let me type that one more time, just 'cause it feels good. U.S. home sales rise more than expected. While we are far from seeing the end of the crisis at hand, we are seeing the beginning of the end. Headlines like the one from Marketwatch.com ARE important. Public confidence is, in part, lost and gained by them. So if you want a pessimistic view on this Monday morning, DO NOT CLICK the link below:

DO NOT CLICK HERE FOR BAD NEWS. DON'T DO IT!! IT WILL MAKE YOUR DAY BETTER!!!

STRATEGIC DEFAULTS BY THE NUMBERS

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Sun, 22 Nov 2009 11:10:41 -0800

I found the following article about strategic defaults in today's Los Angeles Times. It sheds some realistic light on this sector of our crisis. What I find most interesting is that there are actually less strategic defaults than most people have previously thought. In that Southern California has one of the largest losses of equity in the country, it will be interesting to see how this segment recovers.

Click here to read the full Los Angeles Times article.

REMEMBER WHEN?

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 18 Nov 2009 09:32:47 -0800

Nostalgia is a good thing. One of the things about nostalgia is that it tends to come back around. See if you remember these gems:

Homes had owners in them
Cash offers were accepted...quickly
Listing agents lived in the same city as their listing
Asset managers were guys that handled money, not homes
When someone said REO, you first thought of a great rock band of the '80's
Short sale negotiators didn't exist
Fannie & Freddie were funny names of companies most people never heard of
Purchase contracts got a Counter Offer, not a bank addendum
Voice mails were returned
You bought cars and cattle at an auction

Ahhhhh the good old days. I think we've all kind of forgotten that these all applied less than four years ago.As long as we learn the lessons of excess, they will come around again. This crazy market will settle (not as in "for less than full balance"..but as in "down") and normalcy will return. Feel free to add any others you may fondly remember.

In the mean time, I'm going to listen to Ridin' The Storm Out, comb the hair I no longer have with my Goodie brush, watch football without the annoying fantasy stats that constantly scroll along the bottom of my T.V., and know that the asset managers from Chase & B of A will once again need to update their resumes.

SOUTHERN CALIFORNIA HOME PRICES CLIMB AGAIN IN COTOBER... L.A. Times

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Tue, 17 Nov 2009 16:33:15 -0800

As our market continues to calm, Southern California is seeing the beginning of home appreciation again. Are things all better now? Of course not. And there are those who will say it's only a temporary spike. Or others that will some how blame The First Time Buyer Tax Credit Extension for skewing the numbers. Personally, I am glad to find and share good news. We have forgotten that a large part of any market's decline or rise is based on emotion and confidence. Headlines have a way of building on themselves either way. So please take a moment and click the link below:

Southern California home prices edge upward again in October -- latimes.com

HVCC - The Smoking Gun, Andrew Cuomo is the beneficiary of AMC AMCO.

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Sat, 14 Nov 2009 14:28:13 -0800

In re-blogging Gregg's post, I did get his permission first. The reason for re-blogging is the importance of repealing HVCC. This is Andrew Cuomo's law that has stymied the ability to get accurate,cost effective appraisals.

The more places this blog appears, the better. Please take the time to click on the links that will direct you to your U.S. Senators, and let them know you want HVCC repealed.

Via Gregg Wynn, Broker/Appraiser, CA DRE# 1186381 (Absolute Real Estate & Appraisals):

Did you know that Andrew Cuomo, the New Yorks Attorneys General, the genius who invented HVCC is himself involved with an Appraisal Management Company? Cuomo currently is chairman of AMCO's advisory committee on governmental and regulatory affairs, and is a member of the company's board of directors.

I'm requesting that all Real Estate Professionals support appraisers in getting HVCC repealed. An amendment to eliminate HVCC is located inside the Consumer Financial Agency Act of 2009, soon to be discussed in the Senate. Please tell your Senators about any of your own negative experiences with HVCC. Experienced and dedicated appraisers are being driven out of the business, and in most cases being replaced with inexperienced and underpaid appraisers and unlicensed sweatshop employees.

Ideas of what you can include in your letter: Experienced and highly ethical appraisers are not getting appraisal work, poor appraisal quality/unexperienced appraisers, low values, slower turnaround times, appraisals are more expensive than prior to HVCC, cannot use the same appraisal with other lenders, AMC's won't answer their phones, or return calls in a timely manner, AMC are now doing the pressuring, etc.

Here's the links to California's Senators.

E-mail link for Barbara Boxer:

http://boxer.senate.gov/contact/email/policy.cfm

E-Mail link for Diane Feinstein:

http://feinstein.senate.gov/public/index.cfm?FuseAction=ContactUs.EmailMe

Here's a link to locate Senators for other states:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Dear Representative Minnick,

I am writing to you today on behalf of the National Association of Mortgage Brokers (NAMB) to urge you to vote for an amendment to H.R. 3126, the "Consumer Financial Protection Agency Act of 2009," submitted by Representatives Childers and Miller (CA). The amendment seeks to reverse the harmful Home Valuation Code of Conduct (HVCC) and calls on regulators to work together on one set of appraisal standards.

Click here to view a petition with over 100,000 signatures of Americans calling for the HVCC to be overturned. You may select your home state to find out how many of your voters support reversing the HVCC.

Sincerely,

Jim Pair, CMC
NAMB President 2009-2010

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Orange County, La Habra, La Habra Heights, Whittier, Brea, Fullerton, Anaheim, Placentia, Yorba Linda, La Mirada, Buena Park, Cypress, La Mirada, Hacienda Heights, or Norwalk. Feel Free to give me a call at 714.441.1987 (USA) or email me at wynng@roadrunner.com or visit my website at http://www.SoCalRealEstateBrokers.com

POP QUIZ TIME...DID YOU STUDY?

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Thu, 12 Nov 2009 17:37:01 -0800

Ladies and Gentlemen.... Professor Palmer here. Welcome to my class:

Head Scratching 101; An Abbreviated History Of Short Sale Lenders.

Because today is the first day of class, I'd like to get a better feel for all those in attendance by giving you a pop quiz!! So here goes.

Q: If you were an existing 1st mortgage on a short sale property that is worth $425,000 (value as determined by a BPO you ordered four months ago),vacant,county land, 30% of the home not built to code, on septic would you:

A: Jump at an all cash offer that not only paid your your entire amount of $425,000, but also agreed to give the subordinate lien $19,000 to liquidate

B: String out the entire process so the acre of custom landscaping withered and burned to a crisp in the California sun while vandals broke in and stole the appliances

C: Do B above, and then at the last minute turn down the entire short sale package that you've had for 6 months because you feel the seller made too much money in 2008 & you thought the subordinate lien was getting too much money from the buyer, subsequently foreclose on said vacant property while the larger home next door goes into foreclosure,and THEN list said property that your own BPO showed was worth $425,000 for.......$675,000!!! Here's a hint: That's what your balance is.

If you answered A please report to the kindergarten class down the hall.

If you answered C you get your letterman's jacket, diploma and a hearty Attaboy from me.

Yep...Welcome to the wacky, wonderful world of Guaranty Bank, now Compass Bank. Kind of ironic isn't it, Compass Bank? But that's what happened. If any of you have to deal with them in any fashion, you might want to talk to my hairy assistant, Tiny, above. At least you'll be prepared for all the head scratching you're about to incur.

WHITNEY HOUSTON, THE NATIONAL ANTHEM, BASKETBALL AND GOOSE BUMPS

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 11 Nov 2009 08:04:36 -0800

For those of you old enough to remember Whitney Houston singing The Star Spangled Banner during The Super Bowl, it's one of the versions you never forget. For those of you that might never have seen it, take a moment and watch this clip:

As a hobby, I referee high school basketball. More than all the other privileges it allows me, the single greatest is that at least 35-40 times a season, I get to stand with a gym full of people, proudly face our flag and listen to a rendition of The National Anthem. To this very day and after all these years, I STILL get goose bumps every time. It doesn't matter if the singer is a 6 year old singing totally off key, or the recorded version of the video above. If this video doesn't evoke some kind of reaction from you, especially on Veteran's Day,don't check your pulse. It's a bit too late.

HOME BUYER TAX CREDIT EXTENSION; Q & A

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Mon, 09 Nov 2009 07:53:53 -0800

The extension of The First Time Buyers Tax Credit is now here. There are a lot of questions as to what may/may no be included. The National Association of Home Builders has put together a rather helpful site. I found this after watching a Think Big, Work Small video this morning. Here's the link for the Q &A:

There are many that are on either side of Home Buyer Tax Credit debate. As I've stated here, I am for it. While I'm not usually in favor of subsidies, this market is far from usual. The inherent difference in this credit is that it doesn't just fall into a black hole, a la TARP. Buyers do buy in part because of this credit. Once in a home, they need contractors, appliances, etc. For once, I do have to take the side of my more liberal brethren.

FUZZY MATH... THE TAX CREDIT COSTS TAXPAYERS $48,000 PER HOME...HUH?

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Thu, 05 Nov 2009 08:05:05 -0800

Some people are in favor of the extension of the Home Buyer Tax Credit, and some are not. I completely understand varying view points on "stimulus" money. "Stimulus", by the way, may be the single most over used word of this decade.

Anyway, let me say that I am for the Homebuyer Tax Credit. Let me also say that by no means am I a tax & spender. BUT this stimulus is already working. People ARE buying homes. So people DO hire contractors, go to Home Depot, buy carpet and so on. Of all the corporate, dead end, counter productive bail out funds being tossed around, THIS one actually works.

Now here's where my math gets juuuuuust a tad fuzzy. In other blog responses here,and in other articles, I keep hearing the following: " The Homebuyer Tax credit will cost taxpayers $48,000 per home!!" Really??? Seriously?? I looked it up today on Google (gotta' love Google) and there are approximately 138,000,000 taxpayers in the U.S. So if my math is correct, it looks like this: 138,000,000(taxpayers)x$48,000(cost per taxpayer)= $6,624,000,000,000. That's 6 trillion dollars. The thing I find ironic, is it's always the same figure of $48,000. Either there is an entire math discipline that has discovered a new absolute that I'm completely in the dark on (then again, I'm trying to help my 14 yr old daughter with geometry, so that's entirely feasible), or a "talking point" is being given way too much credibility. I'd love for someone to come up with the actual equation that they are basing the $48,000 figure on.

One thing tossing out numbers without warrant is guaranteed to do. And that is mute the benefits of a program that is actually doing what it was intended to do...spark home buying interest again.

THIS JUST IN... SENATE APPROVES TAX CREDIT 98-0!!!

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 04 Nov 2009 17:51:57 -0800

This just in: Senate OKs extension of home-buyer tax credit and jobless aid -- latimes.com From previous blog responses, I know not everyone is in favor of the Home Buyer Tax Credit Extension. I am. Given all the money being thrown at corporations, this stimulus money is already doing what it is designed for, stimulating the home buying sector of our economy. The bill is now being sent to The House for approval.

It's Scary How Dangerous People Are With Data!

Pat Palmer-Realtor, Upland, CA 91786 (Forefront Real Estate/ Forefront Mortgage) — Wed, 04 Nov 2009 10:24:37 -0800

After reading one of my favorite bloggers, Gabrielle Rhind, I came across an article that I thought dove tailed nicely with her post. My comments and her post are below:

Realtytrac is a huge, public, search & tracking website. If you've done any real estate searches over the last year (and let's be honest, who hasn't), you have probably used them. But like so many other "Search Now and Not Know You Pay Later" sites, RealtyTrac seems to have a funny way of beefing up their bottom line at your expense. Below is a link from today's Los Angeles Times. After you're done reading it, check your credit card bill:
Click Here

This article is another very real reason why information availability can be a good AND a bad thing. It also illustrates the value of having a good, local Realtor at your side. The list of homes and information you get from your Realtor.. let's just say Forefront Real Estate for instance... are truly free, and contain the most current and reliable information in the market. Pubic websites are great for initial research, but don't rely on them. As you have seen, there can be strings attached. And those strings are tied to your wallet.

Via Gabrielle (Kamahele) Rhind (Tierra Antigua Realty, Tucson AZ Real Estate Agent):

Keeping with a Halloween theme - I decided that people are dangerous with data!   Doesn't matter what kind - if they have enough of it - it's scary how dangerous they can be! Pick a topic - any topic - there's tons of stuff out there on it! Today, I pick real estate!

And here's the thing - just because someone has a bunch of data - doesn't mean they know what to do with it. And that's the real scary part.

Coming across a well-armed Seller, he said he doesn't need a real estate professional because he knows:

How to access Tucson's MLSfor comps, DOMs and stats on the market.

What his neighbors house sold for!

What homes are selling for in his area - in fact, "For the whole city!"

The average number of foreclosures and bank owned homes

Where to get and how to write a purchase contract

What title companies are suppose to do

What the interest rate is and what Buyers want

I say, GREAT! So tell me:

What were the cumulative days on market for your neighbor's house? And was that with the first or the third real estate company? Did the seller make any concessions?

What percentage of the comps expired, had seller carry backs or lease options?

What is the median price per square foot?

What's the current inventory level for your area, heck, for the whole city! And how does that impact the sale of your home?

What about the new construction home subdivision down the road - how does that impact the market?

What is the list to sales price ratio?

What version of contracts do you have and what are the deadlines for each?

Which costs do Buyers and Sellers customarily pay for at close?

And the list could go on!

People are dangerous with data because most of the time, they really don't know what to do with it - when they have it.

Be educated. But keep in mind, the data also shows - experience is everything.

Gabrielle (Kamahele) Rhind - 2009. If you want to reprint parts of this - just email me for my permission rhindohana@msn.com or TucsonsRealEstate@gmail.com. Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.BuyMyTucsonHome.com.