Jules's Bloghttp://activerain.com/blogs/jbyates2009-01-02T20:10:00ZJules Yates (Exit Realty Paramount)GOOD NEWS Traverse City - Short Sales Can Save You from Foreclosurehttp://activerain.com/blogsview/862625/GOOD-NEWS-Traverse-City-Short-Sales-Can-Save-You-from-Foreclosure2009-01-02T20:10:00ZJules Yates (Exit Realty Paramount)
<p>More and more Northern Michigan families are facing foreclosure and many have no idea what to do or how the system works. First and foremost you need to talk to your lender. Please DO NOT ignore the calls. Be honest and up front with them and if they can help you they will. If you aren't satisfied with the results ask to speak to a supervisor. </p>
<p>If you do finally come to the realization that you are going to have to move or sell, give serious consideration to calling a Realtor who specializes in Short Sales and pre-foreclosure properties. If you need to sell, there are several options available to you even if you owe more then what your home is worth. There are ways around that. </p>
<p>With a short sale the lender (or lenders) may agree to let you sell your home for less than the full balance owing. In most cases they will let whatever your Realtor gets satisfy the balance. This is not always the case but from my personal experience none of my clients have been taken to court. </p>
<p>When can you do a short sale? You can do one prior to the sheriff's sale or up to the last day of redemption (6 months to 1 year after the issuance of a Sheriff's Deed and sale). Each and every case is dealt with individually and every one is different. </p>
<p>Why? First of all the net result of the short sale is that you the homeowner can not walk away with any money. Second, any money or proceeds from the sale will be divided up amongst the lien holder or holders. The first mortgage holder (if you have more than one mortgage) will always get the bulk of the money and any junior lien holders will usually get 10 cents on the dollar at the most. </p>
<p>The procedure is easier with some banks then other. For example Huntington Bank is very difficult to work with as is Chase. Smaller banks can be easier to work with as you can get to the decision maker much easier and faster. </p>
<p>The process of doing a short sale is simple but executing it van be areal nightmare if you don't have experience doing it and since it takes a lot of time to pull one off call a Realtor as soon as you get in trouble. The sooner I know what you are facing the more options you will have. </p>
<p>If you have any questions about doing a short sales in the Traverse City Area please visit my website <a href="http://www.exitshortsales.com/">http://www.ExitShortSales.com</a>, email me at <a href="mailto:jules@julesYates.com">jules@julesYates.com</a> or call me on my cell at 231-218-5199.</p>
<p><img title="Jules Card" src="http://activerain.com/image_store/uploads/5/0/4/7/4/ar123094851847405.jpg" height="267" alt="Jules Yates Card" width="437" /></p> The Internet and Website Leads - Mixed Feelings http://activerain.com/blogsview/862037/The-Internet-and-Website-Leads-Mixed-Feelings2009-01-02T13:28:28ZJules Yates (Exit Realty Paramount)
<p>As a real estate professional I earn my living from helping people either buy or sell a home right? If that is the case, why do some people make it so difficult to help them? Like so many others in this business I have gone from using mainly print advertising to almost 100% internet marketing. </p>
<p>I have over 10 websites, all of which I maintain myself and I subscribe to a lead generation site as well. On average I receive 50 or more legitimate leads from my website per month and at all hours of the day and night. My main website requires people to "sign up". By sign up I mean provide a name (real or otherwise) and a valid email address. </p>
<p>My site states that this is a spam free site and I do not sell the leads or share them with anyone. That said I can not understand why people will resist providing an email or more importantly getting an occasional email about something they claim to want to buy? </p>
<p>I occationally get some interesting name, many I can not re-print here. It's funny I got a legitimate lead from a guy who happened to have the same name a a famous rock star from the 70's. I assumed it was a bogus lead but it turns out he was real. I almost make a comment about him using a fake name. I guess the next time Fred Flintstone signs up I should not make assumptions. </p>
<p>I wonder are most people who search on the internet just killing time or do they truly want help. Help (or information) is all I really provide. I can't make someone buy who really isn't interested. I don't push myself or my (free) services on anyone. Frankly I enjoy helping people accomplish one of the biggest purchases of their lives. Its not the commission that actually motivates me. </p>
<p>I recently posted a listing to Craig's List and within 15 minutes I got a call from a gentleman from Delaware who called just to tell me that he saw my website and since he had to sign up, he not only was not going to use my site, he was not going to use me. Keep in mind by doing so he gave me his cell phone number as he called me on my cell. </p>
<p>I tried to explain the logic behind signing up and tried to tell him it was for his own benefit so he could save listings and the system would keep track of the properties he had already search. Right in the middle of the conversation he hung up on me. The nerve of him...to call me and hang up. </p>
<p>I couldn't believe it... here he took the time to call me and tell me he wouldn't be using me but wouldn't take 2 seconds to hear me out. I wondered if he thought I was going to put him on some huge mail list so all my fellow Realtors could call and pester him. Sure, like I would ever share a lead...they are like gold. </p>
<p>Obviously this guy can not appreciate all that a good Realtor can do for him. We provide a valuable service and best of all it's FREE. And they say nothing is free. I disagree and say that Realtors are on of the very few professions where a buyer gets a service (buyer brokerage) for absolutely nothing. </p>
<p>I'll bet no one would want to use a free attorney if you could get one without committing a crime. That said maybe I should charge $200 an hour and rebate the fee once a person buys from me. I wonder how much respect I would get at that rate. I'm guessing I would get a lot more. I guess I'll have to give that some thought.</p> Happy New Year!!!http://activerain.com/blogsview/861956/Happy-New-Year2009-01-02T12:45:57ZJules Yates (Exit Realty Paramount)
<p>First of all Happy New Year! For many of us I think it is safe to say that 2008 is a year that we will all remember for the rest of our lives. For those of us in the real estate business I think it was a wake up call. I k now it was for me.</p>
<p>When I look back on my career I very quickly realize that I really never thought that there could be such a dramatic change in the market that would drastically affect my income. Well...I was wrong. Like many others I too was caught off guard. </p>
<p>Fortunately I am smart enough to learn from my mistake. Also I am young enough that my past more than likely will not drastically affect my future. Despite some lows I truly think that this past year was a good then for me. Often times it takes a rough road to make you sit up and realize that life is short and nothing beats good planning. </p>
<p>I truly hope that with all of the changes and challenges we face right now that this country will come out bigger, better and stronger. I know I will. As for planning, for once in my life I am going to follow my written plan and focus. </p>
<p>This year could be pivotal to many American's. With record low housing prices and record low interest rates, there has never in my lifetime been a better time to take stock in America and buy real estate. I am looking forward to the coming year and remain optimistic that 2009 will be a great year for a lot of people. </p> Short Sale - Citi & HFC - Biggest reduction yet.http://activerain.com/blogsview/804719/Short-Sale-Citi-HFC-Biggest-reduction-yet2008-11-23T19:56:14ZJules Yates (Exit Realty Paramount)
<p><strong>Summary: </strong><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Summary: </strong>Short Sale - Pre-Foreclosure with Chase & HFC</p>
<p><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Original 2<sup>nd</sup> Mortgage</strong> - $36,700 with HFC</p>
<p><strong>Total Owed </strong>- $340,000+</p>
<p> </p>
<p><strong>My estimation of the property value </strong>- $289,000 in normal market conditions</p>
<p><strong>Value at the time of Sale</strong> - $250,000 - $269,000 (BPO $350,000)</p>
<p><strong>Final Sale Price</strong> - $235,000 on a short Sale.</p>
<p><strong>First took $211,000 and second settled for $3,000</strong></p>
<p>I recently closed another short sale and this time it was with Citibank and HFC. Due to having an offer we were able to postpone the original sheriff's sale and close prior to it's rescheduling. This was the largest reduction in value I was able to get so far. </p>
<p>It took me 2 months total and over 5 weeks of having the file transferred to 4 different people at Citibank before I got to the decision maker but I made it happen. Persistence pays off. Once I did, I was able to structure the sale fairly easily. </p>
<p>The decision maker (Steve) was professional, courteous and reasonable. I can not say about the series of individuals I had to go through to get to him. They were a big pain most of the time. None of them returned a phone call. None of they were helpful in getting me to the right person. </p>
<p>In this case we had to revise or bump the original offer once Citibank ordered a BPO (Broker Price Opinion) which came in at $250,000. In our case this was a cash offer so we were able to close in less that 2 weeks from the approval of the sale by both parties.</p>
<p>Also despite having had a verbal approval of $3,000 on the first from the lenders attorney, they asked for $5,000 at the last minute once we got the written approval from Citibank. I was able to explain that there was no where to get the money and Citibank would not allow it. After being on hold for a few minutes I was told they would approve the original $3,000 due to the first taking such a big loss.</p>
<p>In addition, Citibank required a soft note to be signed by the seller in the amount of $12,000. Basically this was an unsecured note with 0 interest and payment over 7 years. </p>
<p>The last person I spoke who compiled the short sale package prior to getting to Steve told me it would be up to an additional 3 weeks to even get a decision. In this case Steve called me the very next day to review the file. Needless to say I was relieved when he called as I was about to reach the breaking point with the buyer due to the long delays. Steve gave me his email address and direct number to reach him and he always returned or took my calls.</p>
<p>After reviewing the file Steve told me Citibank's standard policy is to pay 10 cents on the dollar (max) to any junior lien holder in order to approve a short sale. The documentation I send included the usual hardship letter, financials, tax returns, PA, listing, title work, HUD 1, etc. In addition they wanted the information on all junior lien holders and their contact information.</p>
<p>Citibank has a policy that if 2 brokers are involved they will pay 5% but it only one is involved they will pay a max of 4%. Keep that in mind when you send in a preliminary HUD and the purchase agreement. Once you submit an offer you can not make a change later without rewriting the PA.</p>
<p>Overall this was worth all the effort as I was able to help the seller out of a bad situation, got the buyer a good deal and even managed to put a couple hundred thousand dollars in the banks pocket despite themselves. I have to say I was quite relieved when this finally came together.</p>
<p>One final note I got a call from Steve at Citibank the day before the closing and he acted as if he had no idea who I was. Once I refreshed his memory he said he had so many files on his desk he couldn't keep track of who he talked to and who he didn't. I almost had a heart attach as I thought there was a problem. In the end it worked out for both and I even sent Steve a thank you email.</p>
<p>I have to say that that both the buyers and sellers were absolutely wonderful to work with. Fortunately I had prepared them for a long journey in the beginning so the delay although stressful was not unexpected. I stayed in constant contact with all parties and we made it happen due to a group effort.</p>
<p> </p> Short Sale - Pre-Foreclosure with Chase & HFC - Closedhttp://activerain.com/blogsview/804712/Short-Sale-Pre-Foreclosure-with-Chase-HFC-Closed2008-11-23T19:53:00ZJules Yates (Exit Realty Paramount)
<p><strong>Summary: </strong>Short Sale - Pre-Foreclosure with Chase & HFC</p>
<p><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Original 2<sup>nd</sup> Mortgage</strong> - $36,700 with HFC</p>
<p><strong>Total Owed </strong>- $340,000+</p>
<p> </p>
<p><strong>My estimation of the property value </strong>- $289,000 in normal market conditions</p>
<p><strong>Value at the time of Sale</strong> - $250,000 - $269,000</p>
<p><strong>Final Sale Price</strong> - $235,000 on a short Sale.</p>
<p><strong>First took $211,000 and second settled for $3,000</strong></p>
<p>I recently closed another short sale and this time it was with Citibank and HFC. Due to having an offer we were able to postpone the original sheriff's sale and close prior to it's rescheduling. This was the largest reduction in value I was able to get so far. </p>
<p>It took me 2 months total and over 5 weeks of having the file transferred to 4 different people at Citibank before I got to the decision maker but I made it happen. Persistence pays off. Once I did, I was able to structure the sale fairly easily. </p>
<p>The decision maker (Steve) was professional, courteous and reasonable. I can not say about the series of individuals I had to go through to get to him. They were a big pain most of the time. None of them returned a phone call. None of they were helpful in getting me to the right person. </p>
<p>In this case we had to revise or bump the original offer once Citibank ordered a BPO (Broker Price Opinion) which came in at $250,000. In our case this was a cash offer so we were able to close in less that 2 weeks from the approval of the sale by both parties.</p>
<p>Also despite having had a verbal approval of $3,000 on the first from the lenders attorney, they asked for $5,000 at the last minute once we got the written approval from Citibank. I was able to explain that there was no where to get the money and Citibank would not allow it. After being on hold for a few minutes I was told they would approve the original $3,000 due to the first taking such a big loss.</p>
<p>In addition, Citibank required a soft note to be signed by the seller in the amount of $12,000. Basically this was an unsecured note with 0 interest and payment over 7 years. </p>
<p>The last person I spoke who compiled the short sale package prior to getting to Steve told me it would be up to an additional 3 weeks to even get a decision. In this case Steve called me the very next day to review the file. Needless to say I was relieved when he called as I was about to reach the breaking point with the buyer due to the long delays. Steve gave me his email address and direct number to reach him and he always returned or took my calls.</p>
<p>After reviewing the file Steve told me Citibank's standard policy is to pay 10 cents on the dollar (max) to any junior lien holder in order to approve a short sale. The documentation I send included the usual hardship letter, financials, tax returns, PA, listing, title work, HUD 1, etc. In addition they wanted the information on all junior lien holders and their contact information.</p>
<p>Citibank has a policy that if 2 brokers are involved they will pay 5% but it only one is involved they will pay a max of 4%. Keep that in mind when you send in a preliminary HUD and the purchase agreement. Once you submit an offer you can not make a change later without rewriting the PA.</p>
<p>Overall this was worth all the effort as I was able to help the seller out of a bad situation, got the buyer a good deal and even managed to put a couple hundred thousand dollars in the banks pocket despite themselves. I have to say I was quite relieved when this finally came together.</p>
<p>One final note I got a call from Steve at Citibank the day before the closing and he acted as if he had no idea who I was. Once I refreshed his memory he said he had so many files on his desk he couldn't keep track of who he talked to and who he didn't. I almost had a heart attach as I thought there was a problem. In the end it worked out for both and I even sent Steve a thank you email.</p>
<p>I have to say that that both the buyers and sellers were absolutely wonderful to work with. Fortunately I had prepared them for a long journey in the beginning so the delay although stressful was not unexpected. I stayed in constant contact with all parties and we made it happen due to a group effort.</p>
<p> </p> Short Sale - Pre-Foreclosure with Chase & HFChttp://activerain.com/blogsview/804704/Short-Sale-Pre-Foreclosure-with-Chase-HFC2008-11-23T19:47:45ZJules Yates (Exit Realty Paramount)
<p><strong>Summary: </strong>Short Sale - Pre-Foreclosure with Chase & HFC</p>
<p><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Original 2<sup>nd</sup> Mortgage</strong> - $36,700 with HFC</p>
<p><strong>Total Owed </strong>- $340,000+</p>
<p> </p>
<p><strong>My estimation of the property value </strong>- $289,000 in great condition</p>
<p><strong>Value at the time of Sale</strong> - $250,000 - $269,000</p>
<p> </p>
<p><strong>Final Sale Price</strong> - $235,000 on a short Sale.</p>
<p><strong>First took $211,000 and second settled for $3,000</strong></p>
<p>I recently closed another short sale and this time it was with Citibank and HFC. Due to having an offer we were able to postpone the original sheriff's sale and close prior to it's rescheduling. This was the largest reduction in value I was able to get so far. </p>
<p>It took me 2 months total and over 5 weeks of having the file transferred to 4 different people at Citibank before I got to the decision maker but I made it happen. Persistence pays off. Once I did, I was able to structure the sale fairly easily. </p>
<p>The decision maker (Steve) was professional, courteous and reasonable. I can not say about the series of individuals I had to go through to get to him. They were a big pain most of the time. None of them returned a phone call. None of they were helpful in getting me to the right person. </p>
<p>In this case we had to revise or bump the original offer once Citibank ordered a BPO (Broker Price Opinion) which came in at $250,000. In our case this was a cash offer so we were able to close in less that 2 weeks from the approval of the sale by both parties.</p>
<p>Also despite having had a verbal approval of $3,000 on the first from the lenders attorney, they asked for $5,000 at the last minute once we got the written approval from Citibank. I was able to explain that there was no where to get the money and Citibank would not allow it. After being on hold for a few minutes I was told they would approve the original $3,000 due to the first taking such a big loss.</p>
<p>In addition, Citibank required a soft note to be signed by the seller in the amount of $12,000. Basically this was an unsecured note with 0 interest and payment over 7 years. </p>
<p>The last person I spoke who compiled the short sale package prior to getting to Steve told me it would be up to an additional 3 weeks to even get a decision. In this case Steve called me the very next day to review the file. Needless to say I was relieved when he called as I was about to reach the breaking point with the buyer due to the long delays. Steve gave me his email address and direct number to reach him and he always returned or took my calls.</p>
<p>After reviewing the file Steve told me Citibank's standard policy is to pay 10 cents on the dollar (max) to any junior lien holder in order to approve a short sale. The documentation I send included the usual hardship letter, financials, tax returns, PA, listing, title work, HUD 1, etc. In addition they wanted the information on all junior lien holders and their contact information.</p>
<p>Citibank has a policy that if 2 brokers are involved they will pay 5% but it only one is involved they will pay a max of 4%. Keep that in mind when you send in a preliminary HUD and the purchase agreement. Once you submit an offer you can not make a change later without rewriting the PA.</p>
<p>Overall this was worth all the effort as I was able to help the seller out of a bad situation, got the buyer a good deal and even managed to put a couple hundred thousand dollars in the banks pocket despite themselves. I have to say I was quite relieved when this finally came together.</p>
<p>One final note I got a call from Steve at Citibank the day before the closing and he acted as if he had no idea who I was. Once I refreshed his memory he said he had so many files on his desk he couldn't keep track of who he talked to and who he didn't. I almost had a heart attach as I thought there was a problem. In the end it worked out for both and I even sent Steve a thank you email.</p>
<p>I have to say that that both the buyers and sellers were absolutely wonderful to work with. Fortunately I had prepared them for a long journey in the beginning so the delay although stressful was not unexpected. I stayed in constant contact with all parties and we made it happen due to a group effort.</p> Short Sale - Pre-Foreclosure with Chase & HFC. How I made it happenhttp://activerain.com/blogsview/804703/Short-Sale-Pre-Foreclosure-with-Chase-HFC-How-I-made-it-happen2008-11-23T19:45:35ZJules Yates (Exit Realty Paramount)
<p><strong>Summary: </strong>Short Sale - Pre-Foreclosure with Chase & HFC</p>
<p><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Original 2<sup>nd</sup> Mortgage</strong>- $36,700 with HFC</p>
<p><strong>Total Owed </strong>- $330,000+</p>
<p><strong>My estimation of the property value </strong>- $289,000 in a normal market</p>
<p><strong>Value at the time of Sale</strong> - $250,000 - $269,000</p>
<p><strong>Final Sale Price</strong> - $235,000 on a short Sale.</p>
<p><strong>First took $211,000 and second settled for $3,000</strong></p>
<p>I recently closed another short sale and this time it was with Citibank and HFC. Due to having an offer we were able to postpone the original sheriff's sale and close prior to it's rescheduling. This was the largest reduction in value I was able to get so far. </p>
<p>It took me 2 months total and over 5 weeks of having the file transferred to 4 different people at Citibank before I got to the decision maker but I made it happen. Persistence pays off. Once I did, I was able to structure the sale fairly easily. </p>
<p>The decision maker (Steve) was professional, courteous and reasonable. I can not say about the series of individuals I had to go through to get to him. They were a big pain most of the time. None of them returned a phone call. None of they were helpful in getting me to the right person. </p>
<p>In this case we had to revise or bump the original offer once Citibank ordered a BPO (Broker Price Opinion) which came in at $250,000. In our case this was a cash offer so we were able to close in less that 2 weeks from the approval of the sale by both parties.</p>
<p>Also despite having had a verbal approval of $3,000 on the first from the lenders attorney, they asked for $5,000 at the last minute once we got the written approval from Citibank. I was able to explain that there was no where to get the money and Citibank would not allow it. After being on hold for a few minutes I was told they would approve the original $3,000 due to the first taking such a big loss.</p>
<p>The last person I spoke who compiled the short sale package prior to getting to Steve told me it would be up to an additional 3 weeks to even get a decision. In this case Steve called me the very next day to review the file. Needless to say I was relieved when he called as I was about to reach the breaking point with the buyer due to the long delays. </p>
<p>Steve gave me his email address and direct number to reach him and he always returned or took my calls. After reviewing the file Steve told me Citibank's standard policy is to pay 10 cents on the dollar (max) to any junior lien holder in order to approve a short sale. The documentation I send included the usual hardship letter, financials, tax returns, PA, listing, title work, HUD 1, etc. In addition they wanted the information on all junior lien holders and their contact information.</p>
<p>Citibank has a policy that if 2 brokers are involved they will pay 5% but it only one is involved they will pay a max of 4%. Keep that in mind when you send in a preliminary HUD and the purchase agreement. Once you submit an offer you can not make a change later without rewriting the PA.</p>
<p>In order to make this deal happen Citibank required a soft note to be signed by the seller in the amount of $12,000. Basically this was an unsecured note with 0% interest and payment over 7 years. HFC while agreeing to release the lein did not agree to release the debt. In this unique case HFC already had a judgement for the balance of the note.</p>
<p>Overall this was worth all the effort as I was able to help the seller out of a bad situation, got the buyer a good deal and even managed to put a couple hundred thousand dollars in the banks pocket despite themselves. I have to say I was quite relieved when this finally came together.</p>
<p>One final note I got a call from Steve at Citibank the day before the closing and he acted as if he had no idea who I was. Once I refreshed his memory he said he had so many files on his desk he couldn't keep track of who he talked to and who he didn't. I almost had a heart attach as I thought there was a problem. In the end it worked out for both and I even sent Steve a thank you email.</p>
<p>I have to say that that both the buyers and sellers were absolutely wonderful to work with. Fortunately I had prepared them for a long journey in the beginning so the delay although stressful was not unexpected. I stayed in constant contact with all parties and we made it happen due to a group effort.</p>
<p> </p>
<p> </p> Short Sale - Pre-Foreclosure with Chase & HFC. How I made it happenhttp://activerain.com/blogsview/804702/Short-Sale-Pre-Foreclosure-with-Chase-HFC-How-I-made-it-happen2008-11-23T19:45:32ZJules Yates (Exit Realty Paramount)
<p><strong>Summary: </strong>Short Sale - Pre-Foreclosure with Chase & HFC</p>
<p><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Original 2<sup>nd</sup> Mortgage</strong>- $36,700 with HFC</p>
<p><strong>Total Owed </strong>- $330,000+</p>
<p><strong>My estimation of the property value </strong>- $289,000 in a normal market</p>
<p><strong>Value at the time of Sale</strong> - $250,000 - $269,000</p>
<p><strong>Final Sale Price</strong> - $235,000 on a short Sale.</p>
<p><strong>First took $211,000 and second settled for $3,000</strong></p>
<p>I recently closed another short sale and this time it was with Citibank and HFC. Due to having an offer we were able to postpone the original sheriff's sale and close prior to it's rescheduling. This was the largest reduction in value I was able to get so far. </p>
<p>It took me 2 months total and over 5 weeks of having the file transferred to 4 different people at Citibank before I got to the decision maker but I made it happen. Persistence pays off. Once I did, I was able to structure the sale fairly easily. </p>
<p>The decision maker (Steve) was professional, courteous and reasonable. I can not say about the series of individuals I had to go through to get to him. They were a big pain most of the time. None of them returned a phone call. None of they were helpful in getting me to the right person. </p>
<p>In this case we had to revise or bump the original offer once Citibank ordered a BPO (Broker Price Opinion) which came in at $250,000. In our case this was a cash offer so we were able to close in less that 2 weeks from the approval of the sale by both parties.</p>
<p>Also despite having had a verbal approval of $3,000 on the first from the lenders attorney, they asked for $5,000 at the last minute once we got the written approval from Citibank. I was able to explain that there was no where to get the money and Citibank would not allow it. After being on hold for a few minutes I was told they would approve the original $3,000 due to the first taking such a big loss.</p>
<p>The last person I spoke who compiled the short sale package prior to getting to Steve told me it would be up to an additional 3 weeks to even get a decision. In this case Steve called me the very next day to review the file. Needless to say I was relieved when he called as I was about to reach the breaking point with the buyer due to the long delays. </p>
<p>Steve gave me his email address and direct number to reach him and he always returned or took my calls. After reviewing the file Steve told me Citibank's standard policy is to pay 10 cents on the dollar (max) to any junior lien holder in order to approve a short sale. The documentation I send included the usual hardship letter, financials, tax returns, PA, listing, title work, HUD 1, etc. In addition they wanted the information on all junior lien holders and their contact information.</p>
<p>Citibank has a policy that if 2 brokers are involved they will pay 5% but it only one is involved they will pay a max of 4%. Keep that in mind when you send in a preliminary HUD and the purchase agreement. Once you submit an offer you can not make a change later without rewriting the PA.</p>
<p>In order to make this deal happen Citibank required a soft note to be signed by the seller in the amount of $12,000. Basically this was an unsecured note with 0% interest and payment over 7 years. HFC while agreeing to release the lein did not agree to release the debt. In this unique case HFC already had a judgement for the balance of the note.</p>
<p>Overall this was worth all the effort as I was able to help the seller out of a bad situation, got the buyer a good deal and even managed to put a couple hundred thousand dollars in the banks pocket despite themselves. I have to say I was quite relieved when this finally came together.</p>
<p>One final note I got a call from Steve at Citibank the day before the closing and he acted as if he had no idea who I was. Once I refreshed his memory he said he had so many files on his desk he couldn't keep track of who he talked to and who he didn't. I almost had a heart attach as I thought there was a problem. In the end it worked out for both and I even sent Steve a thank you email.</p>
<p>I have to say that that both the buyers and sellers were absolutely wonderful to work with. Fortunately I had prepared them for a long journey in the beginning so the delay although stressful was not unexpected. I stayed in constant contact with all parties and we made it happen due to a group effort.</p>
<p> </p>
<p> </p> Short Sale - Pre-Foreclosure with Chase & HFC. How I made it happenhttp://activerain.com/blogsview/804700/Short-Sale-Pre-Foreclosure-with-Chase-HFC-How-I-made-it-happen2008-11-23T19:45:21ZJules Yates (Exit Realty Paramount)
<p><strong>Summary: </strong>Short Sale - Pre-Foreclosure with Chase & HFC</p>
<p><strong>Original First Mortgage</strong> - $312,000 with Citibank</p>
<p><strong>Original 2<sup>nd</sup> Mortgage</strong>- $36,700 with HFC</p>
<p><strong>Total Owed </strong>- $330,000+</p>
<p><strong>My estimation of the property value </strong>- $289,000 in a normal market</p>
<p><strong>Value at the time of Sale</strong> - $250,000 - $269,000</p>
<p><strong>Final Sale Price</strong> - $235,000 on a short Sale.</p>
<p><strong>First took $211,000 and second settled for $3,000</strong></p>
<p>I recently closed another short sale and this time it was with Citibank and HFC. Due to having an offer we were able to postpone the original sheriff's sale and close prior to it's rescheduling. This was the largest reduction in value I was able to get so far. </p>
<p>It took me 2 months total and over 5 weeks of having the file transferred to 4 different people at Citibank before I got to the decision maker but I made it happen. Persistence pays off. Once I did, I was able to structure the sale fairly easily. </p>
<p>The decision maker (Steve) was professional, courteous and reasonable. I can not say about the series of individuals I had to go through to get to him. They were a big pain most of the time. None of them returned a phone call. None of they were helpful in getting me to the right person. </p>
<p>In this case we had to revise or bump the original offer once Citibank ordered a BPO (Broker Price Opinion) which came in at $250,000. In our case this was a cash offer so we were able to close in less that 2 weeks from the approval of the sale by both parties.</p>
<p>Also despite having had a verbal approval of $3,000 on the first from the lenders attorney, they asked for $5,000 at the last minute once we got the written approval from Citibank. I was able to explain that there was no where to get the money and Citibank would not allow it. After being on hold for a few minutes I was told they would approve the original $3,000 due to the first taking such a big loss.</p>
<p>The last person I spoke who compiled the short sale package prior to getting to Steve told me it would be up to an additional 3 weeks to even get a decision. In this case Steve called me the very next day to review the file. Needless to say I was relieved when he called as I was about to reach the breaking point with the buyer due to the long delays. </p>
<p>Steve gave me his email address and direct number to reach him and he always returned or took my calls. After reviewing the file Steve told me Citibank's standard policy is to pay 10 cents on the dollar (max) to any junior lien holder in order to approve a short sale. The documentation I send included the usual hardship letter, financials, tax returns, PA, listing, title work, HUD 1, etc. In addition they wanted the information on all junior lien holders and their contact information.</p>
<p>Citibank has a policy that if 2 brokers are involved they will pay 5% but it only one is involved they will pay a max of 4%. Keep that in mind when you send in a preliminary HUD and the purchase agreement. Once you submit an offer you can not make a change later without rewriting the PA.</p>
<p>In order to make this deal happen Citibank required a soft note to be signed by the seller in the amount of $12,000. Basically this was an unsecured note with 0% interest and payment over 7 years. HFC while agreeing to release the lein did not agree to release the debt. In this unique case HFC already had a judgement for the balance of the note.</p>
<p>Overall this was worth all the effort as I was able to help the seller out of a bad situation, got the buyer a good deal and even managed to put a couple hundred thousand dollars in the banks pocket despite themselves. I have to say I was quite relieved when this finally came together.</p>
<p>One final note I got a call from Steve at Citibank the day before the closing and he acted as if he had no idea who I was. Once I refreshed his memory he said he had so many files on his desk he couldn't keep track of who he talked to and who he didn't. I almost had a heart attach as I thought there was a problem. In the end it worked out for both and I even sent Steve a thank you email.</p>
<p>I have to say that that both the buyers and sellers were absolutely wonderful to work with. Fortunately I had prepared them for a long journey in the beginning so the delay although stressful was not unexpected. I stayed in constant contact with all parties and we made it happen due to a group effort.</p>
<p> </p>
<p> </p> The Traverse City Real Estate Market - How bad is it?http://activerain.com/blogsview/729806/The-Traverse-City-Real-Estate-Market-How-bad-is-it2008-10-08T12:33:56ZJules Yates (Exit Realty Paramount)
<p>The Traverse City Market - Just how bad is it? Is it as bad as the media makes it sound? You tell me. Take a look at the recently published statistics for sales as of June (Year to Date) of the Traverse Area Association of Realtors below.</p>
<p><strong> </strong><strong> ** UPDATED July 3, 2008 ***</strong></p>
<table cellspacing="1" border="1" cellpadding="0">
<tbody>
<tr>
<td width="63">
<p align="center"> <strong>JUNE YTD</strong></p>
</td>
<td width="63">
<p align="center"><strong>No. of Res. Units Sold</strong></p>
</td>
<td width="63">
<p align="center"><strong>Avg Selling Price</strong> </p>
</td>
<td width="63">
<p align="center"><strong>Median Sale Price</strong> </p>
</td>
</tr>
<tr>
<td>
<p align="center">2008</p>
</td>
<td>
<p align="center">860</p>
</td>
<td>
<p align="center">$194,676</p>
</td>
<td>
<p align="center">$146,250</p>
</td>
</tr>
<tr>
<td>
<p align="center"> 2007</p>
</td>
<td>
<p align="center">980</p>
</td>
<td>
<p align="center">$215,584</p>
</td>
<td>
<p align="center">$157,862</p>
</td>
</tr>
<tr>
<td>
<p align="center"> 2006</p>
</td>
<td>
<p align="center">1,029</p>
</td>
<td>
<p align="center">$217,237</p>
</td>
<td>
<p align="center">$162,650</p>
</td>
</tr>
<tr>
<td>
<p align="center"> 2005</p>
</td>
<td>
<p align="center">1,078</p>
</td>
<td>
<p align="center"> $205,715</p>
</td>
<td>
<p align="center">$158,000</p>
</td>
</tr>
<tr>
<td>
<p align="center"> 2004</p>
</td>
<td>
<p align="center">1,061</p>
</td>
<td>
<p align="center">$205,978</p>
</td>
<td>
<p align="center">$155,000</p>
</td>
</tr>
<tr>
<td>
<p align="center"> 2003</p>
</td>
<td>
<p align="center">997</p>
</td>
<td>
<p align="center"> $189,605</p>
</td>
<td>
<p align="center">$144,000</p>
</td>
</tr>
</tbody>
</table>
<p>SOURCE: Traverse Area Association of Realtors</p>
<p>The average price of a single family home have only dropped 11% from the high in 2006. The number of units sold is down 19% from the high in 2005. That is only down 12% from last year. Overall this is not nearly as bead as the media might make us believe. Based on the national average I think it is safe to say we are doing quite well.</p>
<p>My advice is to stop watching the news and invest in Traverse City. Prices are at a record lows and sellers are motivated so lets get out there and stimulate the economy.</p> First Time Homes Buyers - READ THIS - Get up to $7,500 CASH from the Government http://activerain.com/blogsview/729676/First-Time-Homes-Buyers-READ-THIS-Get-up-to-7500-CASH-from-the-Government2008-10-08T11:39:52ZJules Yates (Exit Realty Paramount)
<p>Many of you may have heard about the Housing and Economic Recovery Act of 2008 where a first time home buyer can receive up to $7,500 Tax Credit. Keep in mind this is not a tax deduction it is a credit (i.e. - Cash).</p>
<p>What's the difference? With a deduction you only save the percentage of tax you would have paid given your tax bracket (If you are in a 15% tax bracket, a $7,500 deduction would only save you $1,112). In this case it is straight credit. </p>
<p>Basically you fill out some simple forms and presto you can receive a check in the amount of up to $7,500 when you file your next tax return. Best of all you can get the money ahead of time as long as you purchase a home by 1, 2009. </p>
<p>If you purchased a home after April 9, 2008 or will be before July 1, 2009 (and you qualify) you will get up to $7,500 cash credit on your next tax return. This is a goverment loan basically and you need to pay it back over a number of years but it is interest free (see below).</p>
<p>Below are FAQ's from <a href="http://www.FederalHousingTaxCredit.com">http://www.FederalHousingTaxCredit.com</a> . </p>
<p>1. Who is eligible to claim the $7,500 tax credit?<br /><strong>First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.</strong></p>
<p>2. What is the definition of a first-time home buyer?<br /><strong>The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.</strong></p>
<p>3. How do I claim the tax credit? Do I need to complete a form or application?<br /><strong>Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests.</strong></p>
<p>4. What types of homes will qualify for the tax credit?<br /><strong>Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.</strong></p>
<p>5. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?<br /><strong>Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009.</strong><strong><br /><br /><strong>In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.</strong></strong></p>
<p>6. What is "modified adjusted gross income"?<br /><strong>Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.</strong><strong><br /><br /><strong>To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.</strong></strong></p>
<p>7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?<br /><strong>Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.</strong></p>
<p>8. Can you give me an example of how the partial tax credit is determined?<br /><strong>Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.</strong><strong><br /><br /><strong>Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625. </strong><br /><br /><strong>Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.</strong></strong></p>
<p>9. Does the credit amount differ based on tax filing status?<br /><strong>No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.</strong></p>
<p>10. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?<br /><strong>In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.</strong></p>
<p>11. I heard that the tax credit is refundable. What does that mean?<br /><strong>The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.</strong><strong><br /><br /><strong>For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).</strong></strong></p>
<p>12. What is the difference between a tax credit and a tax deduction?<br /><strong>A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.</strong><strong><br /><br /><strong>A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer's tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375.</strong></strong></p>
<p>13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?<br /><strong>No. The tax credit cannot be combined with the MRB home buyer program.</strong></p>
<p>14. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit?<br /><strong>No. You can claim only one. </strong></p>
<p>15. I am not a U.S. citizen. Can I claim the tax credit?<br /><strong>Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in <a href="http://www.irs.gov/pub/irs-pdf/p519.pdf">IRS Publication 519</a>.</strong></p>
<p>16. Does the credit have to be paid back to the government? If so, what are the payback provisions?<br /><strong>Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.</strong></p>
<p>17. Why must the money be repaid?<br /><strong>Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices.</strong></p>
<p>18. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?<br /><strong>Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.</strong></p>
<p>19. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?<br /><strong>Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.</strong></p>
<p>20. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?<br /><strong>Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.</strong></p>
<p>21. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?<br /><strong>Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their <a href="http://www.irs.gov/pub/irs-pdf/fw4.pdf">W-4</a> via their employer or through their quarterly estimated tax payment. <a href="http://www.irs.gov/pub/irs-pdf/p919.pdf">IRS Publication 919</a> contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.</strong></p>
<p> <img src="http://activerain.com/image_store/uploads/7/2/2/2/3/ar122348415732227.jpg" height="267" alt="" width="437" /></p> True Ghost Story - Do you believe? This happened to me...http://activerain.com/blogsview/726512/True-Ghost-Story-Do-you-believe-This-happened-to-me2008-10-06T17:15:56ZJules Yates (Exit Realty Paramount)
<p>Do you believe in Ghosts? I guess this is appropriate considering we are so close to Halloween. I was asked yesterday by a friend if I believed in ghosts and to her amazement I said, "I don't exactly know if I believe in ghosts but I do have an interesting story that is pretty convincing".</p>
<p>This is a true story and it did happen... no joking. Basically I am a pretty logical person and I rarely get superstitious or believe in ghost stories but one night (about 20 years ago) my brother and I were basically camping in an old guest quarters of an old home located on a pristine wilderness like lake 16 miles west of Traverse City in Northern Lower Michigan.</p>
<p>As I said this was a detached garage/guest house of an old home built by the Wagner family (of Chicago) back in the early 1930's. It had basically been abandoned long, the house anyway. The detach garage had a small guest quarters in back with a small living room, small bath and small bedroom. It was tiny but it had a large brick fireplace in it and it beat camping in the yard.</p>
<p>I should mention that this house sat on a 230 acre parcel which we were developing into 21 lakefront lots on Pearl Lake. Visit <a href="http://www.pristinelake.com/">www.PristineLake.com</a> to read about the history of the lake. Anyway my brother and I (age 19 & 20 at the time) were talking about ghosts as boys do while setting in a creepy old house when there are no neighbors within shouting distance.</p>
<p>I was sitting on an old couch and I had a radio plugged into a socket above my left shoulder. The radio was on the back of the couch next to the plug and the cord was slack. My brother said I don't believe in ghosts and I agreed. He no more got that out of his mouth when the cord literally flew out of the wall and landed next to him on the floor.</p>
<p>It was an eerie silence considering the radio had been blasting. Being a skeptic I assumed it was a power surge or some other electrical issue. After all the cottage was 60+ years old. I must note that the lights didn't flicker at the time so that was an unlikely possibility.</p>
<p>I plugged the radio back in and we continued to talk. We commented that it was a fluke and that it couldn't be a ghost. That instant the light in the bedroom snapped off. I know what you are thinking... the bulb burned out. Actually no...this house had an antique light switch that makes a loud snap when it is turned. It only goes one way and it is either on or off. This had literally turned off. You had to turn it like a dial.</p>
<p>At that point I tried the light and it turned back on. At this time I was a believer in something. Had I not had a witness with me I would probably never tell this story but it happened. Sorry if it wasn't about an floating head or something but it still makes you think doesn't it.</p>
<p><img src="http://activerain.com/image_store/uploads/5/3/1/4/1/ar122333125114135.jpg" height="267" alt="" width="437" /></p> REVIEW - Apple iphone - Simply Awesomehttp://activerain.com/blogsview/649822/REVIEW-Apple-iphone-Simply-Awesome2008-08-19T19:32:46ZJules Yates (Exit Realty Paramount)
<p>I will sum up the Apple i phone 3G in one word...Awesome. This phone is simply unbelievable and is an absolute must for anyone who needs a smart phone. I have been putting off getting a smart phone until the new 3G version came out recently. </p>
<p>Now after having it for 2 weeks I can say it has but one flaw...the battery. Despite a relatively short battery life (about 8 hours for me if I use all the features a lot) it is worth the trouble of buying an extra travel charger. The features are customizable, the keyboard is easy to use and the size is manageable enough to be carried in a front pocket. </p>
<p>The Camera is great and easy to use. It is a 2 mega pixel camera. You can take photos and email them instantly. The down side is no flash but it takes great photos in low light as long as you have a steady hand. </p>
<p>The GPS is idiot proof. Simply hit a button and the phone zooms to your location and shows you as a blinking blue dot. It will show either Satellite view or Map view. </p>
<p>Safari (the internet browser) is as good as you can get on a smart phone. You will be amazed at how good it looks. Most importantly the links in an email are active and you simply click on it any it takes you to the web page. </p>
<p>Photos can be uploaded from all your listings and you can scroll through any of them with easy. I organize them by listing so I can show the photos to any potential prospects on the fly. </p>
<p>The i pod is great too. I can upload videos and show them to clients at a moments notice. If you gat a call on the phone while listening to music it pauses and continues as you finish the call. It beeps at you too to remind you that you have new mail or a text message.</p>
<p>Text messages are shown as a conversation rather than individual texts. It saves all conversation over multiple session too. If you text a lot you'll love it.</p>
<p>If you are a Realtor, I assure you it is well worth the cost and it will impress your clients. If it got you one listing it would be worth the cost don't you think?</p> Finally some sign of the bottom!!! Article from RSI Mediahttp://activerain.com/blogsview/642133/Finally-some-sign-of-the-bottom-Article-from-RSI-Media2008-08-14T21:08:28ZJules Yates (Exit Realty Paramount)
<p>As usual every morning I opened my email via my new Apple iphone (a way cool device everyone should have) and I finally read some good news about Real Estate. It was an article posted on RSI Medias website (See full article below). </p>
<p>In a nut shell it stated that 60% of the country has had an increase in home prices recently. Oh my god...why isn't anyone telling the rest of the world about this. It seems that all we hear is the doom and gloom on the news. </p>
<p>I quit watching the news 2 months ago and I am a better (and happier) man for doing so. In addition my business has picked up drastically in the past month. Take a few minutes to pass on this information as it is finally some good news.</p>
<p>___________________________________________________________________________________ </p>
<p>By John Benson RSI Media (click here <a href="http://rismedia.com/wp/2008-08-13/is-the-market-really-that-bad-new-white-paper-goes-beyond-the-gloomy-headlines/">http://rismedia.com/wp/2008-08-13/is-the-market-really-that-bad-new-white-paper-goes-beyond-the-gloomy-headlines/</a> )</p>
<p><em>Editor's Note: The following information is compiled from a White Paper recently released by the author. The White Paper is titled, "60% of the U.S. Can Stop Worrying about Housing Market" and can be accessed by clicking <a href="http://upload.wikimedia.org/wikipedia/en/2/21/60_Percent_Americans_Stop_Worrying_Home_Values.pdf" target="_blank">here</a>.</em></p>
<p>RISMedia, Aug. 14, 2008 - When it comes to the national housing market, there is a lot of gloom and doom in the daily newspaper. Just look at a few recent headlines:</p>
<p>"Home Builder Sentiment, So. California Home Prices Crumble" - USA Today, 7/16/08<br />"Home Builders Post Steep Losses as Value of Unsold Land Slips" - New York Times, 7/27/2008<br />"Home Prices In May Took A Steep Fall" - The Wall Street Journal, 7/30/2008</p>
<p>"Thank God the economy is not as bad as you read in the newspaper everyday." - Phil Gramm, top economic advisor to Sen. John McCain (R-AZ)</p>
<p>Lost amid the uproar caused by Gramm's proclamation that the U.S. is a "nation of whiners" was a breath of economic fresh air to Realtors nationwide.</p>
<p>The economic recession that the United States is facing has been portrayed in the media as being brought about by the rising cost of oil and the "burst bubble" in the housing market. There is no denying that the cost of oil continues to stand at near record levels. But while the bubble has burst on the housing market, is it really still a nationwide problem?</p>
<p>A recent report contributed to RISMedia, "Why 60% of the U.S. Can Stop Worrying about the Housing Market," simply states "no."</p>
<p>While home values did fall as the bubble burst, the media continues to report constant drops across the nation in national home values.</p>
<p>The Office of Federal Housing Enterprise Oversight's (OFHEO) House Price Index (HPI) tells a different story than the media is reporting. Citing data from home sales and appraisals for refinancing, OFHEO reported in May that 35 states saw a positive home value price change in the first quarter of 2008. In addition, 164 MSAs showed positive first quarter appreciation when compared to the same quarter of 2007.</p>
<p>"You've heard of mental depression; this is a mental recession," said Gramm on July 9.</p>
<p>According to statistics from City-Data.com, 54 of the 101 cities with the largest population increase from 2000 - 2006 are located inside California, Nevada, Florida, and Arizona - the four states most affected by decreasing home values.</p>
<p>As the populations in these areas have settled, home starts continued...and speculation caused a rapid rise in home values. Now, there is an enormous real estate surplus, and those same four states are witnessing an economic period of leveling out.</p>
<p>Just because four states are still falling, and 11 other states continue to try and stabilize doesn't mean the entire market will continue to take the plunge. According to PMI Mortgage Insurance Company's "Economic & Real Estate Trends" report for Summer 2008, almost 68% of the nation's 322 remaining MSAs experienced positive appreciation during the quarter when Metropolitan Statistical Areas (MSAs) located in California, Florida, Nevada, and Arizona are removed from PMI's calculations.</p>
<p>For nearly 63% of Americans, the worst of the "housing crisis" seems to be over. As recently as late July, while economists were still not ready to call a bottom, positive signs began to show for home sales and home values.</p>
<p>To access the complete White Paper, "60% of the U.S. Can Stop Worrying about the Housing Market," click <a href="http://upload.wikimedia.org/wikipedia/en/2/21/60_Percent_Americans_Stop_Worrying_Home_Values.pdf" target="_blank">here</a>.</p>
<p>John Benson is a real estate analyst who helped lay the groundwork for many startups across the Mid-Atlantic, and now works with Realtors in the region as a new media and marketing consultant. He welcomes your questions and comments. Contact him via e-mail: <a href="mailto:%20jbenson304@gmail.com">jbenson304@gmail.com</a>.</p>
<p>RISMedia welcomes your questions and comments. Send your e-mail to: <a href="mailto:%20realestatemagazinefeedback@rismedia.com">realestatemagazinefeedback@rismedia.com</a>.</p> "Short Re-Financing"... have you heard of this?http://activerain.com/blogsview/606633/Short-Re-Financing-have-you-heard-of-this2008-07-23T21:26:32ZJules Yates (Exit Realty Paramount)
<p>Well, another long day and yet another listing...this time another short sale. Thank god for accommodating Sellers. During my listing presentation I was asked about "short re-financing" by the Seller and I was have to admit I hadn't heard of it. </p>
<p>From what it sounds like, a lender will basically short sale the property back to the Seller at a loss and forgive the balance owing I guess. Has anyone had experience with this? If so how did it work and what lender was it? </p>
<p>If it works the way I assume it does, this is brilliant for the lenders. It save them paying closing costs, commission, taxes on the transfer, etc. Basically they cut out the middle man. It's a great idea unless you are the Realtor I guess.</p>
<p>This should be a whole new business. Help the seller do a short sale to themselves for a flat fee. Where do I sign up? I wonder if this will be the next trend. I know I never heard of a short sale 2 years ago and now they are commonplace.</p>
<p>Again, if any of you have heard of or done a short re-finance please let me know.</p>
<p>Thanks in advance for all of your comments and sell...sell...sell!</p>
<p>Jules</p> Exit Realty Paramount is Moving...Soonhttp://activerain.com/blogsview/604887/Exit-Realty-Paramount-is-MovingSoon2008-07-22T18:48:16ZJules Yates (Exit Realty Paramount)
<p>I am happy to announce that by the end of the month Exit Realty Paramount will be moving into our new office at the corner of Cass & 8<sup>th</sup> Street in Traverse City a week from Friday. We were scheduled to move this week end but a delay in the Elevator Inspection has postponed us by a week.</p>
<p>This new office will more than double our current office size and provide us with the opportunity to expand. The office will feature a state of the art conference room with live interactive training. If any of you are interested in seeing our new office, please feel free to stop in and see us. We look forward to seeing you there.</p>
<p> </p> To Blog or not to Blog...That is the Questionhttp://activerain.com/blogsview/604878/To-Blog-or-not-to-BlogThat-is-the-Question2008-07-22T18:39:32ZJules Yates (Exit Realty Paramount)
<p>Call me crazy but I feel that if you are going to post a blog (especially if you are in the real estate business) your content should have something to do with real estate. I see so many blog - especially on active rain that have absolutely nothing to do with our industry. </p>
<p>Some are about the weather or a local business or nothing really at all. I am all about freedom of speech but when it comes to ActiveRain it seems that points are more important than content. I wonder how many of these blog would be posted if we were not given points for posting them.</p>
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<p> </p> TIP - How to Track Hits to your Website - Use StatCounterhttp://activerain.com/blogsview/604871/TIP-How-to-Track-Hits-to-your-Website-Use-StatCounter2008-07-22T18:30:06ZJules Yates (Exit Realty Paramount)
<p>A client of mine put me onto a neat (and Free) web counter that provides a ton of free stats including hits, unique visitors, entry point, exit point, time on the site, most popular pages, referring search engines, number of downloads (if you have any) .</p>
<p>Visit <a href="http://www.statcounter.com/">www.StatCounter.com</a> for more information. This site is easy to set up and post to your site. Best of all it allows you to send a report to a client at regular intervals if you like. I have 9 web sites so it is a blessing for me.</p> What's it Take to Get You to Call?http://activerain.com/blogsview/604864/Whats-it-Take-to-Get-You-to-Call2008-07-22T18:23:38ZJules Yates (Exit Realty Paramount)
<p>Over the past several weeks I have posted a lot of property to Craig's list and to my surprise I have increased (actually tripled my hits). The unusual part is I have not increased the number of call I have received.</p>
<p>What I have noticed is a lot of Realtors post their listings to Craig's list because it is free but does it generate any sales? If you regularly surf Craig's List and you are in the market to purchase real estate in Michigan, I'd love to hear from you, especially if you are looking in Northern Michigan.</p>
<p>What attracts you to an ad as a buyer?</p>
<p>Why information would you like to see online?</p>
<p>Is the information typically posted actually helpful?</p>
<p>I'd love your comment or opinions.</p> Posting to Craig's List - Is it working for you?http://activerain.com/blogsview/604855/Posting-to-Craigs-List-Is-it-working-for-you2008-07-22T18:19:48ZJules Yates (Exit Realty Paramount)
<p>Over the past several weeks I have posted a lot of property to Craig's list and to my surprise I have increased (actually tripled my hits). The unusual part is I have not increased the number of call I have received.</p>
<p>What I have noticed is a lot of Realtors post their listings to Craig's list because it is free but does it generate any sales? If you have had good success with Craig's list please post a comment. I am curious what is working for everyone else.</p> Don't spend your retirement account to pay your bills if you are in serious financial trouble...http://activerain.com/blogsview/563494/Dont-spend-your-retirement-account-to-pay-your-bills-if-you-are-in-serious-financial-trouble2008-06-23T20:34:34ZJules Yates (Exit Realty Paramount)
<p>I was watching CNN last night when Suze Orman came on and I happened to hear her say something that was quite important to anyone who might potentially lose their home and may eventually file bankruptcy. She was talking to a caller who had recently filed bankruptcy. She asked the caller if they had a retirement account and the viewer said, "Yes with a balance of $60,000". </p>
<p>I was surprised to hear Suze say that the Bankruptcy court can not touch funds in a retirement account. I immediately thought about how many people dip into their retirement account when they get behind on their payments. The long and short it is that if you are in financial trouble you should think twice before using the funds to pay your bills if a bankruptcy may be inevitable. </p>
<p>I think that too many people get bullied by creditors and volunteer their retirement accounts thinking that they can somehow avoid the inevitable. The moral is to consult a bankruptcy attorney if you find yourself facing a serious financial hardship.</p>
<p>FOr more information on Short Sales please visit <a href="http://www.ExitShortSales.com">http://www.ExitShortSales.com</a></p>
<p><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/2/0/8/9/ar121089185898023.jpg" height="267" alt="Jules Yates Card" width="437" /> </p>
<p> </p>
<p> </p> #1 Way to Get Rich in Real Estate (This is funny but true)http://activerain.com/blogsview/556619/1-Way-to-Get-Rich-in-Real-Estate-This-is-funny-but-true2008-06-18T18:41:58ZJules Yates (Exit Realty Paramount)
<p>The number one way to get rich in real estate is to...BUY SOME. I mean buy some right Now. Spread the word!</p>
<p>Sorry if you were expecting something deeper. This might sound simplistic or like a joke but never in my lifetime has there been a better time to purchase real estate. Anyone with common sense knows this market will turn around and if you buy now and sell in a few years...you can literally get rich. </p>
<p>One tip is to take some or all of you IRA and transfer it to a self directed IRA. Use that money to buy some real estate. It is that easy. If you need additional information on how to do that contact me or call your financial advisor. I'll warn you they won't advise it but it's your money so put it to good use. We all know the stock market isn't doing any better. Good luck and if you need any good deals call me.</p>
<p> </p>
<p><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/2/0/8/9/ar121089185898023.jpg" height="267" alt="" width="437" /></p> I Quit!!!!!http://activerain.com/blogsview/556611/I-Quit2008-06-18T18:33:12ZJules Yates (Exit Realty Paramount)
<p>After 21 year in this business I quit...not real estate but the following:</p>
<ol>
<li>I am going to quit showing unqualified buyers around</li>
<li>I am going to quit giving so much free advice (except on ActiveRain) lol</li>
<li>I am going to quit kissing difficult sellers posteriors to keep a listing that is (in reality) draining me</li>
<li>I am going to quit making excuses for a difficult market and simply deal with legitimate buyers</li>
</ol>
<p> Sorry I just had to vent... </p>
<p>FOOT NOTE - FYI - This is meant to be funny. I was looking for a lot of comments and it worked. </p> Where have the Buyers Gone????? http://activerain.com/blogsview/556598/Where-have-the-Buyers-Gone2008-06-18T18:18:18ZJules Yates (Exit Realty Paramount)
<p>After 21 year in this business I have to ask if the internet, 24 hour news channels, cell phones, text messages and every other form of instant communication has contributed to this highly unusual real estate market. </p>
<p>In a earlier blog post I noted that vacant waterfront prices are stable in our area and this is due to few properties selling. If you have few sales you can't have panic selling. No sale ...no price drop...its that simple. </p>
<p>It seems that every time I turn on the news I hear about record this and record that. Why don't they ever give us statistics? Why always just say we hit a record? When they tell us per barrel oil prices, they follow with how much it is. </p>
<p>My feeling is that the news cannels don't want to us to know just what percentage of the market it really is. I am not even sure but I heard the number of 4% recently. If in the past it was 2% then you could say they doubled...right? </p>
<p>Let's look at that in perspective. If those numbers are correct then 4out of 100 homes are in foreclosure. On the grand scheme of things that does not seem so bad (unless you are on of the 4). I t seems to me that the public is scared to spend a nickel unless it is either a steal or someone gets on the news and says the worst is over. I can't wait for that day.</p>
<p> </p>
<p><img title="Jules Card" src="http://activerain.comhttp://activerain.com/image_store/uploads/3/2/0/8/9/ar121089185898023.jpg" height="267" alt="Jules Card" width="437" /></p> Vacant Waterfront Prices in Northern Michigan are Stablehttp://activerain.com/blogsview/556587/Vacant-Waterfront-Prices-in-Northern-Michigan-are-Stable2008-06-18T18:08:08ZJules Yates (Exit Realty Paramount)
<p>Vacant land prices in Northern Michigan (in particular the Traverse City Region) seem to be flat. I have not seen any major price drops on vacant waterfront property in the past year. In fact I have seen most prices hold firm. Unlike the stock market which can plummet on a frenzy of sales, land is different. In order from prices to fall you need to be able to sell. </p>
<p>Fortunately most people who own waterfront property are financially stable and don't need to sell. They have the option of waiting for the market to turn which seems to be the case. I will admit some developers are willing to slash huge discounts off property if a buyer makes an offer but they are not necessarily making this public by lowering the prices in our MLS.</p>
<p> <img title="Jules Yates Card" src="http://activerain.comhttp://activerain.com/image_store/uploads/3/2/0/8/9/ar121089185898023.jpg" height="267" alt="Jules Yates Card" width="437" /></p>