Larry's Blog

Scare yourself: An engineered lifestyle

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Mon, 02 Aug 2010 13:24:31 -0700

Besides my career as a real estate agent I am also a huge fan of experiential education. Specifically, I am a ropes course facilitator.

So why do I sometimes like to take my tie off and put on a harness? Because personal growth has been a passionate study of mine for many years. I love seeing people push through their fears and conquer them. Sometimes that comes from jumping off a pole and sometimes it comes from writing an offer on a house. Fear is fear and success is success.

What does this have to do with my title?

On the ropes course I try to create an environment where it's safe to challenge things that terrify you. Hmmm, kind of like selling houses isn't it? But more important, I work with groups to provide situations where the encouragement from the team can influence people to do things they would never dream of doing alone.

Likewise I see that kind of encouraging atmosphere here on AR. In fact I was inspired to write this post by a post from my AR friend Loreena Yeo. As much as we may try to control our destiny there are things that happen that are out of that realm of control. What defines us is how we interpret and react to those little surprises.

What determines our interpretation and reaction is our conditioning. So do we choose our conditioning or are we conditioned by circumstance? If we carefully guard and craft what we put in our minds, and if we carefully guard who we allow to influence us, then we will be in control of our destiny. Allowing life to happen to us just doesn't produce the desired results.

Think of it this way, if you dump random airplane parts into a huge pile they won't assemble themselves into a 747. If you dump random information into your head you won't come up with a successful life either. Like the 747, a successful life is carefully engineered.

Are you building your life according to a plan or just dumping random information in? I'm going to suggest you take inventory of what you are currently doing in your life. What do you read, watch, listen to? Who do you spend time with? Do you have a mentor or mentors? Most importantly, when was the last time you did something that really scared you?

The Entrepreneurial spirit is alive and well in Frederick Maryland

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Sat, 17 Jul 2010 11:01:12 -0700

Almost daily I post a story on my facebook page, Larry's home info, about a new business startup in Frederick county.

I am so proud of those brave souls who, despite all the negative media, venture out to accomplish their dreams. They are varied in their nature from marriage and family therapy to a specialty shop selling imported oil and vinegar. You can even catch a relaxing eco-friendly pedi-cab ride through Baker Park if you like. It's obvious that some of our citizens see clearly a solution that our politicians can't. I think Thomas Jefferson put it aptly: "The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."

I pray that this entrepreneurial spirit will catch on across our nation like wildfire. A wildfire that will burn away the wasteful, power hungry and sweep in those who believe in providing opportunity and then getting out of the way. This isn't about red or blue. It's about human nature and the desire to achieve. Unfortunately human nature also can lean the other way and promote apathy from those who only want to play the role of portraying themselves as victims. Let's face it, we have all been victimized at some point. The question is, what will we do with that knowledge? Will we learn to face those situations and rise above them or will we simply allow ourselves to be crushed by them? The choice is always ours.

Competition and living the American dream

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Sat, 03 Jul 2010 07:27:51 -0700

What role does competition play in our American way of life? Without it, we sink into hopeless mediocrity.

Last week I listened to a news story about a school that had 30 valedictorians in it's graduating class. I decided to look up the dictionary definition of "valedictorian".

Valedictorian: a student, usually the one ranking highest academically in a school graduating class who delivers the valedictory at the commencement exercises.

Note the first two words of the definition! A student. That would be ONE student who had earned the right to carry the title of valedictorian. A right earned with years of consistent hard work. So what is the problem with having 30 valedictorians? The theory is to make everyone a winner. The truth is you are just making everyone mediocre.

Competition: the act of competing; rivalry for supremacy, a prize, etc.:

Competition is what made the US the greatest nation on earth. Unfortunately we are seeing the systematic dismantling of competitive environments in lieu of making everyone "feel good". We start with our children and the games they play. Schools are banning any type of elimination games. There are no more tryouts for sports. Let everyone have a chance to play. I speak as a parent who attended my son's little league games and watched the second base player sitting on the bag with their glove in their lap while the right fielder chased butterflies.

OK, so I'm one of those competitive parents who thinks the purpose of playing a sport is to actually win! I confess it's true. So why shouldn't every child have the right to play instead of having to earn that right? Simple, by allowing everyone to have the same opportunity whether they earn it or not we are preparing them for failure in the real world. My son is seeking employment after being laid off. One job he applied for had 1,000 applicants for only one position. Do we require that employer to hire the first 500 so they will feel better about themselves?

I would suggest that many of those little leaguers that sit on the bag or chase butterflies in the outfield really don't want to be there. They are there because mom and dad want to live vicariously through their children. If a child doesn't want to be on the ball field then we, as parents, should encourage them to pursue their own dreams, not ours. I suppose some would argue that they don't know until they try. I actually would agree with that. That's why, in my younger days, we had tryouts. So what if they really want to play but don't make the cut? Then we are preparing them for real life. If they truly want to play they will learn to practice and improve so they can make the cut next year.

We are training the desire for excellence out of our children if we allow them to participate in what they have not earned. Wow, that sounds harsh even to me as I write it. Fact is, though, it's how the world works. The more we lower the standards for our children (and adults) the more we doom them to a life of mediocrity. We need to teach our children to set goals and work for those goals. Life is not the art of getting safely from birth to the grave.

My prayer for America is that we would turn back to our desire to be the best at what we do. To learn, to grow, to dream and to take risks to achieve those dreams. If we seek only safety and demonize risk then we are participating in the demise of the American dream.

When does an offer become a contract?

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Thu, 17 Jun 2010 20:02:14 -0700

As an ethics instructor I get into some interesting discussions in my classes on the subject. Bear in mind this blog is dealing with Maryland law.

So when is the contract considered fully accepted? Of course this is critical because the clock starts ticking on all the contingencies at that point. Mostly I get two answers when I ask. Some believe the contract is considered fully accepted when the last party to the contract puts that last initial or signature on the contract. Others believe the clock starts ticking when the copy of the contract is physically delivered to the other party or their agent. Neither of these scenarios is necessarily the case.

Let's take the first situation. Suppose the clock does start with the final initial. Unfortunately no one tells the buyer or the buyer's agent about it for a couple of days. Does the buyer lose those two days on, for instance their home inspection contingency?

Second scenario - If the contract if fully accepted when hard copies are delivered what if the other agent isn't reachable? (I've had that happen)

In fact, under Maryland law, notice can be delivered verbally as well as in person and that starts the clock ticking. So, agents if you are excited and want to notify the other party involved of the good news, make sure ink has actually hit paper and the agreement isn't just verbal. Also, if you're, for instance, the buyer agent and the listing agent calls or emails you and says it's a done deal you have to act on good faith and start scheduling you inspections etc. at that point.

Just an FYI. I am not an attorney so I made sure I got this opinion from one of our MAR attorneys. So agents take note, this can bring up a world of trouble if the agents aren't on the same page. As for you buyers and sellers, as parties to the contract this is also very critical to you.

A final note to you non-Maryland agents. I would make sure you understand the laws governing your contracts to avoid a lot of potential heartache.

Walkersville Maryland - First floor master suite

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Mon, 07 Jun 2010 15:49:45 -0700

Convenient Walkersville location - Enjoy the quiet small town atmosphere but still be convenient to commuter locations.

This model is no longer offered by the builder. Spacious open design with a first floor master suite. The sellers added many upgrades including a luxurious two person whirlpool tub and oversized shower.

The dramatic two story family room has a cozy gas fireplace and upgraded carpeting. There is a light and airy breakfast room just off the kitchen. The lower level has a double wide walkout stair with a sliding glass door for extra light. Don't miss this beauty.

Just reduced 10K - Totally redone

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Mon, 07 Jun 2010 15:36:00 -0700

Relax in a peaceful small town setting while still being close to shopping and highways. Just south of Hagerstown Maryland lies the quiet little town of Funkstown.

This unique home has just been renovated and boasts over 2000 square feet of living space. While the home shows classic design outside it has a very unique and very livable interior.

Very large eat in kitchen with a wood burning fireplace with a woodstove insert. Just off the kitchen is a brand new laundry room with counter and sink. The outside kitchen door leads to a glass enclosed porch and then a deck with private enclosed hot tub.

The back yard features a shop/playhouse with it's own heat and AC. Completely finished the possibilities are endless for this separate building.

There are truly too many unique features to detail in this posting. For more information and pictures go to my website at www.larryshomeinfo.com

Are appraisals really objective?

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Wed, 05 May 2010 12:24:10 -0700

OK, to all my Realtor friends out there that title may bring a chuckle. Unfortunately the public and most underwriters see appraisal results as set in stone.

I'm writing this post because I'm seeing appraisals come in all across the spectrum of value. Not that we didn't have appraisal issues before but now, the law meant to protect the public is actually hurting them. As a Realtor and a licensee in the state of Maryland I'm required to be familiar with the market area I'm listing and selling in. Although I've heard from appraisers that they are also I'm not finding that to be true in practice. Any experienced agent knows the same house in a different neighborhood may be valued differently. This could be because of highway access, road noise, proximity to public transportation or numerous other factors. Of course one would assume an appraiser could look at the area and also make that determination. Unfortunately that doesn't seem to be happening in the real world.

What about distressed properties? I have a listing under contract and on the way to settlement that is the highest sale in the past six months in the subdivision. During that time a number of short sales and foreclosures have sold for well below market. The story turns out well because we got a local appraiser who was wise enough to go outside the subdivision to comp to similar properties that were not distressed. My listing appraised for the full contract price so this story ends well. However I hear horror stories for my fellow agents on almost a daily basis that an appraiser came from two hours away, sent by a management company and came in dramatically under market simply because they didn't know the area and compared a traditional sale to the short sale across the street. In this market that can mean the difference between the seller being able to complete a sale or being forced into a short sale situation or even a foreclosure down the road.

So back to my title, are appraisals really objective? I have actually been told by an appraiser in a CE class that they are. I didn't check his bio to see what planet he was from but I think anyone who has been in this business for more than one transaction knows better. I know many fine appraisers who are diligent and take the time to consider all factors in establishing value. Unfortunately with prices being driven down for appraisals by management companies some (to all you offended appraisers please note I said some) appraisers are cutting corners just to make enough to survive.

I think the answer to the problem lies with a little used resource of late called reason. Legislators, if you must make a law to fix something try tweeking what is in place to make it better. What we see going on now is similar to knocking the house down to change the paint color. To cite an idea I've used before in my blogs, laws made in the heat of passion and in response to an outcry are never good. I suppose I could expand that to deal with a lot that's going on in America today but that's for another blog.

Buyer beware - or not!

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Tue, 13 Apr 2010 07:21:44 -0700

I recently ran across a website that held the position that renters win, buyers lose.

Not long ago I registered with stumbleupon.com. It's a great website where you can enter your interests, hit the stumble button and have a rotation of websites randomly come up based on the interests you pick. Of course, one of mine was real estate. Most are either informative or searches. Occasionally I come across one that is pure garbage.

Case in point, an article by a real estate "expert" telling readers that it is foolish to buy a home in this market. I suppose that could be debated depending on the local market conditions. Unfortunately that was not the case being made. Instead the writer used distorted statistics and some very twisted logic to say, for instance that there is no real tax advantage to owning vs. renting.

What about investment potential? I recently got a listing under contract for a young couple that is moving up. The home was purchased before the bubble. Using a little fuzzy math one could say that the seller lost about 60K from it's highest point. However, over the time of ownership the seller actually realized nearly 100K increase. This is the true representation of the benefits of long term investment in real estate. Not only did they see a good increase over time but by buying up in this market they got a great deal on the single family home they're moving up to. You don't have to be a rocket scientist to see that if they wait for the market to "come back" it will cost them. If they see a 10% increase in their 200K townhome they single family they bought at 335K will have increased the same 10%. The net result will be that they lost over 10K by waiting for the recovery.

I've also heard the argument from buyers that they are reluctant to borrow from their 401k's to purchase. Let's look at the performance of the 401k's vs. long term performance of real estate investment. Again, not rocket science.

So buyers beware...beware of real estate experts who are actually blogging's version of shock jocks. Those alarmist souls who don't buy or sell real estate but know all the answers. I would never advocate uninformed decisions in buying a home. Just the opposite. Get all the real facts and make an informed decision. When you do, I think you'll see that real estate is and has always been a great LONG TERM investment.

Staying calm in the eye of the storm

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Fri, 02 Apr 2010 14:45:20 -0700

In my 20+ years listing and selling real estate I've seen just about everything go wrong that could. One thing I've learned is deliberate action always wins out over emotional reaction.

Sometimes it's the client that is reacting and we, as agents have to step in to calm the parties involved and work through the problems. Unfortunately, as often as not, it's the agents that get emotionally involved and stir up the clients. As an ethics instructor one of the things I emphasize to my students is that the easiest way to go from practicing real estate to practicing law is to get emotionally involved.

As a real estate practitioner, at least in Maryland, I can only go by the letter of the law and the letter of the document. Of course this is all easy to say when writing a blog post. It's much harder when you're in the middle of a transaction and your client is very upset about something that occurred (out of your control) and they blame you for their predicament.

Right now in my market area we are just bottoming out as far as values. So let's examine a scenario. You have a listing that just went under contract. The lender orders an appraisal. However they have to order it from a management company who puts the work out the lowest bidder. The appraiser assigned hops in his car and drives from our eastern shore three hours to western Maryland to do an appraisal in an area he knows nothing about. Surprisingly he/she covers themselves by being "conservative" and suddenly your seller is going ballistic! Of course there are dozens of scenarios. Actually more like hundreds that we could discuss. How do we as agents and those of you reading this who are buyers and sellers deal with all this?

Glad you asked:

1) Information is the key. Buyers and sellers, work with a real estate professional that can tell you what your options are. That does not include your cousin, brother, father, or close friend who just sold their house. Important note here*** It also does not include consulting an attorney who does not practice in the field of real estate. Consulting a personal injury attorney to advise you on real estate is like hiring a painter to remove your gall bladder. Don't do it! If you need to consult an attorney get referrals to attorneys who operate in this field of expertise. Agents, give your clients the information they need to understand the process. The biggest fear clients have is unpleasant surprises. Never hide bad news. When you finally do have to share it with your clients it will be far worse than if you shared it when you found out.

2) Understand that it's not personal. Both buyers and sellers are looking for the best situation for them. Win/win is usually not the rule of the day. Be willing to compromise and stay flexible. Agents, taking any part of the transaction personally starts the downward spiral. Of course we aren't heartless machines but we are governed by law. The NAR code of ethics mentions the golden rule in it's preamble. I really wish they would take that out. If it's between following the golden rule or the letter of the law we are compelled to follow the law. Sure it would be big of you to wink when the contingency expired yesterday but you just got the addendum today. Fact is, you can't.

3) Always look at the big picture. Buyers and sellers, don't worry about each individual fee or contingency. Are you accomplishing what you want when it comes to the bottom line? If so, and you got there legally and ethically then understand that you got what you wanted. I once had a seller who got upset with me because the buyer asked for some closing costs. What he wasn't looking at is that the net when all was said and done was higher than what he told me he wanted. Agents, if we have a buyer that wants to buy and a seller that wants to sell don't let your ego get in the way and spoil the transaction for everyone involved.

4) This one is for agents only. Always put your clients needs and wants ahead of your own. The good will you sow will earn you more in the long run than a rush for one commission. Be excited for your client, even if you make a little less or even nothing. I've gotten many referrals from people I advised NOT to move ahead because it wasn't in their best interest.

Staying calm in the eye of the storm is always a choice.

6737 Killdeer Ct.- still time for tax credit

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Fri, 19 Mar 2010 13:31:22 -0700

I just had the great opportunity to list a gorgeous resale townhome in Robin Meadows. Just south of Frederick city so no city taxes!

Mrs. seller doesn't like carpet so they put laminate flooring in the entire main level. It looks fabulous and easy to keep clean. The deck and fence have just been powerwashed and the deck restained so the back looks great. There is a nice cozy two sided fireplace in the basement that divides two large rooms. So many nice touches.

The Robin Meadows community has a pool, tennis courts, basketball courts and trails throughout. Very nice setting and close to 270S leading to the Washington beltway. Still plenty of time to get in on the federal tax credit.

The "spirit" of the law

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Thu, 11 Mar 2010 07:01:27 -0800

I was struck by an article in our local newspaper the Frederick News Post this morning. A local radio host, Blaine Young was criticized for not giving up his radio show when recently appointed to the position of Frederick County commissioner.

Here's my issue. Blaine Young was appointed to this post after a sitting commissioner stepped down. Now commissioner Young agreed to step down from his show when he files to run for the post in the fall. However there is no law the requires that he stop broadcasting in his current position. The headline in the paper reads "Local Democrats launch campaign to force Young off radio show" What happened to free speech? Mr. Young is not an active candidate therefore he is not violating any campaign laws. The group attacking Mr. Young clearly stated he is not violating any laws but he is, in their opinion, violating the "spirit" of the law.

The issue here is not specific to Blaine Young. The issue is that when certain groups want something their intent overrides the letter of the law. However when those they disagree with do something they don't like then the "spirit" of the law overrides the letter.

Mr. Young has been on the air for 13 years. While I have to admit he can be a little rough around the edges at times, you never have to wonder where he stands on an issue. I find that refreshing. Perhaps that's what scares his accusers. I only hope Mr. Young and WFMD, the station that carries his show refuse to bow to this pressure.

106 S Antietam Street, Funkstown Maryland

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Tue, 02 Mar 2010 16:28:10 -0800

Classic beauty in a wonderful small town setting. Over 2000 sq/ft of living space. Walkthrough fourth bedroom upstairs or could be used as a large master suite. New laminate flooring in dining room, kitchen and laundry. Kitchen features ceramic counters and wood burning fireplace with insert. Movable island conveys. Private deck with hot tub. Fantastic workshop in back with it's own heat and AC.

Check out the virtual tour!

Tax credit and the economy

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Sat, 13 Feb 2010 11:54:13 -0800

I ran into a past client recently in Home Depot. She was a first time buyer I sold a townhome to not long ago in Waterside development in Frederick Md.

She had a great idea of what to do with the $8,000 tax credit she received from Uncle Sam. She remodeled her kitchen. Think about it, taking the money that was a give away and not only putting it back into the economy by purchasing services and materials but she also added value to her home.

We're coming to the end of that government program so I hope those reading this will consider what they could do to help themselves and the economy. I don't know about anyone elses political beliefs but I believe if we all do whatever we can to encourage the growth of our economy through wise investments we will all be better for doing so.

So if you're reading this and thinking of buying and you qualify for this program go for it! In the long run real estate has always been the safest of investments. While short term investment has it's risks, long term you just can't beat owning a home.

Push to the limit or play it safe?

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Fri, 12 Feb 2010 09:18:54 -0800

Every morning we face this critical challenge. Do we push ourselves to achieve and improve our lives or just play it safe for one more day?

The problem is that people live by habits. For those who decide to play it safe for "one more day" each day becomes just "one more day". Before you know it, we're too old, too tired, too this or that. Bottom line is it's always too something.

Recently I had a rather eye opening experience that I'll share with my AR friends and the public. After the snow before our double blizzard I spent several hours outside shoveling with my neighbors. It was a great experience. We all helped each other until we were finished. Later that night I felt my heart start pounding and seeming to skip a beat. That's not something I was expecting because at 57 I think I'm still young (I still think that!!!) Long story short not only was there nothing wrong with my heart but the cardiologist said I should be at approximately a 10% risk of heart trouble if I was in good condition. He said I was >1%. Normal colestoral, low resting heart rate, great blood pressure etc. Here's my point. I tend to live a little ont he edge anyway physically. When my fellow Realtors are on the golf course I'm on a ropes course. I'm climbing, belaying, walking steep trails etc. One could say those are risky activities for an old guy (If I were old) but I say my risky behavior has kept me healthy.

You don't have to go far to get bad news. News that can inspire you to play it safe. Truth is, there alsways have been and always will be naysayers. Don't listen to them. If you're in the business and news all around you says you're crazy for staying, stay anyway. Let the weak at heart play it safe. That only makes more business for us.

If you're a potential buyer or seller, obviously I don't want you to do anything foolish. Talk to experienced professionals IN THE REAL ESTATE BUSINESS then make your decision. Bottom line, at the end of our lives do we really want to say we played it safe? Not me!

Politics, Human Nature and the Lust for Power!

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Tue, 15 Dec 2009 07:37:18 -0800

Although this post was prompted by an article here in the Frederick News Post it actually represents a trend that, while always with us, seems to be increasing exponentially.

At issue here in Frederick County Maryland is an ordinance passed by the Frederick County Commissioners that would interfere with the municipalities right to determine their own growth policies. The emphasis from the commissioners is that growth policies within the municipalities can have an adverse effect on residents of the county. The primary concern expressed was overcrowding of schools. School overcrowding is a hot issue here but many would argue it has to do with how the schools are planned in the first place.

The point is, although I have no doubt that the commissioners, particularly quoted in the article are Commissioners Jan Gardner and John Thompson, are acting in what they believe to be the best interests of the county, they are imposing their beliefs on the municipalities that, by state law have the right to determine their own policies. Herein lies the rub!

Throughout our history when power or the ability to seize power is placed before someone, they generally take that opportunity to increase their own influence. In one sense this is called leadership. On the other hand, when do we step back and allow some degree of self determination. I believe this idea of self determination is what our great country is founded on. Of course there have to be laws but there should also be a system of checks and balances to keep an individual or a group of individuals from gaining too much power.

I think it is obvious to anyone who has eyes and ears open that this situation here in Frederick County is only a reflection of what is happening on a national and even global scale. Those in power become drunk with power. The worst part is that, once a certain level of power is achieved those in power shield themselves from accountability. I think this is clearly demonstrated on the national level when those who caused this financial mess in the housing industry are beating their chests and calling for the heads of others rather than admit their error.

Recently I had the opportunity to attend a legislative breakfast with members of our state delegation. Delegate Rick Weldon got up and made a case for changing our county government from a board of county commissioners to one with a county executive thereby increasing accountability. I appreciate Delegate Weldon's courage for taking such a stand. The idea of the buck stopping with one person rather than a group pointing fingers at each other has great appeal. I'll finish with what Delegate Weldon listed as his favorite quote. "Nearly all men can stand adversity, but if you want to test a man's character, give him power." Abraham Lincoln.

Old Tyme Christmas in Funkstown Maryland

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Thu, 03 Dec 2009 08:58:38 -0800

Although I've never been a fanatic about history I do appreciate when I have the opportunity to take a great listing in an historic town. The town is Funkstown, Maryland and they are gearing up for their "Old Tyme Christmas" celebration.

The event will be held on December 11, 2009 from 6PM - 9PM at the town hall. I suppose there are those who would rather attend an event at a major city with 100,000 of their closest friends but I think there's something to be said for small town charm. Events include a performance by the kindergarten class, a bonfire, local talent and the winner of the best ornament contest! Perhaps I'm showing my age here but I think there's something to be said for innocence.

Funkstown was actually originally named Jerusalem. The town was founded by Jacob and Ann Funck. For a time it was referred to as Jacob Funck's Jerusalem and eventually came to be known as Funkstown. It's German heritage comes from Dr. Christian Borestler who settled there in 1784 and brought 70 German families with him. By 1875 the town had an iron furnace, grist and woolen mills and a host of small shops. The main street still has a collection of quaint businesses to this day.

I don't go back to the 1700's but I do remember what it was like growing up in a small town where people still knew each other and life was much slower and simpler. So if you're in the area and want to take a liesurely trip back in time stop by and visit Funkstown's Old Tyme Christmas. To learn more click on the "event" link to go to the official Funkstown website

Are you willing to stretch yourself?

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Mon, 23 Nov 2009 20:09:40 -0800

I remember when this picture was taken. I was in training to be a ropes course facilitator. (Hey, I'm 57. Not old enough for golf yet) So here I am at Upward Enterprises location 40 feet in the air and getting ready to pull my partner up. How does this relate to real estate? Every time I take people out on the course I get to see them push through fear, sometimes even absolute terror to make breakthroughs in their lives. It reminds me every day that if I can get someone to climb a tower or a pole and jump off then there is nothing in my career that is too much to do.

One of the most powerful elements we use on the course is called the leap of faith. Here's how it goes. You climb a 25 foot pole then we ask you to stand on top of the pole and jump our to catch a trapeze. Of course you know you're in a harness and your belay team has you but when the pole starts swaying and the wind is blowing all you see is the ground and of course the worst case scenario. You lying flat on the ground! Sort of like our business. No one gets hurt on our course but the illusion of danger is there.

Have you ever felt that way on the phone? Before the days of the do not call list, I use to cold call. I don't know how much a phone receiver weighs but it seemed like 50 lbs at least. Funny thing though. I never had anyone take a shot at me over the phone. No one ever stalked me or tried to track me down. As a matter of fact, pretty much every time I picked up that phone I got a lead. Funny how that works. Take a risk, get a reward.

Not long ago I sold a property to a facilitator and her husband. When it came time put an offer on a house she told me her heart skipped a beat when I asked them if they wanted to make an offer. Such a big step, she said. So I asked her, if you had someone on top of the pole and they were afraid to jump, what would you tell them. You're on belay, you trust your team, you've seen others jump and come down safely. JUMP! (Always easier to tell someone else to be brave, isn't it?)

What about you buyers and sellers reading this post? Are you up on your leap of faith? Sure it's a big decision but there is a team belay system made up of your Realtor, your lender, title company, home inspector etc. People surrounding you to get you through the process without harm. People helping you make a decision that will only improve your life in every way. After all you have to live somewhere. The question is, will you pay your mortgage or your landlord's?

Parting shot. Nothing of value comes without risk. There are certainly horror stories of bad purchases, poor timing, bad mortgages etc. but the fact is that real estate remains the safest, most reliable long term investment out there. Whoever you are, pick your team carefully, weigh the risk vs. gain and then JUMP!

Things to be thankful for!

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Mon, 23 Nov 2009 19:26:29 -0800

My wife and best friend. We just celebrated our 31st wedding anniversary. After all these years we would still rather be with each other than anyone else.

My two boys. As different as night and day. 16 years apart but still good buddies.

My baby girl. I was there at her birth and she's had me wrapped ever since!

My baby girl's baby girl. Just as much a princess as her mother ever was.

I know the market isn't what it was. Things are tighter, harder than they were but there are some things that bring us joy throughout the good and bad times. My family, my dear friends both in real estate and out. A strong church family. A great supportive broker. So many things that bless our lives yet we tend to push them aside and focus on the troubles that confront us. If I posted all the people that enrich my life there would be too many to list. I hope everyone reading this will take time to give thanks for the things that are truly important. Happy Thanksgiving to all.

Just Reduced - No third party!

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Tue, 10 Nov 2009 14:08:32 -0800

Relax in a peaceful small town setting while still being close to shopping and highways. Just south of Hagerstown Maryland lies the quiet little town of Funkstown.

This unique home has just been renovated and boasts over 2000 square feet of living space. While the home shows classic design outside it has a very unique and very livable interior.

The back yard features a shop/playhouse with it's own heat and AC. Completely finished the possibilities are endless for this separate building.

There are truly too many unique features to detail in this posting. For more information and pictures go to my website at www.larryshomeinfo.com

Small town charm - City convenience

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Fri, 18 Sep 2009 07:38:01 -0700

Relax in a peaceful small town setting while still being close to shopping and highways. Just south of Hagerstown Maryland lies the quiet little town of Funkstown.

This unique home has just been renovated and boasts over 2000 square feet of living space. While the home shows classic design outside it has a very unique and very livable interior.

The back yard features a shop/playhouse with it's own heat and AC. Completely finished the possibilities are endless for this separate building.

There are truly too many unique features to detail in this posting. For more information and pictures go to my website at www.larryshomeinfo.com

Are foreclosures crushing the market?

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Wed, 17 Jun 2009 10:08:56 -0700

Anyone listing and selling real estate, whether agent or owner/buyer can tell that foreclosures are affecting property values. Certainly this begs the question, isn't it in the banks' best interest to get top dollar for their inventory?

The answer may surprise you!

Recently I was in contact with a local appraiser who expressed his frustration at what he referred to as two sets of data. The first is normal sales between a willing buyer purchasing from a willing seller and the other is bargain hunters buying up foreclosures. The problem is that, as foreclosures become a larger percentage of the market, the appraisers cannot ignore such a large portion of the comparables. Unfortunately at this point the banks are dealing with such a large number of REO's and short sale requests that they're choosing to fire sale the foreclosures. Most are getting BPO's from local agents and deducting 15% for a quick sale. Of course this hurts the seller who has a job transfer or especially those who may want to downsize.

So what's the solution? If you are thinking of a move and have a house to sell you may want to wait a bit. The exception to this is the move up market. If you want to move for instance, from a townhome to a single family this is the perfect market of you. If you take a hit on your townhome to sell and negotiate a similar percentage hit on the single family you're money ahead.

Of course the best scenario in the current market is to be a first time buyer. You have the $8,000 tax credit if you settle before December. You can usually negotiate some closing help from sellers in this market and rates are great.

All in all, this too shall pass. Our market is and always has been cyclical. The one think we can count on is that change is coming.

Special program for REO purchases in Frederick County Maryland

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Wed, 10 Jun 2009 10:21:33 -0700

Thinking of buying in Frederick County? There is a special new program about to come on line to purchase REO properties in Frederick County. The program is funded by the federal Neighborhood Stabilization Program (NSP) in conjunction with the Maryland Department of Housing and Community Development's Neighborhood Conservation Initiative. This program is for bank owned properties in specific targeted areas in Frederick County.

The program gives loans from $15,000 - $25,000. These are 0% interest loans for owner occupied purchases and the loans are forgiven after 15 years. The specifics will be posted on the Frederick County website at www.co.frederick.md.us/nci Although the site is not open yet you can go there and sign up to be notified when it opens.

The initial program offers a $15,000 loan for the purchase of the REO properties in targeted areas. A bonus offer of an additionsl $5,000 is offered for buying in "severe" targeted areas and an additional $5,000 bonus loan is offered for targeted employees. Those targeted employees are:

Fulltime emplayees of

City of Brunswick

City of Frederick

Frederick Community College

Frederick County Public Schools

Frederick County Government

Frederick Memorial Hospital

Maryland State Police - Frederick Barracks

Frederick County Volunteer Fire & Rescue Association, meeting LOSAP requirements

Only Realtors and Lenders who have been through the training and are approved can help you with this program.

Where have all the leaders gone?

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Thu, 23 Apr 2009 15:40:41 -0700

I try to read something uplifting every morning to frame my day. Today I picked up my old copy of Ken Blanchard's "The Heart of a Leader". If you're looking for an easy motivational read and want a break from real estate training materials this is a great little book. It's a series of quotes on leadership with the author's comments on the opposite page. As I read the quotations I wondered what happened to the idea of leadership. It seems many believe the role of a leader is fault finding and character assassination. Don't take responsibility for anything you've done. It's always the other guy's fault, right? That's not what I've studied on leadership over the years.

One of my favorite trainers on the subject is John Maxwell. He says "Everything rises and falls on leadership" Not long ago I was listening to a tape he did for a group of pastors on the subject. He told the story of a young pastor who came up to him and asked "What's the one thing I need to know to become a great leader?" John Maxwell's answer (If you've ever read any of his books you know what's coming. Or even if you know some of the titles!) He answered, "The one thing you need to know to become a great leader is that there's more than one thing you need to know to become a great leader." Another quote of his I love (I know I'll get the names wrong but the principle is right) "If John has a problem with Mary, and John has a problem with Bob, and John has a problem with Bill, John has a problem. It's interesting, some of the most difficult issues I've had over the past year have centered around one or two people. The sad thing is, those same people have left a trail of similar behavior wherever they go.

I encourage everyone reading this to study strong leaders. Take the best of what you see in them and mirror it. Again I highly recommend John Maxwell, Ken Blanchard, Zig Ziglar, Tony Robbins and many others who believe leading is putting the good of others before your own gain. Let's face it, our country is suffering from a huge leadership void. The very ones who helped cause the financial fiasco are the ones crying the loudest for reform. So let's each of us make a personal decision to be a leader and an example in some way and pray that we influence others to do the same. What would happen to our country if we started a grass roots movement of leadership rather than fault finding and self pity?

FHA 203K Streamline - Perfect timing for this market

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Tue, 21 Apr 2009 14:48:32 -0700

Many of the foreclosure and short sale listings I have been showing recently are desperately in need of major cosmetic surgery. I must confess, I haven't done an FHA 203K loan in several years so I was operating under the assumption the rules were still the same. In fact they are, but for the 203K streamline they are much easier to work with. For one thing, you don't need a 203K inspector because the streamline loan is primarily for cosmetic work. I just showed a listing yesterday that needed about 10K in carpet, flooring, paint and drywall repair. This wouldn't normally qualify for the 203K program because it didn't have at least $5,000 in FHA required repairs. However it's perfect for the streamline product. Here are some details:

Cannot exceed $35,000

203K Consultant not required. Only a home inspection and two separate bids

No structural work allowed. Also no plumbing, electrical. I'm assuming permitted work since cosmetic is acceptable

Can include: Painting, Carpeting and other flooring, appliances, windows, doors, countertops etc. Again pretty much anything cosmetic.

If, like I, you are showing properties in pretty sad shape, check with your local lender about this loan product. As with the regular 203K the rate is slightly higher but not by much. If you have a buyer that is low on cash, qualifies for an FHA loan but is frustrated by what they are seeing as far as property condition you should let them know about this option.

Choosing the right home

Larry Riggs - Your Frederick County Specialist (Real Estate Teams) — Thu, 26 Feb 2009 15:51:29 -0800

Very often I hear agents talking about their frustrations with buyers. With so many homes on the market now, how does one select which house to make an offer on and how much should that offer be in relation to list price.

For the agent, the key is listening and guiding but allowing the buyer to make their own selection. Just a couple of days ago I was chatting with someone who recently bought a home and we had a good laugh over their selection process. True story. I was working with a couple who were taking copious notes on each house we toured. (This was in my early days as an agent) Finally I turned and asked the buyers if they had any intention of making an offer on that house. I asked because it was clear from their body language inside that they did not like the property. They said "no" so I told them to stop taking notes, fold the printout in half and set it aside. I explained that after a few properties they would all start to run together so only take notes on real possibilities. After each home discuss which home is at the top of their list for that day. At the end of the day, there is one clear winner. There may also be others in consideration but they know which one they liked best and put the ones they didn't like out of their mind.

For the buyer, another true story. I've had many buyers, over the years come in with a list of what their house was to have in it. I learned to tell them to hold on to that list and compare it to the house they actually bought. They never matched. Here is the barometer I tell my buyer clients to use. Obviously the house has to be a fit. If you have four children, don't buy a two bedroom. On the other hand, if the house has everything on your list but you don't like it. It just doesn't feel right. DO NOT BUY THAT HOUSE. You will hate life every day when you come home. Buying has some logic (bedrooms, baths etc.) and a lot of emotion. You have to "feel" at home in the house. You may even fall in love with a house that isn't a perfect fit but you're willing to do the necessary improvements to make it what you want.

The offer. In many places across the country we are in a buyers market. Note there is a difference between negotiating the price because of the market and thinking the seller is in such a desperate situation that they will give the house away. In fact, I have seen sellers become so offended by very low offers that they refuse to deal with that buyer at any price. Depending on your state's laws you may have an agent representing you exclusively. They can show you what similar properties have sold for and help you structure an offer that is best for you and likely to end up in a successful real estate transaction.

A word about short sales and bank owned properties. If you are looking at short sales make sure your agent is familiar with the process. It can be a rather lengthy process however the average time seems to be shortening a bit as both lenders and agents become more familiar with this type of transaction.

Bank owned properties are usually easier to deal with than short sales but they can also have some pitfalls. Those usually involve securing clear title and property condition. The bottom line is to learn as much as you can from your real estate professional about the market, the loan process and what is involved in each type of transaction.