Adam 's Blog Keller Williams Realty

MSNBC advising someone to short sale with $70,000 in savings !

Tue, 12 Aug 2008 08:41:33 -0500

I was floored!! Did anybody else here this last night? As I was driving home (satellite radio) there was a TV host advising a caller to sell her house on a short sale.

This was after they "broke down" her finances and determined she spends hundreds in clothing every month, takes long vacations frequently, and has $70,000 in savings!!!

First of all, the lender would never allow a short sale with that much in assets, but why would anyone advise this to a person who has a job and can afford the current home?

MSNBC advising a short sale for someone with $70,000 in savings?

Tue, 12 Aug 2008 06:33:26 -0500

I was floored!! Did anybody else here this last night? As I was driving home (satellite radio) there was a TV host advising a caller to sell her house on a short sale.

This was after they "broke down" her finances and determined she spends hundreds in clothing every month, takes long vacations frequently, and has $70,000 in savings!!!

First of all, the lender would never allow a short sale with that much in assets, but why would anyone advise this to a person who has a job and can afford the current home?

Does anyone work with REO TRANS ??

Thu, 07 Aug 2008 13:32:19 -0500

I signed up recently and received two really low value BPO's but they didnt offer anything but the CHANCE to list the property. They disclose up front that they are asking two different agents for BPOs but nothing else. I was in the area for one so i gave it a chance.

Does anyone have experience with REOTRANS??

I need a whole day to blog....

Thu, 07 Aug 2008 13:01:37 -0500

SEO optomization is Tedious!!

I can take a whole day trying to catch up on the blogging. It's a good thing today is slow.... or my phone is broken, not sure.

We finally closed after ONE YEAR!!

Thu, 07 Aug 2008 12:57:28 -0500

Wow, that was fun! And the longest Short sale I've ever had. It took a full year to close after losing three contracts due to the bank's failure to negotiate.

After all that time, it was interesting that the seller's payoff went UP by $10,000 in fees!! for a $225,000 SALE! This does not include late payments he made to the bank, just fees.

Is this a more common practice than I'm aware? Does the bank intentionally not communicate or delay processing the loan to increase their potential bottom line on the short sale?

Needless to say the seller was still very pleased to be done with it....YAY

Too Bad they don't grow bananas !!

Thu, 07 Aug 2008 11:47:36 -0500

Is this a strange August or what? Lots of rain so far this month and the grass is green, for now. Great news for the horse and farmers alike. The drought last year caused the price of hay to go through the roof, if you could find some. But this year I know some property owners who can't give theirs away.

This should help the local economy to keep some prices down. A barrel of oil closed yesterday at $118 and gasoline is at $3.65 in Shelbyville today.

The time for buying from the local farmers is here! We should all consider going to the local farmers market instead of the grocery giants.

Too Bad they don't grow bananas !!

Thu, 07 Aug 2008 11:42:38 -0500

This should help the local economy to keep some prices down. A barrel of oil closed yesterday at $118 and gasoline is at $3.65 in Shelbyville today.

The time for buying from the local farmers is here! We should all consider going to the local farmers market instead of the grocery giants.

It seems the market is still Great for Investors

Thu, 07 Aug 2008 11:16:52 -0500

The investors keep calling, and I keep answering.

The amount of single family home investors calling on listed (and yet to be listed) foreclosures never seems to stop. Working for the banks can be tedious at times but the number of buyers is higher than owner occupants. I have both kinds of listings but the number of investors with cash is jaw dropping.

The time to make a fortune in real estate investing is now, for the future. The market will return to great levels and wwhen it happens the persons who invest now will reap the rewards.

Short Sales--- How to make it less painful

Sun, 01 Jun 2008 14:45:43 -0500

Whnat is a short sale? Wikpedia defines it as "In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale."

Are you considering a short sale? Or has someone suggest a short sale becuase you are repeatedly behind on payments? There are ways to reduce the pain and reducing your debt.

First, Deteremine if you are a candidate for a short sale. Are you behind on payments due to financial difficulties? Only if you CAN NOT keep up with the payments and could be heading or in foreclosure.

Second, you MUST contact your mortgage company to apply for a short sale. You will have to provide detailed information such as current income, debts, bills, etc. You will also provide a "hardship letter" to the lender. This is a letter written by you as to why your financial situation has become difficult to continue making the payments.

Only once you are approved for a short sale will the lender entertain an offer to purchase. Most offers to purchase will be less than what you owe on the property, hence a "short" sale.

Bankruptcy is not always the answer, a short sale will show as a gray mark on your credit but NOT a bid RED "X"

You must understand there are tax implications and you should consult a tax advisor or tax attorney during this process.

I can help with a short sale in ANY price range in Metro Louisville KY, Shelby, Bullitt, Spencer, and Oldham counties in Kentucky. Also for Southern Indiana (New Albany, Clarksville, Jeffersonville)

Adam Borders, Realtor, E-Agent adam@adamborders.com

502-296-2979

If only I was a Newbie again

Sun, 01 Jun 2008 13:39:42 -0500

Do you remember the excitement we had when we got our license? "Full Steam Ahead" and "I can sell to anyone!" Now it's "how do i not get sued?" OR "How can i please this potential client to be there agent for life?" " Do I have time to blog?" Should i use LOL in my blog? Where is that purchase contract? Whew! And thats just the begining.

How do we get that excited again?

Why can't people respect the property of others?

Sun, 01 Jun 2008 13:13:34 -0500

How many times do I have to replace yard signs and pointers? Time after time, I ask the home owner on a corner to place a pointer sign in the yard to advertise for an OPEN HOUSE or FOR SALE. After getting the OK why do they change their mind and destroy my signs?

I showed up for my open house and both of the signs entering the neighborhood are gone. They have been in place for three days. This just continues to make me believe that the younger generation is not trustworthy.

I even lose steel yard signs in rural areas, I've come to find that people use the steel frames for target practice.

why and what do you do?

Keller Williams Realty Louisville EAST OPEN HOUSE !!!!

Mon, 14 Apr 2008 14:49:19 -0500

WE ARE OPEN !! GRAND OPENING for all agents interested in the Keller Williams culture! If you are curious to see what we do at Keller Williams Realty come by 4-8pm at 1230 South. Hurstbourne lane suite 100. The Liberty Center II building next to Olive Garden. This is not a Vendor event, only if you are interested in a Real Estate Business that pays you back

WOW, My company has so much to offer!!

Fri, 21 Mar 2008 14:31:05 -0500

II'm constatnly amazed at how much Keller Williams has to offer. As a former large company agent i have found that the support and helpfulness of other agents is AMAZING!! All i have to do is ask and an answer or 5 is given to me. After two years with the company it still leaves me in awe at what tricks other agent provide to help ME!

if you don't have a friendly relationship with your company, ask about Keller Williams. Or email me, I'll be happy to point you in the right direction.

Still Pleasently surprised, Adam Borders

The market is moving. Thanks to the weather

Fri, 21 Mar 2008 14:02:19 -0500

Thanks to the warmer weather the market is moving. Signs are going up and so are the buyer's interest. Shelby county Ky has cheaper fuel prices than all other areas near Louisville, $3.19 a gallon. That sounds so ridiculous since it was a dollar chaeper last year. Where or where does the extra money go? Buying in Simpsonville is a benefit for fuel prices if you drive slower.

Not too many people are slowing down even with the high fuel prices, has anyone else noticed this?

Adam Borders

KW East

After the Snow, Bring out the buyers

Mon, 10 Mar 2008 11:00:11 -0500

Well, after all the snow we had in March, 6-14 inches, let's get busy!! The phone has been scary quiet for the last two days. Late february and early March where getting pretty busy until the snow. Now it is slowly melting.

Bring out your BUYERS !!

Recognizing Louisville Need your votes !! Twin City search

Wed, 27 Feb 2008 15:54:20 -0600

Louisville needs your vote in the Bushmills, Ireland twin city search!

In celebration of the 400^th anniversary of its original license to distill, Bushmills, Northern Ireland - home of Bushmills Irish Whiskey - continues its nationwide search to find the "Twin City of Bushmills in America." Louisville, KY has been named as one of the three finalist cities! If Louisville receives more votes than its competitors, it will be proclaimed the twin city and will take home a $40,000 grant from Bushmills - $20,000 for the preservation and advancement of the city's time-honored traditions and culture, and $20,000 for programs that promote responsible drinking. Members from Louisville's Irish Fest and WorldFest planning committees submitted the application for Bushmill's Twin City search, and plan to use the grant money received towards the development of those festivals.

Your vote is needed for Louisville to win this title!

People of legal purchase age are invited to vote at http://www.bushmills400years.com/.

Voting will run through March 17^th, 2008 - St. Patricks Day. Voters can also enter for a chance to win a once-in-a-lifetime trip to Ireland. The winning city will be announced in April 2008.

Our Second Location in Louisville KY

Mon, 11 Feb 2008 08:42:52 -0600

We finally have our second location in Louisville!! We are now in the East End of the county and most importantly...closer to home!! We opened with 55 AGENTS!!

The office still has some work to be done but it should all be completed by March 1st. So the baby is still in the nursery, she'll be getting bigger everyday.

The Kentucky Market is GOOD!

Mon, 11 Feb 2008 08:18:56 -0600

Is everyone else tired of hearing about how the Major city Markets are falling apart?? I know we are. The media is beating the country into submission with the constant onslaught of negative information. Remember when the media was critisized for not reporting positive news about our troops in the middle east?? Here it is again...but there is a ray of light!! The Greater Louisville Board of Realtors reports that our market is still on the way up! YES, you can sell and YES you can buy!! We are not seeing the instant appreciation we did 5-7 years ago but we are NOT losing value.

There are many foreclosures but there are also many new renters for investment properties because of it !!