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Another miracle of real estate… - 08/31/11 11:59 AM
I had the opportunity to hear all about yet another miracle of real estate. It seems that the property that I visited recently on a potential listing appointment was somehow overlooked by the angry gods of real estate and spared any apparent loss in value. Nestled in a neighborhood that was ravaged by those same angry gods to the tune of 45% value losses over the last few years, this property was somehow passed over and has retained its peak value, according to the homeowner.
Not only have the gods of home devaluation smiled upon this house, but many (2 comments)
Reading market reports can give you a headache… - 08/29/11 06:40 AM
Every week starts off with reports issued by various groups like the National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) and others trying to analyze and report what it going on in the real estate market. Reading those reports can leave you scratching your head and wondering, “What did they just say?” That is especially true if you read any of the compilation reports where the Arthur combines 2-3 of the other reports.
This morning’s RealtyTimes report had one such article in which the author, Carla Hill juxtapositioned bits and pieces from some of the official releases (0 comments)
“Hello fellow Realtor. I need your help. I was a very successful Realtor in Tripoli, Libya until just recently. My major clients – the Qaddafi family – were major property owners; however, an unexpected change of fortune made it necessary for them to liquidate their holdings recently. I was able to get short sale approvals pushed through rather quickly during the changes that recently overtook the country and was successful in selling over (6 comments)
A nation hunkered down… - 08/22/11 07:11 AM
In today’s Bloomberg News there is a story about homebuyers “hunkering down” in today’s economy instead of buying homes. The story used the definition of hunkering down as hiding in fear. The reporter sited instances where buyers even pulled back offers, based upon the turmoil in the stock market and the resulting uncertainty overall with the economy. People are hunkering rather than buying.
I guess the news is bad. NAR reported that July sales fell to the lowest point this year and Karl Case of the Case-Shiller report even was quoted in the Bloomberg article as stating that another (18 comments)
Herb had a good point. We hear a lot about the good ole days in real estate and we tend to think about and mention only the fond memories; however, all was not always good in the old days. Those who have been in the business for longer than the last 8-10 years can tell stories that will make you cringe at the thought of going through what they went through in some of those old days, (4 comments)
If short sales were... - 08/18/11 08:32 AM
Jeff Foxworthy does a comedy routine with the theme “You might be a redneck if…” He does line after humorous line about things that could indicate that you’re a redneck. I thought that we could do the same thing here about short sales. The theme I chose is, “If shorts sales were …” and you can add the rest.
To start things off, I’ve come up with a few myself.
If short sales were a novel they’d be written by Joseph Heller.
If short sales were a play they’d be written by Samuel Beckett.
If short (2 comments)
What are your fiduciary duties? - 08/17/11 07:19 AM
Yesterday I posted a blog about the actions of a few agents in our business who seem to take things a bit far in terms of negotiating on behalf of their clients. In some cases it seems they are negotiating for themselves and the client is an afterthought. That brought to mind the question of our fiduciary responsibilities. I suspect that some of those agents believe it is a part of that responsibility to protect their clients from themselves, so they say things like "I won't even present your offer to my client" or "I won't let my client do that." I've had clients (2 comments)
Hello, I’m an experienced Realtor and you’re an idiot… - 08/16/11 03:31 PM
Did you ever hit one of those long-term Realtors who thinks that everyone else in real estate is an idiot because they don’t all do it the way he/she does? It’s particularly maddening when they are also the type that starts most sentences with “I’m not going to let my buyer(seller) do that… or maybe I won’t even show my buyer (seller) your ridiculous offer, unless… or maybe I would never let my buyer (seller) use that type of mortgage company, I’m going to require them to get pre-approved by…
Some of the Realtors that I’ve hit lately, especially in (280 comments)
The homeowners are just collateral damage... - 08/15/11 09:56 AM
The Sunday Detroit News had a front page story in the Sunday paper with the headline Homeowners Forced Out While Seeking Relief, with the sub-headline – Fannie Mae Pressures Banks To Foreclose, Contrary To Promises To Keep Families In Homes, Preserve Neighborhoods. The story took up three pages inside the paper, including lots of back story information about Fannie Mae and Freddie Mac and FHA and all of the other government organizations with fingers in this pot.
Newspapers love to take potshots at large government organizations, even if they are easy targets. There is usually enough ineptitude to flesh out (0 comments)
Chinese Proverb Applied to Real Estate - 08/10/11 09:58 AM
“Better the cottage where one is merry than the palace where one weeps.” (Chinese Proverb) from one of my favorite blogs Jack's Winning Words I suppose that the proverb might fit better were it worded "Better to live in a 1,000 Sq Ft ranch that is paid off than a 5,000 Sq Ft McMansion with a super-jumbo mortgage". That woud be especially true for those in this area who bought the McMansion at the peak of our local real estate bubble (about 2006, here). Those folks are weeping now because they are trapped in homes that are so far underwater that they (1 comments)
Stinking up the place... - 08/09/11 05:59 AM
Today’s issue of RealtyTimes contains an article titles “Short Sales Still Irritate” by Bob Hunt. It cites a recent survey by the California Association of Realtors (CAR) that not surprisingly showed continued and growing frustration on the part of Realtors with the short sale process and the banks involved with them. I suspect that “Short Sales Still Infuriate” would have been a more apropos title.
The Hunt article discusses the work that CAR (supported by NAR) has done to try to get changes mandated to the banks, thus far to no avail; and their recent spate of advertising imploring the (17 comments)
Off the cliff…again! - 08/05/11 07:34 AM
Here we go, off the cliff again! The stock market has dropped over 10% in the last ten days, with concerns over the economic future in the U.S. and Europe driving the panic. Fears of a second dip in the recession have resurfaced and concerns about the release of unemployment statistics later today have already caused anxiety in the markets for today. All of this comes amid continuing problems in the housing market, with predictions of another decade of distressed housing overhang.
But, hey, it’s Friday and I woke up again this morning, so that’s a good thing. We’ll (5 comments)
“Ignorance is innocence - stupidity comes with experience” - 08/02/11 05:57 AM
What a great quote to follow up yesterday’s post about short sales. As I look back on things, I think I can claim innocent ignorance in my first couple of short sale experiences. Now that I’ve had a few short sales, I must now admit to the stupidity that comes with experience. That’s one reason that I sought out a partner for the negotiation portion of the short sale business. The more that I experience what goes on in short sales, the more stupid the whole process appears to me.
The main speaker at the recent ConEd class that (7 comments)
Short Sales for as far as one can see... - 08/01/11 07:53 AM
I took a ConEd class last week that was put on by the owner of a company that does short sales negotiations. He had lots of interesting statistics and stories about short sales, both the horror stories and the good ones. The thing that I took away more than anything else is that this issue will be with us for many years to come. I guess that was pretty obvious because of how far home values have fallen (at least in this area). Locally we are at about 1995 home value levels, which is about 40% lower than the 2006 peak values. So almost (43 comments)
Posts about things going on in Real Estate in Milford, Michigan; Highland, Michigan; White Lake, Michigan; Commerce Twp, Michigan,; West Bloomfield, Michigan; South Lyon, Michigan; Birghton, Michigan and HArtland, Michigan in Oakland and Livingston Counties of Michigan
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.