BILL CHERRY'S GREATEST DALLAS PARK CITIES REAL ESTATE BLOG

THE WHIZ -- SHOPPING MALL MARKETEER, SHELLY GRAVINO LORD

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Fri, 27 Nov 2009 21:30:11 -0600

Shopping malls are beginning to show the cracks of slower sales. I've been around these things for years. When this starts, if you're the management company, you'd better react quickly and properly. And oft times "properly" has to come from God and through your gut. Call it intuition if you want. But if you don't have it yourself, you'd better find someone to advise you who does.

Here in Dallas, Raymond Nasher's creation, the famous high-end, spectacularly successful NorthPark, has more vacancies than I've seen there in many years. The latest to close up shop is a well-known jewelry store, Bailey Banks & Biddle. It's apparently liquidating all of its stores. Nevertheless, that'll leave another big blank at NorthPark.

In recent years, a good percentage of on-price and factory outlet malls haven't had to do much more than have a reasonably good mix of tenants. But that is changing, and changing quickly. And for ownership and management to ignore the inevitable will be costly.

<<==Shelly Gravino Lord and Family

Charter Oak Partners is a Virginia company that has a long and successful history of placing, tenanting and managing factory outlet malls. The last I heard, the company owned some thirteen centers.

Their senior vice president of marketing is a longtime friend of mine. When I first met her, she was Shelly Gravino. Now married, she's still called "Shelly Gravino" by old acquaintances, clients, and people in the business, but newbies know her as Shelly Lord.

Just out of college a bit more than twenty-five years ago, Shelly went to work for a failing mall. She told the mall management that if they would give her a budget to create other reasons for people to come there, she'd pack the mall with regular activities for shoppers, and from that, the mall would catch on and become successful.

By golly it worked. I know because I was very familiar with the mall before she got there, and I thought it was and would always be a dud. She made a believer out of me.

Retail conventions like the ICSC (International Council of Shopping Centers) always have Shelly as one of their headliner speakers. And because of her knowledge and success, hers are always a sell-out. Heck, I've heard her countless times, and it's always the highlight of the meeting.

One time about twelve years ago, I was so exasperated with one of my own management contracts that I hired her to come look over the property, pat me on the head, and say, "There, there...you're on the right track." She was right. I was. But had I not consulted with here, it's likely I would have made the faulty evaluation that what I was doing wouldn't work, and needed to be changed. Then it would have failed.

So I want you to put her name and contact information in your file, so that you'll have it handy should you need her. I'm telling you, this is valuable information.

Shelly Gravino Lord, Senior Vice President, Charter Oak Partners, 8000 Towers Cresent Druve, Suite 950,Vinenna, Virginia 22182; 703 905-4400; Email: maplerock@comcast.net

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year!

214 503-8563

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WIKIPEDIA BIO

EVERY YEAR AT CHRISTMAS TIME I MISS MY FRIEND, MEL TORME

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Wed, 25 Nov 2009 11:57:23 -0600

Every Year at Christmas Time I Miss My Friend, Mel Torme

I'm never sure exactly when it's going to happen, but every year at sometime during the Christmas season I realize how much I really miss my friend, jazz singer Mel Torme.

Mel knew more about the mixing of cord harmonies than anyone did before or has since. He was the one who taught that art to bandleaders Les Baxter and Artie Shaw, and singers Ginny O'Connor (Henry Mancini's wife), the Hi-Los and the Manhattan Transfer. He's the one who wrote the arrangements for Chico Marx's band when Mel was but a teenager.

And no one sung the songs of Christmas with more interpretive passion than Mel, even though he was Jewish.

Mel's also the one my business colleague of twenty-plus years ago, Carol Todreas, and I tromped on many bitter-cold snowy nights from our Central Park South hotel to a small jazz club on Manhattan's east side called Marty's, to hear him front the George Shearing Trio, in a packed house that held no more than 70.

Marty's was carved out of the first-floor corner of a multi-story parking garage. It was New York City's best kept secret. No way did the owner make any money, and it's for sure Mel and Shearing were working for not much more than a free meal.

But for them it was the perfect gig. For the audience it was the venue of success d'estime.

Mel Torme wrote the tune and most of the words to the Christmas song that goes, "Chestnuts roasting on an open fire; Jack Frost nipping at your nose." And he did it when he was just 22-years old.

The following summer he appeared to a packed house in the Marine Ballroom at Galveston's Pleasure Pier.

And he had one successful appearance after another at the Island's Balinese Room, although his name never seems to be included in the list of the B-Room's star performers - entertainers like Phil Harris, Myron Cohen, Frank Sinatra and the like -- when someone speaks or writes about those days.

Every year symphonies throughout America give their annual Christmas Pops concerts. The houses are always packed. But interestingly, when you look around to see who's in the audience, you would think that every senior citizen within a fifty-mile radius was there, while the young people were obviously somewhere else.

The orchestra plays arrangements of many of the favorites - "Adeste Fideles," "Little Drummer Boy," "Deck the Halls," "O Come All Ye Faithful." and so on.

I remember that one time the vote on my wife, Patty's, and my row was that a Davis/Custer arrangement of Silent Night was the best of the entire performance.

It may have been. But before that, they had played my old friend Mel's song. And I sung along in my head, "Chestnuts roasting on an open fire. Jack Frost nipping at your nose. Yule time carols...."

And that time like every other time, while the orchestra and the rest of the audience moved on in the program, they left me behind, as they always do, to think of Christmases of the past when Mel was still singing his songs, Carol and I were tromping through the Manhattan snow to hear him at Marty's, and all of the members of the Cherry family were still alive and together awaiting the wonderful celebration of Christmas.

Those are all of the reasons in the world for me to miss Mel Torme.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year

214 503-8563

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THE SECRET LISTING - 3405 SAINT JOHNS DRIVE, HIGHLAND PARK

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Tue, 24 Nov 2009 23:31:30 -0600

3405 SAINT JOHNS DRIVE

$1,925,000

Financing Available

Here's the story.

My friends, patent attorney and novel writer, David Tannenbaum, and his wife Mary called about a week ago.

"Bill, we've been living in our townhome in the West End for a year, and we really love living in the dynamic part of Dallas. So we're going to sell our Highland Park home. Stop by and let's get it listed," David said by phone.

Well, the Highland Park home has a swell family as tenants, and no one wants to disturb them during the holidays, so David and Mary asked me not to put the listing on the MLS or a sign in the yard or make a full-blown marketing program for it until after the first of the year.

Now if you know me, you know I don't sit on my hands and do nothing very well, and we're talking about a whole month of that. So I called the residents to see what they thought about a few prospects sneaking a peak.

Ashley told me that she and her husband wouldn't mind if we showed it during the holidays, but she wants me to make double-sure that the prospects are really qualified to purchase it.

So here's where we are on the financing. I have financing arranged for a qualified buyer at 30% down, 6.50% for 30 years. So at the listed price, a purchaser will need $577,500 in cash plus the closing costs.

OK, Active Rain members! You're officially approved to schedule showings before it goes into MLS. You can get the details on my website by clicking here. Call me when you're ready.

3405 SAINT JOHN

$1,925,000

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year

214 503-8563

WEB

TEXAS SALES REPORT

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Tue, 24 Nov 2009 11:41:01 -0600

The Research Center at Texas A&M University accumulates the real estate sales data. Here's their most recent report.

Notice that Dallas has a slightly less supply of inventory than other large Texas cities like Houston, Ft. Worth, Austin, San Antonio. Things are not good in McAllen, Longview-Marshall, San Marcos.

Abilene is recovering quickly now, and Midland appears to be a mixed bag.

Here is how select Texas cities fared in October (data current as of Nov. 24, 2009):

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Abilene	163	up 41%	$97,700	down 26%	5.5
Austin	1,993	up 38%	$179,800	down 5%	6.1
Dallas	4,146	up 12%	$153,000	down 1%	6
Fort Worth	833	up 8%	$112,300	no change	6.5
Houston	5,388	up 14%	$148,000	up 4%	6.4
Longview-Marshall	176	down 6%	$121,500	up 2%	8.9
McAllen	188	down 3%	$101,500	down 7%	13.6
Midland	121	down 6%	$165,500	down 3%	1.8
San Antonio	1,760	up 24%	$138,600	down 4%	7.7
San Marcos	14	up 27%	$150,000	up 5%	9.1
Texas	19,347	up 15%	$143,300	up 1%	6.9

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

OUR 45TH YEAR!

214 503-8563

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HOMECOMING

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Mon, 23 Nov 2009 08:48:48 -0600

This is part of an email I got from my dear friend, Mary Creighton. We became friends almost fifty years ago as students at University of North Texas. She later married the Dean of the Texas Senate, Senator Tom Creighton.

Mary, on the other hand, has devoted her talents and entire career to public education.

I think Mary's report of going to the UNT Homecoming shows what former students can get out of going back to their college home every chance they get.

I went to UNT/Army game on Saturday in Denton. First football game I have attended in five years. It was a good game. Fun to see all the mean green fans and the West Point (Army) fans.

I had split ties with the game as my son Clayton and his wife were both graduates of West Point and Michelle and I were graduates of UNT. So I just yelled for everybody.

The band was great. The dancers and cheerleaders were awesome.

But the most impressive parts I found were the pre-ceremony honoring of veterans and recognizing some of the Ft. Hood people who helped those injured needlessly by that idiot. Also, at half-time, they had UNT ROTC students who were to complete their studies in December to be given their commission by the visiting general and superintendent of West Point. Very patriotic day.

I also had my son Lee in the crowd and he had just returned from Afghanistan so that was special to me.

Do you ever go to your school's homecomings? How about class reunions -- high school or college?

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year!

214 503-8563

WEB

HOW TO UNDERWRITE A LOAN - '60s STYLE

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Sun, 22 Nov 2009 18:28:28 -0600

From the time I graduated from college until at least five years after completing graduate school, I was a banker. In fact, I drifted into being a real estate loan officer.

Carey Mayfield was an attorney as well as the president of the first bank I worked in. Within twenty minutes he taught me how to underwrite a real estate loan.

"Take the application, accumulate the stuff the bank examiners are going to insist on, then sit back, look the guy in the eye and ask him, 'Are you going to pay us back?' Watch his face carefully and listen to how he responds. If you believe him, make the loan. You don't need a loan committee's help."

I used that method for all of the years I made loans. And my delinquency ratio was a teeny bit on the positive side of zero.

Isn't it odd that had the lending industries insisted on the loan officers following the Mayfield Principal, chances are most of the bad stuff wouldn't have happened?

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year!

214 503-8563

WEB

THE VOCAL MAJORITY - CHRISTMAS PERFORMANCE 2009

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Sun, 22 Nov 2009 17:45:14 -0600

The

The zillion member Dallas men's chorus known as THE VOCAL MAJORITY is one of the city's prize possessions. They've been entertaining here for years. The Christmas Show 2009 at the Eisman Center for the Performing Arts in Richardson will be staged on December 3rd and 4th and on December 16th.

Tickets can be ordered at 972 244-4650.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Our 45th Year!

214 503-8563

WEB

CONDO CAROL -- THE SOLUTION TO FAILING RESIDENTIAL DEVELOPMENTS

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Wed, 11 Nov 2009 22:52:25 -0600

<<======Carol M. Smith, Praxis Real Estate Advisers, Atlanta.

This is my friend of at least thirty years, Carol M. Smith. She is a remarkable residential real estate marketeer, having worked for and understudied the great Charlie Williams (RIP), President of Dallas' Sales Street Group.

Williams and his marketing brainy staff specialized in turning around failed subdivisions for main-stream developers like Fox and Jacobs, for an example.

I was vice president of residential development for a Houston company, Columbia Communities, when I first met Charlie and Carol. And we met because Columbia desperately needed their services.

You see, we had begun a financially huge waterfront development in an area of the country we simply didn't understand. It looked to us like the market hated us.

So we were stuck with a big inventory that wasn't selling. We're talking about millions of dollars worth. What to do, and do fast! We got wind of Sales Street Group and its remarkable Charlie Williams and Carol Smith. We rolled the dice and retained them.

Within a few months. Sales Street Group's manager of our account, Carol Smith, had taught us how to turn our development from failure to success. And from that, we learned to keep Sales Street Group on retainer, so that our future developments could be assured of starting out successful.

Today, Carol lives and works out of Atlanta. Her firm is called Praxis Real Estate Advisers. And she has bailed so many condominium projects out of trouble throughout New York, Atlanta and Florida that her clients have given her the name -- CONDO CAROL, and it has stuck.

In fact her email address is Carol@Condocarol.com.

I'm passing this important source on to you. You're likely to be involved in or know of a residential real estate project that, if it hasn't already, stands a chance of crashing and burning. You'd do your clients a favor by retaining Condo Carol (Praxis Real Estate Advisers) to get it back on course. I might even come along to help.

By the way, Carol is a licensed broker in New York, Georgia and Florida.

Did Carol ask me to write this? Of course not, and I don't plan to tell her that I did.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Since 1964

214 503-8563

WEB

Bank of America -- Another Scam Artist at Work

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Wed, 11 Nov 2009 20:33:39 -0600

I get this email "letter" every couple of weeks.

Dear customer

We regret to inform you that your Bank of America Online Account
has been temporarily suspended.
Your account has been suspended after too many failed login
attempts have been made. This is most likely an attempt to gain
unauthorized access to your account and/or personal information.

To resolve this problem we have attached a form to this email.
Please download the form, open it and follow the instructions on
your screen.

Bank of America, Member FDIC
©2009 Bank of America Corporation. All Rights Reserved.

I have never had an account with Bank of America, so obviously it's part of a scam.

What I don't understand is why this kind of stuff can't be stopped, and the people who do it chraged and prosecuted?

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Since 1964

214 503-8563

web

NEW TAX CREDIT RULES: $8,000 AND $6,500

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Mon, 09 Nov 2009 06:33:10 -0600

There's good news for two catagories of home buyers:

The $8,000 first-time homebuyer tax credit has been extended.
There's now a $6,500 tax credit for anyone who buys a home and who has lived in their crrent home for any five consecutive years of the past eight years.

The old version of the tax credit was set to expire at the end of November, and the old version did nothing to stimulate home owners who wanted to sell their current home and move-up to a more expensive one.

The new rule will also give additional incentive to those who wish to move to other parts of the country, perhaps for another job or for retirement. And then there are those who really want to downsize now that their children are no longer living at home.

At Bill Cherry, Realtors, we are happy to assist you in finding a home, whether you qualify for one of these new tax breaks or not. But with these incentives, it is an especially good time, in our opinion, to buy your first home, or to sell your existing home and move to another.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

SINCE 1964

214 503-8563

WEB

The New Pastor -- Congregation Said Yes, FHA Said No

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Sat, 07 Nov 2009 15:14:25 -0600

My friend has been in the mortgage banking business for many years. In fact, he's been president of this-and-that mortgage banking association.

Here's his latest story:

A young pastor accepted the call of one of the enduring longtime medium churches here in Dallas. And it's associated with one of the major denominations.

Of course his wife and children came with him.

Now after 21 months of searching the real estate market, they found the home that would suit their family just fine -- near the church, near the wife's employment, and a stone's throw from the church-affiliated school they picked for the children to attend.

So the plan was to apply for and get an 80% FHA home loan. You know the ones that have rates of less than 5.50% for thirty years; the ones that if you haven't owned a home in three years, the government will give you an $8,000 tax credit.

Well all was going fine until the underwriter was checking out the couple's employment. The pastor had come to Dallas several months before his wife and children were able to move.

So even with a down payment of 20%, $20,000 more in cash left over in their savings account, the loan was denied. You see, they wouldn't count the wife's income because she had only been employed in Dallas for twenty-one months. They wanted her to show a full two years.

Explain to me how making a home loan to this couple was anything more than a minimal risk.

Can't do it...

But this and countless other examples of government over-kill is why this economy is in shambles and why lenders are taking back homes by the thousands.

Does the National Association of Realtors have lobbyist? Do they ever lobby anything? Or is their job to collect dues and dream up and print little brochures that they can sell the membership to give to potential buyers and sellers?

BILL CHERRY, REALTORS

Since 1964

DALLAS - HIGHLAND PARK

214 503-8563

WEB

IT'S ONE TIME AN OLD REALTOR IS A BEAUTIFUL REALTOR ......

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Fri, 06 Nov 2009 10:22:30 -0600

REALTOR BILL CHERRY

LEARN WHY HOMES DON'T SELL
________________________________________

REMEMBER THOSE BIG ADS BRAGGING ABOUT THEIR SALES?

Many of those who ran the big braggadocios ads about their real estate sales expertise have evaporated into thin air.

THEY'RE GONE...OUT OF BUSINESS!

You see, in reality their real estate prowess was nothing more than their own aberration. Anybody could sell homes back then, for goodness sakes.

BUT EVEN THEN, THE MAJORITY NEVER SOLD MORE THAN 10 HOMES IN THEIR ENTIRE CAREERS!

Now it's time to go back to using Old Faithfuls when you need a Realtor.

I'VE SOLD THOUSANDS! BEEN AT IT FOR 45 YEARS! SO WHO DO YOU WANT TO REPRESENT YOU?

Hands down, the most HANDS ON Realtor serving Dallas. Our Comparative Market Analyses are both free and reliable. We usually sell our listings in just 45 days!

SO HERE'S HOW YOU CAN LEARN WHY HOMES DON'T SELL!

Call or email for our CD titled "A REALTOR'S SECRET WEAPONS!" It's free, there's no obligation, and I'm holding a copy for you. CALL 214 503-8563 OR EMAIL cherrysells@aol.com and merely leave your name and address with my assistant. No salesman will call you unless you specifically request it.

Since 1964.
BILL CHERRY, REALTORS
9936 Windlake Circle, Dallas 75238
214 503-8563
FAX 214 666-9985

http://www.billcherryrealtor.com
http://www.eons.com/blogs/entry/514834-BILL-CHERRY-BIOGRAPHY

Biography selected by the editors of Marquis Publishing Co. for inclusion in the prestigious - WHO'S WHO IN AMERICA, WHO'S WHO IN BUSINESS AND FINANCE, & WHO'S WHO IN THE WORLD and of course, WHO'S WHO IN U.S. REAL ESTATE.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

SINCE 1964

214 503-8563

Local, competent and banker are.....

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Wed, 04 Nov 2009 13:40:18 -0600

"Local, competent and banker are three words that should not be used in the same sentence. Businesses, governments, and schools work best that are governed closest to home. Restoring local accountability to these entities upon which we depend would solve many of our national problems."

A note from my friend, James N. Mayfield.

AN INTERESTING FORMULA FOR MAKING A CHURCH STRONG AGAIN.

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Mon, 02 Nov 2009 08:13:37 -0600

If you'll recall, Christian churches and Jewish synagogues, have pushed as one of the primary factors of staying right with God, the biblical requirement called tithing.

In the main, tithing is founded in the concept that everything we have was the result of a gift from God; therefore, we should give back at lt least 10% of it to the furthering of His work on earth.

Ministers, priests and rabbis take time at least once a year to remind their congregants that they need to be regular contributors, and that, while the church or synagogue will gladly take whatever amount the member chooses to give, in reality they expect you to tithe,

But here's the missing ingredient. For whatever the reason, church officials, in the main, have never pushed the concept that members should first try to do business with each other before they employ the services of those outside of the church's membership.

Supporting those with the same beliefs as yours has enormous merit, starting with that it builds the value of your membership in the church.

Years ago, my church needed to raise a sizable amount fast. Its big pipe organ had been seriously damaged by a Galveston hurricane. So, I took on the task of being the head of the committee that would raise the money as well as find the organ designer and builder.

The hardest part was going to be raising the money. While it had been in the past, the church was no longer one that had many wealthy members.

So I came up with an idea: For every piece of real estate my company sells that involve a member of the church or member of his family, we will contribute 10% over and above my personal contributions, to the church's organ fund.

By example, we got the other business owners and the insurance salesmen, car salesmen, doctors, etc., to agree to follow suit.

We raised the money in record time, and we even had sufficient funds left over to add an exciting rank of pipes known as trumpets en chamade (which I may have misspelled here).

The excitement this campaign brought to the church was electrifying, and the attendence reached dramatic new records.

Nevertheless, as soon as the organ was built and installed, the parish saw no reason to encourage the continuance of special tithe campaigns. Attendence went back to about where it had been and the church facilities resumed their aging and tired look because of lack of money.

Many churches find membership dropping, facilities wearing out, church member fellowship waining. I submit that programs like the one we used to raise funds for our new church organ can go a long way toward reversing those trends.

And it's the perfect place for Realtors to make a difference and be in sync with the Lord.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

SINCE 1964

214 503-8563

WEB

WATCH WHOM YOU IDENTIFY AS YOUR CLIENT

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Fri, 30 Oct 2009 23:39:55 -0500

Some Active Rain friends that you surely know, too, are good about sending referrals to me. And what makes it even more interesting is that they pick me, an independent, over someone within their franchise's referral network.

Of course I'm complimented. But I also know that their choice comes from their experience with others when contrasted to their experience with me.

They know I will always understand and respect that the client is not my client, but theirs. I'm merely a straw party who's taking their place since they are far away.
They know I am competent; that I've been in business for many years; and they know that my reputation as a Realtor is and always has been excellent.
They know I will keep them informed as to the progress, and ask them for their counsel when it will help me represent their client.
And finally, they know that the day the transaction closes, I will instruct the title company to send them their referral fee at the same time the title company disburses my check. None of this stuff of sending it to them when I get around to it,

What is often overlooked is simply understanding who's your client. The referral from you to me never becomes my client. He's your client from beginning to end. I'm filling in for you.

Here's another example: When I open escrow for my clients at a title company, oft times the escrow officer will begin calling the party their client. Nothing could be further from the truth. I'm the one that's the title company's client. Without me, it's reasonable to assume there might not have been a sale, much less that escrow would have been opened in that title company's office.

Last week, a well-known title office here in Dallas forgot who brought them to the dance. It was the second time they had done that. So I pulled my new files, and I won't be closing there anymore unless a client specifically requests it.

So what's my message? No matter where you and your services fit in a particular real estate transaction, it's important to know whose client you're serving, and to honor that relationship almost to a fault.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

SINCE 1964

214 503-8563

On the Web

Why the Mortgage Loan Business Is in Shambles.

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Sun, 25 Oct 2009 14:19:51 -0500

Here's a note I got yesterday from a friend of mine who was in the morgtgage business and decided it was time to retire.

"One of my best friends who is independently wealthy couldn't get a regular rate 2 years ago even though it was free for all because even though he could show more just in cash assets than the house he was buying was worth and he was putting down 20%, he didn't have credit scores due to not enough credit.

"He had one credit card which he paid off every month and had paid cash for his previous 2 homes, had a condo in Mexico that was free and clear, and he was within the ratios.

"No scores means no credit at current rates. He ended up having to get the loan on a niche program at 7.25 and that was with me cutting as much as I could! He wanted the loan to start getting credit in case he needed to get loans for his kids when they go to college. So much for that strategy!

"It the utmost example of the Peter Principal in practice! The Principal is alive and well and living in the mortgage business!"

SO THE QUESTION IS, WHERE IS THE NAR LOBBYIST? WHERE IS THE MORTGAGE BANKING LOBBYIST?

BILL CHERRY, REALTORS

SINCE 1964

DALLAS-HIGHLAND PARK

214 503-8563

WEB

A CLIENT TELLS HIS STORY OF TODAY'S LENDING PRACTICES

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Fri, 23 Oct 2009 14:06:12 -0500

I suppose it's because I've been in business for a long time, that I write for several regional publications, and am active in civic work and my church, I hear from lots of people.

Frankly, the current mortgage loan underwriting standards and how they are being dictated is a total nightmare, and it is causing many, many well-qualified people misery.

For an example, I just had a loan officer call and tell me that the underwriter wants a corporate resolution stating that my client doesn't own stock in a particular corporation. I screamed before I thought, "That isn't the purpose of corporate resolutions! Have I got to teach your company the rudiments of corporations and how they work?

"You need a notarized statement from a corporate officer where he certifies that he has access to the company records (stock registry) and that those records show no common or preferred stock registered in tha person's name. And what good does it do anyway? The person could have owned stock yesterday, sold it this morning, and can buy stock again tomorrow."

Here's an interesting note I just got from another friend:

"Our daughter and son-in-law begin new jobs in Minneapolis In January. They both completed their Ph.D. programs at USC, are veterans, and have great credit with virtually no debt. They just executed a super contract on a great place at a great price that is within their budget. Unfortunately, they are in the loan process, and I am amazed at what they are facing. Bankers (commercial, investment, and mortgage banks) and those who regulate and support them are my Public Enemy #1."

I agree. This industry has become Public Enemy #1.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

Since 1964

214 503-8563

WEB

MESSAGE FROM THE JEWS TO G-D

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Fri, 23 Oct 2009 13:52:49 -0500

A rabbi's son sent me this. It's not only clever but a good review of parts of the Old Testament.

FROM: The Jews

SUBJ: Termination of Our Special Status as The Chosen People

===================================================
As you are aware, the contract made between you and Abraham is up for renewal, and this memorandum is to advise you that after, yea, those many millennia of consideration, we've decided not to renew.

We should point out immediately that there is nothing in writing and, contrary to popular beliefs, we have not really benefited too much from this arrangement.

If you go back to the early years of our arrangement, it definitely started off on the wrong footing. Not only was Israel and Judea invaded almost every year, but we went to enormous expense to erect, not one but two Temples and they were both destroyed. Of course, you know all this, but we feel it's a good thing to account for all the reasons we wish to terminate the contract.

After the Hittites, Assyrians, etc., not only were we beaten up almost daily, but then we were sold off as slaves to Egypt (of all countries), and really lost a few hundred years of development.

Now we realize that you went to a great deal of trouble to send Moses to lead us out of Egypt; and those poor Egyptian buggers were smitten with all those plagues. But, reflecting on those years, we are at a loss to understand why it took almost 40 years to make a trip that El Al now does in 45 minutes.

Also, while not appearing to be ungrateful, Moses did lead us to the left instead of to the right at Sinai! To the only place in the Middle East without any oil. And with water that is controlled by Jordan and Syria.

Oy, if only he had stopped to ask directions. OK, so the mineral rights were not a part of the deal, but then the Romans came and we were really up to our necks in dreck.

While it's true the Romans did give us water fit to drink, aqueducts, and baths, it was very disconcerting to walk down one of the vias, look up, and see one of your friends or family nailed to a three-by-four looking for all the world like a sign post.

Even one of our princes, Judah ben Hur, got caught up with Roman stuff and drove like a crazy man around the Coliseum! It's a funny thing, but many people swore that Ben Hur had an uncanny resemblance to Moses -- go figure.

Then, of all things, one of our most up-and-coming carpenters (he did great work, real cheap) declared himself your son (there was nothing said like this about Abe) and before we knew what was what, a whole new religion sprang up.

To add insult to injury, we were dispersed all over the world two or three times while this new goy (oops, guy) really caught on. We were truly sorry to hear that the Romans executed him like so many others, but -- and this will make you laugh -- once again we were blamed.

Couldn't someone else be chosen, maybe just once?

Now here's something we really don't understand. That guy, Jesus Christ, really came into his own. Millions of people revered and worshipped his name and scriptures -- and still killed us by the millions. They claimed we drank the blood of newborn infants, controlled the world banks, operated the world's media, etc. Are we beginning to make our point here?

So let's fast forward a few hundred years to the Crusades. Hoo Boy! Again, we were caught in the middle. They, the Lords and Knights, came from all over Europe to smack the Arabs and open up the holy places, but before we knew what hit us, they were killing us along with everyone else. Every time a King or a Pope was down in the opinion polls, they called for a Crusade or Holy War (today they're called a Jihad), and went on a killing rampage in our land.

So, you tested us a little here and there, but some bright cleric in Spain came up with the Inquisition. We all thought it was a new game show, but once again we and quite a few others were used as firewood for a whole new street lighting arrangement in major Spanish cities. All right, that ended after about a hundred years or so -- in the great scheme of things not a long time.

But every time we settled down in one country or another, they kicked us out. We wandered around a few hundred years or so, but it never changed. Finally we settled in a few countries, but they insisted we all live in ghettos, while the Russians came up with Pogroms. We all thought they made a spelling mistake and misspelled "programs," but we were dead wrong (very dead wrong). Apparently, when there was nothing else to occupy their time, killing Jews was the in thing to do.

Now comes the really tough noogies. We were doing quite well, thank you, in a small European country called Germany, when some housepainter wrote a book, said a few things that caught on and became their leader. Oh boy! What a bad day that was for us -- your Chosen People (by now, you must be getting the drift of this e-mail?). We really didn't know where you were in the earth years 1933 to 1945. We know everyone needs a break now and then; even the Lord God Almighty needs some time off.

But, when we needed you most, you were never around. You are probably aware of this, but if you have forgotten, over six million of your Chosen People, along with millions un-chosen others were murdered in cold blood. They even made lampshades out of our skins! Look, we don't want to dwell on the past, but it gets
worse.

Here we are, it's 1948, and millions of us are displaced again, when you really pull a fast one. We finally get our own land back! Yes, after all these years, you arrange for us to go back. Then all the Arab countries immediately declare war on us. We have to tell you that sometimes your sense of humour eludes us.

So, we win all the wars, and we're now in a new century, but nothing's changed. We keep getting blown up, hijacked and kidnapped. We have no peace whatsoever.

Enough is enough. We hope you understand that nothing's forever (except you, of course), and we respectfully would like to pull out of our verbal agreement vis a vis being your Chosen People.. Look, sometimes things work out, sometimes they don't. Let's be friends over the next few eons and see what happens.

Meanwhile, how about this idea? We're sure you recall that Abraham had a whole other family from Ishmael (the ones who got the oil).

How about making them your chosen people for a few thousand years?

Respectfully yours,
The Jews

GUESS WHAT, HOME INSPECTORS -- FROM NOW ON YOU NEED MY APPROVAL

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Sat, 17 Oct 2009 08:58:30 -0500

What seems like only a few years ago, but was probably longer, the State of Texas Real Estate Commission did a very bright thing: It instituted a license requirement for a new category called Home Inspectors.

Prior to that, prospective home buyers would drag about anyone who had ever held a hammer in his hands, to look at their purchase to determine if there were needed repairs. On top of that, clients often thought their agent should provide them personal expert opinions about the home's condition, when we had no formal training to do so.

Bad feelings and law suits were always on the tight rope ready to fall.

But what has evolved is a serious number of Licensed Home Inspectors whose verbosity, especially in areas where they have no expertise at all, cause massive problems to all of the parties.

In Texas, for an example, you can no longer pour or set a foundation that has not been designed by a licensed engineer or licensed architect. And before the house can be framed, the foundation must be inspected and stamped as compliant.

This one change in the law has made a significant difference, for an example, in Dallas, a town that has had an over supply of foundation failures throughout the years. As Tom Tynan, an architect, says, the failures were primarily caused by improperly designed and engineered foundations, not by what they were sitting on.

But now we have a multitude of Licensed Home Inspectors, who are not structural engineers or architects, who are opining that a particular foundation looks to have problems. And everyone knows when you say those two words -- foundation and problems -- adjacent to each other, your deal is probably going to "go south."

The inspector has just made a total train wreck out of what should have been a solid real estate transaction, and he got paid to do it.

So I'm tired of all of this, even to the point that I wrote the commission and the commissioners last year, giving them specific examples of reports that, when reviewed on site by an architect or engineer, were stated to be totally incorrect.

No one with the commission responded to my letter and examples. And I've just had another deal fall apart because the buyer believed his inspector's opinion over that of the structural engineer.

So I have a new rule, and I'm positive I can make it stick. No Licensed Inspector is going to represent my clients -- whether buying or selling -- who isn't on my approved list. If you want to add one to my list, fine...you can after I check his references with agents who have worked with him.

Maybe others, including sellers themselves, will follow suit.

Meanwhile, I'm packing up all of the documents related to my latest misfortune, and sending them with a formal complaint to the Commission. Perhaps one day they'll see a trend here.

BILL CHERRY, REALTORS

DALLAS-HIGHLAND PARK

SINCE 1964

214 503-8563

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YOU KNOW YOU MAY BE TALIBAN IF.....

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Fri, 16 Oct 2009 14:40:19 -0500

Legendary '60s disc jockey, Chuck Dunaway, sent me this. It's worth sharing:

You may be Taliban if:

1. You refine heroin for a living, but you have a moral objection to beer.
2. You own a $3,000 machine gun and $5,000 rocket launcher, but you can't afford shoes.
3. You have more wives than teeth.
4. You wipe your butt with your bare hand, but consider bacon "unclean."
5. You think vests come in two styles: bullet-proof and suicide.
6. You can't think of anyone you haven't declared Jihad against.
7. You consider television dangerous, but routinely carry explosives in your clothing.
8. You were amazed to discover that cell phones have uses other than setting off roadside bombs.
9. You have nothing against women and think every man should own at least one.
10. You've always had a crush on your neighbor's goat.

IF YOU WERE A REALTOR AND THE GOVERNMENT WERE YOUR CLIENT....

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Wed, 14 Oct 2009 16:46:03 -0500

and your commission on your first deal was a BILLION DOLLARS. Here's how to comprehend its value:

A billion seconds ago it was 1959.

B.
A billion minutes ago Jesus was alive.

C.
A billion hours ago our ancestors were
living in the Stone Age.

D.
A billion days ago no-one walked on the earth on two feet.

E.
A billion dollars ago was only
8 hours and 20 minutes,
at the rate our government
is spending it.

While this thought is still fresh in our brain...
let's take a look at New Orleans ..
It's amazing what you can learn with some simple division.

Louisiana Senator,
Mary Landrieu (D)
is presently asking Congress for
250 BILLION DOLLARS
to rebuild New Orleans . Interesting number...
what does it mean?

A.
Well... if you are one of the 484,674 residents of New Orleans
(every man, woman, and child)
you each get $516,528.

B.
Or... if you have one of the 188,251 homes in
New Orleans , your home gets $1,329,787.

C.
Or... if you are a family of four...
your family gets $2,066,012.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

SINCE 1964

214 503-8563

On the Web

DOING BUSINESS WITH ATTORNEYS - NOT IN THIS CASE.

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Thu, 08 Oct 2009 23:52:02 -0500

At least thirty years ago, my Houston business partner and I were in the business of converting large homes into apartments -- duplexes, triplexes and the like. We did extremely well.

Our clientele was primarily comprised of young professionals. We referred to them as the avaunt garde. They weren't ready for home ownership, and they wanted to live near downtown and near the restaurants, bars, nightclubs, art galleries and the like.

Our properties were in great demand, and they always commanded higher rents than standard garden apartments.

But it didn't take us long to find out that leasing to attorneys was often a bad idea. They took their lease as a challange to see how they could tight rope the provisions to keep from falling into the fire of default. As tenants, most of them were nightmares. They required enormous amounts of our staff time.

They'd pay late, for an example, and many would do their best to get evicted rather than pay the last couple of months of their rent when they were ready to move. The Justices of the Peace would more often than not rule that we had to compromise on what was owed us. IF it was three months, for an example, the judge would insist that we forgive at least a month's rent.

We grew to hate attorneys. Finally, my partner said, "Let's stop renting to attorneys starting right now," so we did. And it was great fun. When one of them would fill out our leasing application and list his profession as "attorney," our leasing manager would say, "I'm sorry, we don't lease to attorneys."

Of course they'd hit the ceiling, and begin their mumbo jumbo as to why the law required that we not discriminate against them. Our stock answer was, "The classification to which you are a member is known as "attorney." The law does not allow us to discriminate against people because of their race, creed or national origin. Until attorney is added, we don't lease to them."

I hadn't thought about that in recent years. A current business situation reminded me of our former good judgement.

SCARY NEW HOME VALUATION CODE OF CONDUCT REGULATIONS PROPOSED

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Thu, 08 Oct 2009 10:08:40 -0500

Without being invited, the federal government has been busy working toward more home sale and mortgage rules and regulations.

When stuff like this happens, I often wonder why the National Association of Realtors and its huge membership isn't in their pitching a fit. We certainly ought to be able to carry more weight in matters like this because of our expertise.

Instead, we have people who know very little about our business working to tell us how it would be better run.

In this case, with the new energy savings requirement, how will most of America sell its homes?

Bob Gray, Jr., who is one of my mortgage broker friends, sent me an analysis of what these new rules will mean to us. I can't offer that analysis to you here since it is copyrighted, but I can give you the proposed bill for you to look at yourself.

And I suggest you do it, and that you express your opinion, whether for or against.

http://www.govtrack.us/congress/billtext.xpd?bill=h111-2454. If this link does not work, google search for H.R. 2454.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

214 503-8563

ON THE WEB

　Our 45th Year Selling Americans Their Homes

NEOLOGISMS -- A SUBJECT THAT HAS NOTHING WHATSOEVER TO DO WITH REAL ESTATE

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Wed, 07 Oct 2009 17:22:44 -0500

Once again, The Washington Post has published the winning submissions to its
yearly neologism contest, in which readers are asked to supply alternative
meanings for common words.

The winners are:

1. Coffee (n.), the person upon whom one coughs.

2. Flabbergasted (adj.), appalled over how much weight you have gained.

3. Abdicate (v.), to give up all hope of ever having a flat stomach.

4. Esplanade (v.), to attempt an explanation while drunk.

5. Willy-nilly - (Censored)

6. Negligent (adj.), describes a condition in which you absentmindedly
answer the door in your nightgown.

7. Lymph (v.), to walk with a lisp.

8. Gargoyle (n), olive-flavored mouthwash.

9. Flatulence (n.) emergency vehicle that picks you up after you are
run over by a steamroller.

10. Balderdash (n.), a rapidly receding hairline.

11. Testicle (n.), a humorous question on an exam.

12. Rectitude (n.), the formal, dignified bearing adopted by proctologists.

13. Pokemon (n), a Rastafarian proctologist.

14. Oyster (n.), a person who sprinkles his conversation with Yiddishisms.

15. Frisbeetarianism (n.), (back by popular demand): The belief that,
when you die, your soul flies up onto the roof and gets stuck there.

16. Circumvent (n.), an opening in the front of boxer shorts worn by
Jewish men.

The Washington Post's Style Invitational also asked readers to take
any word from the dictionary, alter it by adding, subtracting, or
changing one letter, and supply a new definition.
Here are this year's winners:

1. Bozone (n.): The substance surrounding stupid people that stops
bright ideas from penetrating. The bozone layer, unfortunately, shows
little sign of breaking down in the near future.

3. Cashtration (n.): The act of buying a house, which renders the
subject financially impotent for an indefinite period.

4. Giraffiti (n): Vandalism spray-painted very, very high.

5. Sarchasm (n): The gulf between the author of sarcastic wit and the
person who doesn't get it.

6. Inoculatte (v): To take coffee intravenously when you are running late.

7. Hipatitis (n): Terminal coolness.

8. Osteopornosis (n): A degenerate disease. (This one got extra credit.)

9. Karmageddon (n): its like, when everybody is sending off all these
really bad vibes, right? And then, like, the Earth explodes and it's
like, a serious bummer.

10. Decafalon (n.): The grueling event of getting through the day
consuming only things that are good for you.

11. Glibido (v): All talk and no action.

12. Dopeler effect (n): The tendency of stupid ideas to seem smarter
when they come at you rapidly.

13. Arachnoleptic fit (n..): The frantic dance performed just after
you've accidentally walked through a spider web.

14. Beelzebug (n.): Satan in the form of a mosquito that gets into
your bedroom at three in the morning and cannot be cast out.

15. Caterpallor (n.): The color you turn after finding half a grub in
the fruit you're eating.

And the pick of the literature:

16. Ignoranus (n): A person who's both stupid and a butt.

BILL CHERRY, REALTORS

DALLAS-HIGHLAND PARK

214 5-3-8563

ON THE WEB

OUR 45TH YEAR SELLING AMERICA!

THE BIG HURT

BILL CHERRY (BILL CHERRY, REALTORS - DALLAS) — Sun, 04 Oct 2009 22:57:35 -0500

THE BIG HURT

By Bill Cherry, Realtor

I don't know who had chosen which records would be among the 100 on the Seeburg Selectomatic jukebox with the neon-style lights that added the only tinge of brightness in the teeny night club, but it didn't matter, really.

Because out of the 100 possibilities that were in the jukebox's record slots, five had inadvertently been found that the clientele would play over and over again, almost always ignoring the rest.

The favorite one was sung by a one-tune wonder named Toni Fisher. And even though it had come out in 1959, seven years later it remained Number 1 on the Metropole Club Hit Parade, six plays in succession for a quarter. Its title was "The Big Hurt." It went like this:

Now it begins, now that you've gone

Needles and pins, twilight till dawn
Watching that clock till you return
Lighting that torch and watching it burn

The Metropole Club in Galveston was no more than 15 feet wide by 50 feet long. There was a bar on the right with about 12 stools. Along the other wall, front to back, were leatherette overstuffed chairs and a couple of loveseats.

Next was the Seeburg jukebox.

At that point, an archway separated the front portion from the back where there was a small dance floor surrounded by a series of tables for two and a spinet piano.

Around the dance floor's walls were little wooden lockers where members of the Metropole kept their own individual bottles of liquor.

The club's owner, president, manager and bartender was Dorothy Graham, a holdover from the days of slot machines, and the all night debauchery that Galveston had been famous for as recently as ten years before.

Next door to the Metropole Club was the Busy Bee Cleaners, owned by Ed Wheeler, who was also Miss Dorothy's landlord.

Miss Dorothy would open the Metropole Club each morning just before noon, and she would try to abide by the law that required her to close no later than midnight.

But if the place was jumping and she was partying with the others, she would oft times run over into the wee hours of the morning.

The Liquor Control Board didn't seem to care enough to catch her.

A number of Miss Dorothy's regulars were doctors. Of those, two or three were on the staff at John Sealy Hospital, and the others, St. Mary's Infirmary.

Four of them would come in together about seven each evening, begin buying each other drinks, and then the one of them who was called "Dr. B" would make a bee-line to the spinet piano to play his theme song, "The Sweetheart of Sigma Chi," with a banging segue and extreme rhythm change into "When the Saints Go Marching In."

Others customers came and went, but these four doctors usually stayed late, playing, singing and drinking.

One night when the four rang the doorbell, one of the regular customers did the peeking and admitting. Miss Dorothy was asleep on one of the loveseats.

That hadn't stopped the customers from making their own drinks, ringing up their purchases and listening to "The Big Hurt."

Someone said to the doctors that Miss Dorothy was not feeling well, and had been on the loveseat for at least several hours.

Dr. B felt her forehead and proclaimed she was OK, that she just had a bad cold. Miss Dorothy didn't move or open an eyelid.

Dr. B went to the spinet and started banging out his "Sweetheart of Sigma Chi"--"When the Saints Go Marching In" medley, drowning out Toni Fisher's "The Big Hurt."

The next night when the doctors arrived, again they were greeted by a customer when they rang the doorbell. Miss Dorothy was still asleep on the loveseat.

Since she had on the same clothes, it was fairly certain that she had been there since the previous night.

One of the doctors went behind the bar to fix the four their toddies. Dr. B. glanced at Miss Dorothy on his way to the piano. Miss Dorothy didn't open an eye. Toni Fisher was warbling. "The Sweetheart of Sigma Chi" began.

On the third night, everything was the same as before. And Miss Dorothy was still lying asleep on the loveseat.

But this time, Miss Edna, one of Miss Dorothy's friends and a customer said to the medical four, "I'm very worried about her. I've been waiting for you to come in. Could one of you examiner her and maybe give her a shot of penicillin? I think she should be in the hospital."

Dr. B and the boys walked over, stood above Miss Dorothy and proclaimed that she just had the bug that was going around.

"She'll be fine in a few days. She can take aspirin if she wants. It might make her feel a bit better," Dr. B said, now on his way to the piano.

Toni Fisher continued to sing.

Oh, each time you go
I try to pretend
It's over at last
This time the big hurt will end

The next morning Mr. Ed, Miss Dorothy's landlord, noticed that her little Mercury was in the same parking spot where it had been for the past four days. It was three hours before the time she usually arrived. He decided to investigate.

The Metropole Club's door unlocked, so he went in. Miss Dorothy was stretched out on the loveseat. Mr. Ed was shocked. He called for an ambulance. Later that day Miss Dorothy died.

That evening the doctors moved their activities to a neighborhood bar that was nearer to John Sealy and St. Mary's. Toni Fisher and "The Big Hurt" and the memory of Miss Dorothy stayed behind at the Metropole Club.

BILL CHERRY, REALTORS

DALLAS - HIGHLAND PARK

214 503-8563

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