Karen Stanley, DMD, MBA, CRIS, TRC, ePRO's Blog

Stressed about house payments

Fri, 21 Aug 2009 00:53:27 -0500

Don't suffer alone. There is help.

Compassionate help for homeowners who can't sell because there home is worth less than the loan pluse costs to sell, and can't keep up making the house peyments because of a change in your finances (either decreased income or increased expenses).

Contact Karen@KarenStanleyRealty.com to find answers to your questions and help getting through a difficult, if not impossible situation!

Fight the new Appraisal Laws that hurt our customers and our industry!

Fri, 12 Jun 2009 03:31:46 -0500

And we need your input and vote!

Here are some excerpts from one of my lenders that will point you in a quick direction to make a difference.

The new HVCC law that now requires appraisals to be ordered through third party vendors and these third party vendors are allowed to skim as much as they desire from the appraisal and some are as much as 50%-70%! This new law is making the appraisal companies guarantee value for a period of time- which should be impossible but if they come in with a low enough value they are covering their butt.

Also the law now requires 3 days of waiting prior to ordering docs- not like we needed to add another 3 days to a transaction. This is one of those laws that was implemented as a knee jerk reaction to a problem.

Many of you, like myself, have already seen lousy service, unnecesary delays in getting appraisals, and are aware that these companies contribute nothing -- nothing except problems - to our industry while they often take half of the fee from our appraisers. We need this like a hole in the head and it's all just because there were a few bad applies that they are penalizing and screwing up the whole industry. So please take a quick moment to go jot your brief opinion on this form that will quickly and easily submit it for you!

Go to http://www.hvccpetition.com/ and help fight this one.

Warm regards,

Karen Stanley

Recourse or Non-recourse loans

Wed, 18 Mar 2009 02:42:41 -0500

I have a question:

I have a loan processor for Wells Fargo Home Equity (the second) who is snarlier than most. He is tellingme that he doesn't even know if the loan is recourse or non-recourse. I'm assuming the easiest way to find out is to ask the seller to pull out their original loan papers and take a look.

Number one I think he is just BSing me that he doesn't know that as he can't really act in his client's best interest as a negotiator if he doesn't know their BATNA (Best Alternative To A Negotiated Agreement) But if the negotiator doesn't know that and he is refusing to take any offers to their client for a decision is he just playing stonewalling with this hard ball techniqute and completely obstructing any possible positve outcome? BTW this is one that is beating really hard that the realtors need to cut their commision in half and doesn't give a hoot what the new Fannie Mae instructions say.

The only thing I've been able to do is remind him that the foreclosure is this Friday and he's likley just lost money for his client, and is contributing to a cascade of damages, including but not limited to damaged the property values, and impairing the local school tax base.

Thanks for the opportunity to express myself and more clearly the question(s) are:

He's got to be kidding that he doesn't know if the loan is recourse or non-recourse-right?

Any ideas how to break through this standoff?

If the seller can't find their loan papers, what do you think would be the easiest way to determine if it is recourse or not?

And I'm thinking of trying to go around him and see if I can wiggle in with Wells Fargo Home Equity Directly. I've never done this, but in this case, I think this negotiator is the biggest problem. Any tips or phone numbers to them?

sincerely-- Karen Stanley on active Rain

First Time Home Buyers Tax Credits

Sun, 08 Mar 2009 04:48:15 -0500

There are two first-time home buyer tax credits for which homebuyers should be aware. The first one is for people who purchased a home after April 8, 2008 and on or before Dec. 31, 2008. The key features of this credit are:

•· Those buyers may claim a tax credit on their 2008 tax return, with the credit being 10 percent ofthe purchase price,up to $7,500, or $3,750 for married individuals filing separately.

•· The tax credit must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

The second first-time homebuyer tax credit is for hombuyers who close on their home in 2009 but before Dec 1st, 2009. The key features of this credit are:

•· The credit is 10% of the purchase price, up to $8,000, or $4,000 for married filing separately.

•· This credit does not have to be repaid, provided the home purcahsed remains their main home for 36 months after the purchase date.

•· The amount of this credit begins to phase out for taxpayers whose adjusted gross income (AGI) is more than $75,000, or $150,000 for join filers.

•· The taxpayer also has a special option available for claiming this tax credit eitehr on their 2008 tax return (due April 15th,2009) or on their 2009 tax return filed the next year.

Source: www.irs.gov

This information is from sources deemed to be reliable, but must be verified with ones' own legal, accounting and tax professionals. This is provided as information only, and is not guaranteed.

Multifamily Real Estate is one of the very best places for your money now!

Thu, 26 Feb 2009 00:59:20 -0600

Leverage your capital - and get it into solid multifamily properties is my theme song this year. The stock market is ready to take another tank, and financing is available (and rates are good 6.5%) for those with 20-30% down. Sellers are now realizing that they need to sell to a buyer who can make cash flow on their investment as appreciation can not be anticipated in the near term future. Sellers must be flexible-- taking exchanges more than ever and offering owner financing or at least some owner financing.

And for those who don't know = if you put it in an IRA you will have to get a non-recourse loan. This means a higher down and some management fees, but the loan can not be recoursed if you like feeling you have protection. The cash flow goes into the IRA and and grows tax free if it is a Roth!

We have the appropriate professionals on our team to make this work and if you have clients that are looking in Washington, please know that I will help them find a good investment while offering you a quality referral fee. This is a good state for folks to have a retirement domicile as there is no income tax and if they do have capital gains on any stocks they liquidate they will save Oregon or any other state income taxes. That's money in their pocket.

Let me know what you have done that is similar or if you can use some help in this arena!

Karen, the Washington RE gal!

What's happened to "thee economy" since my last Blog Oct 5, 2008

Tue, 03 Feb 2009 01:42:00 -0600

I know that is a horribly long time since my last blog. My father passed away and my PC crashed-- took me 2 months to fully rebuild it because the company I hired had created a back up system that didn't work-- boo.

What I spoke of in early October 2008 was of the igniting effect of the changes in our various sectors and aspects of our economy. primarily the housing crisis - spread to effect lenders balance sheets which lead to the collapse of the precariously poised financial industry and now the job situaion is fueled into a fury of negative feedback loops. Financial layoffs are creating a real estate value free fall in Manhattan. Weak global demand for products leads to layoffs in multinationals, which can singlehandedly destroy some communities. Others struggle from the dent they make in the productivity everywhere from the dental office to the Quickie lube and oil place. The auto salespersons-- hang around on their lots hoping something will change soon, and in no time the same thing is happening in retail, many other small busines, and yes, even grocery stores to some degree.

We are collectively like the turtle that has pulled it's head in and is determined to lay low. Each of us has wonderings, some expressed, some not, and likely none of us will be able to go against human nature and take any big financial steps to change our own personal behavior until we see some calm and are truly enticed out of our shell.

During this time, I think it is important to remember, we are only as sick as our secrets. Find someone you can talk to, even a stranger that you feel you can be anonymous with if you must. And the positive thought I want to leave you with today is this: You can lead a horse to water, but you can't make him drink. But if you tie him up long enough, he'll get thirsty and drink on his own. What I'm hoping you will take away is that truly eventually, as human beings we will come out of our shell of fears and begin a new world order of commerce. And no matter how difficult the change may seem--- there will ALWAYS be some new positives that come with it.

This is a historic time we live in; a great time for growth and deepening your values, relationships. Enjoy it as one thing is for certain-- like a child who grows up, it will be gone and then you will miss some things it brought with it.

And will somebody please tell me how to get more folks to read my blog!

TRICKLE UP ECONOMICS

Sun, 05 Oct 2008 20:07:18 -0500

Soooo --- what do we need to do to stabilize the economy???

It's no doubt a very complex situation, but my continued thoughts for many years are that we must reverse our approach. Instead of bigger is better, let's get out of denial and realize that it's small business that is the foundation of our country. It's the individual worker that makes the machine work. Big business means craziness, such as a "customer service" line that is anything but. . . . In fact, ask your self what you feel in the pit of your stomach when you need to call a large company's customer service line. Isn't it a sinking feeling with a sense of wondering if you can stand up to the harrassment and indignity they project?

So in general, trickle down economics doesn't work because insufficient resources trickle down to nourish the foundation, much like a plant that the leaves take all the water and nothing makes it to the soil to supply the root system with it's basic needs. Why don't we try something different-- I'm suggesting TRICKLE UP ECONOMICS. Now that's a change!!!

So what would that look like? Total change of focus. Support the individual and treating people right vs. a profit big business focus. Regulations, where needed to keep that focus, that are based on the good for all and a sense that we much look at how one hole sinks the boat and we are ALL in the same boat.

We are managing the credit situation by crisis management. That's fine. Let Shelia Blair (sp?) and similar good folks work on that--- but we need to look forward so we can "get ahead of the 8-ball" and return to management by objective--not by crisis. So the leading edge or point of power to prevent accelerating damage now is JOBS JOBS JOBS. That's what it will take or who would buy a home anyway? Or who will buy much of anything, for that matter, if they are out of work? We are about to experience a wildfire in that area next. Many see it coming. Can we connect and work well enough together to minimize rather than accelerate our damage and demise?

We need the future focus; it is a necessary, though not sufficient, characteristic for recovery and the sooner we get there, the sooner people will realize that living beyond your means is not going to work, that agreeing to home payments that are less that they will migrate to in several years isn't healthy, and on and on. Think about it. If the lending/ financial/ govermental systems had been future focused, instead of alloting a $700 Billion dollar fund to "rescue-- whatever.. . . ." that will probably turn out to be too little too late, we could have alloted a fraction of that to purchase all the subprime loans that were headed for default before they got there. We could have contained this rampage before it spread to the entire housing market and the corporate real estate world as well. It spread as if someone poured gasoline on a fire. It's a negative feedback loop phenomenon.

In medicine, it goes like this-- muscle spasm makes more pain, which in turns makes more muscle spasms, which in turn makes more pain, which in ... you get the idea. So as a national economic and global community we need some intervention to break the cycle. We may not figure it out on first try, and I would bet a lot of money there will be some mistakes, probably major ones too. If we look to history for lessons of wisdom, think and become willing to change, all the while keeping calm, recovery will come much faster.

We CAN do together what we cannont do alone. If we learn new and better ways to connect we can tap into that resource that working together brings. And we must be facing forward, not looking in the rearview mirror to do this. We must be willing to "DO WHATEVER IT TAKES" to get ahead of this fire. I used to fight fires before I went to dental school and practiced dentistry for about 18 years or so. You work harder than most people wiill ever know trying to get that fireline dug to contain the fire. And if the wind shifts, you may have to pull back, regroup and dig another fireline. So please don't be discouraged if the first things don't fix this economy right away. Please put your oar in the water to row with everyone and do what you can. These problems came from the top down. But I have a strong sense the solution will have a large influence form the bottom up!!! Perhaps that will be the only way the problems can resolve-- when the top down action gets reversed and we have a total paradoxical reversal. A system where leaders are trusted servants but do not govern. Where states, communities and individuals have autonomy coupled with ultimate consideration for others and how they will impact them.

So let's co -create this together as we each meditate on one of the age-old sayings: "If it is to be, it's up to me."

Send me your comments and please share this question with your friends!

copywright October 5, 2008

Karen Stanley, Real Estate Investor

Portland- Vancouver area

new to blogging and A Rain-- so I posted as if it was a comment to myself! I got it now though!

Fri, 20 Jul 2007 22:16:56 -0500

Gosh -- what a wonderful welcome! You guys are a great new family circle for me! Thanks to my fellow agent Verity Mora for referring me to Acitve Rain.

So I'm totally new to blogging and only 6 wks in real estate, but just wrote my first P & S that I expect to go through!!! We've had a few offers back and forth and we are on the same page, but I'm just keeping on top of it until it get signed around then closed!!!!! I'm not new to life though, so expect some interesting posts from me as I get going.

I've practiced dentistry (as a dentist) for over 18 years, been a general contractor (high end custom home-- pool, sauna, lots of crown, specialty features...., taught Argentine Tango, competed in Country Western dance (went to World Championships in Nashville-- well novice level, but I went!!!), and finished an MBA with focus in Organizational Development. So like I said -- expect some interesting stuff after we get past the get acquainted pleasantries!

So I'm excited-- oooh so excited!! My first deal is close and I fully expect it to close!! AND IT'S MY BIRTHDAY -- A PRESENT TO MYSELF!!!

Signing off for now.

Karen