Larry's Blog

Old Tyme Christmas in Funkstown Maryland

Larry Riggs (Re/Max Results) — Thu, 03 Dec 2009 08:58:38 -0600

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 (Re/Max Results) — Mon, 23 Nov 2009 20:09:40 -0600

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 (Re/Max Results) — Mon, 23 Nov 2009 19:26:29 -0600

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 (Re/Max Results) — Tue, 10 Nov 2009 14:08:32 -0600

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

Small town charm - City convenience

Larry Riggs (Re/Max Results) — Fri, 18 Sep 2009 07:38:01 -0500

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 (Re/Max Results) — Wed, 17 Jun 2009 10:08:56 -0500

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 (Re/Max Results) — Wed, 10 Jun 2009 10:21:33 -0500

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 (Re/Max Results) — Thu, 23 Apr 2009 15:40:41 -0500

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 (Re/Max Results) — Tue, 21 Apr 2009 14:48:32 -0500

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 (Re/Max Results) — Thu, 26 Feb 2009 15:51:29 -0600

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.

Life's Armchair Quarterbacks

Larry Riggs (Re/Max Results) — Mon, 09 Feb 2009 14:22:37 -0600

Ever notice when you face a crisis or important decision you're suddenly surrounded by "experts"? I once heard a saying, I don't remember where I heard it, but it said, "armchair quarterbacks never throw interceptions" Of course they never throw touchdowns either. I've done a lot of teaching and training in my career and I always had one rule for what I taught. Either I've used what I said and it worked, or I learned it from someone else who used it, and it worked. The important thing is, somewhere it worked. I have never taught, nor will I ever, from the hip. So let's look at some scenarios where our friends the ACQ's come out.

If you're an agent, they're the coffee drinkers with all the designations and no sales. (In some cases they don't even have the designations) They would have sales but times are tough, the rates aren't the best, inventory is too high, consumer confidence is down, etc etc etc. Then there are the agents who are too dumb to listen to the experts. They're too busy listing and selling in spite of the conditions. (Whatever they are at the time)

AND...even though I got trashed the last time I said this, let's not forget the media. Daily there is misinformation given out about loan programs, credit availability, market conditions and more. Who is giving this sage advice? People who have never sold any homes, written any loans or inspected any houses. You know the drill. The sad thing is, many Americans believe them and, as a result, miss out on some great opportunities.

Not long ago, I heard some advice for those of you in the stock market. It went something like this. The market is down so get out while you can. Now let me think about that. Long term, the market historically recovers. So let's sell now while things are low and then get back in when things are better. That way you not only have the loss the market imposed. You also just bought stock for $100 that you sold for $25. No further comment necessary.

How about you buyers and sellers out there. Do you have family experts? First let me say that, if you do, they love you and mean well. Unfortunately all that emotion poured out to you doesn't mean they're right. I think every Realtor out there who has been in this business any length of time has stories about the caring parent, uncle, cousin etc. who inspired you to make that low offer that insulted the seller and now the seller wouldn't negotiate with you if you were the last person on earth. Or the caring soul who advised you to list your home with a little "wiggle room" Now it's been on the market for a year but you still have room to negotiate.

So what do you do? Back to my teaching philosophy. Find out what works. Agents, stay away from the coffee machine and get around good solid training. Hang around agents who are actually having settlements. Buyers, find a Realtor who will provide you with accurate market and loan information. It's a buyers market but be careful of agents making outrageous claims about how much they can save you. Whatever you do, don't listen to TV experts who have never sold a home! Sellers, find a Realtor who will show you accurate pricing strategies based on sold properties like yours. Don't price based on active properties. Active simply means, up to this point, the seller has been unsuccessful. In closing, find what works from someone who has made it work or is working with someone who has made it work. Remember, Ben Roethlisberger didn't ask any reporters what plays to run.

The difference between passion and incentive

Larry Riggs (Re/Max Results) — Fri, 30 Jan 2009 15:53:11 -0600

I try to keep myself motivated by starting each day with a positive tape, CD, or book. Real estate can be a tough environment in a market like this. This morning I listened to a tape that talked about the difference between passion and incentive. Most leaders, coaches or instructors seem to stress the incentive part much more than the passion. While incentive can motivate you temporarily it's passion that makes you do crazy, impossible things. I agree that it's great to post goals and have a "dream board" that you keep in front of you but what really gets you going? What makes you laugh? What makes you cry? What would make you risk your dignity or even your life? For agents, what makes you pick up the phone and make the hard call? What would make you go out and knock on doors? If those are things your are not comfortable with, there is no incentive that would get you to do those things on a consistent basis. Note I said, on a consistent basis. Incentive will make you do them once or twice but it's passion that keeps you going when you've already made the first 100 calls or knocked on 100 doors.

For the buyers and sellers, what's your passion? If you're a first time buyer and you listen to the news you must be terrified. Do you have the passion to turn the news off and find out for yourself what's really happening? What would make you put in that first offer? The answer is, of course, the passion for owning your own home. Sellers, what would make you price your house right even though you may be selling for much less than you paid? Again the answer is passion. You so want that better job offer or better situation for your family that you'll do whatever you have to in order to accomplish your goal.

The truth is, if you look throughout history, you'll find that those who live passionately are the ones who live the most fulfilled lives and get the most done. It's the passionate that leave a legacy that lives beyond their own life. Do you dread getting up and hearing latest economic news? The answer is simple. Stop listening to someone Else's news and go out and make your own. I recently was chided for contradicting an economics professor from a prestigious university. Well, let's look at that idea. Here is a professional educator with tenure who has most likely never owned a business. His future is assured. He doesn't have to produce any results other than get published. His work will be reviewed by others living in the same protected environment. I, on the other hand, have been self employed most of my adult life. If I don't work and work successfully, I don't eat. So who do we listen to? Someone with a degree who doesn't have to produce any measurable results, or someone with no degree who lives by producing results? You decide. And when you do, go out and live your life with PASSION!

Doom and Gloom is Dumb and Glum!

Larry Riggs (Re/Max Results) — Sat, 10 Jan 2009 14:04:08 -0600

This past Thursday we just had our monthly luncheon for the Frederick County Association of Realtors. Our featured speaker was a representative from a local bank/mortgage lender. He had some interesting statistics to share.

First: Did you know it's been 37 years since interest rates were this low?

Second: Were you also aware that the percentage of monthly income spent for a mortgage hasn't been this low since 1973?

Third: I certainly hope, by now that you all know there is a $7,500 first time buyer tax credit available which doesn't expire until June '09.

Fourth: Are you familiar with the fact that USDA has a 100% loan program with no MI? There is a funding fee but that can be paid by the seller.

I know were are inundated with REO's and short sales but I also believe there is an end in sight. I'm not trying to get preachy here but "Where there is no vision, the people perish" Every top trainer I've every studied teaches that there must first be hope to start moving ahead.

So why are we still hearing the doom and gloom from the media? Here's a theory. The incoming administration wants a stimulus package passed (For all your rich people that means a redistribution of wealth) by congress. I could be totally wrong but I have a feeling this is a set up to re-engineer the financial system in America. By the way, does anyone remember the attack by the left on the Bush administration about the deficit? Hmmm, has anyone been listening to the president elect? If you have then you know that deficit spending is suddenly back in style.

One thing I've learned in my real estate career is, it's not wise to be overtly partisan. Believe it or not, I'm trying not to be but let's be fair. What's bad for the Republicans to do is also bad for the Democrats. The financial situation in our country will only be corrected by level headed individuals from all parties coming together and doing things that actually make sense. Just yesterday I heard someone on the radio talking about investing money in the economy where we can expect a return. She then went on to name some of her suggestions. They were a string of entitlement programs that would lots of love (votes) but no money. Every day I pray that people will wake up and work to solve problems rather than please people. And, in order for that to happen our media has to stop trying to engineer society and start reporting the news. I hope you'll be praying that prayer with me.

The gods (in their own eyes) must be crazy!

Larry Riggs (Re/Max Results) — Tue, 06 Jan 2009 09:36:35 -0600

I try to stay up on local and national news as it pertains to real estate. This morning I was looking at our local paper on line and couldn't believe my eyes. I really don't watch much TV so maybe more of you have heard this before. In one of the stories on refinancing, one of our local lenders commented on how helpful proposed new "no appraisal" loans would be for the industry. HAVE WE LEARNED NOTHING!!!

Let's think about this. We have sellers upside down in their homes. I have an idea! Let's give them loans that have nothing to do with the value of the home. One person commented that, now that democrats are in we can solve this issue with such programs. Now I do my best to stay away from partisan politics but let's be honest. This path to ruin started with the community reinvestment act. Hmmm, which republican what that? Oops, that was Jimmy Carter. Don't get me wrong. Jimmy Carter is a kind, benevolent man who puts feet to his faith. Unfortunately, he doesn't seem to understand basic economics. Forcing lenders to give high risk loans for the privilege of doing business is bad business. I can still hear lenders coming into my office complaining about that program. At least the ones with any economic vision.

Fast forward...The Bush administration warned the Fannie Mae and Freddie Mac were headed for trouble. Which republicans shot that down? Oops again...It was Congressman Barney Frank and Senator Chris Dodd that said "hands off." Frankly, (no pun intended) I'd prefer to forget party affiliation and say, let's get our heads together and work on a solution that will actually solve the problem, not prolong it. In my experience, prolonged problems only get worse. It just takes a little more time.

As a real estate agent I am obviously in favor of home ownership. However, if those happy homeowners are being set up for a fall, what have we gained? I'm not an extremist. I don't believe we have to go back to 20% down loans. In my younger days I had countless buyers using FHA or VA loans without default. Truth is, they're still good loans. FOR THOSE WHO ACTUALLY QUALIFY! There is no easy or immediate fix for the present situation. It will take time. But please, let's not compound the error with more reactionary "solutions".

New Year's Revolution (Resolutions don't work!)

Larry Riggs (Re/Max Results) — Wed, 31 Dec 2008 14:13:18 -0600

This past Sunday our pastor talked about new year's resolutions. Seems they hardly ever hold for me. How about you? Going to the gym, losing weight, better business habits etc. They last for anywhere from a few days to a few weeks. Then, it's back to normal.

I was just listing to a Tony Robbins CD on the way to the office and he was talking about feelings and the power of emotion. If you're familiar with his material you know he spends a lot of time on the subject. This particular CD was talking about using negative feelings as a signal. Don't fear them but use them. He also talks about having a "why" quite a lot. Therein lies the rub with resolutions. Do you have a powerful enough why to sustain the what? Most don't.

So I say, why not have a revolution (mental) instead of setting resolutions? What would you like to change in your life? What would it take to make your "want to" become a "have to"? I remember, as a newer agent when sales prices were quite a bit lower, I had lunch with a long time friend and a top producer. Although not as tough as this market it was still tough. She was talking about her production for the year. It was about October. She made a statement to me I've never forgotten. She said "I'll just die if I don't do 10 million this year" I was sitting there thinking I'd die if I did 10 million.

Here's my point. The level of emotional involvement you have with a goal determines your success in that area. If you "oughta" do it, you probably won't. But you can bet, if you'll die if you don't you'll do whatever it takes to get where you're going. How much emotion are you putting into your 2009 business plan? Will you just die if you don't achieve your goals? If so, then I bet you'll reach them.

So have a revolution this year!

16122 Grotto Rd. Emmitsburg Maryland

Larry Riggs (Re/Max Results) — Wed, 10 Dec 2008 08:21:05 -0600

Breathtaking 50 mile view in walking distance to the grotto

Three finished levels. 3 bedroom 2 bath with additional full bath rough in on upper level.

An adorable Cape Cod on 12.15 acres next to Mt. St. Mary's University and the Grotto of Lourdes. Three finished levels for over 2500 finished square feet. Full front porch wraps around to a deck with a view across two counties. Very open floor plan allows plenty of light. Ideal for the buyer who wants both convenience and seclusion. Approximately 1 acre open and the rest wooded. Appraised for $458,000 and being offered for only $439,900.

For more information and a tour of the property visit my website

What do you mean, you can't get a loan?

Larry Riggs (Re/Max Results) — Tue, 09 Dec 2008 15:01:11 -0600

I keep hearing about a credit freeze on the news. I watch several different financial shows on cable and I often hear that no one can get credit. I'm not a real complicated guy so I asked some of the lenders I deal with. They looked at me like I'm crazy. I look at our office's sale board and sales just keep happening. I've been pretty brutally criticized in the past for "spinning" the news to make the Realtors look good. Well I have a few problems with some of my critics. Here they are.

Rates are great!

Jobs are coming into the Frederick area.

Inventory is high so it's a buyer's market.

FHA loan limits are way up from where they were.

New businesses are moving into Frederick County.

Recently I saw a great article in one of our local papers. The article was titled "Real Estate Market Myths" In it, the writer told how she had just purchased a home with an FHA loan. She detailed how the process went and it all sounded fairly painless. Of course, a couple of things have changed. You have to have a job! You have to have good credit! Perhaps I'm showing my age but I remember when those things were normal. For me, and others who have been around this business for a while, things are back to the standards we learned on.

So how dare I be so positive when there are so many foreclosures and short sales? It is truly unfortunate that people are suffering because of our economy. In my defense, all my positive comments have been about he Frederick County real estate market. None of the big three auto manufacturers are located here. No major industries that are failing here. We have our issues but all in all Frederick is a great place to live and it's a great time to buy in our community.

REO's and REO agents vs. state law

Larry Riggs (Re/Max Results) — Wed, 26 Nov 2008 12:47:55 -0600

Ok, I don't mean to offend anyone who lists REO's but I have been hearing more and more stories about the behavior of banks and, sad to say, their listing agents.

Granted I'm speaking from a point of view of Maryland law but I bet it's pretty close in many other states. First issue, and I know it's an issue across the nation because of feedback at the board forums at the NAR convention. Banks offering properties for sale and scheduling closings on properties they don't even hold title to. Perhaps I don't understand the finer points of the law but I don't see how that's legal??? Recently one of the agents in my office had a deal fall apart because the bank couldn't get title in time before the buyer's loan program was canceled. If it had settled by the settlement date everything would have been fine. Now the buyer loses because he didn't get the house and the bank loses because they have to put the property back on the market.

Scenario number two. Banks requiring buyers to use their title companies. I don't know about other states but Maryland requires each contract contain a notice in bold print that the buyer has the right to pick their own title company etc. So here's the question. The banks thumb their noses at our state laws but how can the agents, licensees of the state, get away with carrying out their client's instructions? Under Maryland law, if a provision of a contract is illegal it is not enforceable. I just know I smell a test case coming up here. Because I'm an ethics instructor I've had a number of agents come to me about this. I tell them it's time to call the real estate commission and report agents who violate state laws. One of the agents who contacted me was told their buyer could "take it or leave it" by the listing agent. I know the banks can offer incentives to do business with their vendors but not require it. I've heard many horror stories of settlements taking place with out of state title companies and months go by and the deeds aren't recorded. Very sloppy business there.

So some of you REO agents out there in AR land, let me know how you balance the actions of your clients against state and/or local laws.

Own a part of Frederick County history in historic Emmitsburg

Larry Riggs (Re/Max Results) — Wed, 26 Nov 2008 12:27:57 -0600

Want an adorable storybook setting? This is it! An spacious Cape Cod situated on over 12 acres. Situated close to Mount St. Mary's University and within walking distance of the grotto of Our Lady of Lourdes the property has unlimited potential.

Features include a full wrap around porch leading to an open deck. A full walkout lower level with woodstove and stone hearth. Pergo flooring on most of the main level. A 50 mile view across two counties.

Become a part of the culture of this quaint little town. Emmitsburg has a rich history and many attractions for all interests. The town was first settled in 1733 and not incorporated until 1825.

Closeby attractions also include Ski Liberty, Cunningham Falls State Park, The Catoctin Zoo and so much more. The home was recently appraised for $458,000 but the seller has priced it at $439,900 to move quickly. To view more details visit my website at www.larryshomeinfo.com.

Leveraging vs. investment accounts

Larry Riggs (Re/Max Results) — Sat, 18 Oct 2008 11:55:13 -0500

It seems I've been having the same discussion with a number of people during this current economic crisis. Over and over again I hear how someones 401K tanked or their stocks are way down. I often wonder if we in the real estate industry are not educating our clients properly about the benefits of leverage. If I have $50.000 in a conventional investment account my increase or loss will be based on the $50,000. If I invest in a $500,000 property with 10% down then while my investment is only $50,000 I stand to gain increase on the full $500,000. If, over 10 years the value of the home increased 10% the increase would be $50,000. That's a 100% increase on the original investment. While many who bought at the top of the market may have to wait a little longer to see the increase, it will come. That can't be said for other types of investments.

I suppose some would say it's presumptuous to say increase but the track record for real estate is clear. Long term, real estate continues to increase in value. There are certainly ups and downs in market values but, unlike investing in stocks whose value can go down or, in some cases completely disappear, real estate always remains and continues to increase over time. The ones who suffer as a result of real estate investment are those who, either took out unwise or risky loans counting on the idea that the wild increases in property values could continue forever or those who sell quickly before the market can catch up. Real estate is, and always been the safest long term investment one can make. Certainly there will always be situations where people are hurt. No investment is 100% safe. Job loss or unexpected illness etc. sometimes happen. Those are terrible things for an individual or a family to have to endure. The fact remains that the vast majority of people who purchase homes come out ahead.

In recent months I have taken some pretty substantial heat for putting forth positive news about real estate. Statistics don't lie. Real estate investment is safe. One should always consider their specific situation and the market they are in but there is no more solid reliable use for your money than owning a home. Follow the link to find out more about the benefits of owning a home.

Frederick County real estate - It's not what the media says! Is yours?

Larry Riggs (Re/Max Results) — Mon, 18 Aug 2008 15:49:36 -0500

I was just on a local Frederick County site and came across an article by a reporter who is also a friend of mine. It was on the phenomenal number if foreclosures and short sales in the Frederick County real estate market. In the article he cited an interview with a well known and well respected appraiser. This appraiser tends to really tell it like it is. I suppose that's why he's so popular. The problem, as all the Realtors reading this know, is that he only sees one side of things while we have to have an overview.

We currently have about 2,300 listings in Frederick County. For those of you in larger markets you might not think that's much. Consider our normal market is 1,200-1,300. A large number of those are short sales and foreclosures. While my heart goes out to those in trouble I can't help but believe they had to have received a truth in lending disclosure. The good thing about those is no matter what the loan officer says, there it is in black and white. (Not a slam on all you ethical loan officers) Did they really think the properties in the Frederick area could continue to raise in value 15-20% per year forever? The good news is, there is another batch of buyers out there ready to take advantage of the great buys we have here.

So what's the Frederick real estate market really like? Let's start with an overview. NAR states an interesting statistic on it's public information site. Those who bought six years ago have seen a 24.3% increase in value on the average even with the current down market. So what about locally?

The Frederick County Office of Economic Development has some really great info on it's website. Jobs are coming into the area. Population projections are on the increase. We're very small business friendly. Hundreds of thousands of square feet of commercial space is being added. Some major tech and research companies are making their home here. But you know what. I can't seem to find that information too easily in the media.

What about mortgages? The ratio of payment as a percentage of income is lower now than it has been in years. Rates are still great AND despite headlines to the contrary, buyers can still get in with relatively low cash. The only difference is now they actually have to qualify. BUT since about 94% of the mortgages in the US are currently being paid on time is that truly such an issue. No, the real issue here is not the actual housing market. It's the perception created by those who gain from finding or creating bad news.

Through a childs eyes (humor)

Larry Riggs (Re/Max Results) — Fri, 08 Aug 2008 05:56:25 -0500

One Sunday morning, the pastor noticed little Alex standing in the foyer of the church staring up at a large plaque. It was covered with names and small American flags mounted on either side of it. The six-year old had been staring at the plaque for some time, so the pastor walked up, stood beside the little boy, and said quietly, "Good morning Alex."

"Good morning Pastor," he replied, still focused on the plaque. "Pastor, what is this?"

The pastor said, "Well, son, it's a memorial to all the young men and women who died in the service."

Soberly, they just stood together, staring at the large plaque. Finally, little Alex's voice, barely audible and trembling with fear, asked, " Which service, the 9:00 or the 10:30? "

Short sales and commission adjustment

Larry Riggs (Re/Max Results) — Wed, 06 Aug 2008 15:25:07 -0500

As president of our association I get to (have to) attend certain meetings. One was with the group that provides MLS services to our area, MRIS. One of the points of discussion was short sales and banks countering offers and altering the commission. MRIS has stated their policy is to require members to pay the co-op offered regardless of the banks counter. The co-op offered supersedes any attempted clarification in the remarks. So to use their terms, if you offer 3 chickens and the bank says they'll only agree to 2 pigeons the listing broker is on the hook to make up the difference.

A point of law!!! I asked why MRIS or NAR can't issue a statement to the banking community at large that entities that are not a party to a contract (the listing) cannot legally alter the terms of that contract. The response was that NAR is working on that but nothing solid. One broker came up with a good idea that he said was working for another broker who was using it. Each broker should draw up a notice to the bank that they are free to counter on the price but they cannot legally alter the commission. Or more directly, the commission is not negotiable.

I get so tired of dealing with people that think they don't have to follow the rules. Until and unless listing brokers stand up to the banks and let them know we ALL have to play by the rules this will not stop. There's an old saying I learned training to counsel. A reinforced behavior will be repeated.

When Bad Things Happen to Us

Larry Riggs (Re/Max Results) — Wed, 06 Aug 2008 05:35:46 -0500

I haven't been with AR that long but I've read some really great stories and ideas. I've also read some really heart breaking stories. Every morning I get a motivational email from a group called "TQ" One quote in this morning's email was a really great start for me. Things have been tough for a little while here. I had to sue my previous broker (they just settled) and some other personal issues we're dealing with. Don't get me wrong though. There have been blessings that have come out of all this. We are choosing to focus on the blessings and learn from the rest. Here's the quote. Hope it inspires you too!

"Things don't go wrong and break your heart so you can become bitter and give up. They happen to break you down and build you up so you can be all that you were intended to be."
~ Charles "Tremendous" Jones