All of us have been touched in some way by a friend or family member who has bravely battled cancer. I am running, walking- maybe even crawling on behalf of Lazarex Cancer Foundation to honor my "Honey", my grandmother, who lost a battle of cancer in January 2000. What I wouldn't give to have my children be able to really remember her.
The mission of Lazarex Cancer Foundation is to provide resources for cancer patients who have been told they have no other options, but who are not yet done with their journey in life and refuse to give up. They help build a bridge to hope, life and dignity through community outreach, patient advocacy services, access to and financial assistance for FDA clinical trials. They believe that together we can change the face of cancer. Their stories of risk, courage and dedication have inspired me to quit smoking and do something about it. (January 6, 2009- Yeah for me!)
I have joined the Lazarex Cancer Foundation's Team for Life. I will be running in the 13.1 mile Rock ‘n' Roll half-marathon in Seattle, on June 27th to raise money for this cause. While this race will be a major physical challenge for me, I am positive that I will finish. But I need your help to participate and make a difference- even if it is just one life.
Each Team for Life participant agrees to raise money to support patient services for those affected by cancer. My fundraising goal is $2,000 by May 1, 2009. Please consider making a donation in the name of a loved one who has battled cancer. These names will be written on my shirt the day of the race, and as I run for them they also will cross the finish line with me and share that victory. You may donate online using your credit card at www.active.com/donate/tflseattle/sweber85. All donations to Lazarex Cancer Foundation are 100% tax-deductable. I know times are tough right now; please donate what you can. What each of us is dealing with is difficult yet nothing like the quest to survive one more day or not be able to be with a loved one while they fly off and stay in another city putting in their last fight to live.
Thank you in advance for your support of not only me, but the entire Team for Life and the Lazarex Cancer Foundation. If you have any questions please call me at 360-876-7600, or send e-mail to shari@shariweber.net. To learn more about the Lazarex Cancer Foundation, you can also visit their website at www.lazarexfoundation.org.
All of us have been touched in some way by a friend or family member who has bravely battled cancer. I am running, walking- maybe even crawling on behalf of Lazarex Cancer Foundation to honor my "Honey", my grandmother, who lost a battle of cancer in January 2000. What I wouldn't give to have my children be able to really remember her.
The mission of Lazarex Cancer Foundation is to provide resources for cancer patients who have been told they have no other options, but who are not yet done with their journey in life and refuse to give up. They help build a bridge to hope, life and dignity through community outreach, patient advocacy services, access to and financial assistance for FDA clinical trials. They believe that together we can change the face of cancer. Their stories of risk, courage and dedication have inspired me to quit smoking and do something about it. (January 6, 2009)
I have joined the Lazarex Cancer Foundation's Team for Life. I will be running in the 13.1 mile Rock ‘n' Roll half-marathon in Seattle, on June 27th to raise money for this non-profit volunteer run organization. While this race will be a major physical challenge for me, I am positive that I will finish. But I need your help to participate and make a difference- even if it is just one life.
Each Team for Life participant agrees to raise money to support patient services for those affected by cancer. My fundraising goal is $2,000 by May 1, 2009. Please consider making a donation in the name of a loved one who has battled cancer. These names will be written on my shirt the day of the race, and as I run for them they also will cross the finish line with me and share that victory. Please donate online using your credit card at www.active.com/donate/tflseattle/sweber85. All donations to Lazarex Cancer Foundation are 100% tax-deductable. I know times are tough right now; please donate what you can. What each of us is dealing with is difficult yet nothing like the quest to survive one more day.
Thank you in advance for your support of not only me, but the entire Team for Life and the Lazarex Cancer Foundation. If you have any questions please call me at 360-876-7600, or send e-mail to shari@shariweber.net. To learn more about the Lazarex Cancer Foundation, you can also visit their website at www.lazarexfoundation.org.
The bursting of the housing bubble has created huge losses in wealth. Many are now upside down on their home and feel trapped without any good solutions.
A popular line in one of my kid's favorite movies, National Treasure, is "Someone has to go to jail".
When asset bubbles are burst, "Someone has to pay". It's even more of a cold, hard reality because there is no one who can simply sign a pardon and get rid of all the losses. The losses are real and aren't going away by executive order.
The big question is, who pays?
In the free market usually the parties who freely entered into a contract with each other assume all of the risks along with all of the rewards. People take out mortgages to buy homes, many with the hopes that they will be able to eventually sell for a higher price and make a nice profit. What a great deal. Instead of throwing their money away in rent payments, they become owners and make mortgage payments instead. If they get 100% financing, it looks like a complete no-brainer decision. Just by living in a home, one can become wealthy. Many people did. Many people envied the home owners who made hundreds of thousands of dollars just by being an owner instead of a renter.
But with opportunities for rewards, come the risks of being an owner. Sure, many people ignored the risks of home prices actually going down. Most thought that that was an impossible scenario.
Now many people owe $300,000 on a home that they might be able to sell for only $200,000. They're in a real bind if they have to sell right now. I feel for them. It really stinks to be in that situation.
People are looking for solutions to get people out of this unfortunate situation. Unfortunately, someone has to pay.
Some people seem to think that the government or banks should bail the homeowner out.
Either by giving them the $100,000 to cover them for their negative equity so that they can now sell at the market price of $200,000, or
they want the banks to reduce their mortgages down to $200,000.
A third alternative would be to give the potential home buyer an extra $100,000 so that they can pay the seller the full amount, $300,000, in order to pay off the mortgage. This would keep homes prices at bubble prices and we can just make believe that nothing ever happened.
Any one of these sounds wonderful at first glance. But step back and figure out where the money is coming from. If the government gives out money, they have to get it from somewhere. Government doesn't create any wealth or real money.
It can only take it from one group and give it to another. So it can collect taxes from the many and give it to the fewer homeowners in trouble.
It can borrow money which places the burden of repayment, with interest, on to the next generation.
It can just print more fiat money which then eventually devalues all of the current dollars in circulation. This is basically just another form a taxation but it's more invisible and harder for people to pinpoint the blame.
One way or another, someone has to pay.
Forcing the bankers to forgive the $100,000 usually sounds good to many people. But follow that through and see who really takes the hit. All of those mortgages were packaged into securities that were bought by investors. Many of the investors were people like you and me who were just trying to make a little interest off the money that they worked so hard to save. Many have retirement accounts that have funds that invested in these "safe" bonds. So if you require the banks to reduce the mortgage amounts, then all of these securities get reduced accordingly and anyone with any exposure to these securities takes the losses.
The next thing you would need then is to have the government step in to guarantee all of these mortgage securities. With what money? See the paragragh above about how government gets their money.
I'm sorry to say that there just isn't any clean and easy solution to this mess.
I have confidence that when government steps aside, the true free market process is the most efficient mechanism to get things where they need to be.
Government has it's role, but not as the entity that decides the winners or the losers or the one who tries to spread the losses around. Their role is to prosecute fraud and to provide transparency in the markets so that people can make the best informed decisions.
Doing nothing sounds so lame and unresponsive. But many times doing something just for the sake of trying to look helpful, actually worsens the situation and prolongs the agony.
The sooner the losses are taken, the sooner we can get back to some sanity.
Yesterday, I changed my licence over to another office in our town. I have been at the same office since I passed my test in 2001 and it wasn't an easy move.
My old office was filled with people I cared about. We have laughed together, cried together, been to funerals together, ate retirement cake together and celebrated big and small victories together.
This last year has been hard on everyone in the industry. Not just watching homes not sell, nor even buyers losing loans... I have watched agents that were the top producers in our 6 office company lose their retirement, their home, their confidence.
I've watched my broker & manager do everything they can to keep an agent afloat while trying to simultaineously trying to ensure the doors would stay open by cutting every corner possible. And I actually think they have a chance at making it, but I am tired of treading water and filling all the gaps that are there while they "keep the doors open".
It was hard telling my manager, but she was kind and understanding. She made it as comfortable as it could be. It was hard telling my broker/owner, but he said all the right things while looking like he was kicked in the gut. I haven't seen him since.
I started packing up yesterday, still working on it today. Wow! I have a lot of stuff! Somehow, over the weekend, I have to make my desk work for me, actually do the work I normally do, and let all my clients know about the move. While helping my kids enjoy the weekend... piece of cake!
It's funny; I keep using Hope & Change in 2009 as my motto now!
Because this was the first and only time I have ever changed my licence and when I looked at other members blogs I didn't find anything I thought I would point out the stuff I have come across...
pack ahead of time
beware of rumors
always stay honest
moving your licence is easy, the hard part is right after that
find out what infastructure is available so you can dispose of unnecessaries
prepare you clients
find out who is your point of contact for your new information
August 2002 - Jim buys a personal residence for $200,000 because he wants to own a home.
2003 - Home prices rise so Jim has more equity in his home.
2004- Home price continue to rise. Everyone is a real estate genius. Jim's house is worth about $350,000 now.
December 2004 - Jim gets a line of credit on his home because he thinks that home prices will continue to rise and wants to get in on the action. After all, most of his friends have done it and are making lots of money.
March 2005- Jim pulls $40,000 from his line of credit to put a deposit down on a pre-construction condo for $400,000 that will be completed in late 2006. He also pulls another $35,000 from his credit line to buy a single family home for $350,000.
May 2005- Jim closes on the single family home for $350,000. Jim gets an interest only mortgage and his monthly payment with taxes and insurance is $2,075.
June 2005 - Jim finds a tenant to rent his investment home for $1,450 a month.
September 2005 - Jim hears that the real estate market is starting to slow down. Properties are not selling as feverishly. He ignores what he hears. He is a real estate genius.
January 2006 - The number of homes on the market has risen and the buyers are not as hungry for properties. There might be a problem.
May 2006 - Jim's tenant is moving out soon so he puts his investment property up for sale. Not accepting reality Jim's asking price is $375,000. $25,000 more than what he paid for it.
January 2007 - Prices have continued to drop and Jim's house is still on the market. He lowered it to $335,000. $15,000 less than what he paid for the home. He is still hopeful that the real estate market will come back.
May 2007 - Jim is annoyed with his Realtor because he thinks his home didn't sell due to little advertising and no open houses. He decides to list with another Realtor. The 2nd agent convinces Jim that he should list for $325,000. The house is still empty and Jim is having to pull money from his credit line to make the payments on his investment property.
June 2007 - It is becoming painfully obvious that home prices have dropped. Jim is wondering if he should close on the condo later in the year.
October 2007 - The condo is completed and they want Jim to close on it. The developer still has a few units left and they are trying to sell the same unit for $625,000. Since Jim is into his condo for $400,000 he figures that he is safe. Jim closes on the condo and immediately puts it on the market for $575,000. $50,000 less than what the developer is trying to sell the same unit for.
End of 2007 - Prices continue to fall.
January 2008 - Jim still can't sell his investment house. The foreclosures in the neighborhood are dragging down the prices. No action on his condo either. Jim is borrowing more on his line of credit to pay for all of his real estate.
March 2008 - Homes similar to Jim's investment property are selling for $250,000. He paid $350,000 for it and borrowed $315,000 to buy it. Nothing is selling in Jim's condo building. Jim's credit line on his personal residence is maxed out. He has no choice but to stop paying on the investment home and condo mortgages.
June 2008 - Jim's mortgage lenders started foreclosure on his investment properties. Jim's mortgage and credit line on his personal residence have exceeded the value of it.
September 2008 - The credit crisis hits and buyers become very scared quickly. Prices continue to fall.
October 2008 - The banks have foreclosed on Jim's condo and single family home. Since banks are not in the business of owning property they list both properties for sale at market value. They list the single family home for $215,000 and the condo for $350,000. Both asking prices annoy the competing sellers.
November 2008 - The single family home sells for $205,000. That is the new sale in the neighborhood that other sellers can use to value their home. One neighbor Tony and the other neighbor Derek see the $205,000 sale and figure that they are upside down on their homes. Both of them are tired of the stress of their big mortgage and credit line payment that they decide to abandon their homes and rent similar homes for far less than their mortgage payments.
December 2008 - The condo building that Jim bought in was full of investors. There are several other potential foreclosures. The bank drops their asking price to $325,000. This annoys the other sellers in the building.
February 2009 - The banks who lent Tony and Derek money have started foreclosure on their homes.
The bank gets an offer on Jim's old condo for $300,000 and they settle for $315,000. The other sellers in the community are hot. This is the first sale in two years and it provides a new comparable property to value neighboring condos. Neighbor Jon and neighbor Rich are $200,000 upside down and decide to throw in the towel. They stop paying on their mortgages.
May 2009 - The bank starts foreclosure on Jon and Rich. Prices have continued to fall.
OK, so it's been a long road to the white house, for any man, especially an African American. But he is there now so could everyone grab their hope by the bootstraps and get back to life as normal?
What I mean is, buyers- quit missing out on one of the greatest buyers markets in history. Wealth is made at the bottom of the market not the top... You remember from school, "Buy low, sell high"?
Sellers, quit being so scared and make the leap. I know some can't sell, but some are so afraid of "losing" money they won't do anything. If you weren't selling before, any number you were given was abstract. You never had it to lose!
I'm watching agents moan and groan and compare this to the Great Depession.
I am reminded of September 11th, another historic day. Our President at that time said we will be defeated if we sit in a corner and cower. For the last 6 months, the market has felt all the players were in the corner, waiting for some sign before coming out. But winter is the sign. It is part of the cycle just as any commodity is cyclical.
Our new President has evoked a sense of hope. He made a few references to this being our winter. But winter is the season of hope; although it looks bleak the promise of spring always come thru.
As I am running out the door to do my job, I just hope, really hope, that people don't miss the daffodils of spring because they are afraid to come outside.
I don't mean to sound short or terse... I know I am blessed with a profitable (barely in 08) business and so many are not. My prayers go out to those who are deciding between rent and food. I've been there. Our family actually had a heirarchy to paying bills passed down thru generations!
But cowering in the corner never helped!
For those who didn't hear my compassion, truely, I tear up when I think of what some of my neighbors are enduring. For those who heard it and still thought I sounded like a brat, I am on day 7 of no ciggarettes. :)
Although it has been a tough year it is easy to see that not all of even our small community as hit with negative prices. The Glenwood area (SK east of Hwy) was hit the worst. Manchester looks like it is one of the first areas to pull out of the local housing problems.
I made it, thank goodness! So many good agents did not. I watched one of our offices top producers lose his house. Actually I think I saw 4 agents in our office lose their house in '08. Although we are competitors, it was horrible to watch. We are also brothers in arms of a huge change/adjustment/recession in our market. Many refused to look for where to shift their focus rather than just putting their head in their hands and fretting.
And we have been blessed in the Pacific Northwest! We weren't hit as hard as California, Nevada, Florida, etc.. I, and others, watched what happened to you guys and tried to make adjustments before it was too late.
I am so happy '08 is over. Oh, I am not all dreamy and expecting life to be "all 2005" again, but it is nice to feel the freshness of a new year. Clients are really adapted to the new times. Buyers are slaughtering sellers and sellers are taking advise to heart.
But what I am most happy about? Work actually is producing fruit again. The last 3 months felt like Adams curse, all thorns and weeds - but this January feels like spring!
I encountered a new one today. A very large mortgage company has pulled the most unusual stunt today.
I represent a seller in a transaction to sell land that has been in place for over 2 months. Loan documents came in today, and they have stated their guidlines do not allow the commission to be *%, but must be 2% less than what is on the listing agreement. The commission on the listing agreement is not at all unusual- it is what would be considered industry common/standard in our area and the rate they are quoting would be considered almost unheard of.
The escrow company has never heard of this, the other agent (buyers) have never heard of this. The lender says too bad, it is their regulation. I have used this company before and it wasn't their regulation then, so it must be new. I have asked for their policy in writing. I have only received the email that started this craziness.
I am absolutely baffled. How can a lender dictate commission- isn't that a RICO violation? How can they dictated the listing contract? The MLS contract? I am not even allowed to discuss commission rates with fellow Realtors. We are very clearly instructed to inform our clients it is negotiable when we take a listing, but the selling agent is not even allowed to renegotiate the commission. How possibly may the lender?
Then a rep from the company actually said "I don't care if the sellers are willing to pay more... just have them make out 2 separate checks to the real estate companies outside of escrow." RESPA violation. Of course, can't get that conversation in writing as well.
The buyers agent and I worked hard on one of the most difficult land transactions in my 8 years doing business. My clients got their price, the buyers got their price. I am so frustrated... after being in contract for over 2 months, 12 hours before my clients sign, the lender is dictating the commission.
I recently had a closing of a home in the area. I am so frustrated. Although I gave my clients a heads up that one man's clean is another's mess, I was still apalled at the state of this view home over $600,000. The seller didn't sweep anything, vacuumed less than 1/4 of the carpet, left boxes, a car, toothpaste all over the countertops, grundge on the stovetop and dog hair chinked into the sides of the fridge up at least 14 inches.
I wish as Realtors, more agents would coach a basic standard. The other agent seems very lax about this rather than in solution mode. I have been doing real estate for several years and know that sometimes the buyer just isn't going to be happy, but this was just not even trying.
So my clients have been cleaning for over 8 hours. Not the stuff all buyers do to nest in their new home, but instead to make it clean enough to invite their family over.
Why does it not specify in the contract sweeping, mopping, wiping counters and vacuum?
uggggg
I guess now I have to add it into each and every contract!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Although it has been a tough year it is easy to see that not all of even our small community as hit with negative prices. The Glenwood area (SK east of Hwy) was hit the worst. Manchester looks like it is one of the first areas to pull out of the local housing problems.
;)
;)
