Tim 's Blog

Loss Mitigation is for real

Tim Beck (Bone & Company) — Fri, 21 Sep 2007 19:05:49 -0700

I recently became certified as a Loss Mitigation Consultant with a major national company. I work for actual banks (through a well known company) and they pay me to visit you at your home. There are national lenders who will send me out to meet with their customers and even send them a letter telling them I am coming. This is for real and I have personally got the lender on the phone with the homeowner and cut the interest rate 3-4 % while putting all of the late payments, etc. on the back end of the note...they start fresh and current with the bureau and their mortgage company. This is a tremendous feeling being able to help someone keep their home. When you get one of these letters, please do not ignore it. It is for real and the bank does not want your home back. They want to work something out. Please get all of you financial papers together..pay-stubs, W-2s, and tax returns. Please figure your budget including clothing, food, gas, and utilities. The Lender will need these figures for us to be able to help you. There is a need to take some photos to show the bank that you are taking care of the home and that all is well other than the late payments. There is hope so give it a chance. If you have any questions about this please feel free to email me. When the Loss Mitigator comes a knocking...please let him in.

Bar-B-Q on the River...coming up!

Tim Beck (Bone & Company) — Fri, 21 Sep 2007 18:46:40 -0700

BBQ on the River, A Community Charitable Event! Can you think of a better way to spend an early fall weekend than enjoying great BBQ, lively entertainment, exquisite crafts, a charming downtown and a great time with friends. Come join us in Paducah, KY for three great days of BBQ Bliss as 50 plus BBQ teams from Western Kentucky and beyond cook up over 80 tons of meat in hopes of taking home the coveted Grand Champions trophy. Along with delicious mouthwatering food and fabulous fun you will be helping out many local charitable organization. Make your plans now to be in Paducah, September 27, 28 & 29, 2007 for our 13th Ever BBQ on the River.

Bar-B-Q on the River...next weekend!!!!!!!!!!!!!!!!!!!!!!!

Tim Beck (Bone & Company) — Fri, 21 Sep 2007 18:45:30 -0700

Dee Daniels will perform with the Paducah Pops Orchestra

Tim Beck (Bone & Company) — Tue, 11 Sep 2007 22:17:49 -0700

Dee Daniels will perform with the Paducah Pops Orchestra at 7:30 p.m. Saturday at the Carson Center. Call 270-444-0065 for tickets priced from $15 to $45. You can find more information at: www.paducahsymphony.org. Jazz singer Dee Daniels' show list reads like an episode of "Where in the World is Carmen Sandiego?" The Oakland, Calif., native has blown through cities in Africa, Europe, Japan and Australia over the past 10 years. Packing her four-octave voice, she's fronted rock bands, jazz quartets and symphonies. This should be a wonderful evening so please make your reservations now.

Foreclosure Laws in Kentucky

Tim Beck (Bone & Company) — Mon, 10 Sep 2007 23:36:58 -0700

Kentucky Foreclosure Information is realy quite basic. The only way that you can foreclose on a real estate owner is by Judicial Foreclosure. Kentucky has a rigid rule on foreclosures: no out-of-court foreclosures are valid other than voluntary sales by the borrower. A deed of trust sale, a power of sale clause in a mortgage or sale by a trustee will not work in Kentucky. The only forced foreclosure sale that is permitted is one pursuant to a court order. Also, common law or strict foreclosure is forbidden in Kentucky. The lender must be prepared to engage in litigation to foreclose in the state of Kentucky. Often the lender can win by default or summary judgment but, if not, the case is tried to a jury.

Possession On the other hand, if the borrower abandons the home, the lender may obtain possession of the property once the borrower goes into default. The lender may operate the property for the benefit of the borrower. Any income produced goes to the lender, not the borrower, but will be credited toward paying off what the borrower owes. If the borrower does not abandon the home, the lender may not take possession until the court confirms the foreclosure sale.

Redemption and Appraisal Prior to a foreclosure sale, the property must be appraised. If the actual foreclosure sale price is less than two-thirds of the appraised value, then for one year after the sale the borrower has the right to redeem the property from the buyer for the buyer's purchase price plus ten percent interest. Interestingly, the borrower's right to redeem may also be sold.

Deficiency Judgment In Kentucky, it is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the old loan and the foreclosure sale price, but only if the borrower was personally served with the lawsuit, or failed to answer.

Gas Station and Convenience Store in Mayfield Kentucky

Tim Beck (Bone & Company) — Tue, 21 Aug 2007 18:44:57 -0700

This gas station and convenience store is located at the intersection of Highway 80 and the Purchase Parkway. This is an excellent location and per state highway department signs posted on the Purchase Parkway, this is the throughfare for I-69 when it is developed. This is a high traffic location. Please call our office for more information at 270-705-5558 or visit my website at: www.timwillsellit.com

You think it would be easy to pay cash?????

Tim Beck (Bone & Company) — Tue, 03 Jul 2007 23:34:46 -0700

You think it would be easy to pay cash????? I recently wrote contract (well..not too recently, it was back in the middle of May) that still has not closed. It was a foreclosed property and the process was fairly easy. It is now some 7 weeks later and still no deed. I have been told that the foreclosure company (the seller) put the property on the market before they had title to it. The Seller is a major Lender and I am told that this is a common practice for them. Does anyone know if this is so or not? I have sold millions of dollars worth of foreclosed properties but have never encountered such a screwed up mess in my life. Just curious to see what all has happened to my fellow Realtors in this region. Are some Lenders (Sellers) worse than others? Any info would be appreciated.

Mobile Home Park for sale in Western Kentucky.....close to Kentucky Lake.

Tim Beck (Bone & Company) — Tue, 03 Jul 2007 23:19:50 -0700

This mobile home park is located near Kentucky Lake and Murray State University. The park has 46 spaces, two barns, and sits on approx. 18 acres m/l. The trailer park has a double wide unit for management or rental purposes on a separate lot as well as four single wide units that belong to the park. The mobile home park has a septic lagoon and possible room to expand. Please call me at 270-705-5558, email me at: timwillsellit@gmail.com, or visit my website at: http://www.timwillsellit.com/ for more information about this great business oppopportunity. $655,000.00 owner wants a reasonable offer

Memorabilia of Famous Kentuckians

Tim Beck (Bone & Company) — Mon, 25 Jun 2007 12:05:55 -0700

Kentucky has has lots of famous citizens who helped shape this nations history. I have been an avid collector of historical objects relating to our great state. I have added links to my real estate website to allow inspection of these really neat items. If anyone has any questions relating to these items or my collection, please feel free to email me. You can access these items at my website: www.timwillsellit.com .

Famous Kentuckians Memorabilia

Tim Beck (Bone & Company) — Mon, 25 Jun 2007 11:59:53 -0700

Famous Kentuckians

Tim Beck (Bone & Company) — Mon, 25 Jun 2007 11:49:26 -0700

EPA to toughen air standards fro Lousiville

Tim Beck (Bone & Company) — Sat, 23 Jun 2007 08:22:56 -0700

The U-S Environmental Protection Agency wants to toughen the federal clean-air standard for smog, and Louisville is expected to be affected. A plan E-P-A administrator Stephen Johnson proposed yesterday for ozone levels could keep the Louisville Metro area out of compliance until at least 2020. Communities that fail to meet federal ozone standards can find it harder to attract new industries or expand existing ones.
They also must go through more rigorous transportation planning. Based on the most recent E-P-A data, 24 counties in Kentucky and 26 in Indiana are among those nation-wide that might have to further cut ground-level ozone. The lung irritant is especially troublesome to children, the elderly, and people with medical problems. The Louisville Metro Air Pollution Control District reports the Louisville area would have reached or exceeded the proposed standard on as many as eight to 15 days so far this year if more stringent rules had been in effect.

Jenn Jam Blues Festival in Metropolis Illinois (across from Paducah, KY.)

Tim Beck (Bone & Company) — Sat, 23 Jun 2007 08:18:37 -0700

Setup for the Jenn Jam Blues Festival in Metropolis, Illinois began Friday afternoon. It's at Massac State Park featuring family activities, along with great music and food...including Barbeque and alligator meat. Six bands are playing, beginning at noon on Saturday, including bands like The Cruisers. Mississippi Heat is bringing a special guest around 3:30, and the Alabama Blues Tribue Band will play Saturday night. President of the Jennifer Dowdy Sullivan Memorial Foundation, Debbie Allen, says the proceeds from this event will go to charity. It all starts Saturday morning at 10 A.M.

Paducah and the International Quilt Show

Tim Beck (Bone & Company) — Fri, 22 Jun 2007 07:46:39 -0700

Much of Paducah Kentucky shifts its focus to the Quilt Show for the entire week, so many things about the show don't change. It's always held at The Executive Inn (the Big E), the big hotel on the river, which is adjacent to the city's Convention Center. There are lots of local luncheons and dinners, and Broadway, the main street, gives way to fabric-frenzied Quilters. There has been much worry and gossip if the International Quilt Show would remain in Paducah Kentucky or not next April. The "Big E" has recently sold and the new owner and the organizers of the International Quilt Show have not been agreeing on much lately. Time is running out and the Quilters (some 50,000) are needing to make plans on where to show up at. This show drops approx. 15 million dollars into the local economy each year and that would be greatly missed. A lot of businesses depend on this yearly perk to remain open. If any of you are Quilters, well this qualifies for BIG NEWS. I go every year with my wife and we go most every day. If you are one of us "guys" there are places to sit and watch all of the very interesting people from literally all over the world who come to Paducah for this festive event. If an agreement is not reached soon, the future will be bleak for this memorable event and for the greater part of Paducah's tourism.

The International Quilt Show..will it stay or go?

Tim Beck (Bone & Company) — Fri, 22 Jun 2007 01:19:20 -0700

Mayfield Kentucky information

Tim Beck (Bone & Company) — Fri, 22 Jun 2007 01:00:41 -0700

Mayfield is a city located in Graves County, Kentucky. As of the 2000 census, the city had a total population of 10,349. It is the county seat of Graves County. Despite being in a dry county (Graves), sales by the drink in restaurants seating at least 100 diners and at the Mayfield Golf & Country Club are allowed.

Mayfield is located at 36°44'16" North, 88°38'24" West (36.737693, -88.640122). According to the United States Census Bureau, the city has a total area of 17.3 km² (6.7 mi²). 17.3 km² (6.7 mi²) of it is land and none of it is covered by water.

As of the census of 2000, there are 10,349 people, 4,358 households, and 2,667 families residing in the city. The population density is 598.2/km² (1,549.8/mi²). There are 4,907 housing units at an average density of 283.6/km² (734.8/mi²). The racial makeup of the city is 80.57% White, 13.31% African American, 0.21% Native American, 0.37% Asian, 3.48% from other races, and 2.07% from two or more races. 5.86% of the population are Hispanic or Latino of any race. There are 4,358 households out of which 26.9% have children under the age of 18 living with them, 42.4% are married couples living together, 15.6% have a female householder with no husband present, and 38.8% are non-families. 35.3% of all households are made up of individuals and 18.9% have someone living alone who is 65 years of age or older. The average household size is 2.27 and the average family size is 2.89.

In the city the population is spread out with 23.3% under the age of 18, 9.2% from 18 to 24, 24.9% from 25 to 44, 20.9% from 45 to 64, and 21.6% who are 65 years of age or older. The median age is 39 years. For every 100 females there are 86.0 males. For every 100 females age 18 and over, there are 80.0 males. The median income for a household in the city is $20,400, and the median income for a family is $27,463. Males have a median income of $29,324 versus $18,575 for females. The per capita income for the city is $15,327. 27.5% of the population and 23.4% of families are below the poverty line. Out of the total population, 40.4% of those under the age of 18 and 15.9% of those 65 and older are living below the poverty line.

If you would like relocation information for Mayfeild Kentucky and surrounding areas, please visit my website at: www.timwillsellit.com, email me at: timwillsellit@gmail.com, or call me at 270-247-8000.

111 acres m/l of commercial property in Western Kentucky

Tim Beck (Bone & Company) — Fri, 22 Jun 2007 00:50:26 -0700

This highly visable commercial tract is located on Highway 45 North across from the General Tire Plant near Mayfield Kentucky. If you are looking for commercial building tracts or wanting to locate industry to an excellent location please call Tim at 270-705-5558 or visit www.timwillsellit.com for more information.

The summer market is here in Western Kentucky

Tim Beck (Bone & Company) — Fri, 22 Jun 2007 00:07:41 -0700

Well it is officially here...the first day of summer in Kentucky. That means hot weather and a hot real estate market. We can not keep enough medium priced homes in Western Kentucky to sell. The Regional MLS hot list reports on a daily basis that the majority of the homes that fall just under 70,000 or so are being put under contract almost as soon as they are listed. The higher priced homes are taking longer to sell. It could be the economy or it could be people just economizing. Whatever the reason, if you have a home in this range to sell, please call me as there are buyers looking. If you are looking for a home in this price range, get busy, find one you like, and close on it while you can.

First day of Summer in kentucky

Tim Beck (Bone & Company) — Fri, 22 Jun 2007 00:02:49 -0700

In other news, it is hot, hot and hot here. We need rain so very badly. The crops are really looking good though and I hope the farmers have a record year. There has been every form of wildlife imaginable here in Mayfield tonight. We live in a subdivision and took our nightly walk and saw a giant bull frog, three foxes, a racoon, a deer, and numerous bats. The weird thing is that this is right by the golf course.....imagine that!

Anti-Trust and board lock boxes...bad or good?

Tim Beck (Bone & Company) — Wed, 20 Jun 2007 22:38:39 -0700

Is it an anti-trust violation to use board of realtor's lock boxes? How could that be someone asked...e all use them. That may be the key to the whole nasty ball of wax! The ant-trust laws came from the U S Supreme Court case of United States v. E.C. Knight Co.(1895). The facts of the case were as follows: The Congress passed the Sherman Anti-Trust Act in 1890 as a response to the public concern in the growth of giant combinations controlling transportation, industry, and commerce. The Act aimed to stop the concentration of wealth and economic power in the hands of the few. It outlawed "every contract, combination...or conspiracy, in restraint of trade" or interstate commerce, and it declared every attempt to monopolize any part of trade or commerce to be illegal. The E.C. Knight Company was such a combination controlling over 98 percent of the sugar-refining business in the United States. The question before the court was: Did Congress exceed its authority when it enacted the Sherman Anti-Trust Act under the Commerce Clause? The high court ruled it did not as the act did not as the sugar business was manufacturing and not inter-state commerce. How does this relate to our profession? Well we all hear to watch anti-trust violations and not set commission rates as that would be unfair to the consumer and to other real estate professionals. An anti-trust violation is created when two or more meet and decide to restrain trade. Well, this definition is clearly met when a regional or local board meets and decides to use one type of lock box that only a member of that particular group has access to. The reasoning involved in this decision is to allow all of the members of that one group to have easier access to show the property. What this does in effect is to make it harder on any licensed real estate agent (who does not have to belong to a board to show your property) to get into the listing to show the property. In one sense, they have a harder role now than before, they have been restrained by a group of other professionals. This also causes a another hardship on the listing brokerage who has to either meet the non-member at the listing or provide an extra key at the office for such instances. One can say that this is a stretch..I personally think not. We owe our principals (the homeowner) a duty of diligence and care to market their property in the best manner possible. I would think this would include using a universal lock box that any real estate licensee can call and get the code to when showing the property. This will be an interesting trend to watch. I have had two state level jurists agree wih me on this position. It may wind up in your state newsletter or local board publication should anyone desire to make a "CASE" out of it. As always, time will tell.

But it was in the bankruptcy !!!!!!!!!!!!!!!!

Tim Beck (Bone & Company) — Wed, 20 Jun 2007 22:09:38 -0700

But it was in the bankruptcy!!!!!!!!!!!! If I have heard this one time....I have heard it one thousand times. First of all lets discuss bankruptcy for a few moments. I had the pleasure of working in the bankruptcy court while training (my younger years) with a local attorney and studied the bankruptcy laws in law school although they have changed greatly since then. We all assume that an attorney does a good job developing and implementing a bankruptcy case..WRONG... not all do a good job at all. A good BK attorney will actually pull your credit to see what is on all three credit reporting repositories. This is the only way to include all the late debts to straighten things out for the future. A recent development in our real estate office was that a customer had a foreclosure on their report and it was in the BK. The problem was compounded by the fact that they foreclosed account was with one company and this company had sold it during the Bk proceedings to another creditor who thought the still owed it some two years later and was still reporting this debt as late with a staggering balance. Another problem was that the second mortgage was with another lender who was bought out by a lender who was not on the BK papers as a creditor. This has caused major problems as the customer (we can not and the LO can not) has to call these people that they owed and did not pay and ask for letters and other supporting documentation to prove that the debts are one and the same (even though they have different account numbers) and that they were discharged in the BK. You can imagine how happy and how helpful these creditors and subsequent servicers have been to my customers! The point of all of this is when you write a purchase offer and you know (it doesn't hurt to ask) a customer has had a BK, it would be wise to leave a little extra room for closing and try to talk to their present mortgage lender to stay on top of all of the limitless awful possibilities that can erupt from this type situation. Just be kind and considerate but plan for a problem...just in case. You can offer to copy, scan, and fax all BK papers and other documentation to their mortgage lender...it is helpful and can ease the transaction should a piece of much needed paper get misplaced during the transaction. I have seldom seen a customer get every paper the lender needs to the lender at one setting without leaving out something. You will have it all handy ...when its needed without trying to round the customer up at the spur of the moment.

Your friendly local Mortgage Broker....or not!

Tim Beck (Bone & Company) — Thu, 14 Jun 2007 22:28:48 -0700

There is a local mortgage broker whom will remain nameless that gets customers to write a postdated check for fees not yet incurred when a pre-qualification for a mortgage loan is issued. I have been in the mortgage business for several years and only recently closed our HUD approved office. This Mortgage Broker asks for the check to "tie the customer" to him.....has anyone else heard of this happening? I am not certain of the laws regarding this but even if the check was not post dated, is this proper? The check is supposedly for fees to be incurred and for the credit report but I have a problem with this practice. The check is kept in the desk drawer to insure the completion of the deal. I can see once the customer picks out a house or writes a purchase contract a deposit being taken to pay for the pending appraisal but not that far in advance. Does anyone have any feelings regarding this practice?

Your buyers and credit scores

Tim Beck (Bone & Company) — Thu, 14 Jun 2007 00:06:00 -0700

My experience as a real estate licensee and as a mortgage officer have been very insightful. When you have a borrower who has been pre-approved and you and they feel certain that a deal is to be made, this is the exact time to have a frank discussion with them about their credit scores and debt to income. So often when a buyer signs a purchase agreement and it is accepted by the seller, the pressure is off and all feels a closing is close at hand. There is usually not a problem BUT sometimes the buyer will go out and their credit pulled over and over again securing yet more debt for furniture, lawn mowers, etc. thinking the house deal is a "done deal". The next thing you know is the closing is postponed or called completely off as the buyers credit scores have fallen due to numerous inquiries and the program they had been qualified for "is no more" since it was a score driven program OR their debt to income is too high to qualify for the existing loan as the have more payments than they did a short time ago. This has happened to me and to other Realtors and Loan Officers in the past and all of the hard work we had done was out the window. The best thing you can do once your buyers/borrowers receive a loan approval is to tell them to not inquire about any new credit obligations at this time. If they must have it or can not live without it, have them wait until after the loan closing and the deal is done. A few words of advice and counsel in this area can save a lot of grief and hard work.

The secondary mortgage market and pre-approvals

Tim Beck (Bone & Company) — Wed, 13 Jun 2007 22:40:17 -0700

I recently closed a HUD approved branch of a mortgage company here in Kentucky. I have had a lot of experience in the mortgage business both as a loan officer and an originator and went to a great deal of trouble to get an office HUD approved and open for business. The problem is the secondary market. As real estate professionals, please beware of pre-approvals and pre-qualification letters as they mean nothing. An Account Executive at a Lender is not a lot different than a Loan Officer at a mortgage company. They both go by guidelines which they believe in earnest are valid and structured to close loans quickly. The problem lies with the Underwriters at the Lenders. They are allowed to change their mind at the drop of a hat and say the programs merely changed since the pre-approval was issued. That leave the LO or the AE looking rather silly but they can not help it. The LO (local mortgage professional) depends on his AE (at the Lender) for program guidelines and these programs change almost overnight by several different factors. One factor is the credit margin of the Lender. When a Lender has an unusually high default rate, the lender can not sell his paper (loans) off on the secondary market and the ability to lend is almost non-existent as they can not have access to the money to lend the customer at the table. This has happened with Freemont Mortgage, Accredited, and other sub-prime lenders this year. Accredited mortgage actually borrowed several million dollars at 13 % interest so they could loan it out...how much and how hard will those rates hit their customers in the future? These mortgage problems have cycles with highs and lows but it had actually gotten easier to buy a house than a car. The impact that these loose loan programs have had on foreclosure rates and your customer being caught in the middle trying to close on a loan is tremendous. So my long belabored point is to tread carefully when dealing with Loan Officers and the secondary market..all is often not as it seems. Regards, Tim

Attn: For Sale By Owners

Tim Beck (Bone & Company) — Wed, 13 Jun 2007 20:33:12 -0700

Attention: For Sale By Owners
Why Tim Beck can help sell your home.

Many homeowners believe that to maximize their profit on a home sale they should sell it themselves. At first glance, they feel selling a home is simple and why should they pay a broker fees for something they could do themselves? In fact, close to twenty-five percent all homes sold last year were sold for sale by owner (FSBO).

However, close to half of the FSBO’s said that they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why?

Many FSBO’s told us that the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the amount of fees paid to outside consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising... they would have been better off having paid the Broker’s fee to assist in these matters.

Selling a home requires an intimate understanding of the real estate market. If the property is priced too high, it will sit and develop a reputation for being a problem property. If the property is priced too low, you will cost yourself serious money. Some FSBO’s discovered that the lost money as a result of poor decisions outweighed the commission.

Before you decide to sell FSBO, consider these questions and weigh the answers of assuming the responsibility versus employing a professional. A little time spent investigating up front will pay off tenfold in the end.

Questions To Consider:

Do I have the time, energy, know-how, and ability to devote a full forced effort to sell my home?

One of the keys to selling your home efficiently and profitably is complete accessibility. Many homes have sat on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of hours each day is necessary to sell your home.

Am I prepared to deal with an onslaught of buyers who perceive FSBO’s as targets for low offers?

One of the challenges of selling a home is screening unqualified prospects and dealing with lowballers. It often goes unnoticed... how much time, effort and expertise it requires to spot these people quickly. Settling for a lowball bid is usually worse than paying broker commissions.

Am I offering financing options to the buyer? Am I prepared to answer questions about financing?

One of the keys to selling, whether it’s a home, a car... anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value, did you make a decision before you had all your ducks in a row? By offering financing options you give the home buyer the ability to work on their terms and open up the possibilities of selling your home quickly and more profitably. A professional real estate agent will have a complete team, from lenders to closing attorneys for you to choose from...they’ll be at your disposal.

Do I fully understand the legal ramifications and necessary steps required in selling a home?

Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your states disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, a professional would be a wise choice.

Do I have the capability of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented?

Ask yourself if you are well versed in legalese and if you are prepared to handle disputes with buyers. To avoid any disputes it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.

Have I contacted the necessary professionals....title, inspector (home and pest), attorney, and escrow company?

Are you familiar with top inspectors and escrow companies? Don’t randomly select inspectors, attorneys, and title reps without checking their reputation and qualifications. Like any profession there could be a few inadequate individuals who could slow, delay and possibly even cost you the transaction.

If these questions raise some concerns you may want to speak with a professional. We sincerely hope these tips and ideas are of value to you. If there is any way we can be of service please contact our office. We would consider it a privilege to serve you! If you would like a FREE consultation please call Tim at: (270)705-5558. I cover all of Western Kentucky and am ready to meet with you in person at your home or in our office.