Richard Weisser's  Coweta Fayette Real Estate of ERA United Realty Newnan Georgia excellent post explains how all things are cyclical.

Thank you Richard!

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

Everything in life is cyclical by Richard WeisserI am NOT a young man. And I have experienced a lot in my life, and one thing that I know for certain is that everything is cyclical!

We had been experiencing a severe drought the last few years. Now it won't stop raining. It's the cyclical nature of weather, the dryer it is, the dryer it gets. And the wetter it is, the wetter it gets!

Economics are cyclical too. The stock market has enjoyed boom years and bust years. People have made millions of dollars and then lost them again as the cyclical nature of the market ran its normal course. It takes only time for the winds of the market to shift in a different direction.

And of course, the real estate market is cyclical too. I purchased a home in the 1980's that came replete with a mortgage at an astounding17.5% interest rate. The market ground to a halt as the restricted pool of buyers that could qualify for a loan at the rate competed for the limited funds that were available to lend. In time, the money supply grew and the market recovered.

So there isn't really any quick-fix for what ails the economy right now. But in time, true market forces will prevail against all of the counterproductive Keynesian efforts to accelerate the process.

The net result is that a lot of buyers are getting some bargains right now. But these low prices combined with low interest rates won't last forever, It's the cyclical nature of things.

And those that seize the opportunity now will be sitting pretty!

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

 

Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com. Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*

This is A Reblog of Katrina Gasset's Post Because She Explained It So Well!

Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):

Has your short sale or loan modification been turned down and you have no idea why? Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan. loan modifications short sales

Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are  asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities  agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?

loan modifications short sales Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

 

        

 

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To  view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

 

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Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?

 

 

                                                 2009                    2008                        % Change

Total Sold Dollar Volume:     $ 5,332,900    $ 3,965,550                    34.48 %

Average Sold Price:                $ 242,405       $ 247,847                      2.20 %

Median Sold Price:                 $ 215,500       $ 204,000                      5.64 %

Total Units Sold:                              22                  16                     37.50 %   

Average Days on Market:                197                 168                    17.26 %

Average List Price for Solds:    $ 284,357        $ 285,715                     0.48 %

Avg Sale Price as a percentage of Avg List Price: 85.25 % 86.75 %

Total NEW listings: 53

Total Properties Marked Contract: 18

Total Properties Marked Contingent Contract: 20

Total NEW pendings (Contracts + Contingents): 38

Homes in Locust Grove, Va are selling and prices seem to be stablizing.

Considering a move?  Ready to take the next step?

I am your Local Hometown Realtor ~ Helping Families Since 1984!

Eunice Waller

Prudential Simpson & Associates

www.FredericksbuegHomeSource.com

 
                                                       
2009      2008      % Change
Total Sold Dollar Volume: $ 2,572,800 $ 5,106,950 - 49.62 %
Average Sold Price: $ 197,908 $ 340,463 - 41.87 %
Median Sold Price: $ 165,000 $ 325,000 - 49.23 %
Total Units Sold: 13 15 - 13.33 %
Average Days on Market: 184 174 5.75 %
Average List Price for Solds: $ 252,077 $ 404,530 - 37.69 %
Avg Sale Price as a
percentage of Avg List Price:
78.51 % 84.16 %
 
Total NEW listings: 61
Total Properties Marked Contract: 16
Total Properties Marked Contingent Contract: 5
Total NEW pendings (Contracts + Contingents): 21

 

Looking to move...No one knows Locust Grove or the Fredericksburg area better!

Eunice Waller, Your Hometown Realtor ~ "Helping Families Since 1984!

www.FredericksburgHomeSource.com

 

 

March 2009  Statistics for Locust Grove VA 22508

                                                    
2009         2008    % Change
Total Sold Dollar Volume: $ 2,177,400 $ 5,712,036 - 61.88 %
Average Sold Price: $ 197,945 $ 272,002 - 27.23 %
Median Sold Price: $ 150,000 $ 200,000 - 25.00 %
Total Units Sold: 11 21 - 47.62 %
Average Days on Market: 137 182 - 24.73 %
Average List Price for Solds: $ 227,118 $ 315,956 - 28.12 %
Avg Sale Price as a
percentage of Avg List Price:
87.16 % 86.09 %

  

Total NEW listings: 42
Total Properties Marked Contract: 8
Total Properties Marked Contingent Contract: 8
Total NEW pendings (Contracts + Contingents): 16

 Click on the link to view a short video about the area market conditions:

http://www.youtube.com/watch?v=HpOFPXYM-QM 

If you are considering a move I would be glad to help you.  I am your Hometown Realtor and No One knows Locust Grove better.

Eunice Waller

Prudential Simpson & Associates

540-842-1061 direct***

www.FredericksburgHomeSource.com

 

 

 

HOW DO YOU KNOW IF YOU ARE READY TO BUY A HOME?

HOW DO YOU KNOW IF YOU ARE READY TO BUY A HOME?

If you can answer yes to the following questions, chances are you are ready to purchase a home.

1.   Will my job provide a steady source of income?

2.   Is my income reliable?

3.   Have I saved money for a down payment?

4.   Have I been employed for the last 2-3 years?

5.   Do I have a good record of paying my bills on time?

6.   Do I have the ability to pay a mortgage plus the additional maintenance cost and utilities?

If you answered yes, it just may be the right time for you to start thinking about your situation and making a list of priorities like location and size of home.  Establish a minimum requirements and a wish list.  Start doing some casual research.  Talk with friends and family and drive through neighborhoods to decide on the types of homes and the areas you like.  Start your search for available homes on the internet. 

Remember your home should fit the way you live and should offer the spaces and features that will appeal to your whole family.

Interview with a local Realtor to find the realtor that you feel comfortable working with, choose an agent who will be working for you and your best interest.

  

Eunice Waller, Your Fredericksburg Hometown Realtor

Prudential Simpson & Associates

"Helping Families Since 1984!"

www.FredericksburgHomeSource.com

  

  

 

4311 Essex Court, Fredericksburg VA 22408

4311 Essex Court Fredericksburg, VA 22408
It's Affordable! Perfect Location! Great Home!




Interior Features:
Central Air, Family Room, Appliances, Walk-In Closet, Den/Office, Laundry Room, Fireplace, Dining Room, Hardwood Floors, Pantry, Basement, Forced Air.

Exterior Features:
Deck/Patio, English Gardens, Fenced Yard.

Community Features:
Golf, Clubhouse/Rec. Room, Tennis, Swimming Pool


Price: $284,000
Type: Single Family Residential for Sale
Floors: Multiple
Parking/Garage: 2
Bedrooms: 4
Baths:2
Half Baths:1
Square Feet: 2163
Click to play this Smilebox slideshow: Just Listed ~ Lee's Hill
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Just Listed! New to the Market!

 4311 Essex Court, Fredericksburg, VA 22408

$284,000

MRIS # SP7007485

A Terrific Home located in Fredericksburg's Amenity Rich Planned Golf Community ~ Lee's Hill. This is the Perfect Home and is Conveniently Located Near Pool, Tennis, Play Area, Community Center and located on a cul-de-sac street. A Lovely Private and Fenced Backyard Retreat with English Gardens and Brick Patio and so much more!. Contact me today for more information or to take a look at this wonderful 4 bedroom home ...You will be glad you did...Really!

"Helping Families Since 1984!"

Eunice Waller, Your Fredericksburg Va Hometown Realtor 

540-842-1061 direct

Prudential Simpson & Associates

 

 

Feb. 2009 Market Statistics for Locust Grove, Va 22508

February 2009 Market Statistics for Locust Grove, VA 22508

 

 

   
2009    2008    % Change
Total Sold Dollar Volume: $ 3,029,790 $ 4,924,448 - 38.47 %
Average Sold Price: $ 216,414 $ 289,673 - 25.29 %
Median Sold Price: $ 174,955 $ 289,900 - 39.65 %
Total Units Sold: 14 17 - 17.65 %
Average Days on Market: 213 203 4.93 %
Average List Price for Solds: $ 252,220 $ 329,513 - 23.46 %
Avg Sale Price as a
percentage of Avg List Price:
85.80 % 87.91 %

 

Total NEW listings: 43
Total Properties Marked Contract: 12
Total Properties Marked Contingent Contract: 8
Total NEW pendings (Contracts + Contingents): 20

If you are considering a move to Orange County, Va, or just moving down the road I am a local realtor who has lived in here all my life.  No one knows this area better.  Let's talk about how I can help you.

 

 

 

 

 

Just Listed ~ Fredericksburg's golf Community ~ Lee's Hill ~ 4311 Essex Court

Click to play this Smilebox slideshow: Just Listed ~ Lee's Hill
Create your own slideshow - Powered by Smilebox
Make a Smilebox slideshow

Just Listed! New to the Market!

 4311 Essex Court, Fredericksburg, VA 22408

$284,000

MRIS # SP7007485

A Terrific Home located in Fredericksburg's Amenity Rich Planned Golf Community ~ Lee's Hill. This is the Perfect Home and is Conveniently Located Near Pool, Tennis, Play Area, Community Center and located on a cul-de-sac street. A Lovely Private and Fenced Backyard Retreat with English Gardens and Brick Patio and so much more!. Contact me today for more information or to take a look at this wonderful 4 bedroom home ...You will be glad you did...Really!

"Helping Families Since 1984!"

Eunice Waller, Your Fredericksburg Va Hometown Realtor 

540-842-1061 direct

Prudential Simpson & Associates

 

 
 
Me_october_2009 Rainmaker_large

Eunice Waller, Your Fredericksburg VA Hometown Realtor

Locust Grove, VA

More about me…

Prudential Simpson & Assoc.

Address: 77 Cambridge St., Fredericksburg, VA, 22405

Office Phone: (540) 371-1616 x 144

Cell Phone: (540) 842-1061

Email Me

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