| |
My phone was ringing. .
"Hello?"
"I've screwed up BIG TIME"
A familiar friendly voice told me on the phone.
"Why?" I asked. .
"I broke my own rules on an investment purchase. A mistake that is sucking me dry, I'm on my way for the worst real estate loss I've ever experienced, EVER!"
"Calm down, maybe there is something we can do . . tell me a little more. .all I could say. .
"When I purchased a condo in this building four years ago . .it seemed to be the best investment I could do. The renter paid my mortgage for the first two years and then. . but it slowly started giving me negative cash flow. . I'm currently $700 negative cash flow every month!" she yelled.
 The real estate crisis has been particulate tough for investors that were heavily burden with variable rate loans.
As investors quickly were finding out, their investment properties purchased a few years ago as a way to grow a retirement fund. ..slowly become a nightmare that was jeopardizing any plans of retirement.
Normally an investor uses sophisticated real estate investment strategies, formulas and criteria that they believe will work best for then in the short and long term.
They got caught. I know of many people that have 3, 4, 5 even 6 properties in their portfolio and they are all underwater. . ALL OF THEM!
One of my rules as a Realtor/Investor has always been to avoid purchasing a home if they will give me a negative equity flow. . .unless they are superbly located for maximum equity growth.
When you take away the only reason/benefit why you should have purchased an investment property at first place . you are left holding a cement block while swimming. . You may last a few months but eventually, after you exhaust your credit and your 401 K. . . .You will begin to sink to the bottom.
Before, you did not really mind paying a few hundred dollars per month to the bank; when your investment property was capable to gains of $30K, $50K, even $70K in one single year!
Today is different . . .
You are in new and uncharted waters, a situation which we often refer to as being "upside down", whereas you as an investor can't sell the home for enough to walk away free and clear. . . while your renter is sucking your blood dry.
Forget about profit. . You just want to break even!
If you don't have money to bring to the closing table, you are in a bad sticky situation. . and time is not your friend.
When you consider the flimsy outlook for real estate growth in our Maryland region for the next ten years . . . 3 to 5% per year?. . .and we may not be in the bottom yet!
Let's say you have 4 investment properties that are underwater with a $200,000 equity deficit
You may still have a little money to last you maybe a few more months. .
You can elect to stick it out and hope for another boom in real estate. .
Yeah right.. . Don't hold your breath
Kiplinger.com estimates a small rise in home prices this year and next but flat sales in general for the next 36 months.
 Can you last 3 more years of negative equity?
What then?
Long term outlook is not any better.. .3 to 5% yearly gain . .and if we have a smooth road ahead.
Not good.. if you have negative cash flow every month.
It could be year 2020 before you break even.
Going back to my investor friend at the start of this post. .
When it gets to a point where she could not/or elect not to continue to pour more money into a seemingly investment gone bad, I advise her to start looking at "other" possible solutions.
If she was about to let it go into foreclosure, unable to make her payments anymore. .while the tenants are calling her almost every day to fix never ending problems/ . .
She was definitely in a nightmare!
Have you considered doing a short sale in all your properties?
She told me she considered but knew of the tax consequences of a 1099 for the amount forgiving by the bank. . she had to pay taxes on it and she just didn't want to do that.
I asked her then. .
"How much would you have to pay when/if the bank seeks a deficiency judgment against you then? "
I did not wait for an answer. .
"Over two hundred thousand dollars". . I quickly volunteered
"You are telling me that you want to avoid paying the IRS a few thousand dollars in taxes over having a foreclosure on your records and a possible deficiency judgment?"
She was quiet for a moment and I broke the silence.
"Call me if you want me to go over some details about this option"
She told me she would. . as she hanged up
I don't want to call her now,
It's her decision to make. . I will be there for her if she calls me. .
So far she still makes those extra payments to the banks. . And I recently learned she is also underwater on her own home.
I refused to call her.
When she needs my help, I know she will come.. . she knows that now. .
I just hope she calls me before she maximize her credit cards and run her 401K dry.
Don't be a victim of bad information!
There is currently a lot of bad and misleading information out there regarding short sales in Maryland DC and Virginia and you need to arm yourself with the facts before you take the next step you need to take.
|
The Worst Thing You Can Do Is Wait! Take Action Today!
|
Get the facts from a distressed property expert that has the ability to help you avoid a foreclosure by doing a Short Sale today!
Is A Short Sale an Option For Me?
This post was originally published in 2009
The outcome was mixed. . we helped her short sale her primary residence and two of her investment properties.
Bank of America was not a good particpant back then. .
Today, they have improved. . .but still. . the saga continues. .
Short Selling Investment Properties in Maryland
RENÉ CADIMA was my uncle. .
He died a few years ago. .
He was living in Vallegrande Bolivia when Ernesto "Che" Guevara was assassinated by soldiers in October 9th 1967
He became famous worldwide because he was the photographer that recorded the historic moment
When "El Che"'s body was displayed in the open. . .
My uncle's pictures have been stolen and plagiarized many times all around the world
But he was the man that took these famous pictures on that faithful day. .
RENÉ CADIMA (read article about him here)
In 1996 I was visiting my uncle (the last time I saw him) and as he was fond of photographic cameras, he took a liking on my camera that I was using at that time.
I brought that camera from the USA where I reside now. .
I made a deal with my uncle. .
I asked him to make me a small little album from all the famous pictures of "El Che" and I promised my camera as an exchange
He smiled and agreed. .
A few days later before my departure he gave me this cheesy photo album. . .
d
I mean it was a cheap little album he found somewhere. .
Having it all these years, the album has even started to come up apart. . .
But the real prize was inside. .
My dear uncle put a collection of his famous pictures. .
I was floored. .
Here there were pictures after pictures of Ernesto "Che" Guevara
Like I never saw it before. .
While I was admiring my newly acquired album of these historic pictures, he filled me in about the details how he took these pictures. .
Page after page . . .
He even included new pictures he took when the remains of El Che were discovered in the small airport of Vallegrande Bolivia
And he even included some film (negatives)
You know the old types where you have to take it to be printed at the photo shop
I never really had it develop considering .. he gave me 3 frames of pictures he took about his work in print. .
He was a very proud man and I thanked him for the gift/exchange
He even included a letter signed by him. .
With a little more detail about his famous pictures. .
I have this album tucked away and from time to time, I look at it, enjoy it and smile at the memory of my uncle. .
He was a gentle and gifted man that lived a simple life and accidentally became famous
I decided to sell my album to someone that can appreciate the history and the beauty of his work. .
I figured it, by selling it, I will be able to buy the Spanish Guitar I've been wishing to get for a long time. .
But most importantly, I would love his work to be the center of attention for a Che Guevara connoisseur somewhere around the world
So his name can be recognized as the person that took some of the most famous pictures in the last 100 years
RENÉ CADIMA
Here's my uncle that collaborated and participated in the making of the film "The Hands of Che Guevara"
If you are interested in purchasing it..contact me or go directly to my eBay listing HERE
Fernando Herboso Cadima 240-426-5754
A Sample of nice Homes that SOLD In
Silver Spring 22905, 22902, 22904
Silver Spring takes its name from a spring discovered in 1840. Francis Preston Blair likes the area so much that eventually bought much of the surrounding land. The area called Acorn Park in the south side of Silver Spring is believed to be the site of the original spring.
One of Silver Spring's most distinctive characteristics is that it has many churches, synagogues, temples, and other religious institutions, including the World Headquarters of the Seventh-day Adventist Church.
The major roads in Silver Spring are mostly 3 to 5 lane highways consisting of The Capital Beltway which can be accessed from Georgia Avenue (MD 97), Colesville Road (US 29), and New Hampshire Avenue (MD 650).
The newly constructed ICC Intercounty Connector has radically changed the way people move from point to point.
These nice houses JUST SOLD in the last 3 MONTHS in Silver Spring . .
OPPPS!.. .Are you missing the bottom of the market?
With interest rates below 4% and home prices at its lowest points for the last 5 years. .
How much lower do you want it to go?
Silver Spring Maryland is bouncing back and it is one of the hottest markets in Montgomery County Maryland as of January 2012
Do you need Representation? Do you need to know where the good deals are?
CALL ON US!
We will make the difference for you!
Here at Herboso & Associates, we understand what an important decision is finding just the right home . .
Our agents are committed to finding just the right place for you, your family, and even your beloved pets.
Our dedication to the buyers is unsurpassed in customer satisfaction.
 Tell us -- How can we help you?
More About Silver Spring Maryland
Montgomery County Market Report for December 2011
"Pssst wanna see some Really Nice Homes For Sale?"
Click the video below. .
Thank You for stopping by,
We will not
YOU!
When you subscribe with us. . we respect your privacy. . and that is a promise
www.ReallyNiceHomes.com
Silver Spring Maryland Nice Homes For Sale
Homes for sale in Silver Spring MD
Please read this request for simple signature to save someone;s life. . . . a father. .
|
 |
|
Dear Fernando,
Jesus Navarro could die without a kidney transplant. His wife is a match, she wants to donate her kidney to save her husband's life, and Jesus even has health insurance to cover the transplant.
But because Jesus is undocumented, the University of California at San Francisco (UCSF) Medical Center is refusing to perform surgery, essentially leaving Jesus to die.
Donald Kagan understands what Jesus is going through better than most. Donald immigrated from Nicaragua, and he needed (and received) a kidney transplant that saved his life. Donald is now a partner at a technology firm in Berkeley, CA -- and he has offered to pay Jesus's post-surgery medical bills. ButUCSF Medical Center still says no.
Donald thinks it's unconscionable that UCSF Medical Center would deny Jesus medical treatment even though Jesus already has a willing kidney donor, insurance to pay for his surgery, and a benefactor to pay for his follow-up care. So Donald started a petition on Change.org asking UCSF Medical Center administrators to allow Jesus to get the kidney transplant that could save his life. Click here to sign Donald’s petition right now.
When doctors take the Hippocratic Oath, one of the things they swear is that, "I will remember that I remain a member of society with special obligations to all my fellow human beings, those sound of mind and body as well as the infirm." The administrators at UCSF Medical Center are forgoing their obligations as caregivers only because Jesus is undocumented.
After waiting for years for this surgery, Jesus was devastated to learn that it still might not happen. "He's afraid he might die," Jesus's sister told NBC News. "He might not see his daughter grow up."
The UCSF Medical Center administrators don't want a public relations disaster on their hands -- but that's exactly what they'll have if thousands of people sign Donald's petition and they still refuse to provide Jesus with the surgery that could save his life.
Click here to sign Donald's petition demanding that UCSF Medical Center allow Jesus Navarro to receive his wife's kidney and save his life -- a surgery that Donald himself will pay for.
Thanks for being a change-maker,
From
- Jackie and the Change.org team
|
|
Nice Homes for Sale in Tucson Arizona:
In Tucson Arizona
From time to time, we feature different markets to feature Nice Homes for Sale a world away from Maryland DC Virginia
Tucson Arizona is an amazing city with a mixture of many cultures. This beautiful city has experienced immense growth and development recently and many people have moved in seeking the success of the city's attraction
Much of Tucson's economic development has been centered on the development of the University of Arizona, which is currently the second largest employer in the city. The city of Tucson is also a major hub for the Union Pacific Railroad's Sunset Route that links the Los Angeles ports with the South / Southeast regions of the country.
Tucson Real Estate has not escaped the housing crisis, however looking at their latest statistics; it shows a resilient Tucson real estate market that seems to be leading the way of recovery.
If you looking to buy a home and wondering where (and how) to get the best deal out there. .
Wonder no more. .
A Tucson Realtor should be your first priority. One that can help you explore availability of different types of homes for sale. While there are some that are extravagant and expensive, some others are moderately priced and yet comfortable enough. It all depends on you preferences, your requirements an d budget.
A Tucson Realtor will also analyze and give you assistance with real estate contract law that states all the conditions when purchasing a home. It will also help you avoid any legal problems at a later stage.
The architecture of homes for sale in Tucson Arizona are unique and perfect for the climate and the ambience
Some of the cultural attractions for Tucson Arizona are:
Arizona Historical Society
Tucson Gem, Mineral & Fossil Showcase is held annually in Tucson, and is the largest gem and mineral show in the United States.
The Fremont House is an original adobe house in the Tucson Community Center that was saved while one of Tucson's earliest barrios was razed as urban renewal Old Tucson Studios, built as a set for the movie Arizona, is a movie studio and theme park for classic Westerns.
The Tucson Museum of Art was established as part of an art school, the Art Center, which was founded by local Tucson artists including Rose Cabat
The University of Arizona Art Museum includes works by Franz Kline, Jackson Pollock and Mark Rothko as part of the Edward J. Gallagher Memorial Collection, a tribute to a young man who was killed in a boating accident. The museum also includes the Samuel H. Kress Collection of European works from the 14th to 19th centuries and the C. Leonard Pfeiffer Collection of American paintings.
International Wildlife Museum, which is five miles (8 km) west of Interstate 10, maintains an exhibition of over four-hundred different species from around the globe.
Tucson Real Estate is hot like the beauty of its desert. .
Nice Homes For Sale
A great post about the dilemma that faces a lot of homeowners today. .
Strtaegic Defaulst?
Loan Modifications?
Deed in Lieu?
Foreclosure?
A lot of problems . . not easy solutions. .
Via Tni LeBlanc REALTOR® Santa Maria CA Homes Central Coast:
In Defense of the Short Sale Selling, Loan Mod Applying, Principal Reduction Requesting Public
 I just read the AR newsletter featured post entitled, “Rewards for being a debtor.. Punishment for those that are not,” and it really got me going this Sunday morning. Judi Barrett sets out her opinion as a free and clear homeowner who is troubled as she watches the government continue to offer program after program to try to solve the housing crisis. It is an interesting read but I disagree strongly that those who are being asked to wait in line for a government program are being “rewarded.” I know the fact that I live in California strongly affects my opinion in the matter -- the financial devastation here is just too great.
Interestingly, a few months ago, I was approached by a homeowner who felt similarly, and we had a great discussion. She was, what I would like to describe as the perfect hybrid, and thus a good illustration of the issues affecting us in California. Although she was not a cash buyer, she put $250,000 down on a $500,000 home. So, although she was a debtor, she clearly had the sensibilities of a cash buyer. And even with her large down payment, she was actually still underwater by $30,000 or $40,000 and she did not have the additional resources to sell or refinance her property. She also felt very strongly that people were being rewarded by the government for bad behavior. Of course she was going to continue to pay, she had invested so much with her down payment and all the payments she made toward her mortgage. However, a couple weeks after our conversation, she also lost her job due to the economic downturn. Personally, I hope that she is able to obtain some relief and save her home with a loan mod or complete a short sale and I don’t consider it a “reward.”
 Here’s my take on the housing crisis. The lenders, in essence, introduced a bunch of straw buyers into the real estate marketplace. Their argument for why they did it is essentially that the government made the incentives to make fraudulent loans so delicious that they just could not resist. See they love money so much, they just had to do it. In fact, the money got so good and it was so easy that they wanted to speed up the process of making money even more, so they started committing more fraud (robo-signing) to make the original fraud more profitable. Yes, my friends this is high level finance we are dealing with here -- mere mortals just wouldn’t understand this stuff.
Resulting scenarios in California and other “Sand States” work something like this hypothetical: New home development built in 2004 - 2006. 200 houses and maybe 25 of the buyers could really afford the prices they paid AND they made down payments. And then there were of course those unfortunate enough to believe the bank would not loan you the money if you really could not afford it. These folks believed in the integrity of “the system” -- how unfortunate! They were sold interest only loans and ARMs that they cannot refinance out of now and they MIGHT have been able to keep up with their home enough to still have their name on the deed. They can make payments for awhile but they really can’t afford the prices they paid-- that's probably about 75 people out of the 200. Now they all received appraisals supporting those prices based on sales of homes made to at least 100 people who clearly could not afford those homes at all. Those bogus buyers were in essence straw buyers that quickly lost their homes. So, almost six or seven years after those homes were built, about 125 of those homes have probably gone through some sort of process, short sale or foreclosure. And more than likely almost all of those 25 people who could afford those prices are still left among the 75 who are still struggling or are applying for a loan mod. Now if you paid $500,000 for a $250,000 house because you were defrauded and $250,000 is subsequently reduced from the principal, where is the reward? If a court were to pronounce that judgment, not many would say it was unjust.
Those 25 people who could afford the prices they paid of course still feel defrauded, as it will take 10 -12 years of payments to get their loan balances down to the home prices of today and they cannot refinance to today’s lower interest rates. So, of course, the temptation to walk away is high -- but only because it is cheaper and more expedient than trying to sue. In fact, lenders are now beginning to include language in their short sale approval letters requesting waivers over their very many legal issues on these files. And in some cases, they are paying home owners to do short sales in order to clean the slate. So they are, in essence, seeking settlements. So, in my view, government efforts to intervene with “programs” are efforts trying to create a mass settlement of these legal issues.  Something everyone can live with so we can all recover and move on. And, I do not envy those who are living in a home, cannot afford to sue, and are waiting around for the government to save them.
Many people I’m helping never envisioned being in the position of waiting on the government for a solution. Many are people who have never even had a derogatory on their credit report before these times. The solutions offered damage their credit, do nothing to address the investment they’ve lost, and in some cases they can be asked to pay taxes whether they get a loan mod, allow a foreclosure, or elect a short sale! Not to mention people who have lost jobs because this whole mess has affected the entire economy. Believe me, it takes a lot before people will walk away from a down payment and 6 or 7 years of payments, and that is what I see a lot of people doing in 2012. My phone has been ringing almost non stop for the past two months for short sale consults.
Rewards? Hardly. Are you going to benefit as a free and clear owner of property? Probably through a stabilized housing market and a better economy, but not directly, no. I do agree that the whole things stinks. However, saying that people who are applying for government assisted re-fi’s, loan mods with principal reductions, and short sales are being “rewarded” is not exactly accurate. They are, for the most part, good people trying to do the best they can in a bad situation.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent, Certified HAFA Specialist (CHS), and Certified Distressed Property Expert (CDPE) and Short Sale and Foreclosure Resource Agent (SFR) serving Santa Maria, Orcutt, Lompoc, Nipomo, and Arroyo Grande on the Central Coast of California.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice and is for information purposes only. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.
Copyright © 2012 Tni LeBlanc *In Defense of the Short Sale Selling, Loan Mod Applying, Principal Reduction Requesting Public*
A Sample of nice FEATURED Homes for sale In
Arlington Virginia 22207
Arlington County is a county in the Commonwealth of Virginia. The land that became Arlington was originally donated by Virginia to the United States government to form part of the new federal capital district. On February 27, 1801, the United States Congress organized the area as a subdivision of the District of Columbia named Alexandria County
Given the county's proximity to Washington, D.C., Arlington is headquarters to many departments and agencies of the federal government of the United States, including the Pentagon, the Department of Defense, the United States Drug Enforcement Administration, and the Defense Advanced Research Projects Agency (DARPA)
Now, let's check these houses for sale in Arlington Va. .
2330 VERMONT ST N, ARLINGTON, VIRGINIA 22207
Price: $1,650,000
Open House cancelled-2/5 Gorgeous stone craftsman an unbelievable value! 5 Years Young w/all the fi ...
View Details
View Photo Gallery (30)
Save Property
Virtual Tour
Open House Schedule
MLS# AR7725451
Bedrooms: 6
Bathrooms: 6
Partial Baths: 1
Square Ft: 6240
Acres: 0.302319
4011 RICHMOND ST N, ARLINGTON, VIRGINIA 22207
Price: $1,599,999
These (five) Four sided masonry homes are certified NAHB "green" homes & are designed w/ a commitmen ...
View Details
View Photo Gallery (28)
Save Property
Virtual Tour
Open House Schedule
MLS# AR7749479
Bedrooms: 5
Bathrooms: 4
Partial Baths: 1
Square Ft: 4700
Acres: 0.272153
6613 29TH ST N, ARLINGTON, VIRGINIA 22213
Price: $1,599,900
NEW CUSTOM BUILT HOME FROM SPRING STREET DEVELOPMENT CLOSE TO EFC METRO. 5B ...
View Details
View Photo Gallery (23)
Save Property
Virtual Tour
MLS# AR7655542
Bedrooms: 5
Bathrooms: 4
Partial Baths: 1
Square Ft: 5700
Acres: 0.229591
3008 TORONTO ST N, ARLINGTON, VIRGINIA 22213
Price: $1,599,000
OPEN HOUSE SUNDAY JAN 8TH 1-3 PM . SUBERB FINISHES & TOP QUALITY . SUNNY 5 bedrooms + 5 full baths, ...
View Details
View Photo Gallery (30)
Save Property
Virtual Tour
MLS# AR7656022
Bedrooms: 5
Bathrooms: 5
Partial Baths: 1
Square Ft: 6130
Acres: 0.266345
Do you want to see any of these properties ?. . Do you need Representation?
Remember the listing agents represent the sellers . ... not the buyers
They want to sell you these properties for the highest amount possible!
CALL ON US!
We will make the difference for you!
Here at Herboso & Associates, we understand what an important decision is finding just the right home . .
Our agents are committed to finding just the right place for you, your family, and even your beloved pets.
Our dedication to the buyers is unsurpassed in customer satisfaction.
 Tell us -- How can we help you?
About Arlington Virginia
CNN Money ranked Arlington as the most educated city in 2006 with 35.7% of residents having held graduate degrees. Along with five other counties in Northern Virginia, Arlington ranked among the twenty American counties with the highest median household income in 2006. In August 2011, CNN Money ranked Arlington seventh in the country in its listing of "Best Places for the Rich and Single"
Thank You for stopping by,
www.ReallyNiceHomes.com
Arlington Nice Homes For Sale
A Sample of nice Homes for sale In
McLean Virginia 22101
McLean Virginia enjoys one of the best locations in the DC Washington Area. The Capital Beltway, George Washington Memorial Parkway, Interstate 66, Dulles Access Road, Dolley Madison Boulevard/Chain Bridge Road, Georgetown Pike, and Old Dominion Drive all run through McLean.
Some of the most famous personalities that live in McLean Virginia are: Newt Gingrich, Colin Powell, William Cohen, Clarence Thomas, and many Members of Congress and Politicians
Real Estate in McLean has maintained its value in the last 3 to 5 years despite of what happened to the rest of the nation. If you want to see and preview some of this houses, most of them required strict instructions that one must adhere to.
McLean is s the location of the Central Intelligence Agency CIA
Now, let's check these houses for sale in McLean Va. .
1001 DOGUE HILL LN, MC LEAN, VIRGINIA 22101
Price: $7,995,000
Sitting at the end of a private cul-de-sac this extraordinary home has been meticulously restored. ...
View Details
View Photo Gallery (30)
Save Property
Virtual Tour
MLS# FX7651584
Bedrooms: 5
Bathrooms: 5
Partial Baths: 2
Acres: 0.894353
0 GALLANT GREEN DR, MC LEAN, VIRGINIA 22102
Price: $6,750,000
Every stud, sheetrock, electrical and plumbing has been replaced in this extensive renovation. Stat ...
View Details
Save Property
Virtual Tour
MLS# FX9000977
Bedrooms: 6
Bathrooms: 6
Partial Baths: 3
1463 KIRBY RD, MC LEAN, VIRGINIA 22101
Price: $4,250,000
This modern and elegant interpretation of a French Chateau has been completely renovated with interi ...
View Details
View Photo Gallery (30)
Save Property
Virtual Tour
MLS# FX7710409
Bedrooms: 4
Bathrooms: 5
Partial Baths: 2
Acres: 2.0003
Do you want to see any of these properties ?. . Do you need Representation?
Remember the listing agents represent the sellers . ... not the buyers
They want to sell you these properties for the highest amount possible!
CALL ON US!
We will make the difference for you!
Here at Herboso & Associates, we understand what an important decision is finding just the right home . .
Our agents are committed to finding just the right place for you, your family, and even your beloved pets.
Our dedication to the buyers is unsurpassed in customer satisfaction.
 Tell us -- How can we help you?
About McLean Virginia
McLean is home to many diplomats, members of Congress, and high-ranking government officials partially due to its proximity to Washington, D.C. and the Central Intelligence Agency. It is also the location of Hickory Hill, the former home of Ethel Kennedy, the widow of Robert F. Kennedy.
Located between the George Washington Parkway and the town of Vienna, McLean is known for its many upscale homes, as well as for its high-end shopping, such as the nearby Tysons Corner Center and Tysons Galleria. Land values in McLean are among the highest in the Washington area.
Thank You for stopping by,
www.ReallyNiceHomes.com
McLean Virginia Nice Homes For Sale
|
|
|
;)
;)
;)
