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Via Teri Eckholm, REALTOR® Anoka County Acreage & Lakeshore Homes (REMAX Specialists):
Home buyers often set themselves up for a stressful situation: Too loose of criteria equaling too many homes to see. With foreclosures, short sales and traditional sellers with houses on the market, there are hundreds of homes on the proverbial real estate shelves! As a REALTOR® in the Twin Cities north metro (Forest Lake, Ham Lake, Blaine and Lino Lakes areas), I have had a number of overwhelmed potential buyers approach me with some very loose home selection criteria. Our first conversation might sound a little like this:
"Teri, I am willing to go anywhere for a single family home under $250,000. I just need a couple of bedrooms and a garage anywhere between Anoka and Lindstrom. Heck, I would even consider one of those townhomes, if the price was right."
The problem here is that with this type of open-mindedness, homebuyers could have literally dozens of homes available to choose from. While this might sound like a good thing, when faced with a plethora of choices, the amount of homes will be overwhelming to the buyer going it alone.
According to the U.S. Department of Housing and Urban Development website, the average buyer sees 15 homes before writing an offer on a home. In my experience this is a fairly accurate estimate. Most buyers begin to tire of the whole process after seeing a dozen homes. All of the homes start to look alike and become a jumble in their mind.
As we start to enter a more balanced market, how do you narrow down the list and focus on the best homes for YOU?
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Write down what you must have in a home. Need a 3 car
 garage? Want a gas fireplace and hardwood floors? Can't live without a full finished basement? Would die without central air conditioning? Write down those must haves and weed out the homes that don't fit.
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Select a neighborhood, area or school district. If you must be within 10 miles of work or your kids want to be in the same school district, use this parameter to define your search area.
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Work with a knowledgeable agent. By working with an experienced agent, my clients are able to get that list of homes down to a manageable level in short order. Although many internet searches have become very detailed, they are still not as detailed as the ones used by licensed agents. The closest public internet home search that will allow you to search like a REALTOR® is Listingbook. But in order to use the Twin Cities version of Listingbook, you must sign up through a licensed agent. This search allows you to set up your very own detailed searches that meet specific wants and needs.
It doesn't cost buyers anything to work with an agent. Our fees are traditionally paid for by the seller. But a REALTOR®'s service can be invaluable by saving the homebuyer time and frustration.
As a case in point, I had a client that was looking for homes in vast area of Anoka County. She originally told me that she wanted to be in Elk River but Wyoming and Stacy in Chisago County would also be considered. She was willing to spend up to $250,000 and do some work on the home. She was needed at least three bedrooms, two baths and a garage but getting a good deal was paramount.
When we set the initial search using a map search, price point and bedrooms alone, she had nearly a hundred homes to choose from. After a first day showing homes, I learned from this client that a master suite was a "must have" and any foreclosure home in severe disrepair was not to be considered. She really didn't want to be anywhere near Elk River or Anoka County. She wanted to be within minutes of Forest Lake and 35 and have a wooded backyard. After re-setting the search and reviewing the homes, I emailed my client 6 single family homes that met her needs. We saw all six for showings. After one day of viewing homes, she was ready to write an offer on one of the homes we saw. It met her needs perfectly!
Had this client chose to go it alone, she would have been overwhelmed, distracted and frustrated running to several homes that she really didn't want to buy. By setting specific criteria and using my expertise as an experienced agent, the number of homes quickly became a manageable amount. The buyer remained focused and was able to define her concept of an ideal home.
So what happens to the homebuyer that feels there are no homes that are meeting all of the required criteria? Remember, no home will ever be 100% perfect. If too many wants are specified, there may not be a home that will ever measure up. If the list of homes available is too short, see if any of the "must haves" are really necessary.
Great Info in Lee county go to leeclerk.org Via Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR (Encore Realty Group -Realtor>Estate>Probate>REO>Short Sale):
I decided it was time to update and rewarn all Las Vegas Renters and POTENTIAL Renters of the signs that your home you are renting (or want to rent) is in stages of foreclosure.
I perform many BPOs. BPOs are Broker Price Opinions which means banks are just searching for opinions on list pricing for a home. The home may already be foreclosed upon OR it may be in various stages of default or foreclosure. This allows me see trends before they start happening. While I have seen this in the past before, I have seen it way too much in the last week: homes listed for rent that are in default! This means, that if a solution doesn't come about for the owner of the home, the renter may pay all deposits, move in and find themselves speechless and homeless when the home goes into foreclosure.
Here are ways to protect yourself:
Find out when the home was purchased or if it was refi'd (for cash out) during the boom years (2003-2007.) This could help you gauge if the home is upside down and could go into default. This isn't a sure-fire way to protect yourself from heartache soon after you move in as I have seen some neighborhoods and areas have sub-80's pricing. You can see this information on the recorder's website which I am about to give you.
Get the deposits & rents escrowed. Instruct escrow to pay the mortgage payments AND HOA dues rather than relying on the owners to do that. Also instruct escrow that in the event of foreclosure, the deposits and rents are to be released to you, the renter. This will help protect you from the nightmare of having to fight a broke landlord, (who may file for bankruptcy protection,) for your deposits.
This is a tutorial for renters who are curious about the foreclosure status of the property you are renting (or are about to rent).
With the wave of foreclosures in the Las Vegas Area, many renters are concerned if the property they are renting is in good standing or about ready to get foreclosed on. Even if you have been paying your rent or even have a lease option on the property, it is not a bad idea to make it a habit to check on a monthly basis.
It is also a good idea to check prior to renting a home!
Step 1: Go to the Clark County Assessor's office and click on search, under real property records click "address". The reason why you may not want to search by name is that many investors hold title in an LLC.
Step 2: Fill in street number and street name. Make sure you check the box next to "show current parcel number record"
Step 3: Many addresses show up so write down the parcel number next to the address:
Step 4: Go to the Clark County Recorder Home page for "Land & RPTT Information". Scroll to the Arrow and choose "Search Records"
Step 5: Read Terms and Accept (if you accept terms:)
Step 6: Click on Parcel # (for Search):
Step 7: Look for the following:
Lien: Look for liens. Could be from homeowner's association or from master plan. These entities may foreclose on the house!
Breach or Notice of Default: Owner is in Default of their loan. Foreclosure may or may not be in the works. General rule of thumb, if house is going to be foreclosed on, it will happen in the next 3-6 months from recorded date
Notice of Sale or Notice of Trustee Sale: Foreclosure is imminent. Usually 30-60 days from recorded date
Trustee Deed: House is foreclosed on
If your rental home is in default, please consult a real estate attorney prior to breaking a lease or stopping your rental payments!
Via Louis Esbin (Law Offices of Louis J. Esbin):
A recent email to a client follows, and should be a fair warning to have clients consult with bankruptcy counsel before execution of short sale purchase and sale documents:
- As a result of the short sale of your home before you file bankruptcy you will no longer have the contractually due amount owing to your first and second.
- As a result, when we calculate your eligibility for Chapter 7 relief (rather than Chapter 13 relief) we will not be able to deduct from your Annualized Monthly Income those monthly payments.
- As a further result, if your Annualized Monthly Income (calculated from the prior 6 months of payment advices) exceeds the Median Income for your 4 member household (currently $79,971) you will not "pass" the Means Test, meaning that you will be forced into a 5 year Chapter 13 repayment plan; and to add insult to injury you will only be repaying your debts without the benefit of saving your home.
- Rent does not reduce your Annualized Monthly Income for purposes of calculating the Means Test.
- Remember that the short sale does not monetarily benefit you (you will still have liability for the deficiency owing on the second), and yet the inability to claim the contractually due amounts (even if not being paid) will cause you greater harm because you cannot gain a Chapter 7 discharge, but must wait out a Chapter 13 discharge.
- The short sale, although delayed, can happen any time after you receive your Chapter 7 discharge. This would be a win-win for you and the Realtor.
Louis J. Esbin, Esq.
Law Offices of Louis J. Esbin
27201 Tourney Road, Suite 122, Valencia, CA 91355-1857
Tel: 661-254-5050 | Fax: 661-254-5252 | Web: www.LouisEsbin.com
Certified Bankruptcy Specialist - State Bar of California Board of Legal Specialization.
Via Mike West (Heritage Oak Properties):
How responsible are we, as Realtors, for our client's property security?
The answer seems obvious, right? When we provide access to a property we should ensure that it is secure when we depart that property.
However, it man not be as simple as it seems. Most of us are fairly trusting of our buyer clients. We do not expect them to cause damage to a listing that we show them. The problem is that some of them may have another agenda all together.
This is a true story about a short sale listing on which my buyer has the accepted offer. We are waiting to hear from the lien holder to see if they are gong to accept our offer or not. Many of you are probably in the same position right now.
The seller is out of the area and the home is vacant. With a few minor exceptions the home was in excellent condition when we submitted our offer. Naturally, until we have lien holder approval the listing agent still has the property on the market in what we call locally a Short Sale Contingent status (meaning that there is an offer accepted by the seller, waiting for lien holder approval but we will accept backup offers). So, a few agents are still showing the property.
Some time last week as person or persons unknown got in to the home without breaking any windows or jimmying any locks. The brought cans of spray paint and painted all of the walls, floors, cabinets and doors. They damaged several ceiling fans, smashed the oven door glass and knocked down some smoke detectors. Photos attached.
It looks like they were in the home either during an open house or at a showing with an agent and unlocked one of the windows. They came back later, entered the home and did their damage. One school of thought is that they may have wanted to cause enough damage to cause my buyer to walk away so that they could pick up the property for a song, due to the damage.
Had the agent involved been more diligent, they may have caught the unlocked window and prevented the incident. It certainly does not make the Realtor community look very responsible.
The purpose for this post is to advise one an all of what happened and what could happen to their listings. It certainly does not give one a warm fuzzy feeling about potential buyers. We may have to revise the ditty to "buyers are vandals!" Agents BEWARE!
Note that this is an upscale area with security gates and roving security.
Way to think outside the box and make things happen. Via Luisa Rodriguez (Exit 1st Choice Realty):
A few weeks back I contacted a prospective client who wanted to sell their home in Lake Ridge, Woodbridge, VA. As we began our conversation, I quickly realized they were upside down on their home--in the last few years it had dropped about 40% of its value. This couple found themselves in a situation that is playing itself again and again across America. They earned too much to qualify for a loan modifcation and were stuck making very high payments on a home that was not worth what it used to be.
My clients made an appointment to consult my short sale negotiator. After a very long question and answer period, she gave them the bad news. You won't be able to do a short sale either because you don't really have a hardship. But what they weren't expecting, and neither was I, was a bit of good news. She said, "You may still be able to buy." How could this be?
She told them they should rent out their current home and purchase a new one. It would be a little tricky, but it would be possible. They would need to qualify for both mortgages at the same time because lender rules dictate that if you are upside down on your home, you have to rent it out for 2 years for it to qualify as income. However, on paper, they could qualify for another home. And even though the rental income would not cover the mortgage of their first home, the savings on the second home would make up for the difference.
In the next few days my clients put their home up for rent. They were able to secure a renter and sign a lease. Now they were ready to get pre-approved and start looking for their new home. We put an offer on a home towards the beginning of the week that was about 700 square feet bigger than their current home and in a more sought out neighborhood. Since the new home is cheaper than their first home, overall they will only be paying $200 more than if they were to stay in their current home.
The home they found is not their dream home, but they are very satisfied with their decision. They will hold on to their first home until the market improves enough so that they could sell it and pay off the mortgage. In the meantime, they will be able to build equity on their new home because they bought it at a rock bottom price. By the time they sell both homes, they will likely have a significant amount in cash to put towards a down payment on their dream home. However, if they stayed in their current home, at best in five years they might just be able to break even.
This scenario will not work for everybody, but it certainly is worth exploring if you are looking to recover some of the equity lost in the last couple of years. It also demonstrates that you should explore your options before throwing in the towel because you are upside down on your home.
Via Amanda Wilson (EWM):
My client calls and wants to see a short sale property....I immediately call the listing agent to set up the appointment and also take a moment to open a few attachments on the listing.
This is when I noticed...that this short sale was called, A HYBRID SHORT SALE. I was a bit confused, as this was a new twist! The attachment says in part:
"We've created a program that jumpstarts the whole short sale process. First, when we list a short sale, we immediately place a cash contract on the property to start the negotiation process. This process takes 2-4 months to get approved and in the meantime, we market the property and all this is done with no cost to the homeowner. Second, once the bank accepts the offer, we do double closes with separate funds (i.e., close the first transaction (cash), clear up all leans (not liens) and title issues then we can close on the second transaction on the same day giving clean title.
Because of the "Seasoning Rule" that FHA has, FHA is not an option, we can only work with conventional loans or cash. No one is looking to make a killing on the first transaction, the cost cover the negotiation fees, closing fees and guarantees the agents commission. The banks are currently only giveing at most a 4% commission, split between listing and seller agent, not a great commission with all the work it takes to close a short sale these days but since I control the first transaction I can build in the seller commission for a full 3%+."
This attachment certainly KILLED any deal with respect to my client. The Hybrid short sale just didn't sound right to me and I disclosed my concern to my client and we decided to search for another property. I was no longer confused.
Just a word of advice--all agents are not created equal.
Via Robin Basichis (Rosen Company West/Diversified Real Estate Consultants L.L.C):
The past year has not been kind to divorce lawyers. Divorce is down 4% nationally. Things are different now. The drop in housing prices combined with a declining economy is making couples who would normally part ways stay the course and stick to their vows of death till us part.
So many couples are underwater on equity in their homes that they can't sell - split the money - part ways and start their lives anew. If they bought the house jointly and one spouse decides to abandon ship the house could go into default their credit gets creamed for five years.
In so many cases homes have turned from sound investments into a toxic assets. The cost of living has gone up. Unemployment is on the rise - and because of this bad economy many people who hate each others guts are choosing to stay together because there is no money to split up and no money left for alimony and child support once all the bills are paid.
During my parents time which was after WW11 people who couldn't stand each, and there were lots of them, stayed together for all kinds of reasons. One big reason was economic. A lot of women didn't work, my mother included, and there weren't as many opportunities for women in the work place like there are now. If a husband left his wife back in the 50's without any money she would likely have to struggle just to survive. If she was taking care of the kids the ante went up.
I wonder what is going to happen after the dust settles. If the economy and the housing market continue to decline for a couple of more years and take their sweet time coming back how are married people who wanted to part ways a long time ago going to stem the tide? Maybe they'll find a way to work things out. Maybe not. Will the floodgates open for divorce filings once the economy begins to swing the other way?
I guess the divorce lawyers will be waiting on the sidelines biting their nails and watching the scoreboard until the game changes.
If you or somebody you know is caught in a bad domestic situation please contact me about doing a Loan Modification or a Short Sale.
ROBIN BASICHIS - CBC PROPERTY SOLUTIONS
Via Stephanie Jarman Realtor® Kansas City Homes and Land for Sale (Realty Executives):
We Realtors(r) have the distinct privilege of defending our nations' wealth and the cornerstone of our financial security. When times are good and appreciation is steady, we can happily take some credit. Conversely, in this economy, we must take some of the responsibility. By our own Code of Ethics, we have been charged with a somber duty:
"REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership....Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility..." Realtor Code of Ethics, http://www.realtor.org/mempolweb.nsf/pages/printable2010Code. (Emphasis mine).
I was especially chagrined to see a Realtor in the Las Vegas area in a national publication
http://www.cnbc.com/id/33310096
saying that although she could afford her home, she had decided to let it "go back" because she was so far upside down in this crazy market. Here again I think Realtors need to step up to the plate and make some EFFECTIVE changes. Why not help the problem by ACCURATELY pricing the inventory when you are asked for a BPO? 40 cash offers....hmmm, perhaps the price is too low for the demand!? Banks turn to us to know what the market will bear. Show them!
I shudder to think what we are standing for as a community if we do not firmly stand by our beliefs that home-ownership is a privilege and a responsibility. Its also the cornerstone to wealth in our country. It makes me cringe to see Realtors profiting from the sale of Real Estate while at the same time throwing the very basic premise of responsible home-ownership out the window. Government is not the answer. The printed money in the form of tax credits and chinese arithmetic "stimuli" are good money flushed--especially if we start taking the "easy" road and encouraging others to do the same.
If you can no longer afford your home, I can help you sort thru your options. If you can, do the right thing and honor your obligation to pay your mortgage. Times will change and you will eventually prosper again.
We Realtors ARE held to a higher standard--as we should be.
Via Rosemarie Heindel (Perry Group Properties, Inc.):
I confess, I am an avid reader. That may be a good passion of mine, however, at times it can be negative. Let me explain. Recently I was reading in the December 21, 2009 edition of Fortune magazine about housing price predictions for 2010 and which areas were expected to recover sooner.
There appears to be so many opinions on how fast the real estate market is going to recover. Broken down by states, the projected price decline and price increase is amazing. Some areas are looking at an additional 33% decline in home prices and some a 2.8%. Definitely the areas where jobs still exist represent the areas where home prices are remaining "stable" compared to hard hit areas where jobs have essentially disappeared.
I don't believe anyone knows for sure what 2010 will bring in the real estate market. What I do know and believe is, we can do our part as real estate agents to give our clients a realistic picture of what is happening in their area and help them to understand their options. There are always options. They may not be what they want to hear, but they deserve to hear the truth.
Country Creek Estero FL is a community located in Sunny Estero Florida. Country Creek offers many choices: from executive homes, condos, duplexes, attached villas and single family villas.
Country Creek Estero FL features 5 community pools and Har-Tru tennis courts. A restaurant , fitness center, Bridge room, are also a part of the lovely Country Creek Estero FL community, among other amenities.
 A golf membership is included in the purchase price of residences in the executive golf course community of Country Creek Estero FL. The Country Creek Golf Course features 18- holes, and has a pro shop.
Country Creek is one of the best values for your money in SW Florida, and is located in a quiet, yet convenient location in Estero.
Country Creek residents enjoy a prime location to Fort Myers Airport, Miromar Outlets, Gulf Coast Town Center and many of the Estero area attractions. Directly off of Corkscrew rd in between I-75 and US 41.
For more information regarding Country Creek Estero FL, please contact me.
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Tim Ludemann
Estero,
FL
More about me…
Sand Castle Realty Group, Inc.
Address: 2220-2 Venetian Ct., Naples, Fl, 34109
Cell Phone: (239) 839-7710
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