Another motivational email from my colleagues at Re/Max. I do not ever feel like I just "give up". Often I find myself trying to find another way to make something work which ultimately leads to something better and something I would have never thought of doing, totally unrelated. I know that is a really general statement, but it makes sense to me :)
So after reading this email message this morning it just re affirmed that toxic pessimistic people exist everywhere around us. Only you know deep inside what is your passion and what you are capable of. Never give up if your heart tells you otherwise. There is always a reason and nothing is a mistake. It is all part of the journey to discovering self, mind and spirit. Sit, be still and listen.
Rejected a total of 140 times. The book? Chicken Soup for the Soul. It now has 65 different titles and has sold over 80 million copies all over the world.
Told by a teacher he was "too stupid to learn anything" Thomas Edison
Failed the sixth grade - Winston Churchill
Wasn't able to speak until he was almost 4 years old and his teachers said he would "never amount to much" - Albert Einstein
Did poorly in school and failed at running the family farm - Isaac Newton
Was not allowed to wait on customers in the store he worked in because "he didn't have enough sense" - F. W. Woolworth
Was cut from the high school basketball team, went home, locked himself in his room and cried - Michael Jordan
Producer told her she was "unattractive" and could not act - Marilyn Monroe
His first book was rejected by 12 publishing houses and sixteen agents. - John Grisham
Turned down by a recording company saying "We don't like their sound and guitar music is on the way out" They were talking about the Beatles
Was told by his father that he would amount to nothing and be a disgrace to himself and his family - Charles Darwin
Told by a music teacher "as a composer he is hopeless" - Beethoven
Tuesday, May 3, 2011
Friday, March 25, 2011
To Give or Not To Give is the Question
My Dear Sirs;
In reply to your request to send a check, I wish to inform you that the present condition of my bank account makes it almost impossible. My shattered financial condition is due to federal laws, state laws, county laws, city laws, corporation laws, liquor laws, mother-in-laws, brother-in-laws, sister-in-laws, outlaws, and blue laws.
Through these laws I am compelled to pay a business tax, amusement tax, head tax, school tax, gas tax, light tax, sales tax, liquor tax, carpet tax, income tax, food tax, furniture tax, and excise tax, even my brains are taxed.
I am required to get a business license, car license, hunting and fishing license, truck license, not to mention a marriage license, and a dog license.
I am also required to contribute to every society and organization which the genius of man is capable to bringing to life. To the women’s relief, unemployed relief, and gold diggers relief; also to every hospital and charitable institution in the city including the black cross, the blue cross, the purple cross, and the double cross.
For my own safety I am required to carry a life insurance, property insurance, liability insurance, burglar insurance, accident insurance, business insurance, earthquake insurance, tornado insurance, unemployment insurance, old age and fire insurance.
My business is so governed that it is no easy matter for me to find out who owns it. I am inspected, suspected, disrespected, rejected, dejected, examined, informed, required, summoned, commanded, and compelled, until I’ve provided an in-exhaustible supply of money for every known need of the human race.
Simply because I refuse to donate to something-or other I am boycotted, talked about, lied about, held up, held down, and robbed until I am almost ruined. I can tell you honestly that except for the miracle that happened I could not enclose this check. The wolf that comes to many doors these days just had pups in my kitchen. I sold them and … here is your money!
In reply to your request to send a check, I wish to inform you that the present condition of my bank account makes it almost impossible. My shattered financial condition is due to federal laws, state laws, county laws, city laws, corporation laws, liquor laws, mother-in-laws, brother-in-laws, sister-in-laws, outlaws, and blue laws.
Through these laws I am compelled to pay a business tax, amusement tax, head tax, school tax, gas tax, light tax, sales tax, liquor tax, carpet tax, income tax, food tax, furniture tax, and excise tax, even my brains are taxed.
I am required to get a business license, car license, hunting and fishing license, truck license, not to mention a marriage license, and a dog license.
I am also required to contribute to every society and organization which the genius of man is capable to bringing to life. To the women’s relief, unemployed relief, and gold diggers relief; also to every hospital and charitable institution in the city including the black cross, the blue cross, the purple cross, and the double cross.
For my own safety I am required to carry a life insurance, property insurance, liability insurance, burglar insurance, accident insurance, business insurance, earthquake insurance, tornado insurance, unemployment insurance, old age and fire insurance.
My business is so governed that it is no easy matter for me to find out who owns it. I am inspected, suspected, disrespected, rejected, dejected, examined, informed, required, summoned, commanded, and compelled, until I’ve provided an in-exhaustible supply of money for every known need of the human race.
Simply because I refuse to donate to something-or other I am boycotted, talked about, lied about, held up, held down, and robbed until I am almost ruined. I can tell you honestly that except for the miracle that happened I could not enclose this check. The wolf that comes to many doors these days just had pups in my kitchen. I sold them and … here is your money!
Monday, March 21, 2011
Email of the Morning
7 Inspiring Success Lessons:
1. Work
You can listen to and read all of the self-development in the world, but if you don't put what you're learning into action, things won't change. There's a Swedish proverb that goes, "God gives every bird a worm, but he does not throw it into the nest." You have the potential to succeed, but you're going to have to work the principles that you know.
2. Change
In order for your life to change, you must change. To the degree that you change your thoughts, will be to the degree that your life changes. Don't expect anything to change if you're not changing. Don't expect your business to get any better, if you're not changing. Don't expect your health to get any better if you're not changing. If you want massive change, you must make massive change.
3. Stumble
It's okay to stumble. When you reach for great things you will stumble; just be sure to learn from the stumble. A stumble could be the best thing that ever happened to you. A stumble may prevent total chaos in your life, if you learn from it. Learn to value stumbles and to learn from the stumbles.
4. Become
Success does not come from what you attain, but from who you become. Success is not a big car; success is you being big on the inside. When you're big on the inside, you can attract a big car, but the car does not make you, you make the car. If you decide to grow up, you will succeed. Jim Rohn said, "We can have more than we've got because we can become more than we are."
5. Take Charge
The good news is you always have possession of the ball in the game of life. Unfortunately, most people don't realize that they have possession of the ball. They're waiting around for someone to pass them the ball, and they already have it. Take charge of your life, you got the ball, it's in your court, what are you going to do?
6. Push
The hard part is always the beginning, the push through the crowd. But if you make it through the crowd, you can make it to the top. I said, "If you can make it through the crowd, you can make it to the top." Commit today, to push through the crowd.
7. Vision
Vision is your ability to see down the road. Use your imagination to see all the way down the road. I like what Robert Collier said, he said, "The great successful men of the world have used their imagination, they think ahead and create their mental picture in all its details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building - steadily building."
Keep on building, and your vision will become your reality. Keep on building and success will be yours.
WORDS TO LIVE BY...
A great pleasure in life is doing what people say you cannot do.
- Walter Gagehot
A man is a success if he gets up in the morning and gets to bed at night, and in between he does what he wants to do.
- Bob Dylan
A successful person is one who can lay a firm foundation with the bricks that others throw at him or her.
- David Brinkley
Achievement seems to be connected with action. Successful men and women keep moving. They make mistakes, but they don't quit.
- Conrad Hilton
Along with success comes a reputation for wisdom.
- Euripides
Always bear in mind that your own resolution to succeed is more important than any other one thing.
- Abraham Lincoln
An empowered organization is one in which individuals have the knowledge, skill, desire, and opportunity to personally succeed in a way that leads to collective organizational success.
- Stephen Covey
As a rule, he or she who has the most information will have the greatest success in life.
- Benjamin Disraeli
1. Work
You can listen to and read all of the self-development in the world, but if you don't put what you're learning into action, things won't change. There's a Swedish proverb that goes, "God gives every bird a worm, but he does not throw it into the nest." You have the potential to succeed, but you're going to have to work the principles that you know.
2. Change
In order for your life to change, you must change. To the degree that you change your thoughts, will be to the degree that your life changes. Don't expect anything to change if you're not changing. Don't expect your business to get any better, if you're not changing. Don't expect your health to get any better if you're not changing. If you want massive change, you must make massive change.
3. Stumble
It's okay to stumble. When you reach for great things you will stumble; just be sure to learn from the stumble. A stumble could be the best thing that ever happened to you. A stumble may prevent total chaos in your life, if you learn from it. Learn to value stumbles and to learn from the stumbles.
4. Become
Success does not come from what you attain, but from who you become. Success is not a big car; success is you being big on the inside. When you're big on the inside, you can attract a big car, but the car does not make you, you make the car. If you decide to grow up, you will succeed. Jim Rohn said, "We can have more than we've got because we can become more than we are."
5. Take Charge
The good news is you always have possession of the ball in the game of life. Unfortunately, most people don't realize that they have possession of the ball. They're waiting around for someone to pass them the ball, and they already have it. Take charge of your life, you got the ball, it's in your court, what are you going to do?
6. Push
The hard part is always the beginning, the push through the crowd. But if you make it through the crowd, you can make it to the top. I said, "If you can make it through the crowd, you can make it to the top." Commit today, to push through the crowd.
7. Vision
Vision is your ability to see down the road. Use your imagination to see all the way down the road. I like what Robert Collier said, he said, "The great successful men of the world have used their imagination, they think ahead and create their mental picture in all its details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building - steadily building."
Keep on building, and your vision will become your reality. Keep on building and success will be yours.
WORDS TO LIVE BY...
A great pleasure in life is doing what people say you cannot do.
- Walter Gagehot
A man is a success if he gets up in the morning and gets to bed at night, and in between he does what he wants to do.
- Bob Dylan
A successful person is one who can lay a firm foundation with the bricks that others throw at him or her.
- David Brinkley
Achievement seems to be connected with action. Successful men and women keep moving. They make mistakes, but they don't quit.
- Conrad Hilton
Along with success comes a reputation for wisdom.
- Euripides
Always bear in mind that your own resolution to succeed is more important than any other one thing.
- Abraham Lincoln
An empowered organization is one in which individuals have the knowledge, skill, desire, and opportunity to personally succeed in a way that leads to collective organizational success.
- Stephen Covey
As a rule, he or she who has the most information will have the greatest success in life.
- Benjamin Disraeli
Monday, March 14, 2011
Unknown Email
There are moments in life when you miss someone
so much that you just want to pick them from
your dreams and hug them for real!
When the door of happiness closes, another opens;
but often times we look so long at the
closed door that we don't see the one,
which has been opened for us.
Don't go for looks; they can deceive.
Don't go for wealth; even that fades away.
Go for someone who makes you smile,
because it takes only a smile to
make a dark day seem bright.
Find the one that makes your heart smile.
Dream what you want to dream;
go where you want to go;
be what you want to be,
because you have only one life
and one chance to do all the things
you want to do.
May you have enough happiness to make you sweet,
enough trials to make you strong,
enough sorrow to keep you human and
enough hope to make you happy.
The happiest of people don't necessarily
have the best of everything;
they just make the most of
everything that comes along their way.
The brightest future will always
be based on a forgotten past;
you can't go forward in life until
you let go of your past failures and heartaches.
When you were born, you were crying
and everyone around you was smiling.
Live your life so at the end,
you're the one who is smiling and everyone
around you is crying.
Author Unknown
so much that you just want to pick them from
your dreams and hug them for real!
When the door of happiness closes, another opens;
but often times we look so long at the
closed door that we don't see the one,
which has been opened for us.
Don't go for looks; they can deceive.
Don't go for wealth; even that fades away.
Go for someone who makes you smile,
because it takes only a smile to
make a dark day seem bright.
Find the one that makes your heart smile.
Dream what you want to dream;
go where you want to go;
be what you want to be,
because you have only one life
and one chance to do all the things
you want to do.
May you have enough happiness to make you sweet,
enough trials to make you strong,
enough sorrow to keep you human and
enough hope to make you happy.
The happiest of people don't necessarily
have the best of everything;
they just make the most of
everything that comes along their way.
The brightest future will always
be based on a forgotten past;
you can't go forward in life until
you let go of your past failures and heartaches.
When you were born, you were crying
and everyone around you was smiling.
Live your life so at the end,
you're the one who is smiling and everyone
around you is crying.
Author Unknown
Thursday, January 20, 2011
Non Refundable $500 for First 90 Days
If you get offended easily, can only see one side of a picture, DON'T READ THIS. I Don't Want Hate Mail. Professional discussion welcomed.
I am seeing more and more of this $500 non refundable earnest money for the first 90 days on Short Sale listings. As if selling a home that is a short sale isn't hard enough, listing agents are adding this verbiage along with a 3 page novel hidden under the document tab of how to write "their" offer.
Why don't my buyers get to write the offer "they" want and the sellers (really the listing agent) counter with everything they want. Writing an offer based on someone elses terms and conditions is becoming nonsense in my opinion.
In all fairness, to those that do not understand this, let me "Break It Down Barney Style" as my good friend likes to say (always makes me laugh).
This whole non refundable earnest deposit clause came about as listing agents became increasingly frustrated of working night and day to get an offer through the banks short sale system only to have the deal fall apart as the buyer loses interest and finds another home. This process (more so in the past) has taken anywhere from 3 to 6 months (some longer). During that time it was very common for the buyer to keep searching the internet for homes. Inevitably they would find a foreclosure they like just as much, submit an offer, and win the bid. No waiting, no unknowns, just a simple approval, easy peezy, close in 30-45 days. So the same buyer would back out of the short sale (as allowed per addendums). This would leave the listing agent to have to find another buyer and start the process over again. (let me finish, I already know what you are thinking).
Stay with me, I am only explaining the logic (not reality) behind this. So the $500 is to attract only "serious" buyers who will commit to hanging around long enough for the bank to respond.
Reality. Most ridiculous thing I have seen yet (yep, my blog, my opinion is allowed). Short sales that have this stipulation stay on the market longer before getting an offer, typically retain offers for less than asking price. Not only that but since when does a bank respond by 90 days anyway? Yes, far and few between.
Smart short sale listing agents will take several back up offers so if the first buyer backs out, they can slip one of the back ups in its place so the process doesn't have to start over with the bank.
I can tell you from representing many buyers, that the $500 has not stopped my buyers from continuing to look. If another home moved them enough to that "warm and fuzzy" feeling they would walk from that $500 in a heart beat. In which case how did that $500 help the listing agent with her offer and the bank. Does she offer the bank the $500 by saying, "Oh, by the way, the buyer backed out, here is $500 for your troubles." I do not think so. That listing agent has to go back to the drawing board irregardless to find another buyer.
Also, how does a listing agent know for sure if the buyer hasn't already bought another home and is just waiting out the 90 days to get their $500 back? Even if the bank were to respond within 90 days, they all counter with something. So all the buyer would have to do is reject the counter and get their $500 back. As a listing agent, if the buyer found another home, I would rather know sooner than later so I could secure another buyer instead of having the buyer secretly appease me for 90 days just to get their $500 back. Furthermore I would continue with that buyers offer with the bank until I could get an approved price so my listing was in a better position for the next buyer. Looks fantastic in a listing too! "Approved Short Sale"
In my opinion, the first buyer is doing me a favor just by allowing me to get the ball rolling with the bank. If the buyers sticks around, Great! If not, I have a plan B that is ready for its play. I could so open another can of worms about agents who submit bogus first offers but I won't.
I honestly and logically do not understand this $500 non refundable earnest deposit. I suppose for some buyers it is a mental thing but if anyone really thought this through, you could see how very flawed this is not to mention how detrimental it is to an already tough short sale listing. I have buyers who avoid these listings for this mere fact and it is not because they do not want to commit for 90 days, they know what they are getting into, they just do not like being told to wait 90 days for an answer AND hand over $500 to wait for that answer.
Ok, I said it.
I am seeing more and more of this $500 non refundable earnest money for the first 90 days on Short Sale listings. As if selling a home that is a short sale isn't hard enough, listing agents are adding this verbiage along with a 3 page novel hidden under the document tab of how to write "their" offer.
Why don't my buyers get to write the offer "they" want and the sellers (really the listing agent) counter with everything they want. Writing an offer based on someone elses terms and conditions is becoming nonsense in my opinion.
In all fairness, to those that do not understand this, let me "Break It Down Barney Style" as my good friend likes to say (always makes me laugh).
This whole non refundable earnest deposit clause came about as listing agents became increasingly frustrated of working night and day to get an offer through the banks short sale system only to have the deal fall apart as the buyer loses interest and finds another home. This process (more so in the past) has taken anywhere from 3 to 6 months (some longer). During that time it was very common for the buyer to keep searching the internet for homes. Inevitably they would find a foreclosure they like just as much, submit an offer, and win the bid. No waiting, no unknowns, just a simple approval, easy peezy, close in 30-45 days. So the same buyer would back out of the short sale (as allowed per addendums). This would leave the listing agent to have to find another buyer and start the process over again. (let me finish, I already know what you are thinking).
Stay with me, I am only explaining the logic (not reality) behind this. So the $500 is to attract only "serious" buyers who will commit to hanging around long enough for the bank to respond.
Reality. Most ridiculous thing I have seen yet (yep, my blog, my opinion is allowed). Short sales that have this stipulation stay on the market longer before getting an offer, typically retain offers for less than asking price. Not only that but since when does a bank respond by 90 days anyway? Yes, far and few between.
Smart short sale listing agents will take several back up offers so if the first buyer backs out, they can slip one of the back ups in its place so the process doesn't have to start over with the bank.
I can tell you from representing many buyers, that the $500 has not stopped my buyers from continuing to look. If another home moved them enough to that "warm and fuzzy" feeling they would walk from that $500 in a heart beat. In which case how did that $500 help the listing agent with her offer and the bank. Does she offer the bank the $500 by saying, "Oh, by the way, the buyer backed out, here is $500 for your troubles." I do not think so. That listing agent has to go back to the drawing board irregardless to find another buyer.
Also, how does a listing agent know for sure if the buyer hasn't already bought another home and is just waiting out the 90 days to get their $500 back? Even if the bank were to respond within 90 days, they all counter with something. So all the buyer would have to do is reject the counter and get their $500 back. As a listing agent, if the buyer found another home, I would rather know sooner than later so I could secure another buyer instead of having the buyer secretly appease me for 90 days just to get their $500 back. Furthermore I would continue with that buyers offer with the bank until I could get an approved price so my listing was in a better position for the next buyer. Looks fantastic in a listing too! "Approved Short Sale"
In my opinion, the first buyer is doing me a favor just by allowing me to get the ball rolling with the bank. If the buyers sticks around, Great! If not, I have a plan B that is ready for its play. I could so open another can of worms about agents who submit bogus first offers but I won't.
I honestly and logically do not understand this $500 non refundable earnest deposit. I suppose for some buyers it is a mental thing but if anyone really thought this through, you could see how very flawed this is not to mention how detrimental it is to an already tough short sale listing. I have buyers who avoid these listings for this mere fact and it is not because they do not want to commit for 90 days, they know what they are getting into, they just do not like being told to wait 90 days for an answer AND hand over $500 to wait for that answer.
Ok, I said it.
Tuesday, January 11, 2011
Verrado Founders Day and "The Romantics"
http://ivic02.residentinteractive.com/programs/web.show_html2?xwebsite=&xinput=52647408&parentid=13962025
This is always a great weekend in Verrado. Nonstop fun and entertainment for all Friday through Sunday.
This is always a great weekend in Verrado. Nonstop fun and entertainment for all Friday through Sunday.
Should I Buy Now or Wait? (I ask, "Wait for What?)
I just received an email from one of my mortgage loan officer colleagues. Great explanation of how interest rates affect payment. People become so focused on the lowest price for a home and do not take into consideration that the clock is ticking and rates are highly volatile. Live within your means and buy what you can afford when the time is right for you. We will see if the release of the December foreclosure freeze brings new inventory to the market that is littered with highly unpredicatable short sales. And prices have creeped up a little on the lower end inventory. For many, a mortgage payment is still equal to or better than rent. We are here to help when the time is right. Free money still availabe with NSP First Time Home Buyers program in select zip codes/areas.
Taken from daily email blog of Mike Roberts of V.I.P Mortgage Inc. http://www.mikerobertsmortgage.com/
~
So what does all that really mean for you and your buyers besides "Rates are going up! Buy Now!"?
First you need to understand how a mortgage qualification works. When a buyer qualifies for a mortgage, they are NOT qualifying for a specific sales price or loan amount. They are qualifying for a specific PAYMENT. If rates go up then payments go up and a buyer qualifies for less home. Period.
Rule of Thumb: For every half of a percent that rates go up, their buying power decreases by 5-6%.
For example, if John Doe wants to buy a home at 250k and put down 20%, his loan amount would be $200k with a 30year loan repayment of $1073 at 5% interest rate. If rates crept to 5.5% then that same payment would only allow a $189k loan amount; which equals a $236k sales price. He would have to find a home at $236k instead of $250k to have the same payment. If rates jumped to 7% then he would only qualify for a $201k house!
So if you have a buyer that wants to wait for the market to drop another 10% before buying, they better hope that rates don't jump by more than 1% by the time they purchase.
~
Thanks Mike
Mike Roberts Mortgage VIP Mortgage Inc
Taken from daily email blog of Mike Roberts of V.I.P Mortgage Inc. http://www.mikerobertsmortgage.com/
~
So what does all that really mean for you and your buyers besides "Rates are going up! Buy Now!"?
First you need to understand how a mortgage qualification works. When a buyer qualifies for a mortgage, they are NOT qualifying for a specific sales price or loan amount. They are qualifying for a specific PAYMENT. If rates go up then payments go up and a buyer qualifies for less home. Period.
Rule of Thumb: For every half of a percent that rates go up, their buying power decreases by 5-6%.
For example, if John Doe wants to buy a home at 250k and put down 20%, his loan amount would be $200k with a 30year loan repayment of $1073 at 5% interest rate. If rates crept to 5.5% then that same payment would only allow a $189k loan amount; which equals a $236k sales price. He would have to find a home at $236k instead of $250k to have the same payment. If rates jumped to 7% then he would only qualify for a $201k house!
So if you have a buyer that wants to wait for the market to drop another 10% before buying, they better hope that rates don't jump by more than 1% by the time they purchase.
~
Thanks Mike
Mike Roberts Mortgage VIP Mortgage Inc
Saturday, January 8, 2011
Christmas Card from Joe Sheehan (my dad)
Cold morning. Brewed some coffee. Figured I finish off the last of the Peppermint Mocha creamer as I wait for the java jolt to take control of my energy level. Zombied my way to the Christmas Tree with the empty boxes to put everything away. Had Pandora on in the background (Lady Gaga Radio Station) hoping it would assist my attitude. The music works at Food City, why not for taking down the Christmas Tree decorations.
I dumped the first box on the sofa of tissue paper to start wrapping balls. Saw something stuck in between the cushions. It was a Christmas card from my dad. Maybe the nostalgia of putting Christmas away made me feeling kind of emotional but this card got to me. Enough to want the words to resonate on my blog for years to come as a memory.
So here it is:
"There are many gifts that I wish for you at Christmas. I'd like to give you the gift of happiness, but the path that leads you there is one you have to find on your own.
I'd like to give you the gift of wisdom, but that's something only years of experience can bring.
I'd like to give you the gift of success, but that's something that only has true value if it's earned.
But there's one gift I can give you this Christmas that will always be with you - and that's the love of a proud parent's heart.
Merry Christmas"
Thanks Dad, I love you..
I dumped the first box on the sofa of tissue paper to start wrapping balls. Saw something stuck in between the cushions. It was a Christmas card from my dad. Maybe the nostalgia of putting Christmas away made me feeling kind of emotional but this card got to me. Enough to want the words to resonate on my blog for years to come as a memory.
So here it is:
"There are many gifts that I wish for you at Christmas. I'd like to give you the gift of happiness, but the path that leads you there is one you have to find on your own.
I'd like to give you the gift of wisdom, but that's something only years of experience can bring.
I'd like to give you the gift of success, but that's something that only has true value if it's earned.
But there's one gift I can give you this Christmas that will always be with you - and that's the love of a proud parent's heart.
Merry Christmas"
Thanks Dad, I love you..
Tuesday, November 23, 2010
Loan Modification Denied? Referred to do a HAFA Short Sale? Think Again!
Head spinning.
I was contacted last week from a Century21 agent in California to see if I would accept a HAFA short sale lead for a referral fee. That in itself should have been my red flag. Century21 has an in house referral system, I know as I used to work for them. This C21 REALTOR spoke with my colleague who takes my calls after finding my information on Zillow.com as a short sale specialist. Once everything was officially signed I received the owners information.
In receiving the owners information, I mean everything including social security number, etc. (another red flag of caution). I contacted the owner of the home to introduce myself. Come to find out homeowner had no idea who this REALTOR was in California. I figured it was a friend or relative helping this owner out. I still do not understand how an agent in California received this Arizona homeowners personal information.
As the guidelines for HAFA can change and/or updated, I took a refresher class on Friday with Desiree Montgomery who also is the authority behind the MSSC (Master Short Sale Consultant Designation). In this class I was informed that to qualify for HAFA you must first be denied from a loan modification program. The short sale has to be initiated within 30 days of the denial and you can not be within 60 days of your foreclosure date.
This homeowner is within 60 days. I informed the homeowner that I did not believe she qualified for the program based on this criteria alone. She was a little confused as she was "told" she was qualified for HAFA. The benefits of doing a HAFA short sale over a traditional short sale include full deficiency release of all lien holders (yes, juniors too) and "up" to $3,000 relocation assistance at a successful close of escrow.
Since this is a government program, you can imagine the hoops (rules) that must be adhered to during the entire process. Even the banks do not understand the process themselves. Most banks (if not all) refer their denied loan modification candidates to 3rd service party providers to try and complete the HAFA program. If they do not qualify for HAFA they can try a traditional short sale if their home has not foreclosed by then.
Back to my story. The owner has me contact the person that promised her the moon and stars. It is a law firm. (Why not the bank of her first lien?) I email and call with no return communication. I wanted to know the denial date of the loan modification and I wanted to know how the owner qualified for HAFA considering her foreclosure date was less than 60 days away. I also emaiedl the agent in California just to let her know the status of the listing and the challenges. She informs me to just do a traditional short sale. I responded that I would prefer to do a traditional short sale but unfortunately the owner has been told differently. I wouldn't appreciate it if someone told me "Hey, here is $3,000 to do a short sale" and once they have me, "Oh, by the way, sorry no money, honey". I do not do business that way not to mention the legal liability I have now incurred if the home forecloses when I knew all along the owner/home would not qualify for HAFA.
Here is the kicker. When I told the agent in California that I emailed/called the person who promised the owner the moon and stars she said "I know, they forwarded the email back to me to answer, which I have done". WHAT?!?!?!?!? This agent knows nothing about the homeowner or her situation. She is a REALTOR in California. She answered my questions by saying "Do a traditional Short Sale."
This is my opinion as I have no facts to base this on, only a guess to what is happening. Please pay attention. Homeowners that are being denied a loan modification are a huge source of referral leads. The banks are sending these leads out to the 3rd Party Service Providers to see if they can help the homeowner short sale the home. These 3rd Service Providers are seizing the opportunity by baiting the homeowner to call with the $3,000 relocation assistance if they short sale their home. Thus the homeowners are calling. The 3rd Service Providers (knowing that most will not qualify for HAFA nor care) are then sending the leads out to agents who pay to receive these leads. These agents then find an agent in the area to help the homeowner who has no clue their personal information has been passed around like a cold at a day care.
If I had taken this listing I would be up against some tough questions to the owner of this home as to why she is not getting her $3,000 and why is her home foreclosing? Now the ball is in the homeowners court as I present the truth and facts about how she has been mislead to believe all of this nonsense just so someone can collect their referral income. And.....of course to add insult to injury, this is on top of the homeowner already being beaten up by the bank trying to complete a loan modification that was ultimately denied. Big surprise. My heart goes out to these people trying to do the right thing when no one else is.
I am telling you, these loan modification and short sale programs are just a band aid/facade to keep the public "thinking" the government is actually trying to help. Even for those that successfully complete one by the Grace of GOD they will still be upside on their home from now until eternity (ok a little exaggeration there). The banks are not reducing the principal. Just the opposite. They are tacking on their loss (usually from a loss in rate reduction) to the principal of the homeowners loan so the homeowner can be underwater even more. Kind of sounds like the cash loan shark places doesn't it? Seriously do not see this ending anytime soon. think positive, think positive, think positive............
If you want to know the truth about the government programs to help you do a loan modification (HAMP) or short sale (HAFA) please consult these links. I still cringe thinking of the amount of personal information flying around that people have no idea about with these loan modifications. Do not trust the banks or any mail. If you need assistance on a short sale research yourself a reputable person you can trust to tell you the truth.
HAFA: http://makinghomeaffordable.gov/hafa.html
HAMP: http://makinghomeaffordable.gov/index.html (Same website, just home page for loan modifications)
I just felt the need to get this information out there.
I was contacted last week from a Century21 agent in California to see if I would accept a HAFA short sale lead for a referral fee. That in itself should have been my red flag. Century21 has an in house referral system, I know as I used to work for them. This C21 REALTOR spoke with my colleague who takes my calls after finding my information on Zillow.com as a short sale specialist. Once everything was officially signed I received the owners information.
In receiving the owners information, I mean everything including social security number, etc. (another red flag of caution). I contacted the owner of the home to introduce myself. Come to find out homeowner had no idea who this REALTOR was in California. I figured it was a friend or relative helping this owner out. I still do not understand how an agent in California received this Arizona homeowners personal information.
As the guidelines for HAFA can change and/or updated, I took a refresher class on Friday with Desiree Montgomery who also is the authority behind the MSSC (Master Short Sale Consultant Designation). In this class I was informed that to qualify for HAFA you must first be denied from a loan modification program. The short sale has to be initiated within 30 days of the denial and you can not be within 60 days of your foreclosure date.
This homeowner is within 60 days. I informed the homeowner that I did not believe she qualified for the program based on this criteria alone. She was a little confused as she was "told" she was qualified for HAFA. The benefits of doing a HAFA short sale over a traditional short sale include full deficiency release of all lien holders (yes, juniors too) and "up" to $3,000 relocation assistance at a successful close of escrow.
Since this is a government program, you can imagine the hoops (rules) that must be adhered to during the entire process. Even the banks do not understand the process themselves. Most banks (if not all) refer their denied loan modification candidates to 3rd service party providers to try and complete the HAFA program. If they do not qualify for HAFA they can try a traditional short sale if their home has not foreclosed by then.
Back to my story. The owner has me contact the person that promised her the moon and stars. It is a law firm. (Why not the bank of her first lien?) I email and call with no return communication. I wanted to know the denial date of the loan modification and I wanted to know how the owner qualified for HAFA considering her foreclosure date was less than 60 days away. I also emaiedl the agent in California just to let her know the status of the listing and the challenges. She informs me to just do a traditional short sale. I responded that I would prefer to do a traditional short sale but unfortunately the owner has been told differently. I wouldn't appreciate it if someone told me "Hey, here is $3,000 to do a short sale" and once they have me, "Oh, by the way, sorry no money, honey". I do not do business that way not to mention the legal liability I have now incurred if the home forecloses when I knew all along the owner/home would not qualify for HAFA.
Here is the kicker. When I told the agent in California that I emailed/called the person who promised the owner the moon and stars she said "I know, they forwarded the email back to me to answer, which I have done". WHAT?!?!?!?!? This agent knows nothing about the homeowner or her situation. She is a REALTOR in California. She answered my questions by saying "Do a traditional Short Sale."
This is my opinion as I have no facts to base this on, only a guess to what is happening. Please pay attention. Homeowners that are being denied a loan modification are a huge source of referral leads. The banks are sending these leads out to the 3rd Party Service Providers to see if they can help the homeowner short sale the home. These 3rd Service Providers are seizing the opportunity by baiting the homeowner to call with the $3,000 relocation assistance if they short sale their home. Thus the homeowners are calling. The 3rd Service Providers (knowing that most will not qualify for HAFA nor care) are then sending the leads out to agents who pay to receive these leads. These agents then find an agent in the area to help the homeowner who has no clue their personal information has been passed around like a cold at a day care.
If I had taken this listing I would be up against some tough questions to the owner of this home as to why she is not getting her $3,000 and why is her home foreclosing? Now the ball is in the homeowners court as I present the truth and facts about how she has been mislead to believe all of this nonsense just so someone can collect their referral income. And.....of course to add insult to injury, this is on top of the homeowner already being beaten up by the bank trying to complete a loan modification that was ultimately denied. Big surprise. My heart goes out to these people trying to do the right thing when no one else is.
I am telling you, these loan modification and short sale programs are just a band aid/facade to keep the public "thinking" the government is actually trying to help. Even for those that successfully complete one by the Grace of GOD they will still be upside on their home from now until eternity (ok a little exaggeration there). The banks are not reducing the principal. Just the opposite. They are tacking on their loss (usually from a loss in rate reduction) to the principal of the homeowners loan so the homeowner can be underwater even more. Kind of sounds like the cash loan shark places doesn't it? Seriously do not see this ending anytime soon. think positive, think positive, think positive............
If you want to know the truth about the government programs to help you do a loan modification (HAMP) or short sale (HAFA) please consult these links. I still cringe thinking of the amount of personal information flying around that people have no idea about with these loan modifications. Do not trust the banks or any mail. If you need assistance on a short sale research yourself a reputable person you can trust to tell you the truth.
HAFA: http://makinghomeaffordable.gov/hafa.html
HAMP: http://makinghomeaffordable.gov/index.html (Same website, just home page for loan modifications)
I just felt the need to get this information out there.
Tuesday, November 16, 2010
How To Become a Real Estate Grand Master and Have Your Best Year Ever
Taken From Broker Agent Social: http://www.brokeragentsocial.com/article/967/how-to-become-a-real-estate-grand-master-and-have-your-best-year-ever
Great motivational article. As I read it, I thought this just isn't about real estate but about life in general. Even to become a better human, couldn't learning something new every day whether it is a word, a culture, a personality help bring about some better contribution through your life?
I turned 40 this year so wouldn't that make me a "Grand Master" of my own life? Truly, we should grow wiser with age and all learn to live more fuller and meaningful lives. Not always the case though as lives are constantly going through the trials and tribulations, the cycles of bio rhythms. I feel the journey to self discovery has just begun.
Baby steps always when life becomes overwhelming. Never stop learning. Verbally appreciate something or someone everyday.
Great motivational article. As I read it, I thought this just isn't about real estate but about life in general. Even to become a better human, couldn't learning something new every day whether it is a word, a culture, a personality help bring about some better contribution through your life?
I turned 40 this year so wouldn't that make me a "Grand Master" of my own life? Truly, we should grow wiser with age and all learn to live more fuller and meaningful lives. Not always the case though as lives are constantly going through the trials and tribulations, the cycles of bio rhythms. I feel the journey to self discovery has just begun.
Baby steps always when life becomes overwhelming. Never stop learning. Verbally appreciate something or someone everyday.
Sunday, November 14, 2010
Phoenix real estate strategy of 'flopping' examined (from Arizona Republic)
http://www.blogger.com/post-create.g?blogID=7163329180838770632
I have all kinds of questions with this article.
I have never did a short sale where the bank relied on my comparables. The banks complete their own evaluation (BPO - Broker Price Opinion) and often times have to do two because the approval process takes so long. Which brings me to another point. When listing a home that is depreciating at 3 to 5% a year and it takes the bank 4 to 9 months to finish a deal, isn't it reasonable to list the home taking into account what the value will be by the time the home finally closes. The banks have wised up to this AND intentionally try to complete the BPO as soon as possible to get the highest dollar only to sit on the file for another 3 to 6 months afterwards. Over the course of the transaction the buyer watches the value fall and ends up backing out of the deal. The agent has to find a new buyer on an overpriced listing now and a bank that will not cooperate in lowering the price off of the BPO that was completed 3 to 4 months prior. If you should convince the bank to redo the BPO they have now wasted that $50 -$150 at their own game.
Another thing this article does not talk about is that many of the homes up for short sales are thrashed inside because they were investor specials run into the ground. Many short sales need carpet, paint, sometimes the appliances have been ripped out and backyard/pools have been totally ignored. I had one where toxic "things" were left in the garage. The bank never worked with me on the price when I explained what was involved in selling the home hence the lower price. The home went to foreclosure AND sold less then what my original offer was. I hear these stories all the time.
Banks use BPO's because they pay the Realtor $50 to $150 to complete one as opposed to an appraisal completed by a professional appraisal company ($450-$550). The BPO's (ordered by the banks) are completed by Realtors who base their information strictly off the internet and many times (not all) never visit the home. The banks do not know the condition inside and the evaluation comes back at a higher price.
These investors come in, fix up the home, they may carry the note or carry a portion of a note if the buyer does not have enough cash to purchase the home. Please tell me how this "buyer" is going to "buy" this home from the bank. Banks do not carry notes for people with bad credit. For this risk of unconventional financing isn't it plausible for the buyer to pay "more" for the home. Kudos to the investor for selling a home, making another homeowner who "consumes" for their new home.
I have seen foreclosures get dumped onto the market at ridiculously low prices and pending within hours. The banks are listing these foreclosure based on the SAME bpo's completed for the short sales. I CAN SAY THIS FROM PERSONAL EXPERIENCE. So for this article to say the bank isn't getting a fair chance at the best buyer is far and few between and no different then what is happening with foreclosures.
What people do not realize is that the banks sell some of these homes to investors in blocks (portfolios) completely discounted to investors already. So where is the fairness in that to the taxpayer. There have been numerous cases where the banks intentionally declined a short sale in order to collect the insurance of the full amount after foreclosure.
I am sorry but this article just irked me because it gives no credit to the people who are trying to move this economy and doing the best they can despite all of the insider politics happening with the banks and short sales.
Investors have been flipping homes for years. This is what they do. If the bank is stupid enough to let a home go for below value (which they do anyway with foreclosures and bulk portfolio sales), ignoring their own appraised values then so be it. There must be a reason. Investors are thinking "outside of the box" to make this economy move and all the banks want to do is whine and complain some more.
Please.
I have all kinds of questions with this article.
I have never did a short sale where the bank relied on my comparables. The banks complete their own evaluation (BPO - Broker Price Opinion) and often times have to do two because the approval process takes so long. Which brings me to another point. When listing a home that is depreciating at 3 to 5% a year and it takes the bank 4 to 9 months to finish a deal, isn't it reasonable to list the home taking into account what the value will be by the time the home finally closes. The banks have wised up to this AND intentionally try to complete the BPO as soon as possible to get the highest dollar only to sit on the file for another 3 to 6 months afterwards. Over the course of the transaction the buyer watches the value fall and ends up backing out of the deal. The agent has to find a new buyer on an overpriced listing now and a bank that will not cooperate in lowering the price off of the BPO that was completed 3 to 4 months prior. If you should convince the bank to redo the BPO they have now wasted that $50 -$150 at their own game.
Another thing this article does not talk about is that many of the homes up for short sales are thrashed inside because they were investor specials run into the ground. Many short sales need carpet, paint, sometimes the appliances have been ripped out and backyard/pools have been totally ignored. I had one where toxic "things" were left in the garage. The bank never worked with me on the price when I explained what was involved in selling the home hence the lower price. The home went to foreclosure AND sold less then what my original offer was. I hear these stories all the time.
Banks use BPO's because they pay the Realtor $50 to $150 to complete one as opposed to an appraisal completed by a professional appraisal company ($450-$550). The BPO's (ordered by the banks) are completed by Realtors who base their information strictly off the internet and many times (not all) never visit the home. The banks do not know the condition inside and the evaluation comes back at a higher price.
These investors come in, fix up the home, they may carry the note or carry a portion of a note if the buyer does not have enough cash to purchase the home. Please tell me how this "buyer" is going to "buy" this home from the bank. Banks do not carry notes for people with bad credit. For this risk of unconventional financing isn't it plausible for the buyer to pay "more" for the home. Kudos to the investor for selling a home, making another homeowner who "consumes" for their new home.
I have seen foreclosures get dumped onto the market at ridiculously low prices and pending within hours. The banks are listing these foreclosure based on the SAME bpo's completed for the short sales. I CAN SAY THIS FROM PERSONAL EXPERIENCE. So for this article to say the bank isn't getting a fair chance at the best buyer is far and few between and no different then what is happening with foreclosures.
What people do not realize is that the banks sell some of these homes to investors in blocks (portfolios) completely discounted to investors already. So where is the fairness in that to the taxpayer. There have been numerous cases where the banks intentionally declined a short sale in order to collect the insurance of the full amount after foreclosure.
I am sorry but this article just irked me because it gives no credit to the people who are trying to move this economy and doing the best they can despite all of the insider politics happening with the banks and short sales.
Investors have been flipping homes for years. This is what they do. If the bank is stupid enough to let a home go for below value (which they do anyway with foreclosures and bulk portfolio sales), ignoring their own appraised values then so be it. There must be a reason. Investors are thinking "outside of the box" to make this economy move and all the banks want to do is whine and complain some more.
Please.
Saturday, September 4, 2010
Monday, August 23, 2010
Fannie Mae - An Article from September 1999 Must Read!
I recently had a short sale denied. I was representing the buyer. The short sale progressed as normal. 4 months of waiting through the bank shuffle of unorganized levels of processing. Last week we were informed the short sale was denied because Fannie Mae was the investor on the loan. Fannie Mae requires the seller to be 30 days late on their mortgage payment before they will even consider the short sale. Again, it took the bank 4 months to find this out. Why? I think this is one of many examples of how screwed up our banking system is that they would waste this much time, money and manpower of their own resources just to find out Fannie Mae was the investor on the loan. So now my buyer has to wait while the seller misses their September payment, reports late on October 15th to start the process all over again.
In itself the whole things sounds like an oxymoron. The government continues to bail out the banks and at the same time encourages people to stop making their mortgage payments. I have since been told this was to deter those thinking of doing a strategic default. However you only have to be 30 days late ... once. After the first month you can start making your payments again, just not catch up until the short sale is complete. Really????? Honestly, Fannie Mae truly believes this is going to deter someone with 1 30 day late from not walking away from their home.
It is hard feeling like a guppy in an ocean. I hate asking questions anymore because it leads to more unanswered questions. Like cancer the politics involved in all of the banks and the government has spread to a level that I think they are unable to control now.
In light of all of this, a family member emailed me this article from September 1999 talking about Fannie Mae. Is this guy psychic or what? The article will blow your mind. Click link below
Fannie Mae New York Times September 1999
In itself the whole things sounds like an oxymoron. The government continues to bail out the banks and at the same time encourages people to stop making their mortgage payments. I have since been told this was to deter those thinking of doing a strategic default. However you only have to be 30 days late ... once. After the first month you can start making your payments again, just not catch up until the short sale is complete. Really????? Honestly, Fannie Mae truly believes this is going to deter someone with 1 30 day late from not walking away from their home.
It is hard feeling like a guppy in an ocean. I hate asking questions anymore because it leads to more unanswered questions. Like cancer the politics involved in all of the banks and the government has spread to a level that I think they are unable to control now.
In light of all of this, a family member emailed me this article from September 1999 talking about Fannie Mae. Is this guy psychic or what? The article will blow your mind. Click link below
Fannie Mae New York Times September 1999
Monday, April 12, 2010
Wells Fargo..........What can I say?!?!?!?
I am having an issue with Wells Fargo. I do not know if it is entirely their fault as the same problem seems to arise with whatever lender I happen to be dealing with.
Here is how most lending processes go: Your first interaction is with a loan officer. They are the customer service individual who blows lots of sunshine your direction to make sure you do not choose the competition. I liken to compare them to Best Buy. You know how the customer service reps try so hard to sell you the extended warranty. They use the oldest marketing technique in the world to frighten you about the "What If". If you have ever returned anything to Best Buy you know that the two departments are night and day. Well the same thing with mortgage companies.
Once you find a home (and get an offer accepted after multiple bids) your file is now transferred to a loan processor. The loan processor is in charge of verifying all the things you claimed on the credit application and gathering all additional information to prepare the file for the next person. Forget it if you told the loan officer anything on your file. Most likely they never told the loan processor.
Once every "i" is dotted and every "t" is crossed the file moves to final underwriting. This is the big kahuna of the loan process. This person can either kill the deal, make your life (and your clients) living Hell, or ride smooth like butter (rarely happens). I guarantee that your file and all underwriting guidelines have changed dramatically by the time you originally talked with the loan officer.
My complaint. Total and utter lack of attention and communication within this loan process. These lenders have no accountability to the purchase contract as a legally binding document. They move when they want, they call when they want, they do as they please when they want because it isn't costing them anything.
I recently had a file where the seller wrote in the addendum's to the accepted purchase offer that they would charge a $100 per diem for every day the file did not close over the contract close of escrow date. This is not new in itself as the sellers (banks) have been writing that in for the last couple of years but they never follow through. Kind of like those parents who are constantly threatening their children to do something if they do not behave but never follow through with the punishment.
Well I had a file where the seller is enforcing this per diem charge. Not only that but they are charging ME $300 to request a close of escrow extension. From day one, knowing how the lending process works, I have been in contact with my buyers lender making sure that every person in the journey knew about the charges. Never an acknowledgment like "Yes, we value Ms. "X"'s as a client and will do everything in our power to close this early just in case the unforeseen happens at the last minute (which always occur). Nope, none of that, no communication. They just him/haw along as business as usual totally ignoring my cautions and warnings.
So here is close of escrow and the seller is charging my buyers the $100 a day. I emailed the lender and ask them how much longer they needed so I could inform their "valued" customer how much they were going to have to pay at $100 a day due to Wells Fargo's lack of attention to the file.
Of course, the finger pointing started (non productive) and a varied list of excuses now graced my ears all of which could have been taken care of with proper communication. I even had the loan officer email me and say "As A Broker, You should understand the market we are in". Whatever,... I told him complacency was a short cut to the unemployment line. Furthermore, Lenders and Realtors are a dime a dozen. It is all about customer service and professionalism none of which they have shown their "valued" customer of 30+ years. Yet today I received ANOTHER condition to the final approval of the 3 that have already been requested. It would be to efficient to give them to me all at the same time so "our" client can work on them all. Nope, one at a time because what is another day to them. It is not their $100 a day they have to pay.
So tonight I am in Cabo San Lucas Mexico on vacation and having to deal with an incompetent/arrogant lender who could care less about their "valued" customer.
Buyer Beware.
Here is how most lending processes go: Your first interaction is with a loan officer. They are the customer service individual who blows lots of sunshine your direction to make sure you do not choose the competition. I liken to compare them to Best Buy. You know how the customer service reps try so hard to sell you the extended warranty. They use the oldest marketing technique in the world to frighten you about the "What If". If you have ever returned anything to Best Buy you know that the two departments are night and day. Well the same thing with mortgage companies.
Once you find a home (and get an offer accepted after multiple bids) your file is now transferred to a loan processor. The loan processor is in charge of verifying all the things you claimed on the credit application and gathering all additional information to prepare the file for the next person. Forget it if you told the loan officer anything on your file. Most likely they never told the loan processor.
Once every "i" is dotted and every "t" is crossed the file moves to final underwriting. This is the big kahuna of the loan process. This person can either kill the deal, make your life (and your clients) living Hell, or ride smooth like butter (rarely happens). I guarantee that your file and all underwriting guidelines have changed dramatically by the time you originally talked with the loan officer.
My complaint. Total and utter lack of attention and communication within this loan process. These lenders have no accountability to the purchase contract as a legally binding document. They move when they want, they call when they want, they do as they please when they want because it isn't costing them anything.
I recently had a file where the seller wrote in the addendum's to the accepted purchase offer that they would charge a $100 per diem for every day the file did not close over the contract close of escrow date. This is not new in itself as the sellers (banks) have been writing that in for the last couple of years but they never follow through. Kind of like those parents who are constantly threatening their children to do something if they do not behave but never follow through with the punishment.
Well I had a file where the seller is enforcing this per diem charge. Not only that but they are charging ME $300 to request a close of escrow extension. From day one, knowing how the lending process works, I have been in contact with my buyers lender making sure that every person in the journey knew about the charges. Never an acknowledgment like "Yes, we value Ms. "X"'s as a client and will do everything in our power to close this early just in case the unforeseen happens at the last minute (which always occur). Nope, none of that, no communication. They just him/haw along as business as usual totally ignoring my cautions and warnings.
So here is close of escrow and the seller is charging my buyers the $100 a day. I emailed the lender and ask them how much longer they needed so I could inform their "valued" customer how much they were going to have to pay at $100 a day due to Wells Fargo's lack of attention to the file.
Of course, the finger pointing started (non productive) and a varied list of excuses now graced my ears all of which could have been taken care of with proper communication. I even had the loan officer email me and say "As A Broker, You should understand the market we are in". Whatever,... I told him complacency was a short cut to the unemployment line. Furthermore, Lenders and Realtors are a dime a dozen. It is all about customer service and professionalism none of which they have shown their "valued" customer of 30+ years. Yet today I received ANOTHER condition to the final approval of the 3 that have already been requested. It would be to efficient to give them to me all at the same time so "our" client can work on them all. Nope, one at a time because what is another day to them. It is not their $100 a day they have to pay.
So tonight I am in Cabo San Lucas Mexico on vacation and having to deal with an incompetent/arrogant lender who could care less about their "valued" customer.
Buyer Beware.
Sunday, April 11, 2010
ipad review
I must be the only person on earth that does not understand Apple's new Ipad. The wireless card on my laptop crashed. After several hours to no avail my I.T guy said it was a lost cause. It just so happened that day I attended an awards conference coordinated by WEMAR (West Maricopa Regional Assoc. of Realtors). Low and behold I saw a familiar face. This familiar face had an Ipad. Everyone wanted to see it. I am not an Apple fan AND I wanted to see it. So for the duration of the conference I googled over his ipad.
Netbook or Ipad. Netbook $269, ipad $499. I justified the extra money as maybe I would not have to upgrade my computer in a couple years. Since I have never heard an Apple owner complain of their computer crashing over a driver failure or virus, I considered this foreign being. So I spent the next 20 minutes trying to find a store that had one. Best Buy, no. Apple store, yes! But....I was told to hurry because they were going quick. Never tell a women to hurry because they are going quick. You wonder who those crazy people are driving on the freeway. Its a women driving because someone told her something was on sale and they were going quick!
I was leaving the next morning on vacation and thought what an opportunity to learn this new technology. I drove the 45 minutes to the Apple store. It was packed. Everyone was playing on the demo ipads. The associate informed me they had one more left. Feeling kind of special, I paraded through the store with it. As he did his thing on the computer for me to purchase it I informed him I needed the wireless keyboard. He said sure. I asked him if the usb jack is in the box or do I need to buy it separately. I could tell this was going to be a nickel and dime thing. As he typed on the computer to ring me up he informed me that it is not in the box and it is not coming out for another 6 months. sigh of disappointment.
I admit. I did not do my research on this thing. I just figured since it was such a hot commodity, there had to be a reason. So as I looked at him very dumbfounded, I asked well how do I sync my blackberry? (you can laugh at my expense) He said I couldn't. I think the utter look of a deer in headlights must have been the expression on my face.
I started thinking of all the things I use a USB port for. My camera, magicjack, my printer, portable drives....
Again I asked him what about all of these things just in case I missed something again. It was not getting any better. He informed me that the ipad is not meant to be a computer. Huh?!?!?!? So I asked him what am I paying $500 for and what can I do with it. He took me to a demo and showed me a nifty calendar and all it could do. Wow, I was impressed now.................(not).
I told him I meet clients on the fly, I need them to sign docs electronically through the computer, I have to do analysis on the fly, cma's, write up offers, addendums, counters.......so how do I do all that on this? He said I can not download anything but Apple Apps. I can not download sharper agent (my flyer creator), toolkitcma (my cma and buyer presentation program), justsnooping (my virtual tour provider), or any of the other websites I use to advertise on that need a program download. I am a pdf creator/merger/extractor fanatic. The only pdf function I can do is open a pdf. I can not even dowload it. Seriously beyond confusion. I look around the other demo's to see what people are doing on them. Playing games. I had to ask. Are people paying $500 to play games on this?
So either I got a really bad Apple associate or this ipad is not for Real Estate agents. They promote their mobility. Who is more mobile then a Realtor? I did not see one function that could possible make my life more efficient or effective. I could not believe that something that is so marketed toward mobile business professionals and all it really was is another version of the iphone on steriods.
So with major disappointment (mad at myself for following the crowd and not researching it first) I handed the ipad back to the associate. He took it back with great pride. I went to Best Buy and purchased a netbook. Best part, Best buy gave me a $45 gift certificate so total was $230 and some change. I even got 3 usb ports!
Netbook or Ipad. Netbook $269, ipad $499. I justified the extra money as maybe I would not have to upgrade my computer in a couple years. Since I have never heard an Apple owner complain of their computer crashing over a driver failure or virus, I considered this foreign being. So I spent the next 20 minutes trying to find a store that had one. Best Buy, no. Apple store, yes! But....I was told to hurry because they were going quick. Never tell a women to hurry because they are going quick. You wonder who those crazy people are driving on the freeway. Its a women driving because someone told her something was on sale and they were going quick!
I was leaving the next morning on vacation and thought what an opportunity to learn this new technology. I drove the 45 minutes to the Apple store. It was packed. Everyone was playing on the demo ipads. The associate informed me they had one more left. Feeling kind of special, I paraded through the store with it. As he did his thing on the computer for me to purchase it I informed him I needed the wireless keyboard. He said sure. I asked him if the usb jack is in the box or do I need to buy it separately. I could tell this was going to be a nickel and dime thing. As he typed on the computer to ring me up he informed me that it is not in the box and it is not coming out for another 6 months. sigh of disappointment.
I admit. I did not do my research on this thing. I just figured since it was such a hot commodity, there had to be a reason. So as I looked at him very dumbfounded, I asked well how do I sync my blackberry? (you can laugh at my expense) He said I couldn't. I think the utter look of a deer in headlights must have been the expression on my face.
I started thinking of all the things I use a USB port for. My camera, magicjack, my printer, portable drives....
Again I asked him what about all of these things just in case I missed something again. It was not getting any better. He informed me that the ipad is not meant to be a computer. Huh?!?!?!? So I asked him what am I paying $500 for and what can I do with it. He took me to a demo and showed me a nifty calendar and all it could do. Wow, I was impressed now.................(not).
I told him I meet clients on the fly, I need them to sign docs electronically through the computer, I have to do analysis on the fly, cma's, write up offers, addendums, counters.......so how do I do all that on this? He said I can not download anything but Apple Apps. I can not download sharper agent (my flyer creator), toolkitcma (my cma and buyer presentation program), justsnooping (my virtual tour provider), or any of the other websites I use to advertise on that need a program download. I am a pdf creator/merger/extractor fanatic. The only pdf function I can do is open a pdf. I can not even dowload it. Seriously beyond confusion. I look around the other demo's to see what people are doing on them. Playing games. I had to ask. Are people paying $500 to play games on this?
So either I got a really bad Apple associate or this ipad is not for Real Estate agents. They promote their mobility. Who is more mobile then a Realtor? I did not see one function that could possible make my life more efficient or effective. I could not believe that something that is so marketed toward mobile business professionals and all it really was is another version of the iphone on steriods.
So with major disappointment (mad at myself for following the crowd and not researching it first) I handed the ipad back to the associate. He took it back with great pride. I went to Best Buy and purchased a netbook. Best part, Best buy gave me a $45 gift certificate so total was $230 and some change. I even got 3 usb ports!
Monday, March 29, 2010
Mortgage Debt Relief Act and Arizona Anti Deficiency Statue
http://www.keytlaw.com/blog/2009/11/confusion-about-short-sales-and-anti-deficiency/
Great source of information for individuals debating whether to short sale or foreclosure. 2 considerations must be observed. One has nothing to do with the other as many people confuse the two.
Anti Deficiency Statue has to do with the lender seeking recourse for their loss after the fact. The anti deficiency law in Arizona affects short sales different than foreclosures (mainly that the anti deficiency law only protects in a foreclosure). Everyone involved in a short sale must make sure language in specific and clear in bank settlement letter to protect your clients from further recourse from bank. I particulary found the statue of limitation information valuable. 90 days for a foreclosure and 6 years for a short sale. In most cases both homeowners and investors are covered under this statue....in most cases emphasized.
The Mortgage Debt Relief Act has to do with Uncle Sam. Whether you short sale or foreclose the bank will issue a 1099 unearned income. Now you have a situation with your taxes to deal with. Whatever amount the banks writes off as a loss is conveniently reported to you as unearned income. This means you have to pay taxes on that income (doesn't this just seem wrong). In any case, Former Pres. Bush enacted the Mortgage Debt Relief Act and Pres. Obama has extended it. It protects owner occupied (not investors or second homes) from having a tax obligation on this unearned income.
The link above is a valuable research tool for those trying to decide between their options. There are many many gray areas that until court cases start setting precendence will possibly be further setbacks for those who foreclose or short sale.
I am not an attorney or capable of giving legal advice. This is information as it has come known to me through my own research.
Great source of information for individuals debating whether to short sale or foreclosure. 2 considerations must be observed. One has nothing to do with the other as many people confuse the two.
Anti Deficiency Statue has to do with the lender seeking recourse for their loss after the fact. The anti deficiency law in Arizona affects short sales different than foreclosures (mainly that the anti deficiency law only protects in a foreclosure). Everyone involved in a short sale must make sure language in specific and clear in bank settlement letter to protect your clients from further recourse from bank. I particulary found the statue of limitation information valuable. 90 days for a foreclosure and 6 years for a short sale. In most cases both homeowners and investors are covered under this statue....in most cases emphasized.
The Mortgage Debt Relief Act has to do with Uncle Sam. Whether you short sale or foreclose the bank will issue a 1099 unearned income. Now you have a situation with your taxes to deal with. Whatever amount the banks writes off as a loss is conveniently reported to you as unearned income. This means you have to pay taxes on that income (doesn't this just seem wrong). In any case, Former Pres. Bush enacted the Mortgage Debt Relief Act and Pres. Obama has extended it. It protects owner occupied (not investors or second homes) from having a tax obligation on this unearned income.
The link above is a valuable research tool for those trying to decide between their options. There are many many gray areas that until court cases start setting precendence will possibly be further setbacks for those who foreclose or short sale.
I am not an attorney or capable of giving legal advice. This is information as it has come known to me through my own research.
Friday, March 19, 2010
HAFA - Home Affordable Foreclosure Alternatives CHANGES COMING APRIL 5TH
I hope this is not just another program the banks DONT have to follow. This is a step in the right direction. Second lien holders do not realize how many people are filing for bankruptcy after a foreclosure because of the second lienholders lack of cooperation during a short sale. Dealing with one mortgage has always been a much smoother transaction.
I am launching http://www.westvalleyshortsale.com/ by the end of the month as a place for resources and/or alternatives to foreclosure.
As taken from email from Desiree Montgomery, MSSC of Realty Executives
"The mortgage modification process thus far has been very confusing for all parties involved. Now there is another program coming that will hopefully aid in some relief for homeowners. The Home Affordable Foreclosure Alternatives (HAFA) is a Short Sale Alternative to foreclosure where once the mortgage lien holders approve the Short Sale, the the homeowner will not be pursued for the difference. Also, under HAFA, the homeowner who participated in good faith will also receive relocation assistance at the close of the transaction.
On April 5th, new the HAFA changes are coming that affect Short Sales. Even though you can go online to see the participating banks, my staff has been literally calling each of the Banks to see if they are going to be ready by the launch date.
Just a few highlights:
Participating Banks were provided a streamlined process that you must follow, to the letter
Approvals are given within 10 business days
Buyers have a minimum of 45 days to close
Contracts and settlement statements will require specific requirements to be approved
Seller's may have to negotiate terms with second lien holders BEFORE requesting approval under this program
Contracts in your current pipeline will require a different set of documents and tools"
I look forward to this!
I am launching http://www.westvalleyshortsale.com/ by the end of the month as a place for resources and/or alternatives to foreclosure.
As taken from email from Desiree Montgomery, MSSC of Realty Executives
"The mortgage modification process thus far has been very confusing for all parties involved. Now there is another program coming that will hopefully aid in some relief for homeowners. The Home Affordable Foreclosure Alternatives (HAFA) is a Short Sale Alternative to foreclosure where once the mortgage lien holders approve the Short Sale, the the homeowner will not be pursued for the difference. Also, under HAFA, the homeowner who participated in good faith will also receive relocation assistance at the close of the transaction.
On April 5th, new the HAFA changes are coming that affect Short Sales. Even though you can go online to see the participating banks, my staff has been literally calling each of the Banks to see if they are going to be ready by the launch date.
Just a few highlights:
Participating Banks were provided a streamlined process that you must follow, to the letter
Approvals are given within 10 business days
Buyers have a minimum of 45 days to close
Contracts and settlement statements will require specific requirements to be approved
Seller's may have to negotiate terms with second lien holders BEFORE requesting approval under this program
Contracts in your current pipeline will require a different set of documents and tools"
I look forward to this!
Tuesday, March 9, 2010
Thought for the Night about the Mortgage Interest Deduction
At dinner tonight, conversation turned some friends of the family who just lost their home. Not because they do not make enough money, just the opposite, but because they got involved in a really bad business venture that has been tied up in the court system for a long time and drained their savings over the last 4+ years. Like everyone else they took out the equity of their home and their retirement to start this business which ultimately failed.
It started the rotation of logic in my mind that I know of a few people in their situation. They make good money but made bad decisions. All these people who make good money will be doing their taxes this year and next to a very rude awakening. What happened to their mortgage interest write off?!?!?!?!? So we are going to have literally millions of people paying in an enormous amount of money in taxes to the government. Am I wrong in this thinking? Not only that but what about all the taxes having to be paid on the 1099 unearned income statements from the short sales and foreclosures. Sure some people are covered under the "Debt Relief Act" assuming they were primary residences but many more were not.
So when I hear about all the tax cut programs because of lost revenue from property taxes, I have to think about all the revenue they are getting from people not having the greatest tax shelter which was their home. Maybe in the big picture of things this amount is insignificant, but it was a thought none the less.
It started the rotation of logic in my mind that I know of a few people in their situation. They make good money but made bad decisions. All these people who make good money will be doing their taxes this year and next to a very rude awakening. What happened to their mortgage interest write off?!?!?!?!? So we are going to have literally millions of people paying in an enormous amount of money in taxes to the government. Am I wrong in this thinking? Not only that but what about all the taxes having to be paid on the 1099 unearned income statements from the short sales and foreclosures. Sure some people are covered under the "Debt Relief Act" assuming they were primary residences but many more were not.
So when I hear about all the tax cut programs because of lost revenue from property taxes, I have to think about all the revenue they are getting from people not having the greatest tax shelter which was their home. Maybe in the big picture of things this amount is insignificant, but it was a thought none the less.
Wednesday, March 3, 2010
Realty Times - What Canada's New Mortgage Rules Mean to You
Realty Times - What Canada's New Mortgage Rules Mean to You: "What Canada's New Mortgage Rules Mean to You"
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