The Nova Home Seller Blog

I just commented on a blog post where the fellow Realtor was an advocate of the requirement of 20% down for home buyers. I fully disagreed with his stance. He lived in a very affluent area, and from his comments, appeared to be a part of that higher socioeconomic level. I mentioned that, with that brings a certain amount of disconnect from the majority of the rest of the country. I would not advocate a of return stated income – Neg-Am loans for anyone other than self employed. As I realize they had a good deal to do with the meltdown. They were a good tool that was mis-used for liar loans for people that wouldn’t have qualified any other way. But to say that no-one should buy a home without 20% down reeks of elitism. Have you noticed that the economy, as a whole, follows the housing market? Just as the job market does.   Would you really like to see what happens if this 20% down proposition was turned into law? The economy would falter, jobs would be lost, and the gains we have seen in those areas would be lost.   If per chance someone disagree with that statement, than why would the economy fail as it did, and why were all the jobs lost, when the housing market took a nose dive. They are all very intertwined, and one should be careful when trying to make a drastic change with such a broad brush.

Side-note: 20% down doesn’t guarantee loan payments being made, just as 3.5% or 0% down doesn’t mean that they will have less of a chance of being paid. Making a loan payment depends on having a job or another source of income that creates a paycheck. The mortgage that one is approved for is based upon that income. So you have a $400,000 mortgage on a $500,000 purchase with a 20% down product, or you have a $400,000 mortgage on a $414,500 purchase using a 3.5% FHA product, or you have a $415,000 mortgage on a $400,000 purchase using 100% VA.   The monthly payment is going to be relatively the same if the interest rates are the same. And the driving force in order for that payment to be made, is the borrower having income, not that they put down 20% or 3.5% or 0%.

My point being is that people are qualified for loan programs based on their income, and which loan product they use affects the purchase price of the home they can buy. Yes, I know the ratios are a tad different, but not all that much.   All a 20% down requirement does is minimize the number of people who can buy a home, and it would damage the housing market, which in turn would damage the Economy, as well as the job market. This would slow down, and has the possibility of reversing the over all recovery.

Dave Jezierski, CDPE, Avery-Hess Realtors
Always Available For You & Your Friends
Office: (703) 821-5005 ext. 138
Cell: (703) 881-6759   Fax: (888) 880-4407
Email: Dave@TheNovaHomeSeller.com
Find Your Next Home On: www.TheNovaHomeSeller.com

Well are you looking forward to part 2?
I hope so, I’m not trying to make myself look good, I just think that if everyone involved knows what really is going on, and how it needs to be worked, Short Sales will get better press, and maybe if the banks had time to revamp & re-tune their processes because they would have fewer erroneous deals to sift through, that would be really good for all involved.

A lot of my last post was back-story, I’ll make my next few instalments a bit easier read.

Well we are up to the Buyers Agent now, and as I go through this, I touch on everyone, so don’t feel singled out
The main thing I see with buyers agents is they think they are looking out for their clients best interests by going to contract, and then still looking at other homes for a backup. Don’t do that. If the buyer is not a good fit for a short sale, as I explained in part #1, than explain that to them, and do not look at short sales. To go to contract, make the listing agent and the seller go to all of the work involved, as well as the bank, only to pull out and go with another deal, you wouldn’t do that with a regular sale would you? It perpetuates the short sale drama, and it need not happen.

If the house is priced right, not priced low to try to solicit and offer, as that wastes every-ones time and frustrates buyers because they go and look at homes they can’t afford. And when the bank does their BPO, and counters at market value, your buyer gets blown out. So please do your CMA when you advise a client on what to offer. So if you you are working with a listing agent who knows what they are doing, the house is priced right, the seller has a viable hardship, most of the time it will close successfully if everyone stays committed.

So let me hit some high points

The Right Buyers Agent:

A)      Cooperative, not adversarial
(You, your buyer, the listing agent, and the seller all need to work together to put together a contract that the bank will approve, it is not buyer against seller, that doesn’t work in short sales, it leaves a bad taste in peoples mouth on regular deals too)

B)      OK with paycheck in 3-4 months
(This is important, and it is a reality check. We all look out for our clients best interests, but we also have to live, go in with your eyes wide open)

C)      Can control their client, client trusts them(You will need to control your clients emotions, you do that with information that is is moving along, the listing agent will help you with weekly updates, or they should if they want your buyer to stick around. 2nd, set realistic expectations for your clients, do not Pie In The Sky them)

D)      Can negotiate œRound Table style
(This goes back to what I said in (A), but this is so important as a concept. This is not a fight, you can protect your clients best interest by negotiating with everyone like you were all sitting around a table, the seller doesn’t care what the house sells for, or what they give for closing credits, or a home warranty, the bank says Yay or Nay, so ask for it, and the buyer needs to pay withing 5% of market value, so work together and put together a contract that is fair, and the bank will approve it.   It must be Win Win Win or the bank will not approve it.

Now for those of you “lucky” enough to be stuck in attorney states…. I’ll curb my sarcasm as much as possible. In Escrow states, escrow works with both sides, and whatever those 2 sides agree to do, Escrow carries it out, so it is easy for the listing agent to make changes to the seller side of the HUD in numbers and the way things are places and how they read. (more on that in the Listing Agent section)   But this is what you need to remember “The Listing Agent Is The One In Control Of The Negotiations” they and the sellers are working together to try to get your deal approved. And if you are in an Attorney State, where the attorney is hired by the buyer, and the attorney puts up a protective wall, your deal will stall and most likely tank. I have run into a lot of attorneys that think they know better because they spent 8 years getting a law degree, and how could it be possible that a lowly Realtor like the listing agent have any inkling of how to make short sale deal work. They fight tooth

and nail, they tell the listing agent “I can’t or won’t do that, won’t tell you the information the listing agent needs in order to get what the attorney needs, and it turns into a nightmare, and the deal will blow by the deadline. God help you if you are in the south and try to prompt them, you will be introduced to the steel trap.   So, please, only use a closing attorney that will co-op with both sides, ask the listing agent who they have worked with in the past that closed well.

The Right Buyers Attorney:
A)      Cooperative with Listing Agent
B)      Not Adversarial
C)      Experienced with short sales
D)      Can operate œround table style

And if the buyer insists on one that throws up a wall. What I do is have the seller hire a seller closing attorney that I have worked with, and let the 2 attorneys go at it. Since they both have that 8 year degree, it will be more amicable.

Disclaimer, I do admire and appreciate the work, intelligence, and time it took to get that law degree. But it doesn’t mean that you know everything, or are better than anyone else. That degree should help you be a great leader, and help the parties complete their goals, not hinder them.

Dave Jezierski, Realtor, CDPE
Always available for you and your friends
Dave@TheNovaHomeSeller.com
Find your next home on www.TheNovaHomeSeller.com

I think this is a topic that needs to be talked about. Where we are now, in this market, at the stage that we are in, there are some hard and fast rules that have been laid out, and the old pixie dust that has been spread around about what you can “get the bank” to do needs to be cleared away.

I have been successfully negotiating Short Sales since 2006. That’s when I got into the business of real estate, while not a stranger to it, I had build homes through my teens and early 20′s, went into IT because I didn’t want to swing a hammer for the rest of my life, and was there for 16 years. I had bought, remodeled, and sold a handful of homes. I was always involved with a Realtor, after I got taken advantage of on a deal where I tried to do it myself.

I went into real estate for a number of reasons, the one big one was I has $1,000,000 worth or real estate in my name, had just gotten laid off (again), and the tenant in the rental property just had the same thing happen. You all can see where this is headed.   It was late in 2006, Southern California, and the short sales were just starting. The new home buyers were starting to grumble because the new home they just moved into last month stayed at the same price. Because all the other months before, they were going up $10,000 a month.

Well I was not about to have a foreclosure on my record, and I never take well to someone telling me I couldn’t do something, as long as it was legal anyway.   I had to sell that rental property, I had some cash to tied me over to the next job (right) so the my primary residence would be fine.   I started doing research, met with all the swindlers who wanted me to sign a Quitclaim (run, don’t walk from those imbeciles), and talked with real estate agents.   I listed the property, and found out real quick that the agent I listed with didn’t have a clue, and to their defense, why should they? Short Sales had just started, and they were not like the last go-round. Last time, the banks owned the notes, so yeah, you could get that pennies on the dollar deal. But not now, the bank sold those notes, Wall chopped them up and sold them to hungry investors.   So now, the short sale process required finesse.
I’ll save the gory details for my novel, but lets just say that I went through 3 agents, and couldn’t get licensed fast enough, and lost it to foreclosure. (CA takes months to get a real estate license, because more people gave re licenses than drivers license out there)   Get this, the day before the sale date, I got another deal at 4:30pm, actually got a hold of my Countrywide negotiator on the phone, and he would not postpone. The deal was for $290k, and they foreclosed the next morning for the minimum bid required on the 1st note of $292k.

I had tasted defeat, and was not about to chew on that again.   By this time, no IT job, and my new career was going to be “Short Sale Negotiator” (picture William Shatner with the The Big Deal music) but seriously.
My primary residence was on the market now as a short sale, listed with someone else, and I coached them through to a successful Short Sale. I took out adds, I sent to seminars, I talked to bankers, lawyers, CPA’s and learned everything that the CDPE guy learned, only he thought bigger and made a course out of it, smart guy.

I’ve worked in CA, NC, and now VA, Northern Virginia that is. It is almost like a separate state. We have a great market here, and there are lots of underwater homeowners that I can help.   I have coached agents through to successful short sales in various other states.

So, now that I have gone on entirely too long with background. The first topic I want to cover in my series is:

Short Sale Tips For Buyers, Buyer & Listing Agents.

Now I can just throw these out there without dispelling some of that pixie dust. Buyers, you need to listen to your agent when they try to educate you that you are not going to get a fire sale deal on a short sale unless it is totally trashed. You will get a deal approved within 5% of current market value, and that is sometimes on the plus side of market value, it all depends on the BPO or appraisal. The banks are not giving these away, there are too many checks and balances, and investors who will not allow it. So please keep your expectations realistic.

Since I had to put in so much background, I’m going to divy this up, and for the rest of this post, I will just cover the 1st topic, and get the others ones in here with future posts

The Right Buyer:
A) The right personality
B) Has the physical time
C) Cooperative, not adversarial
D) Flexible on price
E) Has to want the house, and commit to it (this is a “do” not a “try”)(Loyalty)
Meaning, the buyer has to have the right personality to go for moths without knowing for sure, and the physical time to successfully work through a short sale. That needs to be talked about up front, or please do everyone, buyer, seller, agents, and the banks a favor, and do not get involved in a short sale.

The buyer has to have the time so they are not stressed about winding up in their friends basement because it takes a month longer than expected to close.

The Buyer need to be able to go with the flow. The listing agent is in control of the deal, and the Bank has the final approval, so please, no huffing and puffing, we are all working hard to try to make this happen for everyone involved.   It is not Buyer against Seller, as many agents do in regular sales. It is Buyer & Seller, with their agents, putting together a deal that the bank will approve.

The buyer has got to be flexible on price, or don’t put in an offer. I cannot tell you the time that I have wasted getting an approval, and a stick in the mud buyer, won’t come up $10k to match the approval, and the deal falls apart. Once the banks are firm on a price, they are firm, we are not in the spiral down slide of a declining market like we used to be. The only way you are going to get that $10k back is through the appraisal for the buyer loan. If it does not appraise, than I can take that back to the bank, because the bank doesn’t trust the seller, the buyer or any of the agents when it comes to valuation. Hard but true.

Buyers… please commit to the house. there is a tremendous amount of work that goes into these, don’t be a butterfly. Yes, I know the short sale addendum says you can cancel before getting written notice of short sale approval, but remeber the law of compensation. If you flippantly waste other peoples time, and get peoples hopes up, and you dash them away, watch out when you find that house that you just have to have.

Well I will wrap this up, and will continue this topic in my next post, I hope that it is helpful, and sheds my unique light on the subject.
Dave Jezierski, Realtor, CDPE
Always Available For You & Your Friends
Direct: (703) 651-2701 E-Fax: (888) 880-4407
Email: Dave@TheNovaHomeSeller.com
Website: www.TheNovaHomeSeller.com

RISMEDIA, April 1, 2010”When it comes time to remodel, many homeowners think œdo-it-yourself or DIY is the smartest and most cost effective way to get the job done. And while popular TV shows on HGTV and publications at the home improvement store boast the ease of such projects, Jeff Brecko, vice president of Aurora Custom Remodeling, advises homeowners to take an in-depth look at their project and consider all options before tackling such a large undertaking.

œDIY projects can be great if you are taking on a small project, but when remodeling major portions of a home, such as a kitchen or bathroom, there are many structural and design elements that need to be considered, said Brecko, who also serves as the 2010 chair of the Northeast Florida Builders Association™s Remodeler™s Council. œEssentially, there are five aspects that must be considered when deciding whether to hire a professional remodeler versus doing the project yourself. Those aspects include design, quality, time, money and warranty.

Brecko said the design aspect of a remodeling project is paramount to its success. A professional remodeler can take a homeowner™s idea and transform it into reality with an addition or renovation. The years of experience a homeowner gets when they hire a professional remodeler will make the project better and this expertise is invaluable in designing a project to fit within an existing structure and budget.

Quality is the next facet a homeowner must look at when remodeling. The quality of a professional remodeling job will be far superior to that which a homeowner will receive if this is their first time remodeling, Brecko said. Professionals are able to guarantee better subcontractors at better prices with better leverage. Though a homeowner may find excellent subcontractors by contacting friends who have remodeled, checking references and calling past clients, they are unlikely to secure the pricing and warranty a professional remodeler will command.

Everyone knows time is money, and that is especially true when it comes to remodeling. A professional remodeler will ensure the project stays on time and within budget by perfecting the plans before the job begins, creating a thorough scope of work, hiring the qualified subcontractors and vendors ahead of time and properly supervising the quality of work. If it is necessary for a client to move out of their home during the renovation, a professional remodeler can save them extended rental costs by maintaining a deliberate pace of construction according to a pre-planned construction schedule.

œMany remodeling projects become the victim of the best intentions, Brecko said. œA professional remodeler will employ systems to ensure that the project stays on schedule to protect not only their bottom line, but more importantly, their reputation.

The last aspect Brecko recommends considering on a remodeling project is the warranty that comes with a professional company. When homeowners hire a professional, they are buying a service more than a product. A professionally managed job will have quality built in and will require less maintenance and fewer warranty calls on products.

œWhen you hire a professional remodeling team, you can expect motivated individuals who desire your complete satisfaction, Brecko said. œHomeowners deserve to have someone working on their home who has experience, knowledge and the wherewithal to back up their work and reputation.

I thought that this was great information. It always seems like a great way to say money, but it bites you when you go to sell. Buyers should always be on the lookout for un-permitted DIY projects.

For more information, visit my website   www.HomesInTheTriangle.com

RISMEDIA, March 24, 2010”Buying a home is one of the biggest decisions an individual can make. So it™s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective home buyers who don™t purchase a property now wishing they had taken action sooner.

œCurrent market conditions have created a perfect storm of sorts that has made it an ideal time to purchase for first-time and trade-up buyers alike, said James M. Weichert, president and founder of Weichert, Realtors. œThose who have the means and the desire to buy now but don™t, aren™t likely to see such a great opportunity again anytime soon.

Specifically, Weichert offered three reasons why those who aren™t under contract to purchase a new home by April 30, 2010 might regret it.

1. They won™t receive a sizeable amount of money from Uncle Sam.

For the past two years, the federal government has offered a home buyer tax credit to help stimulate the economy. But that financial incentive is set to expire soon. First-time buyers who aren™t under contract to purchase a home by April 30, 2010 will leave the $8,000 that is available to them through the tax credit on the table. Meanwhile, repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.

2. They might not lock-in on the historically-low interest rates.

Thanks to measures taken by the Federal Reserve including the purchasing of mortgage-backed securities, interest rates have remained historically-low for several years. With the economy beginning to show signs of recovery, it is widely believed that the government will soon put an end to these stimulus efforts.

If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result in a much higher monthly payment for those who wait. For example, an interest rate increase of 1% on a 30-year fixed mortgage of $300,000 could cost a buyer $188 more a month or $67,000 more over the span of the entire loan.

3. They might miss out on record home price affordability.

Home price affordability is at its most optimal level in decades. As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now. In fact, home prices have already begun to rise slightly in some markets. Instead of getting a better bargain, waiting to buy a home might net buyers a higher purchase price, less appreciation and less house for their buck.

œThere is no time to waste for anyone who wants to take advantage of this great buying opportunity. Particularly for those who have a home to sell first, he added œIf you are prone to saying ˜what if™ and wondering what could have been, you will thank yourself down the road for buying now.

I thought this was some great information that needs to be thought about by buyers in this marketplace.   I run into buyers all the time that say they don’t want to be pressured. I say I’m not pressuring you, I’m just reminding you of the benefits that are available right now and if you don’t act, there is no guaranty that they are going to extent past April 30 2010.   Everyone is buzzing about the health care bill now, and I have not heard any noise about extending this again.   So if you are in the market to buy, don’t feel pressured, just go take advantage of a good deal.

For more information or toask me a question you can visit & contact me through my website www.HomesInTheTriangle.com

Hi There, I’m Dave Jezierski. I thought I might write a little bit about me and what I do

Professionally:
I’m a Real Estate Broker, Realtor. “Homes In The Triangle” is my business. I consider myself more of a consultant, than just an agent that just wants to sell you a house and disappears. My passion for Real Estate started young, I built homes through my teens, so I know the bones of a home. Was a Systems/Network Administrator in IT for 16 years so I have a good technical background that I bring in as well. I shifted over to Real Estate in 2006 and I really enjoy helping people through the process of buying or selling a home. From the beginning stages of listening & learning about my client, to creating a plan of action, to implementing that plan, and seeing it all come together for them.   I really enjoy the overcoming and solving of the challenges that crop up after the contract is signed. The easy part is getting to the contract, it takes a seasoned professional to get it to closing as smoothly as possible.

I also specialize in Short Sales, Bank Owned, and REO Properties. Short Sales take 4-5 times the amount of work compared to a standard listing, but I really enjoy helping people out a tough situation. Job loss, health challenges, job relocation’s, divorce, death in the family all carry with them their own unique set of challenges. Adding a house that is crushing them financially & emotionally is just a recipe for disaster. So I can help people get out from underneath at least the house part of the situation.

If anyone has any real estate questions, I am here, and happy to try to help. My website is www.HomesInTheTriangle.com

Personally:
I have a six year old son that is amazing, and I know, I’m biased. I spend time with him every day, reading, talking, understanding him,and explaining things to him. I want to give him a firm foundation of good character & a positive self image. I like to play golf, but usually just get to the range & putting green with my boy. Outside of my work as a Realtor, and spending time with my son, doesn’t leave a whole for anything else but going through the CSI Las Vegas series on DVD.

I’ll keep an eye out for any posts that I can offer help on, or refer people I know who can help.   I’m here for you, or someone you know, who has real estate questions or concerns. I will always treat them with the utmost respect & integrity.   My website again is: www.HomesInTheTriangle.com

Now You Can FHA Those REO’s With Those 1st Time Buyers With No Worries!

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RISMEDIA, January 19, 2010”In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan recently announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration™s commitment to addressing foreclosure. Secretary Donovan recently announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

œAs a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential home buyers, said Donovan. œFHA has an unprecedented opportunity to fulfill its mission by helping many home buyers find affordable housing while contributing to neighborhood stabilization.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

œThis change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed, Donovan said.

In today™s market, FHA research finds that acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

œFHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties, said FHA Commissioner David H. Stevens. œThis action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of œflipping, where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

-All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
-In cases in which the sales price of the property is 20% or more above the seller™s acquisition cost, the waiver will only apply if the lender meets specific conditions.
-The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

For more information, visit www.hud.gov.

Hope your Holidays are going well, and this may help them go even better next year!
See if you find this as helpful as I feel it may be.   Have a great week.

Your 2010 Money Calendar

Key dates to bookmark for the year ahead.

By Jessica L. Anderson, Associate Editor of Kiplinger's Personal Finance magazine.

JANUARY

1 - Parents of college-bound high school seniors: Fill out Free Application for Federal Student Aid (FAFSA).
4 - First trading day of 2010.
7 - Set financial goals, update your budget and resolve to pay off holiday debt (see "Four Ways to Trim Your Spending").
8 - Convert traditional IRA to a Roth; income limits for conversions are gone.
15 - Estimated federal taxes for the fourth quarter of 2009 are due.
20 - Consult with a financial planner: Your Money Bus stops in Greensboro, N.C.
21 - Seniors: If you're over 70 ½, talk to your IRA administrators about resuming regular required minimum distribution payments.
26 - Federal Open Market Committee meets to review interest rates.

FEBRUARY

2 - Think taxes: Your 1098, 1099 and W-2 statements should arrive by today. Finish gathering tax documents and put them in a folder for later.
4 - Your Money Bus stops in Charleston, S.C.
7 - Billions of dollars in bets will be riding on Super Bowl XLIV.
12 - Investors: Standard & Poor's 500-stock index has gone down 15 of the past 18 years on the day before Presidents Day weekend. You could pick up some cheap shares.
15 - Presidents Day. Before you hit the sales, take our quiz to find out what kind of spender you are.
22 - New credit-card rules go into effect.
22 - Your Money Bus stops in Palm Beach, Fla.

MARCH

1 - Shoulder season starts today and runs through May. Look for bargains on travel.
3 - Keep an eye out for proxy forms. They'll let you vote on shareholder issues without being present at the annual meeting.
6 - Think taxes: Assign value to stuff you donated to charity if you itemize deductions.
9 - Your Money Bus stops in Birmingham, Ala.
14 - Daylight Savings Time begins. Spring forward.
15 - Deadline to empty your 2009 health-care flexible spending account (if your plan allows the 2 ½-month grace period).
16 - Federal Open Market Committee meets to review interest rates.
19 - Triple Witching Day for the stock market: Contracts for stock-index futures, stock-index options and stock options all expire together. Brace for volatile trading.

APRIL

1 - It's Financial Literacy Month. Take the Kiplinger quiz on your financial know-how.
1 - Seniors: Deadline for taking your first required minimum distribution from IRAs and other retirement accounts.
2 - Your Money Bus stops in Cleveland.
3 - Prepare your income-tax return this weekend.
12 - First-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
15 - File your tax return or request an extension. Estimated federal taxes for the first quarter are due.
16 - Expect a big tax refund? Adjust your withholding.
22 - Earth Day. Save money and the planet by switching to compact fluorescent bulbs.
27 - Federal Open Market Committee meets to review interest rates.

MAY

1 - Berkshire Hathaway annual shareholders meeting, in Omaha. Treasury announces semiannual I-bond rates.
2 - Mother's Day is May 9. Find a gift deal at www.dodtracker.com.
6 - Your Money Bus stops in Fort Worth.
11 - Celebrate the 100th anniversary of Glacier National Park. A visit to one of the 58 national parks is a great idea for an inexpensive summer getaway.
12 - Book a tune-up for your air-conditioning or sprinkler system before summer sets in.
19 - Start planning your summer vacation (use a booking site such as Kayak.com).
27 - College-bound high school grads: Complete student-loan applications, including those for federal Stafford loans and federal PLUS loans for parents.
30 - Use your tax refund to pay down credit-card balances or seed an emergency fund.

JUNE

1 - Investors: The stock market historically dips the week after Memorial Day. Look for cheap buys.
3 - Your Money Bus stops in San Diego.
7 - Recent college grads: Consolidate student loans. Make a money-smart plan for what to do with your graduation cash (start an IRA, create an emergency fund).
12 - Shop for Father's Day on June 20.
15 - Estimated federal taxes for the second quarter are due.
17 - Your Money Bus stops in Portland, Ore.
21 - Investors: Dow down 17 of the past 19 years-don't sell this week.
22 - Federal Open Market Committee meets to review interest rates.

JULY

2 - Midyear financial checkup: Update the goals you set in January and rebalance your portfolio, if necessary.
4 - Independence Day. Break free from debt by tallying up what you owe and making a plan to pay it off.
7 - Your Money Bus stops in Colorado Springs.
12 - Second-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
21 - Reshop your auto insurance (www.insweb.com), homeowners coverage (www.accucoverage.com) and life insurance (www.accuquote.com).
26 - If you're over 50, find out about long-term-care insurance: Take our quiz to learn more.

AUGUST

1 - Shop early for an end-of-the-model-year car deal. You'll get the best combination of price and selection as dealers clear inventory.
3 - This is the month for statewide sales-tax holidays for back-to-school shopping. Find out whether your state has one.
5 - Your Money Bus stops in Omaha.
9 - Investors: Prepare to hunker down. From 1988 to 2005, August was the worst month for the Dow and the S&P 500.
10 - Federal Open Market Committee meets to review interest rates.
24 - Investors: Look for the market to gain strength. The end of the month has been strong for the past five years.
26 - Renegotiate the rate on your credit card.

SEPTEMBER

1 - Fall marks open-enrollment season for employer health-insurance plans. Review your options, even if you can keep the same coverage.
2 - Start scouting for deals for holiday travel. Wednesday is the cheapest day to fly, with the exception of the Wednesday before Thanksgiving.
3 - Investors: Watch for stock-market instability. Triple-digit Dow moves are commonplace leading up to Labor Day.
9 - Your Money Bus stops in Milwaukee.
15 - Estimated tax payments for the third quarter are due. Deadline for submitting corrections to your FAFSA.
21 - Federal Open Market Committee meets to review interest rates.
30 - Your Money Bus stops in Washington, D.C.

OCTOBER

1 - If you're self-employed, deadline to establish a Simple IRA.
2 - Financial Fitness Workshop, in New York City.
7 - Third-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
8 - If you've lost money on a Roth IRA conversion, you can still recharacterize. Contact your Roth sponsor ASAP.
15 - Deadline to file your tax return if you requested an extension in April.
21 - Get Smart About Credit Day. Buy your FICO scores at www.myfico.com.
22 - Investors: Look for good buys on depressed stocks; October has marked the end of 11 post-World War II bear markets.

NOVEMBER

1 - Treasury announces semiannual I-bond rates. Buy candy on the cheap after Halloween.
2 - Federal Open Market Committee meets to review interest rates.
7 - Daylight Savings Time ends.
8 - New college grads: First student-loan payments are due this month.
15 - Open enrollment begins for Medicare Part D and Medicare Advantage plans, and continues through December 31. (See "Choose the Right Medicare Plan for Your Needs".)
17 - Investors: Time to sell? The Dow has been up 13 of the past 16 years in the week before Thanksgiving.
24 - Log on to www.gottadeal.com to plan your Black Friday/Cyber Monday shopping strategy.
29 - Cyber Monday: Save on sales at most online retailers.

DECEMBER

1 - Investors: Before you buy a mutual fund in a taxable account, check the fund's Web site for its ex-dividend date and purchase shares after that date to avoid a tax bill.
5 - Make year-end donations to a charity or your alma mater and lock in a tax deduction (see "Five Ways to Check a Charity").
13 - End of 2010 is your last chance to make energy-efficient home improvements and get a 30% tax credit up to $1,500 (deadline: December 31).
14 - Federal Open Market Committee meets to review interest rates.
18 - Best time of the year to buy a computer-deals range from 15% to 50% off, or you could score a free printer or software package.
31 - Deadline for taking annual required minimum distributions from your retirement accounts, setting up a solo 401(k) plan and enrolling in a Medicare prescription-drug plan.

Reprinted with permission. All Contents c 2009 The Kiplinger Washington Editors. www.kiplinger.com

I saw this in my reading today, and wanted to make sure that I passed it along. I have been talking to sellers lately who are waiting for the spring to come to list their homes. I disagree with that strategy for a few reasons. One, there is generally an uptick in closings in December, don’t you want to be a part of that?   Two, if you wait until the spring, than it is already spring, and now you are crowded in with all of the other home owners who thought it was a good idea to wait until the spring. Three, you just missed all of the buyers who bought in December, January, February, and March…. 4 months is a long time. So if you are planning on listing your home, I hope that this might cause you to rethink your strategy. As I really strive to provide my clients with as much information as I can so they can make good quality decisions. Enjoy the read.

Nine Consecutive Gains for Pending Home Sales
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the NATIONAL ASSOCIATION OF REALTORS ®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. œKeep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus, he said. œThis means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

By Region

• Pending sales in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago.
• In the Midwest, the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008.
• Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago.
• In the West, the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008.
  

Not Out of the Woods Yet
Yun cautioned that home sales could dip in the months ahead. œThe expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.

œStill, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families, Yun said.

Source: NAR

Well hello there, look out, I now have a published outlet for my thoughts, this may, or may not be a good idea.   I guess we will find out.
I will say this, I am a straight shooter and I only speak up when I am sure about what I am saying, so you won’t get any fluff, just thoughts on the world of real estate.

Here is one to start, and there is a link to an article that gives a lot of weight to how I suggest to my sellers, how we handle and proceed with the short sale of their home.
I suggest keeping the transaction very clean, and as open book as we are allowed to when it comes to offer, contracts, and back-up offers. We only send up one contract at a time to the bank for approval of that contract. The banks look at these on a case by case basis, or should I say on a contract by contract basis. What I mean is they are there to approva a contract, not choose the contract that they will look at to approve. Last time I checked, the seller still owned the home in a short sale, not the bank. So therefore the bank does not have the priviledge of choosing which offer to sign into a contract. That is the sellers right, just because it is a short sale doesn’t mean that the bank now all of a sudden is a party to the contract, or principal. The buyer & seller are the party’s and/or principals in a contract to transfer real property. Oh no, I’m starting to sound like a lawyer, and we can’t have that can we……

The reason I bring this up is you would be amazed at how many times I get into heated discussions with buyers agents that argue with me that we are obligated to send all offers up to the bank for approval. The seller is not obligated to do that, now am I. I have a

Fiduciary obligation to the seller, not the bank, and I am to look out for the seller. Did you know that if you send up multiple contracts to the bank, you can have a file assigned to a separate negotiator for each contract… those are eggs you just can’t unscramble, or the timeline resets, which means you will never get it approved, and my favorite, it is just bad business. More on that in a second, first, did you notice the word “contract” vs. “offer”? The experienced short sale agents did. See the bank will only look at a signed contract, not an offer, and not a back-up offer, even if that is signed in as a back-up contract.   Remember what we learned in Real Estate 101… we can only have one signed contract on a property at a time?   My mind start to swim with all of the troublesome scenarios that agents could get themselves into if they mess that rule up. So logically, you can only have one contract, so you only have the one contract to send up to the bank.   Yes I know what the NC Short Sale Addendum says… it say, “may”   The Seller “may” continue marketing and entertaining other offers, and send them to the bank….   But when I explain that the bank will only look at a contract, and that you can only have one contract on a property and one time, that kind of makes it very clear the path to take.

Now back to the bad business comment. My duty is to the seller to do the best that I can to get this approved and closed for them. I like to have a good long conversation with the buyers agent on the front end going over if the buyer has the physical time to wait, as well as the personality to be able to wait. Also going over the one contract to the bank philosophy, and my weekly communication to the main contract as well as any backup offers of contracts that we may have. It gives the buyer’s side a feeling of confidence, not just in me and that I know what i am doing, but in the transaction, and with continued communication all the way through, you will have a buyer that will stick with you through to close.   The bad business part is this. Lets say you have a good buyer, they’ve been waiting now 7 weeks, and the file is just about ready to be sent out for approval…. and another offer comes in that is $5000 more. Lets just say an agent were to have the seller sign that, after all the seller is protected in item 2 of the short sale addendum, sign it into a contract and sent it to the bank.   What contract do you think the bank is going to take? The one that has more money in it, even if they were going to accept the 1st one. What happens to the buyer that was ther for 7 weeks…. They promptly tell them that they will never look at another short sale, and guess what, the agent will never show another short sale, and will bad mouth you and short sales all over town.   And guess what, when I hear about an agent that does that, that late offer always falls through and their deal falls apart. How’s that for looking after the best interest of the seller?   What they should have done, and what I do is, keep pushing that main contract through to approval, and if that buyer can close, great, if not, you have backup offers that you can go back to. That’s the smart way to do these. I always have said, that the only difference between a short sale and a regular sale is the length of the closing, be smart and think. Then short sales won’t have such a bad rap, and we can help these sellers out of a tough spot.

I took the CDPE course this past summer, and I wish it had been there when I started doing short sales back in 2006, I highly recommend it, and it covers a lot of what I just typed out above, plus a whole lot more. It went over all of the things that I had to figure out along the way. But he had to do the same thing I did, figure it out in order to put together and teach a course, so the course couldn’t have been there. I highly recomend it for anyone who has short sales as part of their business.

Well here’s to my first post, and here is that link I was telling you about. It is a good read, but if you follow it to his website, he is a bit on th negative side, so be forewarned.

You can always search the MLS in the Greater Raleigh & Research Triangle Park on my website www.HomesInTheTriangle.com
Until next time, keep your mind focused on what you want, not on what you don’t want.