BEAUTIFUL! LOG HOME - ACREAGE
The deals keep coming!!
Get your hands on this 4 bedroom / 3 bath / 1 part bath --- enormous and beautiful log home foreclosure with approximately 3725+ sq.ft. of living space with 1100 sq.ft. of finished basement. It sits on over 5.5 acres of land. This log house is awesome. Call...Call...Call me!
First-time home buyers...get an $8000 check from the government just for buying this home. This is one of THE best bargain in the area!!
REQUEST MORE INFORMATION
1. Call or Email
2. Request the custom flyer for this property
Also check my website for even more great foreclosure properties!!
Best Wishes…Talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Wednesday, June 3, 2009
Tuesday, June 2, 2009
Get out and enjoy your summer. According to top vacation companies here are some great spots.
The top 10 summer road-trip destinations are:
1. San Diego. This sun-soaked city in Southern California boasts some of the best beaches and includes the world-famous San Diego Zoo.
2. Philadelphia. The city of brotherly love is home to the Liberty Bell and Independence Hall where the Constitution and Declaration of Independence were signed.
3. Houston. The fourth-largest city in the U.S. is home to NASA mission control and an up-and-coming Museum and Theater District.
4. San Francisco. Leave your heart in the city by the bay, which is home to the famous Golden Gate Bridge, Alcatraz and Fisherman’s Wharf.
5. Dallas. Two-step your way around the Big D with visits to its dozens of theme-parks including Six Flags Over Texas and Hurricane Harbor.
6. Los Angeles. With celebrity sightings abound, the city of glitz and glamour offers Hollywood, the beaches of Malibu and the world-famous Disneyland.
7. Boston. The unofficial capital of New England, this northeast city gives travelers a taste of colonial America with historical sites such as the Boston Tea Party and a chance to catch a game at the fabled Fenway Park.
8. Phoenix. This desert city boasts world-class golf courses, spas and resorts.
9. Saint Louis. The “Gateway City” offers a variety of attractions for road-trippers, including the Gateway Arch and plays host to the Anheuser-Busch brewery.
10. Washington D.C. Check out the historical sites and monuments that dot the nation’s capitol, including the White House, Smithsonian and Lincoln Memorial.
The top 10 summer road-trip destinations are:
1. San Diego. This sun-soaked city in Southern California boasts some of the best beaches and includes the world-famous San Diego Zoo.
2. Philadelphia. The city of brotherly love is home to the Liberty Bell and Independence Hall where the Constitution and Declaration of Independence were signed.
3. Houston. The fourth-largest city in the U.S. is home to NASA mission control and an up-and-coming Museum and Theater District.
4. San Francisco. Leave your heart in the city by the bay, which is home to the famous Golden Gate Bridge, Alcatraz and Fisherman’s Wharf.
5. Dallas. Two-step your way around the Big D with visits to its dozens of theme-parks including Six Flags Over Texas and Hurricane Harbor.
6. Los Angeles. With celebrity sightings abound, the city of glitz and glamour offers Hollywood, the beaches of Malibu and the world-famous Disneyland.
7. Boston. The unofficial capital of New England, this northeast city gives travelers a taste of colonial America with historical sites such as the Boston Tea Party and a chance to catch a game at the fabled Fenway Park.
8. Phoenix. This desert city boasts world-class golf courses, spas and resorts.
9. Saint Louis. The “Gateway City” offers a variety of attractions for road-trippers, including the Gateway Arch and plays host to the Anheuser-Busch brewery.
10. Washington D.C. Check out the historical sites and monuments that dot the nation’s capitol, including the White House, Smithsonian and Lincoln Memorial.
$149900 / 4br - FORECLOSURE - Historical Mansion! (Joplin)
BEAUTIFUL! HISTORIC MANSION! #1 BEST DEAL IN THE AREA!
Here I go again!
Get your hands on this 4+++ bedroom / 4 bath / 3 part bath --- enormous and beautiful victorian foreclosure with approximately 4425+ sq.ft. of living space and 1800 sq.ft. of unfinished basement. This house is awesome. It has a basement and three additional stories of house. Two of the stories are currently usable and the third was in the process of renovation. If the third story was finished it would yield several more bedrooms / bathrooms / whatever! Call...Call...Call me!
First-time home buyers...get an $8000 check from the government just for buying this home. This is THE best bargain in the area!!
REQUEST MORE INFORMATION
1. Call or Email
2. Request the custom flyer for this property
Also check my website for even more great foreclosure properties!!
Best Wishes…Talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Here I go again!
Get your hands on this 4+++ bedroom / 4 bath / 3 part bath --- enormous and beautiful victorian foreclosure with approximately 4425+ sq.ft. of living space and 1800 sq.ft. of unfinished basement. This house is awesome. It has a basement and three additional stories of house. Two of the stories are currently usable and the third was in the process of renovation. If the third story was finished it would yield several more bedrooms / bathrooms / whatever! Call...Call...Call me!
First-time home buyers...get an $8000 check from the government just for buying this home. This is THE best bargain in the area!!
REQUEST MORE INFORMATION
1. Call or Email
2. Request the custom flyer for this property
Also check my website for even more great foreclosure properties!!
Best Wishes…Talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Friday, May 22, 2009
Neosho Bargain - Seriously
As promised...you guys are the first to know!!
This house is not on the MLS yet. If you are interested call me ASAP before it is on for everyone to see.
916 Riverside Dr. - Neosho
3 bedroom / 1.5 Bathrooms
1124 sq. ft.
New Everything! (Carpet, Vinyl, Attic Fan, Paint, Heating System, Hot Water Heater, Lighting, Etc...)
Remodel almost finished. Buy it before they are done and get a great deal. All that's left is minor cosmetics. Less than $1000 worth of remodel left!
Finished...this house is valued at $69,000+
It's ON SALE right now for $57,900 (Did I mention it comes complete with all appliances included!)
Don't need a house right now. BUY IT...FINISH IT...SELL IT for a $10,000 profit!!
CALL ME!
Shawn Dodson
Charles Burt Realtors
417.439.7816
shawndodson@charlesburt.com
www.ShawnDodson.com
This house is not on the MLS yet. If you are interested call me ASAP before it is on for everyone to see.
916 Riverside Dr. - Neosho
3 bedroom / 1.5 Bathrooms
1124 sq. ft.
New Everything! (Carpet, Vinyl, Attic Fan, Paint, Heating System, Hot Water Heater, Lighting, Etc...)
Remodel almost finished. Buy it before they are done and get a great deal. All that's left is minor cosmetics. Less than $1000 worth of remodel left!
Finished...this house is valued at $69,000+
It's ON SALE right now for $57,900 (Did I mention it comes complete with all appliances included!)
Don't need a house right now. BUY IT...FINISH IT...SELL IT for a $10,000 profit!!
CALL ME!
Shawn Dodson
Charles Burt Realtors
417.439.7816
shawndodson@charlesburt.com
www.ShawnDodson.com
Thursday, May 14, 2009
Grant Funded Through ‘The Recovery Act’ to Increase Jobs and Provide Boost to Local Housing Economies
As part of an innovative partnership aimed at job creation and easing the pressures on the housing market, the Department of the Treasury and Department of Housing and Urban Development (HUD) jointly announced programs that will provide billions of dollars in recovery funds to spur the development of thousands of affordable housing units in states around the country. Funded through the American Recovery and Reinvestment Act (The Recovery Act), the programs together will provide approximately $5 billion for states to finance the acquisition and construction of affordable housing for working families.
Through the Recovery Act, the Treasury Department will now for the first time provide state housing agencies resources from which they will in turn provide cash assistance to developers of qualified affordable housing developments to fill the Low Income Housing Tax Credit (LITC) gap. The program will increase the supply of newly constructed or recently renovated affordable housing units for families - affordable housing that otherwise may not have come to market due to current economic conditions.
“Affordable housing is key to every American’s economic security,” said Treasury Secretary Timothy Geithner. “As the recession has worsened, unemployment has risen, and working families have suffered a loss of income, which has caused a downward economic spiral for too many American families and made it more difficult for those families to find affordable housing. With this new program, we are not only creating new jobs through new construction, we are ensuring the availability of affordable housing, which is good for the nation’s economic stability and the economic security of millions of American families.”
The economic and financial crises have presented significant challenges for the construction industry, particularly residential construction. Housing starts have fallen 80% from the peak level seen at the beginning of 2006. Houses currently under construction are at a 12-year low, down 60% from the peak in the first quarter of 2006. This collapse has led to severe job losses in the residential building and specialty trades sector related to housing, with employment down by nearly one-third - a loss of close to 1 million jobs. Such losses not only indicate the significant problems in the residential construction sector, but also suggest that the need for affordable housing has risen markedly during the recession.
In addition to Treasury’s new program, HUD will be awarding $2.25 billion in grants to state housing credit agencies through the Tax Credit Assistance Program (TCAP) to complete construction of qualified housing developments. The TCAP program will ultimately provide affordable housing to an estimated 35,000 low-income households.
“The intended purpose of the American Recovery and Reinvestment Act is to jumpstart the nation’s ailing economy, with a primary focus on creating and saving jobs in the near term,” said HUD Secretary Shaun Donovan. “These programs are an important step in achieving the goal of putting American people back to work while at the same time providing quality, affordable housing options for low-income families. We are proud of the collaboration between Treasury and HUD that enabled us to announce these programs together.”
One of the by-products of the economic crisis has been the freezing of the investment in Low Income Housing Tax Credit, the federal government’s program for the development of affordable rental housing. Tax credits provide an incentive for investors to participate in the program, which in turn provides equity to developers to build multi-family rental housing for moderate and low income families across the nation. Developers depend on the equity generated as a result of the incentive provided by the tax credits to fill project financing gaps. In the current financial crisis, credit is tight, and as a number of traditional equity investors have left the market, the value of tax credits have plummeted. The result is that as many as 1,000 projects containing nearly 150,000 units across the country are on hold.
The Treasury and HUD programs will help jumpstart the market for construction of affordable housing by providing these combined $5 billion in funds for states to finance the acquisition and construction of buildings for affordable housing, which will create thousands of jobs in the construction and specialty trades sectors, from laborers to architects and engineers around the country. The funds will also provide housing for a broad cross section of individuals and families affected by the downturn of the housing market.
For more information, visit www.treasury.gov or www.hud.gov.
Through the Recovery Act, the Treasury Department will now for the first time provide state housing agencies resources from which they will in turn provide cash assistance to developers of qualified affordable housing developments to fill the Low Income Housing Tax Credit (LITC) gap. The program will increase the supply of newly constructed or recently renovated affordable housing units for families - affordable housing that otherwise may not have come to market due to current economic conditions.
“Affordable housing is key to every American’s economic security,” said Treasury Secretary Timothy Geithner. “As the recession has worsened, unemployment has risen, and working families have suffered a loss of income, which has caused a downward economic spiral for too many American families and made it more difficult for those families to find affordable housing. With this new program, we are not only creating new jobs through new construction, we are ensuring the availability of affordable housing, which is good for the nation’s economic stability and the economic security of millions of American families.”
The economic and financial crises have presented significant challenges for the construction industry, particularly residential construction. Housing starts have fallen 80% from the peak level seen at the beginning of 2006. Houses currently under construction are at a 12-year low, down 60% from the peak in the first quarter of 2006. This collapse has led to severe job losses in the residential building and specialty trades sector related to housing, with employment down by nearly one-third - a loss of close to 1 million jobs. Such losses not only indicate the significant problems in the residential construction sector, but also suggest that the need for affordable housing has risen markedly during the recession.
In addition to Treasury’s new program, HUD will be awarding $2.25 billion in grants to state housing credit agencies through the Tax Credit Assistance Program (TCAP) to complete construction of qualified housing developments. The TCAP program will ultimately provide affordable housing to an estimated 35,000 low-income households.
“The intended purpose of the American Recovery and Reinvestment Act is to jumpstart the nation’s ailing economy, with a primary focus on creating and saving jobs in the near term,” said HUD Secretary Shaun Donovan. “These programs are an important step in achieving the goal of putting American people back to work while at the same time providing quality, affordable housing options for low-income families. We are proud of the collaboration between Treasury and HUD that enabled us to announce these programs together.”
One of the by-products of the economic crisis has been the freezing of the investment in Low Income Housing Tax Credit, the federal government’s program for the development of affordable rental housing. Tax credits provide an incentive for investors to participate in the program, which in turn provides equity to developers to build multi-family rental housing for moderate and low income families across the nation. Developers depend on the equity generated as a result of the incentive provided by the tax credits to fill project financing gaps. In the current financial crisis, credit is tight, and as a number of traditional equity investors have left the market, the value of tax credits have plummeted. The result is that as many as 1,000 projects containing nearly 150,000 units across the country are on hold.
The Treasury and HUD programs will help jumpstart the market for construction of affordable housing by providing these combined $5 billion in funds for states to finance the acquisition and construction of buildings for affordable housing, which will create thousands of jobs in the construction and specialty trades sectors, from laborers to architects and engineers around the country. The funds will also provide housing for a broad cross section of individuals and families affected by the downturn of the housing market.
For more information, visit www.treasury.gov or www.hud.gov.
Wednesday, May 13, 2009
3021 Perkins - New Listing
Great New Listing!!
Check it out: http://www.postlets.com/res/2183191
You can also find it at my website: www.ShawnDodson.com
Check it out: http://www.postlets.com/res/2183191
You can also find it at my website: www.ShawnDodson.com
Monday, May 11, 2009
NAR: Pending Home Sales, Affordability Rise
Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the latest report by the NATIONAL ASSOCIATION OF REALTORS ®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82 in February. It is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, says it should take a few months for the market to gain momentum.
“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment,” he says. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
By Region
Here is a breakdown of pending home sales by region:
South: rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
West: increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008.
Northeast: fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago.
Midwest: slipped 1 percent to 82.3 but is 8.2 percent higher than March 2008.
NAR: Affordability Remains High
Meanwhile, NAR’s Housing Affordability Index remained near record highs.
The affordability index was 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago.
The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.
NAR President Charles McMillan says the increase in buying power is quite remarkable.
“Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he says. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”
A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest.
Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was notably higher than the median existing single-family home price in March, which was $174,900
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82 in February. It is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, says it should take a few months for the market to gain momentum.
“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment,” he says. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
By Region
Here is a breakdown of pending home sales by region:
South: rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
West: increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008.
Northeast: fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago.
Midwest: slipped 1 percent to 82.3 but is 8.2 percent higher than March 2008.
NAR: Affordability Remains High
Meanwhile, NAR’s Housing Affordability Index remained near record highs.
The affordability index was 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago.
The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.
NAR President Charles McMillan says the increase in buying power is quite remarkable.
“Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he says. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”
A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest.
Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was notably higher than the median existing single-family home price in March, which was $174,900
Sunday, May 10, 2009
5 Maintenance Issues Owners Shouldn't Ignore
Consumer Reports magazine advises home owners not to put off important maintenance projects, noting that waiting until the economy rebounds could end up making the repairs more costly while putting a family's health at risk.
The magazine identifies five crucial maintenance issues:
1. Check the gutters: Clogged gutters, broken fasteners and separations where the gutters meet the fascia board will lead to roof leaks if they haven’t already.
2. Inspect the roof: Cracked, curled and mussing shingles mean a roof is nearing the end of its useful life. Cracks around chimneys, skylights, and roof valleys can also suggest the roof might be leaking.
3. Look for bugs: Termites and carpenter ants can bore through a home in a few short years. Probe the sill plate on top of the foundation with a screwdriver to check for rotten wood. Also look for carpenter ants and termites along windowsills and walls.
4. Avoid mold: Mold and mildew can cause musty odors, dank air, and make residents sick. Check under carpets and around windows for visible mold or mildew.
5. Don’t ignore cracks: Foundation cracks wider than 3/16 of an inch can be a problem. These require examination by a structural engineer.
The magazine identifies five crucial maintenance issues:
1. Check the gutters: Clogged gutters, broken fasteners and separations where the gutters meet the fascia board will lead to roof leaks if they haven’t already.
2. Inspect the roof: Cracked, curled and mussing shingles mean a roof is nearing the end of its useful life. Cracks around chimneys, skylights, and roof valleys can also suggest the roof might be leaking.
3. Look for bugs: Termites and carpenter ants can bore through a home in a few short years. Probe the sill plate on top of the foundation with a screwdriver to check for rotten wood. Also look for carpenter ants and termites along windowsills and walls.
4. Avoid mold: Mold and mildew can cause musty odors, dank air, and make residents sick. Check under carpets and around windows for visible mold or mildew.
5. Don’t ignore cracks: Foundation cracks wider than 3/16 of an inch can be a problem. These require examination by a structural engineer.
FORECLOSURE - WEBB CITY - LOG HOME
AMAZING BARGAIN!! I"LL HELP YOU MOVE IN!!
I've put this out there before when the price was excellent. That was $10,000 dollars ago!!
Beautiful log home with sauna in the Webb City area has now been reduced.
First-time home buyers...get an $8000 check from the gov't for buying this home. Everyone else...get the best bargain in the area!!
If you are ready to buy you need to email me. I will send you a custom flyer describing this property in detail. You can also request a custom list of other foreclosures in the area as well as being placed on my exclusive foreclosure hot list. The hot list will automatically email you the greatest bargains in the area so you know before anyone else does.
Talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
---------------------------------------------------
Your Home Sold – Guaranteed – Or I Will Buy It!!
FREE Home Selling Tips!!
I've put this out there before when the price was excellent. That was $10,000 dollars ago!!
Beautiful log home with sauna in the Webb City area has now been reduced.
First-time home buyers...get an $8000 check from the gov't for buying this home. Everyone else...get the best bargain in the area!!
If you are ready to buy you need to email me. I will send you a custom flyer describing this property in detail. You can also request a custom list of other foreclosures in the area as well as being placed on my exclusive foreclosure hot list. The hot list will automatically email you the greatest bargains in the area so you know before anyone else does.
Talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
---------------------------------------------------
Your Home Sold – Guaranteed – Or I Will Buy It!!
FREE Home Selling Tips!!
Saturday, May 2, 2009
Hot List - Joplin Foreclosure
http://www.ShawnDodson.com
HOT LIST! If you’re looking for a bargain in the Joplin area and are in this price range, don't wait another second...deals like this don't come around very often. This property is a newer home with over 2000 sq.ft. 2-story with 3 bedrooms and 3 bathrooms and room to enjoy the outdoors with a nice large lot. Finish the remodel and you have an amazing house. Schedule to see it.
You can pick it up for $99,000 or better! Seriously...call me now and get this one before it's gone! Want more information? Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get your custom list of foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send!
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer’s agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
_____________________________________________________________________
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Looking to sell your home soon? Find out how I my marketing system will get your house at top dollar and faster than the competition. Also receive the best seller tips to sell in today’s market by requesting a FREE comparative market analysis.
Buying soon? My “buyer’s plan of action” service will get you into your dream home faster than you hoped possible. The service is FREE and your satisfaction is guaranteed. Ask about my buyer’s guarantee today.
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter: http://twitter.com/JoplinRealtor
HOT LIST! If you’re looking for a bargain in the Joplin area and are in this price range, don't wait another second...deals like this don't come around very often. This property is a newer home with over 2000 sq.ft. 2-story with 3 bedrooms and 3 bathrooms and room to enjoy the outdoors with a nice large lot. Finish the remodel and you have an amazing house. Schedule to see it.
You can pick it up for $99,000 or better! Seriously...call me now and get this one before it's gone! Want more information? Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get your custom list of foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send!
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer’s agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
_____________________________________________________________________
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Looking to sell your home soon? Find out how I my marketing system will get your house at top dollar and faster than the competition. Also receive the best seller tips to sell in today’s market by requesting a FREE comparative market analysis.
Buying soon? My “buyer’s plan of action” service will get you into your dream home faster than you hoped possible. The service is FREE and your satisfaction is guaranteed. Ask about my buyer’s guarantee today.
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter: http://twitter.com/JoplinRealtor
New Foreclosure - Neosho
http://www.ShawnDodson.com
HOT LIST! If you’re looking for a bargain in the Neosho area and are in this price range, don't wait another second...deals like this don't come around very often. This property is a newer home with over 3000 sq.ft. with 3 bedrooms and 4 bathrooms and room to expand. It sits on close to 5 acres.
You can pick it up for $129,900 or better! Seriously...call me now and get this one before it's gone! Want more information? Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get your custom list of foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send!
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer’s agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
___________________________________________________
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Looking to sell your home soon? Find out how I my marketing system will get your house at top dollar and faster than the competition. Also receive the best seller tips to sell in today’s market by requesting a FREE comparative market analysis.
Buying soon? My “buyer’s plan of action” service will get you into your dream home faster than you hoped possible. The service is FREE and your satisfaction is guaranteed. Ask about my buyer’s guarantee today.
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter: http://twitter.com/JoplinRealtor
HOT LIST! If you’re looking for a bargain in the Neosho area and are in this price range, don't wait another second...deals like this don't come around very often. This property is a newer home with over 3000 sq.ft. with 3 bedrooms and 4 bathrooms and room to expand. It sits on close to 5 acres.
You can pick it up for $129,900 or better! Seriously...call me now and get this one before it's gone! Want more information? Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get your custom list of foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send!
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer’s agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
___________________________________________________
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Looking to sell your home soon? Find out how I my marketing system will get your house at top dollar and faster than the competition. Also receive the best seller tips to sell in today’s market by requesting a FREE comparative market analysis.
Buying soon? My “buyer’s plan of action” service will get you into your dream home faster than you hoped possible. The service is FREE and your satisfaction is guaranteed. Ask about my buyer’s guarantee today.
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter: http://twitter.com/JoplinRealtor
Friday, May 1, 2009
Fight Inflation: Buy a Home
Some economic analysts say that the possibility that the economy will go into overdrive and inflation will skyrocket is a much more frightening possibility than the current recession.
One inflation hedge nearly all of them point to is real estate. Owning it outright is the best scenario, but if that’s not possible, a low-rate, 30-year fixed mortgage is the next best thing. As inflation drives up salaries, mortgage payments will stay the same, analysts point out.
Contact me today to go buy a home. When inflation occurs...you can benefit and not be a victim.
www.ShawnDodson.com
One inflation hedge nearly all of them point to is real estate. Owning it outright is the best scenario, but if that’s not possible, a low-rate, 30-year fixed mortgage is the next best thing. As inflation drives up salaries, mortgage payments will stay the same, analysts point out.
Contact me today to go buy a home. When inflation occurs...you can benefit and not be a victim.
www.ShawnDodson.com
Bank of America Drops Countrywide Name
Bank of America, which bought Countrywide Home Loans last year, has officially changed the lender’s name to Bank of America Home Loans.
The name change recognizes the merger of Countrywide and Bank of America’s previously existing mortgage and home equity lending operation.
At the height of the housing boom, Countrywide was the country’s largest mortgage lender and had major involvement in subprime lending.
The name change will coincide with the beginning of what has traditionally been the busiest home buying season. The move comes after the two company merged their back-office operations, says Barbara Desoer, president of Bank of America Home Loans.
www.ShawnDodson.com
The name change recognizes the merger of Countrywide and Bank of America’s previously existing mortgage and home equity lending operation.
At the height of the housing boom, Countrywide was the country’s largest mortgage lender and had major involvement in subprime lending.
The name change will coincide with the beginning of what has traditionally been the busiest home buying season. The move comes after the two company merged their back-office operations, says Barbara Desoer, president of Bank of America Home Loans.
www.ShawnDodson.com
Housing Analysts Predict the Bottom Is Near
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.
Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.
Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.
Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
www.ShawnDodson.com
Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.
Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.
Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
www.ShawnDodson.com
Homeownership at Lowest Level Since 2000
According to the Census Bureau, the rate of U.S. homeownership slipped in the 2009 first quarter to the lowest level since the start of the decade.
The U.S. homeownership rate dropped to 67.5 percent from 68 percent a year earlier, driven largely by a sharp decline among younger buyers as well as among African-American households.
Loose credit pushed up national homeownership levels in recent years, but the trend is now being reversed by the recession and a foreclosure epidemic.
The U.S. homeownership rate dropped to 67.5 percent from 68 percent a year earlier, driven largely by a sharp decline among younger buyers as well as among African-American households.
Loose credit pushed up national homeownership levels in recent years, but the trend is now being reversed by the recession and a foreclosure epidemic.
Tuesday, April 28, 2009
DO NOT WAIT!! AHHH! Call Me!
SENECA - FORECLOSURE HOME - $69,000
Seriously...call quick!!
This house is 3 bedroom / 1 full bath / 1 part bath --- 1900 sq.ft. living area --- 600 sq.ft. Basement! --- 1 acre --- IN-GROUND POOL!
Somebody is about to own a BARGAIN!!
Seriously, just call me to go get this purchased.
----------------------------------------------------------------
What kind of house are you looking for? Let me know some details and I will send you some flyers of properties you may be interested in.
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Also, get great buyer, seller, and investment tips from my blog at: http://shawndodson.blogspot.com/
Follow me on Twitter at: http://twitter.com/JoplinRealtor
Seriously...call quick!!
This house is 3 bedroom / 1 full bath / 1 part bath --- 1900 sq.ft. living area --- 600 sq.ft. Basement! --- 1 acre --- IN-GROUND POOL!
Somebody is about to own a BARGAIN!!
Seriously, just call me to go get this purchased.
----------------------------------------------------------------
What kind of house are you looking for? Let me know some details and I will send you some flyers of properties you may be interested in.
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Also, get great buyer, seller, and investment tips from my blog at: http://shawndodson.blogspot.com/
Follow me on Twitter at: http://twitter.com/JoplinRealtor
Monday, April 27, 2009
Garage Sales Provide Opportunity to Make a Little Money, Have a Little Fun
Garage sales are no longer seen as a money-making opportunity anymore, they are seen as an event. Now that the good weather has arrived, homeowners across the country are taking the opportunity to clean out the house and get rid of unneeded items. Not only are garage sales a good way to put a little extra cash in your pocket, they serve as a great opportunity to enjoy the weather and catch up with neighbors.
Here are some tips for hosting a successful garage sale:
Set the date
Timing can affect a sale’s success. Many homeowners who have hosted garage sales in the past find that it is better to hold them in March or April, instead of during the summer. Not only is there less competition during March and April, but people are excited to get out of the house and enjoy the weather. In addition to the time of year, the time of week is important as well. Wednesdays and Thursdays often draw the biggest crowds as the weekends are full of family responsibilities.
Check community calendars for events that might keep people from your sale - or conversely, draw people to your area. It’s also a good idea to check whether your community requires permits or has sign restrictions or other regulations.
Recruit
Bigger sales attract bigger crowds, so offer to sell your friends’ and neighbors’ stuff. If more than one family is participating in the garage sale, each seller should price their own items and initial the price stickers so that items can be tracked.
Recruit several helpers, so plenty of people are around to greet customers, answer questions, straighten merchandise and make sales - and, of course, to make the event fun.
Advertise
Advertise in the local publication where you see the most garage sale ads, because you can bet that’s the place avid buyer’s check. Include the days, times and location, along with directions if the house is hard to find and highlight items that appeal to a range of buyers.
Don’t forget to advertise in free places such as Craigslist and bulletin boards in libraries, community centers, grocery stores and the like. And make sure you tell everyone you know about your sale.
Prepare
It is important to make sure the items you are selling are clean before the sale starts. Give yourself time before the sale to clean the garage, launder clothes and get other items in top condition.
Make sure the sale area is safe, too, with no loose cords or sharp objects within reach. Repair electrical items if you can, which makes them more appealing to customers and allows you to charge more. If you can’t fix them, mark them as broken.
Keep in mind that most shoppers are looking for things they can buy cheaply. You’ll probably get more money for antiques and higher-priced items by selling them through such means as classified ads or eBay.
Price to sell
If you don’t have experience with garage sale pricing, you might check thrift stores, classified ads, other garage sales or online sites such as Amazon.com, Half.com and eBay for pricing guidance. An eBay check can also flag items that are more valuable than you’d thought.
Set up
Take a cue from stores, and display like items together. People can see things more easily if they’re on tables rather than on the ground. Display clothes on hangers if you can, maybe even grouped into outfits. Display electrical items near an outlet or extension cord so shoppers can test them, and display books on tables or in boxes with the spines up. Furniture, bikes, TV sets and other big items should be placed near the street, where they’ll catch the eyes of people driving by and lure them into stopping.
Focus on service
Garage sales are social events, so it’s nice to make your shoppers feel welcome. Nice items to have on hand are a tape measure, wet wipes or tissues, scrap paper and pencils for customers’ use, a calculator, plastic grocery bags and newspapers for wrapping breakable items. If you have a cordless or cell phone, keep it outside with you in case it’s needed. Make sure you have plenty of change on hand as well.
Stay safe
Keep an eye on the cash box, or wear a fanny pack or carpenter’s apron so you can keep the cash on you. Display valuables at a table that’s always staffed. Don’t change big bills. If the customer says he has nothing smaller, direct him to a bank or store where he can get change.
Lock the doors to your house, and don’t let anyone inside - or if you do, make sure the person is accompanied. You might even make copies of directions to a nearby public bathroom so you can hand them to people who ask.
Plan for leftovers
Even the best garage sales won’t rid you of everything, so it’s smart to have a plan to get rid of what doesn’t sell.
Here are some tips for hosting a successful garage sale:
Set the date
Timing can affect a sale’s success. Many homeowners who have hosted garage sales in the past find that it is better to hold them in March or April, instead of during the summer. Not only is there less competition during March and April, but people are excited to get out of the house and enjoy the weather. In addition to the time of year, the time of week is important as well. Wednesdays and Thursdays often draw the biggest crowds as the weekends are full of family responsibilities.
Check community calendars for events that might keep people from your sale - or conversely, draw people to your area. It’s also a good idea to check whether your community requires permits or has sign restrictions or other regulations.
Recruit
Bigger sales attract bigger crowds, so offer to sell your friends’ and neighbors’ stuff. If more than one family is participating in the garage sale, each seller should price their own items and initial the price stickers so that items can be tracked.
Recruit several helpers, so plenty of people are around to greet customers, answer questions, straighten merchandise and make sales - and, of course, to make the event fun.
Advertise
Advertise in the local publication where you see the most garage sale ads, because you can bet that’s the place avid buyer’s check. Include the days, times and location, along with directions if the house is hard to find and highlight items that appeal to a range of buyers.
Don’t forget to advertise in free places such as Craigslist and bulletin boards in libraries, community centers, grocery stores and the like. And make sure you tell everyone you know about your sale.
Prepare
It is important to make sure the items you are selling are clean before the sale starts. Give yourself time before the sale to clean the garage, launder clothes and get other items in top condition.
Make sure the sale area is safe, too, with no loose cords or sharp objects within reach. Repair electrical items if you can, which makes them more appealing to customers and allows you to charge more. If you can’t fix them, mark them as broken.
Keep in mind that most shoppers are looking for things they can buy cheaply. You’ll probably get more money for antiques and higher-priced items by selling them through such means as classified ads or eBay.
Price to sell
If you don’t have experience with garage sale pricing, you might check thrift stores, classified ads, other garage sales or online sites such as Amazon.com, Half.com and eBay for pricing guidance. An eBay check can also flag items that are more valuable than you’d thought.
Set up
Take a cue from stores, and display like items together. People can see things more easily if they’re on tables rather than on the ground. Display clothes on hangers if you can, maybe even grouped into outfits. Display electrical items near an outlet or extension cord so shoppers can test them, and display books on tables or in boxes with the spines up. Furniture, bikes, TV sets and other big items should be placed near the street, where they’ll catch the eyes of people driving by and lure them into stopping.
Focus on service
Garage sales are social events, so it’s nice to make your shoppers feel welcome. Nice items to have on hand are a tape measure, wet wipes or tissues, scrap paper and pencils for customers’ use, a calculator, plastic grocery bags and newspapers for wrapping breakable items. If you have a cordless or cell phone, keep it outside with you in case it’s needed. Make sure you have plenty of change on hand as well.
Stay safe
Keep an eye on the cash box, or wear a fanny pack or carpenter’s apron so you can keep the cash on you. Display valuables at a table that’s always staffed. Don’t change big bills. If the customer says he has nothing smaller, direct him to a bank or store where he can get change.
Lock the doors to your house, and don’t let anyone inside - or if you do, make sure the person is accompanied. You might even make copies of directions to a nearby public bathroom so you can hand them to people who ask.
Plan for leftovers
Even the best garage sales won’t rid you of everything, so it’s smart to have a plan to get rid of what doesn’t sell.
10 Steps to Building Wealth by Investing in Real Estate in Any Economy
There’s no question that America is in a tight spot. Every day seems to bring a new wave of recession-related bad news. But stop panicking for a second, tune out the negative chatter, and listen closely. The recent financial and housing crises have actually led to some serious opportunities for level-headed investors who want to get rich the right way rather than get rich quickly.
The grand irony is that the financial and housing collapses actually create a favorable environment for real estate investing. Interest rates are down, property values are depressed in many parts of the country, and real estate is still a great long-term investment. That hasn’t changed. It’s not for everyone, but if you’re in the right place financially and can afford to invest in real estate, there are plenty of opportunities out there.
My core advice is as true today as it was before the recession. The fact is, there’s a right way and a wrong way to invest in real estate. The wrong way led to the recent real estate crisis. The right way can lead to great financial gains for long-term investors.
Here are ten tips for the savvy investor:
1. Save, save, save. All real estate investors need a nest egg. That means even as you develop additional sources of income, you should hold steady on or preferably even cut current expenses in order to build up your savings. Even if you can find properties where the seller provides all the financing, you can’t escape certain out-of-pocket expenses or the opportunity cost of lost income as you expend your time and energy tracking down properties and performing due diligence.
2. Get your credit sparkling clean. The best opportunities and the most options are available to the real estate investors who have both cash and good credit. Sellers and lenders aren’t going to provide financing to a buyer with a poor credit history. Because the purchase of real estate virtually always necessitates the borrowing of funds, make sure that your credit report is as accurate and as favorable as possible.
3. Buy property in the path of progress. It’s usually a good idea to buy in areas that will continue to improve through new investment and economic activity. After you locate the best cities or neighborhoods, look for two types of underachieving real estate assets: Income properties that are tired and worn and have deferred maintenance, or those that are physically sound but poorly managed.
4. Buy the right property at the best price possible. Sounds like a no-brainer, especially in the current environment, right? Unfortunately, it’s often easier said than done. To be successful, you’ll have to follow certain guidelines. Get-rich-right investors rarely buy new or fully renovated properties unless they’re in the path of progress or a prime location. Why? Because the value-added or appreciation has already been taken by the current owner.
5. Don’t fall into the do-it-yourself trap if the “time” factor doesn’t make sense. Yes, doing the work yourself may be cheaper if you know what you’re doing. But it makes no sense to have a rental property off the market for three weeks while you spend evenings and weekends painting in a misguided attempt to save the $1,000 that a contractor would charge for painting that would take two days.
6. Keep abreast of market rents. One of the biggest challenges for most rental property owners is determining the proper rent to charge tenants for newly renovated rental units. But finding the right rental rate simply requires some homework and research. The best indications of the market value of your renovated property can be found through a market survey of comparable properties.
7. Recover renovation dollars through refinancing. A key element of the get-rich-right strategy is to keep your capital working and use leverage reasonably while maintaining sufficient equity to weather the ups and downs of local real estate cycles. Acquiring and renovating your rental property required cash, but you also have increased the income, which has created additional value. You can now use this increased value to refinance the property to cover your initial costs. While you should avoid borrowing too much and overleveraging your investments, you also don’t want to be too conservative and underestimate your cash needs. Borrow extra money or have an untapped line of credit available to allow for reserves.
8. Reposition property with better tenants. One of the best ways to increase the income and value of your newly renovated real estate investment is to reposition the property with new, more financially qualified tenants. Look to upgrade your tenants by marketing to a new target tenant profile and re-leasing the property. After all, the current tenants may be the reason that the previous owner sold the property.
9. Refinance or sell and defer again. Notwithstanding the decline in property values in most areas in the late-2000s, long-term rental property owners find that they have a considerable amount of equity tied up in their property because of the appreciation that has occurred over the decades throughout much of the country. Having some equity in the property is good and keeps you from faltering should the local real estate economics take a hit, but too much equity just sitting in a property lowers your overall returns.
10. Consolidate holdings into larger properties. Most long-term real estate investors find that they reach the point where their management responsibilities and duties no longer conform to the lifestyle that they can afford. They decide to simplify their lives and hire professional property managers to deal with tenants, turnover, toilets, and trash. But finding and paying for a qualified property manager for a diversified portfolio of small rental properties isn’t easy or cost-effective.
In my experience, successful real estate investors tend to be savvy, hard working, conscientious individuals who enthusiastically perform comprehensive due diligence before buying a property. They don’t reinvent the wheel with each deal, because they know their market niche, personal skills, and available resources. They have a vision and use their tried-and-true game plan for each property. If you develop these skills, you can uncover unique properties with value-added potential that are often missed by others. So, take advantage of today’s buyer’s market, and get started now.
Call Me: 417.782.1234
Visit my website: www.ShawnDodson.com
The grand irony is that the financial and housing collapses actually create a favorable environment for real estate investing. Interest rates are down, property values are depressed in many parts of the country, and real estate is still a great long-term investment. That hasn’t changed. It’s not for everyone, but if you’re in the right place financially and can afford to invest in real estate, there are plenty of opportunities out there.
My core advice is as true today as it was before the recession. The fact is, there’s a right way and a wrong way to invest in real estate. The wrong way led to the recent real estate crisis. The right way can lead to great financial gains for long-term investors.
Here are ten tips for the savvy investor:
1. Save, save, save. All real estate investors need a nest egg. That means even as you develop additional sources of income, you should hold steady on or preferably even cut current expenses in order to build up your savings. Even if you can find properties where the seller provides all the financing, you can’t escape certain out-of-pocket expenses or the opportunity cost of lost income as you expend your time and energy tracking down properties and performing due diligence.
2. Get your credit sparkling clean. The best opportunities and the most options are available to the real estate investors who have both cash and good credit. Sellers and lenders aren’t going to provide financing to a buyer with a poor credit history. Because the purchase of real estate virtually always necessitates the borrowing of funds, make sure that your credit report is as accurate and as favorable as possible.
3. Buy property in the path of progress. It’s usually a good idea to buy in areas that will continue to improve through new investment and economic activity. After you locate the best cities or neighborhoods, look for two types of underachieving real estate assets: Income properties that are tired and worn and have deferred maintenance, or those that are physically sound but poorly managed.
4. Buy the right property at the best price possible. Sounds like a no-brainer, especially in the current environment, right? Unfortunately, it’s often easier said than done. To be successful, you’ll have to follow certain guidelines. Get-rich-right investors rarely buy new or fully renovated properties unless they’re in the path of progress or a prime location. Why? Because the value-added or appreciation has already been taken by the current owner.
5. Don’t fall into the do-it-yourself trap if the “time” factor doesn’t make sense. Yes, doing the work yourself may be cheaper if you know what you’re doing. But it makes no sense to have a rental property off the market for three weeks while you spend evenings and weekends painting in a misguided attempt to save the $1,000 that a contractor would charge for painting that would take two days.
6. Keep abreast of market rents. One of the biggest challenges for most rental property owners is determining the proper rent to charge tenants for newly renovated rental units. But finding the right rental rate simply requires some homework and research. The best indications of the market value of your renovated property can be found through a market survey of comparable properties.
7. Recover renovation dollars through refinancing. A key element of the get-rich-right strategy is to keep your capital working and use leverage reasonably while maintaining sufficient equity to weather the ups and downs of local real estate cycles. Acquiring and renovating your rental property required cash, but you also have increased the income, which has created additional value. You can now use this increased value to refinance the property to cover your initial costs. While you should avoid borrowing too much and overleveraging your investments, you also don’t want to be too conservative and underestimate your cash needs. Borrow extra money or have an untapped line of credit available to allow for reserves.
8. Reposition property with better tenants. One of the best ways to increase the income and value of your newly renovated real estate investment is to reposition the property with new, more financially qualified tenants. Look to upgrade your tenants by marketing to a new target tenant profile and re-leasing the property. After all, the current tenants may be the reason that the previous owner sold the property.
9. Refinance or sell and defer again. Notwithstanding the decline in property values in most areas in the late-2000s, long-term rental property owners find that they have a considerable amount of equity tied up in their property because of the appreciation that has occurred over the decades throughout much of the country. Having some equity in the property is good and keeps you from faltering should the local real estate economics take a hit, but too much equity just sitting in a property lowers your overall returns.
10. Consolidate holdings into larger properties. Most long-term real estate investors find that they reach the point where their management responsibilities and duties no longer conform to the lifestyle that they can afford. They decide to simplify their lives and hire professional property managers to deal with tenants, turnover, toilets, and trash. But finding and paying for a qualified property manager for a diversified portfolio of small rental properties isn’t easy or cost-effective.
In my experience, successful real estate investors tend to be savvy, hard working, conscientious individuals who enthusiastically perform comprehensive due diligence before buying a property. They don’t reinvent the wheel with each deal, because they know their market niche, personal skills, and available resources. They have a vision and use their tried-and-true game plan for each property. If you develop these skills, you can uncover unique properties with value-added potential that are often missed by others. So, take advantage of today’s buyer’s market, and get started now.
Call Me: 417.782.1234
Visit my website: www.ShawnDodson.com
Housing Messages Mixed
Housing messages mixed
The Obama administration keeps telling us things are looking up, but the real players in both the economy and real estate are all over the map in both results and predictions. The National Association for Realtors has pulled together some of those confusing housing indicators from last week:
- The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
- The February 2009 RPX Monthly Housing Market Report said home sales increased month over month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
- The National of Association of REALTORS® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
- First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
Clarification or more mixed messages?
Just to keep up the confusion by trying to explain it, The National Association of Home Builders reported that production of single-family homes is unchanged, despite falling housing starts. "Today's numbers are right on target with NAHB's forecast, which anticipates that housing starts will bottom out in the second quarter, after new-home sales have stabilized," said NAHB Chief Economist David Crowe. "Single-family starts remained virtually unchanged over the past three months, indicating that we are closing in on a bottom. Multifamily starts - which tend to bounce around from month to month -- were responsible for the decline in total starts as they readjusted following a substantial gain in February." But he warned, "A substantial recovery in housing of the kind that's required to help get the national economy back on its feet will not happen until the logjam in acquisition, development and construction financing has been broken.
Swine Flu hits the market
World stocks tumbled after seven weeks of gains, and both oil and the euro fell on Monday as concerns intensified the spread of swine flu would hit the global economy. Mexico seems to be the center of the outbreak, although cases have spread to countries around the world. As many as 103 deaths in Mexico are thought to have been caused by swine flu, CNN reported. In the United States, the largest number of cases has been reported in New York City. "The swine flu seems to be one of those 'Black Swan' events that has caught the market by surprise. This is a concern as to whether it might impact any potential...recovery chances," said Martin Slaney, head of derivatives at GFT Global Markets. The MSCI world equity index fell 0.7 percent. The U.S. government plans to issue a travel warning later Monday urging Americans to avoid all "nonessential" trips to Mexico because of an outbreak of swine flu, a U.S. official said.
GM slashes jobs, debt, and dealerships
In its latest bid to stay out of bankruptcy, General Motors announced plans to drop Pontiac, cut 23,000 U.S. jobs by 2011, and slash 40% of its dealer network. GM is also offering bondholders 225 shares of its stock for every $1,000 it owes the bondholders in principal. GM's first plan was turned down by President Obama's auto industry task force in February, but this restructuring announcement goes much further.
The company had announced many of the job cuts in February, but Monday's news that GM would have about 38,000 hourly U.S. employees by 2011 represents an additional reduction of 7,000 to 8,000 jobs beyond what GM disclosed in its previous viability plan. The Obama administration's task force said today that the new plan "reflects the work GM has done since March 30 to chart a new path to financial viability," but added that it "has made no final decision regarding the treatment of its current loan to GM or with respect to any future investments in the company." Not exactly a rousing endorsement, is it?
Wall Street Journal explodes at regulators
In perhaps its harshest language yet, the Wall Street Journal takes a crack at mismanagement by Paulson and Ben Bernanke. Here's how the article opens: "The cavalier use of brute government force has become routine, but the emerging story of how Hank Paulson and Ben Bernanke forced CEO Ken Lewis to blow up Bank of America is still shocking. It's a case study in the ways that panicky regulators have so often botched the bailout and made the financial crisis worse. In the name of containing "systemic risk," our regulators spread it. In order to keep Mr. Lewis quiet, they all but ordered him to deceive his own shareholders. And in the name of restoring financial confidence, they have so mistreated Bank of America that bank executives everywhere have concluded that neither Treasury nor the Federal Reserve can be trusted."
Now on to our real estate investing education section...
Derivatives - The Next Shoe to Drop?
About the time short sale investors have started to grow weary of watching the evening news a new economic threat is beginning to rear its ugly head - derivatives. While most of the media has been content to talk about falling real estate prices (which are beginning to look good in comparison to other investment options), faltering currencies, corporate bankruptcies and bail-outs only the most fearless dare to mention what is on everyone's mind...the dreaded derivative market.
To get a perspective on the situation consider these startling facts:
The total value of residential real estate in the United States is estimated to be roughly $10 Trillion.
The annual GDP of the USA is roughly $15 Trillion.
The global GDP for the entire world is roughly $50 Trillion.
The total value of all real estate in the entire world is roughly $75 Trillion.
The derivative market is roughly $516 Trillion...excluding private transactions between non-reporting entities.
Obviously the problem is huge which is one reason big banks are eager to settle the real estate related problems as soon as possible in order to position themselves - with cash in hand - for the next stage of the economic playbook. By now there should be one burning question on the minds of every savvy short sale investor; "Which banks are heavily invested in derivatives?"... well, that is a good question and one in which we have an answer. In order of shock and awe are the derivative investments of some of the biggest names in the banking industry as of the end of 2008 as represented by a percentage of their risk based capital is as follows:
Wachovia: Approximately 53 percent
Bank of America: 194 percent
Citibank: 258 percent
JPMorgan Chase: 430 percent
HSBC: 595 percent
Scary isn't it? This means that for every dollar of capital held by HSBC, they have nearly $6 of exposure to the derivative market however, all of these banks are above the suggested maximum of 25 percent exposure so at what point does it even matter? This type of scenario is what has many economic experts calling for the end of the historic strategy of buying and holding stocks, bonds and even dollar based currency for the foreseeable future as one bubble after another continues to burst.
Remember, the entire global GDP is only $50 trillion...which would not even be enough to "bail-out" Citibank alone should the derivative market collapse. Now ask yourself, where do you intend to park your hard earned money over the coming years? Stocks? Bonds? Currencies backed by governments forced to bail-out one bad investment after another?
How about putting it into the one tangible asset that provides the fundamentals required for a great return, flexible financing, long term tax breaks and a historical precedent unlike all others...real estate. The choice is yours - listen to the same media pundits that lead you down this path and believe the rhetoric about the market moving upward or cash out while you still can and invest in something safe for the long haul. Just remember, when the derivative shoe finally does drop...you heard it here first.
See you at the top!
Also visit my website: http://www.ShawnDodson.com
The Obama administration keeps telling us things are looking up, but the real players in both the economy and real estate are all over the map in both results and predictions. The National Association for Realtors has pulled together some of those confusing housing indicators from last week:
- The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
- The February 2009 RPX Monthly Housing Market Report said home sales increased month over month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
- The National of Association of REALTORS® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
- First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
Clarification or more mixed messages?
Just to keep up the confusion by trying to explain it, The National Association of Home Builders reported that production of single-family homes is unchanged, despite falling housing starts. "Today's numbers are right on target with NAHB's forecast, which anticipates that housing starts will bottom out in the second quarter, after new-home sales have stabilized," said NAHB Chief Economist David Crowe. "Single-family starts remained virtually unchanged over the past three months, indicating that we are closing in on a bottom. Multifamily starts - which tend to bounce around from month to month -- were responsible for the decline in total starts as they readjusted following a substantial gain in February." But he warned, "A substantial recovery in housing of the kind that's required to help get the national economy back on its feet will not happen until the logjam in acquisition, development and construction financing has been broken.
Swine Flu hits the market
World stocks tumbled after seven weeks of gains, and both oil and the euro fell on Monday as concerns intensified the spread of swine flu would hit the global economy. Mexico seems to be the center of the outbreak, although cases have spread to countries around the world. As many as 103 deaths in Mexico are thought to have been caused by swine flu, CNN reported. In the United States, the largest number of cases has been reported in New York City. "The swine flu seems to be one of those 'Black Swan' events that has caught the market by surprise. This is a concern as to whether it might impact any potential...recovery chances," said Martin Slaney, head of derivatives at GFT Global Markets. The MSCI world equity index fell 0.7 percent. The U.S. government plans to issue a travel warning later Monday urging Americans to avoid all "nonessential" trips to Mexico because of an outbreak of swine flu, a U.S. official said.
GM slashes jobs, debt, and dealerships
In its latest bid to stay out of bankruptcy, General Motors announced plans to drop Pontiac, cut 23,000 U.S. jobs by 2011, and slash 40% of its dealer network. GM is also offering bondholders 225 shares of its stock for every $1,000 it owes the bondholders in principal. GM's first plan was turned down by President Obama's auto industry task force in February, but this restructuring announcement goes much further.
The company had announced many of the job cuts in February, but Monday's news that GM would have about 38,000 hourly U.S. employees by 2011 represents an additional reduction of 7,000 to 8,000 jobs beyond what GM disclosed in its previous viability plan. The Obama administration's task force said today that the new plan "reflects the work GM has done since March 30 to chart a new path to financial viability," but added that it "has made no final decision regarding the treatment of its current loan to GM or with respect to any future investments in the company." Not exactly a rousing endorsement, is it?
Wall Street Journal explodes at regulators
In perhaps its harshest language yet, the Wall Street Journal takes a crack at mismanagement by Paulson and Ben Bernanke. Here's how the article opens: "The cavalier use of brute government force has become routine, but the emerging story of how Hank Paulson and Ben Bernanke forced CEO Ken Lewis to blow up Bank of America is still shocking. It's a case study in the ways that panicky regulators have so often botched the bailout and made the financial crisis worse. In the name of containing "systemic risk," our regulators spread it. In order to keep Mr. Lewis quiet, they all but ordered him to deceive his own shareholders. And in the name of restoring financial confidence, they have so mistreated Bank of America that bank executives everywhere have concluded that neither Treasury nor the Federal Reserve can be trusted."
Now on to our real estate investing education section...
Derivatives - The Next Shoe to Drop?
About the time short sale investors have started to grow weary of watching the evening news a new economic threat is beginning to rear its ugly head - derivatives. While most of the media has been content to talk about falling real estate prices (which are beginning to look good in comparison to other investment options), faltering currencies, corporate bankruptcies and bail-outs only the most fearless dare to mention what is on everyone's mind...the dreaded derivative market.
To get a perspective on the situation consider these startling facts:
The total value of residential real estate in the United States is estimated to be roughly $10 Trillion.
The annual GDP of the USA is roughly $15 Trillion.
The global GDP for the entire world is roughly $50 Trillion.
The total value of all real estate in the entire world is roughly $75 Trillion.
The derivative market is roughly $516 Trillion...excluding private transactions between non-reporting entities.
Obviously the problem is huge which is one reason big banks are eager to settle the real estate related problems as soon as possible in order to position themselves - with cash in hand - for the next stage of the economic playbook. By now there should be one burning question on the minds of every savvy short sale investor; "Which banks are heavily invested in derivatives?"... well, that is a good question and one in which we have an answer. In order of shock and awe are the derivative investments of some of the biggest names in the banking industry as of the end of 2008 as represented by a percentage of their risk based capital is as follows:
Wachovia: Approximately 53 percent
Bank of America: 194 percent
Citibank: 258 percent
JPMorgan Chase: 430 percent
HSBC: 595 percent
Scary isn't it? This means that for every dollar of capital held by HSBC, they have nearly $6 of exposure to the derivative market however, all of these banks are above the suggested maximum of 25 percent exposure so at what point does it even matter? This type of scenario is what has many economic experts calling for the end of the historic strategy of buying and holding stocks, bonds and even dollar based currency for the foreseeable future as one bubble after another continues to burst.
Remember, the entire global GDP is only $50 trillion...which would not even be enough to "bail-out" Citibank alone should the derivative market collapse. Now ask yourself, where do you intend to park your hard earned money over the coming years? Stocks? Bonds? Currencies backed by governments forced to bail-out one bad investment after another?
How about putting it into the one tangible asset that provides the fundamentals required for a great return, flexible financing, long term tax breaks and a historical precedent unlike all others...real estate. The choice is yours - listen to the same media pundits that lead you down this path and believe the rhetoric about the market moving upward or cash out while you still can and invest in something safe for the long haul. Just remember, when the derivative shoe finally does drop...you heard it here first.
See you at the top!
Also visit my website: http://www.ShawnDodson.com
Thursday, April 23, 2009
Featured Foreclosures: Antique Historical Homes at Deep Discounts
With real estate foreclosure inventories reaching historical levels, those shopping for a piece of history to call home are in luck. The current market cuts across all regions, neighborhoods, and styles of architecture in the USA, and includes some gorgeous and elegant older houses that are more than 100 years old.
I have an example of a vintage home listed at old-fashioned price. It represents a huge discount, but this lovely property is far from typical because it captures and reflects the charm, craftsmanship, and attention to architectural detail of a bygone era.
Just click this link to view this great home.
CLICK HERE
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Follow my Blog: http://shawndodson.blogspot.com
Follow me on Twitter: http://www.twitter.com/joplinrealtor
I have an example of a vintage home listed at old-fashioned price. It represents a huge discount, but this lovely property is far from typical because it captures and reflects the charm, craftsmanship, and attention to architectural detail of a bygone era.
Just click this link to view this great home.
CLICK HERE
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Follow my Blog: http://shawndodson.blogspot.com
Follow me on Twitter: http://www.twitter.com/joplinrealtor
Why Foreclosure Buying is on the Rise
There are several reasons as to why foreclosure buying is on the rise. If you are interested in knowing more about these reasons you should be able to find all of the information that you could ever need. Since this sector of the real estate industry began to take off, more and more information has popped up all over the place. You can find information on foreclosure buying by reading the newspaper, industry publications, the internet, and by talking with others who are involved. Simply put, you will never be at a loss for information.
The number one reason that foreclosure buying is on the rise is that people have seen the potential that lie within. When you buy a foreclosure you have a very good chance of turning it into a lot of money if you know what you are doing. Of course, this is not always the case but it works out like this for a lot of people a lot of the time. The fact of the matter is that foreclosure buying can mean big money for you in the end.
Another reason that foreclosure buying is increasing is because the number of properties that fit this mold are also on the rise. After all, as more foreclosures hit the market it is only natural that more and more of them will be purchased. In today's day and age more people than ever before are buying homes that they cannot afford. They want to be in the upper crust of society, and they will do pretty much whatever it takes to get there. But the problem with this is that they often times cannot pay their mortgage, and foreclosure is soon to follow.
If you are interested in foreclosure buying make sure that you take your time learning about how to get started. You do not want to make the mistake of thinking that you can simply buy a foreclosure, and then resell it for gobs of cash. This is never the case because you will have to put in some level of work if you want to be a success.
All in all, foreclosure buying is on the rise. Although this is sure to peak sooner rather than later, for the time being you should look into how you can make this work for you.
_____________________________
If you are looking to buy a foreclosure property send me some information on what you are looking for. I can get you information on the newest foreclosures on the market.
Best Wishes...Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
The number one reason that foreclosure buying is on the rise is that people have seen the potential that lie within. When you buy a foreclosure you have a very good chance of turning it into a lot of money if you know what you are doing. Of course, this is not always the case but it works out like this for a lot of people a lot of the time. The fact of the matter is that foreclosure buying can mean big money for you in the end.
Another reason that foreclosure buying is increasing is because the number of properties that fit this mold are also on the rise. After all, as more foreclosures hit the market it is only natural that more and more of them will be purchased. In today's day and age more people than ever before are buying homes that they cannot afford. They want to be in the upper crust of society, and they will do pretty much whatever it takes to get there. But the problem with this is that they often times cannot pay their mortgage, and foreclosure is soon to follow.
If you are interested in foreclosure buying make sure that you take your time learning about how to get started. You do not want to make the mistake of thinking that you can simply buy a foreclosure, and then resell it for gobs of cash. This is never the case because you will have to put in some level of work if you want to be a success.
All in all, foreclosure buying is on the rise. Although this is sure to peak sooner rather than later, for the time being you should look into how you can make this work for you.
_____________________________
If you are looking to buy a foreclosure property send me some information on what you are looking for. I can get you information on the newest foreclosures on the market.
Best Wishes...Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Wednesday, April 22, 2009
States Contemplate Loans for Home Buyers
The $8,000 first-time home buyer mortgage tax credit, which is part of the Recovery and Reinvestment Act of 2009, is a great boon. But, it doesn't help people who don't have money for a down payment and closing costs.
Now some states are contemplating offering an $8,000 loan to home buyers before they close on the condition that they repay the loans as soon as they get their federal tax credits.
The idea has been adopted in Missouri, which advances the money to those who take out first mortgages offered through the state's housing finance authority. The New York State Builders Association is lobbying the State of New York Mortgage Agency to adopt a similar strategy.
"A lot of states are trying to get through the technical aspects of this," says Gregory Brown, an assistant vice president for government affairs at the National Association of Home Builders. "I feel very confident they'll find a way to make it work."
Meanwhile, some home builders are taking matters into their own hands, offering programs that purchase the tax credit from borrowers prior to closing.
"This is a legitimate monetizing program that actually works," says David Abrahamson, vice president of S.E. operations for American Home Key Mortgage Company, which makes the loans for many participating builders in the southeast.
__________________________________
If you are looking to buy a home soon...contact me. I can help you throughout the buying process.
Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Now some states are contemplating offering an $8,000 loan to home buyers before they close on the condition that they repay the loans as soon as they get their federal tax credits.
The idea has been adopted in Missouri, which advances the money to those who take out first mortgages offered through the state's housing finance authority. The New York State Builders Association is lobbying the State of New York Mortgage Agency to adopt a similar strategy.
"A lot of states are trying to get through the technical aspects of this," says Gregory Brown, an assistant vice president for government affairs at the National Association of Home Builders. "I feel very confident they'll find a way to make it work."
Meanwhile, some home builders are taking matters into their own hands, offering programs that purchase the tax credit from borrowers prior to closing.
"This is a legitimate monetizing program that actually works," says David Abrahamson, vice president of S.E. operations for American Home Key Mortgage Company, which makes the loans for many participating builders in the southeast.
__________________________________
If you are looking to buy a home soon...contact me. I can help you throughout the buying process.
Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Tuesday, April 21, 2009
Huge House - Little Price - FORECLOSURE!
http://www.ShawnDodson.com
Wow! Huge house...AND...now it's cheap! If you're looking for a deal and are in this price range, don't wait another second. This property is approximately 2700 sq.ft. with 4 bedrooms / 3 bathrooms / 2 car garage. Call me and get this one before it's gone! It is located in the Neosho area.
Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get a list of other foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send! It's easy...just click the email link above.
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer's agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Finally, they know I provide the areas only buyer protection gaurantee (for my clients). Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter at http://twitter.com/JoplinRealtor
Wow! Huge house...AND...now it's cheap! If you're looking for a deal and are in this price range, don't wait another second. This property is approximately 2700 sq.ft. with 4 bedrooms / 3 bathrooms / 2 car garage. Call me and get this one before it's gone! It is located in the Neosho area.
Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get a list of other foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send! It's easy...just click the email link above.
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer's agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Finally, they know I provide the areas only buyer protection gaurantee (for my clients). Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter at http://twitter.com/JoplinRealtor
7 Tips to Avoid the Vacant Home Look
Selling a home that is vacant can be harder than selling a lived-in home, experts say. Here are some ideas from me to you on things you should consider to protect an empty property and get it sold.
1. Give the house a lived-in look. Get a neighbor or family member to make the house look occupied by parking a car in the driveway, opening and closing the drapes and taking in any mail.
2. Groom the yard. Use a lawn service during the summer to keep the grass cut and a snow removal service in the winter to scrape the walks and driveway.
3. No outstanding nicks. Hide the effects of missing furniture. Paint and replace rugs so there are no faded spots or blemishes on the walls. Cover accent paint that alone looks odd.
4. Leave some furniture. A few chairs, tables, lamps and beds (or empty mattress boxes with spreads) give buyers a sense of space.
5. Keep the utilities on. Set the thermostat at a comfortable level during the winter and summer.
6. Hire a maid. Make sure the home remains spotless.
7. Check the homeowner's policy. Understand the coverage when the home is vacant.
Protect you home or investment while you are trying to sell.
-----------------------------
If your looking to sell your home...give me a call. I will create a great marketing strategy just for you. I'll get your home sold quickly and at a great price.
Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Be the first to know...follow me on Twitter! www.Twitter.com
1. Give the house a lived-in look. Get a neighbor or family member to make the house look occupied by parking a car in the driveway, opening and closing the drapes and taking in any mail.
2. Groom the yard. Use a lawn service during the summer to keep the grass cut and a snow removal service in the winter to scrape the walks and driveway.
3. No outstanding nicks. Hide the effects of missing furniture. Paint and replace rugs so there are no faded spots or blemishes on the walls. Cover accent paint that alone looks odd.
4. Leave some furniture. A few chairs, tables, lamps and beds (or empty mattress boxes with spreads) give buyers a sense of space.
5. Keep the utilities on. Set the thermostat at a comfortable level during the winter and summer.
6. Hire a maid. Make sure the home remains spotless.
7. Check the homeowner's policy. Understand the coverage when the home is vacant.
Protect you home or investment while you are trying to sell.
-----------------------------
If your looking to sell your home...give me a call. I will create a great marketing strategy just for you. I'll get your home sold quickly and at a great price.
Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Be the first to know...follow me on Twitter! www.Twitter.com
Monday, April 20, 2009
Abandoned Properties: Empty Houses = Full Pockets
Driving through just about any neighborhood, you will find homes that have overgrown, unkempt lawns, a stack of freebie newspapers on the front steps, no curtains in the windows, and basically just a "nobody lives here" feel to them.
These are the properties that you are looking for. Once you find one, you need to act quickly to seize your profits!
When you locate a property that you feel is vacant, the first thing to do is attempt to locate the owners of the property. First and foremost, go to a neighbors home and ask if they know anything about the home and its former occupants. Many times a neighbor will be a gold mine of information, and they probably love to talk!
When they start talking--listen up!
Take out your notepad and begin taking down all of the information they care to share. Do understand that much of this info may be speculation and gossip, but there may indeed be a nugget of truth in there somewhere.
If they indeed say that the property is vacant, you may want to sneak a peek at any old mail that may have been delivered and not forwarded. It is illegal to take mail out of the mailbox, but you can sneak a peek, get the name off of any old mail. This in itself will aid you in locating the owner.
Now that you have armed yourself with as much ammunition as you could find at the property, you will want to set out to investigate further. Depending on the size of your city, you will want to go to the city hall or county building and simply ask to whom you should speak in order to locate the owner of a certain property.
They will direct you to the office or offices that will give you the best information. I personally have found that the tax recorders office has the best records because they collect the taxes every year.
In my town, they tell me if the property was classified as a single-family or multi-family home and the name and address of the last known owner. Between what I find out at the property itself from the neighbors and my sneaking around and the city and county buildings, I set out to contact owners.
Try to talk to a former tenant first
Before I actually attempt to get to the owners of the property on the phone, I try and talk with the person who actually lived in the property last. Many times this was a tenant. Why would I want to talk with a tenant?
Simple: You want to find out the truth about what is wrong with the place! Again, you want to try and get the previous tenants on the phone if possible.
If you have the name and address, you can do a quick search using an Online phone directory. You simply input the information and hopefully you will come up with a contact number.
A quick call to the tenant explaining that you are doing research on the property located at "xyz address," and that you need information on the property "before our offices contact the owner" and you will get every bit of dirt the home has to offer!
You will know which lights are burnt out and which hinges squeak on which doors. Of course, we want all this information to gain the control we need when speaking to an owner.
The final step is to contact the owner directly. You want to have extreme confidence when speaking with them. The way to gain this confidence is to remember that you hold all the cards:
You know what is wrong with the home
You know that it is costing the owners money either in payments, insurance, taxes, or all three
You know that they do not have a ton of interest in the property, or they would be doing something with it
Remember, YOU hold all the cards
Get the owners on the phone if you can and tell them that you are an investor who purchases and renovates homes in that community.
Tell them that you are working with neighbors (You are because you spoke with them, remember?) in an effort to revitalize their neighborhood, and that you may be interested in buying the property IF the repairs are not too extensive.
At first the owners may try to play hardball and state that the home is great, and they were planning on fixing it up, but they will consider any offers. Be friendly and upbeat and explain that that would be great.
Tell them that you had already figured that they would be looking to fix it up, and that you have a list of needed repairs from an exterior inspection and speaking with the former tenant (give them the tenant's name).
At this point, they will know that you have them, and their attitudes will change. Make your low ball offer and see if they bite. Sometimes you get lucky and they say that they want to get rid of it and basically ask YOU what you want to pay. Again, low ball is the key phrase. The bottom line is to acquire the property for as little money as possible.
What if I cannot find a former tenant or the owner? Well, if I cannot find a former tenant, I visually inspect the neighborhood and the exterior of the home. I still contact the owners with an air of confidence, as I know that they still have a vacant property that is costing them money.
If I cannot locate the owner? Make them call you! Place a big, bold hand-printed FOR SALE BY OWNER sign in the yard with my number on it. More often than not, the owner, a relative of the owner, or a friend of the owner will call me. Most of the time, it is the owners themselves.
If they do, I apologize for the sign stating that an assistant must have gotten their house confused for another empty home in the neighborhood, "but since I have you on the phone, what are you going to do with the house?" The air of confidence comes rushing back!
__________________________
If you are in investor and are looking for the "DEAL", call me! I help investors all the time and would love to help you too.
looking to learn real estate investing? I have classes forming soon!
Best Wishes...Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
These are the properties that you are looking for. Once you find one, you need to act quickly to seize your profits!
When you locate a property that you feel is vacant, the first thing to do is attempt to locate the owners of the property. First and foremost, go to a neighbors home and ask if they know anything about the home and its former occupants. Many times a neighbor will be a gold mine of information, and they probably love to talk!
When they start talking--listen up!
Take out your notepad and begin taking down all of the information they care to share. Do understand that much of this info may be speculation and gossip, but there may indeed be a nugget of truth in there somewhere.
If they indeed say that the property is vacant, you may want to sneak a peek at any old mail that may have been delivered and not forwarded. It is illegal to take mail out of the mailbox, but you can sneak a peek, get the name off of any old mail. This in itself will aid you in locating the owner.
Now that you have armed yourself with as much ammunition as you could find at the property, you will want to set out to investigate further. Depending on the size of your city, you will want to go to the city hall or county building and simply ask to whom you should speak in order to locate the owner of a certain property.
They will direct you to the office or offices that will give you the best information. I personally have found that the tax recorders office has the best records because they collect the taxes every year.
In my town, they tell me if the property was classified as a single-family or multi-family home and the name and address of the last known owner. Between what I find out at the property itself from the neighbors and my sneaking around and the city and county buildings, I set out to contact owners.
Try to talk to a former tenant first
Before I actually attempt to get to the owners of the property on the phone, I try and talk with the person who actually lived in the property last. Many times this was a tenant. Why would I want to talk with a tenant?
Simple: You want to find out the truth about what is wrong with the place! Again, you want to try and get the previous tenants on the phone if possible.
If you have the name and address, you can do a quick search using an Online phone directory. You simply input the information and hopefully you will come up with a contact number.
A quick call to the tenant explaining that you are doing research on the property located at "xyz address," and that you need information on the property "before our offices contact the owner" and you will get every bit of dirt the home has to offer!
You will know which lights are burnt out and which hinges squeak on which doors. Of course, we want all this information to gain the control we need when speaking to an owner.
The final step is to contact the owner directly. You want to have extreme confidence when speaking with them. The way to gain this confidence is to remember that you hold all the cards:
You know what is wrong with the home
You know that it is costing the owners money either in payments, insurance, taxes, or all three
You know that they do not have a ton of interest in the property, or they would be doing something with it
Remember, YOU hold all the cards
Get the owners on the phone if you can and tell them that you are an investor who purchases and renovates homes in that community.
Tell them that you are working with neighbors (You are because you spoke with them, remember?) in an effort to revitalize their neighborhood, and that you may be interested in buying the property IF the repairs are not too extensive.
At first the owners may try to play hardball and state that the home is great, and they were planning on fixing it up, but they will consider any offers. Be friendly and upbeat and explain that that would be great.
Tell them that you had already figured that they would be looking to fix it up, and that you have a list of needed repairs from an exterior inspection and speaking with the former tenant (give them the tenant's name).
At this point, they will know that you have them, and their attitudes will change. Make your low ball offer and see if they bite. Sometimes you get lucky and they say that they want to get rid of it and basically ask YOU what you want to pay. Again, low ball is the key phrase. The bottom line is to acquire the property for as little money as possible.
What if I cannot find a former tenant or the owner? Well, if I cannot find a former tenant, I visually inspect the neighborhood and the exterior of the home. I still contact the owners with an air of confidence, as I know that they still have a vacant property that is costing them money.
If I cannot locate the owner? Make them call you! Place a big, bold hand-printed FOR SALE BY OWNER sign in the yard with my number on it. More often than not, the owner, a relative of the owner, or a friend of the owner will call me. Most of the time, it is the owners themselves.
If they do, I apologize for the sign stating that an assistant must have gotten their house confused for another empty home in the neighborhood, "but since I have you on the phone, what are you going to do with the house?" The air of confidence comes rushing back!
__________________________
If you are in investor and are looking for the "DEAL", call me! I help investors all the time and would love to help you too.
looking to learn real estate investing? I have classes forming soon!
Best Wishes...Talk to you soon!
Shawn Dodson
Charles Burt Realtors
417.439.7816
www.ShawnDodson.com
Sunday, April 19, 2009
Fannie Mae and Freddie Mac Helping More Homeowners - Loan Modifications Increasing
Fannie Mae and Freddie Mac modified nearly 24,000 loans during the fourth quarter of 2008, an increase of 76% over the third quarter. The modifications, along with the suspension of foreclosures that began November 26, reduced the number of foreclosures by nearly 27% during the quarter, according to data released by James B. Lockhart, Director of the Federal Housing Finance Agency (FHFA), as part of the Foreclosure Prevention Report for the fourth quarter for 2008.
The FHFA report details the actions Fannie Mae and Freddie Mac have taken to prevent foreclosures and keep people in their homes. It analyzes data provided by the companies with adjustments to account for the impact of the foreclosure suspension. The suspension, originally set to end Jan. 9, 2009, was later extended to Jan. 31, 2009.
“Fewer homeowners are losing their homes as a result of the foreclosure prevention efforts,” said Director Lockhart. “We expect the numbers of those getting relief to grow further as the Making Home Affordable program picks up speed in coming months.”
The foreclosure prevention options include forbearance plans, payment plans, delinquency advances and loan modifications. Workout options that led to resolution of delinquent accounts, which means the account was either reinstated or removed from the portfolio, increased 15% in the last quarter of 2008.
The report shows that as of Dec. 31, 2008, of the Enterprises’ 30.7 million residential mortgages:
• Modifications represented 34.0% of fourth quarter loss mitigation actions up from 22.2% of the third quarter.
• Completed payment plans represented 19.0% of fourth quarter loss mitigation actions compared to 24.2% of the third quarter.
• Short sales represented 8.9% of fourth quarter loss mitigation actions compared to 7.7% of third quarter.
• Deeds in lieu represented 0.8% of fourth quarter loss mitigation actions compared to 0.7% in the third quarter.
As a result of increased loss mitigation efforts and the foreclosure suspensions, the overall loss mitigation performance ratio (loss mitigation actions as a percentage of mortgages for which foreclosure was likely) for mortgages serviced on behalf of Fannie Mae and Freddie Mac, increased from 55% during the third quarter of 2008 to 65.7% in the fourth quarter. For prime loans, the ratio increased from 45.1% to 54.2%, and for nonprime loans from 64.7% in the third quarter to 75.3% in the fourth quarter.
Suspensions gave servicers more time to work with borrowers in foreclosure who were eligible for the Streamlined Modification Program introduced in early November 2008. The impact of the suspensions caused December 2008 numbers for completed foreclosure and third-party sales to decline and for total loans, 60-plus, and 90-plus-days delinquent loans to increase.
When adjusted to account for foreclosure suspensions, the month-over-month change in the delinquency rates decreased. The month-over-month change in the 60-plus-days delinquency rate from October 2008 to November 2008 was an increase of 14.39%. The month-over-month change from November 2008 to December 2008 was an increase of 9.31%.
For more information, visit www.fanniemae.com or www.freddiemac.com.
The FHFA report details the actions Fannie Mae and Freddie Mac have taken to prevent foreclosures and keep people in their homes. It analyzes data provided by the companies with adjustments to account for the impact of the foreclosure suspension. The suspension, originally set to end Jan. 9, 2009, was later extended to Jan. 31, 2009.
“Fewer homeowners are losing their homes as a result of the foreclosure prevention efforts,” said Director Lockhart. “We expect the numbers of those getting relief to grow further as the Making Home Affordable program picks up speed in coming months.”
The foreclosure prevention options include forbearance plans, payment plans, delinquency advances and loan modifications. Workout options that led to resolution of delinquent accounts, which means the account was either reinstated or removed from the portfolio, increased 15% in the last quarter of 2008.
The report shows that as of Dec. 31, 2008, of the Enterprises’ 30.7 million residential mortgages:
• Modifications represented 34.0% of fourth quarter loss mitigation actions up from 22.2% of the third quarter.
• Completed payment plans represented 19.0% of fourth quarter loss mitigation actions compared to 24.2% of the third quarter.
• Short sales represented 8.9% of fourth quarter loss mitigation actions compared to 7.7% of third quarter.
• Deeds in lieu represented 0.8% of fourth quarter loss mitigation actions compared to 0.7% in the third quarter.
As a result of increased loss mitigation efforts and the foreclosure suspensions, the overall loss mitigation performance ratio (loss mitigation actions as a percentage of mortgages for which foreclosure was likely) for mortgages serviced on behalf of Fannie Mae and Freddie Mac, increased from 55% during the third quarter of 2008 to 65.7% in the fourth quarter. For prime loans, the ratio increased from 45.1% to 54.2%, and for nonprime loans from 64.7% in the third quarter to 75.3% in the fourth quarter.
Suspensions gave servicers more time to work with borrowers in foreclosure who were eligible for the Streamlined Modification Program introduced in early November 2008. The impact of the suspensions caused December 2008 numbers for completed foreclosure and third-party sales to decline and for total loans, 60-plus, and 90-plus-days delinquent loans to increase.
When adjusted to account for foreclosure suspensions, the month-over-month change in the delinquency rates decreased. The month-over-month change in the 60-plus-days delinquency rate from October 2008 to November 2008 was an increase of 14.39%. The month-over-month change from November 2008 to December 2008 was an increase of 9.31%.
For more information, visit www.fanniemae.com or www.freddiemac.com.
Saturday, April 18, 2009
5 Things You Need to Know Before Buying Renters’ Insurance
It is, unfortunately, an all-too-familiar news image: An apartment building smolders in the hours after a major fire. The traumatized residents have gone off to put their lives back in order. In all likelihood, they have lost most of their possessions.
Some of those tenants will find financial support for their losses through their renters’ insurance policies. However, a majority of renters probably don’t have coverage, either because they believe they can’t afford it or because they don’t even know such a thing exists, according to a 2007 survey by Apartments.com.
The average renters’ insurance in the U.S. is about $200 annually. A lot of people don’t think about purchasing it because they think their landlord is responsible, but in reality, it’s the tenant that’s responsible for their own belongings.
And the value of those belongings can add up, even in the households of many young adults just starting out on their own: Computers, stereos, plasma-screen televisions, etc., are part-and-parcel of many an urban lifestyle these days.
Insurers say beyond personal property, renters may need to consider another possession - protection from liability lawsuits in this litigious age.
Here are five things renters should know about insurance:
1. What’s the real cost? That $200 annual cost is a generalization, though it’s generally regarded as a reliable one. It depends on where you live and how much property you’re insuring. It also depends on the size of the deductible and other coverage.
A $250 deductible (an amount the insured party pays out-of-pocket before coverage kicks in on a claim) is probably most commonly found in the standard wording of renters’ policies, but you should take the highest deductible you can afford, maybe a $500 one, because it’s going to lower your premium cost.
2. Two forms of coverage. Policies usually cover property in one of two ways, providing either the “actual cash value” or the “replacement value” of the household objects in paying out a claim.
Actual cash value policies pay what a possession is deemed to be worth at the time of the loss. In other words, if, your laptop cost you $800 a few years ago, its value would be less today, an amount the insurer would calculate in determining how much to pay you for the loss.
Replacement-cost coverage is just what it sounds like - it pays out the equivalent cost if you were to go out and get a similar laptop today. Such coverage, because of the higher payout, carries a higher premium.
3. Beyond property. Policies cover more than lost property. For example, they also provide payment for living expenses if you’re displaced from the unit for covered events, such as fires.
Another major area of coverage is liability. If somebody comes into your apartment or rented home and trips on a rug, that’s still a liability issue.
Generally, policies include up to $100,000 liability coverage, however, experts recommend that you purchase at least $300,000 of protection.
4. Talking about catastrophes. The list of catastrophes and circumstances that are likely to be covered by renters’ insurance is a long one, ranging from “typical” events such as fire, vandalism or theft to things such as damage from frozen pipes or even riots. What often isn’t included is damage from flooding, and insurance experts suggest if you live in a flood-prone area, you’ll need separate coverage.
5. Other things affecting costs. There may be ways to keep your premium costs down. Or drive them up.
Some policies, for example, may give you a discount if your building has a security system - especially if you have it connected to a central station alarm. And then, there’s a lifestyle consideration that might make your coverage pricier - that is, having a dog. Some companies are concerned because of the additional liability of certain dogs that are aggressive in nature.
Additional dog-related insurance costs and whether you get coverage or not depend on the company. Some won’t write a policy if you have a certain type of dog; others will take a look at the risk and evaluate it differently.
Play it safe...If your going to rent, buy insurance.
http://www.ShawnDodson.com
Some of those tenants will find financial support for their losses through their renters’ insurance policies. However, a majority of renters probably don’t have coverage, either because they believe they can’t afford it or because they don’t even know such a thing exists, according to a 2007 survey by Apartments.com.
The average renters’ insurance in the U.S. is about $200 annually. A lot of people don’t think about purchasing it because they think their landlord is responsible, but in reality, it’s the tenant that’s responsible for their own belongings.
And the value of those belongings can add up, even in the households of many young adults just starting out on their own: Computers, stereos, plasma-screen televisions, etc., are part-and-parcel of many an urban lifestyle these days.
Insurers say beyond personal property, renters may need to consider another possession - protection from liability lawsuits in this litigious age.
Here are five things renters should know about insurance:
1. What’s the real cost? That $200 annual cost is a generalization, though it’s generally regarded as a reliable one. It depends on where you live and how much property you’re insuring. It also depends on the size of the deductible and other coverage.
A $250 deductible (an amount the insured party pays out-of-pocket before coverage kicks in on a claim) is probably most commonly found in the standard wording of renters’ policies, but you should take the highest deductible you can afford, maybe a $500 one, because it’s going to lower your premium cost.
2. Two forms of coverage. Policies usually cover property in one of two ways, providing either the “actual cash value” or the “replacement value” of the household objects in paying out a claim.
Actual cash value policies pay what a possession is deemed to be worth at the time of the loss. In other words, if, your laptop cost you $800 a few years ago, its value would be less today, an amount the insurer would calculate in determining how much to pay you for the loss.
Replacement-cost coverage is just what it sounds like - it pays out the equivalent cost if you were to go out and get a similar laptop today. Such coverage, because of the higher payout, carries a higher premium.
3. Beyond property. Policies cover more than lost property. For example, they also provide payment for living expenses if you’re displaced from the unit for covered events, such as fires.
Another major area of coverage is liability. If somebody comes into your apartment or rented home and trips on a rug, that’s still a liability issue.
Generally, policies include up to $100,000 liability coverage, however, experts recommend that you purchase at least $300,000 of protection.
4. Talking about catastrophes. The list of catastrophes and circumstances that are likely to be covered by renters’ insurance is a long one, ranging from “typical” events such as fire, vandalism or theft to things such as damage from frozen pipes or even riots. What often isn’t included is damage from flooding, and insurance experts suggest if you live in a flood-prone area, you’ll need separate coverage.
5. Other things affecting costs. There may be ways to keep your premium costs down. Or drive them up.
Some policies, for example, may give you a discount if your building has a security system - especially if you have it connected to a central station alarm. And then, there’s a lifestyle consideration that might make your coverage pricier - that is, having a dog. Some companies are concerned because of the additional liability of certain dogs that are aggressive in nature.
Additional dog-related insurance costs and whether you get coverage or not depend on the company. Some won’t write a policy if you have a certain type of dog; others will take a look at the risk and evaluate it differently.
Play it safe...If your going to rent, buy insurance.
http://www.ShawnDodson.com
Friday, April 17, 2009
Federal Housing Rescue Plan Launches
The Obama Administration’s program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place.
Six of the nation’s largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing.
Treasury says it is allocating $50 billion to the program. The Department of Housing and Urban Development will provide the rest.
The plan calls for loan servicers to reduce interest rates so a family’s monthly mortgage obligation is no more than 38 percent of its pre-tax income. Loan servicers also can reduce loan balances. After the loans are modified, the government then provides enough money to reduce payments to 31 percent of income.
Participating servicers get $1,000 a year for each modification and another $1,000 a year for three years if the borrower remains current. Servicers get an extra $500 if they do the modifications before the borrower falls behind in his payments—and the borrower gets $1,500. Also, homeowners get $1,000 a year for five years if they remain current on their payments. The money must be used to reduce their principal balances.
Six of the nation’s largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing.
Treasury says it is allocating $50 billion to the program. The Department of Housing and Urban Development will provide the rest.
The plan calls for loan servicers to reduce interest rates so a family’s monthly mortgage obligation is no more than 38 percent of its pre-tax income. Loan servicers also can reduce loan balances. After the loans are modified, the government then provides enough money to reduce payments to 31 percent of income.
Participating servicers get $1,000 a year for each modification and another $1,000 a year for three years if the borrower remains current. Servicers get an extra $500 if they do the modifications before the borrower falls behind in his payments—and the borrower gets $1,500. Also, homeowners get $1,000 a year for five years if they remain current on their payments. The money must be used to reduce their principal balances.
Thursday, April 16, 2009
Foreclosure Activity Increases 9% in First Quarter
RealtyTrac®, one of the leading online marketplaces for foreclosure properties, released its U.S. Foreclosure Market ReportTM for Q1 2009, which shows that foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 803,489 properties in the first quarter, a 9% increase from the previous quarter and an increase of nearly 24% from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 341,180 properties in March, a 17% increase from the previous month and a 46% increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13% from the fourth quarter of 2008 and 3% from February totals.
“In the month of March we saw a record level of foreclosure activity - the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,” said James J. Saccacio, chief executive officer of RealtyTrac. “It’s also likely that the drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It’s very likely that we’ll see the number of REOs increase again now that most of the moratoria have been lifted.”
“On a positive note, it appears that demand is up in some of the harder-hit areas, particularly on bank-owned REO properties that first time homebuyers and investors see as bargains,” Saccacio continued. “But it’s unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates.”
Nevada, Arizona, California post top state foreclosure rates in first quarterNevada continued to document the nation’s highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing - more than five times the national average. Foreclosure filings were reported on 41,296 Nevada properties during the quarter, an increase of 19% from the previous quarter and an increase of nearly 111% from Q1 2008. Bank repossessions in Nevada were down 3% from the previous quarter, but defaults increased 27% and auction sale notices increased 35%.
Arizona posted the nation’s second highest state foreclosure rate for the first quarter, with one in every 54 housing units receiving a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing.
Other states with foreclosure rates ranking among the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Five states account for nearly 60% of nation’s first quarter totalCalifornia, Florida, Arizona, Nevada and Illinois accounted for nearly 60% of the nation’s foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.
With 230,915 properties receiving foreclosure filings during the quarter, California accounted for nearly 29%% of the nation’s total. The state’s foreclosure activity increased 35% from the previous quarter and 36% from Q1 2008, and the first-quarter total was state’s highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005.
Despite a 12% decrease from the previous quarter, Florida’s first quarter total was still second highest in the nation. Foreclosure filings were reported on 119,220 Florida properties, a 36% increase from the first quarter of 2008. The state posted the nation’s fourth highest state foreclosure rate during the quarter, with one in every 73 housing units receiving a foreclosure filing.
Foreclosure filings were reported on 49,119 Arizona properties in the first quarter of 2009, the third highest total among the states, and 41,296 Nevada properties received a foreclosure filing in the first quarter of 2009, the fourth highest total among the states.
Illinois posted the nation’s fifth highest total, with 38,966 properties receiving a foreclosure filing during the first quarter - a 32% increase from the previous quarter and a 68% increase from the first quarter of 2008. With one in every 135 housing units receiving a foreclosure filing, the state’s foreclosure rate also ranked fifth highest among the states.
Rounding out the states with the 10 highest foreclosure activity totals in Q1 2009 were Michigan, Ohio, Georgia, Texas and Virginia.
For more information, visit www.RealtyTrac.com
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Follow me on Twitter: http://twitter.com/JoplinRealtor
Foreclosure filings were reported on 341,180 properties in March, a 17% increase from the previous month and a 46% increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13% from the fourth quarter of 2008 and 3% from February totals.
“In the month of March we saw a record level of foreclosure activity - the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,” said James J. Saccacio, chief executive officer of RealtyTrac. “It’s also likely that the drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It’s very likely that we’ll see the number of REOs increase again now that most of the moratoria have been lifted.”
“On a positive note, it appears that demand is up in some of the harder-hit areas, particularly on bank-owned REO properties that first time homebuyers and investors see as bargains,” Saccacio continued. “But it’s unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates.”
Nevada, Arizona, California post top state foreclosure rates in first quarterNevada continued to document the nation’s highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing - more than five times the national average. Foreclosure filings were reported on 41,296 Nevada properties during the quarter, an increase of 19% from the previous quarter and an increase of nearly 111% from Q1 2008. Bank repossessions in Nevada were down 3% from the previous quarter, but defaults increased 27% and auction sale notices increased 35%.
Arizona posted the nation’s second highest state foreclosure rate for the first quarter, with one in every 54 housing units receiving a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing.
Other states with foreclosure rates ranking among the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Five states account for nearly 60% of nation’s first quarter totalCalifornia, Florida, Arizona, Nevada and Illinois accounted for nearly 60% of the nation’s foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.
With 230,915 properties receiving foreclosure filings during the quarter, California accounted for nearly 29%% of the nation’s total. The state’s foreclosure activity increased 35% from the previous quarter and 36% from Q1 2008, and the first-quarter total was state’s highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005.
Despite a 12% decrease from the previous quarter, Florida’s first quarter total was still second highest in the nation. Foreclosure filings were reported on 119,220 Florida properties, a 36% increase from the first quarter of 2008. The state posted the nation’s fourth highest state foreclosure rate during the quarter, with one in every 73 housing units receiving a foreclosure filing.
Foreclosure filings were reported on 49,119 Arizona properties in the first quarter of 2009, the third highest total among the states, and 41,296 Nevada properties received a foreclosure filing in the first quarter of 2009, the fourth highest total among the states.
Illinois posted the nation’s fifth highest total, with 38,966 properties receiving a foreclosure filing during the first quarter - a 32% increase from the previous quarter and a 68% increase from the first quarter of 2008. With one in every 135 housing units receiving a foreclosure filing, the state’s foreclosure rate also ranked fifth highest among the states.
Rounding out the states with the 10 highest foreclosure activity totals in Q1 2009 were Michigan, Ohio, Georgia, Texas and Virginia.
For more information, visit www.RealtyTrac.com
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Follow me on Twitter: http://twitter.com/JoplinRealtor
$102000 / 3br - Newer Log Home - Sauna - Acreage - FORECLOSURE!
shawndodson@charlesburt.com
http://www.ShawnDodson.com
Wow! This is a great house...AND...now it's cheap! If you're looking for a deal and are in this price range, don't wait another second. This property is over 1700 sq.ft. with 3 bedrooms and 2 bathrooms. This home sits on almost 2 acres and has a working sauna...not to mention it's a really cool home. Call me and get this one before it's gone! It is located in the Webb City area. Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get a list of other foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send! It's easy...just click the email link above.
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer's agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Finally, they know I provide the areas only buyer protection gaurantee (for my clients). Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter at http://twitter.com/JoplinRealtor
http://www.ShawnDodson.com
Wow! This is a great house...AND...now it's cheap! If you're looking for a deal and are in this price range, don't wait another second. This property is over 1700 sq.ft. with 3 bedrooms and 2 bathrooms. This home sits on almost 2 acres and has a working sauna...not to mention it's a really cool home. Call me and get this one before it's gone! It is located in the Webb City area. Email or call me for more information. I will send you a flyer directly to your email for you to review.
Also...email me ASAP and get a list of other foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send! It's easy...just click the email link above.
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer's agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Finally, they know I provide the areas only buyer protection gaurantee (for my clients). Can't beat them odds!
Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Also, get great buyer, seller, and investment tips from my blog at http://shawndodson.blogspot.com/
Follow me on Twitter at http://twitter.com/JoplinRealtor
Tuesday, April 14, 2009
Retail Sales Fall & Much More!
Retail sales fall
The US Commerce Department said total retail sales fell 1.1% last month, even though Economists surveyed by Briefing.com had been expecting an increase of 0.3% in March, compared with February's revised gain of 0.3%. Even without auto sales included, sales fell a surprising 0.9% compared to a revised 1% increase in the measure for February. February ex-auto sales were originally reported to have increased 0.7%. Scott Hoyt, senior director of consumer economics for Moody's Economy.com said economists are surprised: improving sales both in January and February "gave us reason to believe that retail sales were starting to head in a positive direction...we're not sure yet how much of the [sales] weakness is real and how much is based on the Easter shift. There are still lots of weights on consumer spending. The housing market is still weak and we're losing 600,000 or more jobs every month."
Deflation?
The Producer Price Index (PPI), which tracks the changes in selling prices for domestic producers, decreased 1.2% last month - more than expected. A consensus estimate of economists surveyed by Briefing.com had forecast that the index would remain flat on the month. The main driver pushing down the PPI number was the decrease in food and energy prices. The index that measures energy prices plunged 5.5% in March, on the heels of a 1.3% increase in energy prices in February and a 3.7% increase in January. Applying a bit of lipstick to the pig, Anika Khan, economist at Wachovia Economics says, "This report does not put us firmly in the deflation camp. This was a huge drop, clearly, but one month does not necessarily make a trend. What it does tell us is that inflation is not a near-term worry." That sounds to me a bit like the captain on a sinking ship pointing out that he won't have to worry about low flying aircraft anymore.
Economy bottoming out this year?
White House adviser Christina Romer said today that the economy will probably bottom out this year, when the stimulus package starts to kick in: "That stimulus package has just started. We expect it as we go through to 2009 and 2010 to be a big job creator." Asked if she fears a double-dip recession, in which the economy seems to recover after the first dip only to fall again, she said "in terms of the double dip I very much have the sense that policy has been really good in this downturn." I have no idea what that means, and I doubt she does either, but it sounds like a slippery way of saying "if it works, give us the credit, but if it doesn't, it ain't our fault." This stimulus package may be a big job creator and it may not, but I don't see a lot of value added jobs coming out of it, do you?
Who is it that leaves sinking ships again?
CEOs are leaping off the ship in record numbers, according to new data from Challenger, Gray & Christmas. 1,484 CEOs headed for the exits in 2008 -- which works out to an average of six every business day, the most since Challenger first began the survey in 1999. "CEOs are under intense pressure," says John Challenger, CEO of Challenger, Gray, in just a bit of an understatement. While high profile firings make the news, Challenger's research shows that resignation was by far the biggest reason for an empty corner office this year, with 623 either retiring or "stepping down." CNN speculates that while some of the resignations are probably veiled firings, it also may be that a lot of CEOs just don't know how to deal with the economic downturn and just want out. CNN cites a report on the economy from consulting firm BCG, called "Collateral Damage":
"In a study in early December 2008 of about 60 major companies worldwide - long after the creation of TARP and the clear collapse in consumer confidence, mind you -- more than half of the companies had not made any significant changes to their strategic plans. On average, they were assuming no more than a 5% reduction in volume in a year that was already shaping up to be disastrous. "What is striking," the report reads, "is that, outside of the construction and auto industries, many companies are assuming that the crisis will have a very modest impact in 2009."
Now on to our real estate investing education section...
The Role of Lady Luck, Real Life Lessons and Learning in Short Sales
There are three types of investors in every market segment; those with true knowledge and know-how, those with the wisdom to recognize what they don't know and make it a priority to learn from others and those that get lucky once in awhile. Learning how to distinguish one from another is the key to true, lasting success.
Let's face it, more often than not lady luck is often responsible for the majority of profits - and losses. Research indicates a few interesting trends about human nature; most people tend to attribute positive results to their own keen knowledge and know-how while blaming negative results to "luck". In fact, both positive and negative outcomes are equally represented by "luck" including some larger than life fortunes. So, how can a new short sale investor determine if their mentor is truly knowledgeable versus just lucky? Start with these simple clues:
Repeat Results. Luck is just another word for probability - in any given scenario some outcomes are more likely than others. Anyone can get lucky once in awhile but that isn't the same as true knowledge. Think of it like buying a lottery ticket; the probability is x that you will win some type of prize. Sometimes the jackpot is huge and life-changing while other times it is modest. While it might be tempting to think of the jack-pot winner as possessing some type of specialized insight the fact is, they just got lucky. Following the lead of luck rarely yields the same results twice. Savvy short sale investors should search for mentors with a proven - repeated - track record of success.
Investing in Success. True investors rarely shy away from investing in their own success. They clearly understand the risk/reward ratio and constantly use calculations to support their moves and positions in the market. This is not the same as taking unwarranted risk - instead, they have learned to invest in their own success by carefully analyzing each situation and taking proactive steps to maximize outcome and results. The result is a trend toward growth. Look for mentors that are growing their business not downsizing...especially during tough economic times.
They Have a System - Not Secrets. Nearly every successful business prospect of modern history is built on a system - not secrets. That is not to say the system itself doesn't contain proprietary information but it is not the core of the business strategy. Everything from Henry Ford building a better automobile to Google's infamous algorithms demonstrates the importance of a system. Even the success of the fast food industry center around consistent results due to the systematic routine of building the same eating experience and locking in the same prices throughout the nation. Systems can be reproduced - secrets lose their value once shared. Search for short sale mentors with a proven system rather than elusive secrets.
See you at the top!
The US Commerce Department said total retail sales fell 1.1% last month, even though Economists surveyed by Briefing.com had been expecting an increase of 0.3% in March, compared with February's revised gain of 0.3%. Even without auto sales included, sales fell a surprising 0.9% compared to a revised 1% increase in the measure for February. February ex-auto sales were originally reported to have increased 0.7%. Scott Hoyt, senior director of consumer economics for Moody's Economy.com said economists are surprised: improving sales both in January and February "gave us reason to believe that retail sales were starting to head in a positive direction...we're not sure yet how much of the [sales] weakness is real and how much is based on the Easter shift. There are still lots of weights on consumer spending. The housing market is still weak and we're losing 600,000 or more jobs every month."
Deflation?
The Producer Price Index (PPI), which tracks the changes in selling prices for domestic producers, decreased 1.2% last month - more than expected. A consensus estimate of economists surveyed by Briefing.com had forecast that the index would remain flat on the month. The main driver pushing down the PPI number was the decrease in food and energy prices. The index that measures energy prices plunged 5.5% in March, on the heels of a 1.3% increase in energy prices in February and a 3.7% increase in January. Applying a bit of lipstick to the pig, Anika Khan, economist at Wachovia Economics says, "This report does not put us firmly in the deflation camp. This was a huge drop, clearly, but one month does not necessarily make a trend. What it does tell us is that inflation is not a near-term worry." That sounds to me a bit like the captain on a sinking ship pointing out that he won't have to worry about low flying aircraft anymore.
Economy bottoming out this year?
White House adviser Christina Romer said today that the economy will probably bottom out this year, when the stimulus package starts to kick in: "That stimulus package has just started. We expect it as we go through to 2009 and 2010 to be a big job creator." Asked if she fears a double-dip recession, in which the economy seems to recover after the first dip only to fall again, she said "in terms of the double dip I very much have the sense that policy has been really good in this downturn." I have no idea what that means, and I doubt she does either, but it sounds like a slippery way of saying "if it works, give us the credit, but if it doesn't, it ain't our fault." This stimulus package may be a big job creator and it may not, but I don't see a lot of value added jobs coming out of it, do you?
Who is it that leaves sinking ships again?
CEOs are leaping off the ship in record numbers, according to new data from Challenger, Gray & Christmas. 1,484 CEOs headed for the exits in 2008 -- which works out to an average of six every business day, the most since Challenger first began the survey in 1999. "CEOs are under intense pressure," says John Challenger, CEO of Challenger, Gray, in just a bit of an understatement. While high profile firings make the news, Challenger's research shows that resignation was by far the biggest reason for an empty corner office this year, with 623 either retiring or "stepping down." CNN speculates that while some of the resignations are probably veiled firings, it also may be that a lot of CEOs just don't know how to deal with the economic downturn and just want out. CNN cites a report on the economy from consulting firm BCG, called "Collateral Damage":
"In a study in early December 2008 of about 60 major companies worldwide - long after the creation of TARP and the clear collapse in consumer confidence, mind you -- more than half of the companies had not made any significant changes to their strategic plans. On average, they were assuming no more than a 5% reduction in volume in a year that was already shaping up to be disastrous. "What is striking," the report reads, "is that, outside of the construction and auto industries, many companies are assuming that the crisis will have a very modest impact in 2009."
Now on to our real estate investing education section...
The Role of Lady Luck, Real Life Lessons and Learning in Short Sales
There are three types of investors in every market segment; those with true knowledge and know-how, those with the wisdom to recognize what they don't know and make it a priority to learn from others and those that get lucky once in awhile. Learning how to distinguish one from another is the key to true, lasting success.
Let's face it, more often than not lady luck is often responsible for the majority of profits - and losses. Research indicates a few interesting trends about human nature; most people tend to attribute positive results to their own keen knowledge and know-how while blaming negative results to "luck". In fact, both positive and negative outcomes are equally represented by "luck" including some larger than life fortunes. So, how can a new short sale investor determine if their mentor is truly knowledgeable versus just lucky? Start with these simple clues:
Repeat Results. Luck is just another word for probability - in any given scenario some outcomes are more likely than others. Anyone can get lucky once in awhile but that isn't the same as true knowledge. Think of it like buying a lottery ticket; the probability is x that you will win some type of prize. Sometimes the jackpot is huge and life-changing while other times it is modest. While it might be tempting to think of the jack-pot winner as possessing some type of specialized insight the fact is, they just got lucky. Following the lead of luck rarely yields the same results twice. Savvy short sale investors should search for mentors with a proven - repeated - track record of success.
Investing in Success. True investors rarely shy away from investing in their own success. They clearly understand the risk/reward ratio and constantly use calculations to support their moves and positions in the market. This is not the same as taking unwarranted risk - instead, they have learned to invest in their own success by carefully analyzing each situation and taking proactive steps to maximize outcome and results. The result is a trend toward growth. Look for mentors that are growing their business not downsizing...especially during tough economic times.
They Have a System - Not Secrets. Nearly every successful business prospect of modern history is built on a system - not secrets. That is not to say the system itself doesn't contain proprietary information but it is not the core of the business strategy. Everything from Henry Ford building a better automobile to Google's infamous algorithms demonstrates the importance of a system. Even the success of the fast food industry center around consistent results due to the systematic routine of building the same eating experience and locking in the same prices throughout the nation. Systems can be reproduced - secrets lose their value once shared. Search for short sale mentors with a proven system rather than elusive secrets.
See you at the top!
Bargain Foreclosure Property
http://www.ShawnDodson.com
Wow! I have put this out there before...now it's cheaper! If you're looking for a deal and are in this price range, don't wait another second...deals like this don't come around very often. This property is over 3200 sq.ft. with 4 bedrooms and 2 bathrooms. It was initially offered at a great deal for $167,500. You can pick it up for $159,000 or better! I'm telling you...call me now and get this one before it's gone! It is located in the Hickory Hills area. Email or call me for more information.
I will send you a flyer directly to your email for you to review. Also...email me ASAP and get a list of other foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send!
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer's agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Can't beat them odds!
Remember...the name that is on the sign in front of any house or property you want to buy is the agent of the SELLER. Are YOUR best interests on their mind? Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Follow me on Twitter at http://twitter.com/JoplinRealtor
Wow! I have put this out there before...now it's cheaper! If you're looking for a deal and are in this price range, don't wait another second...deals like this don't come around very often. This property is over 3200 sq.ft. with 4 bedrooms and 2 bathrooms. It was initially offered at a great deal for $167,500. You can pick it up for $159,000 or better! I'm telling you...call me now and get this one before it's gone! It is located in the Hickory Hills area. Email or call me for more information.
I will send you a flyer directly to your email for you to review. Also...email me ASAP and get a list of other foreclosure properties in the area emailed directly to you with information and pictures for your review. The more details you give me about what you are looking for...the better list I can send!
Serious buyers and investors are contacting me everyday to help them purchase their new homes and investment property. They do this because they know what others don't. They know that they always need a buyer's agent on their side for every deal they do. They know that I am a foreclosure and distress sell specialist. They know that I offer all of my real estate and negotiation knowledge to them for FREE! Can't beat them odds!
Remember...the name that is on the sign in front of any house or property you want to buy is the agent of the SELLER. Are YOUR best interests on their mind? Put the odds in your favor...contact me TODAY!
Best wishes...talk to you soon!!
Shawn Dodson
Charles Burt Realtors
417.439.7816
http://www.ShawnDodson.com
Follow me on Twitter at http://twitter.com/JoplinRealtor
Monday, April 13, 2009
How Some Can Avoid Foreclosure
A total of 3.2 million foreclosure filings from default notices, auction sale notices and bank repossessions were reported on 2.3 million U.S. properties during 2008, a 225% increase in total properties from 2006, according to HUD statistics.
The challenge to everyday families who typically pay their home payment on time is overwhelming. Double-digit unemployment rates coupled with ever-worsening economic conditions are leaving American families tapped out. Now is the time to implement a strategy because good solutions exist.
So what should homeowners do when they start falling behind on mortgage payments? The most important step to take is to get help early from their mortgage lender. They should be prepared to provide details about their household, such as how much money they earn, all the bills and household costs, such as food, electric, water and even pet expenses.
Some options a lender may offer include:
Deferment-If the problem is short-term they may bring the homeowner’s account up to date and “defer” late payment expenses to the end of your loan. This usually still requires a partial good faith payment.
Repayment Plan-You may be able to catch up on missed payments by creating a schedule for repaying the past-due amounts.
Refinance-Fixed 30-year rates are very low and often can provide the lower payment relief and fresh start that some homeowners need.
Modification-In some cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable. This could include extending the term of your loan up to 40 years, reducing your mortgage interest rate and reducing or deferring your principal balance.
The challenge to everyday families who typically pay their home payment on time is overwhelming. Double-digit unemployment rates coupled with ever-worsening economic conditions are leaving American families tapped out. Now is the time to implement a strategy because good solutions exist.
So what should homeowners do when they start falling behind on mortgage payments? The most important step to take is to get help early from their mortgage lender. They should be prepared to provide details about their household, such as how much money they earn, all the bills and household costs, such as food, electric, water and even pet expenses.
Some options a lender may offer include:
Deferment-If the problem is short-term they may bring the homeowner’s account up to date and “defer” late payment expenses to the end of your loan. This usually still requires a partial good faith payment.
Repayment Plan-You may be able to catch up on missed payments by creating a schedule for repaying the past-due amounts.
Refinance-Fixed 30-year rates are very low and often can provide the lower payment relief and fresh start that some homeowners need.
Modification-In some cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable. This could include extending the term of your loan up to 40 years, reducing your mortgage interest rate and reducing or deferring your principal balance.
Friday, April 10, 2009
Living Life for Less - Get out of Debt and Back in Control
Take Charge of Your Money and Start Saving:
On average, Americans spend $1.22 for every dollar earned according to a recent Federal Reserve study. Budgets provide the financial boundary for us to live within our means. Establishing a household budget to track your monthly spending is the first step in taking charge of your money. It’s empowering to be in charge of your spending instead of sliding further into debt.
Find a system that works for you:
There are many tools and techniques to track expenses. A simple worksheet with sections to track monthly income and expenses is all you need to take charge of your money.
Track it:
Write down everything you spend, so you know where your money is going. Then, you can make smart decisions about what you really need to spend money on and where you can save.
Start a savings cushion:
Start small with a goal of saving five percent of your paycheck in a traditional savings account and another 10% of your paycheck in an emergency fund for unexpected expenses. If you’re getting a federal tax return this tax season, consider using the money to start an emergency fund.
Get the Most Out of Your Money:
Creating a lifestyle that fits your budget is easier once you know where your hard-earned dollars are going every month. Find ways to cut back where you can by reducing everyday expenses and get the most out of your money.
Slash your electric bill by running major appliances like the dishwasher and washing machine during off peak hours.
Save on groceries by planning meals and making a shopping list before you hit the store. Purchase foods that are in season to take advantage of lower prices. Visit discount grocers and try store brands to save even more.
Dine and divide. Seek out less expensive eateries that are more in line with your budget. Split over-sized portions, and the cost of the meal, with a friend. Cut back on dining out and prepare more meals at home.
Downsize Debt:
A recent Gallup poll reports that 50% of consumers intend to reduce their total debt over the next six months. Last year, Americans reached a record of $951 billion in credit card debt with the average household carrying $9,000 in debt.
Eliminating a substantial amount of debt takes time and discipline, but it can be done with the right strategy in place.
Create a debt domino. Focus on the credit card with the highest interest rate and pay as much as you can on that card first, while making at least the minimum payment on your other debts. When one card is paid off, add that amount to the next highest credit card and so on and so on. You’ll pay off your debts faster because you’re applying larger and larger payments. You’ll save on interest, too. Always make more than the minimum monthly payment and make your payments on time to avoid late payment penalties.
Recognize when you need help. Many people ignore the signs of financial distress, not wanting to admit when they need help. Look out for red flags that signal you may have a problem. Paying bills late; transferring balances from one credit card account to another to obtain lower interest rates; depending on overtime at work to cover minimum monthly bills; borrowing from friends and relatives to cover basic living expenses; writing checks and hoping they don’t clear the bank before payday are all signs that you may need to evaluate your financial situation.
There are many options for consumers dealing with debt. The most important thing is to do something about it. If you don’t feel you can tackle the process yourself, there are professional services available to get you back on track.
Seeking Professional Help:
More and more consumers are reaching out to credit counseling professionals to help with their financial woes. Consumers have several options when considering professional credit counseling services, but they should check their providers against certain criteria before seeking their help.
Reputation - Check with the Better Business Bureau to verify that the provider you plan to work with is accredited by the bureau. Also make sure your provider is licensed or authorized to do business in your state. Open book - Your provider should clearly state the services you will receive. Informative - Provides free budget analysis, as well as financial and money education. At your service - Offers one-on-one customer service available with multiple contact methods to meet your needs (online, phone, email). Affordable - Charges limited fees for debt management services, no more than $50 per month, with a minimal upfront fee of no more than $50.
______________________
Want some info on buying and selling real estate? Go to my site at http://www.shawndodson.com/
On average, Americans spend $1.22 for every dollar earned according to a recent Federal Reserve study. Budgets provide the financial boundary for us to live within our means. Establishing a household budget to track your monthly spending is the first step in taking charge of your money. It’s empowering to be in charge of your spending instead of sliding further into debt.
Find a system that works for you:
There are many tools and techniques to track expenses. A simple worksheet with sections to track monthly income and expenses is all you need to take charge of your money.
Track it:
Write down everything you spend, so you know where your money is going. Then, you can make smart decisions about what you really need to spend money on and where you can save.
Start a savings cushion:
Start small with a goal of saving five percent of your paycheck in a traditional savings account and another 10% of your paycheck in an emergency fund for unexpected expenses. If you’re getting a federal tax return this tax season, consider using the money to start an emergency fund.
Get the Most Out of Your Money:
Creating a lifestyle that fits your budget is easier once you know where your hard-earned dollars are going every month. Find ways to cut back where you can by reducing everyday expenses and get the most out of your money.
Slash your electric bill by running major appliances like the dishwasher and washing machine during off peak hours.
Save on groceries by planning meals and making a shopping list before you hit the store. Purchase foods that are in season to take advantage of lower prices. Visit discount grocers and try store brands to save even more.
Dine and divide. Seek out less expensive eateries that are more in line with your budget. Split over-sized portions, and the cost of the meal, with a friend. Cut back on dining out and prepare more meals at home.
Downsize Debt:
A recent Gallup poll reports that 50% of consumers intend to reduce their total debt over the next six months. Last year, Americans reached a record of $951 billion in credit card debt with the average household carrying $9,000 in debt.
Eliminating a substantial amount of debt takes time and discipline, but it can be done with the right strategy in place.
Create a debt domino. Focus on the credit card with the highest interest rate and pay as much as you can on that card first, while making at least the minimum payment on your other debts. When one card is paid off, add that amount to the next highest credit card and so on and so on. You’ll pay off your debts faster because you’re applying larger and larger payments. You’ll save on interest, too. Always make more than the minimum monthly payment and make your payments on time to avoid late payment penalties.
Recognize when you need help. Many people ignore the signs of financial distress, not wanting to admit when they need help. Look out for red flags that signal you may have a problem. Paying bills late; transferring balances from one credit card account to another to obtain lower interest rates; depending on overtime at work to cover minimum monthly bills; borrowing from friends and relatives to cover basic living expenses; writing checks and hoping they don’t clear the bank before payday are all signs that you may need to evaluate your financial situation.
There are many options for consumers dealing with debt. The most important thing is to do something about it. If you don’t feel you can tackle the process yourself, there are professional services available to get you back on track.
Seeking Professional Help:
More and more consumers are reaching out to credit counseling professionals to help with their financial woes. Consumers have several options when considering professional credit counseling services, but they should check their providers against certain criteria before seeking their help.
Reputation - Check with the Better Business Bureau to verify that the provider you plan to work with is accredited by the bureau. Also make sure your provider is licensed or authorized to do business in your state. Open book - Your provider should clearly state the services you will receive. Informative - Provides free budget analysis, as well as financial and money education. At your service - Offers one-on-one customer service available with multiple contact methods to meet your needs (online, phone, email). Affordable - Charges limited fees for debt management services, no more than $50 per month, with a minimal upfront fee of no more than $50.
______________________
Want some info on buying and selling real estate? Go to my site at http://www.shawndodson.com/
Today's Review!
Mortgage rates up, but still low
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) today. For the week ending April 9, 2009, the 30-year fixed-rate mortgage (FRM) averaged 4.87 percent, up from last week when it averaged 4.78 percent. Mind you, last year at this time, the 30-year FRM averaged 5.88 percent. Homeowner affordability should stay at record levels according to Frank Nothaft, Freddie Mac's vice president and chief economist: "Mortgage rates rose slightly this week but still remained historically low," he said. "Given these low rates, housing demand has strengthened. Conventional mortgage applications both for refinancing and for home purchases have increased over the past five consecutive weeks ending April 3.
"Oil demand to drop and stay low
The International Energy Agency (IEA) said world oil demand will drop by 2.4 million barrels per day in 2009, blaming a growing consensus that economic recovery won't take place until next year. It said demand for this year was expected to be 83.4 million bpd, around one million bpd less than in its previous monthly report, a rate of oil demand contraction last seen in the early 1980s. The IEA's report said expectations of a collapse in fuel consumption were not "solely conjecture," and cited early indications of "much lower" demand in developed and non-developed countries for the first quarter of this year. The Organization of the Petroleum Exporting Countries has agreed to reduce supply by 4.2 million bpd since September, but in last month's report, the IEA said even with strict adherence with OPEC supply cuts already in place oil stocks in developed nations won't shrink until the middle of the year, and demand is already expected to contract further.
Goldman Sachs buying out of TARP?
According to a Wall Street Journal report, Goldman Sachs is considering a new stock sale to repay the $10 billion loan it received from the government last year under the Troubled Asset Relief Program (TARP). Goldman could announce the offering to investors as early as next week, the report said and it is expected to be several billion dollars. It's really no wonder, since along with the money came an inquisition, all sorts of obligations, and public humiliation from the same politicians who set the stage for the problem in the first place. If there's one thing worse than bankers with their hands on our money, it's politicians.
Stress Tests pass, and fail
The "stress tests" the administration is conducting on the banks to see how well they would hold up if the recession deepens is under wraps for now, since President Obama asked the banks not to reveal the results until sometime around the end of April. The surprise profit announcement for Wells Fargo may have kicked off a rally yesterday, but the results of the stress tests will probably show that the banks will still need more bailout funds. Regulators say all 19 banks undergoing the exams will pass the tests, but add that no bank CAN fail them, since taxpayers will make sure they stay liquid. And in spite of the recent rally, some analysts say that with the recession, banks are likely to record further large losses on credit cards, corporate loans and real estate. Obama will meet today with Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, and Federal Deposit Insurance Corp Chairman Sheila Bair to discuss the stress tests.
What does $11 Trillion look like?
CNBC has a series of graphics giving viewers a visual of just how deep in a hole we are - or in this case how big of a stack we are. The national debt is shown as a huge stack of greenbacks dwarfing the Dubai Tower (tallest building in the world) and accompanied by the following caption:
US National Debt...$11,046,247,657,049.48 (According to US Treasury Direct, 3/26/09)
The mounting US National debt, growing by billions every day, has recently topped the $11 trillion mark. If denominated in $1 bills, the cash would stack as high as the tallest building in the world, the 2683.7 foot Burj Dubai skyscraper... 1,474,918 times. At this height, it would create a block of bills with a base approximately twice the size of the Empire State Building, which is just under the size of three American football fields. It is also interesting to note that this number is approximately 13 times the amount of US currency in circulation, according to the Treasury bulletin, which lists the amount at $853.6 billion as of December 31, 2008.
Now on to our real estate investing education section
How to Irritate Lenders- Short Sale Newbie Mistakes
With all the benefits to be derived from approving a short sale offer, you might wonder why any bank would rather risk long vacancies, vandalism, months of no mortgage payments and the eventual cost and uncertainty associated with a home going to auction or other foreclosure sale. Believe it or not, most short sale investors simply don't have the know-how to get the job done right. To put it plainly, the lack of professionalism and irritating actions dramatically decrease their odds of obtaining a great investment property.
Badgering. Let's face it, nobody likes to be badgered. Yes, you might be excited by submitting your first short sale offer but resist the urge to call too often or otherwise badger overworked staff. Maintain regular contact and put a system into place.
How Low Can You Go---Not that Low! While lowball offers are expected, don't waste everyone's time by submitting something excessively below the current market value. Keep it realistic and plan to justify the reasons why you think the offer is fair.
Requesting Repairs or Refunds. Although there are exceptions to every rule, short sales are sold 'as-is'. The price should reflect needed repairs - including time and labor. Don't expect the bank, lender or current homeowner to fix or repair anything. Problems that arise after the sale are also your problem so be sure to add in a bit of wiggle room especially if the homeowner plans to occupy the house for some time during or after the sale.
Bad Credit. Yes, they will look. Get your own finances in order and make a point of presenting them in the best light possible.
Threats. Threatening to walk away from a deal, sue or other tactics rarely result in anything more than frustration for everyone involved. Unless a gross degree of misconduct was perpetuate against you related to a federal issues such as discrimination or other similar point, regular day to day mishaps are part of learning how to play the game. It's essential to have a tried and true system in place that maximizes profit while minimizing time.
Homeowners with Assets. Homeowners have to demonstrate their need an inability to pay before a lender will agree to take a major loss. If your homeowner has other assets that could be turned into cash or compensate the lender for a loss then there is a high likelihood your offer will be rejected. Do your homework before blaming the bank - make sure the deal is win-win for all involved or you will likely just waste everyone's time.
See you at the top! Also check out my site at www.ShawnDodson.com
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) today. For the week ending April 9, 2009, the 30-year fixed-rate mortgage (FRM) averaged 4.87 percent, up from last week when it averaged 4.78 percent. Mind you, last year at this time, the 30-year FRM averaged 5.88 percent. Homeowner affordability should stay at record levels according to Frank Nothaft, Freddie Mac's vice president and chief economist: "Mortgage rates rose slightly this week but still remained historically low," he said. "Given these low rates, housing demand has strengthened. Conventional mortgage applications both for refinancing and for home purchases have increased over the past five consecutive weeks ending April 3.
"Oil demand to drop and stay low
The International Energy Agency (IEA) said world oil demand will drop by 2.4 million barrels per day in 2009, blaming a growing consensus that economic recovery won't take place until next year. It said demand for this year was expected to be 83.4 million bpd, around one million bpd less than in its previous monthly report, a rate of oil demand contraction last seen in the early 1980s. The IEA's report said expectations of a collapse in fuel consumption were not "solely conjecture," and cited early indications of "much lower" demand in developed and non-developed countries for the first quarter of this year. The Organization of the Petroleum Exporting Countries has agreed to reduce supply by 4.2 million bpd since September, but in last month's report, the IEA said even with strict adherence with OPEC supply cuts already in place oil stocks in developed nations won't shrink until the middle of the year, and demand is already expected to contract further.
Goldman Sachs buying out of TARP?
According to a Wall Street Journal report, Goldman Sachs is considering a new stock sale to repay the $10 billion loan it received from the government last year under the Troubled Asset Relief Program (TARP). Goldman could announce the offering to investors as early as next week, the report said and it is expected to be several billion dollars. It's really no wonder, since along with the money came an inquisition, all sorts of obligations, and public humiliation from the same politicians who set the stage for the problem in the first place. If there's one thing worse than bankers with their hands on our money, it's politicians.
Stress Tests pass, and fail
The "stress tests" the administration is conducting on the banks to see how well they would hold up if the recession deepens is under wraps for now, since President Obama asked the banks not to reveal the results until sometime around the end of April. The surprise profit announcement for Wells Fargo may have kicked off a rally yesterday, but the results of the stress tests will probably show that the banks will still need more bailout funds. Regulators say all 19 banks undergoing the exams will pass the tests, but add that no bank CAN fail them, since taxpayers will make sure they stay liquid. And in spite of the recent rally, some analysts say that with the recession, banks are likely to record further large losses on credit cards, corporate loans and real estate. Obama will meet today with Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, and Federal Deposit Insurance Corp Chairman Sheila Bair to discuss the stress tests.
What does $11 Trillion look like?
CNBC has a series of graphics giving viewers a visual of just how deep in a hole we are - or in this case how big of a stack we are. The national debt is shown as a huge stack of greenbacks dwarfing the Dubai Tower (tallest building in the world) and accompanied by the following caption:
US National Debt...$11,046,247,657,049.48 (According to US Treasury Direct, 3/26/09)
The mounting US National debt, growing by billions every day, has recently topped the $11 trillion mark. If denominated in $1 bills, the cash would stack as high as the tallest building in the world, the 2683.7 foot Burj Dubai skyscraper... 1,474,918 times. At this height, it would create a block of bills with a base approximately twice the size of the Empire State Building, which is just under the size of three American football fields. It is also interesting to note that this number is approximately 13 times the amount of US currency in circulation, according to the Treasury bulletin, which lists the amount at $853.6 billion as of December 31, 2008.
Now on to our real estate investing education section
How to Irritate Lenders- Short Sale Newbie Mistakes
With all the benefits to be derived from approving a short sale offer, you might wonder why any bank would rather risk long vacancies, vandalism, months of no mortgage payments and the eventual cost and uncertainty associated with a home going to auction or other foreclosure sale. Believe it or not, most short sale investors simply don't have the know-how to get the job done right. To put it plainly, the lack of professionalism and irritating actions dramatically decrease their odds of obtaining a great investment property.
Badgering. Let's face it, nobody likes to be badgered. Yes, you might be excited by submitting your first short sale offer but resist the urge to call too often or otherwise badger overworked staff. Maintain regular contact and put a system into place.
How Low Can You Go---Not that Low! While lowball offers are expected, don't waste everyone's time by submitting something excessively below the current market value. Keep it realistic and plan to justify the reasons why you think the offer is fair.
Requesting Repairs or Refunds. Although there are exceptions to every rule, short sales are sold 'as-is'. The price should reflect needed repairs - including time and labor. Don't expect the bank, lender or current homeowner to fix or repair anything. Problems that arise after the sale are also your problem so be sure to add in a bit of wiggle room especially if the homeowner plans to occupy the house for some time during or after the sale.
Bad Credit. Yes, they will look. Get your own finances in order and make a point of presenting them in the best light possible.
Threats. Threatening to walk away from a deal, sue or other tactics rarely result in anything more than frustration for everyone involved. Unless a gross degree of misconduct was perpetuate against you related to a federal issues such as discrimination or other similar point, regular day to day mishaps are part of learning how to play the game. It's essential to have a tried and true system in place that maximizes profit while minimizing time.
Homeowners with Assets. Homeowners have to demonstrate their need an inability to pay before a lender will agree to take a major loss. If your homeowner has other assets that could be turned into cash or compensate the lender for a loss then there is a high likelihood your offer will be rejected. Do your homework before blaming the bank - make sure the deal is win-win for all involved or you will likely just waste everyone's time.
See you at the top! Also check out my site at www.ShawnDodson.com
Thursday, April 9, 2009
Economy Beginning to Turn?
Banking sector improving -- hmmmm.
In a glimmer of hope for the banking sector, Wells Fargo shares soared nearly 32% in early market trading on Thursday on news that it had a better-than-expected profit of approximately $3 billion in the most recent quarter. Wells Fargo attributed the latest results to strong performances in its traditional banking and mortgage businesses. The news sent bank stocks higher across the board -- including Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley -- driving the Dow up over 200 points in early trading.
Economy beginning to turn?
According to the Wall Street Journal, there's a growing body of evidence that the economy is beginning to make a cyclical turn: wholesale inventories fell by the largest increment on record, and the inventory-to-sales ratio, the most direct measure of supply and demand in the economy, showed that the latter is gradually catching up with the former. Treasury prices declined, with the 10-year note sliding 16/32 to yield 2.921%, oil prices gained and gold prices fell, while the dollar strengthened against the yen and the euro.
Unemployment numbers slow, but unemployment stays high
If jobs were dollars, this would sound a lot like the national deficit, except that unfortunately the president can't just print more jobs to make up for it. The number of people filling for unemployment benefits dipped to 654,000, but continuing claims hit a record high. In the week ended April 4, a total of 654,000 people filed initial jobless claims, lower than the previous week's upwardly revised 674,000, the Labor Department reported. The 4-week moving average of people filing initial claims for unemployment benefits was 657,250, a decrease of 750 from the previous week's revised average of 658,000. A consensus estimate of economists polled by Briefing.com expected 660,000 first-time filers last week.
Trade deficit shrinking
A new government report reveals that the U.S. trade deficit shrank in February by 28.3% to its smallest level since November 1999 as imports slowed and exports grew slightly in the face of shrinking global demand. The monthly trade gap dropped to $26 billion, down more than $10 billion from the revised $36.2 billion deficit in January, and about $10 billion less than Wall Street economist polled by Reuters had forecast. The February percentage drop was the steepest since a 34.9% fall in October 1996. Overall world trade is expected to fall this year for the first time since 1982 as businesses and consumers cut back on spending in response to growing job losses and a continuing credit crisis. Imports fell across all major categories, with crude oil imports falling to $39.22 from $39.81 the prior month. Exports increased slightly across all major categories: food, feed and beverages, industrial supplies, capital goods, automotive and consumer goods.
What to do with toxic assets?
As part of its plan to sell toxic assets, the Obama administration is encouraging several large investment companies to create bailout funds, not unlike the war bonds sold to finance WW II. Well, except that one was for a noble cause and the other is for banks... The idea is to share the risk, and give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars. Or lose, and there's the rub. If, as some analysts suspect, the banks' assets are worth even less than believed, the funds' investors could lose.
Berkshire Hathaway downgraded
Tell me it ain't true! Berkshire Hathaway, the legendary company owned by Warren Buffett, has lost its coveted top-level credit rating from Moody's Investors Service. Moody's downgraded Berkshire by two notches to Aa2 from Aaa, claiming that severe stock price declines and the U.S. recession have weakened National Indemnity Company -- an important Berkshire reinsurance subsidiary. Moody's says the outlook for its rating is now stable and says it has no plans to make further cuts over the next 12 to 18 months. Before we all panic, hedge fund manager Whitney Tilson said that the Moody's downgrade will have no effect on Berkshire's holdings, and only a very small potential impact on its earnings. It may face slightly higher borrowing costs, but Tilson notes that Berkshire has lots of cash and doesn't do much borrowing anyway.
Now on to our real estate investing education section...
Delays - Why the Long Wait Just ask any real estate or short sale investor about the most frequently overheard complaint would be and you are certain to receive the same answer - long waits. Lenders tend to take their time when reviewing and approving a short sale offer. Some are certainly better than others but as the short sale arena goes into overdrive, savvy short sale investors would do well to understand what is taking place behind the delays and how to address the most common causes.
1. Multiple offers. One of the main reasons for a lender to take their precious time before approving a short sale is to consider multiple offers. Homeowners are increasingly entertaining several short sale offers in an attempt to get the best deal and maximize the likelihood of sealing a deal on their own timing. Ask homeowners if they are currently entertaining other offers or plan to do so in the future. Many short sale investors require contracts stipulating they are the only current offer on the table.
2. Lack of staff. Many banks are simply short on staff and unable to keep up with growing demand. Make it easy on overwork workers in every way possible; not only will they appreciate the reduced work but it certainly helps to present your offer in the best light possible.
3. Failure of the homeowners to prove financial hardship. Keep the lines of communication open and help the homeowner provide the appropriate paperwork in a timely manner. While it might seem a bit obvious, don't expect every homeowner to have the motivation required to follow-up even on something that is likely to help their own situation. Many people simply shut-down when overwhelmed.
4. Lack of other offers. While entertaining multiple offers is more frequently the cause of delays when processing short sale offers, the lack of any other offers especially on an otherwise, "attractive" property may also result in longer approval times or outright procrastination on the part of the lender. It's not uncommon to encounter a lender that rejects a short sale offer only to receive a lower net when a property goes to auction. Depending on your personal level of chutzpah, you may opt to date an offer then return with even lower offers until the property is accepted or rejected but don't expect threats to make any appreciable difference in the responsiveness - or lack thereof - of the lender. In fact, rather than speed things up you are probably more likely to get on the last nerve of some overworked bank employee. Either way, remain analytical and don't fall in love with any one house or property...remember, it's a numbers game.
See you at the top...or at my website www.ShawnDodson.com !
In a glimmer of hope for the banking sector, Wells Fargo shares soared nearly 32% in early market trading on Thursday on news that it had a better-than-expected profit of approximately $3 billion in the most recent quarter. Wells Fargo attributed the latest results to strong performances in its traditional banking and mortgage businesses. The news sent bank stocks higher across the board -- including Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley -- driving the Dow up over 200 points in early trading.
Economy beginning to turn?
According to the Wall Street Journal, there's a growing body of evidence that the economy is beginning to make a cyclical turn: wholesale inventories fell by the largest increment on record, and the inventory-to-sales ratio, the most direct measure of supply and demand in the economy, showed that the latter is gradually catching up with the former. Treasury prices declined, with the 10-year note sliding 16/32 to yield 2.921%, oil prices gained and gold prices fell, while the dollar strengthened against the yen and the euro.
Unemployment numbers slow, but unemployment stays high
If jobs were dollars, this would sound a lot like the national deficit, except that unfortunately the president can't just print more jobs to make up for it. The number of people filling for unemployment benefits dipped to 654,000, but continuing claims hit a record high. In the week ended April 4, a total of 654,000 people filed initial jobless claims, lower than the previous week's upwardly revised 674,000, the Labor Department reported. The 4-week moving average of people filing initial claims for unemployment benefits was 657,250, a decrease of 750 from the previous week's revised average of 658,000. A consensus estimate of economists polled by Briefing.com expected 660,000 first-time filers last week.
Trade deficit shrinking
A new government report reveals that the U.S. trade deficit shrank in February by 28.3% to its smallest level since November 1999 as imports slowed and exports grew slightly in the face of shrinking global demand. The monthly trade gap dropped to $26 billion, down more than $10 billion from the revised $36.2 billion deficit in January, and about $10 billion less than Wall Street economist polled by Reuters had forecast. The February percentage drop was the steepest since a 34.9% fall in October 1996. Overall world trade is expected to fall this year for the first time since 1982 as businesses and consumers cut back on spending in response to growing job losses and a continuing credit crisis. Imports fell across all major categories, with crude oil imports falling to $39.22 from $39.81 the prior month. Exports increased slightly across all major categories: food, feed and beverages, industrial supplies, capital goods, automotive and consumer goods.
What to do with toxic assets?
As part of its plan to sell toxic assets, the Obama administration is encouraging several large investment companies to create bailout funds, not unlike the war bonds sold to finance WW II. Well, except that one was for a noble cause and the other is for banks... The idea is to share the risk, and give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars. Or lose, and there's the rub. If, as some analysts suspect, the banks' assets are worth even less than believed, the funds' investors could lose.
Berkshire Hathaway downgraded
Tell me it ain't true! Berkshire Hathaway, the legendary company owned by Warren Buffett, has lost its coveted top-level credit rating from Moody's Investors Service. Moody's downgraded Berkshire by two notches to Aa2 from Aaa, claiming that severe stock price declines and the U.S. recession have weakened National Indemnity Company -- an important Berkshire reinsurance subsidiary. Moody's says the outlook for its rating is now stable and says it has no plans to make further cuts over the next 12 to 18 months. Before we all panic, hedge fund manager Whitney Tilson said that the Moody's downgrade will have no effect on Berkshire's holdings, and only a very small potential impact on its earnings. It may face slightly higher borrowing costs, but Tilson notes that Berkshire has lots of cash and doesn't do much borrowing anyway.
Now on to our real estate investing education section...
Delays - Why the Long Wait Just ask any real estate or short sale investor about the most frequently overheard complaint would be and you are certain to receive the same answer - long waits. Lenders tend to take their time when reviewing and approving a short sale offer. Some are certainly better than others but as the short sale arena goes into overdrive, savvy short sale investors would do well to understand what is taking place behind the delays and how to address the most common causes.
1. Multiple offers. One of the main reasons for a lender to take their precious time before approving a short sale is to consider multiple offers. Homeowners are increasingly entertaining several short sale offers in an attempt to get the best deal and maximize the likelihood of sealing a deal on their own timing. Ask homeowners if they are currently entertaining other offers or plan to do so in the future. Many short sale investors require contracts stipulating they are the only current offer on the table.
2. Lack of staff. Many banks are simply short on staff and unable to keep up with growing demand. Make it easy on overwork workers in every way possible; not only will they appreciate the reduced work but it certainly helps to present your offer in the best light possible.
3. Failure of the homeowners to prove financial hardship. Keep the lines of communication open and help the homeowner provide the appropriate paperwork in a timely manner. While it might seem a bit obvious, don't expect every homeowner to have the motivation required to follow-up even on something that is likely to help their own situation. Many people simply shut-down when overwhelmed.
4. Lack of other offers. While entertaining multiple offers is more frequently the cause of delays when processing short sale offers, the lack of any other offers especially on an otherwise, "attractive" property may also result in longer approval times or outright procrastination on the part of the lender. It's not uncommon to encounter a lender that rejects a short sale offer only to receive a lower net when a property goes to auction. Depending on your personal level of chutzpah, you may opt to date an offer then return with even lower offers until the property is accepted or rejected but don't expect threats to make any appreciable difference in the responsiveness - or lack thereof - of the lender. In fact, rather than speed things up you are probably more likely to get on the last nerve of some overworked bank employee. Either way, remain analytical and don't fall in love with any one house or property...remember, it's a numbers game.
See you at the top...or at my website www.ShawnDodson.com !
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