Archive for December, 2008
GIVING BACK
I recently joined Cactus Country Property Professionals. The main reason I liked this brokerage was it’s owner, Maureen Karpinski. She’s the genuine article. She has been in the real estate business for many years and had worked for a large real estate company as well. Maureen is totally dedicated to helping those in need, i.e., children in the government protective services sector.
Maureen has dedicated her life to helping children in need. Recently, I contacted an organization that puts together kids “aging out of the sytem” here in Phoenix into what they call a “Community Advisors” program. I have gone through an extensive background check as well as a training session so that I too can make a difference in a young person’s life. Most of these kids have been in foster care their entire life. Whether shuffled from home to home or living in a group home, they do not possess the skills necessary to function outside of the system that has provided for them most of their lives. At the age of 18, they are turned out into the world to fend for themselves. Those who wish to continue their education are encouraged to do so, but must be in the Community Advisor program and prove that they are indeed going to school and/or working toward being an independent adult and self-suficient. The children (young adults) that agree to become part of the Community Advisor program continue to be supported by the State until such time as they graduate or turn 21. Maureen also donates up to $500 per closed transaction toward her Love House program. Because it is not for profit, they accept tax deductible donations.
I believe these kids are our future and we must take care of them so that they can take care of us. If you are interested in this program and you live in the Metropolitan Phoenix area, feel free to contact me and I can give you the contact information. There are so many kids that need our help. Won’t you please open your heart?
BEWARE LOAN MODIFICATION SCAMS
Just as there were predatory lenders, we are now seeing preditory loan modification practices. I have first hand knowledge of this. A woman I know was facing foreclosure. She was referred to a lender who told her for $1,800.00 upfront he would stop the foreclosure and negotiate a loan modification directly with her lending institution. Well, he telephoned her three days ago and told her that he was unsucessful and she would have to be out of her home by Tuesday, December 29th. Not only that, he told her for an additional $5,500 he could take care of it. This is shameful! This guy totally took advantage of this woman. She’s a single mom who works in the healthcare field — her mother lives with her as well.
I told her to check her “contract” to see if there’s a clause about refunding her money if he is unsuccessful. There was not. PLEASE, PLEASE get the name of a reputable loan officer to handle your modification issues. They should offer a full refund if they are unsuccessful. Actually, when you first meet with this individual, he/she should be able to tell you immediately if they feel they will be successful. I have it on good authority that any loan officer worth their salt will not take your case if they don’t think they can be successful. The modifications are extremely time consuming. Their ability to make money should depend on their success rate, not on how many people they can get to pay upfront with no guarantees. You should also look for someone who has experience in this area, i.e., working within a financial insitution doing debt consolidation or loss mitigation.
BEWARE of these unscrupulous individuals. However emotional this whole process is for you, get your thoughts together and don’t just jump at the first opportunity. Make calls, get a referral from a reputable individual. Many realtors know people who are honestly trying to help so don’t feel that you are alone.
I personally know two gentlemen who are doing loan modifications and both can be trusted. Let me know if you need assistance, I’d be happy to help!
WHY ARE BUYERS WAITING AND SHOULD THEY?
Do you have a buyer who is fence sitting?
Because different parts of the country are experiencing various levels of price declines when it comes to real estate values, you must check your local area. There are cities in metro Phoenix that have declined more than 50% and then there are areas such as Scottsdale that have not seen as much of a decline. If you are waiting to buy to see if the prices will drop more, you may miss the boat. Because inventory is high right now, that is partially why the prices are lower. When people start buying again, the prices will go up accordingly. In addition, keep in mind that Phoenix is the 2nd largest growing city in the country.
Loan are being closed every day. However, there are tighter regulations. No more “no doc” loans and there are some programs out there that will help with down payment assistance. However, if you have bad credit, that may be an issue and something you need to discuss with your lender. We are back to the days of buying a home if you have the money set aside to make a down payment. This is a good thing. We certainly don’t want this mortgage meltdown again.
Be sure that if you have already started to look for a home or are thinking about it, you really should contact a lender to know what you can afford. This may narrow down your options as far as the area(s) you are looking into. This will put you one step ahead.
Bottom line is, if you are waiting to see if the prices drop more, you may just miss the boat altogether. If you find a home and it’s everything you want and can afford, then take the next step. This is actually a really good time to buy!
SKIING IN THE WHITE MOUNTAINS OF ARIZONA
Are you thinking of heading up north to ski?
I was just in Show Low. The drive there was beautiful. There’s plenty of snow on the rim and through Forest Lakes. It’s a true winter wonderland. When you get into Heber/Overgaard there is minimal snow and Show Low is about the same. There was snow on the golf course, but with yesterday’s 40 degrees, I’m sure much has melted.
However, Sunrise in Pinetop/Lakeside is open and there’s plenty of snow there. So pack your skis and/or snowshoes and head up north. It was so quiet on Friday and Saturday morning, but I’m sure the holiday will bring plenty of outdoor lovers to the area.
There are plenty of wonderful places to stay and enjoy the winter weather.
NYC EATERIES & SHOPPING
Some Great Food In NYC
I just returned from my yearly trip to NYC. I have gone every year for the past 5 years at this time. It is wonderful time to visit. The food is great, shopping is fantastic and the energy in this city at Christmas is unbeatable!
We ate at some terrific places. For Greek food, try Uncle Nick’s on 9th Avenue in Hell’s Kitchen. Reasonable fare and the Moussaka is some of the best I’ve had. In Little Italy try Il Palazzo on Mulberry Street. It’s like being in a cafe in Italy. Very charming and pleasant staff. In Manhattan, near to the Waldorf Astoria on Lexington is a Japanese restaurant called Ise that is filled with Japanese patrons…a true sign of good food! We travelled for the first time to Brooklyn where we ate at Peter Lugers. I was less than impressed, Sparks Steakhouse in Manhattan is much better, although the atmosphere in Brooklyn is interesting. For brunch I recommend Norma’s at the Le Meridian Hotel. The portions are large and it is pricey, but well worth it. The coffee is french pressed and the juice fresh squeezed.
The shopping this year was amazing. The retailers are doing DEEP discounting. I normally shop at Bloomindale’s and Saks Fifth Avenue. There was so much merchandise in the Manhattan Bloomingdale’s that I went to SoHo to the smaller store and found some terrific buys. The buys were in every department and the stores were packed. Lots of bargains to be had if you can afford to shop this year.
We saw Grease on Sunday night. Not the best production I’ve seen in NYC, but it was fast moving and Ace Young is easy on the eyes.
LOAN MODIFICATIONS
More Information On Loan Modifications
I have spoken with two lenders that I know are reputable and have lawyers working with them. In addition, they offer a “money back guarantee”. This means if they are unable to help you, you don’t have to pay. There are many caveats to this process. It is critical that you hire someone who knows what they are doing. Yes, you could try to do it yourself, however a reputable lender might be able to negotiate a better outcome for you so that you don’t default again down the road. Take a deep breath and do this the right way, you may not get another chance. If you’ve negotiated with your bank already, there may be no turning back.
We must be better consumers. This continues to be a time of uncertainty and you cannot trust your most valuable asset (your home) to just anyone. Remember anything worth having requires work!
SEND OUT CARDS
How Send Out Cards Can Help You Stay In Touch
This is a wonderful opportunity for you to connect/reconnect with people. Everyone likes to receive cards and Send Out Cards has a tremendous selection in all categories. I encourage you to visit the site that I’ve linked to and please contact me so that I can get you started. As a distributor, I would be able to allow you to send a couple of card on a trial basis. So, what are you waiting for? Call me — 602/672-4553.
FOUR CHRISTMASES
Review Of Four Christmases
Last weekend I went to see the movie Four Christmases with Vince Vaughn and Reese Witherspoon. A very funny movie to say the least. I love movies at this time of the year that make fun of the craziness within many families celebrating the holidays. All the actors did a good job and I’m sure many people can relate to the situations presented at each of the Four Christmases. Reese Witherspoon is too cute and even in her 4 inch stilletos, Vince Vaughn towered over her.
The theatre was packed and I’m glad to see people out enjoying themselves during the holidays. Go out to the movies….don’t watch the news! Happy Holidays and enjoy the show.
LOAN MODIFICATION
Do You Qualify For Mortgage Loan Modification?
Do you qualify for a mortgage loan modification? That all depends on your circumstances. This would be a better alternative, if your circumstances qualify, than letting your home go into foreclosure. A number of the lending institutions will work with you and/or your representative toward a satisfactory solution as they don’t want your home back. You’ll have to prove a hardship and that’s where someone like Avery Maxwell comes in. He has a spreadsheet that outlines all of the necessary details that need to be addressed. In addition, he will counsel you on what the bank is looking for as far as your monthly outlay of expenses. You must remember that the bank that holds your mortgage is only interested in your ability to pay them, not your car loan, credit card payments, etc. and these are things to discuss with Avery.
Perhaps you were unemployed for awhile and fell behind on your mortgage payments. You feel that you’re so overwhelmed and don’t know where to turn. This would be something that you’d contact Avery Maxwell about. He is most interested in helping those folks whose primary residence is at risk — where he feels that his services are best utilized. I found him to be a bright and dedicated professional. So, if you are in need of counsel, give him a call.
Most realtors just want your listing. However, I feel that we all need to come together to bring this craziness to an end. Unscrupulous lending practices as well as bad real estate purchase decisions have created an environment of distrust in the industry and as a real estate professional I would like to be part of the solution.
I personally would like to see that people are able to stay in their homes and perhaps at some later date when things have calmed down, then these individuals would be ready to make a move. I would be more than happy to talk to anyone who needs advice. Helping people is the best part of my work.
RETURN ON INVESTMENT
If you have remodeled, or are thinking about it, here’s how you
Even in a market that doesn’t seem to have seen the bottom in some areas, people who are deciding to stay put for the time being can rest assured that should they improve on what they have they will reap the benefits. Of course, there are exceptions to every rule and this one being that if you are living in the midwestern part of the United States, it is tougher to get your money back.
However, for the most part you can expect to get a return on your investment — depending on your geographic location – for improvements made in kitchens, bathrooms, window replacement, flooring, siding and outdoor decks.
The website I’ve linked gives you actual percentages in various metropolitan areas. But remember, when doing any home improvement project you should ask yourself why you are doing it. Is it because you will reap the benefits as well or are you just looking at the bottom line. If you will enjoy the fruits of your labors then I think that speaks volumes about whether or not you should take the plunge. In these tough real estate times, if you are able to stay in your home and make improvements to better your lifestyle and in the long run your potential to make money, then do it!
