I changed my mind - TAKE IT BACK!

Wow! What a great time everyone had at the barbeque! Wish everyone could have been there. We had around 60 people attend - the bounce house and the barbeque were the biggest hits of the night. The goal of the evening was to thank all of my clients for their continued support and loyalty. I know that it was a success!

The goal of any sale is the actual closing. The Buyers and the Sellers meeting at a predetermined location to exchange and sign many legal documents the most important of which is , well, the money. I have found that lending has definately tightened up substantially. I posted earlier some of the newer tiers of credit requirements.

My current frustration is focused on the lack of respect of the official contract. Buyers need to remember that when they put an offer on the table and it is accepted - IT IS A LEGAL CONTRACT! This document requires that you buy the home. If you change your mind you may be opening yourself up to a bunch of legal issues. Make certain this is the home for you before setting those expectations. If the inspection is that important to you ask if you can inspect the home prior to placing an offer on the home. You may loose more than just your earnest money if you back out!!

Junk mail is paying off!

I have decided to not send out junk mail! I stopped a year ago. Now don't get me wrong. I still send out the ever so expected listing mailers and advertisements to prospective buyers. I just stopped sending out ego driven marketing to remind old clients how awesome I am. It's the truth. Our industry is known for "look at me" advertising.

Look at me......

I'm on a shopping cart! I'm in your mailbox! I'm on your pencils!

you get the drift. The philosophy, I guess, is to keep your REALTOR (or my face) in your mind all the time. I read that book. Didn't like it!

This month I am having a blow out party for my clients! Yep, the works - tent, drinks, musician, bounce house, catering. I mean to tell ya, it is going to be a blast. I am hoping that this will stay in their mind more than a frisbee or refridgerator magnet. This is my junk mail payoff. Instead of accepting my hundreds or thousands of dollars of junk in the mail. How about a night of fun! It pays to be a Rose Realty VIP!!

IS YOUR HOME UPSIDE DOWN?

Weary homeowners finding it tough to qualify for federally sponsored mortgage assistance programs are increasingly contemplating whether or not to consider the short sales route instead. While short sales have certainly assisted many homeowners in resolving their debt burdens, there are pros and cons to consider. Below are some of the most critical questions to answer before deciding whether to short sale your home or not…

1. Can you afford to keep your current home? Is your current economic situation a question or weeks or months/years? Depending upon your specific situation you may be able to delay or make partial payments for a few months by contacting your current mortgage service department. On the other hand, if you have been permanently downsized, disabled or are facing other longer term economic problems, it is a good idea to grapple with reality sooner rather than later; by addressing the problem early you have more choices.

2. Do you want to keep your current home? Sometimes situations change. Marital status, children leaving home (or coming home), job change, health or other events make a once desirable home little more than an ongoing headache. Evaluate your present property to make sure it is still a good fit before deciding whether to keep it or sell.3. Can you handle your other debt obligations? Short sales are often a great alternative to thos

e seeking to avoid bankruptcy or planning to restructure their debt obligations.

4. Do you owe more on the home than it is worth? Unfortunately, declining real estate values combined with variable interest rate loans, teaser loans or other hybrid mortgages have created a situation where many homeowners now owe more than the current market value of the home. In many cases, tens of thousands of dollars more. Make it a priority to determine whether it is worth the long term cost of paying down a high mortgage or saving for retirement, college and other expenses for the family.

5. Are you unable to refinance or gain more favorable terms? Not only have home values plummeted in many parts of the nation but rising unemployment rates, tighter lending standards and higher debt to income ratios caused by re-setting interest rates on ARMS have resulted in the perfect debt storm. Homeowners are increasingly unable to obtain favorable refinance terms.

6. Do you desire a relatively fast sale? Due to the downturn in the economy and backlog of existing home sales, there is a large inventory of homes on the market. Those that seriously wish to sell must price right and work aggressively to position their home for a fast sale. Many short sale investors are already pre-qualified and able to purchase the property as soon as the bank approves the offer. While a short sale isn’t “instant” (45-90 days), they are generally much faster than the current sales period for a regular MLS listing (6 to 12 months).

7. Do you want to avoid fixing the property in anticipation of a sale? Few things are worse than being forced to spend money in order to sell a property below the price you originally paid. Short sale investors routinely purchase properties in “as is” condition saving you the time and money required to put the property up for sale in the traditional manner.