Daily Real Estate News | February 19, 2009 | Share
The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
Source: REALTOR® Magazine Online
Friday, February 20, 2009
Thursday, February 12, 2009
The Photo Copy Nazi
Today I was going to run in to Fed Ex Kinko’s to make some real estate flyers.
Sellers like to have fresh color flyers attached to the For Sale sign in their yard describing the wonderful things about their home. They know that those buyers will see the lovely pictures, fall in love and purchase their home at full price.
Buyers like to take them out, check the details they are interested in, and eliminate that home from their wish list. A lot of Buyers that I have worked with love them and think you are more professional if you have them.
A lot of REALTOR’S say don’t put the flyers out in the boxes. Their theory is that a buyer will look at the details on the paper and if it is not what they have in mind they will toss it aside; wasting paper, effort and a potential lead. They believe a buyer will drive by and say, “Honey call that number and see how much it is.” Then if it is out of their range the helpful realtor can say “I have one over in YourPriceVilla that I can show you in just 30 minutes.” Thus you have captured the lead. You have a phone number and a potential buyer. Poor seller, He is just out of luck. But he was anyway. They couldn’t buy his house.
So if his house won’t sell, well, you are still getting paid.
So I was at Kinko’s pleasing my seller by making flyers. Now this is a very simple procedure. You put your discount card in the slot. It is ejected. Then you put your credit card in that same slot. Not hard. Then you feed your paper in at the top. You push 25 (if that is how many you want) and then start. Now I am sure most 5th graders could do it. I have done it almost every week for two years. And like magic, the copier prints one, you push start again and out come the other 24 copies.
Not today.
I put in the discount card. Then I put in my credit card. I laid the photo paper in the feeder and all of a sudden disturbing my little world, a clerk walking quickly to the machine said, “Are you finished?”
“No, I just started but I won’t be long.”
I pushed the 25 copies, then the start button and got an error message.
I turned to her and said. “I am getting an error message.”
“Did you put the card in. It has to have a card.”
“Yes” I pushed the button to release the card to prove to her accusing eye that I had in fact done the deed.
“Now put it back in.”
“I will as soon as I run my discount card first.”
She stood there like it was taking 30 minutes instead of 30 seconds.
She grabbed the paper off the top feeder and frantically said, “Oh you aren’t supposed to put it in there. That is card stock and you never put that in at the top. You are supposed to open it up and lay it here.”
I kept it to myself that it was not card stock. I don’t know what training she had but it was clear she must have earned a PHD in photocopy science. But somehow they missed telling her about Photo paper.
She tried a couple of times her perfect way while assuring me that the machine was fine and it was totally my fault, and indicated that on the hundred previous occasions of my successful copying, in this way, that I had “just gotten away with it.”
Having had enough, I calmly told her that I would come back when she was less grumpy.
That got her attention. She gave me that professional smile, that so I don’t lose it smile and said.”I'm not being grumpy".
I calmly said, “Yes, you are”.
"I will just go the Memorial store".
So I drove to the Memorial store. I had to go that way to get to my listing anyway.
Guess what? I went in. I put my discount card in the slot. Then I put my credit card in the slot. I placed the paper(that exact same photo paper) in the feeder. I pushed the 25 and start. Guess what?
It made the one copy. I pushed start again and it made the other 24. Just like other every other time.
So if you are ever in Kinko’s and you’ve just begun to make copies and some one with a badge wants to know if you’re finished; just say yes, release your card and let them deal with what ever is wrong with the machine.
When they are all finished, if there is a problem, they should have it all ready for you.
Sellers like to have fresh color flyers attached to the For Sale sign in their yard describing the wonderful things about their home. They know that those buyers will see the lovely pictures, fall in love and purchase their home at full price.
Buyers like to take them out, check the details they are interested in, and eliminate that home from their wish list. A lot of Buyers that I have worked with love them and think you are more professional if you have them.
A lot of REALTOR’S say don’t put the flyers out in the boxes. Their theory is that a buyer will look at the details on the paper and if it is not what they have in mind they will toss it aside; wasting paper, effort and a potential lead. They believe a buyer will drive by and say, “Honey call that number and see how much it is.” Then if it is out of their range the helpful realtor can say “I have one over in YourPriceVilla that I can show you in just 30 minutes.” Thus you have captured the lead. You have a phone number and a potential buyer. Poor seller, He is just out of luck. But he was anyway. They couldn’t buy his house.
So if his house won’t sell, well, you are still getting paid.
So I was at Kinko’s pleasing my seller by making flyers. Now this is a very simple procedure. You put your discount card in the slot. It is ejected. Then you put your credit card in that same slot. Not hard. Then you feed your paper in at the top. You push 25 (if that is how many you want) and then start. Now I am sure most 5th graders could do it. I have done it almost every week for two years. And like magic, the copier prints one, you push start again and out come the other 24 copies.
Not today.
I put in the discount card. Then I put in my credit card. I laid the photo paper in the feeder and all of a sudden disturbing my little world, a clerk walking quickly to the machine said, “Are you finished?”
“No, I just started but I won’t be long.”
I pushed the 25 copies, then the start button and got an error message.
I turned to her and said. “I am getting an error message.”
“Did you put the card in. It has to have a card.”
“Yes” I pushed the button to release the card to prove to her accusing eye that I had in fact done the deed.
“Now put it back in.”
“I will as soon as I run my discount card first.”
She stood there like it was taking 30 minutes instead of 30 seconds.
She grabbed the paper off the top feeder and frantically said, “Oh you aren’t supposed to put it in there. That is card stock and you never put that in at the top. You are supposed to open it up and lay it here.”
I kept it to myself that it was not card stock. I don’t know what training she had but it was clear she must have earned a PHD in photocopy science. But somehow they missed telling her about Photo paper.
She tried a couple of times her perfect way while assuring me that the machine was fine and it was totally my fault, and indicated that on the hundred previous occasions of my successful copying, in this way, that I had “just gotten away with it.”
Having had enough, I calmly told her that I would come back when she was less grumpy.
That got her attention. She gave me that professional smile, that so I don’t lose it smile and said.”I'm not being grumpy".
I calmly said, “Yes, you are”.
"I will just go the Memorial store".
So I drove to the Memorial store. I had to go that way to get to my listing anyway.
Guess what? I went in. I put my discount card in the slot. Then I put my credit card in the slot. I placed the paper(that exact same photo paper) in the feeder. I pushed the 25 and start. Guess what?
It made the one copy. I pushed start again and it made the other 24. Just like other every other time.
So if you are ever in Kinko’s and you’ve just begun to make copies and some one with a badge wants to know if you’re finished; just say yes, release your card and let them deal with what ever is wrong with the machine.
When they are all finished, if there is a problem, they should have it all ready for you.
Friday, February 6, 2009
A Funny Thing Happened
A funny thing happened on my way to Tulsa. Or did it actually happen when I got there, or even before I left Edmond? If one were very philosophical it could be determined that it was predestined to happen before I was born.In that case,perhaps it wasn't even my fault.Is there a possibility my husband would buy that one?
Anyway, I was late leaving and had the thought,"Maybe I should just get up early and leave in the morning.But then the sun will be right in my face and I will get sleepy and a hotel room is much cheaper than a wrecked SUV".So I packed my little overnight tote,grabbed a couple of outfits(in case one showed too many bulges) did my last minute check to see if I had my purse,my files, and my Toast Master's notebook and was on my way.
As I was backing out I noticed the gas gauge was on the half mark. I decided I would just stop on the way out of town. I looked and saw the gas was $1.71 and briefly wondered if it would be cheaper on the turnpike. Oh well, I decided, I am here I may as well get it. So I slipped my card in and while the tank was filling went in to get a soda for the trip.
I paid cash for the soda and walked back to hang up the nozzle. I looked up to see the clerk coming toward me with my soda. I took it, thanked him and made some comment about Alzheimer's. I kind of laughed at my goofiness and hopped in the car to begin my jog to Tulsa.
I tried to listen to Dave Ramsey but he was too sketchy with the bad reception. I changed the station and was listening to this wonderful sermon by John MacArthur. He spoke about trusting God enough to be thankful while we are in a crises.It was great. I loved it.
The first item,upon arriving, was to find the church where the training would be held. That was easy. A hotel was only three miles away and it was early enough that I could run by Wal-mart and see if they had a cute sweater. I saw a decent looking hotel and pulled in. The rate was good. I made mental note to check out the room before I committed.While the clerk was checking I realized that my credit card was not in my purse.I excused myself and went to see if I had set it on the seat. I proceeded to go through my purse, my files, (they could have slid in one), my notebook, between the seats, under the seats. I think I went through this three or four times. Now, what is the definition of insanity?
After concluding the worst. I went back in and told the clerk. Then the worst of it. I had to call my husband. I got to hear how he always puts his card in the same place, in his wallet every time. I got to be counselled on the importance of paying attention to what one is doing. I am glad he is taking his leadership role seriously.But maybe not right now.
There was only one thing to do. Drive back to Edmond. So I did.I was very torn and sad. The MacArthur sermon took on a bit of a different slant.It stung a tad.I cried a bit.I whined some. Then it hit me that God was speaking to me in this. He was telling me some not so comfortable things about my motives.I decided that I needed to trust Him. I need to trust Him when my plans are thwarted because His will never be.I need to live my life for Him and trust Him for the outcome. It may be what I have in mind and it may not be.I may be a huge success and I may die an unknown. The only thing that matters is that He is pleased.I used to know that.I am not sure when I lost my way. But I knew I had lost my way. I do not have to make a mark in this world. Jesus did that.I just want to walk in his foot prints. I just want to talk to Him. Be still and know that He is God. I think that means rather than me.
Once back in Edmond,I made a stop at the station, surprised that they were open since earlier they did not answer the phone.
Of course no one had turned it in.
I got the card cancelled and ascertained that only one charge had been made that day to the station. Whew! I was relieved. For some reason I asked again. I just got a strange feeling. The lady on the phone told me she had already changed the number and I would have to check back when I received the new card.
By the time I did all that,and took my Yorkie to the potty three times, it was quite late. I decided not to attempt driving with so little sleep. So I am still not trained for my Toast Masters position.But I am still His child.
After checking that card someone did manage to get a tank of gas or something for $19 and some change.I have to wonder what that recipient of free gas said to him or her self to make it okay in their mind. What conversation allowed them to pick up this card, either off the ground,off the counter, or maybe the floor of the store and use it rather than turn it in to the clerk. Were they struggling financially? Were they merely opportunist? Who can say. I just know that even that had to be filtered through the hands of God. So who ever you are out there, God loves you. Trust Him.
Anyway, I was late leaving and had the thought,"Maybe I should just get up early and leave in the morning.But then the sun will be right in my face and I will get sleepy and a hotel room is much cheaper than a wrecked SUV".So I packed my little overnight tote,grabbed a couple of outfits(in case one showed too many bulges) did my last minute check to see if I had my purse,my files, and my Toast Master's notebook and was on my way.
As I was backing out I noticed the gas gauge was on the half mark. I decided I would just stop on the way out of town. I looked and saw the gas was $1.71 and briefly wondered if it would be cheaper on the turnpike. Oh well, I decided, I am here I may as well get it. So I slipped my card in and while the tank was filling went in to get a soda for the trip.
I paid cash for the soda and walked back to hang up the nozzle. I looked up to see the clerk coming toward me with my soda. I took it, thanked him and made some comment about Alzheimer's. I kind of laughed at my goofiness and hopped in the car to begin my jog to Tulsa.
I tried to listen to Dave Ramsey but he was too sketchy with the bad reception. I changed the station and was listening to this wonderful sermon by John MacArthur. He spoke about trusting God enough to be thankful while we are in a crises.It was great. I loved it.
The first item,upon arriving, was to find the church where the training would be held. That was easy. A hotel was only three miles away and it was early enough that I could run by Wal-mart and see if they had a cute sweater. I saw a decent looking hotel and pulled in. The rate was good. I made mental note to check out the room before I committed.While the clerk was checking I realized that my credit card was not in my purse.I excused myself and went to see if I had set it on the seat. I proceeded to go through my purse, my files, (they could have slid in one), my notebook, between the seats, under the seats. I think I went through this three or four times. Now, what is the definition of insanity?
After concluding the worst. I went back in and told the clerk. Then the worst of it. I had to call my husband. I got to hear how he always puts his card in the same place, in his wallet every time. I got to be counselled on the importance of paying attention to what one is doing. I am glad he is taking his leadership role seriously.But maybe not right now.
There was only one thing to do. Drive back to Edmond. So I did.I was very torn and sad. The MacArthur sermon took on a bit of a different slant.It stung a tad.I cried a bit.I whined some. Then it hit me that God was speaking to me in this. He was telling me some not so comfortable things about my motives.I decided that I needed to trust Him. I need to trust Him when my plans are thwarted because His will never be.I need to live my life for Him and trust Him for the outcome. It may be what I have in mind and it may not be.I may be a huge success and I may die an unknown. The only thing that matters is that He is pleased.I used to know that.I am not sure when I lost my way. But I knew I had lost my way. I do not have to make a mark in this world. Jesus did that.I just want to walk in his foot prints. I just want to talk to Him. Be still and know that He is God. I think that means rather than me.
Once back in Edmond,I made a stop at the station, surprised that they were open since earlier they did not answer the phone.
Of course no one had turned it in.
I got the card cancelled and ascertained that only one charge had been made that day to the station. Whew! I was relieved. For some reason I asked again. I just got a strange feeling. The lady on the phone told me she had already changed the number and I would have to check back when I received the new card.
By the time I did all that,and took my Yorkie to the potty three times, it was quite late. I decided not to attempt driving with so little sleep. So I am still not trained for my Toast Masters position.But I am still His child.
After checking that card someone did manage to get a tank of gas or something for $19 and some change.I have to wonder what that recipient of free gas said to him or her self to make it okay in their mind. What conversation allowed them to pick up this card, either off the ground,off the counter, or maybe the floor of the store and use it rather than turn it in to the clerk. Were they struggling financially? Were they merely opportunist? Who can say. I just know that even that had to be filtered through the hands of God. So who ever you are out there, God loves you. Trust Him.
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