Chris Farkas Bellingham Blog: April 2010

As there are hundreds of online foreclosure providers, it takes some effort to find the most useful, free sites. Finding the best sites will depend on your ability to recognize and understand the difference between data and information.

Information is actionable data. Data by itself is confusing and can be more aggravating than beneficial. So let's look at some of the online resources and how they do business.

Most Web sites offering foreclosure data charge a monthly subscription fee. This can be tricky because their data is intentionally old and out of date. They do this so they can claim to provide more data than their competitors. This holds true for non-foreclosures as well.

The average person may look at a list of 2000 homes for sale in their area and think that this is more information, when in fact it is just more data. The number of foreclosure homes provided is not a sign of good information; it is just data.

The inflation of data allows the pay-per-use Web site to present itself as if it is culling more information than its competitors, and is therefore more enticing to prospective users. However, the data can be categorized into several unuseful categories:

- Old data that is no longer actionable and has not been purged from the database.

- Preforeclosures (trustee sales) that provide little opportunity.

- Trends and other filler data with little relevance.

Still, the best sources for actionable data are free. Such sites as USHUD.com, ALLHUD.com and HUDEX.com are completely free and have current, relevant information that can be used as the properties listed are updated daily. These sites are relied upon by real estate professionals and are not inflated with useless filler.

For more foreclosure news and information, visit America's only free foreclosure resource, www.USHUD.com.

I was on Rismedia today and noticed a new section, for their TOP 5. It seems to be a new membership group. You fill out an application stating you qualify as one of the top agents in your area, pay $2200 and send in your app.

 

Here's the link:

http://www.top5inrealestate.com/docs/top5_membership_application.pdf

 

There's more info on rismedia's site. $2200 seems mighty steep to join the "club." Especially in this market.

I did a search on AR and found one agent who's advertising she's in the Top 5. Nobody else...

 

http://www.top5inrealestate.com/pages/overview

 

I'd love to see AR feedback on this ... click through to rismedia to see what I'm talking about.

 

 

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Erica Ramus is Broker/Owner of Realty Executives in Pottsville, PA.

If you're looking for a PROFESSIONAL to represent you in all of your Schuylkill County real estate needs, call Realty Executives at 570-622-6006.

We can meet all your buying / selling needs ... and will exceed your expectations. That's what being an EXECUTIVE is all about

Serving all of Schuylkill County ... Pottsville, Orwigsburg, Schuylkill Haven, Auburn, Pine Grove, Frackville, Minersville, Ashland, Shenandoah, Port Carbon, Palo Alto, St. Clair, Barnesville real estate. Click on the link above to search Pottsville PA homes for sale or any Schuylkill County homes for sale. We have all properties listed for sale in the Schuylkill MLS on our website -- free search!

We also operate Schuylkill Appraisal Services, for all your appraisal needs.

 

Pfizer Corp. announced today that Viagra will soon be available in liquid form, and will be marketed by Pepsi Cola as a power beverage suitable for use as a mixer. It will now be possible for a man to literally pour himself a stiff one. Obviously we can no longer call this a soft drink, and it gives new meaning to the names of "cocktails", "highballs" and just a good old-fashioned "stiff drink". Pepsi will market the new concoction by the name of:

 

 

 

 

MOUNT & DO.

Richard Sellers

E-mail

elitesellers@gmail.com

Website

www.arrowheadlifestyles.com

Office Phone

(909) 336-2131

Cell Phone

(909) 553-1897

Fax

(909) 336-2500

Address

27206 Hwy 189, Blue Jay, CA, 92317

Description

"Life isn't about how to survive the storm, but how to dance in the rain."

Real Estate Broker, DRE CA License #01148405

Lake Arrowhead Lake Fronts, Lake Arrowhead Properties, Lake Arrowhead Yacht Club, Lake Arrowhead Country Club, Horse Property, Sailing Lake Arrowhead, Lake Front Living, Mountain News, Boating.

DACHSHUND DEBACLE ~ ANOTHER ADVENTURE WITH JACK!  I have shared two other stories of my very funny wiener dog who makes me laugh all of the time.  I know this has nothing to do with Real Estate but isn't it good to still slow down for a good laugh?

My husband and I will be celebrating our 2 year anniversary next month.  A few years before our wedding, we were in the process of moving him out of his home in another part of Houston.  I had taken my dog Jack (the ever-ferocious 8 lb wiener dog) with me.

Jack as you know if you have read the other posts, is a very nosey and curious little guy.  He has gotten himself into more than one pickle!  On this particular day, he continued his trend of finding trouble.

We started hearing this noise like a slap, slap, slap sound on the tile floor.  We went around the corner and there was Jack looking rather sheepish and with a look that said, "Yo - can you help me out here?"

Attached to his foot was a sticky trap firmly glued to his little paw.  David had these traps all over the house after a mouse-capade a few weeks earlier.  He though that he had picked them all of but obviously not.

Jack looked hysterical as he continued to try and rid his paw of the trap.  We tried to pull it off but that stuff really works and would not budge.  We had to cut the glue which of course left a good amount on his paw.

Over the next few weeks this gluey paw acted as a dust mop grabbing all sorts of debris onto it.  Jack indeed had a "dust bunny" paw.  It took a long time for all of the glue to get off of the paw because he would not let us try to remedy it with Goo Gone.

Oh Jack - he is such a funny little dog.  He brings me many smiles.  Hope you are finding something to smile about today!

 

Paula L. Hamilton ~ Broker/Director

    

Copyright 2010 Paula Hamilton

People have all kinds of pets, but the dog and cats are the most popular.  For many reasons.  Foods for the animals have always brought a raised eyebrow to me. 

Lets take Dogs first...many foods are vegetable based.  In the wild, they are meat eaters.

How about cats.  Now here is wide range of foods.  Fish, chicken, shrimp, fish and chicken, liver Blah blah blah...

Cats in the wild don't catch fish or shrimp.   They catch Mice!!!

So, why hasn't anyone come out with...MOUSE FLAVORED CAT FOOD?

The ups and downs of Real Estate are a fact of life.  Many people seem to be finding themselves "upside down" with their mortgage.  This is OK for the short term when you know you will be in your home for years to come.  But what if you have to move and you think you can't get what you owe on your property?

This is where Jennifer Fisher and her team can lend a helping hand.  We have experts on hand who have a great relationship with the banks and they know how to help the bank understand that taking less for a property is much better than letting a house go to foreclosure.  We provide these services for you absolutely FREE of charge.  Our only goal is to GET YOUR HOUSE SOLD!

Do not hesitate to call us if you find yourself in this situation...we are the experts!

Jennifer Fisher

972.588.8090

If you need to short sale your home but refrain from getting started because everyone talks about deficiency judgements or a 1099 after the debt is forgiven, learn what are all the possible scenarios that may come to the surface after a short sale, that way there wont be any sticker shocks. The top secret to have peace of mind in a short sale negotiation is: To get informed. Know what is the worst possible scenario, what is the most likely scenario, and what is that you want to accomplish with the process. 

The consequences depend in different factors, as published in Realtor.org magazine on 10/01/2007 by Lance Churchill,

"With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home. First, the lender can attempt to collect the deficiency balance from the seller after the property has closed. Second, the lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale. If the new note is for less than the balance of the original debt, the difference would be considered canceled, or forgiven, debt. Third, the lender may agree to cancel the entire deficiency balance.

On the surface, option three would be seem to be the best alternative for a seller. However, the IRS considers any canceled mortgage debt ordinary income. This means that the amount forgiven is taxed at the same rate — somewhere between 15 percent and 30 percent — as the sellers’ salaries. In addition, because the IRS requires the lender to file a 1099-C form stating the amount of the canceled debt, Uncle Sam will have a record of the exact amount of the debt that was canceled. A seller will also receive a copy of the 1099-C to use in filing income taxes. The seller’s home state would also consider the canceled debt as ordinary income.

4 Exceptions to the Rule

The IRS does recognize four situations in which cancellation of debt will not result in tax liability for the seller. A seller may avoid tax liability:

• When the borrower receives a bankruptcy discharge and the deficiency was included in the bankruptcy
• When the borrower is insolvent at the time of the cancellation of the debt. Insolvency would occur when a borrower’s liabilities exceed assets. Note that seller would have to prove this insolvency to the IRS when filing a tax return.
• When the debt was secured by a nonrecourse loan. Under a nonrecourse loan, the lender does not have the legal right to collect a deficiency judgment from any assets of the debtor not pledged to secure the loan. While most home mortgages are do not fall into this category, purchase money loans on a person’s residence are nonrecourse in some states.
• When the tax liability from the cancellation of debt on an investment property can be offset against other business liabilities and expenses. This exception does not apply to properties occupied as a residence by the mortgagor.
  
  In many short sales, a seller would be able to qualify under the first two of these exemptions, especially since it was almost certainly necessary to show financial hardship in order to convince the lender to agree to a short sale. However, it is the seller’s responsibility to notify the IRS why the amount in the 1099-C should not be counted as ordinary income. Otherwise, the IRS will consider the forgiven debt as income and penalize the seller for unpaid taxes."

On my experience, we have been able to write this 1099 off in the case of rented properties, they are considered as an investment property, and in cases where the owners occupy the property as their primary residence, the bank usually sends a tax cancellation note right after sending the 1099, specially if the property contains a homestead exemption. 

Regardless, find the right team of professionals to direct you on the process, I will gladly refer you to my network of professionals if you have an inquire. 

Best luck,

 

 Johanna Bassols

Realtor Associate

Southeastern Services LLC.

effectivesolutions305@gmail.com

An auction in conjunction with a short sale solves three of the biggest problems agents deal with on short sales:

1. Quickly getting one or more buyers on contract - Having a set date for receiving all offers sets an urgent deadline and gets one or more buyers on contract within 30 days. I once had 18 contracts come in within 48 hours and each buyer was represented by a different buyer agent.  When the bank saw that stack of offers with similar dollar amounts, it was hard to argue that we didn't achieve market value. 

2. Having a backup buyer already in hand - In an auction situation with more than one bidder, you can immediately get the high bidder on contract as well as a backup bidder. This eliminates the need to start over when a buyer bails on the deal. 

3. Buyers don't walk due to impatience - The auction contract generally requires a much higher deposit than a conventional sale and the deposit is non-refundable.  Once the bank approves the short sale (however long it takes), the buyer must close or they risk losing their deposit.  

Most of our auction properties come from listing agents who feel they need a power tool to help get the job done. A relationship with a professional auctioneer can be your "secret sauce" in taking on more short sales.

You can find a professional auctioneer in your area who is a member of the National Auctioneer Association.  Click on "Find an Auctioneer" at the top of this website: http://www.auctioneers.org

 

 

News and updates from the world of real estate auctions.

Statewide sales up 24% compared to March '09; condo sales up 63%. Statewide median prices rise compared to Feb. Read more.

Active adult communities are designed to support a healthy, active lifestyle for older adults. Some communities are age-restricted, which means that residents must be over a certain age. These communities may also have limitations on how long visitors under a certain age are allowed to stay in the home. Other communities target active adults over a certain age, but do not have any restrictions on who can live within the community.

The rules regarding residence at age-restricted communities can vary greatly from one community to the next. Many active adult communities only allow residents who are over the age of 55. However, the rules are set at each location or state. Some communities may set the minimum age at 50, or even 45.

For example, across the country Del Webb active adult communities are age-restricted with a minimum age requirement of 55.  In Illinois you'll find that all four Del Webb active adult communities in Illinois, including the popular Sun City Huntley, follow this same rule.  Shoppers will also find a few smaller Illinois active adult communities, developed by Epcon Communities, that are age-targeted which means there is no age restriction at all.

A community’s rules may also stipulate that only one resident meet the age requirement. There may be a different minimum for additional residents. For example, a married couple whose ages are 55 and 45, may still meet the requirements to live in a community that is restricted to those 55 and older, if the rules state that only one resident be over the age of 55.

Choosing between an age-restricted or age-targeted community can be difficult for some prospective residents. As each is designed with active adults in mind, there may be similar amenities and types of home available at either type of community. However, the general environment may be a bit different when a community is opened to all ages.

The choice of an age-restricted or age-targeted community is not a question of liking, or not liking, children. Those who choose an age-restricted community often prefer a quiet, more subdued setting. They enjoy living on a street that isn’t frequented by playing children or teenaged drivers. They want to make use of the community amenities without having children underfoot. While children can be adorable, they also tend to be boisterous, and need extra care and attention.

Many age-restricted communities welcome younger visitors, and offer playgrounds and other child-friendly amenities. However, these communities may limit how long children can visit at a resident’s home during each year. Within most communities, ample time is allowed for visits. The rules are designed to keep young visitors from becoming residents. Some prospective residents may see this as a positive aspect of the community, while others feel that it is too restrictive.

The rules about children visitors may be an important consideration for some potential residents. For example, those who expect to have grandchildren stay with them for all, or a large portion of the summer months may prefer to live in an age-targeted community.

Some potential residents are drawn to the community amenities and low-maintenance homes found within active adult communities, but enjoy the diversity of living in a community that is open to all ages. These adults thrive in an environment where children are playing in front yards and teenagers are shooting hoops or swimming at the community clubhouse.

Before buying a home, it is a good idea to spend some time visiting different areas within the community. If possible, visit at different times, as the environment at 10am on a Tuesday may be very different than it is at 2pm on a Saturday. The choice between age-restricted and age-targeted active adult communities is largely a matter of personal preference. By considering the options and comparing various communities, residents can have a better idea of which environment they will prefer.

This article originally appeared on 55Places.com. For more articles like this or for information about hundreds of 55+ active adult retirement communities across the country, please visit 55Places.com.

 

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