Yeah, yeah, so I've gone MIA lately...

I know it's been a while since I have posted to my blog. I have been swamped...always a good thing in Real Estate :->
With housing prices so low and interest rates so low the real estate market is blowing up. This is not just some bs hype that I'm trying to throw out to trick people into thinking it's a good time to buy....NO - no tricks here.... It's just simple - when prices are low it's a good time to buy! There has never been a better time to buy in our lifetimes and probably won't be. Buyers understand this and are trying to take advantage of the situation and get a great deal on an awesome house that they never could have afforded a few years ago....GO BUYERS! Smart folks. I believe in what I am saying so much that David and I are closing on a new house tomorrow....YES, IT IS A GREAT TIME TO BUY!
So what's keeping the market down? A major issue in the market is not that we don't have buyers - it's that we don't have QUALIFIED buyers. Banks have become very strict in the wake of this economic down turn and after now losing millions and millions in foreclosures and short sales. There is hope for the weary though - a good banker can tell you exactly what you need to do in order to increase your credit scores, decrease your debt to income ratio, and so on. Usually after 6 months of "clean up" a buyers credit can debt issues can be resolved enough to begin the home buying process.
If you need any help buying or selling a house OR if you know anyone else who needs help OR if you would like to find out how much of a mortgage you can qualify for give me a call :-> 228-223-0665
Anyhoo - I could go on and on but I'd better get to work....til next time -

Will the election results Impact Real Estate?

Banks stop foreclosures!!!!

That's right... There have been court-ordered freezes issued on foreclosures within all 50 states. This has been sparked by claims of forged and potentially flawed documents among the nation’s largest lending institutions that did not have the processes in place to handle the overwhelming volume of foreclosures.
What does this mean to us?
1. It means that, depending on who your mortgage is with, if you are behind on your payments you will not go to foreclosure (not right now anyhow)... Call me to see if your bank has put a freeze on your foreclosure.
2. REO's (real estate owned by the bank) may not be as readily available if the banks are now scrambling to do quality assurance and make sure their REO's were legitimately acquired.
3. Banks will be very uninterested in acquiring any more real estate than they have already! So, that means that if you are behind on your mortgage now is an EXCELLENT time to do a short sale. The process - we list your house, we get an offer, we take it to the bank, and ask them to accept the offer even if it is lower than what is owed on the loan. You are much more likely to get an approval now! Imagine – walking away from that home that you owe WAY more on than you can sell it for…
If you or anyone you know might be falling behind on your mortgage call us today! Don’t wait – we can help you!!!!

Short Sale Deals...why they go bad -

A short sale is when a homeowner owes more on their property than it can be sold for. If the homeowner meets certain criteria (loss of job, death in family, sickness, military ordered move, etc.) they can attempt a short sale with the bank. They are basically asking the bank to accept a sale that does not cover the amount of the loan. They are asking the bank to waive the deficiency.

Reasons that short sales fail:
1. The all time number one answer to why short sales fail is...."the agent does not know how to work a short sale deal". Yep, it's sad but true. If your agent has not done a short sale and/or is not appropriately trained to do a short sale then I suggest you run away from them as fast as you can (Unless you like the idea of going to foreclosure). This goes for the agents representing buyers too! Agents representing buyers MUST understand short sales in order to appropriately educate their buyer.

2. The second reason short sales fail is..."the ever changing rules". The banks rules of short sales change hourly it seems. The banks are getting better about this though. They are putting processes in place that make the short sale process more stream lined and therefore more efficient. Not to side with the bank but...agents are sending in thousands of short sale requests and WASTING the banks time with incomplete packages and lack of knowledge of the process.

3. The third reason short sales fail is..."the buyer gets tired of waiting". Buyers should be educated in the BEGINNING that a short sale can take from 2 to 6 months - possibly even longer in some extreme cases. Even properly educated buyers get anxious though. They are ready for an answer as to whether this deal is going through - and who can blame them. Just remember guys...good things come to those who wait! The property is likely being purchased at WELL below the market value of the property. So, hang on tight buyers - your day will come!

If you or anyone you know has questions about short sales or might be facing a financial hardship please call us at 228-223-0665.

Price vs. Condition

"Price can fix condition but condition can not fix price!" My new favorite quote!

Regardless of how bad of shape a property is in it WILL sell - at the right price! However, just because a property has been updated beyond the updates of properties around it does not mean it will sell for more! It typically means it will sell faster...but in the same price range as the homes available around it.

When sellers determine the price of their home they tend to start with the price they paid for it and then add in everything they did to the house. So, Bob bought his house for $350,000 and then he put in ceramic tile and painted and added a few cabinets...for a total of $50,000. Now Bob thinks his house should sell for $400,000. However, if the homes around him are still listed at $350,000 and under then Bob is not going to get much more than $350,000 for the home. He must be competitive in his pricing AND offer more than the competition. This will get his home sold faster...but not for more.

Pricing has nothing to do with ANYTHING except what a buyer is willing to pay. If buyers are only paying $350,000 for homes in Bob's area then why would they pay $400,000 for Bob's house? Maybe Bob should rethink his asking price and base it on the competition instead of on what he has in it or what he thinks must get out of it.

So, how's the market? The TRUTH!

The 20 million dollar question for real estate agents these days - "So, how is the market"....well - here ya go...
The market is great. There are plenty of buyers and they are all very anxious to buy NOW! The interest rates for mortgages are at all time lows and prices are down - there has never been a better time to buy and probably won't be a better time to buy again in our life times.
So...why are there so many homes on the market then? There are so many homes on the market because sellers are not accepting the reality of the market. The buyers determine the price of your home - nothing else! It doesn't matter how much you paid for it. It doesn't matter how many upgrades you made. It doesn't matter how much you need for your next down payment. ALL THAT MATTERS IS WHAT A BUYER IS WILLING TO PAY FOR IT.
Buyers today are smart. With today's technology buyers have access to more data than ever before. They KNOW what homes are selling for. They will NOT over pay for a home.
Think of it this way - if you went to Best Buy and found a computer for $1200 and then went to Wal-mart and found the very same computer also for $1200 but it came with free speakers and a 1 year internet subscription....which one would you buy? Or, if you went to Best Buy and found a computer for $200 and then found the same one at Wal-mart for $500 which one would you buy? Buying and selling a home is NO different.
So, yes - homes are selling and there are plenty of buyers.
Sellers - do yourself a favor and find a realtor who is not afraid to break the news to you that your house is not worth what it was a few years ago. Find an educated agent who sells real estate FULL time (not a hobby or side job). Find an educated agent who knows the market and knows property values - one who has their hands dirty from digging into the facts day in and day out. Don't choose the realtor who agrees to price your home at whatever number you pull out of the air...you'll still be owning that home for years to come. Get the facts, study the numbers, and make an eductated decision based on current market data. Price your house right and it will sell!

Who doesn't need some extra money?

Keller Williams is the 3rd largest real estate company in the country. How has it grown so fast in such little time?
KW has become so successful for several reasons - training, agent involvement in leadership, etc.
One of the greatest reasons KW is so attractive to agents is because of its "agents are the owners" approach. All agents have the opportunity to invest (without money) in themselves and in their futures to create passive income. Most agents do not have a retirement plan...because they are independant contractors and can not afford (or do not care) to save for retirement. With the KW approach you can built a retirement fund with NO MONEY from yourself! It's easy and it's awesome!
Want more info on how being a KW agent means soooo much more than just selling houses? Want to know how to build your passive income so you can quit chasing leads someday? Give me a call! 228-223-6560!

5 Reasons Homeownership Trumps Renting

5 Reasons Homeownership Trumps Renting
The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.

Here are five of them:

· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.
· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.
· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Source: The New York Times, Ron Lieber (08/27/2010)

Could the media just back off please!!!

Wow! Just read an article from Time magazine that discourages people to buy homes. It then says that the government should not allow the interest on a mortgage to be deducted from taxes!
Ok - first of all...Time magazine...WTH??? The economy is not bad enough already so you feel you need to go and plant more negativity in the minds of consumers?
If ever there was a good time to buy a home it is now. Interest rates are at historic low rates and you are fooling yourself if you think they are going to stay this low. Also, the bubble has burst folks...the housing market has corrected itself and now you can buy WAY more house than you could just a few years ago. What part of this makes buying a home a bad decision?
It's basic supply and demand...we have a surplus of homes available right now therefore the prices are down and buyers can snatch some major deals!
Consider owning your home as a forced Retirement plan. Sadly, many Americans do not save. However, if you own a home and have it pretty much paid for by the time you retire then you have created lots of options for yourself. You can sell the home and sail around the world if that's what you want. You can take a reverse mortgage on the house and have the bank make payments to you based on the equity you have built into your home.
And thank goodness Time magazine doesn't control whether the government allows us to deduct the interest paid on our mortgage! Don't get me started on that one - maybe I'll cover taxes later when I have ALOT more time!

A day in the life...

A day in the life of a busy realtor:
Up at 4 so I can have some quiet time before the phone and email starts beeping all day, kids to school by 7:45, listing appointment at 8am, back to the office to start entering the new listing, returning new calls, etc. Another listing appointment at 3. May make it home by 5:30 or 6. I love busy days!
Have you ever considered a career in real estate? If not, you should!!! Set your own hours, work from home or the office, own your own business, help families in need of buying or selling, and make lots of money doing something you love!
It's easy - call me and I can help you get started! 228-223-6560

What a bunch of BS...

I am not believing the stories I am hearing about some of the claims being made against BP. How hard is it - if you were not making any money as a realtor BEFORE the oil spill then guess what...that's probably not going to change. So, what part of that entitles you to a big fat check from BP?
I just don't get it.
But hey, if you want to start making money as a realtor now...I just happen to know a great place to work! Call me :->

Oil spill...compensation to Realtors...really???

Today I saw that there has been money set aside to compensate realtors for losses due to the oil spill. I really hope that folks will be honest. If you did not make any money as a realtor this time last year do you really think that it's BP's fault that you didn't make any money this year? I have very little tolerance for people who want to get something for nothing! Yes, BP sucks and we all had to look at those guys on the beach in their ufo suits but really guys...realtors have a bad enough reputation already...let's not add to it by claiming to have lost something that you would not have had regardless of the oil spill, economy, color of the shirt you were wearing, etc. The bottom line is - houses are selling every day. If you want some of the action then get up off the couch, put the coffee cup down, and start making prospecting calls. It's really not that hard. Hell, I guess you could even stay on the couch....and keep that cup of coffee....just include picking up the phone and calling folks and asking them for business!

We're back...Dick & Jane - Chapter 4

A few weeks ago Dick & Jane received an offer on their house. It was $20,000 less than they owe on it. Dick & Jane promptly signed the offer and provided all of the documentation Eakes Realty Group needed in order to submit the offer to the bank.
Eakes Realty Group sent all 50 pages of the short sale package to the bank. Every 3 days Eakes Realty Group called the bank to ask if a negotiator had been assigned to the short sale request. Finally - after 2 weeks a negotiator was assigned.
The negotiator now will send a different realtor to the property to do a "broker price opinion or BPO". Basically - the agent is doing comps on the neighborhood and telling the bank what they think it is worth. This is the number the bank will use in determining if they will accept the short sale offer.
In this situation the BPO came back right in line with the offer and the bank accepted the short sale offer. This was a very easy case. They can and do get much more complicated.
Dick and Jane will walk away from this home with the deficiency balance on their loan waived. This is not always the case. If you don't know your options and don't have experience negotiating with the bank don't do it on your own! You could end up owing thousands and not even realize it!
If you or someone you know is in trouble with your mortgage please let us help you - AT NO COST TO YOU!
If you or someone you know has miliatary orders to move we can help you too!
Call us. 228-223-0665

The story of Dick & Jane - Chapter 3

Dick and Jane have exhausted all options. They have attempted to do a loan modification with no success. They must sell.

Dick and Jane decide to do a short sale. This means that they will price thier home at fair market value and then make scheduled reductions until a buyer makes an offer. At the time of the offer the Eakes Realty Group will contact the bank and negotiate with the bank to accept the offer even though it is less than what Dick and Jane owe on the mortgage. It is up to the Eakes Realty Group to convince the bank to accept the offer as FULL payment and relieve Dick and Jane of further obligation to the bank!

Sounds easy, right? It's not. The rules of short sale change daily it seems. Each bank implements their "rules" in a different way. One consistent rule is that they prefer to work with a short sale trained and certified real estate agent. These agents know the rules and know how to make the process more efficient for the bank.

Dick and Jane are 1 month behind on their mortgage. Time is running out - they need an offer! Tune in to Chapter 4 to see how the Eakes Realty Group finds a buyer for Dick and Jane!

The story of Dick & Jane - Chapter 2

Dick managed to pick up a "less than desirable" job. He didn't care - he was just happy to have a job, regardless of how little it paid or how little it utilized his skills. The new job paid just enough to keep the baby fed and the utilities on. At the end of the day he was just not able to make his mortgage payment. Dick called the bank and asked how much he owed...he then called the Eakes Realty Group to find out how much his home would be worth in the current market. Bad news - Dick is upside down. What now?
Dick worked with his bank to try to do a modification of his loan so that it would be more affordable. In the end (with no promise of a better job in sight) there was just nothing the bank could do to help Dick.
Dick called the Eakes Realty Group again. Fortunately for Dick the Eakes Realty Group has several agents who are trained and experienced with working with clients in the same situation as Dick.
Dick knows that he cannot afford to live in the home but is confused about what will happen if he sells it for less than what he owes on it. The Eakes Realty Group explained his options. Would you like to know what his options are? If you are in a similar situation and don't want to put your wife to work in a strip club with a baby on her hip just to make ends meet then these may be your options as well. Ok, I don't really think that putting your wife to work in a strip club with a baby on her hip is really an option - just wanted to see who was paying attention :->
Your options will be explained in Chapter 3 - coming soon...

The story of Dick & Jane - Chapter 1

Dick & Jane get married. Dick and Jane are dinks (dual income, no kids). Dick and Jane have great jobs and decide to make an investment in a home. Why not, right? After all, when you are paying rent you are just building up someone else's equity...
Dick & Jane are smart shoppers. They hire a real estate agent who specializes in helping buyers. They find the perfect home. They put down the minimum down payment, close in 45 days, and start moving in. The furniture store gave Dick & Jane a $10,000 credit line with no payments for 1 year. They used every penny of the $10,000 credit line decorating their new beautiful home.
Life is great.
Dick & Jane decide to start a family. One year later Dick & Jane are proud parents. Jane decides not to return to her previous job so she can stay home with the little one.
Life is still perfect.
While bragging on his new baby to his boss Dick learns that the company is "down-sizing" and he no longer has a job.
Dick is unemployed. Jane is unemployed. The mortgage is due....and the $10,000 line of credit from the furniture store is due...and the utilities...and the car payments...and the car insurance...Oh, and that new baby - it needs diapers and formula.
What now? Any ideas? Tune in tomorrow for Chapter 2.

Not to defend the banks...but...Just to avoid any confusion...

There are programs that banks can participate in that provide a stream-lined process for Short Sales. Participation in these programs is only required if the bank offers loans backed by or owned by Fannie Mae or Freddie Mac (Government Sponsored Entities or GSEs). Any banks not participating in these programs can (and do) change the short sale rules at their will. Even those banks that are participating in the programs can set their own rules for implementing the guidelines that are defined in the programs. Uggh! There's always an out!
For more info on these programs and to find out if your bank is participating visit http://makinghomeaffordable.gov.

They denied my offer! WTH! What happened to all of that bail out money?

I got the offer! Resultes Unbelievable!

So...my team and my client and I worked our tails off last week trying to get an offer so that my client's house would not go to foreclosure. We did get an offer and we diligently submitted it to the bank. Keep in mind that when a bank forecloses on a house they then take on the responsibility of maintaining the home until it sells. The whole foreclosure process can easily cost them $50,000!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that their own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!

I got the offer! Resultes Unbelievable!

So...my team and my client and I worked our tails off last week trying to get an offer so that my client's house would not go to foreclosure. We did get an offer and we diligently submitted it to the bank. Keep in mind that when a bank forecloses on a house they then take on the responsibility of maintaining the home until it sells. The whole foreclosure process can easily cost them $50,000!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that thier own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!

Trying to save client from foreclosure today

We are up against the clock here! I need an offer on a property in Ocean Springs TODAY or it will go to foreclosure. I'm sick over it. My job is to save my clients. It affects me deeply when one is lost to foreclosure even if it is of no fault of my own. Many who are not in the situation of having lost a job or having an unexpected emergency or such have no sympathy for anyone working toward a Short Sale and trying to save themselves from foreclosure. The fact is that some things are out of our hands. I have not yet had on short sale client who said "I just don't want the house anymore..". No - they all want to keep their homes. They all want to know that their families are snuggled up in their beds at HOME every night. Where do these misplaced folks go when they are booted out of their home? Apartments - No...credit checks are run before you can rent an apartment so they usually don't qualify. Most end up back at Mom & Dads or at some other relative's home who reluctantly lets them in temporarily. It's sad. It truly is.

Behing on mortgage? You have options!

There are so many families out there today struggling with their mortgage payments. The sad thing is that most of them don't know that they have options. In many cases they may be able to assist in a sale of their home that wipes them free of the dept! In these cases a "short sale" is done. This means that the home is sold "short" of what is owed on it. In many cases a certified short sales specialist (which we are, of course)can negotiate with the bank to release the seller of future obligations and to waive the difference AND pay the realtor's commission! Spread the word - let others know that they DO have options. We are here to help! Contact us any time at info@eakesrealty.com or 228-223-0665.

How's the Real Estate Market?

Everyday we are asked "How's the Market". The answer really depends on whether you are buying or selling.

Buying - there are many properties to choose from but they are going fast. When a property is priced right your agent knows it and so does the agent of many other eager buyers...don't procrastinate - make an offer NOW; it might not be available if you wait.

Selling - despite what you hear there are MANY buyers out there. Buyers today are smart. They know market values and they will not even waste their time looking at a house that is not priced right. Sellers today must offer the greatest value at the best price. It is imperative that sellers market their property properly. According to the National Association of Realtors 87% of today's home buyers begin their new home search on the internet. The days of putting a sign in the yard and running a classified ad are over.

If you or someone you know is interested in buying or selling real estate call the Eakes Realty Group today. Our agents are trained to get you the BEST deal possible on all of your real estate transactions.

Eakes Realty Group; 228-223-0665; info@eakesrealty.com

Keller Williams Realty

Saving the world one short sale at a time...

A short sale means that someone has sold their home for less than they owe the bank. As terrible as that sounds it's much better than a foreclosure!

So what happens if the seller doesn't have the rest of the money to pay the bank? The real estate agent can negotiate with the bank to have the bank possibly waive the unpaid debt.

Some people are all for this and feel that the it's the least the banks can do since their careless ness in writing loans to buyers that they knew could not afford them is a major contributor to our skyrocketing foreclosure numbers.

Others feel that the buyer got themselves into the mess and should not expect the bank (or anyone else) to bail them out.

Comments?

Oh what a day…

Busy day today. Up at 4am to try to get a head start. Drop the kids at school at 8. Showcasing my listing at 220 Buena Vista in Long Beach on a realtor caravan at 8:30. At the office before 11:30 for Keller Williams Sales meeting. Meet David at attorney’s office to notorize closing docs for house in Clinton (finally). Back at office at 1:30 for Agent Leadship Council meeting; 3pm Tammy W Eakes team meeting; 4:30 meeting with the accountant; Home before 6 so DLE can leave for work; back to Biloxi by 6:30 for Kindermusik with 2 year old; then back home…feed kids and put them to bed; ahhhh….and now I can start working on all of the things I didn’t get to all day…new website, listing price changes, new listings, referrals….the never ending list. I love real estate :->