Memphis, TN Real Estate News

                               I got an email from Zillow about ten minutes ago. According to Zillow's latest Home Value Report, home values in Memphis decreased 0.6% in the first quarter of 2008, compared to the first quarter of 2007. although they didn't tell what it was compared to. Nationally, single-family home values decreased 7.5% while condo values declined 9.0% during this same period. That's point six percent boys and girls, so that 300 thousand dollar house is worth 1800 bucks less now according to the infinite wisdom of Zillow. Should one use this information to benefit or scare their clients away?
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By David Saks
((retired))
                                           I posted this to Jeff Dowler's blog earlier and thought that it would be fun to share it with you. Zillow provides interesting and valuable statistical analysis, however, values have to be checked pretty carefully. Because of their many subscriptions to the various mls's, and because of the time it takes them to post, there'll be delays in reporting market changes, and there might be a few errors (duh). Perhaps Zillow should forecast with a variable that they might consider referrig to as 'time till correction' or 'TTC'. whereby Zestimate plus DOM or Days on Market or 'Z' times the actual update based on market statistics or 'Updated Market Statistics', 'UMS' equals the 'TTC' which we would express as : Z1 x UMS=TTC As an example, the TTC for a...
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By David Saks
((retired))
                                                           Was your home built sometime before 1978? Do you have children or grandchildren that are under six years of age, or are there any children under six spending a great deal of time in your home? If you answered yes to the questions above you and your children might be exposed to the hazards of lead-based paint. You can have lead around your house without knowing anything about it because you can't smell, see or taste lead. Lead may be in the soil surrounding your house or apartment building. It can be in the dust. In the food or your drinking water. The Center for Disease Control believes that the greates risk of lead exposure from the environment  and the greatest danger to young children is house paint applied before 1978. This ...
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By David Saks
((retired))
                                                                        We all know that children can be harmed from lead paint in older homes, but did you know that children can also become exposed to dangerous toxins  from toys ? Some of these toys should be banned, and especially include certain varieties of toy jewelry that children really love to play with. All children are at great risk from exposure from toys that contain lead. It's up to all parents to insure that their children remain safe from these dangerous toys. Protect Your Children 1. Ask retailers if they retain or have on hand any documentation that will provide you with information that their toys don't contain lead  or other toxins. Also tell the retailer that it concerns you if they don't have this information availa...
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By Richard White
(First South Real Estate )
Memphis is the heart of the foreclosure bankruptcy housing market. We are also at the low end of housing cost in America. The truth is if you can not buy a low priced in Memphis, you will never be able to purchase a home. People are waiting for the good time. "they are here" If you have any questions about the Memphis market, go to www.firstsouthteam.com or call 901-490-9613
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If you need to find out more about HUD approved counseling agencies and the services that they can provide visit http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. There is also a toll free number that you can call weekdays between 9am and 5pm Eastern and 6am and 2pm Pacific at 1-800-569-4287. Help save a home and a family ! It's our responsibility as real estate professionals.
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                                           1. Collections : The process of contacting the homeowner for receiving delinquent amounts that they owe. 2. Delinquincy : Failing to make a timely payment so that it it received on or after the due date. 3. Foreclosure : A legal action which forces the sale of a home. 4. Investor : The owner or owners of the loan. 5. Insurer : Insures the lender or the investor in case the loan becomes delinquint. 6. Loss Mitigation : The group that works with a customer to find a permanent solution to resolve the delinquincy. 7. Mortgage Servicer : Those responsible of customer service, processing the loan payments, and working with delinquint customers. Can you think of any other important definitions ?
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                                             If you get a call from some creep that says that they can stop your foreclosure  immediately if you sign a document appointing them to act on your behalf, you might be signing over the title to your property and becoming a lessee, the renter of your own home ! Don't ever sign any legal document without first understanding all of the terms by thoroughly reading everything and getting advice from an attorney, a real estate professional that you trust, or a HUD approved housing counselor. Protect yourself and your home ! Can you share any stories with our readers that you may have experienced? What are your thoughts about this important issue?
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                                                  When the letters start arriving, watch out ! There are companies out there that'll capitalize on your misery. These pettifoggers promise you that they'll work it out for you with your lender. Some of these businesses might be legitimate businesses, but many of these scoundrels will slam you with fees that could amount to three or four mortgage payments to provide you with information that a HUD approved counselor or your lender will provide at no charge if you contact them and stay in touch with them. Don't spend money with these crooks and spend your money on foreclosure prevention scams. Use that money to pay the mortgage ! Have you got a horror story that you'd like to share about a foreclosure prevention company?
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                                                 That Rolex, the second Mercedes, the whole life insurance policy, the yacht, the limoge, the diamonds, the extra oriental rugs, the coin collection, the Hepplewhite, your Rolling Stones record collection; you can sell these things to raise cash to help you reinstate your loan. How about someone in your house getting an extra job to bring in some additional cash? You can show your lender that your making a good-faith effort by making these sacrifices to hang on to the house even if you come up a little shy of your goal. Hang in there ! What are some other things that you can do to raise some money to make your mortgage payments?
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                                     It is absolutely essential that we watch our spending habits when the mortgage becomes a challenge. It's even more important that we start the process of becoming responsible for paying down the mortgage when the first payment becomes due. It would be terrific if the schools throughout our country began teaching our children the importance of establishing good credit. After our healthcare insurance and other vital necessities, hanging on to your home should be the most important priority of all. Look at the health of your financial situation every single day, not just over the newspaper in the morning before you leave for work or in the evening when you get home and the kids are screaming and you can't balance your checkbook. If you have to cut spend...
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                                                   A great application of resources available to the troubled homeowner is that the United States Department of Housing and Urban Development provides funds for very low cost or free housing counseling throughout America. The important benefits these counselors may provide are of immeasurable benefit to our homeowners. They can help the understand a variety of complex issues, provide them with options to consider, help them understand housing laws, help homeowners organize and manage their budget, and even represent you when you need to negotiate wioth your lender if you require this type of assistance or intervention. Here's a great link: Http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm They can, and will help. Can you think of other great ...
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                                                           Understanding and recognizing foreclosure prevention options is a must in today's world, or any world for that matter. When we start listing real estate on the moon we'll still have to recognize the ways to prevent foreclosure. Here are a few things I share with our customers and clients when the question arises: 1. Absolutely make mortgage payments the first priority. 2. Manage your budget to avoid crossing the line past the point of no return. 3. Build up a nice savings account for a healthy reserve in case of a financial crises. 3. Get in touch with your lender the moment you realize you can't make your mortgage payment. 4. You can receive free housing counseling by calling 1-888-995-HOPE. 5. Remember to never make payments ...
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                                          The word "amortize" means "to kill off slowly over time". To "liquidate gradually". Almost all deed of trust and mortgage loans are amortized loans. These are loans that are paid off slowly in equal payments over time in equal and regular periodic payments usually made over a term of years. Usually, these periods are either 15 or 30 years although other arrangements are available for mortgages. These regular, periodic payments partially pay off both the principal and interest portions of the loan. In each payment, part is applied first to the interest that's owed on the loan, and the balance of the payment is applied to the principal remaining balance.  When the loan reaches the end of it's term the entire amount of the principal loan amount and...
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By David Saks
((retired))
                                                 I'm reposting this because of the horrors facing the country with this crisis and the piracy. I had a sales meeting recently and we were talking about how stupid the gas prices are, and how tough it's become on everybody. Not to mention how it's driving the cost of everything through the roof. One agent suggested that the big oil companies were conspiring to pirate the economy. I thought for a second and wondered: What if we boycotted the big oil companies? What would happen? So I came up with the "Dead" M.E.A.T." formula. Here it is: Dead M=Mobile E=Exxon A=Amoco T=Texaco Is it possible that if the country boycotted the oil companies in my Dead M.E.A.T. formula, gas prices would fall. Boycotting is not about anarchy or lawlessness in thi...
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                                                How much better could blogging get when your sitting next to the expert? The board room was filled with outstanding REALTORS® from all over the region who made their pilgrimmage to beautiful Dyersburg, Tennessee to learn about the tips and tricks of the trade from Brad Andersohn, Active Rain's premier blogger and champion for our great industry. Brad's level of professionalism, and his enthusiasm for insuring that blogging is a quality experience for all, absolutely makes this a must attend event if your ever fortunate enough to have him in your region. Let me encourage your brokerage to contact Brad and make arrangements to bring him to your community, today. Run, don't walk, to any event featuring Brad.
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                                                 Tell your client to dig up the loan documents and read them so that they know exactly what the lender can do if they don't make the mortgage payments. Clients and customers need to know about the foreclosure laws and timeframes that govern the time before foreclosure. They need to contact the state government housing office in your state (because every state is different) to get this information. It will help. How do the foreclosure laws and the timeframes work in your state?  
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                               The first notices that some homeowners in default will receive are notices about foreclosure prevention options. This is usually a very good collection of alternatives and is mostly useful information that can help your clients and customers endure, and brave, the financial hardships that are troubling them. But remember that the next pieces of mail they usually receive are notices of pending legal action and their failure to respond or open the mail and see what's in it won't hold up in front of the judge. Have you witnessed these types of problems with your customers and clients? Are they in denial and refuse to 'read the mail'?
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                                                                Brad called me a few minutes ago. His plane just arrived. He's in town for the Active Rain Seminar in Dyersburg, Tennessee tomorrow, sponsored by our friend, Mike Frazier. Brad and I are gonna hang out together tomorrow and I want to take him to see Elvis' house before he heads home. Elvis' favorite snack was a fried peanut butter and banana sandwich and Graceland serves them in the restaurant. Brad shouldn't leave Memphis without trying one ! Don't you think? It's awesome ! Wouldn't you like one, too ? :-) Or is it possible that Brad won't want to have anything else to do with me after trying one those sandwiches, and I could be banned from Active Rain for life? Help ! Update: We made it to Elvis' house but didn't have tim...
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                                                        You need to tell your customers and clients to contact the lender as soon as you realize that they have a problem making the notes. The lender doesn't want to take the house . They're there to try to help them find suitable options to help them get through the most difficult financial times, review those options and try to determine just what is best to meet their needs when they meet these difficult crossroads. How do you deal with it?
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