by Sean Hess (www.SeanHess.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com). Join us on Facebook.
You are going to list your house, and the agents you are interviewing have a BIG difference in list price. What do you do?
I don’t think there are any pat answers here, but I cover your options in a post I did for the company site this morning: I’m Interviewing Agents & They’re $50,000 Apart! I hope you enjoy the post!
by Sean Hess (www.SeanHess.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com). Join us on Facebook.
So you’ve been on the market two weeks now and no showings, and you want to know if that is normal.
I just did a post answering this question on the St. Augustine Team site: yes, it’s normal under some circumstances, no, it’s not normal in others. Find out more by reading the whole post…I hope you enjoy it!
by Sean Hess (www.SeanHess.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com). Follow us on Facebook.
Today on the company site I wrote a post about 5 Tips for Buying New Construction. Just follow the link, I hope you enjoy it!
by Sean Hess (www.SeanHess.com), broker and manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com)
Back in the day we thought the banks knew what they were doing.
I would have a buyer prospect come in and get qualified with a mortgage broker, and then I’d get a call back from the broker who would say, “not a chance in h*ll on this one.” So I would call the prospect back, after the mortgage person broke the bad news, and say, you know I’ll stay in touch and we’ll get something when things improve.
And then darned if not three months later you would find out this person bought a house. They ditched you, went shopping for another Realtor and mortgage broker who would tell them what they wanted to hear.
The mortgage brokers were not allowed to tell us why a prospect didn’t qualify, but if you plied them with enough drinks at a mixer you could usually find out. Eight bankruptcies, a year of late payments, and no job, that would usually mean a person wasn’t qualified for a loan at the immediate moment.
But get a loan they did, and the house would be destined for the foreclosure pool.
We just thought, at the time, the banks knew what they were doing. That they had some fantastic mathmatical algorithm that could tell despite all rational data to the contrary, these people with credit issues were good risks.
In the end it just turned out that Wall Street wanted more and more subprime loans to bundle together and sell as packages. Wall Street had such an insatiable demand for these things, the banks literally scraped the bottom of the barrel to find candidates for the subprime loan pool.
And then it came crashing down rather quickly. In February 2007 major subprime lenders were going down every hour. I remember sitting at a closing table one day that month, waiting into the early evening for funds to arrive, and wondering if the lender we were working with in the morning had already gone out of business (which had happened to other Realtors that month). The funds did arrive…this was not a subprime loan. But the lender, Indymac, went under a few months later anyway because they had so many of their subprimes default.
It turns out the explanation for the subprime disaster was the easiest one: giving loans to persons with terrible credit was a bad idea.
The banks ignored that to sell more subprimes to Wall Street. Wall Street ignored it by getting their bond agencies to rate the subprime packages they were selling as “AAA” or “lowest risk.”
And so here we are, still digging out three years later. It’s a lovely business that we’re in, isn’t it?
by Sean Hess (www.SeanHess.com), broker and manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com)
I just did a post on the company website this morning for all those first time buyers who are unsure about how to get their first mortgage. I hope you enjoy it!
by Sean Hess (www.SeanHess.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com)
The $8000 new buyer tax credit and $6500 repeat buyer tax credit expires in 60 days…so you better get in the market now if you want to take advantage of it! Here’s the need to know:
You must have a binding, written contract by April 30, but the deal can close as late as July 1.
First time buyers get a $8000 tax deduction, “repeat buyers” get a $6500 tax deduction. The tax credit can be applied to PRIMARY residences (not investments), that include townhomes, single-family homes and condos. To qualify as a first time buyer you cannot have owned a home three years prior to the purchase. To qualify as a repeat buyer you must have lived in your principal residence five of the last eight years…you do not have to sell your current residence but you do have to vacate it and make the purchase home your primary residence. This is an excellent deal if you were planning to turn your current home into a rental after you move.
If you want to buy a short sale and use the tax credit you run the risk of losing the credit. On average, it takes about 4 months (120 days) to successfully complete a short sale…some take longer. If you are counting on the tax credit, best just to buy a home that is not a short sale. However, since short sale homes can recognize significant savings, a short sale might actually put more money in your pocket than a straight sale with the tax credit, but that’s for you to decide.
There are income limits. The full credit is only available to persons with $125,000 ($225,000 joint filers) modified adjusted gross income. Those between $125,000 and $145,000 ($225,000 and $245,000 joint) modified adjusted gross income qualify for a reduced credit. Higher incomes do not qualify.
You can apply the credit to this year’s tax return if you file before April 15, or file an amended 2009 return. Otherwise you file it on your 2010 taxes.
I borrowed heavily from an excellent article in this month’s Realtor magazine to produce this piece.
Call me today at (904) 386-8327 if you want to take advantage of this deal…maybe the only free money we’ll ever see from the government!
by Sean Hess (www.SeanHess.com), Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com)
Kate and I will be supporting Tips for Kids Sake this Tuesday at Raintree. If you can’t join us there you should try one of these other fine restaurants:
The 15th Annual Tips for Kids Sake will provide an opportunity to enjoy a great dinner, be entertained and support a good cause, all at the same time. Over 150 local Celebrities are volunteering their time for this annual fundraiser for Big Brothers Big Sisters of St. Johns County.
This ever popular event places Celebrity Waiters at restaurants where they wait tables and all their tips go to Big Brothers Big Sisters. “We are so grateful to our Celebrity Waiters, many of whom step out of their comfort zone to volunteer their time as a Waiter for this event. They truly are the ones who make this successful” says Teresa Andrews, Fund Development Director. This year’s event is being hosted by 17 restaurants and takes place on Tuesday, Feb. 2 from 6:00 to 8:00 pm.
Tips is the major fundraiser of the year for Big Brothers Big Sisters of St. Johns County, a program of EPIC Community Services which worked with 225 children last year. The money goes to expand mentoring programs throughout St. Johns County. This year’s event is especially important in this economic climate as other funding sources are shrinking. “Even if folks aren’t going out to dinner as much, we hope that they’ll choose to go out to a Tips restaurant knowing that their tip will be supporting Big Brothers Big Sisters” says Andrews.
Make reservations with your favorite restaurant! Then come out to eat with your friends and family on February 2nd.Aqua Grill: Brock Fazzini, Travis Hutson, Reba Ludlow & Jason Thomas (for reservations, call 285-3017)
Barnacle Bills Beachside: Dr. Bert Tavary, Dr. Michael Versaggi, David Bradfield, John David, County Commissioner Ron Sanchez, Amy & Wade Taylor, Matt Cornelison & Kyle Spitler (for reservations, call 471-2434)
Barnacle Bills Downtown: Bill Young, Colin Bingham, Kerri Hartley,Flynn Bevill, Hugh Holborn, Col Mickey Duren, Col. Perry Hagaman, Christy Johnston, Brittanie Ponce, Jessica Steinbeck (for reservations, call 824-3663)
Bogey Grill: Fred Scott, Taylor Reynolds, Barbara Glynn, Brooks Ann Meierdierks, Stephanie Rogers, Dr. John Trainer, Tracy Yost, Dan Pickett, MJ DeNardo, George Fetherstone, Rich Maguire, Ken Smith, David Dunlap (for reservations, call 285-5524)
Creekside Dinery: Robert Nettles, Jeremy Gordon, Jonathan Gordon, Mimi & Larry Paine (for reservations, call 829-6113)
Gypsy Bar & Grill: Marlene Ahearn, Candy Burney, Celia Colee, Merry Colee, Donna Comeau, Bob Dirmyer, Laura Duke, Shirley Fiano, Todd Grady, Kevin Haynie, Amanda Hill, Heather Hunter, Chris Kamienski, Dena Kapperman, Brandon Oborne, Randy Peterson, Jason Raymond, Jim Roberti & Kenny Vece – all of Prosperity Bank (for reservations, call 829-9986)
Gypsy Cab Company: Patrick Canan, Dan Mowrey, David Upchurch, Philip McDaniel, Carlos Mendoza, Holly Sheppard, Paul Cappiello, Christina Guyette, Bill Abare, Stephanie Hunter, Sheila Brown, Micah Clukey & Nicole Nazzarese (for reservations, call 829-9986)
Hurricane Grill & Wings: members of the Kiwanis Club of Historic St. Augustine (for reservations, call 471-7120)
Purple Olive: Steve Marrazzo, Carinne Marrazzo, Zeke Williams, Dr. Ashley Paper, Perry & Sasha Unwalla, Jennifer Reed (for reservations, call 461-1250)
Raintree Restaurant: James McCune, Kassandra Shugars, Chris France, Leanna Freeman, Ben Rich, Rhett Davis, Jimmy & Jessica Alexander, Paul McGuire, Tara Vighetti, Melissa Bougeous, Lauren Beardsley, Holly Itnyre, Angela Redmon, Teri Shoemaker, Laura Vaccaro & Erin Warrell (for reservations, call 824-7211)
Saltwater Cowboys: Eric Norton, Bruce Benet, Sharon & Ben Adams, JB & Bonnie Burney, Ashley Casey, Raymond Gregory (for reservations, call 471-2332)
Seafood Kitchen: Anne Heymen, Sara Hetherington, Tom Sczces, Rene Naughton, Jennifer Edwards, Peter & Debbie Wintish – the St. Augustine Record Crew & Friends, Deputy Joe Bowen, John Cerone, Maggie Mallis, Patricia O’Connell – SJC Sheriff’s Office (for reservations, call 829-9986)
Shannon’s Irish Pub: Ken & Tanya Arnett, Kathy Bravo, Nicole Holland, Edie Jarrell, Katie Lay, Marci Skinner, Betsy Wierda (for reservations, call 230-9670)
Shellfish Grill: Lou Noir-Jones, Pastor Bob May, Vince Fattizzi, Suzy Evans, Michelle Gonzalez, Lane Feezor, Tina Smith (for reservations, call 940-4700)
South Beach Grill: Tim Helfinstine, Chief Richard Hedges, Dr. Jerry Weed, Dr. Richard Johnson, Dr. Jose Concha, Beth O’Neill, John Reardon (for reservations, call 471-8700)
The Reef: Deena Fudge, Katy Triay, Heather Fritz, Susie Curtis, Laurel Madson, Meridith Strout (for reservations, call 824-8008)
Zhanra’s: St. Augustine Mayor Joe Boles, Jane Boles, Todd Neville, Josh Romaine, Kristy & Len Weeks, Dylan & Tina Rumrell (for reservations, call 823-3367)
Reservations are strongly encouraged for those folks who would like to attend Tips for Kids Sake and enjoy good food and entertainment while helping out a great cause. For more information, contact Big Brothers Big Sisters at (904) 829-9986 or visit www.epiccommunityservices.org .