Century 21 Wimco Realty, Inc. Blog

It is said there are 7 deadly sins, I say there are 7 deadly myths being circulated about short sales.

1) Short Sales are impossible and never get approved. FALSE

TRUTH: Short Sales are more difficult, You need to learn a new process, They are NOT impossible. This is definitely not an impossible process. While there are no guarantees in any transaction, more and more short sales are being approved monthly. However, an agent MUST be educated on the process, or it will be nearly impossible. My success rate is about 99.9%. I don’t take no for an answer but always look for a solution to any problem.

2) Banks are NOT accepting Short Sales; They are waiting on a bailout. FALSE

TRUTH: The reality is that banks have already been bailed out, and are really trying to do anything they can, within reason, to avoid foreclosing on a property. More banks are aggressively pursuing Short Sales and Agents who understand how to process them. It is strictly business, it costs the bank (in most cases) far less to short sell than to foreclose.

3) You must be behind on your mortgage in order to negotiate a short sale. FALSE

TRUTH: At one time this was true, but today, this has almost all together reversed. Today lenders are looking for verifiable hardship, monthly cash flow shortfall or pending shortfall and insolvency. If you meet these three requirements and are in a position where you will soon not be able to afford your mortgage, now is the time. Some few lenders still hold on to this rule, but they are few and far between. In fact, most lenders in any circumstance would rather sell short than foreclose.

4) Buyers are not interested in short sales and avoid them. FALSE (mostly)

TRUTH: Some buyers are not interested because of the time it takes, especially with time constraints like the first time homebuyer credit. On the other hand, many agents are getting calls from buyers who say “I only want to look st foreclosures and short sales.” These have become synonymous, not with issues, but with Good Deals.

5) Listing a home as a short sale is an embarrassment. FALSE

TRUTH: Most sellers don’t want the world to know they can’t pay their bills, but according to recent estimates, 1 in 5 homeowners in the US owe more on their house than it is worth. Even wealthy owners have to stop the bleeding somewhere. Most sellers are to be congratulated for admitting they need help, taking action and finding a professional who can work toward a solution.

6) The bank would rather foreclose than bother with a short sale. FALSE FALSE FALSE!!

Truth: This myth started with collection people working for lenders on commission. The reality is that banks do not want to foreclose on property, it costs too much. An average foreclosre can cost the bank up to $40,000 and they still have holding costs, insurance, realtor fees, etc. and still get less than market value. Do the math, which would you do?

7) There is not enough time to negotiate a short sale before a foreclosure. FALSE

TRUTH: This is a myth that hurts homeowners. Many don’t realize that the foreclosure process is lengthy. It can take a year or more, and if an attorney gets involved, it can be stalled far longer. Almost all lenders will stall a foreclosure with a legitimate contract for short sale. So if lis pendens has been filed, no worries, that’s just the beginning. If it is slated for the courthouse steps, hurry up, if there is an offer you may be able to stall. Don’t let your clients wait that long. Go get those listing today.

Housing upturn proves elusive

The rest of the U.S. economy may be bouncing back, but for the battered housing sector, the hopes of economists and real estate experts are still modest.

“Recovery is probably too strong a word,” First American Funds Chief Economist Keith Hembre says of recent housing data. Call it “stabilization at a lower level.”

Home prices and buying activity are coming back, but only from a disastrous 2009. In the first quarter of 2009, for example, the Standard & Poor’s Case-Shiller National Home Price index dropped 19 percent from the year before. In the last quarter of 2009 – for which data were released on Feb. 23 – the index was down just 2.5 percent from the year before.

“We’re showing signs of the housing market bottoming,” says Michael Strauss, chief economist at Commonfund. “The bad news is we still have a long way to go.” The widely watched S&P Case-Shiller 20-City Composite Home Price index rose 0.3 percent from November to December. But the figure only increased when adjusted for the winter slowdown. Without a seasonal adjustment, home prices fell 0.2 percent from month to month.

Remeber this: Real Estate is a very local and specific market. Here locally we see things improving faster than on the national or regional level.

Low-Flow Toilets: How to Choose

Replacing an old water-guzzler with a new low-flow toilet can shave as much as $90 off your annual utility bill and send thousands fewer gallons of water down the drain.
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A lot has changed since 1994, when low-flow toilets became the law of the land. Early versions created a bit of a stink, because while they were good at saving water—using only 1.6 gallons per flush versus as many as 7 gallons—they weren’t necessarily good at doing a toilet’s main job.

Today’s low-flow models don’t have those problems. Not only are they much better performers, some also use even less water than the federal standard. So if you’re in the market for a new throne, it pays to consider a high-efficiency toilet (HET). You’ll save a bundle: According to the EPA, replacing pre-1994 guzzlers with new HETs will shave more than $90 off your annual utility bills. Plus, you’ll be sending thousands fewer gallons a year down the drain.

Look for high performers
The EPA’s WaterSense label on the box identifies HETs that have been certified by independent laboratories. They’re rated according to Maximum Performance (MaP) testing protocols, which measure the toilets’ ability to remove waste. MaP scores range from 250 to 1,000, based on the number of grams completely evacuated in a single flush. The EPA has adopted 350 grams as its minimum performance threshold, and “anything over 500 is very good,” says Terry Love, a plumber in Washington state who conducts his own thorough testing of low-flow toilets.

Choose a flush mechanism
Like standard low-flow toilets, HETs come with different flush options. The one you choose depends on how “green” you want to be, how much you’re willing to spend, and your tolerance for noise. Most residential toilets in the U.S. are gravity-flush, which, as the term implies, relies on the weight of water flowing into the bowl to help remove waste. Pressure-assist toilets compress air at the top of the tank to increase flush velocity, so they can do the job with as little as 0.8 gallons of water. While this turbocharged action makes for a powerful flush, the loud whoosh! may cause small children to jump out of their socks. (Somewhat counterintuitively, these also require good household water pressure to work properly.)

Some low-flow designs, like the minimalist Kohler Hatbox—so streamlined that it doesn’t even have a tank—flush with the aid of an electric pump. While that delivers a powerful flush without the noise, unlike a standard toilet it requires electricity, which can make for more complicated installation and costlier maintenance.

Calculate your savings
Toilets account for about 27% of a household’s indoor water usage, so trading up to a high-efficiency toilet can yield big savings. According to the EPA, a family of four that replaces its home’s older toilets with WaterSense-labeled models will, on average, save more than $90 per year in reduced water bills and $2,000 over the lifetime of the toilets. You can pocket even more by taking advantage of rebates and vouchers offered by many states and municipalities. The city of Austin, Texas, for example, gives residents up to three HETs for free, though there is a modest fee for certain design features, such as an elongated bowl or a seat that meets the ADA-required height of 17 inches.

And, of course, you’ll be saving a lot of water. Pre-1994 toilets send between 3.5 and 7 gallons down the drain with every flush. For a family of four, that adds up to about 76 gallons a day. And if the toilet leaks—that is, if it continues to run after you’ve flushed or sometimes trickles mysteriously on its own—it could be chugging up to 200 extra gallons daily.

To maximize water savings, consider a dual-flush HET. The tank has two buttons that let you choose between a half flush and a full flush, depending on whether liquid or solid waste needs to go down. Caroma, a brand made in Australia (where dual-flush is mandatory), started selling these in the U.S. about a decade ago and offers nearly a dozen dual-flush lines.

Do some comparison shopping
The good news is that all this efficiency comes at a reasonable price—about $200 on average, no more than a conventional low-flow toilet. Keep in mind that price doesn’t always guarantee quality or correlate to MaP score. Before you make a purchase, check consumer reviews for specific models, noting track records for maintenance and common gripes that crop up about specific brands. Once you find a model you like, it’s easy to compare prices at Web sites such as pricegrabber.com, shopzilla.com, and nextag.com (be sure to factor in shipping and return policies). Certain features, such as elongated bowls and high-tech finishes like Toto’s SanaGloss, might add 20% to the price, but considering how long it will be until you buy your next toilet, that extra bit of ease and comfort is quickly amortized.

For the greatest savings, switch to compact fluorescents
CFLs remain the go-to choice for energy efficiency. They last longer and consume less electricity than a standard incandescent. A 13-watt CFL, for example, gives off the same amount of light as a 60-watt incandescent and burns for 10,000 hours, compared with 1,000 hours for the conventional bulb. A typical CFL saves about $30 in operating costs over its lifetime.

Early CFLs didn’t always deliver on light quality or convenience, but aesthetic performance has improved vastly in recent years. They now come in warm, neutral, and cool “colors,” and major manufacturers like GE have started enclosing the telltale spiral in a conventional bulb shape so it’s less obtrusive.

You get the biggest bang for your buck with CFLs in places where you would otherwise use incandescent bulbs: floor and table lamps and standard overhead fixtures. They last longer when they’re not flipped on and off constantly, so they’re especially good in rooms that see a lot of activity throughout the day, such as a kitchen or a playroom. A couple of caveats: CFLs can be glary, so they’re not the best choice in downward-pointing fixtures like chandeliers, and most don’t work with dimmers or timers. Because the bulbs contain mercury, they can’t be thrown out in the regular trash. If you bought them at a home center, you should be able to return them there for recycling, or log on to recycleabulb.com to find a disposal center near you.

Cost and savings: Expect to pay $2 to $15 for a CFL, versus 50 cents to $1 for a comparable incandescent, but the CFL will last at least 10 times longer and cost up to 75% less to operate.

Irrigation systems & spigots
In spring, sprinkler heads should be checked for proper working condition. A weak or nonfunctioning sprinkler is likely a sign of a split line or popped connection.

With the system running, examine that all areas of the landscape are receiving equal amounts of spray. Heads that are spraying excessive amounts of water on driveways and sidewalks should be adjusted or replaced. Cost: $3 to $15 per replaced head, $2 to $5 for a coupling to repair a leak. Allow two hours to check the system.

A hard freeze often catches Southerners unprepared. In spring, take care that garden hoses are disconnected in the event of sudden frost. In the fall, exterior spigots should be drained and garden hoses disconnected and stowed. Homeowners with automatic lawn sprinkler systems should drain the lines and shut off the water source. Water that’s left in the lines and allowed to freeze can crack hoses or burst pipes.

Fences and gates
Wood fences generally require more attention than their chain-link and vinyl counterparts. Every other year or so the wood should be painted or sealed, unless the wood is left to weather naturally.

All wooden fences should be inspected for rot and insect damage every few months. Popped boards need to be nailed back in place; warped ones should be replaced. Pay special attention to posts, which are susceptible to rot.

Doors and windows

Leaky doors and windows not only decrease a home’s comfort and efficiency, they can invite moisture, insects and rot. Routinely check caulking and weather stripping to ensure tight seals. Inspect wood sills and trim for peeling paint, insect damage, and moisture penetration.

Fogging in double-pane windows is a sign that the seal has failed, resulting in the loss of insulating qualities. The window will need to be repaired or replaced. Cracked window panes, missing storms, and ripped screens should be replaced or repaired.

Hope everyone had a good Mardi Gras! Here is some info for you revellers to help you out the next 40 days:

Ash Wednesday, in the Western Christian calendar, is the first day of Lent and occurs forty-six days (forty days not counting Sundays) before Easter. It is a moveable fast, falling on a different date each year because it is dependent on the date of Easter. It can occur as early as 4 February or as late as 10 March.

Ash Wednesday derives its name from the practice of placing ashes on the foreheads of adherents as a sign of repentance. The ashes used are typically gathered after the Palm Crosses from the previous year’s Palm Sunday are burned. In the liturgical practice of some churches, the ashes are mixed with the Oil of the Catechumens[1] (one of the sacred oils used to anoint those about to be baptized), though some churches use ordinary oil. This paste is used by the minister who presides at the service to make the sign of the cross, first upon his or her own forehead and then on those of congregants. The minister administering ashes recites the words: “Remember (O man) that you are dust, and to dust you shall return”, or “Repent, and believe the Gospel.”

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