Christmas 2010

I love Christmas. I love the reason for the season. What I'm not all that crazy about is how rushed I make myself - convinced that a ton of stuff has to be done by a certain time or - what - I don't know. Or I won't be ready.

In August or September, choir practice began - not at my church but at the Baptist church that lets me hang out with them for Christmas and Easter music. So once a week I've enjoyed getting ready for Agnus Dei - the lamb of God - gorgeous music with voices and orchestra. We sang two times. It was truly wonderful both time - very uplifting! - so that's something joyous about the season, something to appreciate and be thankful for.

We also performed The Christmas Shoes at Glendale Christian. Cast and choir worked hard - and had a really really good time doing it. We've had some sadness at church, and this effort may have helped make hearts hurt less.

Okay - the year in review. Steve stayed pretty healthy, much healthier since his diet started around May. He taught second session of summer school and skipped the first session. Instead he started riding his bike to the fitness center, working out, eating smarter - and eating less. He's lost well over 20 lbs., maybe closer to 30 - looks great and feels much much better. That's not to say that he's pain-free, but he is able to do more and has fewer down days. This is something to be thankful for in a very big way.

For fun, Steve still reads lots - he's a frequent patron of the library in the kid's section. Have you read some of the children's books? Great humor, good stories (and the print is usually bigger too). He gardens - we have lots of pots with a variety of green things in them: trees, onions, lettuce, tomatoes ....

Mostly I work - either looking for properties for buyers, or looking for buyers for properties that I have listed for sellers, or looking for business period. And most of that business - not all, but most - is short sale business. Not easy, and not short, but very gratifying when a deal comes together.

Just a little travel this year - a couple of days in Sedona for vacation, a short trip to Austin for business, and another short trip to Colorado (Castle Rock) to see my friend Janice.

We did several Bible studies this year - and plan to do more in 2011.

We are with Jenny and Scott usually once or twice a week. They're well. They've managed to stay employed when so many have lost work. And they love their dogs and their home and their toys - these are big kids, with big hearts, and know how to have fun and open their home to friends.

Goals: still working on them. Unwritten, they amount to nothing but wishes. So when they firm up, I'll write them down where I can look at them daily - and who knows but what I may blog them too.

Vistancia - Entrada

I love houses. And this one is extraordinary. Mountain views. Gated community. Gorgeous house - living room, formal dining room, den, family room with fireplace, kitchen to die for, tech center, game room with built in frig and wet bar and lovely cabinetry - and that's just the downstairs. Upstairs there are four bedrooms and three baths. The master bedroom has a sitting room, a huge walk-in closet with built-ins and ceiling fans, an awesome bath with both a tub and a walk-in shower. And - are you ready - this truly beautiful home also has a theatre upstairs, with a frig and wet bar and built-in cabinets.

Then there's the yard - with flagstone, built-in barbeque, block wall, grass, beautiful plantings - words fail.

When built just a few years ago, this 4800+ s.f. home cost over $800K. Today it is priced at less than half - and it is move-in ready. This one is a short sale. Look up MLS#4502465 for details.

Pebble Creek - Goodyear

I am excited to market a lovely 1445 s.f. home in an extremely attractive adult community (age 55+) in Goodyear - Pebble Creek. This is an energy-efficient block home - stucco with tile roof - with an open floor plan great for entertaining. Beautifully decorated, with tasteful color choices, tile and carpet, it has vaulted ceilings, two bedrooms, a den, two baths, two car garage - and a covered patio with block wall around the private back yard.

The address is 3989 N 160th Av, Goodyear - and we've priced it at $230K. This is not a short sale.

Not only is the house awesome, but so is the neighborhood. Quiet. Safe. This is a gated community with 24-hour security. The community boasts restaurants, golf, tennis, clubs, special interest classes - lots of stuff. The website is www.robson.com/page.cfm?name=PebbleCrk_

Call me if you know someone who might be interested. This is truly a fine home and beautifully maintained. It needs absolutely nothing but a qualified buyer.

Casting Off

We went to Bookmans the other evening - I had a credit that was burning a hole in my pocket (from 2008!) so we looked for books. It's a great store tho' I wonder what it'll be like in a few years with Kindles and the like gaining in popularity. I still like books - the paper kind - so it was fun to browse the shelves.

Last night I finished one that we found - Casting Off written by Nicole R. Dickson. It is a good read - a story (fiction) of a woman and her daughter to go to a small island in Ireland, where her friend was raised, to complete a study on Irish textiles and their history. The characters are likeable - tho' the main character is kind of slow on the uptake. I guess - were she not - we wouldn't have much of a story.

Not the best book I've ever read but I liked it. See what you think.

Short Sale Tips Courtesy Bank of America

I went to an interview yesterday to listen to BOA's Gary Haygood's "insider information" on Bank of American short sales. Gary heads up BOA's closing department in Chandler. His phone is 480.224.4497 and his email is gary.haygood@bankofamerica.com. If my experience with BOA short sales is any indicator, just the contact information is good to have.

Here are a few of my notes:

• Sometimes it is simply not possible, no matter how much you beg and plead, for a "full deficiency release" letter. Even though the bank probably will not pursue the deficiency (assuming we're talking about owner-occupied property that meets all the standards), some investors have a policy not to include full release language in the short sale approval letter. Sometimes it's the mortgage insurance company who makes the decision. So if that's going to be a deal-killer with the seller, better address it up front. Because you may be successful with language changes sometimes, and othertimes it is what it is.
• We'll hear more about "cooperative short sales" soon. This is when the bank has approached a borrower who is behind on payments and suggests they do a short sale, at a pre-agreed price. BOA may be moving in that direction, but it takes a stable market for it to be a win-win, and I'd say the market is not quite there.
• Most BOA files are getting full appraisals rather than BPOs (broker pricing opinions) - unless the investor orders a BPO. What's the difference? A BPO is essentially quick and dirty - cheaper, but of less overall value than an appraisal.
• BOA is okay with electronic signatures on their short sale files. Not all banks are.
• One day soon we'll see a change in the closing process in equator - so that the offer worksheet tracks with the HUD. That'll be good.
• Standardized processes sound good in theory, but BOA owns only 20% of its loans. The remainder are owned by a wide variety of investors, and each investor has its own way of doing business.
• Probably the best piece of insider information is this: because the bank will have all the sellers' financial information, repeat - all of it, have a detailed conversation with the seller at the listing appointment so there are no surprises about income, expenses, debt, assets etc.
• BOA is becoming less and less receptive to "strategic defaults" unless the seller makes a contribution at close.
• Gary says that the seller does NOT have to be in default to do a short sale. Other contacts at BOA say that the seller MAY have to be in default - based upon the investor and/or the mortgage insurance company.
• Commissions at 6% are usually approved - but for properties at $375K, they may only pay 5.5%.
• What is a good offer? Fair market value, no "junk fees," no big repair credits. Closing cost credits are okay. HOA fees are NOT allowed tho' the HOA transfer fee is.
• If the seller's FICO score is high, BOA will ask for a promissory note. The higher the loss, the more they ask for.
• In BOA's equator system, when the short sale has been approved and the buyer drops out, you can't plug in another buyer and keep on going. All workouts are buyer specific. Based on the discussion, it sounds like that's to make sure "arms length" remains in place with new buyer. When you get a new buyer, you must ASK for a fast track - call the closer and ask. Will need to upload seller bank statements etc. again, but if you get a fast track, you at least have hope of getting the transaction to close with a new buyer.

Christmas Shoes

We've been rehearsing like crazy for three December performances of "The Christmas Shoes." All cast and choir are church members, and we're being whipped into shape gently but effectively by Louise Jennings and Kathleen Kunkler. They have a job on their hands ....

It's a sweet story - a young family with a dying mom, an established family with lousy priorities and how both families are changed at Christmas.

The talented boy (who wants to buy his mom shoes (red - very Keller Williams) so she'll smile and look beautiful if she meets Jesus) is Jacob Herrera - and he'll run away with the show. He has his lines down pat.

The grinch guy is Ray Runkle - and he'll be flawless. He can't help it - he's an engineer.

The musical will be in the sanctuary - which is tricky because it's small and the cast and choir are all over the place. But it'll be okay.

Three performances: Saturday, December 11th at 7:00 pm, Friday, December 17th at 7:00 pm and again Sunday, December 19th at 10:30 am (or maybe it's 10:00 am - might want to be early anyway to get a seat). Glendale Christian Church, 59th Av and Mountain View (south of Peoria and north of Olive). It'll be fun. Very Christmas-y.