Jay Knorr's Discussions

Listen to Resin8. Now is the BEST TIME TO BUY."I wouldn't have been able to afford the house if it wasn't for this housing crisis."-If I had a nickel for everytime I've heard that from a greatful buyer lately, I have a bunch of nickels!

2 Big 2 Fail:As you may know, Countrywide was bought out by Bank of America. Two days ago, in my company's sales meeting, a loan officer came and told us that B.O.A. is looking for "market share" and not profit. For the first time in history, they are offering a RATE GUARANTEE. This means that if you are qualified with another lender, they'll BEAT the rate. I sent a client over there yesterday that was pre-qualifed with another lender across town and quoted a 6% interest rate. Countrywide (BOA) gave them 5.375% AND $1000 in closing costs.

I'm not a lender but I DO KNOW that this is the perfect market for investors. Prices are lowering daily. Sellers are panicking! In our market, South Alabama, several smart investors are buying houses to rent because there is such a low number of them. They usually turn around and make more on the rent than they have to pay their mortgage lender each month. Of course, that's in a perfect situation.I would DEFINITELY talk to your lender and realtor about weighing your options. Good luck!

Luanne, not sure about your market, but here in Southeast Alabama, almost all our appraisals are coming in high, which further proves that IT IS THE TIME TO BUY!I wouldn't say that the appraisals are coming in much higher than the CMA's. It depends...If you have good, recent comps for a neighborhood that's had a lot of activity, they're pretty close.But! I have run comps for properties in neighborhoods that hadn't had any solds for a while, and come to find out, after the appraisal was done (after I had sold a house) it was greatly inflated from what kind of equity I had originally told my buyers that they'd be getting. Of course, they were thrilled!

I remember that guy... a pioneer of get-rich-quick infommercials! 

I had one fall apart recently, an REO, because it did not pass FHA inspection.

I travel to B'Ham frequently and haven't tried ANY of those. Now I must. Thanks for the contribution.And if you're ever in Auburn, AL....1. The Cajun&Creole Seafood Shack - off Shug Jordan Parkway2. Ariccia, Italian Tratoria - inside the AU Hotel & Conference Center3. Cock of the Walk - close to Tigertown on Frederick Road

The Bruno's grocery store in Auburn will soon be closing it's doors. According to the store manager, they let all the employees know last Wednesday, Feb 18th, that the doors will close within 30 to 60 days.This not long after the Pharmacy located inside was shut down last month, and the Bruno Brothers filed for Bankruptcy protection a few months ago.The store, on the corner of Glenn Avenue&East University Drive has been a pinnacle of the community up until recent times.

So I had a horrible profile picture here on Zillow. I took the picture off of my new webcam that I bought a few weeks back. I bought a Logitech Pro 9000, because some really cool people recommended it. It was to be for video blogs and calls (Skype). I HATE my professional picture that I had made for business cards a few years ago. It's not a good representation of me. So I used a quick webcam photo in the meantime, until I could find a better one.Problem is, in the thoughtful pose I made, with my hand held up to the side of my face, it appeared as though I had a cell phone to my ear.My new friend, Azrob commented about this on a post I made yesterday,which after some thought, was pretty funny. I took it the wrong way and retaliated with a nasty email. We're cool now though.So I took his advice and changed my profile picture to something more representative, Samford Hall, a symbol of Auburn where I work and reside. (Taken by a friend of mine and used with permission.)Out of this I learned 2 things: We should all be friends here on Zillow. Life's too short to bicker about such silly things especially considering the current state of our industry.Second, whether you use an avatar, a picture of you and your dog, or a symbol of your locale, you should use a profile picture that is truly representative of YOU.

It could be a scary proposition. I would hire an attorney to draw the papers.Also, consider a large enough downpayment (so it would hurt to lose it if the buyers/renters defaulted). And as far as the monthly, you've got to decide what is feasible to you AND them, meaning keep some of the money per month that does not go towards purchase.Good luck!