Michael Russell's Discussions

I have noticed a very negative slant on this board. I am not sure where all of the hostility comes from but I am practicing a very strong slogan for 2008. It is very simple, be a winner not a whiner.  

What I was saying is that there is a positive solution to most problems and whining isn't it. To answer some of the questions. I do think it is a good time to buy a house in KC. As for other markets I don't know. It is still a good time to be a home seller in KC, unless you bought in the last year. I do agree that a lot of the defaulting homeowners are investors and that FHA will pick up the slack for buyers. Sorry that some of you think my outlook is too perky but that was the point of the post. If you focus on the negative that is what you will get and no I didn' t steal that from the SECRET 

Better yet, why do sellers insist on overpricing their home. I cannot remember the last time a seller told that their home was not nicer than the comp sale down the block. Most sellers choose the agent who tells them the highest price and the lowest commission. Not real smart, you choose the least experienced agent to try and get you that unrealistic price. We are finally seeing some sellers who are willing to listen but for the most part seller still want 10% more for their house than it is worth

The hard part about that report is that no matter how true the report is, you cannot paint the whole country with the same brush. California, Nevada, Michigan, Florida are in really bad shape but Portland, Santa FE, and many other cities are doing really well. I agree that the CEO's & Hedge fund MGR's should have to pay back all of those bonuses. Ah the beauty of a golden parachute.

Ask your realtor to take you on a tour of your competition. Be objective and honestly ask yourself how your house compares to those homes. Sold comps are great but those homes are no longer for sale. If your house is not in the top 3 at your price range consider making the adjustment sooner not later. The longer you keep your home overpriced the larger your price deduction will need to be

Objections are opportunities. Your agent should be providing you with feedback from showings. I always look for ways to overcome the buyer's objections before asking for a price reduction. So many time though the seller would rather reduce 10k than replace 4k worth of worn out carpet or remove wallpaper & repaint. remember that no detail it too small. I walk the house with a roll of blue masking tape and look for evry detail from dirty window sill, skuffed walls etc... You home really needs to be sharp, I know it is a pain but it will pay.

once the sale is complete your second will become an unsecured loan. At that point you could stop paying. The lender will then try to collect the debt and will probably turn it over to a collection agency. At some point they will probably write off the debt called a charge off. This will hurt you credit but not as badly as a foreclosure would

because it works. We promise to our sellers to provide their home with every available avenue to sell their home.

stay away from third party lead generation like House Values or Just Listed. They are stealing leads you can get on your own. Google PPC works well but you need to have your website set up properly to capture the lead and you need a good follow up system once you get it.

The house passed a bill today bailing out Fannie Mae & Freddie Mac but what wasn't highly publisized is that they are ending the use of Down Payment Assistance for FHA mortgages. I am sure that there are many of you who have used one of these programs to purchase your home. They go by names like Nehemia, NeighborHood Gold & Ameridream. This is the last way to purchase a home with no money down. If you are a buyer looking for a home and were directed to one of these programs you may lose your opportunity to purchase a home. Don't take this lying down. Go to this site and sign the petition to make sure your senators & Congressman/woman know where you stand. http://rallyforhomeownership.com/