Open Question: Will these four factors run Obama out of Office.?

…. 2. Home Foreclosures. 3. Higher…


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With REOs in the Housing Market Spotlight, RE/MAX Agents Offer Tips on How to Buy One the Right Way

Chicago (PRWEB) February 15, 2012

Last year, more than 20,200 homes repossessed through foreclosure were resold in the metropolitan Chicago real estate market, including single-family residences, townhouses and condominium units. The median sales price of those homes was $ 74,200, according to RE/MAX.

Among real estate professionals, foreclosures are commonly referred to as REOs, an abbreviation for Real Estate Owned by a lender. In 2011, REO sales accounted for 29 percent of all home sales in the seven-county Chicago metropolitan area compared to 24 percent in 2009, according transaction records maintained by Midwest Real Estate Data, LLC.

The growing foreclosure market is attracting many buyers, both those looking for a home of their own at a bargain price and investors who either plan to improve and resell quickly or use the property as a long-term rental. Aided by the fact that mortgage interest rates are at historic lows, foreclosures have become the catnip of the residential real estate market.

However, not every would-be REO buyer follows through. Buying properties in this category presents a different set of challenges than making a more traditional home purchase.

A majority of first-time buyers I see want to purchase an REO, but after they view the homes available, many say, this isnt for us, said Matt Pittman of RE/MAX Achievers in Lombard, Ill. Buyers will do themselves a service if they research the subject of REOs and understand the unique aspects of this market segment.

Here are a few important tips for buyers interested in REOs offered by RE/MAX agents with extensive experience in that segment of the housing market.

1. Assemble a qualified team: Because buying an REO is different than purchasing other types of homes, buyers should be sure to have a qualified support team on their side, recommended Linda ODonnell of RE/MAX Signature in Chicago.

Along with using an agent who knows both REOs and the local market well, youll want an attorney experienced with REOs and a highly competent home inspector, ODonnell said. A thorough inspection is a must when buying an REO because the seller makes no warranties about the condition of the home.

2. Understand the link between condition and financing: REOs can come in a range of conditions, from essentially move-in ready to uninhabitable without extensive repair, and the condition of the property can make it ineligible for certain types of financing, notes Ed Lukasik, Jr., of RE/MAX Professionals in Bolingbrook, Ill.

Cash buyers can purchase anything they can afford, but buyers who need financing will face certain limitations depending on the condition of the building, Lukasik said.

To get conventional financing from a private lender, the home will have to meet specific criteria at the time of appraisal, according to Lukasik. The kitchen and at least one bath will have to be fully functional, though kitchen appliances arent required, and all utilities, including heat, water and electricity, must be operational.

However, if the buyer wants to use FHA or VA financing, the standards are even stricter, especially in regards to safety issue. For example, flooring and walls cant have holes in them. The exception, he said, is that FHA offers so-called rehab loans through its 203K program that can be used to finance homes with deficiencies so that repairs can be made after closing.

Depending on the type of financing they want, buyers should understand the condition requirements and adjust their house hunting accordingly, Lukasik recommended.

3. Dont assume every REO is a bargain: While many REOs are terrific values, that isnt always the case, advised Tomas Gomez of RE/MAX Showcase in Waukegan, Ill. Even the least expensive REO can turn out to be a poor investment.

You have to look beyond the price of the property itself and see what it will cost to bring the homes condition up to a level that will work for you, whether it will be your own home or a rental or a resale, said Gomez. Once you have determined that number, then you should look at the housing market in the immediate area and see if the home you will have is worth what you are putting into it. If it costs $ 30,000 to fix up an REO that cost $ 50,000 to purchase, you dont want to end up with a home that could only be sold for $ 65,000.

4. Dont be surprised if there is competition: Inexperienced buyers often imagine that REOs are properties that no one wants. While that can be true, it often isnt the case.

In the last week and a half, Ive written cash offers on four or five properties for investors, and we have been outbid, reported Matt Pittman. In fact, you can expect multiple offers on REO properties that are aggressively priced, especially on really good properties.

Pittman said that his strategy in such situations is to offer slightly more than list price perhaps $ 150,000 for a home listed at $ 149,900. Nine times out of 10 my buyers get the property if we get our offer in first.

When they dont, its because the bank will then ask all bidders for their highest and best offer.

Thats when the buyers have to make a decision on how much they are willing to pay and what the value really is, Pittman said. Ill advise them on how high Id go, but the buyers make the final call.

5. Get comfortable with the REO concept: There are a number of ways in which buying an REO is different from a more traditional purchase, but generally the differences are not something over which you should lose sleep, contends Anna Klarck of RE/MAX Showcase in Long Grove, Ill.

I love getting my clients into REOs because if the transaction is handled properly, it has so many advantages, she said. The negotiations are easy because all were discussing is price, and the sellers have a clear idea of what price they will accept. The sellers will also have some contract addendums that buyers should review and have explained to them if necessary. Usually the closing is quick, and for those buying to live in the home, a two-year home warranty is part of the package.

Best of all, said Klarck, if buyers do their homework before purchasing an REO, the home they get usually is worth more than they paid for it, so buyers often walk away from the closing table with an immediate profit, and they can recapture that profit by refinancing the home in a few years.

RE/MAX has been the leader in the northern Illinois real estate market since 1989. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,100 sales associates and 110 individually owned and operated RE/MAX offices that provide a full range of brokerage services throughout the northern one-third of Illinois. Its http://www.illinoisproperty.com and http://www.remax.com websites are leaders in consumer visits among real estate franchise brands. Its mobile search, m.illinoisproperty.com, allows users to conduct real estate searches on any mobile device with Internet access. The northern Illinois network is part of RE/MAX LLC, a global real estate organization with 89,000 sales associates in 87 nations.

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Austin Entrepreneur Seeks City Council Seat

Austin, TX (PRWEB) February 22, 2012

Tina Cannon has thrown her hat into the ring for Place 5 on the Austin City Council amid a flurry of supporters at a kick-off party that was held on February 17th, 2012.

It is my goal to see Austin once again setting the standard for innovation, entrepreneurial strength and responsible growth, this is our Austin and together we can make it even better than before, said Cannon.

Ms Cannons background in business and entrepreneurship, brings a common sense, balanced and not biased approach to city government. She believes there are workable paths to growing our city, adding valuable jobs without creating a hardship for taxpayers or the environment.

Her top three initiatives are expanding opportunities for economic development, moving the council to geographic representation and transparency in city government.

She will tirelessly advocate for fair citizen representation on council. She will work with the Mayor and other council members to move the city council to a single-member district format, giving Austin a city council that truly reflects its geographic diversity.

Ms. Cannon will vote to move the city council elections to the November ballot. Historically, less than 25,000 of the nearly 500,000 registered voters participate in the May elections. Meaning, approximately 5% of the registered voters are deciding which candidates govern our city and costing an additional $ 1 million dollars each election cycle.

Ms. Cannon will work to bring good quality jobs to Austin by attracting businesses to relocate or begin from scratch right here in Austin. She will offer net positive incentives for businesses that create jobs for Austin. She will expand the role the economic development office to not only attract new business to Austin but also add a small business accountability position to be a resource for those businesses currently struggling with the layers of city bureaucracy that stifles the growth of our independent operators that help make Austin weird and what it is today.

Ms. Cannon will advocate for increasing our public safety in the city adding more EMS, fire and police to the city budget.

Ms. Cannon stated, we will be on the ride side of history when it comes to strategic planning for our rising transportation needs. Expanding bus services, increasing use of hybrid and flex fuel autos. She will make smart choices with expansion of light rail and encourage tactical planning for land usage that considers transportation before moving forward with development and will work to keep MOPAC moving without tolls.

Austin should strive for energy efficiency through sustainable green growth, creating new green industries and jobs, Cannon said. She will work to increase the use of alternative energy resources such as wind and solar while opposing nuclear and coal.

I want to let future generations of Austinites know that even thought here might be difficult decision to be made, that we made smart choices for Austins future, said, Ms. Cannon

Her opponent has had an extensive background in and dedication to academia with no real life experience on the ground building and running. It is one thing to be able to write policies from an office and another to actually live with them day to day in the real world.

I may be new to City Hall but I am not new to problem solving. I want to grow the economy, create jobs, plan for sensible growth, expand business, increase our commitment to public safety and address affordable housing solutions, said Ms. Cannon, this is everyones Austin and although we may disagree from time to time, we need to make balanced decisions and not biased decisions for our Austin. Help me take City Hall in a new direction.

About Tina Cannon:

Ms. Cannon has called Austin home since the fall of 1993. She moved to Austin from Las Vegas, where she grew up. While in living in Las Vegas, Ms. Cannon attended the local EMS training program, received her certification as an EMT-I and worked for a time as an emergency medical technician.

Once in Austin, Ms. Cannon graduated from Texas State University with a Bachelor’s degree in Accounting and went on to become a financial auditor and business consultant in the private sector.

Ms. Cannon is seasoned entrepreneur, having founded several start-ups based in Austin. She co-founded and sold Lavaca Street Deli. She was the CEO and co-founder of PetsMD.com, the leading online pet health resource (acquired by Pet360 in 2011). She was also co-Founder of Booqoos.com, LOCALoyalty.com and Book-a-Vet.com, an online, real-time veterinary appointment application awarded top new product by the American Veterinary Association.

Ms. Cannon currently serves as the Entrepreneur-in-Residence at Texas State University as well as COO of LOCALoyalty.com. She has been a featured presenter and panelist at various technology events and mentored numerous start-up businesses and has been a guest columnist for BNET.com (now cbsnews.com).

Ms. Cannon served as the Democratic Party precinct Co-Chair for precinct 349, and later as Chair of precinct 339 in Southwest Austin. She currently lives in East Austin.

http://www.TinaCannon.org

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Korean American Association Interview Preparation


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Kimberly Grafton of Fairfax County’s Employment Services and Helen Kim, the Korean-American Association of Virginia’s Job Fair director, prepare for an interview during Fairfax County’s Mega Job and Entrepreneur Fair on Saturday, March 26 at the Fairfax Government Center.

Find out how SkillSource can help you at www.myskillsource.org/home/jobseekers_onestop_fairfax.shtml.

Find our about Fairfax County’s Employment and Training Services at www.fairfaxcounty.gov/dfs/ss/employtraining.htm.

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FORECLOSURES INCREASE FROM DECEMBER TO JANUARY

Both completed foreclosures and the number of San Diego property owners who started the foreclosure process increased in January from the end of 2011, but those numbers are down compared with figures from a year ago, real estate tracker DataQuick reported Tuesday.
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Open Question: I’m going into forclosure, what can I expect?

…Someone try and talk me out of letting my house go into foreclosure. Desperate.


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Florida Families

While Florida families struggled during the housing crisis, Newt Gingrich cashed in while working for Freddie Mac. After being sanctioned for ethics violations and resigning in disgrace, Newt Gingrich cashed in as a DC insider. President Obama and his campaign would be very happy if Newt Gingrich is the nominee.
Video Rating: 3 / 5