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Asia is a big investor and the United States cannot afford to have its debt considered risky. The NY Times reports that the consensus is that common stock holders may be virtually wiped out (Didnt that already happen) and the Preferred holders may not fare that much better. McCain and Obama have already stepped up with support for a government take-over.

My understanding is that the total Fannie and Freddie mortgage debt is equal to the National Debt. The big question in my mind is how will this be structured and will it effectively double the nation debt overnight.

Oversight

Where was it. According to the Times the companies have been fooling with accounting procedure since 2003. ” For years, both companies have effectively recognized losses whenever payments on a loan are 90 days past due. But, in recent months, the companies said they would wait until payments were two years late. As a result, tens of thousands of loans have not been marked down in value.”

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Howard Bell

www.yourpropertypath.com

A web site of over 450 articles related to real estate focused primarily on property management.

Your Property PathSF

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NAR

NAR has been watching and reporting on this trend and notes that the largest proportion of foreign buyers of U.S. homes from May 2007 to May 2008 (24%) were Canadian. And that is twice last years number, thats a trend

Canada is feeling Strong

The Wall Street Journal reports that the Canadian Real Estate Association says home prices grew 11% in 2007 from the year before, to an average of $307,265, and they are expected to rise an additional 5.3% in 2008.

“RBC Bank, a U.S. division of Royal Bank Financial Group in Toronto, set up a program that allows Canadians to buy U.S. property worth up to $2 million with a down payment of less than 25%. RBC has doubled the amount of such loans it has issued over the last year, says Alain Forget, a company vice president.” via the wall Street Journal

Where Are They buying

Seems the Canadians are loving Florida and Arizona sunbelts as vacation homes or condos. For agents in those areas they should be focused on ways to reach our northern neighbor. I think locating a Canadian agency willing to work with Amrican agents in retirement and recreational areas of all kinds have an opportunity here that might be less obvious. Here’s How One agency is Doing It. Looks like a great job from here, they call themselves “team Canada”.

Thanks for Reading

Howard Bell

www.yourpropertypath.com

A web site of over 450 articles related to real estate focused primarily on property management.

Your Property PathSF

http://yourpropertypath.blogspot.com/

Trade talk for the San Francisco real estate industry.

Your source for property management tips, policies and market trends.

Your Property Path Amazon Store

http://astore.amazon.com/yourpropertypath20-20

super deals on agent open house tools

We hand picked Amazon for the tools you need

This real estate article was posted from Your Property Path

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This real estate article was posted from Home Front real estate blog

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This real estate article was posted from Home Front real estate blog

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This real estate article was posted from Home Front real estate blog

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This real estate article was posted from Home Front real estate blog

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This gives me a depth of knowledge when working with a new home buyer that other Realtors who haven’t  had this experience can’t possibly know.  No amount of fancy letters behind the name of any Realtor can substitute for successfully selling new homes for a builder and working in that environment.

The Pitch: Buying a new home? Call me.  It would be a mistake not to let me represent you with my experience in tow.

Now, beyond that, here are some other reasons you want representation when purchasing a new home.

The Contracts and Disclosures

The paperwork in buying a new home is vastly different than purchasing a resale.  Realtors selling a resale use, mostly, California Association of Realtors (CAR) forms approved by the CAR attorneys in concert with the Department of Real Estate.  New home builders do not.  You’ll need someone who understands these differences to explain it to you.  Can someone whose never seen them do this adequately?  Your call, I’m just asking!

Warranties and SB 800

New homes are legislated far more than the resale side of the business.  Ask most Realtors what SB 800 is and you’ll get a blank stare most of the time.   Understanding this will help you to realize why buying a new home is so beneficial.  This is a MAJOR difference between buying new and existing homes.

Use the Builders Lender?

Using the builders lender can be tricky.  Some of the builders are using outside lenders while others have their own lenders who are under the same umbrella and affiliated with the builder.  Some Realtors will tell you that using the builders lender isn’t a good decision.  The proof will be in the fees charged and the incentives offered.  I generally recommend that the buyer uses the builders lender as the cost of using your own lender won’t be offset by incentives.  Incidentally, Pulte Homes has the best team of mortgage people I’ve ever run across.  I would ALWAYS recommend using their lender when purchasing a Pulte or Del Webb home.

Construction

New home sales consultants are trained in the current building standards of the homes they sell.  It’s part of objection handling and knowing the difference between one builder and another.  Understanding quality workmanship is critical to buying a new home.  Trust me on this.  The builder who built my home built it with components that won’t hold up in a stiff wind.  Every sales associate that works for the builder who built my home lied about quality.  They had to or they were not trained to know the difference.  Do you want to take that chance?  Knowing the difference between builders and what they build is critical to peace of mind.

and finally

GET THE BEST PRICE AND TERMS

You don’t work in the sales department of a homebuilder like Pulte without learning a thing or two about what they will do and what they won’t do.  Once I had a Realtor come and “negotiate” a sale for his client on a home that was a month from being finished.  He was trying to discredit the community and it’s pricing in an effort to get a better deal for his client.  I simply told him we don’t negotiate and asked if he needed me to leave the room to chat with his client which I did.

When I came back he asked me for a $5K discount on the home priced at base plus upgrades.  $5K…$5K!!!  I smiled and excused myself to chat with my community manager to tell her that I just saved the company $10K.   I had been authorized to give up $15K to make the deal work if need be.  By “negotiating” he cost his client $10K she didn’t have to spend.  INEXPERIENCE COST HIS CLIENT THOUSANDS!

The reason for this is knowing how the builders figure costs and where to ask for discounts. It’s not hard once you’ve worked in the industry to get the best possible price for your client.  The $5K discount cost the builder about $1,500.  That’s no discount.  This is where I can really help.

Well that’s my take.  I wouldn’t trade my experience at Pulte Homes for anything.  Some of the most professional and caring people I’ve ever worked with.  What I learned there will help me to be successful in the future.  I will always favor Pulte and Del Webb homes because they are one of the best production builders out there, bar none.

If you need representation purchasing your new home, and believe me you do, please call me at 916-532-7653. I’ll be happy to help you  or someone you know.

By the way, there are WAY more than 5 reasons to be represented when buying a new home.  Check Gina Riede’s article about her take.  It’s a good one.

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This real estate article was posted from Sacramento Real Estate Views

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This real estate article was posted from Home Front real estate blog

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This real estate article was posted from Home Front real estate blog

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