South Austin Texas Real Estate blog: September 2008

I loved watching the I LOVE LUCY SHOW,  it was very clean funny stuff, Lucy was always messing up and dragging her good friend Ethel with her and Ricky was coming along and cleaning up after her.. fixing it.  

But before Ricky fixed anything he would yell out . LUCY YOU GOT SOME SPLAINING TO DO! 

I wish Ricky were here to SPLAIN this bailout to me.  Ok, I understand our Federal Treasury is writing a check to the Lenders (banks, wall street, etc) for $700 BILLION DOLLARS.  Supposedly to BAILOUT the BAD DEBT the lenders have aquired due in part to the housing crises failure.

Now lets go one step further, I can't seem to get any answers for this part. 

I write bank X1 a check to pay my monthly mortgage, my neighbor had a home financed  with bank X1 also, my neighbor is in default and has received foreclosure notice to vacate the property.  What happens to my neighbors house? 

 The government just bought out all those defaulted loans? Yes? No?  Who now owns those defaulted loans? The Government does.  Don't they?  Who will sell that home now that my neighbor has left and it's vacant?  I would think the Government would have thought that far ahead.  They own HUD.. will these houses become the foreclosure homes that HUD owns and controlls and now sold thru HUD?  Like typical FHA loan homes?

The bailed out loans were for something... Right?  Not just money but money attached to a THING,an ASSET a house or a car.  Loans that are being bought by the government in the bailout are they now controlled by the government?   I think I have more questions than answers.

I fear we will need more than Ricky Ricardo to fix this.

We seem to be getting closer to the Yarrabee Bend/Onion Creek BUYOUT now. It is slated to start in January 2009, the project is getting ready to start having neighborhood meetings so watch your mailbox for information.

Residents will be invited to a meeting to explain the buyout plan to them and the process. 

I spoke with the project manager, Melinda Ruby, yesterday.  Here is the update that I have at this time..

Ms Ruby said everyone who has a home in the Yarrabee Bend area that will be in the BUYOUT will be informed of a neighborhood meeting and asked to attend.  At this meeting, that is only for residents and homeowners in the specific area, the plan will be explained and questions can be answered.  There will be several meeting and each area will have its own meeting.  There will be a satelite office in the area to assist residents.

The City/Corp Project has a real estate firm in place to assist residents in chosing their new homes but you are NOT UNDER ANY OBLIGATION TO USE THAT FIRM, YOU CAN SELECT YOUR OWN REALTOR BUYERS REPRESENTATIVE.

The Austin City Watershed website has more information and proposed maps are now available  

   http://www.ci.austin.tx.us/watershed/

The current PROPOSED MAP is at this page..

http://www.ci.austin.tx.us/watershed/downloads/onion_creek_corps_project_map.pdf

HERE ARE SOME UPDATES FROM THE CITY WEBSITE

"U.S. Army Corps of Engineers' Project
Status: A real estate firm is being hired to assist with the buyouts. Public meetings may be scheduled in the fall of 2008.
Number of Houses: 260
Voluntary: No
Map: Proposed Buyouts
Timeline: Approximately October 2008 to September 2013
Federal Funds: $46,000,000 (Congressional funding anticipated in late 2008)
City Matching Funds: $28,000,000 (funding approved in November 2006 bonds)"

I would like to help residents relocate and find a new home ... I am familiar with Austin and surrounding areas, I am familiar with the previous buyout transactions.  I am a licensed Texas Realtor, I have worked as a buyers agent for several years.  I work thru Keller Williams Southwest Market Center, 1801 S Mopac, Ste 100, my office voicemail is 512-531-2926 and my mobile phone number is 512-217-9482.  Email me at gailnttexas@gmail.com

I can guarantee you honest and fair representation, I can furnish testimonials from previous clients if you would like that, I am hardworking and my goal is to find you a suitable safe new home.

Please call me if you wish to work with an outside REALTOR.  My fees are paid by the seller of the home you purchase and I DO NOT CHARGE A TRANSACTION FEE TO BUYERS.   Gail Tassey 512-217-9482

This morning I was reading blogs and following some of my favs.. I read Charlie Ragonesi's blogs often http://activerain.com/blogsview/708354/READ-THIS-BLOG-PLEASE  because he is so honest and points out the obvious to us, Sometimes I miss the obvious until it is pointed out then my brain starts churning.  Today Charlie started the wheels spinning.

Of course President Bush's speech last night is still tumbling around in my head too.  He tried to point out the obvious of why we need the BAILOUT.  Active Rain is full today of bailout posts..   Pro's, Con's, upsides and downsides. 

Charlie, I think you have hit on something with a Grassroots Movement.. but I think we as Realtors should send the causes and comments about the SHORTSALE  and foreclosures..our experiences in daily real estate... where the buyers are stumped and stymied at every turn, the weeks and months it takes for an answer.. the whole snafu .. are the banks trying to get those done?  No..  or not in short order.  With willing and able buyers waiting and waiting and waiting for an answer.  Every day here in Active Rain land we see another post or three about another short sale mishap.  These are the stories that need to be told in Congress.  The Congress should have an investigational hearing about this mess.  BEFORE they spend the taxpayers $700 BILLION DOLLARS.

I can't believe I actually said Congress should have an INVESTIGATIONAL HEARING, I have thought many times how worthless and time wasting those are.. but maybe they do bring to light all sides of an issue.  If ever all sides of an issue needed to be brought to daylight it is this mortgage bailout mess that is being blamed for Wall Street's near collapse.  (I personally think it was not ONLY the mortgage mess and housing market meltdown but many fauceted bad choices including overpaid bankers and brokers and wall street employees).

Over last weekend Lenn Harley wrote a great post about why banks should not be handling these sales, perhaps we need to compile and diary of short sale stories and Lenn's blog and overnight it to Congress... so our Senators can be informed from more than one side about this continuing snafu. READ LENN'S blog here   http://activerain.com/blogsview/693510/WHY-DO-THE-BANKSJ

THE ABOVE ARE JUST MY THOUGHTS IN MY MOST HUMBLE OPINION.  oh by the way I'm not an economist either.

Drama, is what happens in life that can make it interesting, thrilling, frustrating, overwhelming and outright maddening I've been finding that every deal has its drama.. .and its not all bad.  When it is I lose sleep, I overeat (others worry and forget to eat) I worry and fret and then worry some more.  I suppose most of us do.

The last week of a transaction can be accompanied by a multitude of phone calls.... to the listing agent, to the banker, to the inspector to the buyer's and to the closer.  It's a round-robin of phone calls.  Did you get this document? Did that fax arrive?  What time are the sellers signing? What time are the buyers signing? Will it fund before close of business today?  All those are things I have found take up my days and evenings during closing week.

This week the worry was at bay, I was busy working with another buyer to find her perfect home and letting the soon to be closing home just float along.  Well, between the building of the new home that is suppose to close this week and this week getting here we had a Hurricane named Ike visit Texas. 

Everyone knows the devastation that the Gulf Coast suffered, the loss of lives the property damage, the financial and personal life of so many people that it is too heartbreaking to think about.  Really overwhelming to imagine that yesterday you had a job, a home, furniture, maybe a pet and now you have the shirt on your back.  How fast our lives can change.

Houston had massive power outages, the banks were shut down, everything was without power, today my buyers lender called to tell us ..  "Due to the bank being without power for 9 days we may not be able to finish our docs on time and fund this week".   Understandable, totally, nothing could have foretold or predicted this tragedy.  My buyers will be fine, they have a great new home that they will move into it next week.  Just not this week.  Such a wonderful young couple they are completely understanding of the situation, and taking it in stride.  I love them!! Hugs and hugs to you Jessica and Eric.  

I once saw a poster on a Realtor's wall, oh way back about 1975.. it said GO AHEAD TIGER AND DO IT YOURSELF.  the pictures were of a man stalking a new home thru a jungle with pitfalls ahead.  I'm sure that is completely unPC now.. but all these years later I still remember it.

What should a buyer do first?  Ok, I have decided to buy a home. I have saved my money and I've been driving around the neighborhoods where I live .. now I want to own.  Do I call the number on all those signs? 

That's a scenerio many people face when they are going on the road to home ownership.  Here are my thoughts and opinions.

GET A BUYERS AGENT to represent you.  WHY?  A buyers agent can help you by saving you time and money.  TIME? huh?  Well how many Saturdays and Sundays do you want to visit those Open Houses and hope you find "the right one" ?   A good agent knows the neighborhood.  Also many agents know about houses coming on the market that may fit your needs and wants.

Save me MONEY? how?  A good agent knows the prices for an area, knows value, knows how to negotiate prices, a good agent will do a Comparable Market Analysis to make sure the home of your dreams will appraise at sale.  A good agent will help you find the right Mortgage broker, who will treat you fairly and honestly.  A good agent knows many good Inspectors who will treat you fairly and honestly.

A good agent will help you from the beginning to the end of your home purchase.  From pre-qualifying to home tours to inspections then repairs then negotiations then closing. A good agent is a guide  thru the Jungle of Real Estate. 

 If you would like a GOOD AGENT to guide you thru the home buying process call me... I can help you.  I serve Austin Texas and surrounding areas.

Gail Tassey, REALTOR, Keller Williams Realty, 512-217-9482

Today is the Circle C Ranch Neighborhood Open House Tour, Sunday, Sept 21, 2008  1:00-4:00pm

6104 ROXBURY, AUSTIN TEXAS, 78739  BLUE RIBBON SCHOOLS, KIKER ELEMENTARY

The home I'm hosting is a lovely 1 story, Scott Felder Built, with an incredible backyard featuring double decks and huge oaks shading the yard. Inside are gorgeous granite countertops in the kitchen that is open to the family room and upgrades throughout.  4 bedrooms, 2 baths, with 2,114 sq ft and close to the swimming pool, hike and bike trails and the tennis courts.  Stop in today and view this gem in the heart of Circle C. Priced right at $279,900.

Yes, most of us hate it,  Lead Generation.  Making calls, sending notes, walking the neighborhood, all the old time forever basic Realtor strategy and tactics.  In these hard times where buyers aren't falling out of trees and sellers are getting frustrated with the longlonglong time their home is on the market we need to get back to the basics.

Scripts ..  ugh,  yuck, yikes..  all of it... we hate scripts.   But life is a script, and when you learn a script its no longer canned sounding because you learn to put it in your words with your incantations and influences and it becomes a genuine answer or probing question.  Scripts are not hard, just practice them, tape them and play them when stuck in the traffic.  When you learn what to say you will no longer fear the phone calls.

Yes, I hear that about how 90% of potential buyers search the Internet first, before they call a Realtor, but they do call a Realtor.  Websites and Internet power helps puts your information before a buyer, but nothing beats a face to face meeting.  Websites are to bring them to you so you can get the face to face.  That's what we all are looking for even here in the Rain, face to face with potential clients.

I'm not a technical person so I don't have a great website, I signed up for one a year ago and paid many many hard earned dollars but found it was useless to me because I didn't know what to do with it. Never got a legitimate qualified lead in one year so I canceled it. Another tactic we need to use is lean mean spending. If it's not working cut it out.

I'm back to handwritten and handmade notes, snail mail, e-cards,  Open Houses, calls to friends and family and past clients and I have to get myself out there in more groups and activities and say "I'm a Realtor, do you know anyone who wants to buy or sell a home?"  (I personally will probably not walk a neighborhood).  But I know from office team mates it does work.

How are you tackling these difficult times?

I have seen some creative ways to market yourself lately, lets see how many we can share.  Make that commitment to yourself and lead generate, chose a time and stick to it,  even 30minutes a day to start, then do it... every working day.

 

This week is my One Year Anniversary in the Active Rain Community.  It's been enlightening, encouraging, uplifting and all around a good thing.

In this year I have met online and a few in person, some outstanding folks.  Learned from them, laughed with them, ranted with them and sometimes cried with them or for them.   People are really good I believe, the Universe works it all out and we must acknowledge good vs evil through out our lives and history.  I believe people are basically good.  Given the chance they will do the right thing.

(Although listening and watching the stock market mess makes us think some folks are just plain greedy, money grubbing and without regard to the rest of the world)

Getting back to my one year, I never ever in a gazillion years thought I would be a writer.  I started with trepidation, hesitant, worried I would make horrible mistakes and show my ignorant self to the world.  Weelllll, I probably have but to quote a favorite team leader of mine at work,  MaryAnn Nations, sometimes you have to make a fool of yourself to get yourself out there. (and get over yourself).

I have had a restless in the rain summer, in and out and not consistant, but I seem to have overcome that now and I'M BACK!!

This is another milestone .. post 200.. wow..  I never thought I could write 1 or 2 or even 10 posts, and now they have grown to 200.   Mostly I write what is on my mind... sometimes its plain ole mindless, sometimes its valuable information.  I hope I have brought a bit of sunshine to some here.  Its been a terriffic journey here in the Rain and I think I will be here for awhile longer.. I'm pulling up my rocking chair to sit in the Rain and enjoy it for awhile.

Your no one if your not on Twitter.. what a great You Tube video... for all my tweeting friends there is a great funny video on YouTube called YOU NO ONE IF YOUR NOT ON TWITTER, go check it out. Now I know some of you are devotees to Twitter... I haven't brought up the courage to try it yet.. Im still an old dog and learning new tricks constantly but this one has escaped me for now.. perhaps I should try to check it out? With ActiveRain, LinkedIn, myspace, facebook, my netblog, my website, my actual real estate career, I think I ran into my sleep time.. and I tell ya friends, Im not a happy camper if I miss too much of that. Happy Twittering everyone!

Just musing here about some thoughts that were brought to my attention .. which comes first.. Buyers qualifying for a home mortgage and shopping for a home in that price range... or search for a home and hoping they qualify for that one?

As an agent I suggest, advise, and urge a buyer to PLEASE PLEASE PLEASE speak to a lender first.  Get an idea of what you can afford, what it will take to be a qualified buyer.  Few folks have wide open pocketbooks that will allow them to start looking in any price range and pick what they fancy.  To prevent later discouragement its best to know where and what you are shopping for.

Would you look at a Maserati if you could afford a KIA?  Sure to look at something above your todays dollar spending range  is a wonderful dream, as long as you know you are dreaming and its a someday.  great thats incentive to work hard and save.  But you wouldn't walk into that dealership thinking you could buy that new Maserati and be disappointed at the sales table.  Don't set yourself up for that disappointment when home shopping either.

Another advantage of prequalifying is you may be delighted to find you can afford a more expensive home than you thought.  And don't forget to look a bit above the price range, often sellers will negotiate a price or some of the closing costs.

With the daily rising costs of fuel I don't run all over town to show buyers unless they are prequalified by a lender first.  Its a personal decision I made this summer, sure I'm not out showing as much but when I am showing I can feel those buyers are serious and not just lookers.  I believe I will benefit by only showing prequalified and ready to buy buyers.

If you are a ready to buy buyer in the Austin Texas area, give me a call.. lets talk .  Gail Tassey, Realtor, Keller Williams Realty, Southwest Austin Tx.. 512-217-9482 mobile.  gailnttexas@gmail.com