The bank first contacts a local agent who values the property via a Broker Price Opinion. It is assigned a value and the asset then awaits disposal.

          Once the Asset Manager is ready to dispose of the property, he contacts another agent  working in the area. Sometimes that agent is the only one in the state representing the bank who doesn’t even necessarily understand the local market. They are simply given the property to list for sale and generally have many of these bank-owned properties they represent.

          The Asset Manager does not work within the customary and usual ways of traditional sales in a given market. They operate under their own rules and use their own forms. You must agree to buy a home under those terms or your offer is rejected. Those forms and terms are designed by the bank’s lawyers to protect only the bank.

          The Asset Manager will not provide any disclosures or insurance claims history. It is strictly up to the Buyer to find out whatever they can about the property during a short inspection period after an offer is accepted. The property has often not been well maintained before foreclosure and may even have been damaged by the prior owner. You buy “As Is”. You have the responsibility to discover what “As Is” is. Once you have investigated the condition of the property, you must sign off on the existing condition or reject it and cancel the purchase.

          The bank’s forms or addendum may hold you to a penalty of up to $100 per day for every day you are late in closing the purchase for any reason including your lender not funding in time. If they are the responsible party for a late closing, they are not subject to any penalty. You are held to a timetable but the banks are not. Time means little to them. Remember this is a non-emotional liquidation of an asset.

          The bank will answer your offer only through their listing agent when they get to it. They may wait for other offers to encourage multiple higher offers. And, they may take a lower offer for undisclosed reasons or reject all offers. They may have listed it for sale at a price they would not sell it for only to stimulate showing activity. The time of acceptance that you give them in your offer does not require them to answer in a timely manner. It is only there for you to have a way to end the negotiation on your end. It puts no demand or obligation on the Seller (bank) to answer your offer within that specific time limit.

          Once an offer is accepted, it will be subject to the bank’s additional forms, terms, and addenda. Every bank has these prepared by their lawyers. They also select the title and escrow company. You either agree to their terms or they will not sell the property to you.

          Your close of escrow and time of possession is not emotional to the bank’s Asset Manager. They don’t care if you have your belongings waiting in a truck to move into a home. They don’t care if they have one more document to sign before you can get your keys after recording of your closing documents. They do not work past 5 PM in whatever time zone they are in and are not located in the local bank branch. They are in an office somewhere else and may have dozens of files to close a particular day–perhaps as many as 500 files on their desk in various stages of liquidation. You are strictly a number buying their asset.

          As long as you are willing to work under these conditions, you may find a great property at a discounted price. It may be worth the extra time, hassle, and discouragement that you are likely to encounter along the way.  Just be forewarned and then you won’t be surprised. We will be there for you, guide you through the process and advise you for your benefit and protection. WE are the experienced part of your team.

http://www.federalhousingtaxcredit.com/

It WILL work. It’s so simple!

eMail me for a copy of the plan in writing at Jerrygermansen@hotmail.com

The government in D.C. is kicking around the idea of extending the $8,000 tax credit that has been offered to first time home buyers. The extention would expand the tax credit to anyone buying a home and not just first timers. The proposal extends the date from the end of Nov 09 to the end of May 2010.
The existing tax credit has helped both buyers and sellers in this tough lending time. I support the extention.

The Bottom?

First American Title has come out projecting that the bottom of the market will occur in March 2010. It’s about time!
Don’t wait because most bottoms and most tops of markets are missed by most people. Being near it and with great interest rates is important for getting the best deal.

With both the tax credits and the impending bottom coupled with great interest rates this is your opportunity. Buy now!!!
Call me at 928 632 3906 or come see what’s out there for you at www.EXITcm.com

Jerry

Please watch the video in the link and voice your opinion by signing the petition.

Jerry

            We can predict what water usage will be based on statistics. The national average for water usage is 75 gallons per person per day. We know this to be fact.

            Wells are rated by what they produce or make in terms of gallons per minute. The true production of a well is not the capacity of the pump. It is the amount of water the earth is releasing into the well after the water stored at the well is pumped out. A true and accurate reading would require a well be pumped until the production dropped off and that the pumping be continued for an extended period of time. That time could be days. The amount of water that is constantly pumping after this pump down period would be considered accurate enough for determining the gallons per minute a well is making. Most wells are not tested that accurately. The pump down period is greatly reduced to either a few hours or even minutes because of the expense and time involved.

            Let’s explore what you need for a good supply for a home well. One gallon per minute is equal to 60 gallons per hour or 1440 gallons per day or 43,200 gallons per month. However, not many people want to wait a minute for that gallon to come from a faucet. We need storage to make water more available for immediate use; that storage comes 2 ways. First is the amount of water in the well shaft itself. There are about 1.5 gallons per foot of water in the hole. If your well is 300 feet deep and the “static” is at 200 feet you have 100 feet or 150 gallons sitting in the hole as storage. It will be pumped out at the full capacity of your pump regardless of how much your well is actually making until it is drawn down. A second storage is a holding tank. Some wells that do not make large amounts of water or that do not have a good static level may need a storage tank. A tank can overcome a week producing well.

            A family of four will use 300 gallons per day based on the national average. With good storage, a well producing just one quart per minute is sufficient and will make 360 gallons per day. The pump will run longer but steadily make enough water for your usage requirements. A five gallon per minute well will make enough water for almost 100 people or 216,000 gallons per month.

            The well is only one part of your water system. Storage, a proper sized pump, a pressure tank, and the faucets and fixtures are all part of it. You too are part of it because you create and control the demand. A water system should be designed considering all the parts. Use it wisely here in the desert. Save some water for tomorrow and others.

Special thanks to B&M Well Drillers  for their contribution.

Jerry Germansen 928 632 3906

EXIT Realty Cool Mountain

Now is certainly the time to buy a home!

You need someone that can review your specific finances and guide you into the right program. No two borrowers are alike. You need someone that has the ability to get answers from the banks who are overwhelmed.

We have searched for the best local representation by experts that work in te field. The Mackey Law Firm PC is our recommendation. For a free initial consultation contact Bob Verbic at 928-708-3841. It may be the best safety call you ever make. Protect your family and your future and find the right answers.