Sunday, September 21, 2008
Excellent
I believe in the theory that having a positive attitude in your day to day living will help you not only in your business life but also in your personal life with your family and friends. I do my very best to stay upbeat all the time. No way is it an easy thing to do. We have to continue in our efforts on a daly basis to keep a positive attitude no matter what is going on. Sometimes it is difficult especially when things are going on with kids and such but is an absolute necessity to keep upbeat. Last week I had one down day and boy did it prove my theory. I have always said that if your attitude suffers it then involves those that work with you and your family at home. People were emailing, skyping, calling asking if I was alright. It was amazing. At home everyone just left me alone for a while until I got over it. So the moral of the story is no matter what, keep that positive attitude and it will influence your associates, your spouses, your children and your clients.
Thursday, August 28, 2008
Dallas Texas Boom www.ok8888.com
Dallas Texas Boom !!!
DALLAS, TX-Weathering out today's economic turmoil is easier in Texas than practically any place else in the US. And, a leading economist for the Real Estate Center at Texas A&M University says the climate's going to stay that way for a long time to come.
"I think Texas is poised for an all-out boom for the next 25 years," Dr. James P. Gaines, research economist for the College Station-based real estate center, told nearly 175 professionals attending yesterday's CoreNet Global Southwest meeting in Addison Conference Center at 15650 Addison Rd. In a macro- to micro-look at the US and Texas, Gaines says the state's good fortune to be gaining while others lose comes with a cost: pressure on infrastructure, government services and public finance.
Population projections show the state will add 13.6 million residents by 2030, more than the current populations of Dallas/Fort Worth, Houston, San Antonio and Corpus Christi. The stats show three million to seven million people will land in Dallas/Fort Worth, with Gaines betting the final tally will push the high end of the 2030 projection.
Gaines credits the state's strong showing, today and in the future, to job growth, which is leading the US, non-union labor and pro-growth attitudes. Still, he says it doesn't mean Texas will escape unscathed from the nation's economic upheaval. "Texas housing markets are going to be spotty," he forewarns. "Rents and occupancies for commercial real estate will continue to rise for now." And in Dallas/Fort Worth, he says absorption is positive although "we're seeing some early, early strain of overbuilding, but there's still investor interest."
Commercial real estate owners are facing new pressure with lending rules changing and corporations caught in "wait and see" modes. "You just can't assume you're going to have a 10% rent increase every year for 10 years and 1.5x debt coverage," Gaines stresses. "And, that's what's been going on."
Texas' economic indicators still point to 2% to 2.5% growth, besting predictions about the nation as a whole by nearly two points. The good news about Texas, though, is overshadowed by concerns at the national level. "One of our biggest problems facing our economy is a solvency issue," Gaines says, citing the feds' bailout of financial institutions and more recently, Fannie Mae and Freddie Mac.
The writing is on the wall for a "technical recession," Gaines says, pointing to rising food and energy prices, lower consumer spending, job losses, slow economic growth and high inflation. He echoes his peers in predicting the Fed will stop cutting interest rates as a stop-gap measure, adding mortgage rates most likely will stay flat or tick ever so slightly. The upshot is the economy will continue down its present path for the rest of this year and well into 2009.
"Dallas/Fort Worth moves more in sympathy with the US economy than any place else. Now, though, it's still perking above the US indicators," Gaines says. "In Texas, we're doing a whole lot better. If Texas was a nation, we'd be ranked No. 11 in the world."
Gaines says the state clearly is poised for a long boom, economically and population-wise. And though he didn't come out and say it, his outlook is a calling card for a well-known saying in Texas that all newcomers hear: "What took you so long to get here."
Call Peter Wu 214-682-8888 www.ok8888.com
DALLAS, TX-Weathering out today's economic turmoil is easier in Texas than practically any place else in the US. And, a leading economist for the Real Estate Center at Texas A&M University says the climate's going to stay that way for a long time to come.
"I think Texas is poised for an all-out boom for the next 25 years," Dr. James P. Gaines, research economist for the College Station-based real estate center, told nearly 175 professionals attending yesterday's CoreNet Global Southwest meeting in Addison Conference Center at 15650 Addison Rd. In a macro- to micro-look at the US and Texas, Gaines says the state's good fortune to be gaining while others lose comes with a cost: pressure on infrastructure, government services and public finance.
Population projections show the state will add 13.6 million residents by 2030, more than the current populations of Dallas/Fort Worth, Houston, San Antonio and Corpus Christi. The stats show three million to seven million people will land in Dallas/Fort Worth, with Gaines betting the final tally will push the high end of the 2030 projection.
Gaines credits the state's strong showing, today and in the future, to job growth, which is leading the US, non-union labor and pro-growth attitudes. Still, he says it doesn't mean Texas will escape unscathed from the nation's economic upheaval. "Texas housing markets are going to be spotty," he forewarns. "Rents and occupancies for commercial real estate will continue to rise for now." And in Dallas/Fort Worth, he says absorption is positive although "we're seeing some early, early strain of overbuilding, but there's still investor interest."
Commercial real estate owners are facing new pressure with lending rules changing and corporations caught in "wait and see" modes. "You just can't assume you're going to have a 10% rent increase every year for 10 years and 1.5x debt coverage," Gaines stresses. "And, that's what's been going on."
Texas' economic indicators still point to 2% to 2.5% growth, besting predictions about the nation as a whole by nearly two points. The good news about Texas, though, is overshadowed by concerns at the national level. "One of our biggest problems facing our economy is a solvency issue," Gaines says, citing the feds' bailout of financial institutions and more recently, Fannie Mae and Freddie Mac.
The writing is on the wall for a "technical recession," Gaines says, pointing to rising food and energy prices, lower consumer spending, job losses, slow economic growth and high inflation. He echoes his peers in predicting the Fed will stop cutting interest rates as a stop-gap measure, adding mortgage rates most likely will stay flat or tick ever so slightly. The upshot is the economy will continue down its present path for the rest of this year and well into 2009.
"Dallas/Fort Worth moves more in sympathy with the US economy than any place else. Now, though, it's still perking above the US indicators," Gaines says. "In Texas, we're doing a whole lot better. If Texas was a nation, we'd be ranked No. 11 in the world."
Gaines says the state clearly is poised for a long boom, economically and population-wise. And though he didn't come out and say it, his outlook is a calling card for a well-known saying in Texas that all newcomers hear: "What took you so long to get here."
Call Peter Wu 214-682-8888 www.ok8888.com
Wednesday, August 27, 2008
Short Sale Process www.ok8888.com
What is a short sale?
Simply put, a short sale is selling a property for a less than what is owed to the underlying mortgage holder(s). The final sales price is essentially what the buyer is willing to pay for the property with the mortgage company/bank having the final approval of the associated closing costs, commissions, terms and acceptance of a discounted payoff(s). The seller should always consult with an attorney, CPA or tax advisor to determine any legal or tax consequences of a short sale. We have seen the gamut of scenarios from mortgage companies accepting the discounted payoff and releasing all remaining debt to deficiency judgments and negotiating a settlement or payments with the seller.The pre-short sale process begins at the time of listing the property for sale. An experienced short sale real estate agent will counsel the seller about the entire process and assist the seller in establishing a competitive listing price based on the current market conditions. The primary responsibility of the seller is to request and complete a short sale package from their bank or mortgage company.
Sellers should be prepared to provide the following documents and information for the short sale packet:• Hardship letter – clearly outlining and substantiating the reasons for requesting the short sale• A financial statement/budget – delineating all income and expenses• Most recent 2-months paycheck stubs• Most recent 2-months bank statements• Past 2 years income tax returns• If self-employed, 6 months of Profit & Loss statements• The listing agent may request additional information:
o Current copy of mortgage statements or any notices from the bank/mortgage companyo Copies of HOA statement showing current or past due amount (if applicable)o An authorization form signed by the sellers that will allow the listing agent to communicate and negotiate with the bank on the seller’s behalf
The short sale process begins in earnest when an offer to purchase is received from a qualified buyer. The actual process from submission to the bank to final approval can take weeks to months. A successful short sale can depend on several factors, among them – • how solid and complete the offer • the buyers ability to successfully obtain their financing• the bank’s particular process and workload• the seller’s completed and acceptable hardship package showing the bank(s) true financial hardship• the knowledge and communication skills of the agents• the resulting BPO/Appraisal ordered by the bank • the patience and determination of all parties involvedTo ensure as smooth a transaction as possible, buyer’s agents must also be knowledgeable about the entire short sale process and take the necessary time to brief the buyer and set realistic expectations. Some key points to include in your buyer’s interview and qualification meeting:
What is your buyer’s time frame? Are they prepared to wait for possibly weeks to several months for the transaction to close?
Are they interest-rate sensitive? If interest rates go up will it negatively impact their ability to get a loan?
Prepare your buyers for the reality of limited information about the status of the approval and the need for patience if deciding to go the short sale route.
Be aware of numerous roadblocks along the way to closing. Everything from getting approvals from 2 separate banks to liens and clouds on title to be cleared prior to closing is possible.
Do your homework when showing properties and be cognizant of the below-market list prices. Some listing agents will list the property well below the comps to entice activity and offers. What seems too good to be true to you and your buyer is usually proved correct when the bank counters the sales price to actual market conditions. Don’t fall into this trap!
Strengthen your offer by having a pre-approval (not pre-qual) letter and proof of funds letter from the buyer’s lender.
Remember the bank wants the highest net possible after acceptable closing costs. Are there multiple offers on the property? Encourage your buyer to write his/her best possible offer first.
Make sure to include the appropriate short sale approval contingency clause and due diligence timeframe to begin after short sale approval by the bank. Las Vegas agents should use the GLVAR Short Sale Addendum in the best interests of their buyers.
Call Peter Wu at (214) 682-8888 www.ok8888.com
777Realty@gmail.com
Simply put, a short sale is selling a property for a less than what is owed to the underlying mortgage holder(s). The final sales price is essentially what the buyer is willing to pay for the property with the mortgage company/bank having the final approval of the associated closing costs, commissions, terms and acceptance of a discounted payoff(s). The seller should always consult with an attorney, CPA or tax advisor to determine any legal or tax consequences of a short sale. We have seen the gamut of scenarios from mortgage companies accepting the discounted payoff and releasing all remaining debt to deficiency judgments and negotiating a settlement or payments with the seller.The pre-short sale process begins at the time of listing the property for sale. An experienced short sale real estate agent will counsel the seller about the entire process and assist the seller in establishing a competitive listing price based on the current market conditions. The primary responsibility of the seller is to request and complete a short sale package from their bank or mortgage company.
Sellers should be prepared to provide the following documents and information for the short sale packet:• Hardship letter – clearly outlining and substantiating the reasons for requesting the short sale• A financial statement/budget – delineating all income and expenses• Most recent 2-months paycheck stubs• Most recent 2-months bank statements• Past 2 years income tax returns• If self-employed, 6 months of Profit & Loss statements• The listing agent may request additional information:
o Current copy of mortgage statements or any notices from the bank/mortgage companyo Copies of HOA statement showing current or past due amount (if applicable)o An authorization form signed by the sellers that will allow the listing agent to communicate and negotiate with the bank on the seller’s behalf
The short sale process begins in earnest when an offer to purchase is received from a qualified buyer. The actual process from submission to the bank to final approval can take weeks to months. A successful short sale can depend on several factors, among them – • how solid and complete the offer • the buyers ability to successfully obtain their financing• the bank’s particular process and workload• the seller’s completed and acceptable hardship package showing the bank(s) true financial hardship• the knowledge and communication skills of the agents• the resulting BPO/Appraisal ordered by the bank • the patience and determination of all parties involvedTo ensure as smooth a transaction as possible, buyer’s agents must also be knowledgeable about the entire short sale process and take the necessary time to brief the buyer and set realistic expectations. Some key points to include in your buyer’s interview and qualification meeting:
What is your buyer’s time frame? Are they prepared to wait for possibly weeks to several months for the transaction to close?
Are they interest-rate sensitive? If interest rates go up will it negatively impact their ability to get a loan?
Prepare your buyers for the reality of limited information about the status of the approval and the need for patience if deciding to go the short sale route.
Be aware of numerous roadblocks along the way to closing. Everything from getting approvals from 2 separate banks to liens and clouds on title to be cleared prior to closing is possible.
Do your homework when showing properties and be cognizant of the below-market list prices. Some listing agents will list the property well below the comps to entice activity and offers. What seems too good to be true to you and your buyer is usually proved correct when the bank counters the sales price to actual market conditions. Don’t fall into this trap!
Strengthen your offer by having a pre-approval (not pre-qual) letter and proof of funds letter from the buyer’s lender.
Remember the bank wants the highest net possible after acceptable closing costs. Are there multiple offers on the property? Encourage your buyer to write his/her best possible offer first.
Make sure to include the appropriate short sale approval contingency clause and due diligence timeframe to begin after short sale approval by the bank. Las Vegas agents should use the GLVAR Short Sale Addendum in the best interests of their buyers.
Call Peter Wu at (214) 682-8888 www.ok8888.com
777Realty@gmail.com
Tuesday, August 26, 2008
Accountability www.ok8888.com
Probably the most frequently-asked question I hear as a real estate professional is what distinguishes my service from the countless others out there. My answer always gets a surprised reaction: accountability. As your agent, I am committed to providing you with the best possible service I can offer, as well as taking responsibility for any mishaps during the sales process.
Your home is much more than a price, and you should have a real estate professional who can convey that value into more money in your pocket. Call or email me and let's get started!
(214) 682-8888 cell ask for Peter Wu in Dallas, Texas.
Your home is much more than a price, and you should have a real estate professional who can convey that value into more money in your pocket. Call or email me and let's get started!
(214) 682-8888 cell ask for Peter Wu in Dallas, Texas.
Real Estate Investors www.ok8888.com
One of the most effective habits of real estate investors is to keep in touch with their local investment community. By having your pulse on what neighborhoods are flourishing and what kind of homes are in high demand, you will have a greater rate of success when you finally decide to sell.
As your real estate professional, it's my job to stay connected with the investment community for any possible opportunities that may fit your needs. If you're ready to sell, call or email me to learn more about making your investment a success!
Call (214) 682-8888 ask for Peter Wu www.ok8888.com
As your real estate professional, it's my job to stay connected with the investment community for any possible opportunities that may fit your needs. If you're ready to sell, call or email me to learn more about making your investment a success!
Call (214) 682-8888 ask for Peter Wu www.ok8888.com
Real Estate / Mortgage / Insurance Agency FOR SALE
Being a homeowner has benefits far beyond the pride that accompanies owning your property. Aside from the obvious satisfaction that comes from being a homeowner, there's also the fact that each mortgage payment you make is an investment in your future. And with the housing market continuing to retain its momentum, there remains a strong potential to build up equity in your home.
In fact, most of my first-time buyers are unaware of the many tax benefits to homeownership, considering any accumulated interest on your mortgage is one of the most rewarding tax breaks available to Americans. Call or email me to hear more about making your home work for you! Peter Wu 214-682-8888 www.ok8888.com
In fact, most of my first-time buyers are unaware of the many tax benefits to homeownership, considering any accumulated interest on your mortgage is one of the most rewarding tax breaks available to Americans. Call or email me to hear more about making your home work for you! Peter Wu 214-682-8888 www.ok8888.com
Real Estate Booms in Dallas, Texas
Real Estate Booms
Some economists link the buying habits of "baby boomers" to the demand for homes in this country. They argue that the population will stabilize or decline as these potential buyers age and their children are grown. What is left out of such a picture is that the emerging real estate market is made up of people who are immigrating to this country. When these newcomers have achieved a stable income, they look for the best living situation they can find, often preferring buying to renting.Real estate continues to be an attractive investment opportunity. If you are sitting out the current market because you are afraid that the appreciation won't continue, you may want to re-think your decision. Today's market is providing opportunities for homeowners and smart investors from all over the globe.
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
Call (214) 682-8888 or 469-569-0567 Peter Wu - AAA Realtors
www.ok8888.com
777Realty@gmail.com
Some economists link the buying habits of "baby boomers" to the demand for homes in this country. They argue that the population will stabilize or decline as these potential buyers age and their children are grown. What is left out of such a picture is that the emerging real estate market is made up of people who are immigrating to this country. When these newcomers have achieved a stable income, they look for the best living situation they can find, often preferring buying to renting.Real estate continues to be an attractive investment opportunity. If you are sitting out the current market because you are afraid that the appreciation won't continue, you may want to re-think your decision. Today's market is providing opportunities for homeowners and smart investors from all over the globe.
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
Call (214) 682-8888 or 469-569-0567 Peter Wu - AAA Realtors
www.ok8888.com
777Realty@gmail.com
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