About Laclede County, MO

The February / March 2009 issue of the Lebanon Missouri area real estate guide is now on-line, live and ready for you!

You no longer have to wait until the first Friday of the even numbered months for your print copy of the real estate guide!

Don't forget, all the links in the book are HOT - web addresses and emails alike.
Don't forget, United Country VIP Realty can assist you with any listing in the MLS.
Don't forget, my office serves Laclede, Dallas, Wright and Webster Counties in Missouri.
Don't forget, United Country VIP Realty can assit you if you're buying or selling property in Missouri.

Yesterday, I wrote a post talking about 5 tips when considering the short sale of your home. The post was written after a local home owner, wanting to move back to their old home state, considered a short sale or even allowing their home to go back to the bank via foreclosure.

This homeowner never mentioned hardship or an inability to re-pay his loan. He merely wanted *out* of his current home.

I've given this some thought over the last few days - I'm not sure why this home owner thinks a short sale or a foreclosure is an easy answer. Perhaps the media hasn't done a good job of talking about the ramifications of these acts. Perhaps real estate agents haven't done a good job; perhaps mortgage brokers and loan officers haven't talked enough about the years to come after a short sale or a foreclosure.

The rules of buying a home and obtaining a mortgage have changed greatly over the last six months and I predict we'll see other changes as well.

In July of 2008 Fannie Mae issued an announcement, Announcement 08-16, specifically addressing bankruptcy and foreclosure policy changes. These changes were effective August 1st, 2008. In all, Fannie Mae issued thirty-eight (38) Lender Announcements in 2008! Rules are changing!

I encourage you to talk to your Lender, talk to your Attorney, talk to your Tax Adviser and talk to your local Real Estate Agent before making any decisions on the status of your home and your mortgage. The decisions you make today can have an impact for years to come - up to even seven (7) years!

More on Short Sales: 5 tips to consider when thinking of a short sale
Writing a Hardship Letter: Short Sales: What should my Hardship Letter say?

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Contact Debbie DiFonzo, Broker, United Country VIP Realty to sell your property or to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri. 417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com

Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. Five Tips to remember when thinking about a short sale.

A day doesn't go by that I don't see a media report, hear a radio clip or read an Internet story regarding foreclosures and short sales. So far, in Laclede, Webster, Wright and Dallas County in Missouri (four main counties that I serve), foreclosure properties, bank owned homes and short sales are not driving our market. Real estate agents, Sellers and Buyers in the area know that could change any day.

Needless to say, I hope our market does not see the day when we are listing and selling more foreclosures and short sales than we are traditional transactions. But that doesn't relieve me of my concern: there is a ton of mis-information floating around out there.

Today I received a call from a homeowner in the area. We had helped him and his family relocate to Missouri from a warm weather state. Our winter has been pretty mild, but yesterday we had our first real accumulation of the winter season. Spoiler here: Missouri does have four seasons - I love that about Missouri, but not everyone does. (I have no idea if the weather prompted this call but I am *assuming* it did.)

So... This homeowner has decided he should sell his home "as a short sale" or maybe he'll even "let it go back." The family has plans to move back to their warm weather state.

I suggested we meet (when the weather breaks) later in the week to discuss his options. He said he'd call but I'll bet a crinkled dollar bill - I won't hear from him again. He'll call another agent in the area.

But, Deb, why won't he call you back?

Easy. He doesn't want to hear what I have to say. I truly believe the media leads people to believe a short sale can take place on a whim.

But...

There are guidelines in place for short sales.

There, I said it!


Based on the guidelines, here are Five things to consider when trying to decide if a short sale is right for you and for your family:

1. Lenders are NOT required to negotiate a short sale. If you read your mortgage papers you'll see verbiage to this effect. Listing your home the traditional way may be your only option.

If the lender is willing to discuss a short sale:

2. The Lender will want to determine the fair market value of your home.
a. They will want to order a Broker Price Opinion or an Appraisal.
b. They may want the Seller to contribute to the cost of the BPO or the Appraisal

3. The property/home will need to be worth LESS than what the market will support. A Seller cannot make a profit on a short sale!

4. The Seller will probably be required to write a letter of hardship.
a. Hardship includes divorce, medical conditions, unemployment, death
b. Hardship does not include: not liking the home or area in which you live, bad spending habits, starting a family

5. The Seller will have to provide financial information.
a. The Seller should be prepared to fill out a financial statement
b. The Seller should be prepared to provide tax returns, bank statements and proof of income or unemployment benefits

Bonus: Most lenders now require the loan to be in default or very near default. However, short sales are not necessarily quick -the home could still go into foreclosure during this process. Please watch your time frames - work with your Lender and your real estate professional.

If you don't like the home you own or the area in which you live, please visit with a local real estate profession about marketing and SELLING your home.

If you are facing hardship. please visit with your Lender about your options, including a short sale.

Based on your situation, your motivation, and the guidelines, a short sale may be the very best option for you - Please let your Lender help you decide.

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Contact Debbie DiFonzo, Broker, United Country VIP Realty to sell your property or to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri. 417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com

Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. Five Tips to remember when thinking about a short sale.

The Bowling Bears, the only four person team from Ezard Elementary in Conway MO, took Second Place in the Bowling Buddies League at Starlite Lanes in Lebanon MO.

The first half of the 2008/2009 league ended in a tie for Second Place. After a bowl-off, the Bowling Bears walked away with the trophy.

The Bowling Bears play, learn and compete at Starlite Lanes in Lebanon, MO. All four of the kids had bowled only a few times before joining the league - none of them were overly skilled in the art of bowling.

It's been interesting to watch them learn the game and take direction from the coach's (and their Dad's). They've been learning the art of a Team, the concept of showing up at a certain day at a certain time and doing their best - much like what will be expected when they get a job. Shh... Let's not tell them they are learning lessons of life while having FUN!

Congratulations Karissa, Aaron, Ashley and Tony!

The only bowling alley in town, Starlite Lanes offers league bowling for children, teens and adults. Open bowling and birthday party packages are also available. You can contact Starlite Lanes at 417-532-4262. The bowling alley is located at 1331 E. Historic Route 66 in Lebanon MO 65536.

Representative Darrell Pollock will be introducing legislation in the upcoming 2009 Missouri session that would change the due date for personal property taxes from December 31st to June 30th of each year.

Personal property taxes are paid each year on your "personal" items, such as motor vehicles, boats, trailers, livestock, farm machinery and business-related equipment. While the amount is usually not as large as other taxes, such as income taxes and real estate taxes, the timing may not be good for many Missourians. (For 2008, mine where under $300 for the year.)

Currently coming at the same time as real estate taxes, just after the holidays and in the winter - moving the due date of personal property taxes to a June due date could relieve some stress on some families.

If you think this change would benefit you, your family and your Missouri business, contact Rep. Pollock at:

Phone: (573) 751-4451
Address: 201 West Capitol Avenue, Room 201F, Jefferson City, MO 65101
E-mail: darrell.pollock@house.mo.gov

Then contact your own state representative and our state Senators to voice your support of the bill:

Missouri Legislator Look Up

As this proposal moves through the process, into committee and hopefully onto the floor, I will keep you updated.

"So many fail because they don't get started - they don't go. They don't overcome inertia.
They don't begin." W. Clement Stone