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Today is election day! Make sure to do your duty and get out and vote. Its not only our right but our responsibility. A couple of important issues are on the ballot for Springfield and Ozark.
Springfield voters will vote yes or no on a 3/4 cent sales tax for the police and fire pension fund.
Ozark voters will decide whether or not to raise taxes to fund expansions to the Christian County Library with a possible new facility between Ozark and Nixa and satellite branches.
Whether or not your are for or against these initiatives, you need to get out and vote!
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I lost another short sale listing today to foreclosure. The bank literally made it impossible for me to succeed in selling the home. Most people ask, "Why would the bank want to do that? Don't they lose money?" The answer is NO, they can actually MAKE money when they foreclose.
This was explained to me by a loan officer handling the construction loans of my last builder/developer. About a year ago, my builder had approximately 12 new construction homes languishing on the market, no longer able to compete with the short sales, REO's, and existing home sales. Our plan was to rent the homes out until the market stabilized. Unfortunately, the market failed to stabilize itself during 2009. When the builder's loan came up for renewal, the bank reappraised the properties, claimed he no longer had 20% equity, and demanded a very large sum of cash to shore up the accounts before they would agree to renew the notes. Obviously, if the builder hands over all his cash, he will no longer be able to make his payments. He's in a no win situation.
I bundled the homes into an investment package and was successful in securing a cash offer for approximately $200,000 less than the total amount owed on all 12 homes. When I presented the offer to the bank, I was met with an unwavering, "No." This particular bank has already received its "Cease and Desist" letter from the FDIC and regulators. The bank was given 8 months to raise $12 Million in cash, or it would be forced to sell. I would have thought that having a $1.4 Million cash offer closing in less than 30 days would have been appealing to them. But instead, the lender told me, "We'd rather foreclose." What? How does that make any sense? Didn't my market analysis of the properties prove to him that this builder owed more on the homes than the market could bear? How did the bank feel that they could fare better selling these properties than the builder could?
When a bank loans money, they are required to put a certain percentage of the value of that loan into a loan loss reserve. That pool of funds cannot be accessed by the bank, except in an instance of foreclosure. If the bank agrees to the short sale, they not only lose their rights to tap into the loan loss reserves, they waive their rights to pursue the builder for the shortage.
Over 50% of all mortgages are guaranteed by Fannie Mae, Ginnie Mae, Freddie Mac, or an insurance company. If a borrower defaults on a loan, there is really no risk to the bank. Any costs and fees associated with the foreclosure process are also reimbursed by Fannie or Freddie. Oftentimes, this is why the bank is able to list the home on the market for less than they were requiring on a short sale. To quote Matthew Lexus, a former banking executive, "It’s really a shell game of smoke and mirrors. The banks are singing the blues making it appear they are on the verge of financial collapse because of the financial crisis they essentially created themselves."
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Springfield Missouri Real Estate Market Statistics as of Oct 31, 2009. As you can see, the absorption rates vary widely by price range. The lower price ranges are down to less than 26 weeks which indicates a more balanced market or even trending towards a seller's market.
The higher priced homes are still a buyer's market with much higher supply than demand. If you would like to know what the rate is in your neighborhood or specific price range give us a call today! Springfield Missouri Real Estate



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We just put a house under contract in Springfield Missouri that was a very good deal. I won't divulge the price or address to protect the parties involved but I can say that it sold for 54% of what it sold for a few years ago! This is a bank owned property. Of course we can't guarantee all homes will sell this cheap, but there are some deals being made.
Yes, the carpets are trash, but underneath the carpet is beautiful hardwood floors! The home needs paint and some cosmetic repairs but it will be a wonderful home with a little care.
If you are looking for a "fixer upper" there are some great deals out there. Also, if you are looking for a higher price range home, there are some great deals there too that don't need updating. We can show you foreclosure properties and other homes that meet your needs. Now is a great time to invest in property for your home or as an investment.
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A lot of people ask us if it's a good time to list a home in Springfield Missouri for sale during the Thanksgiving, Christmas, and New
Year's seasons. The weather is turning colder, days are getting shorter, and people's minds are on the holidays. Is this really a good time to list your home? Absolutely! It's indeed a great time to sell your home!

Homes that are decorated for the holidays are warm and inviting. Greenery on the fireplace or stair rail, a Christmas tree with shiny ornaments and lights, and a few red poinsettias can really make buyers see the attractiveness of your home. During an open house we can even serve hot apple cider to the buyers looking at your home!

Buyers this time of year are fewer in number but you can rest assured they are more serious buyers and not just window-shopping. People who brave the cold weather to look at homes and give up holiday shopping days are ready to buy. The end of the year is when most companies transfer employees to new jobs and locations. They are ready and motivated to buy! There are also fewer homes listed for sale in the Ozarks this time of year so it means you have less competition from other properties similar to your home! When your home sells, we can schedule the closing out far enough to give you plenty of time to find a new home. Of course we look forward to finding you a new home too!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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