Dedra Lipscomb - Daphne and Fairhope, AL Real Estate

        We are opening our two listed homes at 105 St. James and 107 St James this evening during the Fabulous First Friday Artwalk in Fairhope.  These two homes are just a block west of Church Street, and one block south of Fairhope Avenue. Walk to town and enjoy the Artwalk or turn west and walk to the public beach and pier in Fairhope.

        Come see us this evening, between 6 - 8 p.m.  Perhaps it's time to own a piece of Fairhope's unique history with these true historic cottages.

View 105 St James St in a larger map  

Oh Magnolia River, what a piece of heaven on earth you are. In the wee early morning, the mists and the glow seen through the limbs of a very old oak tree:

At the bottom right, what appears to be old logs rising up from the river to the sand, is actually the remainder of the skeleton of a wooden barge. There are two there and at low tide, you can see some of the iron spikes that held each barge together. They caught fire and burned about 60 years ago.

And then old Magnolia River, you give us this vista, looking out across that finger of land toward Weeks Bay:

We come to you to replenish, to relax, to find sanctuary and to breathe - deeply. And you give us pleasure and energy like no other.

And when we are ready, there you are, waiting to take us on another magical journey, either upriver to the legendary cold hole, or downriver to the Weeks Bay Estuary, to ride with the porpoises and play among the pelicans.

Truly a gem in the collection of gems of Baldwin County, Alabama. We love you Magnolia River, and are grateful to be part of your lore.

You wanna live here? Take a peek at the current homes for sale in Magnolia Springs, Alabama, then give me a call.

In Fairhope, Alabama, this beautiful home will be open for viewing on Sunday June 17 from 2 - 4 p.m.

Follow Highway 98 south from Fairhope. Turn left on Twin Beach Road to Fairfield Subdivision. The follow the signs.

Offered at 267,500, this 3 bedroom 2 qand a half bath home, is beautifully cared for, had warm parquet floors and tile in the wet areas. Split plan, two separate living areas, gorgeous kitchen.

First of all, who is they? It is the entity writing Fannie Mae Guidelines. Out of nowhere, with no warning shots fired, this came about last Thursday. A sudden death policy decision for any state that has a redemption period on foreclosed properties; a period that is nearly impossible to "season" without damage to our industry. I know that in the State of Alabama, foreclosed properties have a Right of Redemption" period. Here, in Alabama, that period is one year from the date of foreclosure. Apparently, during that one year period, Fannie Mae has taken the position that a Redemption period is an unacceptable title defect, and that these mortgage loans are not eligible for delivery to Fannie Mae until that period has expired (seasoned.)

Read it for yourselves:

The updated topics are dated May 27, 2010

Title Defect – Mortgage Loans Secured by Properties Subject to Unexpired Redemption Period

Certain state laws provide for a “redemption period” after a foreclosure or tax sale has occurred, during which time the prior owner may reclaim the property upon payment of all amounts owed. Unexpired redemption periods create an unacceptable title defect on the subject property, and do not conform to the existing policy that requires the property to have “good and marketable” title. As such, Fannie Mae is clarifying the Selling Guide to state that properties with unexpired redemption periods have unacceptable title defects. Therefore, these mortgage loans are not eligible for delivery to Fannie Mae until after the expiration of the redemption period. The purchase of additional insurance, a redemption bond or similar coverage during the redemption period does not remedy the title defect and the mortgage loan remains ineligible for delivery to Fannie Mae.

This topic was also updated to remove the paragraph pertaining to FHA and VA mortgage loans. Lenders must follow the applicable federal agency’s requirements pertaining to allowable title exceptions.

The lenders that we have spoken to are all wondering who on earth will now finance foreclosed purchases. Most are under the assumption, until further clarification, that the FHA and VA loans will also conform to this new guideline. So who will underwrite these loans?

I know there are other states with redemption periods, some really short and at least one longer than ours. We are being further rent assunder by the very entity that should be jumping up and down celebrating our industry victories, small though they are, which by the way is an essential part of our economy. Instead, we are once again undermined by the Federal Government, and this hit will be seriously difficult to remedy. The possibilities are endless for the next wave of realty failure in redemption states.

So, I ask again: What will they do next to torpedo our industry? Nuke it?

Oh yeah, we got gators. They aren't the football fan types either.

The city of Daphne, Alabama, as part of the trailblazers walking biking trail, built what was to become a favorite attraction of visitors and residents alike. We call it alligator alley. It is a walking trail that travels alongside D'Olive Creek, then meanders along the bay, and finally under the interstate and up a steep hill to Lookout Point, a visitor information center for the Eastern Shore of Mobile Bay in Baldwin County, Alabama.

While I am respectful of, terrified of and certainly intrigued by alligators, this is the spot to be all of those things. I don't like alligators, but I can't seem to stay away from these, either. On a recent afternoon, I saw these from the walkovers: