Fort Wayne Real Estate Gina Zimmerman

Auctions seem to be everywhere -- and I love to attend. I am talking about the old furniture and nik knack kind of auction. Tons of treasures buried in the midst of all of that stuff.

But tonight I attended a different kind of auction. Four foreclosed homes from the Fort Wayne area were being sold to the highest bidder. The rules: $2,500. cashiers check; had to close in 45 days; cash basis only! Agents could not sign up for the auction unless their clients were present. Four homes were on the auction block. About 35 people were in the room. Free coffee, soft drinks and pretzels.

The auction company said that it would take 6 minutes to auction off the four homes. They asked the audience to throw out the first bid. $5,000. $10,000. $15,000 then $20,000. The house I had come to purchase sold for $25,000 -- which was $5,000 more than I was authorized to spend. The whole auction of four homes was over in less than 8 minutes.

Just think about it. Several hundred thousands of dollars of real estate filled with years of memories -- some good and some not so good. And it was all over in the time it takes me to brush my teeth. Certainly puts all the material things that we cherish into perspective.

Sarah, a realtor from Indianapolis, called me today about the Neighborhood Stabilization Program (NSP). Her client knew about it -- but she did not. Hurrah for an agent who is doing her homework and wants to serve her clients with extraordinary service.

The concept of the program is to provide money for buyers/developers to buy up foreclosed properties in designated "hard hit" areas. Neighborhood Stabilization in Fort Wayne has received over $7 million. Developers can spend up to $75,000. to fix up these homes and the buyers only pay the appraised value for that area. In layman's terms, a developer can buy the house, fix it up and spend perhaps $105K (for securing property and renovating it) but if the appraised value is only $70K -- that is what the buyer pays.

I have been working for the Neighborhood Stabilization Program in Fort Wayne for several months now. I have had the opportunity to walk the first buyer (alpha guinea pig) through this federal/state/local/ private sector. Yesterday as I got up from a conference call at the Fort Wayne City County building, I realized two things: 1) This is not for the agent who is faint of heart AND 2) Not every BUYER or AGENT should be involved with this program.

So why -- what is up with that??

• First HUD (THE GOVERNMENT) is involved -- and I don't believe that I need to delve too deeply there. There are contingencies, upon contingencies, upon contingencies.
• Secondly, this is a BRAND NEW program and the papers and policies are being drafted as we speak. I feel extremely honored that I have involved in many high level discussions on this program and have had input in the program.
• Thirdly, asset managers of foreclosed companies frankly are sometimes difficult to work with and don't take kindly to lots of contingencies and financial restrictions on offers.
• Fourthly, the appraisal issue is the big "what if" with this system.
• Fifthly, frankly most agents will spend tons of time managing expectations for their clients.

If there is any interest in starting a discussion group or you are a buyer who wants to know more about NSP, feel free to email me or contact me at 260-417-0143.

I am committed to seeing Neighborhoods revitalized in Fort Wayne!

If you know great meat, you know Kobe Beef. And no one does it better than Joseph Decuis. So on Friday, March 20th (the first day of Spring and my birthday), Joseph Decuis of Roanoke is celebrating with the Emporium Kobe Cookout. Dig in from 11am until 6pm.

The Eschelmans, proprieters of Joseph Decuis, raise their own beef on a farm 6 miles from Roanoke. The meet is American Wagyu, a cross between Black Angus and Japanese Wagyu cattle, commonly known as Kobe beef. It is legendary for its taste, tenderness and health benefits. One bite and you will be hooked --it is incredible!

So no matter what the weather, enjoy the following:

Kobe Burger, ($5.50) 1/4 pound burger topped with cave aged cheddar

Kobe Smoke Sausages, ($5,50) topped with sauteed onions and peppers

Sliced Kobe Roast Beef with Joseph Decuis Special Sauce ($7.00) served with Asian Slaw on Pita Bread

New England Clam Chowder ($3 or $5)

Italian Tomato Soup ($2.50 or $4)

Come on down and enjoy great food, friends and finally, THE SUNSHINE!

For years now, I have made it my business to search out the best DIVE eateries in Fort Wayne. So if you live here or visit sometime soon, I wanted to share some of the "dive wealth" with you. Sorry that these businesses don't happen to have websites.

You should know that Websters defines DIVE as "a dingy or disreputable bar or nightclub." But my definition is much more flattering -- a place to eat that you wouldn't walk into unless you knew someone else who had eaten there -- and lived to tell about it. So here goes:

Saigon House on Calhoun: the best Vietnamese hangout in town. Good sign is that it is usually packed with Vietnamese patrons. My favority item on the menu is CHICKEN FRESH NOODLE. Tell Ashley that I sent you.

Seoul House/Korean on Coliseum: The young kids in town love this place. In fact my son asked that we eat our family meal there before his high school graduation. It is in an old building in a Marathon Gas Station parking lot. Need I say more?

Coney Island on Harrison: Okay, this joint has been around here forever. One friend I took there actually ate 10 chili dogs -- but we did not see him for days. This place is somewhat of an institution and it is usually packed on weekends and for lunch. (Kind of bugs me though that they use the same gloves to put onions on your hotdogs that they use to collect your money--but that is just me).

Cindy's Diner (830 S. Harrison): John is Cindy's husband and he is the short order cook. His assistant, Brat, has been working there for well over a decade. Cindy retired some time ago and hangs around with the grandkids. The food there is always great. The doughnuts in the morning are fresh, fresh, fresh! Seating is limited so go at off times for the cultural experience.

For further information on these and other dives OR my favorite high end restaurants, check out my favorites on my website. And, of course, bon appetit!

Neighborhood Stabilization is arriving in Fort Wayne and other Indiana cities on March 31, 2009. The idea behind this program is great: To provide up to $75,000 to renovate foreclosed homes in "the area of greatest need" in the city center of Fort Wayne. The total funds available in Fort Wayne for Neighborhood Stabilization are over $7 million.

It is a brand new, never tested, never tried program which is baffling government officials at ALL levels as well as the rest of us in the housing industry. As a former policy wonk with The Senate, The White House, and The House AND a realtor, it has been my privilege to walk through the initial steps with the City Planners. There have been meetings with builders/developers, title companies, mortgage companies and realtors. It has been an amazing process.

Some things you will need to know if you are interested in purchasing a home through NSP:

• There will be hundreds of foreclosed and tax sale properties in the affected area that will be eligible for this program. You must work with a qualified realtor who knows the area and the inventory.
• You must meet income qualifications -- but the income levels are relatively high. For instance, for a family of four, the household income can be as much as $73,500.
• All buyers must be qualified for this program by the City and must attend 8 hours of home ownership counseling curriculum.
• The buyer with work closely with the developer and will oversee the home renovation project.
• Luxury items such as jet tubs and sky lights do not qualify for this program.
• Currently there are 18 builders who are interested in partnering with the City of Fort Wayne on the Neighborhood Stabilization Program.
• Once the home is purchased, the development team is given 90 days to turn around the home.

After viewing dozens of foreclosed homes that will qualify for this program, I am pretty enthusiastic about what this program can do to boost the local housing market and give a hand up to eligible buyers. It is a very complicated program so my only encouragement is that you work closely with both a realtor and developer who know the nuances of this program and are willing to be your advocate throughout the process.