Jules Yates

(Status UPDATE - AS of May 3, 2009 I have lost 20 pounds using this program with absolutely NO EXERCISE)

If you are an iphone user (or you are thinking of getting one) here is a great reason to put your phone to great use and shed some pounds along the way. Even if you didn't make a resolution to lose weight this year, you probably have some fitness goals you would like to achieve in the new year. To help, iPhone has several apps to help you lose weight and get into shape. The one I have been using is called "Lose It" and it is FREE.

From calorie trackers to fitness tutorials, you can find pretty much anything you could ever want for managing your diet, weight, and fitness goals - best of all, it's free. Now you have no more excuses. Download one or more of there apps and get going.

With Lose It you set goals, create a daily calorie budget, record food and exercise, and view graphs of progress with this full-featured weight management app. After you enter your stats, you can create a custom plan, with an end date in mind, based on how much weight you want to lose per week. So for my weight loss goal, should I stick to my 1800 daily calorie budget, my loss should be realized by June 25th of this year.

The best part is the app has hundreds of food already listed in it. It has most grocery items in it and you an create your own recipes. Once created you can pull up "your food" from a drop down menu and quickly keep your diet on track. Quickly add foods from you favorite resturants too. When you do you'll think twice about eating that next milk shake. In just one week I cut my calorie intake nearly in half without missing anything.

Since the app is incredibly easy to use and approaches weight loss in an easy way for me to manage, I think I'm going to stick with this one until I reach my goal; I'll let you know how that goes.

Here is one of the screen shots.

Due to the success of our first seminar Matt Hodges and I are holding our second Foreclosure Seminar at our office in Downtown Traverse City Thursday April 9^th. This is part of our regular educational seminar series. This seminar will cover the basics of foreclosure, the sheriff's sale, what to do if your home goes on the auction block, timetables, buying foreclosures and short sales. There will be plenty of time for all of your questions and you will receive a detailed handout explaining the entire process.

Each week we will hold free seminars with the sole purpose of educating the public. The topic will change weekly and PRE-REGISTRATION is required.

The seminars will last about an hour with plenty of time for questions and answers. Depending on the topic we may bring in local experts to help answer specific questions. Here at Exit Realty Paramount we want to not only be know for re-inventing real estate but also to be know as the source for answers to all your real estate questions.

As mentioned earlier, pre-registration is required and there is no cost to attend. Please call me at 231-218-5199 for details or visit www.TCSeminars.com.

Now is the Time to Buy...at least in Traverse City. It may be hard to believe if you listen to the news but the real estate market, at least in the Traverse City area is moving. All the news reports talk about the record number of foreclosures and declining prices. Yes, there are a lot of foreclosure properties coming on the market and yes prices have or are falling which is great if you are a buyer.

With near historic low interest rates now is the time to buy. Now I don't recommend everyone go out and buy a home but if you plan on owing a home in the near future I'd certainly be out there looking right now.

Despite reports to the contrary there are plenty of loan options available to anyone with a decent credit score. RD (Rural Development) for example is still offering 100% financing to those who qualify. The best part is in order to qualify you need to make under the statutory limit which for a single person is just $50,250. Rates are around or under 5%.

FHA loans are also available with 0 down and low rates. Those with a higher income can qualify for an FHA loan again with reasonable rates. Plan on a little longer time to close any government loan but as long as you are prepared it is a great product.

As a buyer I recommend all buyers speak to a competent lender first. Why? Knowing what type of loan my buyer needs will greatly influence the home I show. For example, many REO (Bank owned) homes have issues such as broken window, missing flooring, etc) which can delay or prevent a closing.

FREE Foreclosure Seminar in Traverse City - Thursday March 19, 2009

Matt Hodges and I are holding a FREE Foreclosure Seminar at our office in Downtown Traverse City this coming Thursday as part of a regular educational seminar series. This weeks seminar will cover the basics of foreclosure, the sheriff's sale, what to do if your home goes on the auction block, timetables, buying foreclosures and short sales.

Each week we will hold free seminars with the sole purpose of educating the public. The topic will change weekly and PRE-REGISTRATION is required. Topics will include:

• Foreclosures & Short Sales from A-Z
• The Home Buying Process (Including financing)
• Building a New Home - How you can move-in in just 90 days
• Wealth Building with Residential Real Estate

The seminars will last about an hour with plenty of time for questions and answers. Depending on the topic we may bring in local experts to help answer specific questions. Here at Exit Realty Paramount we want to not only be know for re-inventing real estate but also to be know as the source for answers to all your real estate questions.

As mentioned earlier, pre-registration is required and there is no cost to attend. Please call me for details or visit www.TCSeminars.com.

FORECLOSURES- Myths vs. Reality

There is a lot of information out there about buying foreclosed homes and some of it is true and a lot of it is just plain false. I will try to clear up some of the basic misconceptions about foreclosure properties:

First let's get familiar with the basics. Foreclosure property or bank owned property (now owned due to foreclosure) is referred to in the business as "Real Estate Owned" (a REO property). At this point the home is no longer in foreclosure as the bank (or lender) is the title holder.

Properties that are still in possession of a homeowner facing foreclosure is known as a "Pre-foreclosure property" or possibly a "Short-Sale". Many investors look for these distressed properties as many times they can be purchased for less than the current market value. Are there deals out there? Yes there are, but you need to be aware of what to expect when looking at REO properties:

1. WARRANTY - You will be buying a home "as-is" with no warranty.

2. CONDITION - Rarely is there any information available about the previous owner or the condition of the home.

3. UTILITIES - When looking at these homes the utilities will usually be disconnected as lenders do not want to pay high utility bills

4. FREEZE DAMAGE - If you purchase a home that went into foreclosure during the winter months, you need to have the home inspected as often times there can be freeze damage, even if the property was supposedly winterized.

5. FINANCING - In many cases your financing options will be limited as many of the properties will not qualify for many government programs (FHA, RD, VA, etc.) as there may be guidelines that the property must meet.

6. INSPECTION - When a property is appraised it may require you to put the utilities in your name (prior to ownership) so that a proper inspection may be done. Also the appraisal may require you to have the utilities on as well. If it is in the winter you may be required to pay to have the home de-winterized and then re-winterized for the inspection. Rarely will these costs be covered by the seller.

7. CASH BUYERS - If you are a cash buyer or you qualify for conventional financing, the inspections, etc may be optional. Consult your real estate professional for advice.

COMMON MYTHS

1. Homes can be purchased for pennies on the dollar

While there are often some very good deals, rarely will a lender sell a property at a significantly reduced price. Generally you can expect to save around 10-20% on average. An experienced REALTORÒ can help you find the best deals out there.

2. All REO properties are in poor condition

Although many REO properties are in need of repair, others are in like new condition. Again an experienced REALTORÒ can help you find the best properties out there.

3. You should contact the banks directly and ask about their REO inventory

Most larger lenders hire a licensed professional to market their property. Your best source for bank owned (REO) properties is a local REALTORÒ who specializes in REO properties

4. You can not get 100% financing on bank owned properties

If you (and the home) qualify for certain government programs you may be able to purchase a REO property with no money down. In fact there are several programs which are available for those who make less than $71,750 (for a family of 4 in Grand Traverse County) or $50,250 if you are single. Ask your REALTORÒ to recommend a lender who specializes in these programs.

5. I can't but a home with little or nothing down if the property needs repairs

There are certain government programs available for homes in need of repair (or that won't qualify for other programs). These special loan programs will require the property to be repaired after closing by a licensed professional. The amount of the repairs will be added to the loan amount so you will need to qualify for the purchase price PLUS the cost of the repairs. Consult your REALTORÒ for more information.

6. I have to pay to sign up on special websites to get list of foreclosure properties

No you do not. Your REALTORÒ can easily provide you with a list of bank owned properties. Ask to be set up on an automated email so you find out about the properties as they are entered in the MLS.

7. The market is still falling so I should wait to buy a home

Absolutely not. While the market may not have bottomed out, timing the market is a challenging task as each market is different and the statistics for each type of property (single family, vacant land, waterfront, etc.) is also different. Also interest rates are at record lows and as long as you are going to hold your property for several years you should be in a great equity position once the market does correct itself and it eventually will.

If you wait, interest rates may go up, financing option may change and prices may increase. Remember if you know we hit bottom and so will the rest of the world. When that happens sellers will be less flexible and the deals will evaporate fast.

Why not make an appointment to come in as discuss your needs one on one so we can help you find your next home or property.

We've only touched the tip of the iceberg here and I have lots of other helpful information available to you so please call me today.