Terry Osburn, Broker Associate

Title is "A Holiday Bonus"...Found on Comcast Fan

A news story every Corporate CEO needs to hear. This AM I came across this company called Peers..manufactures ballbearings. Family owned business.

Known for treating their employees with respect .

This family sold the company and brought all of the employees together. The new owner will keep all of the employees and the prior owners as a gift and thank you gave each one of their employees a cash bonus from the proceeds of the sale of their company.

Depending on length of employment some amounted in the $100,000 range.

One employee quoted she was able to pull her home out of foreclosure. Another employee putting the money aside for his kids college education.

All employees stunned......

Here in this market, economic havoc, in a deep recession, a company stands upright with integrity and recognizes their employees are the backbone of their business and rewards them for a job well done.

This family apparently owns several businesses.

Yes , America , there is hope and there are decent employers. If anything comes out of this financial meltdown it should be that all corporations will be held accountable for their actions now and in the future and the good ole boys club will be disbanded. Unfortunately, right now the entire accountability has been placed on the US Taxpayers.

You can still have Capitalism and still have humanity and make profits.

Gee, what a novel idea? Respect, humanity and profits.....

Besides the increase in sales tax for cars to be 3 times the present rate, california is now considering a sales tax on veterinarian care.

I realize the state is trying to recoup their losses but taxing veterinarian care seems a little outlandish.

Pet owners already on the cusp of financial instability most likely will not pursue veterinarian care and will either abandon or give up pets to the local shelters.

I suppose the next to go sales tax will be human medical care.

It is too bad the present economic crisis has caused such a panic. It is really too bad the State did not catch those who were abusing and misusing state funds for their own personal uses years ago.

Next to be taxed will be human medical care....

I am surprised they have not reinstated charges to pay for public toilet use...........oops.......don't give them any ideas........

Those of you involved in short sales..........since the Bail Out was put in force how many of you have seen a trend towards non communication, canceling of file without contact, refusing to do short sales, having notes either disappear or were not noted in your last call and a general feeling of"Who the Hell is in charge?"

Specifically with one bank, Catherine and I have seen some of our files closed without explanation, no attempt for us to go back to buyer and buyers agent to see if they would up their purchase offer, denial when first buyer walked and another buyer was brought in where the values of the original short sale was preserved but was told the process had to start all over again? Why, because it was a new name.......NOT because the values changed.......

These are with sellers who did not qualify prior for loan modification, some have lost their jobs , all have moved on..........yet want to bring to completion this part of their lives.

Is this the bail out the NAR and the US government has sanctioned?

Is this part of the plan to help these homeowners avoid foreclosure? What a joke. I am not here to judge the circumstances surrounding the homeowners situation. I do know that most of our sellers did in fact try for a loan modification to keep their homes. Many of them have ended up in divorce and depression over their situation. Some became physically challenged and unable to work and was forced either into a short sale or foreclosure.

I also know for a fact, that several were told to stop paying their mortgage before they could start communication up with their lenders in re: to possible loan modfication and/or short sale.

We have negotiators coming and going and closing out files......WHO is in charge?

How many others are experiencing the change in attitude after the bail out?

We have several successful short sales closings and expect more but the trend we have been seeing is becoming alarming especially with this one lender.

We are in fact getting ready to address the head honchos of this particular company and we are prepared to send letters to our various senators and representatives with the particulars of each situation.

Our sellers may have lost the cause but we guarantee this lender has not heard the end of it.

So in the quest for the US to Bail you out to temporarily stop the foreclosure process and act like you are going back to your customer for a loan modification a big sham to put on hold the inevitble in 5-6 months?

PLUS waiting 30 days for a BPO before proceeding? Excuse me but I have performed several BPO's and the maximum time I had to respond was 3 days. Most want within 48 hrs.

Appraisers taking 30 days? Don't buy it. Stall tactic.

Inquiring minds would like to know...........Bail Out a sham?

Many think purchasing a home at this time of the year is not a good idea. Most of my buyers have obtained the best deals in pricing and location in past years at this time thru the end of the year.

Yes, I know a recession is going on. Whether you are a first time home buyer, investor or repeat buyer there are plenty of homes available and for those fixer uppers there is a special Unique Renovation Loan available to qualified borrowers that allows your loan amount to be based upon increased value after your renovate and update.

Contact me for lender information on this special loan.

As history has repeated itself again in economics, history has repeated itself as a buyers market.

As history has shown homes have sold in any market.

So, when is the best time to buy? When you are ready to purchase. When you seek a permanent roof over your head. When you have been fully qualified for a loan.

If you are NOT presently represented by a Realtor give me a call and lets meet and talk about your real estate goals and needs.

If you do not have a reputable lender to work with , I have several you can pick and choose from.

Tis the Season..........

PS -If you would like statistics of listings and sales in Contra Costa or Alameda County, shoot me an email.

Would be glad to send you information.

Terry

http://www.TerryOsburn.com

http://www.apr.com/tosburn

Is a short sale listing worth the time and effort? YES ,if it is a home that has the particulars of your wants and needs and is located in areas in which you wish to live.

Do they all close successfully? No, BUT we are seeing more and more of them closing. We personally have had several close successfully in last few months.

Is there anything I need to be aware of? Yes. Make sure your offer takes into account the continued downward spiral of house values. Expect two to 4 months from offer presented to closing. WHY? Your lender will need it to appraise at current market value.

Is it ok to ask for the seller to do inspections and repair any issues found? My answer to this is: The seller in our listings will not do any repairs or reports. They have no money. Granted it will be their lenders decision for final approval but in the scheme of things we have found it better for the buyer to write it up subject to buyers own inspections at buyers expense. The sellers lender will attempt to reduce their losses further and most will not accept and will counter it is buyers responsibility to do own inspections and the house is being sold in AS IS condition.

Can a buyer ask for Credit back towards closing costs? Yes and most banks have complied with some exceptions. However if you are making an offer and it is completely subject to a specified amount of credit back to you the buyer you might want to rethink your strategy and whether you really qualify for this home. Some of the lenders will only give partial credit back to buyers closing costs. Some have given all. A few have rejected giving any closing costs back to buyer.

What about appliances ? Can we ask the seller to throw them in? Generally speaking, appliances such as refrigerator, washer and dryer are considered personal property. Most sellers in a short sale situation will not include these appliances in the purchase offer. HOWEVER, you can negotiate with the seller to purchase outside of the purchase contract since they are personal property.

So just be prepared. Remember the home owner cannot make any profit from the sale of their home. Period. (Personal property is not considered part of the sale).