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Tim Salmonsen

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Very Nice Furnished Office for Lease

12-17-10
Tim Salmonsen

Just listed!!!! A very nice fully furnished office space in Fayetteville Arkansas located on Joyce and Millenium.

3500 Square Feet with nice finnishes. Perfect for real estate or other professional office suite.

Only $12.00 PSF Gross lease. Available NOW!!!

Calll me for details at 479-366-6737

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What were they thinking?!!!

10-21-10
Tim Salmonsen

Ever get an appraisal or BPO result and ask yourself "What were they thinking?" Well it has happened to me, and my clients, one too many times. It never ceases to amaze and frustrate me at the same time. Why when you have a clients home under a sale contract it comes in way below par, and vice versa when doing a short sale? Never seems to fail. As accurate and objective as I try to be when doing my own valuations, someone else, who lives on another planet, comes and makes you look like an idiot.

To make matters worse, when you call them on it, they both give you the same story. "I just report what I see" Okay, well so did I. I guess it all depends what window you are looking through. The appraisal business is supposed to be an objective business, but it seems like we are still the subjects of the entity ordering it.

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The Foreclose Crisis

10-20-10
Tim Salmonsen

After reading this morning featured blog

Foreclosure Warning: 20% Of All Homeowners Expected To Default | 11 Million At Risk Of Foreclosure
Tim and Julie Harris (Harris Real Estate University)

One would begin to wonder if and when we will ever get out of this mess. While there was a lot of statistics and good information the truth for me seems quite a bit different.

First of all we all know how unique each real estate market can be. The second thing the article forgets to factor in to the 20% figure, are homes that are either paid for or not even close to being underwater. This would take the actual percentage of foreclosed homes in relation to all homes, dramatically lower.

I do agree that lending guidelines need to be looked at to accommodate more buyers who have fallen victim to either their own stupidity or market forces beyond their control. If not there is going to be a shortage of homes for these people to lease for the next 3-5 years, until their credit rating gets back to a point that they can re-qualify.

I am not sure that wholesale principle reductions is the answer. Lower interest rates if a borrower stays in their home for any length of time would have the same result. If banks had the notion and ability to be more creative with reworking loans, more people would just stay in their homes. Let's face it, underwater or not, its still their home and they need a place to live. If borrowers could be "re-qualified" for their mortgages and those who can afford it were given an incentive to hold on like a low interest rate until they get back to an equity position, then most of the ones that could afford the payments would probably keep their homes.

Those that no longer qualify should be given the immediate green light to short sale and not be penalized on their credit rating so they cannot buy another home. Why should a borrower who tries to do the right thing wether they remain current up to the sale date or not, be penalized because the market is so far down or their income has been reduced? I think if the next home they try to buy is well within their means, they should be given a loan. This would help solve some but not all of the problem and prices would start to stabilize as the demand for homes increases with more "qualifiable" buyers remaining in the pool. Even though banks, who facilitated this problem to begin with would take a potential bigger hit initially, as prices rebound their losses would be diminished.

Just a thought....

I don't see banks offering or the federal government mandating, writing down mortgages for those underwater.

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"Wish I had Bought That Ten Years Ago"

10-19-10
Tim Salmonsen

Ever say to a a friend, colleague, spouse, or even just yourself, "Wish I had bought that piece of land, or house, ten years ago"? Well guess what? In many areas of the country it is ten years ago all over again. What I mean is, prices in many areas have dropped so dramatically that you can now buy homes, land, and in some cases even commercial properties, as cheap and possibly even cheaper than they were selling for ten years ago. So what are you waiting for? Ten years to pass you by again? If you have the means, and the notion to ever invest in real estate, now is that time. Many investors are finding out right as I type, how many opportunities there are in real estate investing. Wether you just want to upgrade your existing residence, flip a home or two, or buy a cheap rental, there has not been a better time in ten years!!! So get online and start looking, then call an experienced agent who knows the difference between a deal and a steal, and get your portfolio going. This way the next time you hear a Friend say, "Wish I had bought THAT ten years ago" you can simply reply "I did!" Tim Salmonsen 479-366-6737 Executive Broker- Senior Vice President, Century 21 Exclamation Realty Rogers Arkansas.

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