Arkansas

The real estate market seems to have picked up and I am looking forward to better times....I finally had quite a bit of interest in a house that is definetly priced right, but has been overlooked because of the current events of the stock market etc. A big help was the weather! It is absolutely amazing what a difference it makes if it is a beautiful sunny day..it leaves clients more optimistic about life in general and puts them in a better mood for buying..life is good....keep in mind that you can't frown if you're smiling. Lucille Noble lnoble@weichertdunhill.com

I'm always writing about Searcy Arkansas because that's where I live and work and Searcy has grown through the years.

Thumbing through my picture collection, however, I found this interesting shot. It is a picture of Romance, Arkansas in 1930. Romance lies 22.1 miles from Searcy and the trip takes about 49 minutes. Actually, you head toward Joy and it leads to Romance (big Arkansas joke but a true statement).

About the only thing at Romance is a post office. Folks go there to buy stamps to put on wedding announcements or valentines or sometimes they'll plan their wedding in Romance. With gas as high as it has become business may be down at Romance. By the way, this is a photo that is almost unchanged except that if it was a store, it's no longer there and this street may be paved now.

If you live or own a home in Kansas and are facing foreclosure, please see below for the step by step process.

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When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclose process for the state of Kansas.

Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: No

Preliminary Notices

Advertising Notice of the time and place of sale must be advertised once a week for three consecutive weeks, with the last publication no more than 14 and no less than 7 days before the foreclosure day.

Mailing

Notice must be sent to the defaulting borrower within five days of the first ad.

Sale Procedures

Place

The sale must be at the courthouse, although the district judge may order the sale on the premises or at another location.

Manner

The sale is by public auction to the highest bidder. The sheriff will at once give the buyer at the foreclosure sale a certificate of purchase. The certificate of purchase is all the buyer gets until the borrower's redemption rights expire.

Confirmation

The foreclosure sale must be confirmed by the court after the sale. The court has discretion to refuse to honor the sale and require a minimum bid or force the crediting of the market value against what was owed on the loan. Once confirmed, a sheriff's deed can be issued and it will vest good and perfect title in the foreclosure buyer. However, the court may specify as a condition of confirmation that the redemption period may run first, which is 12 months unless reduced.

Special Procedures

A judgment can stay un-enforced up to five years, at which point it becomes dormant, but is subject to revival for another two years. Afterward the judgment is barred from enforcement and the court records must reflect that fact.

Deficiency

A deficiency judgment may be obtained for the difference between the foreclosure sale price and the amount due on the loan. Deficiencies are common. However, the court may refuse to confirm a sale where the price is not equal to the judgment, which helps prevent abusive deficiency judgments.

Redemption

The borrower can redeem any real property sold at foreclosure at any time up to 12 months from the date of sale by paying the holder of the certificate of purchase the purchase price plus costs and interest. If the judge finds the property is abandoned or not occupied in good faith, then the redemption period is six months. Lien creditors must undertake redemption within three months. The former borrower's redemption period may be reduced if the lien is only one-third of the original indebtedness. The one year goes down to six months. However, the court may conduct a hearing on market value, and if the debt is one third of the court-perceived market value, then 12 months for redemption may be allowed before the court will confirm the sale.

How to Avoid Loan Modification / Loss Mitigation Scams

Infinity Mitigation Services FAQ's

Investors Facing Foreclosure

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www.KeepYourProperty.info

Thank you for joining us in our endeavor to 'Jump Start' this challenging market! There are DEFINATELY opportunities to be found out there!

Coldwell Banker offices are kicking off our nation wide 10 Day Sales Event. Participating Coldwell Banker Real Estate Agencies across the country are jointly reducing the price of thousands of properties in an effort to bring in some activity during these uncertain times. If you are in a position to purchase Real Estate...this is probably the best time to buy in history with wonderful deals and low interest rates.

Coldwell Banker Mortgage is also participating and they will be offering FREE APPRAISALS to buyers who choose to use them as their lender when they purchase one of the homes participating in the event. This offer from CB Mortgage is valid from October 10-24th, 2008.

Follow this link to find out more: http://www.youtube.com/watch?v=gPZF4WMr0xY

I have a beef...

I am tired of the media scaring home buyers! I understand the economic crisis is dire, and many people have lost their jobs, or their homes, or their retirement...I really do understand that, and sympathize.

BUT...for those of us who are lucky enough to live in an area that was not over-inflated at the beginning of this downturn, had low unemployment then and now, and is a truly wonderful place to live...I just wish they'd cut it out!

Being informed and being inundated with negativity are two entirely different things.

Let us all remember...Real Estate is the best and most safe way for people to build savings, and, in some cases, wealth! Real Estate prices go up and down, but for those of you who have been buying Real Estate for 20 years or so...do you remember how much you paid for your first house? I'll bet is wasn't much compared to the next purchase, or the next, or the next! I bought my first house for $6,000. I sold it for $10,000. I know many people have wished that they had bought Real Estate instead of investing in the Stock Market right about now!

Even though things aren't so good now, just keep these things in mind...

1. As long as you can afford the monthly payment, pay at or under appraisal value, and plan on living there a few years, you're probably going to be fine, as long as you follow the advise of your Real Estate Agent & Lender.

2. You have to live somewhere...why not pay rent to yourself, instead of your landlord?

3. Don't overbuy! Buy a home that fits your lifestyle and fits your budget. If the bank says you qualify to buy a $300,000 home, shoot for $200,000, or whatever constitutes a payment that would be comfortable "rent" for you.

4. Remember...you have tax deductions as a homeowner that you don't have as a renter!

5. Get advice from your Real Estate Agent and ask them for statistics regarding prices in your area!

6. There are lots of good deals out there now! If you have 'fix-up' skills, buy a distressed property, a bank repo, etc., and get some instant "sweat equity"! (Just make sure to get a good home inspection!)

7. Have your Real Estate Agent negotiate your best deal...sellers that really need to sell quickly or banks with a huge inventory of repos are VERY negotiable right now.

This is my personal opinion, though biased. Land is the only thing they're not making more of. Real Estate Prices have gone up since the beginning of time. Occasionally, prices do go down, but that's a great time to buy! And that time is now.

I want to make clear that I wouldn't want someone to buy who is not going to be able to make that payment. But happily, since the banks are under so much more scrutiny now, they don't lend to anyone who can't make the payments.

If you're thinking of taking advantage of this great market and want to build a future by buying some Real Estate...well, just call me! We can talk about it, and I can send you in the right direction!