Hi People.
Finally. A good story. A story of how good things happen to good people who work hard and strike when the iron's hot. This story is for everyone who put in an offer to purchase a home after offer after offer with no success. This should be an inspiration to those folks.
Yesterday I was out with some clients ("Clients" sounds kind of sterile. These are friends of mine. I do have friends you know) looking at some property in Poway. We've been trying for several months and have wrote multiple offers on a gang of houses and just have been beaten like the Padres (Sorry), so we finally broke down and decided to start writing offers on the dreaded "short sale" (Short sales are dreaded for several reasons: 1. The ugly short sale can take up to a year to close. The tax credit of $8000 is up in April (You have to be in escrow by April 30th and close escrow by June 30th)Who can wait a year? 2. Since they take so long there is no guarantee that the bank will not foreclose on the property while you're in escrow. Kind of like a 5 year engagement and then you find out your fiance' wants to be a nun. 3. You have no idea what the seller is going to do to the house before you buy it. People selling their house as a short sale are not getting any money back. They are just trying to salvage some credit. Plenty of sellers in this predicament trash the house and take anything that's valuable out of the home and sell it on Craig's List. Bottom line, in a short sale you do not know what you'll get or if you'll get it). But, I digest (big breakfast). so we're looking at these places that my clients really do not want but they realize that in their price range they get what they get. So, we're trying to have a good attitude about the short sales in their price range when my clients got an email.
Right when we were about to leave my clients were notified , via email on their phone, that there was a new home on the market in there price range in that very neighborhood that was a regualr sale(I set them up on an automatic notification of anything within their parameters). We thought we should at least drive by.
We showed up and I knocked on the door. "That was fast, I just put it one the market. Come on in" said the friendliest lady ever. We went in and my clients loved it. Through some conversation I realized that the owner was the listing agent too. I pulled my clients aside and whispered "Do you like it"? They eagerly nodded their heads. I asked them if they wanted to pull the trigger right now. Again with the eager head nodding (Kind of like human bobble heads). I then asked the seller/ listing agent if she wouldn't mind if I used her computer to write up a full priced offer right then and there. She was a human bobble head too. Sold in less than an hour of being on the market.
So, People, keep trying. Don't give up. Your house is waiting for you out there.
God Bless.
Sunday, February 28, 2010
Saturday, February 27, 2010
But, I Thought You Said....
Hello People.
Here it comes. Interest rates are starting to creep up. We do not know if this is a trend or a blip.
Last week the fed raised the discount rate from .5% to .75% and claimed it would have no effect on interest rates. Wellllllllll, it looks like that was a little misleading, or at least naive. We will see.
Click on the title to see what the Wall Street Journal has to say.
God Bless
Here it comes. Interest rates are starting to creep up. We do not know if this is a trend or a blip.
Last week the fed raised the discount rate from .5% to .75% and claimed it would have no effect on interest rates. Wellllllllll, it looks like that was a little misleading, or at least naive. We will see.
Click on the title to see what the Wall Street Journal has to say.
God Bless
Wednesday, February 24, 2010
Got My A** Whooped
Hey People.
Well, I got whooped again. I put in a strong (Like military coffee) offer to purchase a home for some clients (Nice young couple. Not their name, just a description) just 1 day after it came on the market. The asking price was $265,000. My clients really wanted it. We observed all of the realtor cards in the home (Looked like 52 card pick up). We put 2 & 2 together (Comes out to be 4) and figured there would be multiple offers on that bad-boy. We went in at $285,000. And, we were right.
There were 5 other offers. The listing agent said we were in the top 3 (?) and countered our offer with a "Submit your best and final offer". Let me tell you, those are dreaded words to people trying to buy a home. That means you blindly pick a number out of the sky and out bid yourself, and hopefully the other buyers you are competing with. My buyers went up to $300,000. You would've expected that we won. We did not.
Some Jackass (Not really fair. I don't know the person who won the property. I guess I'm just bitter/ jealous/ frustrated/ pissed) bid over or equal to our offer (The listing agent wouldn't tell us) and offered all cash. The seller had to take his offer.
So, if you're out there trying to buy a home you better come strong (And quick). There are a ton of sharks out there with cash trying to steal your dreams. Don't let them. You can always put in offers on more than one home at a time (It's just an offer to purchase, not a purchase). Then you'll have some options, even if they do steal from you (Bastards).
Let me know what you think.
God Bless.
Well, I got whooped again. I put in a strong (Like military coffee) offer to purchase a home for some clients (Nice young couple. Not their name, just a description) just 1 day after it came on the market. The asking price was $265,000. My clients really wanted it. We observed all of the realtor cards in the home (Looked like 52 card pick up). We put 2 & 2 together (Comes out to be 4) and figured there would be multiple offers on that bad-boy. We went in at $285,000. And, we were right.
There were 5 other offers. The listing agent said we were in the top 3 (?) and countered our offer with a "Submit your best and final offer". Let me tell you, those are dreaded words to people trying to buy a home. That means you blindly pick a number out of the sky and out bid yourself, and hopefully the other buyers you are competing with. My buyers went up to $300,000. You would've expected that we won. We did not.
Some Jackass (Not really fair. I don't know the person who won the property. I guess I'm just bitter/ jealous/ frustrated/ pissed) bid over or equal to our offer (The listing agent wouldn't tell us) and offered all cash. The seller had to take his offer.
So, if you're out there trying to buy a home you better come strong (And quick). There are a ton of sharks out there with cash trying to steal your dreams. Don't let them. You can always put in offers on more than one home at a time (It's just an offer to purchase, not a purchase). Then you'll have some options, even if they do steal from you (Bastards).
Let me know what you think.
God Bless.
Tuesday, February 23, 2010
Come And Get It
Hi People/ Investors.
An article came out by The Wall Street Journal and it says now is a good time to invest in rental property. I disagree. It is a great time to invest in rental property.
Prices have fallen faster than rents, leaving a delicious capitalization rate (Take the net income, not including mortgage payments, and divide it by the purchase price. The higher the number the better.). Back in '07 you would be lucky to get a San Diego cap rate of 5%. Now, even a lowly duplex will get you at least 7%. Plus the interest rates are nutritious (Couldn't let the "food" analogy drop). That's good eatin'. But, if everything else sucks (Everything does not suck. We live in San Diego) what are the down falls?
Glad you asked. Now a days you will need at least a 25% down payment. That ain't chicken gizzards. Add in the closing costs and you're out of pocket for some heavy change.
Unemployment is a kick in the wrong spot (Imagine your 2nd most painful spot. Now imagine that it's painted like a soccer ball. Now imagine you're in a country that cares about soccer...). If people don't make money they can't pay rent.
Those are scary issues, but with any investment their are risks. People will live in Southern California and people will pay to stay somewhere.
Also, remember that when you buy rental property you have bought a job (Unless you hire a property manager. He'll charge you approx 10% of gross rents. Not a bad idea if it doesn't cut into your pocket). 1st, make sure you do your homework before you buy. What are rents? Projected rents? How are the schools? Are there jobs in the area? Public transportation? Does it pencil? Are you being honest with the #s? 2nd, how much will it cost to get the property in top rental market shape? You want to be the cat's meow. if people are looking to rent you want them in your place, not your neighbor's.
Again, if you have the cash, the credit, the time, the ambition and the stomach to jump in, then jump in. People make a lot of money renting out real estate, if they know what their doing. Also, flips are dead. I don't care what HGTV, A&E or ESPN say (Unless you're buying all cash at an auction. Another time).
Check out the article by clicking on the title.
God Bless.
An article came out by The Wall Street Journal and it says now is a good time to invest in rental property. I disagree. It is a great time to invest in rental property.
Prices have fallen faster than rents, leaving a delicious capitalization rate (Take the net income, not including mortgage payments, and divide it by the purchase price. The higher the number the better.). Back in '07 you would be lucky to get a San Diego cap rate of 5%. Now, even a lowly duplex will get you at least 7%. Plus the interest rates are nutritious (Couldn't let the "food" analogy drop). That's good eatin'. But, if everything else sucks (Everything does not suck. We live in San Diego) what are the down falls?
Glad you asked. Now a days you will need at least a 25% down payment. That ain't chicken gizzards. Add in the closing costs and you're out of pocket for some heavy change.
Unemployment is a kick in the wrong spot (Imagine your 2nd most painful spot. Now imagine that it's painted like a soccer ball. Now imagine you're in a country that cares about soccer...). If people don't make money they can't pay rent.
Those are scary issues, but with any investment their are risks. People will live in Southern California and people will pay to stay somewhere.
Also, remember that when you buy rental property you have bought a job (Unless you hire a property manager. He'll charge you approx 10% of gross rents. Not a bad idea if it doesn't cut into your pocket). 1st, make sure you do your homework before you buy. What are rents? Projected rents? How are the schools? Are there jobs in the area? Public transportation? Does it pencil? Are you being honest with the #s? 2nd, how much will it cost to get the property in top rental market shape? You want to be the cat's meow. if people are looking to rent you want them in your place, not your neighbor's.
Again, if you have the cash, the credit, the time, the ambition and the stomach to jump in, then jump in. People make a lot of money renting out real estate, if they know what their doing. Also, flips are dead. I don't care what HGTV, A&E or ESPN say (Unless you're buying all cash at an auction. Another time).
Check out the article by clicking on the title.
God Bless.
Monday, February 22, 2010
Radio, Suckas Never Play Me
Hi People.
From the good words of Chuck "D".
Check out my last radio show by clicking on the title.
On the show we talked about short sales and how they ain't for everyone, loan modifications and how they practically do not exist, V.A. benefits and how all government programs run like a paraplegic and how to commit 1031 (capital gains deferred program).
God Bless
From the good words of Chuck "D".
Check out my last radio show by clicking on the title.
On the show we talked about short sales and how they ain't for everyone, loan modifications and how they practically do not exist, V.A. benefits and how all government programs run like a paraplegic and how to commit 1031 (capital gains deferred program).
God Bless
Friday, February 19, 2010
Loan Stuff
Hi People.
I am so proud to introduce to you my very first guest writer, Eddie Messina. Eddie's a good friend of mine and we have done some transactions together. You might want to listen to him, he'll save you some loot & heart ache. I'm going to take a nap.
Here's Eddie.....
Bank of America was in the news again (back on the 10th) this time being charged with fraud. This really got me thinking this morning about these crazy banks. I’m not sure they are always looking out for your best “interest” … thank you I will be here all night- yuk yuk yuk. The pun, the lowest form of comedic humor but my best friend. Let’s talk about interest for a moment. Many homeowners choose their bank when taking out a mortgage loan. Why not? It is convenient and grandma Moses did it that way. Does this convenience come at a price? Of course! You could wash your car for free but most of the time we take our vehicles to the car wash to have somebody else do it and we are perfectly cool with paying the extra money to rid ourselves of this responsibility The difference between these two conveniences is one has an obvious price to pay (car wash) and the other has a hidden convenience charge (banks) that could cost you’re a few thousand over the years.
The truth is most lenders have access to about the same rates as anybody else on the block and when they price out a loan for a client most of the time they have to reveal what profit they are making on the loan (points/rebates) on the closing statement ( HUD-1) but Banks are exempt from the Real Estate Settlement Procedure act (RESPA). RESPA laws protect borrowers by requiring lenders to disclose information about their mortgage profit margins. Because of this exemption, the banks have a great way of slipping in a hidden fee called the Service Release Premium. This is where they boost your rate and sell to the secondary market for profit. If you were like me before I entered the world of mortgages, I had no idea what the daily wholesale rate was on a given day. If a lender or bank told me 6% I was like cool what is the payment?? Right everyone is worried about the payment but it is important to know with a little probing I could have got a %5.5 saving thousands of dollars over the life of the loan. I could put some carrots in my baby girl’s ears with that kind of savings!
To avoid this always make sure you know what the yield is on the Fannie Mae website versus the Banks rate sheet. Have your bank rep try to explain the difference between the Fannie Mae rate and their rate… that will be good for a laugh or two. Now you are not going to get the Fannie Mae rate (unless you’re bed with Fannie Mae but I don’t want to get into your personal life right now) because everyone has to make a profit in business. Even the street hustlers know that and believe me these hustlers with the ties they really know this game. People should be paid for their services and banks and mortgage brokers are no different. At least you can negotiate a lesser rate than you would have received being the wounded deer or perhaps take the higher rate, but have your closing cost paid! Now that is a novel idea. . . save some of that hard earned money for your savings account versus buying a rate! Well, I will get into that topic next time. I’m not sure you are ready for that yet! I can only unplug you from the Matrix one blog at a time; however, I will leave you with one last tip because I know your are so hungry for this information. When dealing with a bank you are basically stuck using their rate sheet and agenda but if you use a broker they can search multiple lending institutions for programs/rates. Again, I will tell you how to navigate with a broker on my next post! I can only feed you so much this time. Catch a (wo)man a fish and feed him/her for dinner. . teach him/her how to fish, feed him/her for a lifetime… or at least until they get a well paying job.
For more info visit http://emessina.spectra-funding.com
Edward Messina
Spectra Funding
cell: 619-933-3462
Fax: 619-303-7485
emessina@spectra-funding.com
I am so proud to introduce to you my very first guest writer, Eddie Messina. Eddie's a good friend of mine and we have done some transactions together. You might want to listen to him, he'll save you some loot & heart ache. I'm going to take a nap.
Here's Eddie.....
Bank of America was in the news again (back on the 10th) this time being charged with fraud. This really got me thinking this morning about these crazy banks. I’m not sure they are always looking out for your best “interest” … thank you I will be here all night- yuk yuk yuk. The pun, the lowest form of comedic humor but my best friend. Let’s talk about interest for a moment. Many homeowners choose their bank when taking out a mortgage loan. Why not? It is convenient and grandma Moses did it that way. Does this convenience come at a price? Of course! You could wash your car for free but most of the time we take our vehicles to the car wash to have somebody else do it and we are perfectly cool with paying the extra money to rid ourselves of this responsibility The difference between these two conveniences is one has an obvious price to pay (car wash) and the other has a hidden convenience charge (banks) that could cost you’re a few thousand over the years.
The truth is most lenders have access to about the same rates as anybody else on the block and when they price out a loan for a client most of the time they have to reveal what profit they are making on the loan (points/rebates) on the closing statement ( HUD-1) but Banks are exempt from the Real Estate Settlement Procedure act (RESPA). RESPA laws protect borrowers by requiring lenders to disclose information about their mortgage profit margins. Because of this exemption, the banks have a great way of slipping in a hidden fee called the Service Release Premium. This is where they boost your rate and sell to the secondary market for profit. If you were like me before I entered the world of mortgages, I had no idea what the daily wholesale rate was on a given day. If a lender or bank told me 6% I was like cool what is the payment?? Right everyone is worried about the payment but it is important to know with a little probing I could have got a %5.5 saving thousands of dollars over the life of the loan. I could put some carrots in my baby girl’s ears with that kind of savings!
To avoid this always make sure you know what the yield is on the Fannie Mae website versus the Banks rate sheet. Have your bank rep try to explain the difference between the Fannie Mae rate and their rate… that will be good for a laugh or two. Now you are not going to get the Fannie Mae rate (unless you’re bed with Fannie Mae but I don’t want to get into your personal life right now) because everyone has to make a profit in business. Even the street hustlers know that and believe me these hustlers with the ties they really know this game. People should be paid for their services and banks and mortgage brokers are no different. At least you can negotiate a lesser rate than you would have received being the wounded deer or perhaps take the higher rate, but have your closing cost paid! Now that is a novel idea. . . save some of that hard earned money for your savings account versus buying a rate! Well, I will get into that topic next time. I’m not sure you are ready for that yet! I can only unplug you from the Matrix one blog at a time; however, I will leave you with one last tip because I know your are so hungry for this information. When dealing with a bank you are basically stuck using their rate sheet and agenda but if you use a broker they can search multiple lending institutions for programs/rates. Again, I will tell you how to navigate with a broker on my next post! I can only feed you so much this time. Catch a (wo)man a fish and feed him/her for dinner. . teach him/her how to fish, feed him/her for a lifetime… or at least until they get a well paying job.
For more info visit http://emessina.spectra-funding.com
Edward Messina
Spectra Funding
cell: 619-933-3462
Fax: 619-303-7485
emessina@spectra-funding.com
Thursday, February 18, 2010
I'm Going Back To Cali
Hi People.
Even though home prices are better than wedding cake and interest rates are lower than a demon's anklet, we San Diegans have been named the "13th Most Unaffordable County In The U.S.". How can that be?
Well, we don't earn that much income. The last quarter told us that the median household earned only $74,900. That's Mom, Dad, dead-beat brother-in-law, Grandma (Grandpa's not with us any more) and the kids (paper route ain't what it's cracked up to be). Only 48.1% of San Diegan's can afford a median priced home at $319K.
The good news. 11 out of the top 20 most unaffordable counties were in California. Why is that good news. That's good news because we are where everyone wants to be. That's why we're unaffordable. Places like Enid, Ok. will not be (or ever be) on the most unaffordable list. LL Cool J did not (or ever will) do a song named "I'm going back to Enid, Enid, Enid".
Click on the link to see the article.
God Bless.
Even though home prices are better than wedding cake and interest rates are lower than a demon's anklet, we San Diegans have been named the "13th Most Unaffordable County In The U.S.". How can that be?
Well, we don't earn that much income. The last quarter told us that the median household earned only $74,900. That's Mom, Dad, dead-beat brother-in-law, Grandma (Grandpa's not with us any more) and the kids (paper route ain't what it's cracked up to be). Only 48.1% of San Diegan's can afford a median priced home at $319K.
The good news. 11 out of the top 20 most unaffordable counties were in California. Why is that good news. That's good news because we are where everyone wants to be. That's why we're unaffordable. Places like Enid, Ok. will not be (or ever be) on the most unaffordable list. LL Cool J did not (or ever will) do a song named "I'm going back to Enid, Enid, Enid".
Click on the link to see the article.
God Bless.
Wednesday, February 17, 2010
Dollar-Dollar Bill Y'all!
Hey there, People.
Ever sit back and think "what's the perfect money making biz"? What would be something that you could buy cheap and squeeze some yen out? What is the thing that is just hanging around and begging someone to come and scoop up?
Flipping houses? No, in my opinion it's not the time for that unless you're buying the house at an auction. You have to buy low, fix it up and then sell high. In this market you'll buy low and sell low.
Hard money loans? Maybe, but make sure you want whatever is tied to the loan if the borrower can not make his payment. Otherwise you can just go buy something you don't want or need (something my wife accuses me of).
Crack? There's legal issues to be aware of but, I hear it sells like.... crack.
How about buying the deficiency balances on foreclosed and short sales homes? That's the ticket. You go to the bank or investor and offer to buy the debt that he lost for pennies on the dollar. Then (this is where it gets good) you go after the people who have been chewed up and spit out by the economy in the first place. All you have to do is get some of the debt back and you should make a killing (the borrower's spirit, health, marriage & children's future).
Mark my words, there will be some late night infomercials (starring some 80s T.V. personality, like Alf) telling us how to make tons of loot from the comfort of our home.
Click on the title and see the depressing news from MSN.
God Bless.
Ever sit back and think "what's the perfect money making biz"? What would be something that you could buy cheap and squeeze some yen out? What is the thing that is just hanging around and begging someone to come and scoop up?
Flipping houses? No, in my opinion it's not the time for that unless you're buying the house at an auction. You have to buy low, fix it up and then sell high. In this market you'll buy low and sell low.
Hard money loans? Maybe, but make sure you want whatever is tied to the loan if the borrower can not make his payment. Otherwise you can just go buy something you don't want or need (something my wife accuses me of).
Crack? There's legal issues to be aware of but, I hear it sells like.... crack.
How about buying the deficiency balances on foreclosed and short sales homes? That's the ticket. You go to the bank or investor and offer to buy the debt that he lost for pennies on the dollar. Then (this is where it gets good) you go after the people who have been chewed up and spit out by the economy in the first place. All you have to do is get some of the debt back and you should make a killing (the borrower's spirit, health, marriage & children's future).
Mark my words, there will be some late night infomercials (starring some 80s T.V. personality, like Alf) telling us how to make tons of loot from the comfort of our home.
Click on the title and see the depressing news from MSN.
God Bless.
Tuesday, February 16, 2010
Tic-Toc
Hello-hello, People.
Just some advice when you're out with your realtor (are you seeing someone else?) and you find a house you like. Write an offer. I know, it goes against everything we've been taught. Patience, self-control, "fools rush in", look both ways before you cross the street. All sound advice in every other situation, but not when buying a home (at least homes under $500,000) in Southern California right now. Why?
The housing inventory in So-Cal is ridiculously low. If a home is priced at market value (again, this usually applies to homes under $500K but I've see it happen on more expensive homes) then it will gather several offers to purchase within a week of being on the market. There's just not that many houses on the market for sale. But the economy?
Economy, schemonomy. There are tons of 1st time buyers and investors who are out there going toe to toe over low priced houses that they can buy with low interest rates. The 1st time buyers get the $8k tax credit and the investor gets a nice rental to house all of the people who lost their home. Pandemonium.
So, to reiterate, if you're digging on a house, pull the trigger and write the offer. It's not a car. You have contingency periods that can get you out of the contract with an untampered with deposit.
Let me know if I can help.
God Bless.
Just some advice when you're out with your realtor (are you seeing someone else?) and you find a house you like. Write an offer. I know, it goes against everything we've been taught. Patience, self-control, "fools rush in", look both ways before you cross the street. All sound advice in every other situation, but not when buying a home (at least homes under $500,000) in Southern California right now. Why?
The housing inventory in So-Cal is ridiculously low. If a home is priced at market value (again, this usually applies to homes under $500K but I've see it happen on more expensive homes) then it will gather several offers to purchase within a week of being on the market. There's just not that many houses on the market for sale. But the economy?
Economy, schemonomy. There are tons of 1st time buyers and investors who are out there going toe to toe over low priced houses that they can buy with low interest rates. The 1st time buyers get the $8k tax credit and the investor gets a nice rental to house all of the people who lost their home. Pandemonium.
So, to reiterate, if you're digging on a house, pull the trigger and write the offer. It's not a car. You have contingency periods that can get you out of the contract with an untampered with deposit.
Let me know if I can help.
God Bless.
Monday, February 15, 2010
Loan Mods Ain't Gonna Help
Hi People.
It looks like we're in for another record year of foreclosures, short sales & deeds in lieu. Looks like the only thing we will most likely not see is the ever elusive loan modification.
The Loan Mod. One of the country's hope in slowing down the depreciative home values. Seen prominently in it's early "trial" stages but rarely seen after that. Now, everyone knows someone who knows some one's friend who just did a loan mod and that person's mortgage is now $10 a month plus a Bologna sandwich. A little bit of an exaggeration (not much), there are a few people who have completed their Mods.
The problem is that, according to The Wall Street Journal, " Some borrowers are catching up on payments after having their loan terms modified, but S&P says current trends suggest that 70% of such borrowers eventually will redefault". At that rate it doesn't matter who's getting a loan mod done. That's just a stay of execution.
How will we keep afloat? There is a ton of action out there from 1st time home buyers and investors (thank goodness) that are bailing water in the sinking boat. How long can they keep it up? For a good while if the economy continues to recover and interest rates don't fly through the roof. If not.....?
Click on the title for The Wall Street Journal article and tell me I'm full of it.
God Bless.
It looks like we're in for another record year of foreclosures, short sales & deeds in lieu. Looks like the only thing we will most likely not see is the ever elusive loan modification.
The Loan Mod. One of the country's hope in slowing down the depreciative home values. Seen prominently in it's early "trial" stages but rarely seen after that. Now, everyone knows someone who knows some one's friend who just did a loan mod and that person's mortgage is now $10 a month plus a Bologna sandwich. A little bit of an exaggeration (not much), there are a few people who have completed their Mods.
The problem is that, according to The Wall Street Journal, " Some borrowers are catching up on payments after having their loan terms modified, but S&P says current trends suggest that 70% of such borrowers eventually will redefault". At that rate it doesn't matter who's getting a loan mod done. That's just a stay of execution.
How will we keep afloat? There is a ton of action out there from 1st time home buyers and investors (thank goodness) that are bailing water in the sinking boat. How long can they keep it up? For a good while if the economy continues to recover and interest rates don't fly through the roof. If not.....?
Click on the title for The Wall Street Journal article and tell me I'm full of it.
God Bless.
Friday, February 12, 2010
Realtor Pa-Lease!
People, you are excused. This is a message for Realtors.
Realtor, pa-lease! When you put a house on the market there are certain things that should be put in place in order for us to all have a good and efficient home selling/ home buying time. Certain etiquette to be adhered to. There are plenty of right ways to do things and not too manys ways to mess them up. You kind of have to try to screw someone over in order to do it. Most of the time.
Case in point. A client of mine wanted to see a particular condo at 7:30 just last night. I, a realtor who has some learnin', looked it up on the MLS to see what the proper showing instructions were. "Temporary Resident. Show with 2 hour notice. Thank you for Showing! Lockbox Y (meaning it has a lockbox)" is what the realtor wrote. That's all it said. It did not say I needed an appointment (it is customary that if an appointment is needed it is stated plainly). I called the # given around 2pm and left a message that I would bring my client at 7:30 that evening. No one called me back to say "NO", so I (as anyone else would) felt is was good to go. Easy, right?
We get to the 7:30 appointment at 7:28, I figure it's not too early and so I ring the door bell. Nothing. I ring it again and again. Still nothing. I knock on it. I see a light go on. No one comes to the door. I knock like a cop. Nothing, but I hear movement inside. I figure I've done my part and now it's time to use the lockbox key. I go to the lockbox and get the key.
I decided to knock one more time like a Gestapo agent in 40s Germany. Nothing. I take the key and open the door and immediately see an elderly lady in a room right off of the entry on a laptop. "Hi, I'm sorry..." is what I said to the ignoring lady. "Mam? Excuse me. Mam? Hello. Mam?" is what I was blathering for a full minute before I notice some sign language charts on the wall. "She's deaf" is what my investigative intuition told me. So, being as smart as I am, I decided to yell louder "Mam"? Mam? Hello. Excuse me.". Nothing.
I decided I needed to get her attention by waving my hand and bending down to her eye level so she could see me. I put my business card in my hand so I would look extra official, bent over at the waist, screaming at the top of my lungs and waving my official card around. All of this was a solid, unexaggerated 2+ minutes of brilliance.
I finally catch her eye and she screams at the top of her lungs. I scream "I'm a realtor". She screams (in a very muted tone) "Phone?". I scream "I called". She screamed "Liar!". I tried to calm the situation by showing her the # that I called (that should be proof). She screamed "I'm deaf". I said "What was I supposed to do?". She screamed "I'm sorry" and pointed to the door.
I looked at the door and my client was already outside and laughing at me (can't blame her).
So, Realtors, the moral of all of this is a little EXTRA info when the circumstances are EXTRAordinary is proper etiquette.
God Bless
Realtor, pa-lease! When you put a house on the market there are certain things that should be put in place in order for us to all have a good and efficient home selling/ home buying time. Certain etiquette to be adhered to. There are plenty of right ways to do things and not too manys ways to mess them up. You kind of have to try to screw someone over in order to do it. Most of the time.
Case in point. A client of mine wanted to see a particular condo at 7:30 just last night. I, a realtor who has some learnin', looked it up on the MLS to see what the proper showing instructions were. "Temporary Resident. Show with 2 hour notice. Thank you for Showing! Lockbox Y (meaning it has a lockbox)" is what the realtor wrote. That's all it said. It did not say I needed an appointment (it is customary that if an appointment is needed it is stated plainly). I called the # given around 2pm and left a message that I would bring my client at 7:30 that evening. No one called me back to say "NO", so I (as anyone else would) felt is was good to go. Easy, right?
We get to the 7:30 appointment at 7:28, I figure it's not too early and so I ring the door bell. Nothing. I ring it again and again. Still nothing. I knock on it. I see a light go on. No one comes to the door. I knock like a cop. Nothing, but I hear movement inside. I figure I've done my part and now it's time to use the lockbox key. I go to the lockbox and get the key.
I decided to knock one more time like a Gestapo agent in 40s Germany. Nothing. I take the key and open the door and immediately see an elderly lady in a room right off of the entry on a laptop. "Hi, I'm sorry..." is what I said to the ignoring lady. "Mam? Excuse me. Mam? Hello. Mam?" is what I was blathering for a full minute before I notice some sign language charts on the wall. "She's deaf" is what my investigative intuition told me. So, being as smart as I am, I decided to yell louder "Mam"? Mam? Hello. Excuse me.". Nothing.
I decided I needed to get her attention by waving my hand and bending down to her eye level so she could see me. I put my business card in my hand so I would look extra official, bent over at the waist, screaming at the top of my lungs and waving my official card around. All of this was a solid, unexaggerated 2+ minutes of brilliance.
I finally catch her eye and she screams at the top of her lungs. I scream "I'm a realtor". She screams (in a very muted tone) "Phone?". I scream "I called". She screamed "Liar!". I tried to calm the situation by showing her the # that I called (that should be proof). She screamed "I'm deaf". I said "What was I supposed to do?". She screamed "I'm sorry" and pointed to the door.
I looked at the door and my client was already outside and laughing at me (can't blame her).
So, Realtors, the moral of all of this is a little EXTRA info when the circumstances are EXTRAordinary is proper etiquette.
God Bless
Thursday, February 11, 2010
If 60% Of The People On A Boat Drowned, Is That Good?
People. Howdy.
"Median Home Prices Show Signs Of Stability" was the title of an article written in USA Today, today.
"Home prices rose in 40% of U.S. cities in the fourth quarter of last year" was in the 1st paragraph. Looks good, but are we done with home prices dropping faster then grandpa's dentures? Let's see. 40% of the cities went up, so the other 60% went down or remained the same. Still not bad. let's dig deeper.
"The national median price was $172,900, or 4.1% below the fourth quarter last year. That was the smallest year-over-year price decline in more than two years" is what the article said later. Well, not plummeting like we were, but not as zippidy-do-da as the title suggests. Further still.
January foreclosures were still up 15% from a year ago, more people will be upside down on their mortgage (eliminating them to sell their home and buy another place, regardless of prices) & we are about to have another record year in foreclosures. It will be much worse if there's not an extension for the Federal tax credit for home buyers.
The good news: Home prices are very affordable and interest rates are fantastic. People don't seem as desperate as before and unemployment actually improved recently (.3%, not much but better than a stick in the eye, unless your job is to take sticks in your eye).
Eventually, we'll be alright!
Check out the article (click on the title) and let me know how full of it I am.
God Bless.
"Median Home Prices Show Signs Of Stability" was the title of an article written in USA Today, today.
"Home prices rose in 40% of U.S. cities in the fourth quarter of last year" was in the 1st paragraph. Looks good, but are we done with home prices dropping faster then grandpa's dentures? Let's see. 40% of the cities went up, so the other 60% went down or remained the same. Still not bad. let's dig deeper.
"The national median price was $172,900, or 4.1% below the fourth quarter last year. That was the smallest year-over-year price decline in more than two years" is what the article said later. Well, not plummeting like we were, but not as zippidy-do-da as the title suggests. Further still.
January foreclosures were still up 15% from a year ago, more people will be upside down on their mortgage (eliminating them to sell their home and buy another place, regardless of prices) & we are about to have another record year in foreclosures. It will be much worse if there's not an extension for the Federal tax credit for home buyers.
The good news: Home prices are very affordable and interest rates are fantastic. People don't seem as desperate as before and unemployment actually improved recently (.3%, not much but better than a stick in the eye, unless your job is to take sticks in your eye).
Eventually, we'll be alright!
Check out the article (click on the title) and let me know how full of it I am.
God Bless.
Wednesday, February 10, 2010
One West Bank And The Dirty Word
Hello People.
This is how it went down and is going downer.....
Indymac was seized by the FDIC in July of 08 because it had a ton of bad loans out and there was a semi run on the bank. Anyway, the FDIC turned around and sold Indymac and all of it's bad loans to newly formed One West Bank. In order to get the sale done the FDIC had to sell it at 70 cents on the dollar amount of the loans. Doesn't sound too evil yet. Just hold on brother.
The side deal was that on any foreclosure or short sale loss taken by One West Bank the FDIC would reimburse One West Bank 80%. Not 80% of what One West bought it for (remember the 70 cents on the dollar?) but of the original loan amount. Did you hear me? I can't hear you screaming?
Some real disturbing #s, are you ready? It gets pretty ugly. You've been warned.
A short sale on a house is completed at a purchase price of $250,000. With fees and all of that junk, lets say that One West Bank nets $200,000. The original loan was $400,000. Leaves OWB with $200,000 and a loss of $200,000. The FDIC gives them (very nice people at FDIC) 80% of the loss, or $160,000. OWB has $360,000 in their pocket, net. Wait! They only paid $280,000 for the loan. Nice net of $80K without doing to much, eh?
Is it any wonder why loan modifications are as mythical as a unicorn or celibate NBA star?
Check out a video (click on the title) describing this and let me know if you're pissed off.
God Bless.
This is how it went down and is going downer.....
Indymac was seized by the FDIC in July of 08 because it had a ton of bad loans out and there was a semi run on the bank. Anyway, the FDIC turned around and sold Indymac and all of it's bad loans to newly formed One West Bank. In order to get the sale done the FDIC had to sell it at 70 cents on the dollar amount of the loans. Doesn't sound too evil yet. Just hold on brother.
The side deal was that on any foreclosure or short sale loss taken by One West Bank the FDIC would reimburse One West Bank 80%. Not 80% of what One West bought it for (remember the 70 cents on the dollar?) but of the original loan amount. Did you hear me? I can't hear you screaming?
Some real disturbing #s, are you ready? It gets pretty ugly. You've been warned.
A short sale on a house is completed at a purchase price of $250,000. With fees and all of that junk, lets say that One West Bank nets $200,000. The original loan was $400,000. Leaves OWB with $200,000 and a loss of $200,000. The FDIC gives them (very nice people at FDIC) 80% of the loss, or $160,000. OWB has $360,000 in their pocket, net. Wait! They only paid $280,000 for the loan. Nice net of $80K without doing to much, eh?
Is it any wonder why loan modifications are as mythical as a unicorn or celibate NBA star?
Check out a video (click on the title) describing this and let me know if you're pissed off.
God Bless.
Monday, February 8, 2010
Don't Tell Me What To Do!
Yo People.
There's a saying about how opinions are like a certain body part and how everyone has them and they all stink. A little cynical. I prefer a little more optimistic outlook on opinions. We all have them and they're all good as long as you don't bother me with yours (I said a little).
Anyway, opinions on what's a good deal in real estate vary vastly from Victor to Vivien (stupid). If you think something is a good deal you should go for it. Don't let other people tell you what a good home purchase or a good investment should look like. These are personal decisions and should be tailor made to fit you. You'll have to live with the outcome whether it be good or bad.
Now, that being said, you should get enough info to make sure your real estate purchase is exactly (or as close as exactly as possible) what you want. The price of a house is just the beginning. How much will it cost to do repairs (get estimates from licensed professionals, not from some in law you are trying to give a job to so they will get off your couch)? What type of loan do you qualify for (make sure you do the #s correctly)? What will your monthly payment be (I said do the #s correctly)? Will your spouse leave you for buying a home without a roof (she will)? These all have to be investigated in order for you to make that personal investment/ home purchase. Be very wary (stupider) of a price on a home that is too good to be true. It is.
The reason I'm bringing all of this up is because people want a deal when they buy real estate (duh) but sometimes they don't know what a deal is. If you can buy a home for $200K and it's worth $300K, sounds good. Even if you have to put in $50K for repairs it still sounds good, right? The answer: Maybe. If that $50K has to come out of your own pocket instead of being in your loan then maybe. A 20% down payment on $200K is $40K and on $300K is $60K. Do you want to come up with $90K cash and get a better purchase price, or come up with $60K cash and keep some money in your purse for college, emergencies, food? Sometimes, for some people, it's less painful to buy a house that doesn't need that much work and keep the money that would've went to repairs in their own pocket. Some people have a lot of cash laying around (call me) and would love to jump on a deal like that.
My point is everybody's different when it comes to buying a home or investment property. Some like to hold on and play/ pray for appreciation. Some want their money going into an investment that is going to make moo la right now. Some just want a place to raise their kids or to hide their mistress. It doesn't matter what you want it only matters that you know enough info to get exactly what you want.
Check out an article by CNN Money (that almost talks about the same thing) by clicking on the title.
Happy hunting and God Bless.
There's a saying about how opinions are like a certain body part and how everyone has them and they all stink. A little cynical. I prefer a little more optimistic outlook on opinions. We all have them and they're all good as long as you don't bother me with yours (I said a little).
Anyway, opinions on what's a good deal in real estate vary vastly from Victor to Vivien (stupid). If you think something is a good deal you should go for it. Don't let other people tell you what a good home purchase or a good investment should look like. These are personal decisions and should be tailor made to fit you. You'll have to live with the outcome whether it be good or bad.
Now, that being said, you should get enough info to make sure your real estate purchase is exactly (or as close as exactly as possible) what you want. The price of a house is just the beginning. How much will it cost to do repairs (get estimates from licensed professionals, not from some in law you are trying to give a job to so they will get off your couch)? What type of loan do you qualify for (make sure you do the #s correctly)? What will your monthly payment be (I said do the #s correctly)? Will your spouse leave you for buying a home without a roof (she will)? These all have to be investigated in order for you to make that personal investment/ home purchase. Be very wary (stupider) of a price on a home that is too good to be true. It is.
The reason I'm bringing all of this up is because people want a deal when they buy real estate (duh) but sometimes they don't know what a deal is. If you can buy a home for $200K and it's worth $300K, sounds good. Even if you have to put in $50K for repairs it still sounds good, right? The answer: Maybe. If that $50K has to come out of your own pocket instead of being in your loan then maybe. A 20% down payment on $200K is $40K and on $300K is $60K. Do you want to come up with $90K cash and get a better purchase price, or come up with $60K cash and keep some money in your purse for college, emergencies, food? Sometimes, for some people, it's less painful to buy a house that doesn't need that much work and keep the money that would've went to repairs in their own pocket. Some people have a lot of cash laying around (call me) and would love to jump on a deal like that.
My point is everybody's different when it comes to buying a home or investment property. Some like to hold on and play/ pray for appreciation. Some want their money going into an investment that is going to make moo la right now. Some just want a place to raise their kids or to hide their mistress. It doesn't matter what you want it only matters that you know enough info to get exactly what you want.
Check out an article by CNN Money (that almost talks about the same thing) by clicking on the title.
Happy hunting and God Bless.
Sunday, February 7, 2010
How I Rock The Mic
Hi People.
I've been the infrequent panelist on a radio show called The San Diego Money Makers (catchy).
I was on yesterday (Feb 6th) when we talked about V.A. loans and the difficulties they present, loan modifications and how they are the new "unicorn" in the real estate industry, appraisals and how that is the new "dirty" word in real estate and some other good stuff. So, give it it a listen and be kind, I'm very sensitive.
Click on the title to hear yesterday's podcast.
God Bless.
I've been the infrequent panelist on a radio show called The San Diego Money Makers (catchy).
I was on yesterday (Feb 6th) when we talked about V.A. loans and the difficulties they present, loan modifications and how they are the new "unicorn" in the real estate industry, appraisals and how that is the new "dirty" word in real estate and some other good stuff. So, give it it a listen and be kind, I'm very sensitive.
Click on the title to hear yesterday's podcast.
God Bless.
Thursday, February 4, 2010
Less
What it look like, People?
Yikes! Realtors are running for the hills. The gold rush in California real estate has been over since mid '06 and the # of Realtors who got out of the game are representing.
The # of licensed Realtors fell 29,247 in California during '09. Down 5.5% in '09 and down 12% since '07. Oh my! That's mucho less real estate phone calls and people knocking on your door. Have you noticed fewer people with little shiny badges stating their name and realty association with forced smiles? How about people preaching the good gospel from "our first lady of the market is just fine and do not pay attention to depreciation and now is the perfect time to buy/ sell" church? Less bench ads, less mailers and less vanity license plates stating "#1 in SD".
This stat doesn't even talk about the people with an active real estate license who aren't working as a realtor anymore.
What does it mean? I do not know. Hopefully it will shake out all of the unprofessional in the real estate industry.
Prediction: This year the # will change. How's that for cowardly?
Read what the Orange County Register says (not exactly the Wall Street Journal) on the subject by clicking on the title.
God Bless.
Yikes! Realtors are running for the hills. The gold rush in California real estate has been over since mid '06 and the # of Realtors who got out of the game are representing.
The # of licensed Realtors fell 29,247 in California during '09. Down 5.5% in '09 and down 12% since '07. Oh my! That's mucho less real estate phone calls and people knocking on your door. Have you noticed fewer people with little shiny badges stating their name and realty association with forced smiles? How about people preaching the good gospel from "our first lady of the market is just fine and do not pay attention to depreciation and now is the perfect time to buy/ sell" church? Less bench ads, less mailers and less vanity license plates stating "#1 in SD".
This stat doesn't even talk about the people with an active real estate license who aren't working as a realtor anymore.
What does it mean? I do not know. Hopefully it will shake out all of the unprofessional in the real estate industry.
Prediction: This year the # will change. How's that for cowardly?
Read what the Orange County Register says (not exactly the Wall Street Journal) on the subject by clicking on the title.
God Bless.
Wednesday, February 3, 2010
Deficiency Judgement Or F... You, Pay Me.
Yo People.
Ray Liotta's character in "Goodfellas" said it best, "F... you, pay me! That's what's going on in the foreclosure and short sale world. You fall on hard times and you can't continue to make your mortgage payments. The bank says "give us 'da money". You say "I can't. I lost my job, I have a sixth grade education and a broken hip". The bank says "we'll take your house you expletive". You say "that sucks, but I understand & you gotta do what you gotta do". So, the bank either forecloses on you or maybe they'll allow you to do a short sale. In either case, you could owe them the deficiency amount. Huh? You could owe the bank what they eventually lost.
If you owe $300K and the bank only gets $200K (just simple math, there are all kinds of fees and expenses but it's all bottom line stuff) you will potentially owe the bank $100K. But you got the house? F... you, pay me. You said I could do a short sale? F... you, pay me.
Here in California there is a situation where you will not owe that deficiency. It's called non-recourse. It means if the money borrowed was used to purchase your home (not money to remodel, send kids to college or fix your broken hip) the banks have no recourse to come after the deficiency. Nice.
If you are in that situation where your mortgage is becoming too unbearable you need to talk to your accountant, your realtor and perhaps a bankruptcy attorney. These people will protect you as much as possible.
Read the article from CNN Money by clicking on the title.
God Bless.
Ray Liotta's character in "Goodfellas" said it best, "F... you, pay me! That's what's going on in the foreclosure and short sale world. You fall on hard times and you can't continue to make your mortgage payments. The bank says "give us 'da money". You say "I can't. I lost my job, I have a sixth grade education and a broken hip". The bank says "we'll take your house you expletive". You say "that sucks, but I understand & you gotta do what you gotta do". So, the bank either forecloses on you or maybe they'll allow you to do a short sale. In either case, you could owe them the deficiency amount. Huh? You could owe the bank what they eventually lost.
If you owe $300K and the bank only gets $200K (just simple math, there are all kinds of fees and expenses but it's all bottom line stuff) you will potentially owe the bank $100K. But you got the house? F... you, pay me. You said I could do a short sale? F... you, pay me.
Here in California there is a situation where you will not owe that deficiency. It's called non-recourse. It means if the money borrowed was used to purchase your home (not money to remodel, send kids to college or fix your broken hip) the banks have no recourse to come after the deficiency. Nice.
If you are in that situation where your mortgage is becoming too unbearable you need to talk to your accountant, your realtor and perhaps a bankruptcy attorney. These people will protect you as much as possible.
Read the article from CNN Money by clicking on the title.
God Bless.
Tuesday, February 2, 2010
Legal VS Moral And Your Deposit $
Hi People.
The difference between legal and moral is a very gray line. The law is only man's feeble attempt at justice. That's why there are so many people who get mad at a court's decision to punish too lightly or too severely in any type of legal scenario, from a terrorist to a jaywalker.
Same goes in real estate where the law usually comes down to what's in the contract.
So, first of all, know what's in the contract! Don't let it come down to "but I thought that meant....", it does not matter. What you thought is irrelevant, it's what you signed.
But, there are plenty of situations in real estate where you might have to sign something, even if you don't like it that much, in order to buy or sell a home.
A good example of that is the contingency periods on a contract. If you're a buyer in competition for a house you might accept a shorter or stricter contingency period, leaving your deposit a bit vulnerable. If you're the seller & only one person wants your house and they want certain contingency periods elongated, then you might have to or possibly lose that buyer.
But, either one of the scenarios does not eliminate your right to fight for the deposit if something goes against you when the contingency period is not on your side. I only suggest doing this when you feel that you have been wronged and that you are morally correct. Otherwise you're kind of creepy.
If you are a buyer in escrow and your contingency periods are up and something happens where you can not go through with the purchase, the seller will want to keep your deposit. If you think you're being screwed, fight him. He can't (or at least he's not supposed to) open a new escrow without cancelling (everyone has to sign this cancellation to make it valid) the current escrow. Meaning, he can't resell his house without all parties agreeing on the cancellation.
If you are a seller and the buyer still has his contingency periods you have hardly any leverage. You want to resell your house and the buyer (contractually) is in the right. If you get a new buyer then just sign the cancellation that gives the buyer their deposit. But, if you feel you have been wronged do not sign the cancellation until you get a new buyer. While you're waiting for a new buyer try to negotiate with the old buyer that you keep some of the deposit money.
In either case, the only thing the other party can do is threaten to take you to mediation, arbitration or small claims court. Don't go. Negotiate up to that point and if they don't budge, sign the cancellation because you will lose. When you do lose you will be stuck with the court costs. It does not matter if you are morally right, the courts do not care.
Whatever your situation, go with what your heart says. Trying to jerk someone will come back on you.
God Bless.
The difference between legal and moral is a very gray line. The law is only man's feeble attempt at justice. That's why there are so many people who get mad at a court's decision to punish too lightly or too severely in any type of legal scenario, from a terrorist to a jaywalker.
Same goes in real estate where the law usually comes down to what's in the contract.
So, first of all, know what's in the contract! Don't let it come down to "but I thought that meant....", it does not matter. What you thought is irrelevant, it's what you signed.
But, there are plenty of situations in real estate where you might have to sign something, even if you don't like it that much, in order to buy or sell a home.
A good example of that is the contingency periods on a contract. If you're a buyer in competition for a house you might accept a shorter or stricter contingency period, leaving your deposit a bit vulnerable. If you're the seller & only one person wants your house and they want certain contingency periods elongated, then you might have to or possibly lose that buyer.
But, either one of the scenarios does not eliminate your right to fight for the deposit if something goes against you when the contingency period is not on your side. I only suggest doing this when you feel that you have been wronged and that you are morally correct. Otherwise you're kind of creepy.
If you are a buyer in escrow and your contingency periods are up and something happens where you can not go through with the purchase, the seller will want to keep your deposit. If you think you're being screwed, fight him. He can't (or at least he's not supposed to) open a new escrow without cancelling (everyone has to sign this cancellation to make it valid) the current escrow. Meaning, he can't resell his house without all parties agreeing on the cancellation.
If you are a seller and the buyer still has his contingency periods you have hardly any leverage. You want to resell your house and the buyer (contractually) is in the right. If you get a new buyer then just sign the cancellation that gives the buyer their deposit. But, if you feel you have been wronged do not sign the cancellation until you get a new buyer. While you're waiting for a new buyer try to negotiate with the old buyer that you keep some of the deposit money.
In either case, the only thing the other party can do is threaten to take you to mediation, arbitration or small claims court. Don't go. Negotiate up to that point and if they don't budge, sign the cancellation because you will lose. When you do lose you will be stuck with the court costs. It does not matter if you are morally right, the courts do not care.
Whatever your situation, go with what your heart says. Trying to jerk someone will come back on you.
God Bless.
Monday, February 1, 2010
I Thought You Was That Other Guy!
Buenos dias People.
Just read an article (from the smarty-smarties at Forbes) saying that we are #1! We San Diegans do it better than anyone. Our home prices fell faster than I fell in love with my wife (aw). "San Diego has seen the greatest three month drop in asking price, falling 7.3% from Oct 09 to Dec 09" said Forbes.
Maybe asking prices falling means that less expensive places are on the market?
Maybe people are holding on 'til after the holidays?
Maybe I sound a little stupid? Stupid like a fox (stolen from Homer Simpson).
Actually, it was a case of mistaken identity. Forbes saw Carlsbad #s and thought San Diego.
The San Diego median home price went up from $325,000 to $330,000 from Oct 09 through Dec 09. Carlsbad, however, did go down 7+% from approx $860,000 to $830,000 during that same period.
Things are not usually as bad (or good) as reported.
Some fact checker is going to be in trouble.....
Read the article (click on the title) and pity those poor people at Forbes. Will they ever amount to anything?
Just read an article (from the smarty-smarties at Forbes) saying that we are #1! We San Diegans do it better than anyone. Our home prices fell faster than I fell in love with my wife (aw). "San Diego has seen the greatest three month drop in asking price, falling 7.3% from Oct 09 to Dec 09" said Forbes.
Maybe asking prices falling means that less expensive places are on the market?
Maybe people are holding on 'til after the holidays?
Maybe I sound a little stupid? Stupid like a fox (stolen from Homer Simpson).
Actually, it was a case of mistaken identity. Forbes saw Carlsbad #s and thought San Diego.
The San Diego median home price went up from $325,000 to $330,000 from Oct 09 through Dec 09. Carlsbad, however, did go down 7+% from approx $860,000 to $830,000 during that same period.
Things are not usually as bad (or good) as reported.
Some fact checker is going to be in trouble.....
Read the article (click on the title) and pity those poor people at Forbes. Will they ever amount to anything?
God Bless.
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