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Archive | July, 2012

The Difference Between Excellent and Perfect




Why does a buyer or seller look for a real estate professional in today’s new market reality? There’s plenty of information readily available for them to look at and analyze as they’re going through the process.

That’s just the point. Information being readily available causes confusion. That’s when people seek out professionals (whether it be a doctor, lawyer, or real estate professional) for an analysis of the information and their situation. Because of the wealth of information available, people are yearning for expert advice.

Don’t be afraid of those two words. Remember:

  • An expert doesn’t mean you’re going to give perfect advice.
  • An expert means you’re going to give excellent advice.
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The Economy's Impact on Housing




With the economic recovery sluggish at best, many ask what impact this has on housing. Over the last several years, most economists believed that housing would not recover until the overall economy recovered. However, it now seems that the housing sector may be a driving influence in the recovery.

Here are four reports released in the last 30 days affirming this point:

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Short Sales vs Foreclosures: the Children




This week, we have looked at the advantages of a short sale over a foreclosure from five different perspectives: Sellers’, Neighborhoods’, Banks’, Prices and the Children. – The KCM Crew

We were recently troubled by the findings of a research paper authored by Julia Isaacs of the Brookings Institute for the organization First Focus which was titled The Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted:

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Short Sales vs Foreclosures: the Prices




This week, we are looking at the advantages of a short sale over a foreclosure from five different perspectives: Sellers’, Neighborhoods’, Banks’, Prices and the Children. – The KCM Crew

All distressed properties put downward pressure on prices. However, the impact of a short sale is nowhere as drastic as the impact of a foreclosure for two major reasons:

  1. A foreclosure, in most cases, leaves a vacant house in the neighborhood. Vacant, unmaintained homes have a negative impact on the value of other houses in the area.
  2. When a distressed property sells, it can then be used as a comparable sale in the appraisals of all other sales in the market including the appraisals of non-distressed properties. Since foreclosures sell for approximately 10% less than short sales, they do more damage on the appraisals of other homes.
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Short Sales vs Foreclosures: the Banks




This week, we are looking at the advantages of a short sale over a foreclosure from five different perspectives: Sellers', Neighborhoods', Banks', Prices and the Children. – The KCM Crew

The banks are beginning to favor offering a short sale to distressed homeowners rather than foreclosing for several reasons:

  • The short sale sells on average for $27,000 more than a foreclosed property.
  • The bank does not have to take on the expenses and maintenance of a vacant home in a short sale.
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