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Wednesday, 12.02.2009
“Real Estate for Real People”
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A time of gratitude
In these tough economic times, it’s easy to be distracted from the things we truly cherish. Between the stress of work, school, activities, and bills, it is a wonder how we hold it all together some days. We all too often overlook the most important pieces and people of our lives. However, with the start of the holidays, we are granted the opportunity to take a step back and reflect on what and who is truly important.
This is especially true of Thanksgiving. I have always loved this holiday and with each passing year, I treasure it more and more. I have come to look at Thanksgiving as the therapy I need that allows me to be mindful of all the blessings and beauty I am surrounded by, but often miss. What a wonderful thing for a holiday that focuses our attention on the people, events, and things we tend to take for granted.
Life can be very trying. When your child is sick, your body wracked with pain, you lose your job, or you have no idea where you and your family will go when you lose your home, it's hard to find something for which you can be thankful. However, while it is vital to be thankful for our blessings at all times, there is no more important time than when times are challenging.
Over the course of the last 12 months, we have had the great privilege to help many of our neighbors through some very challenging events. We have had the honor to meet some amazing members of the community and witness first hand families facing enormous challenges. These same people have inspired us with their courage and drive to take back their lives. Today, it’s no longer just a listing appointment, it is a counseling session. It is no longer just selling someone’s home, it is saving someone’s financial future.
There is no question that many families are faced with making tough choices while experiencing true pain caused by economic hardship. We recently listed a short sale for a family of five where the mother expressed her deep desire simply to be able to once again send her daughter to piano lesions and let her oldest travel to softball tournaments. It may sound trivial to some, but the small things are what make our lives big. As so elegantly stated in an old proverb, “Who does not thank for a little will not thank for much.”
There is something extremely powerful about being thankful for what we have, no matter how small. The act of being grateful allows us to recognize the opportunity that lies at the center of all challenges and difficulties. The true gift of gratitude is the dawning of the realization that we control our own lives, not some bank, or overzealous government. The most amazing gift we receive from those we help is the satisfaction of watching someone with little hope turn into someone who is empowered to take back their life. There is nothing more powerful than to witness an individual shift from being hopeless to being full of hope once he or she sees the opportunity within the darkness.
During this time of reflection, we at the [HOLT] group, would like to extend our sincere thanks to all of you who have written or called stating that our words written in these pages have been helpful. Moreover, to all of you that have placed your trust in us to help you through the process of Short Selling your home and thusly closing this chapter of your life, we are so very grateful. When we started out in real estate, it was because we saw an opportunity to make money in a business. However, now, instead of calculating how many transactions we had last month, we count how many people we helped. The current economic downturn has placed us in a position that allows us to make a positive difference in the lives of our clients and community, and for that, we are very appreciative and our gratitude goes far beyond earning a paycheck.
Never in our lifetime could we have imagined home values dropping 50-60% or unemployment devastating so many. No doubt, these are challenging times, but now more than any other time in recent memory, is the time to be thankful and as a result be empowered. Now is the time to remember you don’t need money, houses or cars to change someone’s life. Words and actions will do just fine. Spend more time talking, playing, and laughing with the people in your life who really matter. All the while, remember that although we can’t change how we ended up here, we change our future and for that gift we should all be grateful.
Robert Holt & Phil Mills, the [ HOLT] group, RE/MAX Sonoran Hills. Visit www.TheHoltGroupAZ.com or call 623-748-9583 to tell us your thoughts…
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Wednesday, 12.9.2009
“Real Estate for Real People”
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It is all a matter of perspective…
In last week’s article, our intention was to express our gratitude to all of the many readers who have voiced their appreciation for the words we have written in these pages that touched them in one way or another. The most common response has been “thank you for telling the truth.” From the many that find themselves in the unfavorable predicament of financial hardship while being desperately underwater in their home, the response has been “thank you for understanding and showing another path besides foreclosure.”
Again, this week, the response from readers was incredible and again we thank you. However, we did receive a passionate response from one gentleman who feels differently. The synopsis of his letter was that the homeowner, who is going into foreclosure, was at fault because he/she bought more home than he/she could afford and because of that, he/she deserves to lose the house. He went on to attack me personally (although I have never met this person) stating that I, through our advertising and articles are making the problem worse. Of course, I feel quite the opposite. However, since I know he is probably not the only one that feels this way, I thought I would put my response in this week’s edition.
Dear Mark,
Thanks for sharing your thoughts and I agree with some of what you have to say, namely that there is plenty of blame to go around and yes we are in a “gigantic mess for years to come.” However, you are mistaken about many things. First of all, you are obviously unaware that there are now 45,000 homes in Phoenix that have a recorded notice of sale, most of which will be foreclosed upon in the next 90 days. Additionally, there are 10’s of thousands more homeowners who are in default around the valley and millions around the country – this is an epidemic. Moreover, it is reported that there are over 40,000 homes throughout PHX that are “shadow inventory.” These are homes that have already been foreclosed, but are not YET listed on the MLS.
No neighborhood has been spared, as there are vacant bank owned (or soon to be) homes from Queen Creek to Buckeye and from Laveen to Anthem, and every neighborhood regardless of price point in-between. Apparently, NO ONE needs any encouragement from us to let his or her home go back to the bank. To the contrary, what everyone needs is more education regarding options rather than just walking away.
We do not push people into doing short sales. We encourage them to do anything other than just walk away. While loan mods have been proven to help very few (less than 10%), we encourage homeowners to pursue every option possible, and if a loan mod is the right choice for them, we help them achieve the desired result. For the record, we do not charge for that help, in fact, all of our help costs our clients nothing.
Since 7 out of 10 foreclosures happen without any intervention, we are dedicated to informing valley residents what options other than foreclosure exist. If you or any of us ever expect to come out from this nightmare of an economy, much less the depressed real estate market, than the foreclosure crisis must be solved first.
What you (and others like you) fail to recognize is that most people that go into foreclosure have serious financial hardship. Most are victims of the worst economic times any of us have ever seen. A lot of these homeowners are in their 60’s and 70’s and have gone through their life savings in an attempt to hold onto their home only to end up broke. Many put very large sums of money down and some were victims of mortgage fraud. Of course, there have been investors who have just cut and run, but that is not who we assist. We help your neighbor who just lost thier job or the person down the street that found out he/she has cancer or the family who is transferred to another state for work or a thousands other genuine scenarios. We help good people who are in a very bad situation.
Furthermore, if you do not see how a short sale benefits you, then keep in mind that when a homeowner walks away (often times with everything including the kitchen sink), he/she leaves behind an abandoned property with knee high weeds and a mosquito infested pool that will only sell at a deep discount. A short sale keeps the homeowner vested in the property and it sells for more. This keeps your property value higher, which helps you and the community! Additionally, with a buyer who is financially stable as your neighbor, he/she can update the home and that helps you, the neighborhood, and local businesses that employ your neighbors. Furthermore, it saves the bank from another major hit: a crumbling balance sheet, which again helps you since it costs the taxpayer money every time a bank goes under or is bailed out. Considering there are still 3-4 being taken over every weekend by the FDIC, be prepared to continue footing the bill by way of higher taxes.
As for placing blame, one should hold responsible our government who is only bailing out the “Too Big Too Fail” meanwhile the rest of us have to fend for ourselves. Blame the banks (who are now receiving BILLIONS of taxpayer dollars) that created this house of cards through recklessly providing bad mortgages to anyone with a pulse. Meanwhile, these villains do NOTHING to help struggling homeowners. In the end, you can blame whomever you want, but blaming and complaining will not change a thing. Maybe it would be more productive to transform all the anger and help your neighbor down the street that is about to lose his/her house. Maybe he/she is not as lucky as you are, but remember luck always changes. I hope for your sake you never lose your job, your spouse, your health, or your child, but others around you have lost those things and because of that, they lose their home because they can’t sell it unless it’s through a Short Sale. We simply try to help those good people who legitimately need the help and along the way, that helps you.
For the record, I sleep very well at night because while I do make good money doing what I do, my motivation is to help others and because of that, I and other responsible Realtors, help you whether you realize it or not. Perhaps a bit extra compassion would achieve more!
Sincerely & Respectfully,
Robert Holt & Phil Mills,
the [HOLT] group, RE/MAX Sonoran Hills.
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Wednesday, 12.16.2009
“Real Estate for Real People”
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What you need to know when hiring a Short Sale Agent
Let’s face it, times are tough for homeowners in Metro Phoenix. Phoenix is the hardest hit metropolitan area in the country. The average home price has dropped over 50% from just a few years ago. Unsure about future values and faced with an unsettling loss of equity, many homeowners are feeling trapped.
If you are a homeowner, chances are, you have heard the term short sale. Short sales are becoming increasingly common because they offer a win/win for seller, lender, and buyer. In fact, all banks prefer a short sale to a foreclosure and when handled correctly,they have a high degree of probability of being approved. That’s why walking away from your home should NEVER be the choice.
Unfortunately, the landscape of real estate is littered with individuals, agents, and companies that are taking advantage of the vulnerable situation many in our community find themselves. There are now many agents who claim to be short sale experts, however, many are simply not qualified to effectively help those that are in distress. Now of course not all of the inexperienced agents are attempting to deceive the client. In fact, some, if not most, have had at least a class or two on the subject. Nonetheless, taking a class for four hours hardly qualifies someone as an expert. Many of the so-called experts simply do not have the experience, tools, and skill set necessary to help those that need the help the most. (Sounds similar to our government).
In addition to the nouveau experts, we are also seeing many so-called Professional Negotiating Companies pop up over the last 12 months. These companies are designed to negotiate with the bank on behalf of the seller and the agent. While I am sure that there are some legitimate companies, many are not. Most of whom running these companies this time last year thought a short sale was when the Outlet Mall ran a 6 hour, 50% off sidewalk sale. Beyond not bringing anything to the table by way of true negotiating skills, the biggest problem with these companies is that the client becomes a number, and sadly, numbers are much easier to forget than people are.
If you find yourself in the potentially devastating position of being desperately underwater in your home while facing financial distress, understand that you do have some viable options. If a Short Sale proves to be the best option, the following list should help you make a knowledgeable decision when hiring your next agent:
What you need to know…
Do not use any company that charges upfront fees, or that require you to pay any money directly to them at any time during the transaction. The bank pays the real estate commissions as well as all other costs associated with the sale of the property, all of which is paid at Close of Escrow.
Make sure the agent handles the short sale directly and has CLOSED at least 20 short sale transactions. Each short sale is different and you need to make sure the person handling yours has experience in dealing with the banks.
If an agent does not have experience in short sales and negotiating the contracts, they probably do not have the contacts within the banks and do not know the language needed in the contracts to protect you. Not having this information can cost you months during the process, or even worse, foreclosure.
You should be very wary of anyone that uses a third party “specialist” or another person to negotiate your short sale. There are numerous horror stories about these situations going poorly or leading to foreclosure. In most instances, you will never meet the person negotiating on your behalf. They will know nothing more about you and your hardship other than what is on the paperwork you present, and you are only another file to them. You need someone who has your best interest at hand. We have closed numerous Short Sale transactions than most other agents, much less an outside firm that would have given up and consequently gone into foreclosure. Sometimes the intangible factor that gets the job accomplished is caring. When you are a number, there is not much caring involved.
In addition, very often do these outside companies charge additional fees to negotiate the short sale. If the bank does not agree to the fees, the short sale might not be approved, or the agents will have to agree to lower their commissions… If the agents don’t agree, it will not be approved and you may face foreclosure. Choose an agent that does not charge additional fees.
Be careful of any agents that have an “investor” that will submit an offer AND handle the negotiations of the short sale. If the investor is negotiating the sale, they are negotiating in their best interest, not yours. These investors are trying to buy the property at a large discount in order to turn around and sell the property at a profit.
One of the problems that arises is the lenders complete an appraisal on the property and know what the market value of the property is. In most cases, they will not approve the “low ball” offers that are submitted. If they are not approved, the investor moves on and you may not have enough time to obtain another offer, which can lead to foreclosure. It is a numbers game for the investors, not about helping people…
Robert Holt & Phil Mills w/ RE/MAX Sonoran Hills. For more information, please visit www.TheHoltGroupAZ.com or call 623-748-9583 to tell us your thoughts…
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Wednesday, 12.23. 2009
“Real Estate for Real People”
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PRESS RELEASE
The [HOLT] Group donates $20,000 worth of clothes to “Adopt a Neighborhood”
On Thursday, December 17, Christmas came a few days early for Pastor Gus Korkotselos of Fire & Water when Robert and Christina Holt along with Phil and Emily Mills of The [HOLT] Group donated over twenty thousand dollars worth of clothing to the AZ-TV “Adopt a Neighborhood” campaign. International Church
When presented with this surprise donation on the popular AZ-TV Pat McMahon show, Pastor Gus was brought to tears. “I am absolutely blown away by this amazing gift.” “There are so many people that will be impacted in such a positive way,” he would go on to state.
Pastor Gus, alongside Dream Center Phoenixare the lead sponsors of AZ-TV “Adopt a Neighborhood for the Holidays.” This highly successful program has raised thousands in donations that go directly to some of the most economically distressed neighborhoods in Phoenix. , Set Free Ministries, Phoenix Teen Challenge, and Nation’s Food Basket,
“We had the opportunity to see Pastor Gus several weeks back on The Chat Room on AZ-TZ co-hosted by Lisa Schneider-Cipriano & Angela Scott and were so thoroughly impressed with the magnitude of change being brought forth by his out reach program we knew we had to help,” said Robert Holt.
“In our daily dealings in the world of real estate, we see the overwhelming negative effects this economy is having on families throughout the valley, but no where is it more devastating than in the inner-city,” Phil Mills added. “We are very pleased to help such a deserving group of individuals.”
Robert Holt and Phil Mills were featured guests on the Pat McMahon show where they were speaking on the topic of real estate short sales and how they can be the way out for many distressed valley homeowners. After their segment, Pastor Gus was brought in for the surprise donation. “I had no clue why I was there with a couple of real estate guys, but as it turns out it is was the hand of God at work,” exclaimed Pastor Gus.
For more information on the “Adopt a Neighborhood” program visit www.AZTV.com or www.TheHoltGroupAZ.com or call 623.748.9583. Robert Holt & Phil Mills are with The [HOLT] Group, RE/MAX Sonoran Hills.
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Wednesday, 12.23. 2009
“Real Estate for Real People”
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Giving is Receiving
The holiday season is in full swing and in just a couple of days, 2009 will fade into the history books. No question this will be a year that many of us will want to forget. For those paying attention, you know there have been plenty of events that have occurred over the last 12 months that are scary to say the least. During this time, we have attempted to bring you a heavy dose of the truth with the hope that by understanding the realties we all face, we can each make more empowered decisions.
Sadly, many of the topics we covered were unpleasant and disturbing. Whether it was about the next wave of foreclosures, the insanity that continues in Washington, or the villains on Wall Street, there was (is) plenty of negative subjects to discuss. Unfortunately, we as a society have been down this road many times. One only needs to revisit the history books to see the repeating patterns, which have plagued the planet for thousands of years. A very wise man over 2000 years ago was quoted to say, "The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled." -Cicero. 106-43 B.C.
The more things change, the more they stay the same, is a worn out cliché and for good reason since we, individually and collectively, tend to routinely repeat many of our past errors. However, this week I was reminded that while we all have room for improvement we are also capable of tremendous good.
We, at The [HOLT] Group, were honored to participate in the “Adopt a Neighborhood” program sponsored by AZ-TV. One of the main forces behind this powerful community out reach program is Pastor Gus of Fire and Water International Church in downtown Phoenix. I have had the privilege to meet many powerful, self-made individuals in my life, but none is more inspiring than Pastor Gus. After meeting Pastor Gus, I was reminded of the movie Pay it Forward (great movie and one I highly recommend). The storyline of the movie is that we all have the power to make a positive difference in the quality of another person’s life, which will in turn positively affect another life and so on and so forth. Pastor Gus is a man who embodies that sort of change and because of his actions, the lives of many have changed for the better.
What I observed this week as I witnessed the change that has occurred because of the vision and dedication of one man was truly inspiring. I was reminded of the power that lies with all of us which is harnessed when we passionately work for the common good of others. When our focus is clear and our actions are inspired we can achieve amazing things. The accomplishments of a man, like Pastor Gus, serves as a reminder that we each have the power to change our lives and one of the best ways to do that is by helping others. It is abundantly clear that when we help others, we help ourselves.
So as we move through the rest of the holiday season and into next year, it might serve us well to emulate those like Pastor Gus who are giving all of themselves so that others that have nothing might have something. Yes, we are in the midst of some very challenging times. Yes, the economy is a mess and the real estate market will get worse before it gets better. But, we each have the power to get through this and very often the best way to help ourselves is to help another. As another very wise man said over two thousands years ago “Do unto others as you would have them do unto you.”
Robert Holt & Phil Mills are with The [HOLT] Group, RE/MAX Sonoran Hills. For more info, please visit www.TheHoltGroupAZ.com or call 623-748-9583 & tell us your thoughts…
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