Blog :: 03-2009

Mortgage Reform in Vermont and abroad.

Mortgage Reform is a must. I am currently dealing with two potential short sales on properties that have loans larger than what a buyer has offered on the properties. It becomes a short sale if the bank agrees to take a loss on the property and convey it to the new buyer. The current process of trying to get answers from the mortgage company is incredibly frustrating and totally inefficient. In order for the mortgage company to talk to an agent a letter from the Seller needs to be sent to the mortgage company authorizing them to communicate with their agent. No problem there. I understand the privacy issues at stake. If the mortgage company does not lose the document, you need to give them 3 days before they will talk to you if it is faxed. Now that is efficient. Once they have the authorization and you have sent them a contract they have up to 14 days to let you know that they have received it. At least in my case, that is what they told me. At that time, they will let you know if they received it, and only, if they have a complete short sale packet. Of which, there are not standard forms that they supply agents, but apparently you need to have ESP to figure that one out. If you dont, they will not respond to your offer. The complete short sale packet includes, but may not be limited to, sellers last two years tax returns, last two months bank statements, a letter of hardship if they are not working and a whole list of more items that seem pretty standard to me. Unfortunately, they dont supply this standard list? Why I ask. For each day that goes by, the bank is losing money and it is costing the borrower more money. There is no urgency to this process. Deals get lost because buyers dont want to wait the 30-45 days before they really know if their offer is going to be accepted or not. It is a ludicrous system and needs to be changed. The people that got us in this mess, are dragging their feet to help get us out of it. The longer it takes, the more that is lost. Where can we go and who can we turn to for help in this situation? Not long ago banks wanted to get in the real estate business and were turned down. Thank goodness for congress recognizing that it could lead to huge problems. Oh wait, it was their lending problems that did lead to huge problems in the real estate market and our global economy. Now who is going to change the rules to make sure they dont make things worse than they already are. Someone needs to take control and institute new regulations that will expedite the process. Based upon my experience it wont be the mortgage companies.

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    CENTURY 21 Advantage in South Burlington, VT Receives Quality Service Award

     

     

    CENTURY 21 Advantage awarded the CENTURY 21 Systems National Quality Service Award
     

    South Burlington, VT, March 2009 -- Century 21 Real Estate LLC, franchisor of the worlds largest residential real estate sales organization, has announced that CENTURY 21 Advantage is a recipient of the 2008 CENTURY 21 Quality Service Office award for its commitment to providing quality customer service to its clients.

    "Receiving this award is a great honor and a testament to the focus and attention we commit to our clients in ensuring that they understand each and every step of the home buying and selling process," stated Brian French, Broker/Owner of CENTURY 21 Advantage. "This award is the collective result of the efforts of each and every member of the CENTURY 21 Advantage staff."

    Located at 1993 Williston Road in South Burlington, CENTURY 21 Advantage is a full-service brokerage firm specializing in residential sales.

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      South Burlington Vermont - Kelly Farr Earns Masters Award for Sales Production

      Impressive Sales EarnCENTURY 21 Advantage Sales Associate One of the CENTURY 21 Systems Top Honors

      Kelly Farr Earns Masters Award for 2008 Sales Production

      CENTURY 21 Advantage is pleased to announce that Century 21 Real Estate LLC recently recognized Kelly Farr, sales associate with CENTURY 21 Advantage, as one of the Systems top-producers nationwide when it honored her with the coveted Emerald Level CENTURY 21 Masters Award. She was also ranked #3 in the State of Vermont for CENTURY 21 agents for Sales Volume and #5 in the state for Units Sold for 2008. In addition she was 1 of 7 agents that achieved the prestigious Quality Service award.

      "Kelly places her real estate wisdom and passion for life into her everyday business, helping to make clients more comfortable with the real estate transaction as they make what may be the most significant purchase of their lives," said Brian French, broker/owner of CENTURY 21 Advantage.

      "Kelly is a valued and trusted real estate resource for the Greater Burlington community and a major contributor to the overall success of CENTURY 21 Advantage and the CENTURY 21 System as a whole."

      CENTURY 21 Advantage is a full-service brokerage located at 1993 Williston Road and specializing in Residential sales.

       

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        Top Agents at Century 21 Advantage, South Burlington, VT

        Jeanie Gracey, Broker

         

        Kelly Farr, Realtor

         

        Jeanie and Kelly Sales Associates with CENTURY 21 Advantage in South Burlington, were named the offices top sales associate in the month of February.

         

        We are pleased to recognizeJeanie and Kelly with this honor. Their competitive intelligence, professionalism and dedication to homebuyers and sellers have made them a valued and trusted real estate resource for the Greater Burlington community and a major contributor to the overall success of our office.

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          Burlington Vt. wonders what happened to your friendly bankers

          After reading a number of articles dealing with our dire economy and future predictions, I can only wonder in amazement how we got in this mess to begin with. Years ago, communities could count on their local friendly conservative bankers to help them do the right thing in terms of loans. You know, not giving you a loan unless you had the werewithal to pay it back. Establishing an equity position, so if you did default they could unload it without a significant loss. Having you have a viable ongoing place of employment for at least two years and your last two years of tax returns to prove your income just to name a few. I wonder now, as we all endure the incredible pain and uncertainty of our current economy if some of the mortgage giants and banks who caused this mess, think about what they have done and really care at all. It is a different world today then it used to be when i was growing up and looking to buy my first property. I wonder what our economy would be like now, if all our friendly conservative bankers with the old rules were the ones that were the ones giving the loans a few years back. I bet we wouldn't be where we are today. Yes, things aren't like they used to be, and that is not always a good thing.

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            Spring Forward in Burlington Vermont

            Spring is in the air with the time being adjusted this past weekend and warmer weather teasing us as well. I am looking forward to the snow being gone and the kids getting out onto the baseball diamond for this year's competitions. We just got back from a short visit with our relatives in Sunny Hollywood Florida last week and I must admit it was really nice to experience temperatures in the upper 70's. When you live in Vermont, you become accustomed to overcast skys and gray days during the winter months. And when you go away and get some sunshine it makes you feel incredibly happy and appreciative. Vermonters, on a whole, are very hardy and independent people who are somewhat toughend by what mother nature throws at us I believe. Yes we may be tough, butI think we all have a soft spot for warm weather. Let me know your thoughts on how you feel about the winters in Vermont or if you would like a change in your housing accomodations, I can help there too. Brian

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              Swanton, Vermont Real Estate listed by Brian French-Century 21 Advantage

              Click here for more details [youtube]http://www.youtube.com/watch?v=1S0jseMFrDA[/youtube] This Vermont Colonial has just been listed with in the week - don't miss this one! Wonderful serene riverfront setting. Quiet private location perfect for fishing and kayaking. Enjoy the summer from your screened-in porch overlooking the river. Lower level finished for game room. Open floor plan, woodburning FP in living room w/woodstove insert. Built-in cedar chests in bedrooms, lots of natural woodwork. Formal DR, master BR w/3/4 bath. Great neighborhood. This home offers a lot!

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                The Good Old Days are Here in Vermont

                Have you ever heard your parents talk about the good old days? If you haven't then I would be surprised. When it comes to real estate in Vermont the "Good Ol Days' are here now. Interest rates are unbelievably low and home prices are lower than they have been in years and the supply is ample. So when it comes to having it as good as it was in the good ol days the time is now to buy. These rates and opportunities will not last forever. If you are sitting on the sidelines trying to time this market, you may may be in for a big surprise. Interest rates can adjust upward extrememly quickly and the market can change just as quick for the seller as it did for the buyer. So if I were you, I would take advantage of today. Because not too long from now, we will be looking back at this time and wishing the "good ol days" were back again, but then it will be too late to have made that fantastic investment. What are your thoughts? I would love to know.

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                  Vermont real estate - Essex Junction

                  Spacious 4 BR village home w/new eat-in kitchen sure to delight the family chef, formal dining room w/built-in corner hutch, hardwood floors & knotty pine walls. LR w/hardwood floors, 2 full baths, enclosed 8x18 porch and spacious family room. Home re-insulated in 2009, new oil tank in 2008 and new hot water heater in 2009. For more details or to set up a showing, please contact us. [youtube]http://www.youtube.com/watch?v=Kyi85n2MEQM[/youtube]

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                    First-Time Home buyer Tax Credit in Vermont

                    It's official. President Obama has signed a bill that will give first-time homebuyers' an $8,000 tax credit if they purchase a home before December 1, 2009. If you are thinking about buying your first home, this is an excellent opportunity that you can't miss. Not only are prices lower than they have been in years, interest rates are almost record lows and now to top that off you can receive up to $8,000 back from your taxes. It doesn't get any better than this. If you would like some help in this process give me a call today and check out our web site to see the details of the plan at www.c21-advantage.com you will be glad you did. Brian

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