Congratulations to Jim & Marie Hart --- they set up an interview for me with Summer Eubanks. They are the first recipients of my $50. Summer and I had a nice interview --- she has been with Keller Williams. Her side job is "set designer" for TV shows and movies. She is the set designer for "Army Wives". Hopefully, she will join us.
Happy Birthday to Betty Pigott ---- she is in Alaska -- hope she is having a great time.
Speaking of Betty Pigott, she had a listing that was supposed to close today. The seller and Deepa (standing in for Betty) were at the attorney's office waiting for the buyer and his agent, who happens to be Rob Concannon of our office, to show up. Well, Rob and his buyer were at the house for a final walk-thru and noticed that all the lights in the house were very dim and the A/C would not come on at all. They knew that this was something that had happened very recently because the last time they were there a couple of weeks ago, the lights were fine. The closing did not take place today because the buyer and Rob could not get an electrician to the house in time for the closing. However, what I think you need to know is that the electrician found that there was not enough electricity coming into the house. SCE&G had to be called to correct the problem. I have to tell you that I have never heard of this happening before. Will keep you posted as to whether we get to closing. Certainly, this was not a problem of the seller nor the buyer nor the agents.
What???????? Interestingly I received a phone call today from Mr. John Q Public who would not give me an agent's name, but wanted by opinion. Said an agent of mine had wanted to purchase his property for himself, had given a check to him and had him sign a contract, but told him that he, the agent, needed to go back to the office to make copies. So Mr. Public did not receive copies of anything he signed. About a week later, the agent called Mr. Public to tell him that he, the agent, no longer was interested in his property. The agent asked for the money back that had been given to Mr. Public and when questioned, the agent said he had never signed the contract. Mr. Public's question to me was "Is the agent entitled to receive the money back that was given to Mr. Public?" What do you think?
This morning, there were 5 men agents in the virtual area at one time. Gosh! That was great to see them out there discussing real estate. This means that each of them must have something going on. --- Bobby Crouch, Tyler Bergin, Neil Schneider, Thomas Horvath, and Ed Ball.
Deepa Patel was in --- she has a closing next week which we discussed. Also, we had a discussion regarding Betty's closing that did not close. Then, Deepa and I discussed that she has 2 listings downtown that are not getting any activity --- Liza Valero shared her idea with me and I shared it with Deepa. That is, if the owner has equity in the house, have the seller hold a 2nd mortgage with a full price offer. This would enable a buyer to get maybe a 95% loan and this way, the seller will eventually get the price for his home. GREAT IDEA, Liza. Deepa thought that may work for her. Liza will talk at Focus Group next week about this idea.
Alert!!!!!!!! Lenny Woods emailed me the following "yesterday I got a call from the attorney that the buyer of my listing cannot close until he comes up with another 5% down. First Fed (as of 7/30/08) can't get mortgage insurance for loans with less than 10% down. We had everyone trying to get a grandfather clause since everything was in and already approved at underwriting- this came at the last minute- i am told this changed yesterday with no warning. I am stunned and the buyer is haveing to find another loan. do you have any experience with this? Lennie Woods" I really cannot understand this, but you guys need to watch out for this kind of thing.
Alert!!!!! For those who were at the Focus Group Session yesterday and heard about the Nehemiah program --- well, as Becky said we may have only until Oct. to utilize this program. Sure enough, I got an email today from the Nehemiah organization that said "This week the President signed H.R. 3221, Housing and Economic Recovery Act of 2008, into law. The bill contains a provision (SEC. 2113) which forbids FHA from insuring mortgages in which the borrower’s downpayment comes from a private downpayment assistance provider, beginning October 1, 2008. As of this date, the minimum downpayment will be increased from 3% to 3.5%."
Yeah!!!!!!!!! Ken Kurtz, Bambi Magraw, Currie McCullough and Susan Aviles had closings today!!!!!!!!!!! Unfortunately, no title on those.
Yeah!!!!!!!!! Mark McElheney turned in a contract on a listing sold.
Last item for the day: Some of you do not know that Boyd and I have a new puppy - - was my gift to Boyd for Father's Day --- Boyd named her Nellie --- she is a chocolate lab --- she is beautiful and so smart. More to come.
Liz Loadholt
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