The summer junior sailing program at the SC Yacht Club in Windmill Harbour is one of the best summer events for children/grandchildren that I have experienced. The program runs throughout the summer and is an outstanding opportunity for children to learn the basic skills of sailing and much more.

A few summers ago, my visiting grandsons were enrolled in the program. It was their first experience sailing and I recall they were somewhat apprehensive about attending. However, after a few days, they became salty dogs of sorts and enthusiastically got up each morning to get to their class.

At the end of the course, they announced that they weren’t going home as planned because this was “the best” and they wanted to stay with us and sail longer. Although it wasn’t possible for them to stay longer, it was great to know that we had chosen a successful venture that they loved.

Beyond the sailing, this program also builds self-esteem. These young people often start with trepidation and little by little are encouraged to be successful sailors. Prior to graduation, they learn to right a turned boat as a safety lesson. Knowing they can handle what appears to be a difficult situation to them helps assure them that they are quite capable of spreading into new ventures.

Did I mention that they also ate their salad before every meal? Now that’s a successful visit!

It appears that Bank of America and perhaps some other banks have made some adjustments in determining approval of short sales that is worth noting.  In the negotiators’ investigations, they will be looking to see if a seller has continued paying other creditors before releasing them from future liability when they sell their home as a short sale.

What does this mean?  This new criteria will likely target people who still have a source of income such as a job or retirement and are thereby paying their bills.  These people will need to be prepared to make a cash contribution to the closing or take on a promissory note.  Often these notes are at very low interest rates with a reasonable time for repayment.

While there are many people who must sell their property or face foreclosure, it is true that others are taking advantage of the short sale to prevent depleting their retirement funds or other holdings.  Often, when the bank negotiates a settlement wherein the seller provides part of the deficit, the seller is actually in a much better position in the final analysis.  With the settlement, it is also possible to negotiate with the bank that the sellers’ credit will not be affected.  This will then give these people the opportunity to purchase another property and get re-established financially in less time.

Solutions to the economic crisis are not going to be simple.  With every effort to respond to a problem, there is an opposite reaction somewhere in the chain.  Although there are some people who have managed to create wealth in this economy, the majority have shared in losses and work diligently to make the best resolution possible to mitigate this loss and provide for the future.

Without having history to define the way out of these economic woes, Bank of America and others will make mistakes, but will also get some things right.  It is likely much better for a seller to pay a promissory note than allow a property to go to foreclosure where a bank has 10 years to file a deficiency judgment – just when his life has turned for the better.

If you’re thinking of buying a home in the next year there’s no doubt that one of your concerns is buying your new home at the right time. You keep asking yourself, “Have prices bottomed out now or will they continue to drop?” After all, it’s not like buying a TV at Best Buy. If you see your new TV on sale next week you can always go and ask for a price difference refund. That’s not the way it works with buying a new home. But if you are considering a purchase, don’t fixate solely on market conditions as a means to save money. Current and future interest rates also play a part in your total savings.

It is reported that April 1, 2010 will be the end of the debt purchase program and the Federal Reserve Board expects to let the U.S. mortgage market struggle on its own.  This is expected to drive rates up ¾% so now is the time to move forward on your purchase.

The Federal Reserve Board is worried about the world-wide view that the U.S. continues to print money.  This change will be an effort to derail this concept although the results of this change are totally unchartered territory.

As in other times, the FRB may find that the results are a major slow down to the recovery process.  Then, who knows?  They may go back to a less extensive debt resolution program that will keep rates from escalating too high.

There is nothing like knowing the opportunities in front of you and making decisions on those.  For those who are able to purchase, the values are extraordinarily good and the rates are not likely to get lower.  This is the best combination for decision making.   Let’s get started…

Considering a purchase in today’s market requires the buyer to have some basic understanding of the short sale.  My purpose here is to keep it very simple.

When a seller offers his property for an amount less than he owes the bank, we have a likely short sale.  The transaction cannot be completed by simply getting the seller to sign the agreement.  It requires a bank approval usually resulting in the bank taking a financial loss to get the property sold and to prevent a future foreclosure action.

To purchase this type of property often takes great patience and should not be considered by someone on a specific time schedule.  It is also not a panacea for all sellers because many lending institutions are requiring the sellers to sign personal notes for the shortfall on all or part of the shortage.

If a seller has extensive assets, he may be able to come to the closing with a check to complete a short sale wherein he owes the bank more than he will receive.  This causes no disturbance to a buyer and will probably not be reported as a short sale.

With the downturn in the economy, real short sales are becoming more prevalent and good real estate agents have made an effort to become knowledgeable in this area to better serve their clients on the listing and selling side of the transaction.  Before submitting an offer, make sure that you ask how far along the property is in the process of getting bank approval as many of these processes are started when the property is listed for sale.

Should you decide to pursue a purchase of this type, be aware that you may spend weeks or even months waiting for an answer that may not be positive.  Carefully look to see if other seller’s prices are competitive with short sales because they will not need third party approvals and may be equally as good a value.

If you are in the process of selling a property and your home is not covered in a foot of snow, one of the best things you can do is focus on spring cleaning your yard and porch areas.  Bright, sunny days – even if they are cool – have a significant psychological effect on buyers.
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The National Association of Home Builders and Professional Builder magazine have chosen Lakeside Village in Hampton Lake to receive the “Best in American Living” Award for Lakeside Village amenity center.  Never mind that this is the Oscars of the home building industry, but do keep in mind that they were chosen over 350 other applicants in their category of 151 units and above.
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