Davenport Iowa Real Estate

How many times have you had to try to fix someone's situation when they were behind the eight ball because of a BAD APPRAISAL!!!  This week we hope to close on a deed in lieu of foreclosure.  These people bought this house just 4 years ago for $97,000.  Because of a BAD APPRAISAL, they paid too much.  If the appraiser was doing his job, or their Realtor did a proper CMA, and the seller was willing they probably would've only paid $92,000 for that house in that market.  Fast forward two years of temptations of advertising to "Refinance Your Home" and we get a refi of 100% with another BAD APPRAISAL of $110,000.  This may not seem bad to those of you in Florida, California, Arizona, Hawaii, etc. where you were experiencing double digit appreciation, but here in Davenport, Iowa, it was about 3-4% (see the eight ball coming yet?).

Fast forward one more year to a final, and horribly BAD APPRAISAL when these kids were able to get a home equity line of credit for over $30,000!  What was that appraiser smoking?  With the downturn in the market this past year (about 2%) we managed to get an offer on this property for $100,100 in a very much short sale situation.

My inspiration for writing about this was, Why do Real Estate Agents think they are Appraisers as well???  by Ray Saenz.  There are bad apples in the real estate business (just like any field), but what about the bad appraisers?  It seems more prevalent in the area of re-financing.  Dozens of times I've had to try to bail-out people because of BAD APPRAISALS! 

Is anybody out there? Does anybody care?

Surely there are worst scenarios than this out there.  When have you tried to help someone out from behind the eight ball?  What can we do, as Realtors, to bring about positive change in our industry by promoting fairness and protecting people from BAD APPRAISALS???

Lucky

Since more foodborne illnesses occur at home than any place else and having owned a restaurant for 17 years I have a few tips for everyone on this Thanksgiving Day:

1) Wash your hands continuously, especially when handling raw meat products and fresh produce.

2) Wash and sanitize all food prep areas and utensils before, during, and after food preperation, especially after preparing raw meat products.

3) The best way to thaw a frozen turkey is in a refrigerator, not on the counter.  The outside surfaces of the turkey could get warm (above 40 degrees) while the inside is still frozen.  You do not want the opportunity for bacteria to grow by allowing the meat to warm.

4) Cook your meat thoroughly, using a meat thermometer not a "pop-up".  See http://www.diagnosishealth.com/foodillness.htm for more info on specific meat  inside cooking temperatures and procedures.

5) Do not leave food on the table for hours.  Return it to the refrigerator as soon as possible, or throw it away!  Bacteria can double every 20 minutes at room temperature.  Foodborne Illnesses can ruin your holiday, at a minimum, and can actually kill you.

6) It is common for bacteria to be found in these products.  The key is proper food preperation and proper hand washing.  Proper cooking will kill the bacteria.  If you or someone you know gets sick, or for more information, see:  http://www.foodsafety.gov/~dms/fsefborn.html

http://news.yahoo.com/photo/061122/480/0d2882b68b754decb2acec326f0bd9cc

Let's be careful out there and have a Happy Thanksgiving!!!

Lucky

Jeff Foxworthy's "...you might be a red-neck" routine is hilarious!  Let's have some fun with our profession.

Here's a start:

1)     If you fill up your gas tank in the morning and your gas gauge is tilting towards "E" my noon...you might be a real estate agent.

2)     If you come home from work and your dinner has been sitting on the table cold for 6 hours...you might be a real estate agent.

3)     If you know what CMA, BPO, CRS, GRI, SRES, ERC, NAR, ABR, e-PRO, LA, BA (did I forget any?) stand for...you might be a real estate agent.

4)     If you're driving down the street with your cell phone on your shoulder, your palm pilot in your left hand, your stylus in your right hand, and you're steering with your knees...you might be a real estate agent.

5)     If you're out to eat at a fancy restaurant and your cell phone rings and you answer it...you might be a real estate agent.

6)     If when you're out showing houses, you decide to impress your clients by taking them by your house and when pulling up to it they notice you still have the wheels on it...you might be a red-neck and a real estate agent.

Come on my fellow rainers...you can do better than these. 

Let's have some fun!

Lucky

I just read about Bryant Tutas story Blinded by False Hope!  What an ugly situation!  I'm interested in knowing more about mold situations.  Up here in Iowa, it is extremely rare, and scares the heck out of people.  I'm in the process of listing a home that had a small plumbing leak from the previous owners that erupted into full blown black mold behind the walls that cost my sellers $19,000 to repair.  They had no knowledge this situation existed until their children ended up sick in the University of Iowa hospital!  They believe everything has been mitigated, have had no further illness in their children the past two years, and are trying to assess what impact this will have on a prospective buyer's interest in their home. 

I have no experience with this at all and could use some advice from anyone who has.  What impact is likely on the sale process?  Is there insurance out there to protect people?  (My insurance exempts any mold claims)  Is there less impact in areas of the country that mold is more prevalent?  HELP!!!

Has there ever been a time when you were involved in a real estate endeavor and thought you were on Candid Camera? 

Did something really humorous happen to you in real estate? 

About 25 years ago something happened to me that has never happened since...I was speechless!  Most of my friends know that I love to talk.  They know that inviting Lucky to their party will liven things up!  I've never shied away from strangers, dangers, politics, religion, TV cameras, and headlines in the newspaper or pretty much any other "taboo".  I love to tell jokes...by the way...how many animals did Moses load on the Ark?  Give up?  Answer: If you total all the animals loaded on the Ark you would come to the same conclusion that I have that Moses wasn't on the Ark...it was Noah!   While we're discussing the Ark...what kind of fruit did Noah load on the Ark?  This one takes a little more thinking.  If you focus on the animals you might get the answer quicker.  Crying "Uncle!" yet?  Alright then, remember Noah loaded the animals two by two?  The answer would then be, pairs.  Lots and lots of pairs (pears).  Remind me to tell you offline about my "Lucky, Lucky, Lucky" joke.  Okay, now you have a taste of my communicative skills and are probably wondering what could possibly have made Lucky speechless.  Here goes...after a morning of showing houses to this very professional family moving into the Midwest here from the east coast (one I highly recommend) we decided to take a break at a local restaurant for some lunch.  While we were waiting for food to arrive, I took out the listings of the homes we had already toured and started discussing their positive and negative features based upon their comments.  They were seated across from me facing out to the restaurant as I laid out the listings in front of them.  Got the picture?  So here's Lucky, talking away...looking at him...looking at her...looking at the listings...looking at him...looking at......IT HAPPENED!  For once in my life, I was speechless!  Totally caught off guard.  I didn't see this coming at all.  25 years ago I was in the middle of a sentence and stopped dead in my tracks!  It really wasn't anything earth shaking, she just lifted her shirt totally exposing her breasts as she proceeded to position her baby into position.  Why was I speechless?  I don't know.  All I know is I couldn't finish my sentence.  Dead silence.  What do you say?  Finally, as I watched their expression, as they watched my expression...they started laughing.  Whew!  Saved by humor! 

How about you?  Tell us your funny one.  Does anyone have a good joke to share? 

How often do you have home warranties on your listings?

How often do you write home warranties on your offers?

Which home warranty company do you prefer and why?

What is the cost for the warranty?

What is the deductable for the warranty?

25 years ago I had a difficult time "selling" warranties to my clients.  They ran $600, were not very well known, and most people couldn't see the value in them.  I had one client, however, who received 2 new furnaces in a 4-plex that saved him over $5,000!

Today, it seems, we have extended warranties on everything from palm pilots to refrigerators and my clients prefer more often than not to protect themselves from unexpected expenses.  Two years ago, one of my client's garage door opener failed within a week of the closing.  She got a new one.  Then the dishwasher leaked and they totally replaced it!  Three months later her garbage disposal failed and once again, you guessed it, she got a new one!  She's my best spokesperson for home warranties!

Today, over 50% of my clients buying existing homes ask for the protection of a home warranty.  Similarly, over 50% of my sellers are requesting the protection as well.

TMI is my current home warranty company of choice.  They charge $395 with a $65 deductable.  There is an additional charge of $55 is the seller wants the additional coverage of the heating & cooling while they have the property listed.

Home Warranties just solve problems.  What do you think?

Location Characteristics: Davenport is a beautiful river town that is rich in heritage, culture, and quality of life! It is located approximately halfway between Chicago and Des Moines on I-80 at the Mississippi River and is part of Quad Cities USA. Terrain varies from flat corn fields to heavily wooded ravines and views from beautiful rolling hills to scenic river bluffs that are one of a kind! Schools are always high in national ranking as we pride ourselves in educating our children. Cost of living is relatively low primarily because of the great values in our real estate!  We are also home to the Rock Island Arsenal!  Come visit us and you'll see why Quad Cities USA is ranked at the top of many national polls as a great place to live and raise a family!

Our real estate market continues to march on with sales at a pace ahead of last year which was great! We do have a buyers market because we have an unusually large number of people wishing to sell and not enough buyers to go around. An influx of Military Transferees is expected soon which will change the market so now is the time to buy!!! For more information click here or call Lucky Lang at (563) 676-9031 for all your real estate needs!