Archive for July, 2010

Danny Corte’s Synovus Mortgage Rates/Comments

July 29, 2010
Danny Corte’s Synovus Mortgage Rates/Comments for Thursday, 7/29/10

Posted July 29, 2010

Hey folks – With the backdrop today of a strong quarterly earnings report by international energy giant Exxon (company made about $7.5 Billion which is up 91% from the same second quarter in 2009) and the report by the Department of Labor that the number of weekly initial jobless claims dropped more than expected last week, the U.S. stock market started out strong this morning.  But due to the continuing economic concerns, the market has since turned lower.  At this writing, the market is down about 52 points to 10,447 on the Dow (after being up 70 earlier) while the bond market is slightly weaker.

With a dearth of any market-moving news due out today, investors have been focusing on these strong quarterly reports we’ve been seeing the last several weeks.  And in reality, these strong reports are most likely the sole reason the market has pushed higher this month as most reports concerning the overall economy have shown a very slow to stagnant economy.  So the main excuse for investors to have pushed the market higher is these upbeat earnings reports.  But at some point reality will set in and the rally will fizzle, and the market will pull back.  Maybe that’s what we’re seeing today.

Today’s Synovus Mortgage rate sheet is showing steady rates again.  Our 30-year fixed mortgage rates are 4.375% for conventional, FHA, and VA loans and 4.625% for USDA loans.  We’ve been hanging around this level for a while now.  And the forecast is for these rates to basically stay around this level for the rest of the year.  Stay tuned.

And as always, if I can still help you with any mortgage needs, please feel free to give me a call at my office at 626-7566, or my cell at 232-7753, or feel free to email me.  Thank you again and I hope you all have a great Thursday.

Danny Corte
Mortgage Loan Originator
Synovus Mortgage Corp.
(with Coastal Bank & Trust)
7050 U.S. Highway 90
Daphne, AL.  36526

For convenience, apply On-Line at  http://www.synovusmortgage.com/DannyCorte

Phone (office):  (251) 626-7566
Fax (office):  (251) 621-9712
Cell:  (251) 232-7753
Email:  dannycorte@synovusmortgage.com

If you?d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County  markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at www.FairhopeRealtyGroup.com.

Absolutely Stunning, Classic Home in Historic Daphne, AL

July 29, 2010
Absolutely Stunning, Classic Home in Historic Daphne FRG.gif
1003 Capt ONeal

1003 Captain O’Neal Drive
Historic Daphne
Offered at $999,000
Absolutely stunning, classic home in Historic Daphne. This home must truly be seen to be appreciated. Attention has been paid to every detail in the spacious interior – beautiful hardwoods, custom cabinetry, classic moldings and large rooms are but a few of the amenities. The location is central and convenient, yet secluded with large oaks and a spring-fed brook flowing though it’s 1+ acres.  Call me for an appointment to show this gem.

CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Active Foreclosure and Potential Short Sales in Fairhope, Daphne and Spanish Fort, AL

July 27, 2010
Active Foreclosure and Potential Short Sales in Fairhope, Daphne and Spanish Fort

Posted July 27, 2010

As of today, there are 116 properties listed in the Baldwin County MLS in Fairhope, Daphne and Spanish Fort being advertised as either foreclosure or potential short sales.

Click this link to see them sorted by price:

http://www.navica2.net/displays/?n=234&i=6052971&k=DiWv9

If you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County  markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at www.FairhopeRealtyGroup.com.

Danny Corte’s Synovus Mortgage Rates/Comments for Monday, 7/26/10

July 26, 2010

Good Monday morning everyone – With a busy week ahead of quarterly earnings reports and reports on housing, GDP, and employment, the U.S. stock market is starting the week out on the upside.  At this writing, the market is up about 58 points to 10,482 on the Dow while the bond market is slightly weaker so far this morning.

The market rallied nicely last week, and there is some carryover today.  But I still believe we’re in a fairly narrow trading range.  And unless we see some really unexpected good (or bad) news, then I believe we’ll stay in that trading range for the near future.  As I’ve mentioned before, a higher stock market raises the confidence level of the public.  And a more-confident public usually translates to more people spending their money on big-ticket items like cars and houses.  Then, add a growing jobs market to that recipe, and you have an expanding economy for all of us.  But unfortunately, we’re a ways away from that scenario.

Earnings season really hits mid-stride this week as 157 companies are due to report.  So far on the companies that have reported, about 80% of them have exceeded their earnings forecasts and about 70% of them have exceeded their revenue forecasts.  So in that way, there IS improvement.  But the fly in the ointment is that many of those same companies foresee a slowing trend for the second half of 2010 as our economy continues its very SLOOOWWWWW recovery (if recovery is the word).

The second quarter report on U.S. Gross Domestic Product (GDP – the total output of goods and services produced in the U.S.) is due out Friday.  The consensus is that our GDP slowed in the second quarter due to all the uncertainty.  And unfortunately, the third quarter is not looking a lot better.  Maybe we’ll be pleasantly surprised.

On the real estate front, the Commerce Department reported this morning that U.S. New Home Sales for June rose about 24% from May.  But that June reading was still the second lowest on record (those records have been kept since 1963).  Yes, it was better than May, the first month after the expiration of the tax credit, but the June numbers still showed a very slow housing market.  But that was expected as the housing market is still trying to find its true sea legs after the government subsidies expired on April 30th.  Let’s see what July, August, and September brings before we get REAL concerned.

Today’s Synovus Mortgage rate sheet (attached) is still showing rates at or near all-time lows.  Our 30-year fixed mortgage rates are 4.375% for conventional, FHA, and VA loans and 4.625% for USDA loans.  Just amazing!  Also, I’ve attached our latest newsletter, “Mortgage Matters” for your perusal.

If I can help you with any mortgage needs, please don’t hesitate to give me a call at my office at 626-7566, or on my cell at 232-7753, or just drop me an email.  Thank you again for all your business and referrals and I hope you all have a good July 26th Monday.

Danny Corte
Mortgage Loan Originator
Synovus Mortgage Corp.
(with Coastal Bank & Trust)
7050 U.S. Highway 90
Daphne, AL.  36526

For convenience, apply On-Line at  http://www.synovusmortgage.com/DannyCorte

Phone (office):  (251) 626-7566
Fax (office):  (251) 621-9712
Cell:  (251) 232-7753
Email:  dannycorte@synovusmortgage.com

If you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County  markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at www.FairhopeRealtyGroup.com.

Price Drop on 1.3 Acre Estate Lot in Rock Creek, Fairhope, AL

July 23, 2010
Price Drop on 1.3 Acre Estate Lot in Rock Creek
Seller is Motivated
FRG.gif
This 1.3 acre lot is heavily wooded and sits on the cul-de-sac at the end of Augusta Court in the prestigious Estate Division of Rock Creek in Fairhope.  The seller is motivated to sell and has asked me to bring an offer!  If you have an interested client, please let them know.
Offered at $149,900

Augusta Ct. Aerial

If you have an interested party, please give me a call or drop me an email.
Click here for more details.
CONTACT US
Terryl Reeves

Broker – Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-990-8838 – 251-209-7484

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.
You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Short Sale Myths – Busted!

July 22, 2010

Common short sale myths once evidenced widespread confusion about what a short sale is – mostly misconceptions that they are quick, or faster than ?normal? real estate transactions.  In reality, the ?short? in short sale has nothing to do with timing. Short sales usually take many multiples of time longer than traditional real estate deals – running anywhere from 3 to 8 months-plus, on average, from contract to closing!

The only thing short in a short sale is the sales price – it is less than, or ?short? of, the amount the seller would need to pay off all the loans and other outstanding obligations (tax liens, delinquent HOA dues, etc.) against the property. In these situations, unless the seller is willing to write a check to make up the difference, their lender(s) must agree to forgive the shortfall in order for the sale to close.

But most short sale buyers – and sellers – know this stuff by now.  With one in four homeowners in America owing more on their homes than they are worth, short sales won?t be going anywhere for a long time to come.  And the more people get involved in a short sale transaction, the more confusion and misunderstandings result.

Here are 5 of these ?next-generation? myths about short sales, and the facts to shatter them:

Myth #1: That there is anything typical, standard or normal when it comes to getting a short sale approved.

Fact:  There?s no such thing as ?normal? in a short sale.

Some of the most frequently asked questions about short sales include things like:

  • Is it normal for a bank to respond to a short sale with a counteroffer higher than the list price and the appraised price?
  • What?s the standard amount of time it takes a bank to approve a short sale package?
  • What?s the rule of thumb for how much below asking a bank will approve?

Despite the recent government ?streamlining? efforts that promised to impose a set of standards most banks would follow in processing short sales, it?s still a black box experience for most buyers and sellers.  Buyers submit their offers, sellers sign them and hand over all their financials to their listing agent who submits it all to the bank – and then often no one hears anything back for a few months, if ever.  Other times, the whole thing is approved in a matter of weeks (though this is much less rare).

The bank is in the power position, and can respond to your offer however they want. They may counter at a much higher price and demand a cash payment from the seller.  Or not.  They may take weeks, or they make take six months.  They may approve a way-below asking offer, or require a hundred thousand over the asking price.  Forget the idea of standard, when it comes to a short sale.

Hint: short sale listing agents who have done a lot of recent, successful short sales with the same bank do often have insider knowledge that is the closest thing to a rule of thumb over what any individual bank?s practices are. If you?re a buyer, prioritize short sales that are listed by short sale masters – your agent will know who they are.  If you?re a seller, ask prospective listing agents for a list of short sales they recently closed, including which bank(s) were involved.

Myth #2:  It?s smarter for homeowners to walk away than to short sell their homes.

Fact: Increasingly, I?m hearing those who own upside down homes ask why they would bother with a short sale, when they could just walk away with much less effort and drama.  The reality is that walking away and letting your home go to foreclosure is an extremely serious, personal decision – the wisdom of which varies dramatically owner to owner and state-to-state.  Some states allow lenders to sue homeowners who default on their mortgages, and impose state taxes on the mortgage debt canceled out in a foreclosure, sometimes totaling tens of thousands of dollars.

Other homeowners? family and financial plans would be impaired much less by a short sale than by a foreclosure.  For still others, it?s pretty much a wash.  For everyone, though, it is faster to recover your credit and ability to take out another mortgage on a new home after a short sale than after a foreclosure.

Given that a short sale costs a seller little or nothing except some time and effort, in many instances it is smarter to make the effort to short sale than it is to walk away.

Myth #3: A short sale is the same as a pre-foreclosure.

Fact: A short sale is a home being sold for less than what is owed on it. A pre-foreclosure is a home that is in some stage of the foreclosure process because the owners are behind on the mortgage payments.  Many short sales are pre-foreclosures, because the owners stopped making payments when they put the home on the market, either because they can?t afford them, they are simply done with the property and don?t see a need to continue paying on it, or because they feel the bank is more likely to approve their short sale application if they are in default on their loan (a position many experienced short sale agents argue is true).

But not all.  Remember, nothing is standard when it comes to short sales. Short sales are closed every day on which the seller is still in good standing on their loan – these are mostly the short sales of owners who elect this strategy out of a desire to maintain their credit as much as possible, but have to move for work or family reasons.

Buyers should not assume that every short sale will come on the market later as a foreclosure; they should inquire as to any foreclosure notices against the property, and keep track of those time frames.  Many a buyer has been surprised when the bank auctions a property they are in contract to buy.

Myth #4:  The the buyer?s broker – or even the buyer?s offer – has much to do with getting a short sale approved.

Fact: Writing a clean, well-qualified offer is important to getting a short sale seller to believe that a buyer will hang into the short sale for the duration so they will sign the contract. However, the buyer?s offer and agent have little, if anything, to do with whether the seller?s bank green lights the deal, as needed to close it.

While the bank obviously cares about the price you offer, even that?s not as important as several other factors, including:

  • the bank?s perception of the home?s fair market value (as usually indicated by a third-party broker?s opinion, or an automated computer model),
  • the seller?s financials (if they have a bunch of cash stashed, the lenders is unlikely to let them sell the place with no contribution from them)
  • the completion of the seller?s workout application package and follow-up (squeaky wheel gets the grease and all that, and it?s the listing agent that needs to be that, often, for these transactions to get closed).

Myth #5.  That the bank ?can?t? do X or ?has to? do Y.

Fact: The seller?s bank in a short sale is being asked to waive debt that they are legally owed. They have the absolute right to simply refuse entirely to accomodate this debt forgiveness request. However, if they do choose to waive some or all of the shortfall, they also have the right to place whatever conditions on that waiver. They can ask for more money from the seller – or the buyer (and often do). They can ask the agents to reduce their commissions (and often do that, too).  They can refuse to pay various closing costs, if they want.  And the buyer or seller can counter, accept or refuse any or all of the bank?s demands, too, but know that the banks do have the right to place whatever conditions on the short sale they want.  After all – he, she or it who has the cash (or the mortgage, in this case!) makes the rules!

If you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County  markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at www.FairhopeRealtyGroup.com.

Great Price on Beautiful Golf Course Home in Scenic Point Clear Stables, Fairhope, AL

July 22, 2010
Great Price on Beautiful Golf Course Home in Scenic Point Clear Stables FRG.gif
Hitching  Post Cir

17696 Hitching Post Circle
Point Clear Stables
Now Offered at $465,000
Beautiful golf course home near Point Clear in Fairhope. Classically appointed with heavy moldings, custom cabinets and gorgeous hardwood and tile floors. Split floor plan with oversized garage and bonus room upstairs. Glamour master bath and gourmet kitchen w/stainless appliances. Near downtown Fairhope and the Grand Hotel and priced to sell quickly – don’t miss this one.
CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838
As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Oil Spill Update from the City of Fairhope, AL

July 17, 2010

City of Fairhope

7/16/10

Oil Spill Response Update

From: Ken Eslava, City of Fairhope oil Spill Response Point of Contact

  • At long last, light at the end of the tunnel! The leaking well head in the Gulf has been capped, and as of 11:00 this morning, the cap was successfully holding the pressure. The valves on the cap were closed yesterday at 2:30 p.m., stopping the flow of crude. Although the next 48 hours will be crucial in determining the success level of this cap, we are cautiously optimistic that this cap will hold, and will be at least “the beginning of the end”.

The City of Fairhope, combined with BP response forces, will be maintaining a heightened level of response for the foreseeable future. Our Fairhope Shoreline Defense Plan, which will be funded by the second grant already received from BP, stands ready to engage should our shorelines be threatened. There are literally millions of gallons of oil under the Gulf water’s surface that have yet to be dealt with, which will be shifting based on currents, tides and wind conditions for months to come.

BP crews at Pier Street and the Vessels of Opportunity(VOO) program(who base at the Fairhope Municipal Pier) continue operations this morning as usual. There were 38 VOO operators on the waters of the Bay this morning, and BP contractors at Pier StreetOperations hold at approximately 40.

Again, Mobile Bayremains open to recreational fishing, boating and all other forms of recreation that we are used to enjoying.

The NOAA 72 hour Surface Oil Trajectory map for Sunday, July 18, 2010 indicates no areas on the Alabama shorelines being threatened by beached oil. The Zone of Uncertainty on this map has now shifted fully to the South of the Mobile Bay entrance, out into the Gulf of Mexico. We have received reports this morning of a light sheen showing up near the beaches of Gulf Shores & Orange Beach; this sheen is apparently severely weathered to the point that satellite imagery cannot detect it.

On Wednesday of this week, NOAA Fisheries closed additional federal waters to fishing in the areas South of the western Louisianacoastlines. This was a protective measure put in place in advance of the slick shifting in that direction. This closure renders 35% of Gulf of Mexico federal waters closed to recreational & commercial fishing.

The Alabama Department of Public Health has issued no swimming advisories related to the oil spill for the Fairhope area since this incident began back in late April. A swimming advisory does, however, remain in effect for the bay waters near Fort Morgan, Gulf waters of Fort Morgan & Dauphin Island, bay waters of Mississippi Sound: Gulf waters of Gulf Shores, Orange Beach & Perdido Pass; waters of Bayou St. John, Cotton Bayou, Terry Cove and Old River.

The Alabama Department of Conservation & Natural Resources has closed no State of Alabama waters to fishing:  a Catch & Release advisory does exist for bay waters between Fort Morgan & Fort Gaines, and all State waters in the Gulf of Mexico. Other than this catch & release advisory, all other Mobile Bay & Bon Secour Bay waters are fully open as always to catch per State limits for fishing.

The entire Gulf Region affected by this spill remains under a MODERATE air quality status. Per the EPA, this status will likely remain in effect until the cleanup operations are complete some number of months down the road. This status is posted due to the continuous shifting of oil east and west down the Gulf coast lines of Louisiana, Mississippi,Alabama and Florida. This status is a protective measure due to the potential of winds blowing across an advancing oil sheen/slick onto populated areas. People who suffer chronic respiratory conditions will likely be the first to become affected by winds carrying fumes from a slick; of which could cause throat irritation, headaches, watering or itching eyes and in more severe cases, nausea.

Please exercise caution while boating in the areas of deployed containment boom, and use only designated openings in the boom for navigation. Remember, tampering with or destroying deployed boom on the water is a federal offense; a felony violation of Homeland Security laws.

END OF UPDATE

As always, if you’d like more information on the Fairhope, Orange Beach, Gulf Shores, Daphne or Baldwin County markets, or on specific properties down here, feel free to email me at Terryl@FairhopeRealtyGroup.com; or call me at 251-990-8838.

You can also visit my web-site and search the MLS on your own at http://www.FairhopeRealtyGroup.com.

Big-Time Price Reduction on Great Home in Sought-After Timbercreek, Daphne, AL

July 16, 2010
Big-Time Price Reduction on Great Home in Sought-After Timbercreek FRG.gif
830 TC Front

8830 Pine Run
in Timbercreek
Offered at $399,000

Beautifully elegant home with open plan, gorgeous hardwood floors, custom cabinetry, heavy moldings and tons of extras. Large deck in rear on professionally landscaped, over-sized lot. Tons of storage. Large study can be used as 4th bedroom. Built out basement and walk-in attic not included in square footage. Priced to sell, this home is a must see for Timbercreek.  If you have a client that may be interested in this unique property, please call me for an appointment to show.
CONTACT US
Terryl Reeves

Broker – Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-990-8838 – 251-209-7484

Big Price Drop on Large Four Bedroom Creole in Spanish Fort Estates, Spanish Fort, AL

July 13, 2010
Big Price Drop on Large Four Bedroom Creole in Spanish Fort Estates FRG.gif
Artillery Range

828 Artillery Range Rd.
Now Offered at $265,000
Classic Creole home on a large, wooded lot in Spanish Fort Estates.  This large home has lots of storage, an oversized two-car garage and a large patio.  Beautiful, hardwood, cherry floors, wood-burning fireplace and so much more.  The seller is motivated and needs to sell. This is going to be a great deal for the right buyer.  Please call for showing instructions.

CONTACT US
Terryl Reeves

Fairhope Realty Group, LLC
11 N. Section St.
Fairhope, AL 36532
251-209-7484       251-990-8838