Great Government Giveaway

I was watching the financial news today, my mind finally gave up trying to wonder where and how much of "OUR MONEY (or our grandchildrens money)" was now going to which wall street firm or bank and to bailout who.

Citigroup got how much?

Wells Fargo I wouldn't come knocking anytime soon after the merger with Wachovia since the top ten executives are getting $98.1 million in compensation as part of a severence package.

So exactly what is the running number of how many Billions of Dollars we are "Giving Away" exactly what are the terms of getting any of this money back?

Well in the spirit of giving instead of writing a check to your local Wall Street CEO or other corporate executive I recommend these charities:

ROAD RUNNER FOOD BANK
2645 Baylor SE
Albuquerque, NM 87195
Donate online: http://www.rrfb.org/
To Donate Time: Christina Berlin (505) 247-2052

American Red Cross
142 Monroe NE
Albuquerque, NM 87108
http://www.redcross.org
(505) 265-8514

Habitat For Humanity
204 San Mateo
Albuquerque, NM 87108
http://www.habitat.org
(505) 262-0057

Remember also to shop with our affiliates all the money raised is going to help the midwest mississippi river flood victims from earlier this year until December 31, 2008:

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Enjoy Black Friday and remember houses make a fantastic holiday gift or a anytime gift I have yet to find one person that has not been happy to receive a house as a gift, give Jordan or I a call and we will help you pick out the perfect house.

"No one ever looks a gift house in the mouth!" LOL!

Happy Holidays!
William Staab & Jordan Knecht
Abaris Team

Albuquerque Foreclosures

Most of the calls we have been receiving lately everyone wants to get in on those great foreclosures everyone has been talking about. Well purchasing a R.E.O. (Real Estate Owned)bank property or a foreclosure can be the way to go but you do have to realize that these homes were left in what ever condition by the previous owner. If you are handy with a set of tools or have a few extra dollars to spend when you first move into the home a foreclosure or REO Bank owned property can be ideal for you.

Foreclosures can be found in all price ranges around Albuquerque although I am not 100% postive that Abaris Team William Staab & Jordan Knecht represent the highest priced foreclosure in town (if you find one higher I would be glad to post it on this sight) but 13416 Desert Zinnia is definetly close at $1,139,000.00 MLS#634738(as of today posting date). Foreclosures in any price range are usually priced below a recently appraised value which the bank or Government agency has done before the home is placed up for sale. Sometimes you can benifit from a significant equity grab at the time of the purchase.

Some of the downfalls of a R.E.O. or foreclosure is that there is usually no past history of the property of who or how it was built. The property is also conveyed by Special Warranty dead rather than by General Warranty Deed. A Special Warranty Deed means that the chain of title goes back only as far as to the issuer not on the entire history of the property. You also have to be flexible in time to close on the property which normally takes 45-60 days to close rather than the typical 30 days for a normal transaction. Finally you will be responsible in most cases to accept the property as-is the bank or government agency will not make any repairs for you or allow you to make any repairs until the property has funded and closed. In some H.U.D. auctioned homes an escrow may be held until the repairs are completed on the property to meet the standards of F.H.A. Loan standards (for more information on FHA Loan programs call AnaLisa Cordoba at D.L.Cline mortgage (505) 379-8722).

Since Abaris Team William Staab & Jordan Knecht represent alot of R.E.O. Bank owned properties by all means keep those phone calls coming! But unlike other parts of the country the economy hear in Albuquerque is stable and I truely hope no one is forced into foreclosure in 2009; and we do not have to list any homes in short sale, bank owned, or foreclosure but from happy home sellers!

Visit our affiliates and until December 31, 2008 all proceeds go to the Mississippi / Wisconsin River flood victims from earlier this year:

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Wall Street Journal Dart Board Contest

Yes! That's me in the 33rd Wall Street Journal Dartboard contest. I am honored to be chosen for my pick of Rangold Resources Ltd.(GOLD) Follow along in the Money section of the Albuquerque Journal or the Wall Street Journal for the next six months on sunday to see how my stock performs along side the other picks.

I hope alot of you got the opportunity to attend the Albuquerque Balloon Fiesta, i attend every year and hope someday to have my own balloon in the event.

Remember to visit our affiliates to help raise money for the Mississippi River Flood victims:

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Federal Bailout

With the passage of the Bill signed into law on friday October 3, 2008 for the Wall Street and Banking crisis in the amount of $700,000,000,000.00 plus an additional $140,000,000,000.00 for earmarks I think with those earmarks you could build a bridge to nowhere everywhere or in every state.

I would really like to see how you would spend your $700,000,000,000.00 comment on this blog email this to your friends family and co-workers. I am excited to hear your responses.

I would give $233,000.00 to every man,woman,baby that is an american citizen to use to purchase a home, pay off credit card debt, purchase an IRA or 401K plan for retirement savings, pay for college, remove everyone from the welfare roles, or pay for surgery medical bills for those that have no insurance.

$840,000,000,000.00 divided by 305,000,000 million americans = ....you do the math??

America's Financial Bailout

First let me say, I severly doubt the bailout is going to be enough to stabilize the market through the election in November, I actually think we should see some more activity to the down side in about 2-4 weeks. But then again what do I know?

I first mentioned in February 2007 the closing of ResMae & Fremont Bank and the begining of the subprime mortgage mess. I told you in January 2008 in the "It's a Wonderful Life" article bad times were coming. I wasn't quite expecting it in September but October came early.

I watched the Emmies last night and always get emotional during the "In Memorium" segment so although it is not the end of the year I think it is only fitting through this crisis we say goodbye to some financial companies we know and loved in 2008:

Failures:
Douglas National Kansas City,MO January 25, 2008
Hume Bank Hume, MO March 7, 2008
ANB Financial Bentonville, AR May 9, 2008
First Integrity Staples, MN May 30, 2008
Indy Mac Pasadena, CA July 11, 2008
First National Bank of Nevada Reno, NV July 25, 2008
First Heritage NewPort Beach, CA July 25, 2008
First Priority Bradenton, FL August 1, 2008
The Columbian Bank & Trust Topeka, KS August 22, 2008
Integrity Alpharetta, GA August 29, 2008
Silver State Bank Henderson, NV September 5, 2008
Ameribank Northfork, WV September 19, 2008

Bankrupt or Bailed out on Wall Street:
Bear Stearns
Lehmann Brothers
Freddie Mac
Fannie Mae
Merrill Lynch
AIG

We are all waiting on the bailout plan which is expected to cost 700 billion dollars (only the latest bailout this does not include the earlier Bear Stearns and mess). I hope whoever is elected on November 4th, 2008 will stop rewarding Wall Street and company CEO's for their bad behavior at the expence of the shareholder and American taxpayer.

What does this mean for you if you are looking to buy a home? Low interest rates, large amount of home inventory to choose from, falling home prices nationally although only very slightly in Albuquerque. Jordan and I keep hearing "We want to wait until the prices fall some more" Holding off to buy that home may not be the best idea. Currently home buyer down payment assistance programs are going away. In the future you may not be able to qualify for a home loan under future conditions without putting 25% of the purchase price down for example. You may need a credit score of 760 or above or other examples. The market also may never go down. We all hear about the un-ethical Realtors, Mortgage Lenders and Home Builders that got us into this mess (rather than the truth up at the Fed and Wall Street) but not much of that around here in Albuquerque where the foreclosure rate is 951 to 1 verses San Bernadino, CA where the ratio is 60 to 1.....?

I truely believe now is the right time to buy a house if you are looking for a home to live in, can afford the mortgage payments, and can qualify. I also believe it is a good time to sell your house especially with a top notch Real Estate company like Coldwell Banker Legacy and Realtors like William Staab & Jordan Knecht! Our philosophy is to help guide you in making a wise Real Estate investment decision regardless if it is your first and ever only home or the begining of your Real Estate empire!

Do you like all the BuyaHouseNewMexico Flyers, Mailings and Business Cards? Then check out this website: http://www.SoundBoxGraphics.com

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Fannie Mae & Freddie Mac Bailout

Chairman of the House Finance Committee Barney Frank (Dem)-MA has confirmed that the government will step in to bail out ailing companies Fannie Mae & Freddie Mac who have lost over 14 billion in the last 4 quarters.

Initial speculation of a takeover sent share prices plummeting after close of Wall Street on Friday. The potential cost to tax payers is estimated at somewhere around 25 Billion.

Both CEO's Daniel Mudd of Fannie Mae & Richard Syron of Freddie Mac are expected to resign.

It is unknown at this time just how the restructuring will take place.

Ordinarily I would not comment or provide an editorial on the effects of this bailout but lets just see if in hind sight I will be correct or not:

Joe Shareholder of Fannie Mae & Freddie Mac....Thanks for playing but your investment portfolio is now worthless.

CEO's and other corporate executives of Fannie/Freddie, exercise your stock options, retirement packages and balloon payments and walk away with millions & millions of tax payer dollars.

Reminds me of the Savings and Loan Scandals of the 1980's and the Keating 5 (refering to Charles Keating that ran Lincoln Savings and Loan) who were suspected of corruption.

John McCain R-AZ
Dennis DeConcini D-AZ
Alan Cranston D-CA
Donald Riegle D-MI
John Glenn D-OH

The Savings and Loan scandal lead to 747 Savings and Loans going under a complete collapse of the FSLIC and a cost to taxpayers of 124 billion dollars. Lincoln Savings & Loan and parent company American Continental Corporation went bankrupt on April 14, 1989. Close to 21,000 elderly and Senior investors lost most off their life savings totaling nearly 285 million dollars.

Footnote: Senators John McCain & John Glenn were cleared of all allegations.






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Albuquerque's 4th Annual Salsa Festival Queen

Congratulation's to Ana Lisa Cordoba of D.L. Cline Mortgage for winning the Albuquerque Salsa festival competition with her "Momma's Mango" Spicy Salsa.

Ana Lisa Cordoba
6000 Uptown Blvd
Albuquerque, NM 87109
(505) 379-8722

Call her for your spicy Mortgage today!

Prequalify with her right now on our website:

http://www.BuyaHouseNM.com on the pre-qualify page in the left hand column.

Ana Lisa made 7 1/2 pounds of Salsa at the festival to win the prize.

to inquire home to get some of that winning Salsa contact Ana Lisa at:

analisainc@yahoo.com


1 Cent Shipping Sale! Don't drive, get online now! Ends 8.25.08">

Existing Home Sale Prices in Albuquerque

Existing home sales prices in Albuquerque has shown very little change over the same month (June) as last year. The average home price in Albuquerque in June 2007 was $254,298 while it was $248,375 in June 2008 an over all decrease of only 2%. However the median home price rose from $201,500 to $203,500 or just under 1% giving a healthy indication of the overall market. the median home price measures the middle of the market regardless of size or price and is not warped by a glut of inventory in one particular spectrum of the housing market. (Information provided by G.A.A.R Greater Albuquerque Association of Realtors)

While this is overall good news for home sellers, the total supply of homes for June of 2008 is 6,428 with 738 homes selling, it translates to a nine month supply of homes or an average of nine months to currently sell a home. (Individual neighborhoods vary greatly from this number in some neighborhoods homes are still selling in fifteen days or less.) Traditionally in August more homes enter the market so we might actually see a slowdown to a supply of ten to eleven month supply.

Abaris Team has had a constant supply of inventory of homes for sale this year and has a turnaround average of about 65 days!

If you are in need of an Oil Change, Tune Up or Brake Job go see Carlos at:

E & J Automotive
1401 Fourth Street NW
Albuquerque, NM 87102
(505) 242-6778

They just opened up a few weeks ago on 4th Street at the corner of 4th Street & Kinley 3 blocks north of Mountain. They were quick, and provided excellent service at a unbelievable price!

Shop with these BuyaHouseNewMexico.com affiliates and save BIG:

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Coupon Code: AUG75

What in the World is Title Insurance?

What in the World is Title Insurance?

Did you ever wonder “What in the World is Title Insurance”? This is a common question we are asked by Purchasers, Sellers and Realtors in a transaction. Below is some information that will help answer that question:

What is Title Insurance?
Title Insurance differs from other categories of insurance. Auto, Homeowners, and Fire Insurance require you to pay annual premiums because, unlike Title Insurance, they expect you to make claims periodically throughout the life of the policy. Title Insurance, however, is risk elimination insurance, and requires that you pay a one time premium ONLY.

Risk Elimination
Title Insurance is designed to protect you from being subjected to any unforeseen surprises. The first step to guaranteeing your protection is a title search. By investigating all county records on your property, a title search can verify the seller’s right to transfer ownership, locate any claims, assessments, errors, or miscellaneous defects on the property and virtually eliminate the risk factor for the buyer.

Your Protection
Title Insurance is your safeguard. It can save you trouble, time, and money. It acts as a shield to guard you against potential claims brought against your property. If your ownership becomes threatened by any claim covered in your policy we will negotiate to settle the claim and if necessary defend your title in court.

Title Policy
After the recording, First American Title will issue you a Title Policy. Your policy will guard you against certain risks such as:
Errors: Incorrect information on deeds, public records, etc.
Liens: Unpaid mortgages, taxes, sewer and water assessments,.
Ownership: Outstanding spousal interests, or interests of missing heirs in an estate.
Invalid Deeds: Transfer by former seller who did not actually own the property, or who were not qualified to convey the property.

Why First American:
First American Title Company is one of the top leading title agents nationwide. At First American Title we have experienced Escrow Officers who specialize in all areas of the Real Estate market to guarantee you and your clients are provided with exceptional customer service.

Should you have any questions about title, escrow, or the closing process, please feel free to call me anytime. I am happy to help you in any way that I can.

Norma Giaquinto
Escrow Officer
505-881-3300 Office
ngiaquinto@firstam.com
http://sw.firstam.com/nm

Article contributed by Norma Giaquinto for http://www.BuyaHouseNewMexico.com visit our website for great savings from these home improvement companies:

I'm facing foreclosure what should I do?

With all of the Media speaking about foreclosures, and statistics about rising foreclosures what do you do if you are sitting in the postion of facing foreclosure yourself?

You might consider selling your home, even if you are 2-3 months behind on your mortgage payments and a Lis Pendens has been filed against your property does not mean with an experienced short sale agent like myself or Jordan Knecht; a good short sale Realtor can not help you avoid foreclosure all together. Although your credit score will suffer temporarily it is not as permanent as the black mark of a foreclosure or bankruptcy.

The first step is to determine where you are at and start negotiations with your mortgage holder to negotiate a settlement if there is no equity in the property.

If there is equity in the property, you are better off selling and breaking even than to lose everything in the foreclosure. You can loose your home and be liable for shortfall from the sale of your home by the bank and court costs, and finally your credit rating; alot of people do not consider this to be a loss but consider what you will pay to borrow money in the future for a car, on a credit card, furniture and even another home?

Jordan Knecht and myself have spent our spring saving 3 clients from foreclosure, we also have 3 REO Bank owned properties obviously from people who did not avoid foreclosure. In New Mexico you have by law a 120 redemption period to redeem the property out of foreclosure but most mortgages have clauses in the mortgage that waive your right of redemption to thirty days.

But let me get back to one of the costs of foreclosure with this example:

You owe $180,000 on a home appraised at $200,000.00 you are late 2 mortgage payments but the bank has not filed a Lis Pendens a legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property. You place your home up for sale and your agent negotiates a sale at sale price, great! Sign the papers and close quickly!

You owe $180,000 on a home appraised at $200,000.00 you are late 2 mortgage payments but the Bank has not filed a Lis Pendens. You receive an offer for $190,000.00 your agent negotiates the short sale for you with the bank you break even and walk away with 2 late mortgage payments on your credit history which have been repaid.

You owe $180,000 on a home appraised at $200,000.00 you are late 2 mortgage payments but the Bank has not filed a Lis Pendens. You do nothing and the bank forecloses, adding another $5,000 for court costs and puts your home up for sale at current market price of $200,000.00 they get an offer of $160,000.00 because in the meantime the market has declined and the appraisal is now $188,000.00 They sell the home leaving you $20,000.00 on your loan, $5,000.00 for the court costs and the closing costs of the sale of your home $12,800. You can still owe the bank around $37,800 on the loan for a house you can no longer live in? (bank may write off the lose but they may not.)

Even if the home in the example above goes up in value chances are it will not recover the $37,800.00 in costs and you will still be responsible for the amount to the bank.

Facing foreclosure is not where anyone wants to be; but even if you think foreclosure is inevitable call us or your Realtor to see if the situation can be avoided. You can blame the mortgage mess, rising fuel costs and inflation, but anyone can find themselves in foreclosure because of unseen events or illness we are here to help you with every Real Estate need!

With the recent tradegy in Iowa and my own home state of Wisconsin the monies generated by the ads on this blog and www.BuyaHouseNM.com will be donated 50% to Habitat for Humanity and 50% to The American Red Cross for the remainder of 2008.
As we have learned from Katrina the recovery will be a long and slow process so help us by clicking on the ads up to 10% of your purchases will go to help these charities.


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Real Estate Can Be Fun

A client bought a new home and the broker wanted to send flowers for the occasion.
They arrived at the home and the owner read the card; it said "Rest in Peace".

The owner was angry and called the florist to complain. After he had told the florist of the obvious mistake and how angry he was, the florist said. "Sir, I'm really sorry for the mistake, but rather than getting angry you should imagine this: somewhere there is a funeral taking place today, and they have flowers with a note saying, "Congratulations on your new home".

Does your Agent give you 100%?:
12% Monday
23% Tuesday
40% Wednesday
20% Thursday
5% Friday

A real estate agent walking along the beach found a bottle. When he rubbed it, lo and behold, a genie appeared.
"I will grant you three wishes," announced the genie. "But since Satan still hates me, for every wish you make,
your rival gets the wish as well -- only double."

The real estate agent thought about this for a while. "For my first wish, I would like ten million dollars," he announced.
Instantly the genie gave him a Swiss bank account number and assured the man that $10,000,000 had been deposited. "
But your rival has just received $20,000,000," the genie said.


"I've always wanted a Ferrari," the agent said.
Instantly a Ferrari appeared. "But your rival has just received two Ferraris," the genie said.
"And what is your last wish?"

"Well," said the salesman, "I've always wanted to donate a kidney for transplant."

I hope some of this humor can take a little seriousness off all the Real Estate Stories out lately, but if it doesn't remember: "You are unique just like everybody else!" enjoy some savings at our affiliates:

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Should I shop for a house now or wait till the prices drop more?

If you are in the market to purchase a home now, shop for a house now. If you are paying rent to a landlord the money is going to the landlord not to you. If you are thinking about gaining more space read further down my blog to the article entitled about a tide raising all ships.

Even as the news media talks about higher foreclosures, and mortgage lending crisis, the real crisis is whether you can now qualify for a loan you could have 6 months ago but now have to put at least 5% down. The financial burdens of rising energy costs both gas and electricty (at least in Albuquerque with PNM's 6% rate hike) and rising food prices, eating away at your family budget.

Why would this be a great time to buy a house? Perhaps a 10 mile shorter commute to work or shopping. Maybe a energy saving new home or smaller home. Maybe that child is on the way and you need more space.

Whatever the factor, waiting until prices drop is about the same as putting off surgery until the hospital puts it on sale. The perception of the market continueing to drop in the future is the same as trying to predict who will win the world series as of tonights baseball game. So far even in this economic housing climate, home prices have not fallen but remained steady in the Albuquerque metropolitan area with a slight decrease only in Rio Rancho. The number of HUD foreclosures and bank REO's (some that I have represented) have not risen all that much in our area.

So my answer to the question is if you are thinking about buying a home call us and we'll find you a home. We work with fine mortgage lenders like Ana Lisa Cordoba at DL CLine Mortgage (505)379-8722(see mortgage page of http://buyahousenewmexico.com ) that will help determine if buying a home is right for you. We can help educate you to determine if it is the right financial decision for you.

We also would like to say goodbye to our affiliate with Country Inn and Suites while short lived we hope our customers were able to take advantage of the great savings they offered but you can still use our contract with:
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Remember our BuyaHouseNewMexico.com special for our customers who are relocating from outside the Albuquerque area. Purchase a home with us and upon closing we will reimburse your hotel stay up to 3 nights ($69.99 per night maximum) at one of our participating affiliates (and.or off rental cars or airfare)if the reservation is booked through our relocation page or from this blog.

New Mexico Sales History

1123 Williams Albuquerque 87102 2008 69,500 Seller
9500 Adina Lane Albuquerque 87114 2008 204,900 Seller
8908 Sawgrass Albuquerque 87121 2008 164,000 Seller
916 Finch Albuquerque 87121 2008 103,500 Seller
8112 Sapphire Albuquerque 87121 2008 122,000 Seller
4926 Palo Alto Albuquerque 87108 2008 165,000 Buyer
6 Glitter Gulch Edgewood 87015 2007 335,000 Seller
7022 Arrington Albuquerque 87105 2007 197,000 Seller
2628 Rushing Rd Albuquerque 87105 2007 116,000 Seller
517 Espanola St Albuquerque 87108 2007 186,400 Seller
1225 La Charles Albuquerque 87112 2007 181,000 Seller
6212 Picture Rock Albuquerque 87120 2007 200,000 Seller
2800 Vail Avenue Albuquerque 87106 2007 42,000 Buyer
9619 Puccini Trail Albuquerque 87114 2007 165,000 Buyer
4704 Franzen Hills Rio Rancho 87144 2007 225,000 Buyer
737 Valverde SE Albuqueque 87108 2006 550,000 Seller
214 Alcazar NE Albuquerque 87108 2006 79,000 Seller
1032 Country Manor Albuquerque 87114 2006 249,500 Seller
1135 Green Acres Bosque Farms 87068 2006 335,000 Buyer
2323 Mountain Rd Albuquerque 87104 2006 282,000 Buyer
3817 Tulane Albuquerque 87107 2006 131,000 Buyer
8604 Gunnison Albuquerque 87120 2006 190,000 Buyer
1809 Moneda Albuquerque 87120 2006 158,500 Buyer
2821 Vista De Colinas Rio Rancho 87124 2006 220,000 Buyer
721 6th St Rio Rancho 87124 2006 210,000 Buyer
908 Foraker Rio Rancho 87124 2006 155,000 Buyer
860 Vista Patron Rio Rancho 87124 2006 289,900 Buyer
6208 Katson Albuquerque 87109 2005 210,000 Seller
6020 Downey Albuquerque 87109 2005 174,000 Seller
1704 Halo Circle Rio Rancho 87124 2005 155,000 Buyer

Six houses sold so far this year! Will your house be next? We are up for the challenge! Call us today to see why we SELL Houses not just list houses!

BuyaHouseNewMexico.com special savings for customers (& future customers):

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Sell Your House Faster with a Home Inspection

Your house has been listed, you have removed all the clutter, cleaned the windows, removed personal items, cleaned the carpets and listed with a Realtor but your home hasn't sold; consider getting a home inspection.

Every Seller dreads the home inspection. Nobody wants to find out they need to replace the motor in the evaporative cooler or reseal all the roof flashings; but having a home inspection up front can save alot of time and hassle in the closing process and may even save the contract!

40% of real estate transactions fall apart over disputes arising during the home inspection. Having repairs fixed or at least identified can help your listing sell. Why? Having the home inspection completed before the buyer writes up a contract can give the buyers peace of mind to know that the property is in good condition up front rather than discovery after the contract is written.

Buyers may walk away after that duct inspection or unlightable fireplace pilot; but a simple fix upfront could close the deal and not delay the buyers from moving in.


Contact Abaris Team for a list of home inspection companies and enjoy these savings from our new affiliates:
10% off Westhollow Laminate Flooring. Expires 43008 (click to redeem)


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Abaris Team Welcomes Jordan Knecht

Abaris Team - William Staab is proud to announce that Jordan Knecht has joined our Team. Jordan brings with her over 10 years of residential real estate experience including serving on the Greater Albuquerque Association of Realtors (GAAR)formerly the Abuquerque Metropolitan Board of Realtors (AMBR) on the professional standards committee and the Ethics committee from 2001-2007. Jordan is also a graduate of UNM.

Abaris Team is always striving to make your real estate experience buying or selling a home, simple, easy and stress free. We have negotiated contracts and savings for our customers; we are pleased to announce Lumber Liquidators, Radisson Hotels, & Country Inn's & Suites to our list of companies that provide discounts to BuyaHouseNewMexico.com customers:

Bellawood Prefinished Hardwood Floors with Certified 50-Year Warranty at Lumber Liquidators

Best Online Rate Guarantee.  Get our best rate guaranteed or your first night is 25% off!

Best Online Rates at CountryInns.com