MARKET CENTER NEWSLETTER FOR MAY 8, 2009

QUOTE: “There are THREE kinds of people in this world; those that count and those that can’t.” Michael Waltrep

MORE THAN ONE FIFTH OF AMERICAN HOMEOWNERS ARE NOW UNDERWATER ON THEIR MORTGAGE. www.Zillow.com report at:
http://zillow.mediaroom.com/index.php?s=159&item=122

ST TAMMANY HURRICANE STORM SURGE MEETING: The Corps of Engineers has scheduled a public meeting for Tuesday, May 29th at 6:00 pm. This meeting was originally scheduled at different locations but has been moved to the Slidell Auditorium to be able to handle more residents from the entire coastline of Lake Pontchartrain.
To date, nothing has been done to protect St. Tammany Parish. The Corps needs to see and hear from us in a professional manner that we are concerned about our future.

12 TIPS FOR SUCCESSFUL NEGOTIATING:
http://www.brokeragentsocial.com/article.php?article_id=299

ST TAMMANY PARISH ONLINE NEWSLETTER:
http://www.stpgov.org/docs/1241622780.pdf

Commercial CE & Networking on the North Shore – June 4th
CID will host “ABC’s of LACDB” followed by networking, lunch, and presentations from north shore developers. Save the date! Details to follow…

MISSISSIPPI BROKER LICENSE UPDATE: There was a form verifying my E&O Insurance Coverage missing from the application. The issuance of my Mississippi Broker’s license will be about another week.

PHENOMINAL BOOK: “When Hearts Conjoin” is a book that some of you may be surprised that I would read. It is not a book that I would have selected off a book store shelf. It was recommended by the author of The Christmas Box (another great book) Richard Paul Evans who wrote the forward to the book, and who has become an internet friend. It is a true story about a teenager who became pregnant while in her senior year. Shortly thereafter, she and her husband were again expecting but this time she was expecting twins who where “conjoined” from the waist down. The story is about her acceptance of this situation, she and her husband’s desire to have the babies and their subsequent separation. It is a book that you will not want to put down until you finish it. Made me wonder how I would have reacted. I could not recommend a book more highly. Check it out at www.Herrintwins.com.

BROKER BIT: This is a true story. On two separate occasions I was asked to list a property, vacant land. Both owners insisted they knew exactly where the properties were located. In one situation in Slidell, I found the property but it was located beyond where a road ended. The owner insisted the agent who sold her the property took her to a lot on the north side of the road where the road ended. The actual lot was another 200 yards into the undeveloped area – almost impossible to sell. I did not list the lot. The second property was located in Pass Christian, Mississippi. The out-of-town owner gave me the location and I could not find it. After several calls and several trips, the owner sent me written directions to his property. I still could not find it. I stopped at a local convenience store and showed the owner the written description only to find out that the road to the site was wiped out during Hurricane Camille in the 60’s as was the bridge that cross a small creek.

It is becoming more frequent that buyers are not required to obtain a survey on a property being purchased. Whenever that occurs, you should strongly encourage the buyer to obtain a survey to make certain the property being purchased is really the property the buyer thinks is being purchased. Another true story occurred in Mississippi where a foreclosed on property was being purchased. Everything was moving along nicely until the survey was ordered by the buyer. It was discovered that the neighbor’s tennis court extended almost 7 feet onto the property being purchased. What eventually occurred was that the bank that now owned the foreclosed upon property deeded the 7 feet to the neighbor.

It is so critical that whenever you list a property that you obtain the legal description and ask the owners for any existing surveys, plat maps, subdivision maps, etc. If you are listing vacant land it may mean going to the courthouse to research the ownership, the legal description and the location of the property. It may also mean measuring the roadway from an established point where there are no other reference points to determine where the property is actually located.

Another true story, a former company listed a home that appeared to be the ONLY home on a gravel country road with 7 plus acre home sites. The home was new construction and abandoned and had been vandalized. My former company actually put $5,000 of company money into securing the home by installing windows and doors and other repairs to make it more desirable. The home was sold in less than 30 days. The surveyor called to tell me it was the wrong home just days before the scheduled closing. There was another home on the street but it had been completely hidden from view by vegetation. Everyone involved was sued. We all laugh about it today but at the time it was not very funny.

The lesson behind all this is to cross your T’s and dot your I’s; this is a serious business and you must verify everything. Make certain the property you are listing is the property you think you are listing. Make certain your buyers are buying the property they are buying. Make certain the sellers actually own the property being sold. And if a corporation or an LLC is involved, ask for a Corporate Resolution indicating who within the company has the authority to sell and/or buy the property.

Lots, no pun intended, to think about.