Property I have listed in Murfreesboro Tennessee

Would love to tell you about my listings ….one being in Cantbury Chase in Murfressboro off hwy 99 going to Rockvale, Tenn,  Grail Court, 129,900, very nice starter home….next is a townhouse in Cottages of Indian Park, also Murfreesboro, 109,900, end unit and just like new, then another good for investors, University st, Murfreesboro….Wide variety of properties, very negotiable….Please call me, Thanks, Wanda

titans Fans

Hey, all you Titan Fans…this lady is in Jacksonville, awaiting the game Sunday…I think the Jaquars are a very competitive team but we are gonna shut’em down..Who all agrees?  I do love this town, though, of  course I love this state so besides Titans,  Jags are one of my favorites.  I do have my real estate license here in Florida so if you have any questions please let me hear from you!!   Go Titans!!!!!

Storm Hits Mortgage Market

A mortgage loan officer stopped by the office last week to speak at our sales meeting.  His subject was the “Mortgage Market Meltdown: What it Means to You.”    The speaker was Scott Matuk of First Community Mortgage, and one of my recommended lenders.  He said that if the mortgage market was compared to a hurricane, it would be a Category FIVE because not only is the market affecting the economy of the U.S., but it’s also have a huge impact on Europe, Asia, etc.  In the last two weeks alone, $2 TRILLION has been lost in the market.

There were several factors that caused this huge mortgage problem, including: subprime and alternative lending practices (anyone with a heartbeat could generally qualify for a home loan and AltA was for people with good credit but had other issues).  These loans accounted for between 40 and 70 percent of all loans in 2005-06 and this appetite brought loose underwriting practices.  Then reality set in and we learned many folks had bad credit for a reason – they couldn’t pay back the money they borrowed.

As this began happening, mortgage backed securities – those giants who typically buy loans that free lenders to loan even more – start backing out of purchasing them.  Or if they do take the loans, they pay the loan companies less for them.  This practice either shorted the liquid assets of lenders or stuck them with high-risk loans.  Eventually they were unable to cover the losses from delinquent loans.  So the consumer is maxed out and unable to repay.  The securities industry is no longer willing to buy subprime and AltA loans from lenders.  And the subprime lenders have no more equity to support the loans, causing the perfect storm.

For the real estate industry, it means there are fewer potential buyers, increasing inventory, increasing foreclosures, and increased pricing pressure.   The good news is that although more exotic, weird mortgages are going away, there are still plenty of loans available for buyers.  Typically, these are conforming loans and government backed loans such as Fannie Mae, FHA and VA.  But buyers are cautioned to not get too comfortable. 

If you are planning to buy a home in Smyrna, LaVergne, Nashville, or the surrounding area in the next six to twelve months, have your credit score pulled now to see if your credit is okay.  Talk to a lender like Scott (who can be reached at 500-5276) who can counsel you on what you can do to increase your credit score before you’re ready to buy.  Even loans for people with 720 scores may no longer be available, so this is vital.  You should be prepared to bring your tax returns, W2 forms, bank statements and pay check stubs when you go for a home loan … this means that you are getting a fully documented loan and those are the loans that are still available.

If you are a seller, you must get real about the price of your home.  No “I’m going to price it $5,000 higher than it’s worth so I’ll have room to negotiate.”  Price it at what your agent believes is fair market value, not what you think it’s worth.  Your agent has access to what’s happened with home prices and they do not take lightly the home price they recommend!   Scott said that sellers could also consider seller-held second mortgages for buyers… I’ve always advised my sellers to steer clear of these, but maybe this scenario is worth talking about.  BEWARE of the non pre-approved buyer.  If you get an offer, make sure the purchase contract states that they must have a financial commitment letter from their lender within five days of binding.  If they do not provide this, the contract becomes void. 

Finally, rest assured that most bank-backed mortgages will be okay.  Get a loan through someone who is controlling the decision – be a bit more cautious of someone who is sending your loan application to a land far far away for approval.  And remember, ALL loans will be credit score driven in the foreseeable future.   For everyone, routine credit monitoring should be just like your annual physical.  Every year, review yoru credit.  If you are considering buying or selling, start your credit review process three to six months in advance.  Get your financial house in order.   Good luck!

Reprinted with permission by Kathy Tyson.

Condo in Panama City, Florida

Yesterday in history, Panama City was founded in 1519 in Central America, according to Shak & Jill, a real estate site that my friend Kathy T. writes for!  Like Shak & Jill, I’m going to feature the Panama City (Florida) home of my friend.  The condo home is available for $160,000 and is located right on the ocean.  Though a cozy 410 square feet, buyers are in it for the view, not for the spaciousness.

That’s a million dollar view for $160,000!!!  According to the MLS listing, the older complex occupies a premier spot on Panama City Beach’s sugary sand and the emerald waters for which it is famous.  Across the street from Gulf World, you can park your car in the covered garage and walk everywhere (including the pier, shopping and dining).  The condo has been updated and all furniture remains. 

If you’re in middle Tennessee and want a nice Florida investment (it has been consistently rented), contact me and I can put you in touch with the Florida listing agent!

Day Two of My Web Log

This is my second day with my squeaky new real estate blog.  I’m still learning the ins and outs of the difference between a post and a page, how to put in links, how to post pictures, etc.  So far, so good.  I have a friend who has set up the right hand column that contains my current listings.  I’m wondering if you would mind taking a look at them and leave me some comments.  My sellers would love feedback!

In other news, have you heard the trouble Countrywide has had today?  From MSNBC.com, here’s a snapshot of what’s going on in this mortgage lender powerhouse:

Countrywide Financial Corp., the nation’s largest mortgage lender, said Thursday it had borrowed $11.5 billion from a group of 40 banks to fund loans in a move that shows just how deep the lending crisis has become.

I have closed several successful loans through Countrywide, so hope they’ll be able to bounce back quickly from this credit crunch.

About Wanda

When I talk to people about real estate, I feel excited because I know I can help them. To me real estate is the most important asset a person may have in their lifetime and I can help them with that asset..They have a dream and I can help them fulfil that dream. I feel I have the expertise to do what it takes to help assist in all real estate needs and desires. My goal is to grasp for more information every day to help in assisting my customers.

I am a licensed agent in both Tennessee and Florida. Please feel welcome to contact me about real estate in both states. Thank you for coming by.

Hello world!

Thank you for stopping by my brand new web log.  I have been a licensed real estate agent with Bob Parks Realty, LLC in Smyrna, Tennessee for four years.  I also earned my Florida license a year ago, so am able to provide real estate services in both states.  My adult children and my grandchildren live in Tennessee, so my heart is here.  At the same time, my soul craves the warm Florida sun, the comfortable sand, and the excitement of Miami!

I’ve lived in middle Tennessee all of my life, and spent 32 years working with Bell South.  I have a thorough knowledge about this cradle of southern hospitality, from neighborhoods and families to churches and schools.  I would be pleased to show you around and help you find your perfect home or to help you sell your home as life happens and changes become necessary.