Motivation

When you consider all of the negative news that is swirling around us lately, I thought that we all need a dose of good motivation!

 

She was dismissed from drama school as “Wasting time, she is too shy to put her foot forward” It’s a good job she did not listen to the critics, or the world would have missed out from knowing the comedic genius of… Lucille Ball.

 

Turned down by Decca Recording Co stating, “We don’t like their sound, besides guitar music is on the way out”…….tell that to the Beatles.

 

He failed as a soldier, farmer and real estate agent, he worked for his father as a handyman……who was he? Ulysses S Grant

 

Cut from his high school basket ball team, he went home locked himself in his room and cried. 6 world championships later we know him as….. Michael Jordan

 

His teacher told him he was too stupid to learn anything, and that he should go into a field that he would succeed by virtue of his pleasant personality. I wonder if his teacher lived long enough to see the success of Thomas Edison.

 

He was fired from a newspaper because he lacked “imagination” and had no original ideas. The next time you go to Disneyland, think how Walt Disney must have felt when he heard those words.

 

His fiancée died, he failed in business twice, had a nervous breakdown and was defeated in 8 elections, yet Abraham Lincoln never gave up and neither should we.

 

If you have never failed then you have never lived……life = risk.

I hope this small list of people that have overcome life’s adversaries can inspire all of us to put into perspective this current economic down turn, it’s how we handle the bad times that truly make us great. Life can be tough but it is still beautiful.

 

By: Mike Duggan 

 

 

California Home Sale Prices Yr-to-Yr Change

We listed Sold data for several cities. Please email, call or text if you would like sold data for a city not listed. The percentage represents the % change year-to-year Nov'07 to Nov '08.

 

Orinda +2.62%

Alamo +26.41%

San Ramon -1.62%

Dublin -19.38%

Millbrae +4.13%

Belmont  -5.67%

San Carlos -21.38%

Redwood City -22.96%

 

 

 

 

Warren Buffet: It's never paid to bet against America...

Warren Buffet says “It’s never paid to bet against America……..

Warren Buffett was interviewed on Dateline NBC recently and described the current state of the economy as an “economic Pearl Harbor” that is not as bad as the Great Depression or World War II, but still is very significant.  The Oracle of Omaha said that fear is permeating the American psyche, “which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We’ll break out of it. It takes time.”  Buffett didn’t wish to guess when the crisis would end, but he did leave with one piece of powerful advice: “It’s never paid to bet against America…We come through things, but it’s not always a smooth ride.”

Barack Obama’s senior adviser, David Axelrod, had a message for banks: start lending or else.  Axelrod appeared on ABC’s “The Week” program on Sunday and said “I think [Obama] is going to have a strong message for the bankers. We want to see credit flowing again. We don’t want them to sit on any money that they get from taxpayers.”  Obama’s adviser hinted that the incoming President is considering establishing a government run bank that would acquire the illiquid securities that continue to plague the industry. 

 Now on to our real estate education section…

Back to Basics: The Numbers and Nothing but the Numbers

When it comes to short sale investing, it’s easy to be swept away by the tide of negativity and doomsayers. They don’t call it “herd mentality” for no reason; people have a tendency to believe there is safety in numbers. While it may be true when it comes to personal safety, nothing could be farther from the truth when it comes to investing. Unfortunately, few people have the mental stamina to go against the tide even when the numbers speak for themselves.

In retrospect, most of us should have determined the market was in a bubble and taken appropriate action to safeguard our real estate investments. So, why were the vast majority of the population taken by surprise? Simply because they expected the next guy to “know better”…after all, if everyone is doing it then it can’t be wrong- right? Wrong. Like lemmings jumping off a cliff one after another, the American public bought into the belief the market would only go up-up-up. When a correction occurred they joined the masses in surprise. On the other hand, savvy real estate investors realized a correction was in order and were ready and waiting with cash in hand to pick up one short sale bargain after another for only a fraction of the price.

So when you consider the amazing value of real estate today, its no wonder we are receiving so many calls from our investor clients looking for a great deal! More wealth is created for the few in times of economic woe, is it time for you to take action?

 

 

Owe More Than You Can Sell Your House For?

Home values plummeting, home equity shrinking and a stock market that has experienced the worst free fall since the 1930’s. 401k’s that seem like 101k’s and adjustable rate mortgage payments increasing. Some of our clients have expressed an interest in refinancing their current loans, only to find out that they are “upside down” with their current mortgage. In other words, their loan amount either exceeds the current fair market value or the loan to value is too high for the bank to issue a new loan. The Government is encouraging the banks to work with homeowners with offers of mortgage modification programs in order to gain a more permanent solution than their existing loan provides. Some of our clients will have to sell their homes for a variety of reasons and may have to try to negotiate a “short sale” with the Lender. A short sale is when the home is listed at fair market value, but is below the current mortgage amount, in essence asking the bank to take a loss and accept less than the current loan balance.

What to do? As always we have been very involved in counseling our clients in the best approach for their unique situation. If loan modification seems like a good course of action, we can refer you to an excellent company that specializes in working with your Bank to try to come up with a plan that may be acceptable to you.

If a short sale is the only way to go, then we can help there also. We are experienced in short sales and know how and who to negotiate with, in your Bank to get your home sold. Short selling can be very frustrating and time consuming, but if handled right can have a less damaging effect on your credit score, long term. If you would like to read additional information on the process, please visit the below link:

 

http://www.dugganteam.com/shortsale.aspx