Penny Boling

The REAL Truth About North Beach Plantation!

2012-01-07T11:28:00.000-05:00

Starwood Capital Group and South Street Partners Complete Purchase of North Beach Towers

MYRTLE BEACH, S.C. and GREENWICH, Conn., Jan. 6, 2012 /PRNewswire via COMTEX/ -- An affiliate of Starwood Capital Group ("Starwood"), a leading investment firm focused on real estate, and South Street Partners ("South Street") today announced they have completed the acquisition of North Beach Towers, including assuming control of the remaining units and the outstanding bank debt, which was acquired in an off-market transaction at a significant discount to face value, of the North Myrtle Beach, S.C. property.

Measuring 216 feet high and encompassing almost one million square feet, North Beach Towers, located on the ocean at the south boundary of North Myrtle Beach, is the largest oceanfront condominium ever constructed on the Grand Strand. With its elaborate "Atlantis" like bridged towers shape and its classic Georgian architecture, the project has been widely acclaimed as a regional architectural landmark. As designed by Pegram Assoc. Architects and built by Dargan Construction, the project broke ground in 2006 and was completed early in 2009.

Starwood and South Street currently expect their strategy will be to maintain North Beach's current sales and marketing program and will not introduce timeshare nor any other alternative sales options. North Beach Towers has been the best selling oceanfront project in the Myrtle Beach market over the last three years, selling over 220 condominiums, representing over 50% of all oceanfront sales in the market. David Stradinger, the property's developer, and his team will continue to provide development management services for the new ownership group. Stradinger has developed over 3,000 condominiums, townhomes, and single family dwellings in addition to five golf course communities over his 30+ year career.

"We are very excited about our investment in the premier, oceanfront condominium project in the Myrtle Beach market. This best-in-class asset offers its residents the highest quality construction, interior unit finishes and amenities available in the market and is well positioned for success going forward," said Mark Keatley, a Senior Vice President at Starwood Capital Group. "South Street is an experienced, value-added partner and we are pleased to be working with them on this venture."

"With this transaction, Starwood Capital Group has now purchased loans from 17 different U.S. and European banks over the last three years as part of its ongoing and successful strategy to acquire high-upside properties via discounted debt purchases," said Chris Graham, a Managing Director at Starwood Capital. "North Beach Towers is a perfect fit into that portfolio, and we intend to continue pursuing this strategy going forward."

"Working with Starwood, one of the world's most successful real estate investment groups, on this impressive project is a fantastic opportunity," said Patrick Melton of South Street Partners. "David and his team have established a strong track-record for this development and we look forward to working with them to build upon their early success."

About Starwood Capital Group

Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm, through its various funds, has invested over $10 billion of equity capital, representing over $29 billion in assets. Starwood Capital Group currently has $19 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., and affiliated offices in London, Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com .

About South Street

South Street Partners is a Charlotte, NC based real estate investment, management and development company focused on acquiring, managing and strategically exiting distressed real estate assets or the debt collateralized by such across all real estate sectors with a focus on large metropolitan areas in the Southeastern United States. South Street's principals also have significant past experience in high-end residential projects located in resort destinations such as Cabo San Lucas, Hawaii, The Bahamas, Cashiers, NC and other locations throughout the United States. Additional information about South Street Partners can be found at www.southstreetpartners.com

SOURCE Starwood Capital Group

Copyright (C) 2012 PR Newswire. All rights reserved

HAPPY NEW YEAR!!!

2011-12-30T11:21:00.000-05:00

25 YEARS IN BUSINESS

2011-12-09T16:04:00.000-05:00

November Market

2011-12-02T09:40:00.000-05:00

WELL, now YOU finally hear on the National News and our Local News Paper that the REAL ESTATE MARKET IS IMPROVING! We've been telling you that for months! Buyers are buying and sellers are selling...and it's just not foreclosures and shortsales!
The listing inventory is falling...which means less to choose from. Interest rates are still fantastic...WHAT ARE YOU WAITING FOR? Selling? Time to put property on market...BUYING? Be prepared when the perfect property hits the market!
Congrats to all my Associates for ANOTHER awesome sales month!

C21 President's Update on Market Place...

2011-12-01T14:04:00.000-05:00

Arts community behind new center - Opinion - Letters to the editor - TheSunNews.com

2011-07-11T14:18:00.000-04:00

Arts community behind new center - Opinion - Letters to the editor - TheSunNews.com

Performing Arts Center Needs YOUR Support! Please join us Monday @ 6:00 p.m.

2011-07-08T14:03:00.002-04:00

Re: Performing Arts Center Public Meeting

Myrtle Beach City Council

Performing Arts Center Public Meeting

6:00 p.m., Monday, July 11, 2011

Rooms 206-208, Myrtle Beach Convention Center

How do you feel about adding a performing arts center to the Myrtle Beach Convention

Center? That’s the subject of a public meeting at 6:00 p.m., Monday, July 11, in Rooms 206-

208 at the Convention Center. City Council is hosting the meeting to hear from the public, prior

to any decision about a winter referendum on possible funding for such a project.

Plans are in place – but not the financing – for the performing arts center at the Convention

Center. As proposed, the facility would include an 800-plus seat theatre, a “black box”

performance space, a rehearsal hall, lobby art gallery, dual dressing rooms, back-of-house

scenery and construction space, restrooms, concessions area and box office. The public is

invited to comment at 6:00 p.m., Monday.

City Council recently has considered the possibility of a winter referendum on funding for

such a performing arts center. If Council ultimately schedules a referendum, voters likely would

be asked whether they favor raising property tax rates by approximately three mills to repay up

to $10 million in bonds to build a performing arts center. For an owner-occupied home with an

assessed value of $200,000, a three mill increase would be an additional $24 per year.

You'll NEVER look at a Wal Mart greeter the same!

2011-07-05T14:59:00.000-04:00

WAL-MART SENIOR GREETER

Mon. July 4th, 2011
4:30am
Tom Tognoli

You just have to appreciate this one. Young people forget that we old people had a career before we retired......

Charley, a new retiree-greeter at Wal-Mart, just couldn't seem to get to work on time. Every day he was 5, 10, 15 minutes late. But he was a good worker, really tidy, clean-shaven, sharp-minded and a real credit to the company and obviously demonstrating their "Older Person Friendly" policies.

One day the boss called him into the office for a talk.

"Charley, I have to tell you, I like your work ethic, you do a bang-up job when you finally get here; but your being late so often is quite bothersome."

"Yes, I know boss, and I am working on it."

"Well good, you are a team player. That's what I like to hear.”

“Yes sir, I understand your concern and I’ll try harder.”

Seeming puzzled, the manager went on to comment, “It's odd though your coming in late. I know you're retired from the Armed Forces. What did they say to you there if you showed up in the morning so late and so often?"

The old man looked down at the floor, then smiled.

He chuckled quietly, then said with a grin, "They usually saluted and said, ‘Good morning, Admiral, can I get your coffee, sir?’”

Happy 4th of July everyone and thank you to all of you that have made sacrifices in the past and to those who make sacrifices today by serving our country so that we can live in the greatest country on the face of this earth.

Monday Morning MOJO....

2011-06-27T08:39:00.000-04:00

Who am I?

Mon. June 27th, 2011
4:30am
Tom Tognoli

I am your constant companion.

I am your greatest helper or your heaviest burden.

I will push you onward or drag you down to failure.

I am completely at your command.

Half the things you do, you might just as well turn over to me,

and I will be able to do them quickly and correctly.

I am easily managed; you must merely be firm with me.

Show me exactly how you want something done, and after a few lessons I will do it automatically.

I am the servant of all great men.

And, alas, of all failures as well.

Those who are great, I have made great.

Those who are failures, I have made failures.

I am not a machine, though I work with all the precision of a machine.

Plus, the intelligence of a man.

You may run me for profit, or run me for ruin; it makes no difference to me.

Take me, train me, be firm with me and I will put the world at your feet.

Be easy with me, and I will destroy you.

Who am I?

I am your habit.

Thought You'd be Interested

2011-06-20T15:40:00.000-04:00

Thought You'd be Interested

STREET SWEEPERS! It's working!!

2011-04-11T14:41:00.002-04:00

http://www.realtor.org/RMODaily.nsf/pages/News2011040402?OpenDocument

REALTOR® Magazine-Daily News-Flipping Foreclosures Becomes New Game

2011-04-06T07:58:00.000-04:00

REALTOR® Magazine-Daily News-Flipping Foreclosures Becomes New Game

NOW IS the time to buy resort property!!

2011-04-01T16:28:00.000-04:00

Vacation-and Investment-Home Shares Hold Even in 2010

The market share of vacation-and investment-home sales held steady in 2010, although the sales volume declined with the overall market, according to the National Association of Realtors.

NAR's 2011 Investment and Vacation Home Buyers Survey, covering existing-and new-home transactions in 2010, shows vacation-home sales accounted for 10 percent of transactions last year while the portion of investment sales was 17 percent, both unchanged from 2009.

NAR Chief Economist Lawrence Yun said, "Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment homes held steady," he said. "A sizeable number of buyers made deals with all-cash offerings."

All-cash purchases have become prevalent in the second-home market in recent years: 59 percent of investment buyers paid cash in 2010, as did 36 percent of vacation-home buyers.

With an overall decline in home sales during 2010, the volume of 543,000 vacation-home sales was down 1.8 percent from 553,000 in 2009. Investment purchases fell 7.8 percent to 867,000 in 2010 from 940,000 the previous year. Primary residence sales declined 5.6 percent to 3.81 million from 4.04 million in 2009.

Foreclosure or trustee sales accounted for 17 percent of investment purchases and 11 percent of vacation-home sales in 2010, compared with 5 percent of primary purchases. "Second home buyers purchased more distressed homes at discount than did buyers of primary residences," Yun said.

The median vacation-home price was $150,000 in 2010, down 11.2 percent from $169,000 in 2009, while the median investment-home price was $94,000, which is 10.5 percent below the $105,000 median in 2009. By contrast, the median primary residence price declined a relatively modest 4.5 percent to $176,700 last year from $185,000 in 2009.

The typical vacation-home buyer in 2010 was 49 years old, had a median household income of $99,500 and purchased a property that was a median distance of 375 miles from his or her primary residence; 31 percent of vacation homes were within 100 miles and 41 percent were more than 500 miles.

Investment-home buyers had a median age of 45, earned $87,600 and bought a home that was fairly close to their primary residence - a median distance of 19 miles.

"The fall in home prices has opened opportunities for more families to enter the second-home market - the median income of investment buyers today is lower than it's been in recent years," Yun said. While the median income of vacation-home buyers in 2010 is slightly above 2007 when it was $99,100, the median income of an investment-home buyer is 5.7 percent below $92,900 in 2007.

"Even if purchases are delayed due to economic circumstances, the underlying long-term demand - the desire for purchasing second homes - remains because people in their 30s and 40s will reach the prime age for buying and will drive the second-home market in coming decades as conditions permit," Yun added.

Currently, 40.7 million people in the U.S. are ages 50-59 - a group that dominated sales in the first part of the past decade and established records for second-home sales. An additional 43.8 million people are now in the primary buying demographic of 40-49 years old, while another 40.4 million are 30-39.

Lifestyle factors continue to be the primary motivation for vacation- home buyers, with the desire for rental income driving investment purchases. Vacation homes were more likely to be located in a rural area, while investment homes were more likely to be in a suburban location.

"Vacation-home buyers want the property for their own personal use, with 84 percent saying the primary reason for buying was to use for vacations or as a family retreat," Yun said. "Rental income generation was the primary motive for investment buyers. At the same time, nearly half indicated they sought to diversify their investments or saw a good investment opportunity."

Thirty-four percent of vacation-home buyers said they plan to use the property as a primary residence in the future, as did 10 percent of investment buyers.

Twenty-one percent of investment buyers and 14 percent of vacation buyers purchased the property for a family member, friend or relative to use. "Some of these buyers purchase a home for their son or daughter to use while attending school," Yun explained.

Vacation-home buyers plan to keep their property for a median of 13 years while investment buyers plan to hold their property for a median of 10 years.

Thirty-six percent of vacation homes purchased in 2010 were in the South, 27 percent in the West, 19 percent in the Northeast and 15 percent in the Midwest; 3 percent were located outside of the U.S.

The distribution of investment properties differed from vacation homes: 32 percent were in in the South, 24 percent in the West, 21 percent in the Northeast and 20 percent in the Midwest; 3 percent were purchased outside the U.S.

NAR's analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 41.6 million investment units in the U.S., compared with 74.8 million owner-occupied homes.

NAR's 2011 Investment and Vacation Home Buyers Survey, conducted in March 2011, includes answers from 1,895 usable responses about home purchases during 2010. The survey controlled for age and income, based on information from the larger 2010 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.

The National Association of Realtors(r), "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

MARCH SUCCESS!

2011-04-01T09:14:00.000-04:00

Congratulations to all of my Associates for a job well done. March business was overwhelming active....70 sales! We're ready for April...already ringing the bell for a sale this morning.

PLEASE REMEMBER, Real Estate is LOCAL!!

2011-03-22T16:49:00.000-04:00

I have to respond to the news this morning...more negative comments on the Real Estate Market. Well...don't forget..Real Estate is LOCAL. Myrtle Beach and the whole Grand Strand area is moving forward! I didn't say we were seeing prices rise...I'm saying that people are buying and people are selling everyday...My agents alone have made over 50 sales this month already! I'm tooting our horn...for Myrtle Beach...the best place to make your home!!! For a weekend, week, the winter or a life time.

Award Winning Year for C21 Boling

2011-03-19T10:04:00.000-04:00

MYRTLE BEACH REAL ESTATE AGENTS WIN NATIONAL AWARDS FOR QUALITY, SERVICE AND PERFORMANCE IN REAL ESTATE SALES

March 2011

Penny Boling, president of Century 21 Boling & Associates, Inc., a Myrtle Beach real estate company, is proud to announce the real estate agent award winners for 2010! Corporate awards were given at the banquet at Myrtle Beach’s Wild Dunes on Feb. 24, 2011.

Traci Miles was awarded 2nd place in South Carolina Real Estate Agents by receiving a Centurion Award, Pinnacle Quality Service Award and the Presidents Award for production, sales performance and service. Traci is the award-winning agent for Century 21 Boling-Myrtle Beach in both listings and sales for 2010.

The Diamond Award goes to Debbie Davis. Debbie has been a Myrtle Beach oceanfront real estate agent with Century 21 Boling for over 15 years and is currently working at North Beach Plantation.

The Masters Emerald Award goes to Marty Corley, Tom Richards and Sara Boling Gore.

The Masters Ruby Award was won by Gene Heidt and Robert Kingsley.

Century 21 Boling Real Estate prides itself on receiving Quality Service awards for a job well done as voted by our consumers. Winners of this year’s award were Dean Houstman, Gonca Ender, Mark Bolick, Trish Taylor, Robert Kingsley and Ruthie Kearns.

Century 21 Boling as a Myrtle Beach real estate company received the Centurion Award, Quality Service Pinnacle Award and the President’s Office Award.

Penny Boling, Broker in charge, stated, “2010 was a challenging year in real estate for everyone, but I have to award to ALL of my real estate agents and staff the award of

Patience, Persistence and Perseverance. A job well done by all!”

HAPPY ANNIVERSARY GLENN!!

2011-03-14T15:06:00.000-04:00

Glenn Hellofs celebrating 21 years of business with Century 21 Boling! HIS
customers know where to find him everyday. Congratulations Glenn and thanks for all the support you give to all of the Associates @ Century 21 Boling. You are a true asset to our team!!

JOB FAIR...JOIN A WINNING TEAM!!

2011-03-02T16:54:00.000-05:00

We Made It!!

2011-02-09T08:05:00.003-05:00

I am so excited to share the good news that we have met our goal for the Heart Ball! Thanks to all of our volunteers who stepped up and didn't quit! And a BIG thank you to Carolina First that picked up the balance we were short!!! GREAT JOB.....

January Award Winners!

2011-02-05T14:18:00.001-05:00

Congratulation to Gene Heidt for being selling agent of the month!

January Award Winners!

2011-02-05T14:16:00.003-05:00

Congratulation to Traci Miles for being listing agent of the month!

Century 21Boling/Barefoot Job Fair

2011-02-02T10:45:00.004-05:00

Century 21 Boling/Barefoot Job Fair

February 8 @ 5:30 p.m.

Just started your career?

Need to BOOST?

Need more listings and sales?

Need More LEADS?

To reserve your space

email: myrtlebeach@century21boling.com

or call

843.449.2121

JINGLE JINGLE JINGLE...BELLS ARE STILL RINGING!

2010-12-20T16:24:00.001-05:00

It's almost Christmas and my sales associates have not quit! We have "rang" the bell 5 times today...meaning...5 sales recorded! HO H O HO....Merry Christmas...Our Buyers are SO happy and our Sellers are HAPPIER!

What I Want for Christmas

2010-12-20T13:38:00.000-05:00

Congratulations to Top Selling Agent - Mark Bolick

2010-12-18T11:56:00.002-05:00

Congratulations to Mark Bolick - Top Selling Agent for November!!

November Listing Agent-Glenn Hellofs

2010-12-18T11:53:00.002-05:00

Congratulations to Glenn Hellofs, Top Listing Agent for November!

My Friend, Rachel Broadhurst

2010-12-13T17:31:00.002-05:00

My Friend Rachel Broadhurst will be greatly missed. Not only by me, but all her family, friends and co-workers. She fought a good fight all the way.

Her visitation will be Tuesday evening at Goldfinch Beach Chapel from 6 till 8.

Funeral service is Wednesday, 2:00 p.m. at Ocean View Baptist Church, 7300 North Kings Hwy., Myrtle Beach SC

November 2010

2010-12-04T11:47:00.002-05:00

I'm amazed everytime I go out to dinner, parties...any social functions. The question always is "Has the Real Estate Market picked up?" YES, YES, YES! For some, not, but for us...it has! Our Sales for November surpassed 2007, 2008 & 2009. We're working with our buyers and sellers to make offers work. Lenders are working as hard as we to make sure we can secure the business. Everyone is working towards the same goal...Keep this market moving forward. We're doing our job...Want to hire us???
Penny B

THIS WEEK'S OPEN HOUSES!

2010-11-30T10:39:00.002-05:00

Thanksgiving Weekend Open Houses!

2010-11-23T10:44:00.002-05:00

Want to SAVE a little $$$??

2010-11-23T08:50:00.002-05:00

We had a meeting not long ago about budgets and how to save. My accountant shared with me that he ALWAYS gets new quotes on all of his insurance every year. Well...I did too...and saved over $4,000!
Just wanted to share this "tip" during the Holidays. Happy Thanksgiving!

Another Successful Week

2010-11-19T16:39:00.002-05:00

Another GREAT week at C21 Boling! We've had over 35 sales this month....with the busiest week coming up!
Great job to all....Keep moving forward....

October Sales Agent of the Month!

2010-11-19T09:07:00.003-05:00

Congratulations to Traci Miles for another outstanding Sales for October! Great Job Traci!!!!

October Listing Agent of the Month!

2010-11-19T09:04:00.002-05:00

Congratulations to Tom Richards for an outstanding October!

OPEN HOUSE SUNDAY....COME VISIT!!!

2010-11-17T10:46:00.000-05:00

WHAT A GREAT WEEK FOR BUSINESS!

2010-11-05T16:42:00.002-04:00

Who said the Real Estate Market is not happening??? Well, it is here @ Century 21 Boling! We've had 16 sales this WEEK! Wonder why...hmmmm. We're meeting the market and using all the tools available to serve our customers and clients! Certified Distressed Property Experts CDPE Designations work..and we've got it! Our lead generation from our marketing is finding us more buyers for our sellers! These Sales Associates KNOW how to help their customers!

VOTE FOR RIVERS LYNCH TODAY!

2010-11-02T10:11:00.001-04:00

President of Century 21 Corporate!

2010-10-20T11:20:00.003-04:00

Myrtle Beach was the host for our Century 21 Fall Sales Rally. Our President, Rick Davidson, pictured here with Sara Boling, was the speaker for the Broker Council. Our new leadership will take Century 21 into 2011 with BOLDNESS! Keep watching...and see what we're going to be doing!

We've made it!!!

2010-10-18T09:18:00.000-04:00

Daily Real Estate News October 12, 2010

Economists Say Housing at Bottom Beacon Economics analyzed home affordability and came away feeling optimistic.Beacon Economics founding principal Christopher Thornberg, whose firm advises a variety of business clients, says the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction.
"While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us," says Beacon Economics Research Manager Jordan G. Levine. "We expect prices to stabilize around current levels and likely be higher in the next 12 months."
Source: Beacon Economics (10/11/2010)

Doing Business RIGHT...makes a big difference!

2010-10-12T11:17:00.001-04:00

Congrats to Traci Miles for another customer satisfaction! Great job Traci!

Gary & I wanted to say Thank you so much for helping us with these 2 units. You have gone beyond your duties and we really appreciate it. We feel that we have made a friend for life.

Another Satisfied Customer! Congrats Traci Miles!

2010-10-11T11:14:00.000-04:00

Traci:
I just wanted to take a moment to thank you for everything you are doing and have done on our behalf. Everyone you have introduced us to via your recommendations has been superbly helpful, friendly, and responsive.
We have been impressed with you from the get go and thought 'boy were we lucky to find Traci'. Now with Gamble and Terry we are saying 'boy we were REALLY lucky to find Traci".
Thank you very much. You are making us feel very comfortable and looking forward so much to becoming residents of Myrtle Beach.
Bob & Chris

JULY AWARD WINNING AGENTS

2010-08-09T09:30:00.002-04:00

Congrats to Tom Richards for being the Award Winning Listing Agent for July. Great Job Tom!

JULY AWARD WINNING AGENTS!

2010-08-09T09:25:00.003-04:00

Congrats to Traci Miles for being the July Selling Agent of the Month! Great job Traci!

OH SUMMERTIME....

2010-08-04T15:02:00.002-04:00

August has started out with a major rush! School starting is just around the corner, yet our little beach town remains full of happy vacationers who are deciding to make their homes here. Some for a couple of weeks, others a couple of months and some forever!
Congrats to our Sales staff of the week...and it's only Wednesday!
Gene Carter, Dean Houstman, Trish Taylor, Dean Houstmand...again...Glenn Hellofs and Debbie Davis! Great job all.....

BELL RINGER WEEK!

2010-07-30T15:09:00.002-04:00

I know it's hot outside....but it's hotter here @ Century 21 Boling's office! Congrats to the sales staff for a great "BELL" ringing week! Robert, Robert, Tim, Jayme, Trish, Marty, Gonca, Mark H., Shaun, Debbie D., Traci, Shaun..again..Marty, Sara and Shaun...again! Wait till you hear what a fantastic Sales month we had! We're turning the market; one sale at a time...and it's working!

What's in your mail box???

2010-07-27T13:36:00.002-04:00

I've been receiving several e-mails regarding mail being taken from home mailboxes! Checks for payments or receiving checks and then this one: You know those credit card applications we all get in the mail...well someone filled one out and is wasn't you!
Bank did call to confirm application...thank goodness! Just another "heads-up" on life today!

Ring Ring!!

2010-07-27T13:34:00.001-04:00

Buyer, buyer, who's got the buyer this week? It's Robert Kingsley! Great job Robert!

Welcome Roger Martin

2010-07-24T09:36:00.002-04:00

Roger Martin has re-joined Century 21 Boling! Welcome back Roger!!

Ringing loud and clear!

2010-07-22T14:29:00.002-04:00

Another "BELL" ringer at Boling! It may be hot outside...but we're cookin' with sales every day! Congrats to the agents of the week!
Martha, Glenn, Marty, Shaun, Sara, Mark B., Traci, Deb B., Martha(again), Danny, Debbie D., Dean, Gene C.
It's going to be a great July!

NAR Fraud Information

2010-07-22T11:29:00.002-04:00

The Sun News has been writing about fraud in our community so I thought posting the following information from the National Association of Realtors would give us all some information and answers.

5 Real Estate Scams You Need to Know About

Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.

By Melissa Dittmann Tracey
August 2010

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

Something to remember in today's busy world!

2010-07-16T15:41:00.002-04:00

Daily Inspiration from Walk the Talk.com
So you've got a problem? That's good! Why? Because repeated victories over your problems are the rungs on your ladder to success. With each victory you grow in wisdom, stature and experience. You become a bigger, better, more successful person each time you mend a problem and tackle and conquer it with apositive mental attitude.~W. Clement Stone

HOTTER THAN A FIRECRACKER!

2010-07-16T13:49:00.002-04:00

Buyer, Buyer...who's got the Buyers? WE DO! July has proven to be a very busy month with real estate selling like firecrackers! Congrats to: Gene H., Debbie D., Eddie, Mike F., Glenn, Robert, Sara, Shaun, Marty, Trish, Jayme, Mark B. Gene C., Ruthie, Tim,....BELL RINGERS!

June Leading Sales Associate

2010-07-16T13:46:00.003-04:00

Congrats to Gene Carter! Selling agent for June.

Fireworks & Bells- Happy 4th of July!

2010-07-01T10:50:00.010-04:00

In the spirit of Independence Day let's shoot off some Fireworks in place of Ringing the Bell!

Congrats to Gene Carter, Mark Hardee and Traci Miles for being agents of the week and selling some property! Great job guys!

I hope everyone has a safe and wonderful 4th of July!

Feel free to contact us if you're in Myrtle Beach for the holiday weekend and are interested in buying or selling some real estate! We'll be here!

June is a RINGER!

2010-06-29T16:22:00.002-04:00

What a ride June has been for our business as well as all of the Grand Strand! Tourisim is alive and well in Myrtle Beach. Don't you just love summer and all the folks around here are happy? They're on vacation! What a great place to live and do business at the same time.
Enjoy the week!

Steady Ringing @ Boling!

2010-06-23T15:12:00.002-04:00

Another busy day @ Boling! Business meeting, smart discussions then back to work!
Congrats to the agents of "the day"! Marty Corley, Tom Richards, Robert Kingsley,
Tom again, Robert again, and Gene Carter! WHEW....
Is anybody else this busy????

IT'S LOUD HERE!

2010-06-22T16:52:00.002-04:00

BELLS, BELLS, BELLS RINGING!!
Congrats to the sales agents of the week (so far and it's only Tuesday!)
Ashley Harper, Kim Bodkin, Shaun Milligan, Robert Kingsley, Debbie Davis,
Marty Corley, Gene Carter, Reta Trent

Join a winning Company! Call 843.449.2121

Another BIG day here!

2010-06-17T10:29:00.003-04:00

Buyer, Buyer, who's got the buyer? WE DO!

Congrats to the agents of the "day"!
Marty Corley, Tom Richards, Robert Kingsley, Gonca Ender, Mark Hardee, Traci Miles

2010-06-17T10:16:00.001-04:00

Century 21 Real Estate iPhone App

2010-06-17T10:13:00.001-04:00

THIS WEEK'S FEATURE

GOAL: Generate LeadsHOW: CENTURY 21 Real Estate iPhone App

Today's savvy consumers want to engage interactively with a brand. They also want information immediately and conveniently, anytime and anywhere.

We are meeting the needs of today's consumer with the launch of the CENTURY 21® Real Estate iPhone app! This application is a highly functional tool, bringing CENTURY 21 innovation to life. It delivers local listings, open houses and community information based on the phone's internal GPS. Users have direct access to more information through the user-friendly List View, Map View, and Property Detail pages. Buyers researching local communities or pondering a move can enter any location nationwide and view neighborhood information, property values and school ratings.

With this new app, consumers can use the built-in camera to take photos of properties. They can also add personal notes and attach to saved listings. Most importantly, they can easily find a local CENTURY 21 Office and connect to the office to start a dialogue.

The CENTURY 21 Real Estate app is well positioned to be a "must have" tool for the new homebuyer and seasoned homebuyer alike. That means more leads for you!CENTURY 21: The Gold Standard.

IT'S HOT!! HOTTER REAL ESTATE MARKET

2010-06-14T17:03:00.002-04:00

All our hard work is paying off! The news is now announcing that the Real Estate Market is rising...duh....we've been sharing this news with all for months! The Beach is packed with Happy Vacationers who would love to own here....We were once that vacationer...and made the committment....Best time of our life!!

Congrats to the Selling Agents for "the day"!!!
Jerry Ryba, Mike Finnigan, Kim Bodkin!!

Monday Morning MOJO! My favorite!

2010-06-14T09:11:00.002-04:00

Walk the talk
Mon. June 14, 2010 Tom Tognoli

There are two types of people in the world. There are the “Givers,” those people who are always going out of their way to help others - lend a hand, give a positive comment, make you feel good, and encourage you. Then there are the “Takers.” This type of person is always trying to work the angles to benefit themselves. They are in it for Numero Uno and have their hand out looking for someone to give them something. They tend to dish out sarcastic comments, tearing you down, and suck the energy from you.

Which one are you?

Here is the interesting thing. Those who “give” get and those who “take” get taken away. It is a universal law of life we all need to understand if we want to accomplish our goals personally or professionally. On the surface it is so hard to get our heads around and comprehend. It is like saying if you want to go faster, take your foot off the gas. However, everything in life works that way. If we want to accomplish our goals, we have to help others accomplish theirs, but don’t do it for selfish reasons. Don’t do it just because it is going to help you accomplish your goal. Be genuinely connected with those you help, be in it for them. If you want to get fit and healthy, help others get fit and healthy. If you want to become closer to God, help others get closer to God. If you want to make more money, help other make more money. If you want to improve your business, help others improve their business.So, why is that?I think it subconsciously helps us have integrity and accountability with what we need to do to accomplish our goals. We can’t genuinely advise and help someone to do one thing, and then do something completely different. The best way to help someone is to show them how, not tell them - that’s called Leadership, actually it is called Servant Leadership.Someone once told me that if you want to know what your kids are going to be like when they grow up, it is not going to be what you say - look in the mirror and stare into the eyes of the person you see. That is what your kids are going to be like. You can’t ask others - whether it is your kids, your friends, your colleagues, etc. to get up early, workout, eat right, spend quality time with your family, invest, be focused, accountable and discipline at work – and then go about your day getting up late, never working out, eat like crap, never spending quality time with your family, spend every penny you make and be a lazy ass at work.It is like writing Monday Morning MOJO. People are always telling me how much they love getting it every Monday morning. I have thousands of people signed up from coast to coast who receive it every Monday morning, and by the time it gets forwarded on to other peoples distribution lists, who knows it may be reaching ten of thousands of people every week. The interesting thing is that the person who gets the most out of MOJO is me, because I have to take the time and write it - it burns the message into me. Then I have to have integrity with what I write. I can’t say go for it and have a great life, then sit on my ass and watch life pass me by.Make it a week of MOJO!

ANOTHER RING....

2010-06-12T10:29:00.001-04:00

IT'S HOT HOT HOT...not just in temperture...but in Century 21 Boling's business!

Buyer, Sellers, New Agents....

Congrats to Traci Miles for another sale this week! Great Job Traci!!

TGIF..not for us....24/7

2010-06-11T15:53:00.002-04:00

Is the Real Estate Market stable? Buyers think so!

Congrats to our selling agents of the day:

Shaun Milligan & Sara Boling

Great job!

NOISY WEEK!

2010-06-10T09:22:00.002-04:00

Noisy with the sound of bell ringing with business!!! Congrats to:
Gene Heidt, Shaun Milligan, Traci Miles, Gene Carter Jayme Crossingham, Trish Taylor, Fred Scott & Jerry Smith...
What a great day!!! Your buyers and sellers are SO lucky you work for them!!

BELL RINGING...BUSY WEEK!

2010-06-08T16:41:00.002-04:00

We're off to a great start for June! Coastal has won the ball game, tons of fans in town this weekend...and we're selling real estate every day!

Congrats to our successful agents for this week...and it's only Tuesday!

Jay Bonnoitt...selling everything @ Market Common! Way to go Jay!

Sara Boling ...vacationing and negotiating contracts on her listings!

Ruthie Kearns...negotiation contracts while in the hospital after her kayake ran into an oyster bed!

We just keep moving forward...one contract at a time...just many contracts in the day!!

ANOTHER RING....

2010-06-05T15:48:00.001-04:00

WOOPS! GOT ANOTHER RING FOR THE WEEK!

CONGRATS TO:

MARK BOLICK! WAY TO GO MARK!

BELL RINGING!

2010-06-05T12:50:00.002-04:00

Oh, what a GREAT week following Memorial Day! Bells ringing every day!

Congrats to the following agents for their sales this week!

Mark Hardee - 3 times!!!

Gene Carter

Robert Kingsley - double dipping!!

Several offers on the table.....

RINGING IN THE HOLIDAY!

2010-05-28T15:28:00.001-04:00

OH YEAH....IT MAY BE A HOLIDAY WEEKEND, BUT WE'RE STILL SELLING REAL ESTATE!

ANOTHER GREAT MONTH FOR CENTURY 21 BOLING & ASSOCIATES!!

RING RING R ING!

2010-05-25T16:32:00.002-04:00

Yes, it another day of bell ringing here at C21 Boling!

Congrats to these agents for working the business, writing offers and making them work!

Gene Carter
Fred Scott
Jerry Smith
Marty Corley
Traci Miles
Gene Heidt
Sara Boling Gore

Way to go!!

YMCA SUPPORT...PLEASE

2010-05-24T16:52:00.002-04:00

We have this wonderful YMCA finally built! But REMEMBER, programs always need our support. Please take a moment to read the attached, write your check and give yourself a pat on the back for supporting your community and your YMCA! Thanks!!!

Dear Friends of the “Y”,

The Claire Chapin Epps Family YMCA is at the threshold of an exciting future. Our new facility opened this past October and has already doubled it’s membership base. Your YMCA serves the Myrtle Beach community with health awareness, family support and youth development programs. We must keep pace with the demand.
Your YMCA is a community-based organization that has been and continues to be committed to the progressive development of people in spirit, mind and body. Since 1983, we have been mobilizing the energy, ideas and resources of people to provide programs and services that offer diverse opportunities to everyone in our community, including those who are disadvantaged or have special needs.
We ask that you consider partnering with your YMCA this year by donating to our 2010 Partnership with Youth Campaign. This year our goal is to double the number of partners to 500 while raising $53,000 for this program. We understand that this is a difficult time for everyone and this is why YOUR COMMUNITY needs YOUR SUPPORT now more than ever. Your YMCA continues to offer over $65,000 a year in program scholarships which enables families in need to participate in Y-After School, Summer Camp, Youth Sports, At-Risk Teen Programs and with the new YMCA now open, Learn to Swim Programs. Money raised through this campaign is used to provide financial assistance for children and youth to participate in these YMCA programs throughout the year. The YMCA turns no one away due to their inability to pay.
Every child, adult and senior citizen deserves the positive opportunities that YMCA programs and services provide, and we need community support to continue to make that possible for all. The YMCA's focus is to empower people. Character values of caring, honesty, respect and responsibility are incorporated in everything we do, including all of our children's programs.
Please use the enclosed pledge card to make your tax deductible donations. Donations can be mailed to: Claire Chapin Epps Family YMCA: PO Box 7338, Myrtle Beach, SC 29572. Checks should be made out to: YMCA. Our new YMCA building is complete, but programs NEVER end. Please give what you can…….Thanks.

With grateful appreciation,

Penny Boling
YMCA Board Memberback for supporting your community and our YMCA! Thanks!

Monday Business

2010-05-24T16:20:00.002-04:00

It was a great weekend for our Open Houses! And for SELLING Real Estate!

Ring the Bell for these agents for their multiple contracts!

Mark Hardee - 4 contracts! WAY TO GO MARK!!!

Traci Miles - 3 contracts and MORE ON THE WAY! Amazing Traci!!!

May is finishing up as a month of success for many! Great job everyone!

Thank goodness it's Friday!

2010-05-21T15:50:00.001-04:00

BUT, WE STILL HAVE SATURDAY AND SUNDAY TO SELL REAL ESTATE!

ANOTHER BELL RINGING DAY FOR OUR AGENTS!

CONGRATS TO:

DEBBIE DAVIS

DEAN HOUSTMAN - 3 SALES THIS WEEK!!

GREAT WEEK EVERYONE. NOW IT'S TIME FOR OUR OPEN HOUSES!!

BELL RINGING ALL DAY!

2010-05-20T14:06:00.001-04:00

It's another SUCCESSFUL week here at C21 Boling! Our agents are working the market and listing and selling property every day!
RING THE BELL FOR THESE AGENTS:
Mike Finnegan
Tom Richards
Mark Hardee
Gene Carter
Gene CArter - again!
Deb Bullen

And the week isn't finished yet!

Congratulations on a job well done!

OOPS...ANOTHER RING!

2010-05-17T16:32:00.001-04:00

HERE'S ANOTHER RING FOR MONDAY......ANOTHER SALE THAT IS!!!

CONGRATS TO GENE CARTER....

MONDAY, Ringing the BELL!

2010-05-17T16:20:00.002-04:00

Another busy Monday @ Century 21 Boling! We ring the bell for every sale we get during the day....and the bell-ringers! Today's bell ringers are:

Shaun Milligan
Traci Miles
Trish Taylor
Jayme Crossingham
Glenn Hellofs
Shaun Millian...again!

Just a normal busy day here at the office!!

THANK YOU CHAMBER!!

2010-05-14T13:40:00.002-04:00

I'M BACK!!!

2010-05-13T15:47:00.002-04:00

It's time to get back to business now that I'm done being the MOB! I have attached my daughters wedding photo to share with all. She was a beautiful bride!

The real estate business in Myrtle Beach is moving fast! Multiple offers on properties or should I say "foreclosures" are happening often within certain resorts and neighborhoods.

Financing still remains the same...tight! That's why 40-45% of our buyers are paying cash. Amazing!

We do have Fannie Mae financing on the only oceanfront condo project in the Grand Strand, North Beach Plantation. Prices from pre-construction have adjusted down 35-40%. Let us know if you need any info on North Beach or any other properties that we are now sellling. And don't forget to ask for our updated foreclosure list!

MARCH: ANOTHER RECORD SETTING MONTH

2010-04-01T09:33:00.002-04:00

The Sales Associates @ Century 21 Boling are amazing! Give them a job and it's done! Give them a challenging market place and they go to work! Great job everyone!!

FLOOD INSURANCE

2010-04-01T09:24:00.000-04:00

Because the US Congress argued over funding, the deal on flood insurance fell apart over the weekend. If you are working a transaction that involves flood insurance, contact your closing attorney ASAP. The US Congress failed to reach consensus on a spending bill last weekend so flood insurance is now a serious issue threatening transactions.The current situation is the result of the House and Senate's failure to agree on how to pay for the reauthorization of NFIP, along with a number of programs including unemployment insurance, COBRA health coverage, etc. that are all together in one bill.

For a while now, all that has been possible is a series of short term extensions. Before Congress recessed, all reports were that a deal was near; obviously it fell apart. There have been six flood extensions since September of 2008, and this is first one since 2002 where the program was not extended within a few days of the expiration date. Right now, NAR efforts are focused on clarifying with Federal agencies, GSEs, and the bank regulators, what is permitted. And, what they can do to help clarify what options lenders have.

The OTS guidance is an example of that. Also see the excerpt from the NFIP Manual in the adjacent sidebar, for further confirmation. NAR should have something from FHA and Fannie tomorrow; Freddie has issued something confusing, and NAR is seeking clarification. They will provide an update with the guidance, and have issued a targeted and expanded Call For Action. Unfortunately flood insurance has been caught up in a larger political debate over the federal deficit.

For more information, use these links:OTS Guidance FEMA Memo & FAQsIf you're experiencing closing issues, please contact the SCR Legal Hotline at 800-233-6381 or email Byron King. Sincerely,Byron KingSCR VP & General Counsel

Boasting BROKER!

2010-03-17T15:53:00.002-04:00

Century 21 Boling is making a difference in the market every day, one listing, one sale at a time! When my Associates make a sale...we RING THE BELL! There is so much "bell ringing" going this month and past 4 months...that Company records are being re-set!!
Watch our video that was posted last week and see what kind of motivated associates we are!

Buyer or Selling...you need to know who's working. We don't do miracles...but we work hard and get the job done!

HAPPY ST. PATRICKS DAY!

2010-03-17T12:43:00.001-04:00

Hi, Everyone... "Diligence is the mother of good luck." That's the way Benjamin Franklin put it back in the 1700s.

The Roman philosopher Seneca said, "Luck is what happens when preparation meets opportunity.

"Here's what I think (after 44 years of experience - plenty of failures, some success - reading and listening to the stories of experts and those who've been through it all)...Luck is a force that makes things happen.

You want more luck...
Prepare.
Work hard to be ready for the opportunities that are important you.
Research. Practice. Perfect.
Be awake.
Pay attention to the people, events, and things around you.
Evaluate logically and trust your gut instinct.
Take action.
Put yourself out there.
Explore.
Be vulnerable.
Make contact with people.
Take risks.
Expect positive results. Optimism improves your chances. If (when) you fail, embrace the lesson and continue on, smarter. That's it.
Now go be lucky.Happy St. Patrick's Day!
Sam
Author of Smile & Move and 212

VISIT OUR OPEN HOUSES....EVERY WEEKEND!

2010-03-12T11:09:00.000-05:00

Century 21 Boling Award Winning Video!!

2010-03-08T17:54:00.001-05:00

My staff surprised me with their skit during our Award Banquet and WON!

Enjoy...it will make you smile!

http://www.youtube.com/watch?v=bBGI2AdCGFw

Award Winning Video on UTUBE

2010-03-08T09:45:00.000-05:00

http://www.youtube.com/watch?v=bBGI2AdCGFw

Watch this and YOU will smile!!

FULL SERVICE OFFICE @ MARKET COMMON

2010-03-06T11:15:00.001-05:00

Century 21 Boling & Associates, Inc
@
Market Common

We are pleased to announce to all our homeowners @ Market Common that we now offer a “Full Service” Real Estate Office. NOW we can assist you with all your real estate needs; buying or selling anywhere on the Grand Strand!
.
Our location has not changed. We are still on the corner of Howard & Hackler. Even the phone number is the same: 843.839.2121…

.And YES, we can assist you in purchasing all new products at Market Common with buyer representation.

ANOTHER AWARD WINNING YEAR FOR BOLING!

2010-02-27T13:10:00.000-05:00

Another Award winning year for Century 21 Boling & Associates, Inc.! Number #1 position as top producing Company in Commissions in South Carolina and the number #1 office within the Coastal Carolina Association of Realtors! Awards received for company are Double Centurion and Quality Service. Traci Miles was awarded the Centurion award and top producing agent for 2009 within C21 Boling. Other award winners are Tom Richards, Danny Baxley, Debbie Davis, Gene Carter, Sara Boling, Glenn Hellofs, Eddie Marshall, Karen Craigo, Tilley Wingo, Kevin Strickland, Robert Kingsley.

Century 21 Boling also was awarded the "Spirit Award" for 2010! An honor bestowed on the agents program presentation at the annual award banquet featured on our blog and facebook!

http://www.thesunnews.com/129/story/1309747.html?story_link=email_msg

2010-02-14T16:12:00.000-05:00

http://www.thesunnews.com/129/story/1309747.html?story_link=email_msg

SOUTH CAROLINA NO LONGER A SECRET!!

2010-01-28T13:53:00.001-05:00

Key Trends in Baby Boomers Moving in “Retirement”

2010 Del Webb Baby Boomer Survey

To move or not to move?

o About 1/3 of Baby Boomers plan to move to a new home during retirement.

o The desire to move during retirement is on the rise as 42% of today’s 50-year-olds plan to
do so as compared to 36% among the 1996 50-year-olds.

Where will you move?

o Approximately 50% of both age groups who plan to move during retirement plan to move
to a different state while about 25% of them plan to move to a different city within the same
state.

o The Carolinas are the New Florida among both the younger and older Baby Boomers.
Florida, Tennessee and Arizona also remain Top contenders.

o 50-year-old’s ranking of where to move: S. Carolina (20%), N. Carolina (16%), Florida
(15%), Tennessee (9%), Arizona (8%), California (8%), and Virginia (8%).

o 64-year-old’s ranking of where to move: N. Carolina (19%), S. Carolina (16%), Florida
(15%), Tennessee (12%), Virginia (10%), Arizona (6%), and California (6%).

So what’s important in deciding where to move?

o “Cost of living” and “healthcare” were the MOST important considerations in selecting a
location for both age groups.

How about age-restricted communities?

o Interest in age-restricted appears to peak after age 50. Of those Del Webbers who are
planning to move again, fully 10 to 1 indicate a preference for age restriction.

SHORT SALE HELP ON THE WAY???

2010-01-18T08:46:00.001-05:00

Business
Sunday, Jan. 17, 2010
Rules aim at short sales Policies to speed up process
By Paul Owers - Sun Sentinel

FORT LAUDERDALE, Fla. -- Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.
The rules from the U.S. Treasury, which also allow financial incentives for sellers and lenders, could figure prominently in the Grand Strand's housing market, where short sales have become extremely popular during the market's rut. A short sale occurs when the bank agrees to sell the house for less than what is owed on the mortgage so the seller can avoid foreclosure.
Gary Balanoff, a real estate agent with Re/Max Select in Oviedo, Fla., tells his clients to expect at least a 60-day wait when they try to buy or sell a home via a short sale.
Poll Do you think new federal rules will help speed up short sales along the Grand Strand?

New rules designed to speed up short sales
New rules designed to speed up short sales
Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.
The rules from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in Florida's housing market, where about one in every five existing-home purchases involves a short sale.
Gary Balanoff, a real-estate agent with Re/Max Select in Oviedo, Fla., tells his clients to expect at least a 60-day wait when they try to buy or sell a home via a short sale. And as Treasury's expedited short-sale process emerges between now and April, he said, he's not going to tell his clients any differently.
•
Obama expands housing help to include second mortgages
Obama expands housing help to include second mortgages
WASHINGTON â€” The Obama administration expanded its efforts to prevent Americans from losing their homes, unveiling a program Tuesday that's designed to give financial incentives for companies to modify the terms of troubled second mortgages.
The new effort builds on the Making Home Affordable program, which was announced on Feb. 18 to arrest the rising rate of foreclosures by lowering homeowners' monthly payments. The administration now will give cash rewards to mortgage servicers, who act as bill collectors for investors who own pools of mortgages.
As many as 6 million homeowners nationwide are thought to be at risk of foreclosure over the next several years, potentially prolonging the worst housing slump in modern times and delaying an economic recovery. The administration hopes to help 4 million of these homeowners avoid foreclosure.
•
Don't know what liquidity is? Derivatives? Hedge fund?
Don't know what liquidity is? Derivatives? Hedge fund?
A number of financial terms have become a part of the daily conversation as the worst financial crisis in decades has deepened, affecting companies, industries and ordinary people. A slowdown that began in the real estate market has led to bank failures, plunging stock prices and an economy that may be hurtling toward a deep recession. The glossary below list short definitions for these terms. Basis point: One one-hundredth of 1 percentage point. Changes in interest rates are measured in basis points. So if the target Federal Funds rate was at 2 percent and it was cut by 50 basis points, the new target rate would be 1.5 percent. Collateralized debt obligations: A security backed by underlying bonds or other fixed-income assets. CDOs are made up of different tranches that are rated according to risk; the riskier tranches pay higher interest rates to investors. Credit rating agencies have been accused of failing to account for the risks that many CDOs posed and mistakenly gave them AAA ratings, the highest
•
Real Estate Mailbag
Real Estate Mailbag
DEAR BENNY: I live in Iowa, while my sister and her husband live in Florida. We want to buy a home together in Florida. They will pay for 50 percent of the home and I will pay for 50 percent. We will all be listed on the deed. What is the best way to hold title to the property? It is our intent that should any of the parties involved die, anyone left should have a right to live there for the balance of their life. What is the best way to designate how the property transfers upon the death of the last party involved? --Mickey
DEAR MICKEY: I don't practice law in Florida, so my answer has to be general in nature. You should consult with a local attorney in that state. Oversimplified, I recommend that title be held as follows: sister and her husband as tenants by the entirety as to half of the property and as tenants in common with you as to your half.
This way, if you die first, your last will and testament will provide guidance as to how you want your half to be distributed. You could make your sister
•
Mailbag
Mailbag
DEAR BENNY: With mortgage loan rates at record lows, I'm thinking of refinancing my 30-year fixed-rate loan. The lender is recommending that I roll into the refi amount the balances I owe on my car and two credit cards. The advantages would be that they'd be "paid off," the interest rate on the amounts would be lower than I'm currently paying on any of them, and the interest paid would be tax-deductible. But I see a big disadvantage, too. The total of the amounts on those five-year (on which I still have three years to pay) and revolving loans would now be amortized over 30 years! Does it make sense to do that? How can I figure out if it's a smart move or not? --Janet
DEAR JANET: I think it's a good idea, but only you -- and your pocketbook -- can make the final decision. The interest you pay on your car loan and on your credit cards is not deductible for income tax purposes. So your lender is offering you a deal whereby you pay less and at the same time have the opportunity to deduct the mortgage interest
And as the Treasury's expedited short-sale process emerges between now and April, he said, he's not going to tell his clients any differently.
"It's a very, very tough process to get some degree of standards," Balanoff said of short sales. "I think this will help -- it will put more pressure to comply and get quicker results. ... Three or four months of waiting for an answer is not doing anyone any good -- even lenders."
The effect of the new rules will likely be somewhat limited because only banks that owe the federal government TARP bailout funds must comply.
And according to Balanoff, even when certain banks do push for faster short sales, there is so little consistency among mortgage negotiators that he doesn't expect the new deadline measures to be applied or enforced evenly.
Many of the single-family mortgage holders along the Grand Strand are "under water," meaning they owe more than their homes are worth.
While short sales are considered an ideal solution for banks and for "under water" homeowners on the verge of foreclosure, the deals often drag on as lenders take weeks or months to decide what to do.
Frustrated buyers sometimes walk away during the delays. In some cases, lenders insist that the borrowers share in the financial loss, which holds up the transactions even longer. As a result, homes stay on the market, prolonging the housing downturn.
The Treasury rules, in addition to imposing a 10-day deadline for bank decisions, call for sellers to receive $1,500 moving allowances -- and for the sellers to not have to repay any of the debt.
Also, lenders will get $1,000 to cover administrative and processing costs, while investors owning the mortgages will receive a maximum $1,000 for allowing as much as $3,000 of a short sale's proceeds to be distributed to less senior lenders.
The 83 loan servicers participating in the Obama administration's Making Home Affordable loan-modification program, including Bank of America and JPMorgan Chase, are required to follow the guidelines for all borrowers who have requested short sales or who did not complete loan modifications.
The rules do not specifically apply to loans guaranteed by Fannie Mae or Freddie Mac, which constitute about half of all U.S. mortgage debt.
The two government-run mortgage companies are working on their own guidelines.
The Treasury plan, which must be implemented by lenders no later than April, is meant to help sellers like Dawn Sclafani, who has been waiting since October for her lender to approve a short sale offer on her South Florida home. A buyer has offered $155,000, and she owes $233,000.
Sclafani, a 50-year-old psychologist who lives in Margate, Fla., said she is eager for her bank to approve the deal so she can put the experience behind her.
U.S. Rep Ron Klein, D-Fla., said the guidelines are meant to make short sales "a more usable tool." Klein notes that the rules provide standardized paperwork for all short sales, and give buyers and sellers a more reasonable time frame for finding out whether or not the sales will happen.
But Klein and others say the government may have to increase the financial incentives. The $3,000 cap on short-sale proceeds to less-senior lenders is not sitting well with second-lien holders, who have been demanding more money from sellers, the first lenders and real-estate agents in exchange for releasing their claims and allowing the short sales to proceed.
"This is a great program if all these mortgages had only one lien holder," said Travis Hamel Olsen, chief operating officer for Loan Resolution Corp., an Arizona company that helps lenders complete short sales. "But many of these properties have two liens."

Home Buyer Seminar-Take Advantage of Tax Credit

2010-01-11T19:38:00.001-05:00

Click on the image for a larger version...

CONGRATULATIONS!

2010-01-09T09:25:00.003-05:00

Congratulations to all of my Associates and Staff for a wonderful, successful year! You all did an amazing job in this market place and landed Century 21 Boling & Associates, Inc. in the Number #1 Position in our MLS for offices! Your challenges were great but you all moved forward to make a difference for all of your buyers and sellers. Our staff supported us all to give us the freedom to do our jobs of listing and selling real estate during 2009. I applaud you too! Our market is changing daily and so are we to meet this market with our continued training and motivation!

WELL DONE Century 21 Boling Associates & Staff

Your Broker,

Penny B

KEEP WARM...Ideas from my friends at FSA

2010-01-06T11:52:00.000-05:00

Brrrr, It's Cold!Issue 1 January 5, 2010
We got our first taste of winter this week on the Grand Strand. Stay warm and think Spring!! Here are some helpful cold weather hints from your friends at FSA-Full Steam Ahead. We will help you save some money and help you from encountering any burst water pipes.
Preventing Frozen Pipes: Insulate your pipes that are in crawl spaces and attic. Do not be shy in the amount of insulation that you use.

Seal leaks that allow cold air inside your home where the pipes are located. Look for leaks around dryer vents,pipes & electrical wiring.

Disconnect your garden hose if you have one.

A trickle of hot & cold water might be all that it takes to keep your pipes from freezing. Open the cabinet doors to allow heat to get to insulated pipes under sinks & appliances near exterior walls.

Reverse the ceiling fan. This forces hot air down from the ceilings in your home.

If you are going out of town, make sure you keep the thermostat no lower than 55 degrees F. Have a friend or neighbor check your house daily.

Shut off and drain the water system. Note: this will affect your fire protection sprinkler system.

If you do encounter frozen pipes call a licensed plumber and then call FSA- Full Steam Ahead Inc.@ 843-626-7391!
We hope you find these hints helpful and if you do encounter any burst water pipes, call FSA-Full Steam Ahead @ 843-626-7391. We respond 24 hours a day and on time. Let FSA-Full Steam Ahead take on the burden of repairing your home. Copyright 2010

GREAT NEWS!!

2009-11-21T09:28:00.000-05:00

Fannie: 'Recovery Is Here'; Inman News

11% growth in home sales forecast for 2010
The deepest and longest recession since the Great Depression appears to be over, Fannie Mae economists say, projecting sales of new and existing homes will jump 11 percent next year and that national home prices will stabilize, remaining essentially flat.
The mortgage guarantor's monthly housing forecast projects 5.96 million home sales in 2010, with sales of existing homes growing by 10 percent, to 5.46 million. New-home sales are expected to rebound even more sharply in 2010, growing by 24 percent to 498,000.
"It appears that the economic recovery is here," Fannie Mae economists Doug Duncan and Orawin Velz said in a report summarizing their economic and mortgage forecasts, although they expect it will be weak compared to previous recoveries from deep recessions.
Real gross domestic product (GDP) grew at a 3.5 percent annualized pace in the third quarter, following five declines in the prior six quarters, they noted, but growth is likely to moderate in the final three months of the year before strengthening in late 2010.
The first-time homebuyer tax credit helped boost third-quarter home sales, which also led to a jump in real estate brokerage commissions, Duncan and Velz said in their report.
A 23.3 increase in the annualized rate of residential investment (home sales) in the third quarter was the largest in more than two decades, although it came from "extremely depressed" levels, the report said. Real residential investment was contributing to economic growth again, adding 0.5 percentage points to third-quarter GDP growth.
But a survey of consumers in October showed the percentage of respondents indicating that "jobs are hard to get" hitting a new high for the downturn. In their economic forecast, Duncan and Velz said they expect the unemployment rate to average 10 percent next year, up from 9.3 percent this year and 4.6 percent in 2007.
Their housing forecast projects that housing starts will surge by 35 percent next year, from a recent historic low of 462,000 projected starts in 2009 to 624,000 next year.
Fannie Mae expects national home prices will stabilize next year, with the median resale home price remaining essentially unchanged at $170,800. That's a 0.2 percent decline from 2009 and a 22 percent decline from 2007.
The median price of a new home is expected to fall by nearly 2 percent from this year to next, to $208,400 -- a 16 percent decline from 2007.
Although new-home sales fell in September after five consecutive months of increases, the months' supply of new homes was unchanged at 7.5 months. New-home stocks have fallen steadily since May 2007, and are at the lowest levels since 1982, Duncan and Velz said in their analysis.
Other data indicate "a substantial excess supply of housing." The homeowner vacancy rate grew to 2.6 percent during the third quarter -- still below the 2.9 percent level reached at the end of 2008 but well above the long-term average of 1.7 percent.
At 11.1 percent, the third-quarter rental vacancy rate was the highest since record-keeping began in 1965. That has depressed rents, which along with stagnating wages relieves pressure on the consumer price index, and that should in turn allow the Federal Reserve to keep short-term interest rates on hold until late 2010, the Fannie Mae economists project.
Mortgage originations are expected to plummet 29 percent next year from 2009 levels, to $1.34 billion, as mortgage rates rise and this year's refinancing boom comes to an end.
Fannie Mae projects $1.3 billion in mortgages will be refinanced this year, accounting for two-thirds of mortgage originations by dollar volume. Only about half the volume in refinancings is expected next year, as many who are eligible to refinance will have already done so. Also, interest rates for 30-year fixed-rate conforming mortgages are expected to rise from an average 5.07 percent this year to 5.42 percent in 2010.
Rates on 30-year fixed-rate mortgages hit a record low of 4.78 percent in April, largely due to the Federal Reserve's purchases of up to $1.25 trillion in mortgage-backed securities in a temporary program that's scheduled to end in March 2010.
With purchase-loan volume expected to climb 13 percent in 2010, to $733 billion, refinancings will make up less than half of the total dollar volume of mortgage loans.
Applications for adjustable-rate mortgage (ARM) loans are expected to account for 8 percent of loan requests next year, up from 5 percent this year but significantly less than the 20 percent market share ARMs caputured in 2007, when the financial crisis began.

VOTE TODAY!

2009-11-17T10:41:00.001-05:00

TODAY IS THE RUN-OFF FOR OUR CITY ELECTIVES.

PLEASE VOTE! I'M NOT IN THE CITY...SO I'M COUNTING ON YOU!

SOUTH CAROLINA FALL 2009 HOUSING MARKET QUARTERLY REPORT

2009-11-14T10:57:00.002-05:00

The Center for Real Estate in the Moore School of Business at the University of South
Carolina’s Moore School of Business is excited to introduce its newest publication:
South Carolina Housing Market Report.
This publication provides on-going objective economic analyses focused exclusively on the
home building and real estate industries in South Carolina.
The focus of this publication will be on current national- and state-level economic
conditions, how these conditions affect the housing industry both nationally and in South
Carolina, and what current and historical conditions imply about the outlook for the South
Carolina housing industry.
South Carolina Fall 2009
Housing Market Quarterly Report
Written by Joseph C. Von Nessen, Ph.D., // Division of Research, Moore School // Contact: Joey.VonNessen@moore.sc.edu
1.
South Carolina
Housing Market Quarterly Report
The recession is most likely over. Most economic indicators suggest
that we are now in a period of economic growth.
The banking industry is just beginning to absorb the losses from
defaulting commercial real estate loans, which will make future
loans of all kinds harder to acquire. Thus, despite the fact that the
residential real estate market is showing signs of recovery, the
recovery will be slow because of the increased difficulty for the
home-building industry to obtain loans.
The high U.S. and South Carolina unemployment rate is expected
to persist for the remainder of 2009 and into 2010. Nevertheless,
this is not an indication of a deteriorating overall economy. High
unemployment generally lingers through the initial stages of
economic recovery and is usually one of the last signs of recovery
from a recession.
Additional foreclosures and increased housing vacancy rates
are likely to accompany high unemployment. This will lead to
additional inventory and reduced housing prices at the national
level. South Carolina, however, has experienced house price
appreciation throughout 2009, an increase in permit activity, and
only small increases in foreclosure rates. These facts suggest not
only that South Carolina is a relatively stable housing market,
but also that much of the excess inventory has been eliminated.
In turn, South Carolina will be spared from some of the national
consequences of additional foreclosures.

FOR MORE ON THIS MARKET REPORT, PLEASE JUST E-MAIL ME.

PENNY BOLING

PRESIDENT

MAKING HOMES AFFORDABLE

2009-11-13T15:12:00.000-05:00

Highlights of the Homeowner Affordability and Stability Plan, or “Making Homes Affordable” program include:
• Refinancing mortgages.
• Creating a $75 billion homeowner stability initiative to help those who are struggling to afford their mortgage payments, but cannot sell their homes because home prices have fallen.
• Strengthening confidence in Fannie Mae and Freddie Mac.
To qualify, borrowers will have to provide their most recent tax return, two pay stubs, an “affidavit of financial hardship” and proof that the loan was made before Jan. 1, 2009, and that the single-family mortgage does not exceed $729,750. Borrowers can only have their loans modified one time.
The loan restructuring program, for which the government said up to 4 million borrowers are expected to qualify, will run through 2012.
The up to 5 million borrowers with mortgages held by the government-controlled mortgage finance entities Fannie Mae and Freddie Mac should be eligible to refinance through June 2010. Below are two link to these programs please share this information with your agents.

Home Saver by Fannie Mae

Hope Now supported by HUD

RINGING THE BELL!

2009-11-11T09:31:00.001-05:00

WOW.....We rang the bell 10 times yesterday! Yes, 10 sales recorded in one day! Recession? Not in our Company!

Questions & Answers regarding the Tax Credit

2009-11-06T10:24:00.002-05:00

NAR Frequently Asked Questions
Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who
meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a
new home. I have lived in my current home for more than 5 consecutive years and
am within the new income limits. I will go to settlement on November 20. If
President Obama has signed the bill by the time I go to settlement, will I qualify for
the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment
(when the bill is signed). There is no reference to the date of contract for the new credit. The
provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a firsttime
homebuyer but was not within the prior income limits at the time I
entered into my contract to purchase on October 30, 2009. I will be covered,
however, by the new income limits. If the new rules have been signed into law by the
time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.
The income limit and other eligibility rules will look to your status as of the date of purchase,
which is the settlement date. So if the new rules have been signed when you go to settlement,
you should be eligible for the credit (or a portion of the credit if you're within the phaseout
range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I
have found a home with a nonnegotiable
price of $825,000. Will I be able to use any
of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount
above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an
absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting
since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the
other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you
will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000
and lived there until 2008 when he got a divorce. Whether John has been renting or bought in
the interim, he WOULD INDEED be eligible for the credit because he owned a home and
occupied it as his principal residence for 5 consecutive years out of the last 8 years. The
keyword here is "consecutive." As long as he lived in that house for 5 years straight what he
did since 3 years doesn't impact eligibility.
Question: I am an eligible firsttime
homebuyer. I entered into a contract to purchase on
November 1, 2009. Do I have to go to closing before December 1? How does the
extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as
if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30
(or July 1, worst case), the purchaser will be eligible for the credit.

2009-11-04T14:59:00.002-05:00

The single best predictor of overall excellence is a company's ability to attract, motivate, and retain talented people. ~Fortune magazine

I had to post the Walk the Talk Inspiration for today. It just says what we are here at Century 21 Boling.

With 70 sales for October, we've got it together. An awesome team of Associates and Staff.