You gotta love this market...

I pick up my phone a few days ago in an effort to keep myself on task. I see my next call is a listing agent that I am waiting to hear from about an offer I have submitted for my client.

Here is the backdrop...we submitted an offer for a home in South Corona last Monday. The home is owned by GMAC and they required their own lender to approve the buyer. My client calls the lender, sends their documentation and we wait. On Friday we receive the pre-approval letter and notice that our offer has finally been submitted to the bank. Monday I left the listing agent a message attempting to find out the status of our offer. On Tuesday, they call me back.

"We have a counter for your buyer," the agent says. They rattle off the terms of the counter and tell us to get back to them.

The next morning I call the agent (after discussing things with my client) accepting the terms.

Now, we are caught up to this morning. I call the agent. "Do we have addendum's for the property," is my question to them. "Oh, your client didn't get the house," is their response.

At the end of the day the other agent negotiates with more than one buyer without telling anyone that there are multiple offers in on the property. They sit on our offer for 10 days before they get back to us with a rejection.

Obviously, my clients are very disappointed...you get a counter offer in this market that isn't "highest and best" and you feel good about your chances. You agree to the terms that the bank sets out for you and you like your chances.

The only problem is unethical agents who do not know how to negotiate in good faith! Good luck to this particular agent once the REO market dries up...I predict he is going to have a VERY hard time finding agents who will work with him.

Repo Lists

Corona
Norco
Mira Loma
Chino
Chino Hills
Ontario
Riverside
Crestline
Lake Arrowhead
Running Springs - no data available!
Big Bear - no data available!

My Jukebox...

So I was listening to the radio today and the guys were talking about the songs on their iPod. Well, I thought it might be interesting to blog about the songs that are currently "in" my iPhone...since I don't own an iPod. By "in" I mean the 8 songs that I am listening to this week while I run. I try to run 35 minues a day and that usually translates to about 8 songs.

Without any further ado...

1.) Don't Stop Believin' Journey

I don't know when I started liking Journey or when I started liking this song but it rocks. It might be because Ryan Atwood liked Journey. Who knows?

2.) Best of You Foo Fighters

Thank Pete Carroll for this song. Just asks a simple question...is something getting the "best of you"? Is my job, my family, my run...God...getting the "best of me"?

3.) Wishing Sugarland

I know I am pretty sappy...but there is something about ballads and Jennifer Nettles voice that gets me everytime!

4.) Stronger Kayne West

"work it, make it, do it, makes us
Harder, Better, Faster, Stronger"

Makes me want to be stronger!

5.) Humps for the Blvd Rodney O & Joe Cooley

This songs just kind of amps me up...it is music (loose use of the word) that my wife hates. It is over the top, but it reminds me of high school...and a much more athletic time of my life.

6.) He Stopped Loving Her Today George Jones

Ok, I am all over the place. I love Country music and George Jones is one of the bests ever! This song is sad, but I love listening to his soothing voice.

7.) Just As I Am Nichole Nordeman

"What kind of love in injury's place,
would leave instead the stain of grace?
So I come in sorrow and I come in shame.
I come to the cross with my pain."

These lyrics are amazing and Nichole's voice is great. I know that you should never mix business with Religion but this is who I am.

8.) Camisado Panic! at the Disco

"Can't take the kid from the fight
take the fight from the kid
Sit back, relax
Sit back, relapse again
Can't take the kid from the fight
take the fight from the kid
Just sit back, just sit back"

I have no idea what the song is really talking about...but this section really keeps me going through the last 1/2 mile to the end of my run.

Small diversion! Here are some things you can write down...our next look at my iPhone will definitely contain some Kenny Chesney and Brian McKnight...my hands down favorite two singers.

Back to real estate and financial planning and economics and politics...ok the last 2 I haven't been hitting on them yet, but they are coming soon!

Economics

Ok, so I read this today and absolutely love it. Read it...let me know any thoughts that you have!!!!

Bar Stool Economics

Suppose that every day, ten men go out for beer and the bill for all ten
comes to $100. If they paid their bill the way we pay our taxes, it would
go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest ) would pay $59.

So, that's what they decided to do. The ten men drank in the bar every day
and seemed quite happy with the arrangement, until one day, the owner
threw them a curve. 'Since you are all such good customers, he said , 'I'm
going to reduce the cost of your daily beer by $20. Drinks for the ten now
cost just $80.? The group still wanted to pay their bill the way we pay
our taxes so the first four men were unaffected. They would still drink
for free. But what about the other six men - the paying customers? How
could they divide the $20 windfall so that everyone would get his 'fair
share?' They realized that $20 divided by six is $3.33. But if they
subtracted that from everybody's share, then the fifth man and the sixth
man would each end up being paid to drink his beer. So, the bar owner
suggested that it would be fair to reduce each man's bill by roughly the
same amount, and he proceeded to work out the amounts each should pay.!?
And so:

The fifth man, like the first four, now paid nothing (100% savings). The
sixth now paid $2 instead of $3 (33%savings).
The seventh now paid $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued
to drink for free. But once outside the restaurant, the men began to
compare their savings. 'I only got a dollar out of the $20,'declared the
sixth man. He pointed to the tenth man,' but he got $10!' 'Yeah, that's
right,' exclaimed the fifth man.? 'I only saved a dollar, too. It's unfair
that he got ten times more than I!'? 'That's true!!' shouted the seventh
man. 'Why should he get $10 back when I got only two? The wealthy get all
the breaks!' 'Wait a minute,' yelled the first four men in unison. 'We
didn't get anything at all. The system exploits the poor!'? The nine men
surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat
down and had beers without him. But when it came time to pay the bill,
they discovered something important. They didn't have enough money between
all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our
tax system works. The people who pay the highest taxes get the most
benefit from a tax reduction.? Tax them too much, attack them for being
wealthy, and they just may not show up anymore. In fact, they might start
drinking overseas where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.
Professor of Economics, University of Georgia
For those who understand, no explanation is needed.
For those who do not understand, no explanation is possible.

Foreclosure List

Corona
Norco
Mira Loma
Chino
Chino Hills
Riverside
Ontario
Crestline
Lake Arrowhead
Running Springs - none available!
Big Bear

Repo Lists

Corona
Norco
Mira Loma
Ontario
Chino Hills
Chino
Riverside
Lake Elsinore

There are a couple of new cities represented here. Please email if you want a city that is not listed!

CEOs Cash In

In an article that is on MSN Money right now...they posted the salaries of the CEOs of some of the biggest culprits in the financial meltdown between 2005-2007. Check it out...

Countrywide Angelo Mozilo $361.7 million
Fannie Mae Daniel Mudd $11.6 million
Freddie Mac Richard Syron $12.9 million
Bear Stearns James Cayne $42.3 million
Lehman Bros Richard Fuld $186.5 million
AIG Martin Sullivan $25.4 million
Merrill Lynch Stan O’Neal $66 million
WaMu Kerry Killinger $36 million
Wachovia Kennedy Thompson $16 million
CitiGroup Charles Prince $35.6 million

MSN Money

Unbelievable that the salaries total approx. $1 billion...which is 1/700 of the current bailout!