Archive for February, 2008
Bankruptcy for Discount Real Estate Brokerage
February 13th, 2008 Categories: Uncategorized
I thought this was an interesting article. One of the biggest discount real estate brokerages in the Northeast goes bankrupt. Why? I also have talked to a friend of a friend who owns (or owned) 5 Help-U-Sell offices in the central California area and he just closed 3 shops and condensed to 2. Why?
We are in a cleansing phase for the real estate profession, it now takes knowledge, experience, a proven marketing plan, and skill to sell a home. You need Us…..
Foxtons may file for bankruptcy
BY JAMES BERNSTEIN james.bernstein@newsday.com
11:04 AM EDT, September 27, 2007
Foxtons, the one-time 800-pound gorilla of the 2 percent marketplace in the New York metropolitan area, said it may file for bankruptcy and close its business, explaining it “can’t stand in the way of a hurricane” that has come about as a result of the decline in the home mortgage industry.The New Jersey-based company, which once rocked the real-estate industry by selling homes for as little as 2 percent commission — compared to commissions of up to 6 percent at other brokers — said in an announcement that it is “releasing” 350 of its 380 employees “and may be filing for bankruptcy protection in order to close the business in an orderly fashion.”No one answered the phone at the company’s headquarters Thursday morning
In a statement, John D. Blomquist, Foxton’s senior vice president and general counsel, said the company had been “well run, very efficient” and had “a great team that has pioneered a new model in the real estate business — a model which has proven itself and, we believe, will have lasting influence on our sector.”But, he added, “The plain fact is that we have been battling against a real estate market that recently has turned into a sharp decline, and the company no longer has the liquidity to operate as a going concern.”"We understand the impact of the action we are taking, but there comes a point where you can’t stand in the way of a hurricane, and it is a property hurricane we are facing.”The company’s announcement said that it has some 4,400 current listings and that it plans to “preserve the value of these listings to minimize customer disruption and to dedicate the anticipated revenues to pay creditors.”Foxtons created a huge advertising splash, spending close to $12 million a year on television, radio and billboard ads. It even used buses, bus shelters and subway platform ads to attract customers.
Have a great day
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Buy your Surprise, AZ Home Now!!
February 2nd, 2008 Categories: Surprise AZ Home Buying, Uncategorized
I have been saying lately that you can now buy a home n Surprise for what you are paying in rent..
Here is the proof:
Just received an email from a builder that has a spec home in the area with mountain views that is being sold at
$118,000
yes, $118,000 dollars
The home is small but at 1230 Sq. Ft it is as big as the apartment you are living in and you would own it.
My lender has a program for lower to middle class income levels that gives 100% financing at 5.125% for 30 years. You need 620 credit, 1 year employment, and no more than 41% debt ratio, you also cannot make more than 48k per household. These are average numbers to meet.
With this loan program, at a purchase of $118,000 dollars your principle and interest payment would be $642 a month. Add taxes ($100), HOA ($40), and insurance ($50) and your payment would be around (estimate)
$832 per month
That is average rent for a small home or apartment in Surprise. Just need a job, low to average debt, and an average credit score, plus, you have to want to be a homeowner.
GO OUT AND BUY A HOME ALREADY, WILL YA!!
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