SOLD by Friday!

head_left_image

Meadow Creek Saints Volleyball

This is the year for Meadow Creek Saint's 8 senior Volleyball players. They have been playing together at the Varsity level since 8th grade, when they formed the first B squad in Meadow Creek's history. They just knocked off both Champlin Park and Maple Grove last week and started conference play against New Life Academy at home with a win. Here are some other highlights for the year. I will update this blog as the season progresses through the State Tourney.

The girls stunned Heritage in a blowout and probably their best played game ever. There wasn't hardly a spike that didn't go uncontested. Every spike was hard, the sets were great. Deep serves kept Heritage off balance all night and they never built up any momentum. This was Heritage's first conference loss of the year.

Bethel Showcase!

The girls started out slow and never recovered against Leroy Ostrander in the first match of the Class A Showcase at Bethel. They came out hot in this game and never looked back winning decisively in both games against Buffalo Lake Hector. Nice turnaround ladies! In the closest match of the night, our girls pulled off two 2 point victories against Bertha Hewitt. Both games came down to the wire and the girls never relented to the pressure. In a strange twist, Bertha Hewitt received the 2nd place nod over us on point differential. We ended up 3rd in the pool and play tomorrow in the lower bracket.  Underwood beat us here last year and caught us flat footed in the first game. We took over in the 2nd game with a nice win to keep the match alive and then thumped Underwood 15-2 in the third game of the match. Onto the 9th place game! Again we came out a little soft in the first game and didn't start the second very either, trailing 14-8 when Therese called a timeout. We then went on to a 17-7 run to win the game. The 3rd game was close but Nevis beat us in the end. Great tourney girls! We finished 4-2 and 10th place against some very competitive teams.

Apple Valley Tourney.

The team went out and beat the first team we faced and then drew Apple Valley in the 2nd match. Apple Valley had a great attack and we never quite matched their intensity. In the 3rd game we played Minneota. We lost a close game in the first set and then lost a player to an ankle sprain in the 2nd game and didn't pick up the pace enough to keep even with thwm. The final game was against Maple Grove and we played even with them and brought it up a notch to win both games in the end to finish 7th place.

Last night we played Providence Academy and won in three. Mora tourney this weekend!

Keep up the energy girls and finish the year strong!

Meadow Creek Saints Volleyball

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

0 comments • Joel Friday, e-PRO • October 09 2009 10:00AM

Mortgage Delinquencies - The Coming Storm

Via Jeff Geoghan MBA - Lancaster PA Real Estate Expert (The Jeff Geoghan Realty Group, Coldwell Banker Lancaster PA):

This is one of those posts where I wish I didn't have to write it, but felt it was so important to my readers that I would be remiss not to at least talk about it.

Everyone out there probably knows somebody who is behind on their mortgage payments, looking for alternatives and likely also just finding out that their home's value has dipped below what their loan amount is.  I know some within my own personal circles.  It's a tough situation for me to advise them as a professional because it's such a personal challenge to their pride and self-worth, not to mention their plans and dreams for the family. The question we're asking is "when is this going to stop and where are we heading?"

I'm going to put up a few graphs that show the trends nationally with regards to mortgage delinquincies:

Lancaster PA foreclosures, Lancaster County Mortgage, Delinquencies

This chart is by quarter - Single-family mortgages set a new record delinquency rate in the second quarter of 2009, according to a quarterly survey by the Mortgage Bankers Association. Those of us in the real estate business see the foreclosure process (just visit the local Sheriff Sale docket to see the current numbers) but the looming delinqency-to-foreclosure issue is far, far larger.

The Wall Street Journal on 8/3/09 reported the following quote: “While subprime mortgages sparked the first round of housing problems two years ago, now "troubles are lurking further up the food chain," says Joshua Shapiro, chief U.S. economist at MFR Inc. White-collar job losses have accelerated while more adjustable-rate loans to prime borrowers are resetting to higher payments.  ‘You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top,’ he says.”

The first objection someone may have would be to say "yes, but historically those who are delinqent usually get their act together and come current on the mortgage after a while".  That WAS true, but not anymore!  We call that the "Cure Rate", that is the rate of delinquencies that go back to current.  The Wall Street Journal reported on 8/24/09 about a Fitch analysis that found that the Cure Rate from 2000-2006 was 45% (which means about half of people fix their delinquency).  However, as of July 2009 the rate had dropped to just 6.6%!  That means that over 90% of delinquent customers are going to foreclosure.  Take a look again at the above chart...

The next thing someone will say is "well, that's the 'sand states' and not my area".  Here's the chart for all 50 states showing the same breakdown of delinquencies and foreclosures.  Guess what - most states have a significant problem, especially compared to historical figures.

Lancaster PA foreclosures, Lancaster County Mortgage, Delinquencies

Now the next thing someone may say is "aren't those loans going to get 'fixed' by a loan modification?"  I know several people right now who are applying for a Lancaster County loan modification but are waiting and waiting.  I hope it works out for them...

In reality, loan modifications are hardly making a dent.  To me, that's a burning question.  Why arent banks being more aggressive in giving customers the option to extend their loan and/or reset to a lower rate?  Why are they being SO difficult? The people I know don't want to be foreclosed.  They CAN make payments.  They just need the terms redrawn to allow them to catch & keep up.  Loan modifications are not helping us get this crisis under control.

Lancaster PA foreclosures, Lancaster County Mortgage, Delinquencies

What are the causes of all these delinquencies?  Here's a chart that is enlightening:

We hear a lot about adjustable rate mortgages being the culprit, but the reality is that it's the loss of jobs and the tanking real estate market that's the perfect storm.  See my previous post on unemployment in the nation, the state and Lancaster County.

Keep in mind, this post is not intended to give us "good news".  You may be experiencing good things in your market and that's great.  My intent is to get us thinking about the challenges that aren't going away and how we're going to address them as homeowners, agents and professionals.  I'd love to hear your ideas!

 

 

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

1 comment • Joel Friday, e-PRO • October 01 2009 09:16AM

Historic Hand Split Stone Home in Askov, MN

OK, to answer your first question, where is Askov Minnesota, Askov sits on scenic state highway 23 which makes a great alternative to I-35 on your way to Duluth or other spots on the North Shore of Lake Superior. Take the Banning Junction exit north of Hinckley and Askov is about 5 miles east. Askov has a Danish heritage seen in everything from the sign at the edge of town to the street names, which are in both Danish and English.

Now for your second question, what is a hand split stone home? This particular home was built on Ferndale St, aka Bregnedalgade, on a truck farm that sold ferns nationwide. The owner asked his truckers to grab cool looking boulders where ever they were and throw them on the truck. He then hand split each stone and built a home that even the big bad wolf couldn't blow down. Above the windows he used a mirroring technique with the stones. This technique allowed the stone halves to be placed opposite one another ( see picture below).

This home built in 1942, still has much of its original charm including hard wood floors, knotty pine woodwork, a stone fireplace (of course) and stone siding around the entire home. This home is featured on oldhouses.com, trulia, realtor.com and point2homes.com. What is truly amazing is you can own this unique piece of history for less than $130,000. Stop by our open house as the owner is baking her famous cookies on September 26th 12-3 pm.

 

Make sure your home is

"SOLD by Friday!"

Joel Friday Homes

http://JoelFridayHomes.comStone homemirror techniqueDanish street names

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

1 comment • Joel Friday, e-PRO • September 09 2009 11:07AM

What happens when a lender can’t produce the original note?

Via Rick Misitano (Law Offices of James M. Bosco & Associates):

A growing number of homeowners around the country are using a foreclosure defense that may help them retain their homes. It’s called “Produce the Note” and we want you to know this is not a mere technicality that should be treated lightly by the lender or by the Court.

Everyone needs to understand the importance of this issue. When a lender can’t produce the original note, allowing a foreclosure to proceed puts the homeowner at risk of owing that debt again to another party in the future. Therefore, great caution must be taken before a judge can allow someone who can’t produce the original note to cash in on your home.

What if Your Lender CAN’T Produce the Note?

So, what happens when the lender tells the Court it can’t produce the original note, because it is lost? Let’s start with the basics. If a lender wants to foreclose on a property, it has to be able to show that it is, in fact, the appropriate person to whom the money is owed. That right to foreclose belongs ONLY to the person who has legitimate POSSESSION OF THE ORIGINAL NOTE - not a copy, not an electronic entry, but the original note itself with the original signature of the person(s) who allegedly owes the money along with appropriate raised notary seal and signature. So, if you are faced with a foreclosure, you have every right to demand that the person or entity trying to take your property, first prove to the Court that they have the legal right do to so in the first place by proving they have legal possession of the original promissory note.

In my opinion, an original mortgage note is much like legal tender and should be guarded and protected as such by the person holding such an asset. Loosing an original mortgage note is like loosing a $100 bill or a gift card or a lottery ticket. What if I scratched that million dollar ticket and just stuck it somewhere and misplaced it? Do you think I could just show up at lottery headquarters and claim my prize without having the winning ticket? The same principle applies to the person or entity claiming to be the legal holder of an original mortgage note. He who holds the note holds the key.

What the Lender Must Do

What often happens, however, is that the lender claims it doesn’t have the original note, because that note has been lost or destroyed. If the lender is making such a claim, the law requires the lender to prove all of the following under the “Uniform Commercial Code”, which is a set of laws governing commercial transactions that many states have adopted. It contains a specific provision on this subject (Section 3-309) which states that a person can enforce a promissory note without having the original, BUT only under certain limited circumstances.

1. The person or entity has to swear and attest that it no longer has the original note;
2. The person or entity has to prove that it was properly in possession of the note and was entitled to enforce it WHEN it lost possession of the note;
3. The person or entity has to prove it didn’t “lose” possession simply because it transferred the note to someone else (i.e., it’s not really lost); and
4. The person or entity has to prove that it cannot produce the original note because the instrument was destroyed or its whereabouts cannot be determined or it was stolen by someone who had no right to it.

All of these matters have to be definitively proven by the person or entity trying to foreclose on the property. It is not the obligation of the borrower to prove or disprove any of this. The borrower can challenge the right of the person or entity trying to foreclose and demand proof.

The Court’s Important Role

It is up to the Court to determine whether the lender has satisfactorily proven why it no longer can produce the original note. The Court also has to be satisfied that when the original note was lost, the person trying to foreclose on the property had possession of the note at the time it was lost. Until the Court has been satisfied of all of this, the foreclosure cannot proceed.

It is also important for the Court itself to understand that this issue is not merely a “technicality” and the judge should not be satisfied with anything less than full proof of this issue. The Court itself needs to appreciate the fact that if it should agree that an original note has been legitimately lost (and allows the foreclosure to proceed) it is the borrower who is still at risk.

Why? Because incredibly, even if a Court has found that the original note is lost and the foreclosure sale is finalized, if someone later turns up with the original note and proves that it is the proper holder of the note, and not the person who foreclosed on the property, the original borrower is STILL LIABLE.

That’s right. Someone took your home and the Court allowed it because it believed that the lender proved that the note was lost and it was the proper party. Then someone legitimate shows up in the future with the actual note and you still owe that person the money even though your property was taken with the blessing of the Court. Trust me, this is a very serious issue regarding post foreclosures and post pre-foreclosure short-sales. It has happened to three of our own clients! These homeowners had the need to sell their property by means of a negotiated short-sale (so they could avoid a foreclosure) only to find out that the entity claiming to have the legal right and authority to enter into such negotiations and accept such settlements sold their note to another entity and weren’t even aware of it. Several months later, the newly assigned lenders (now claiming to be the rightful owners of our client’s original notes) have since come forward and have also filed suite seeking to recover their entire outstanding principle balances owed to them (prior to the homeowners closing their short-sale transactions with the wrong note holders).

How fair is that?!?! It’s not! And that’s why homeowners need to start fighting back when someone is trying to take their home by foreclosure, especially since an overwhelming percentage of mortgages granted over the last 3 to 5 years have been packaged into securities and re-sold and re-assigned numerous times since the inception of the borrower's original note and mortgage. In some states, homeowners have better than a 50/50 chance of being successful in defending themselves against a completed foreclosure. Why wouldn’t anyone who owns a home do everything in their power to protect and defend it?

All the Best,

Rick D. Misitano, Senior Paralegal
Law Offices of James M. Bosco & Associates
Methuen Executive Park
240 Pleasant Street
Methuen, Massachusetts 01844
Phone: (978) 687-8804
Fax: (978) 687-8872
boscolaw@comcast.net

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

0 comments • Joel Friday, e-PRO • August 18 2009 08:33AM

Parade of Homes

Here in the Twin Cities they run a "Parade of Homes" each fall to showcase new homes and their builders. Recently I have noticed a new form of the Parade. A lof of the banks in our area are listings homes below market value and generating 10-20 offers within days of the home being on the market. So what happens is the home is listed for $59,000, even though the market might $80,000 on the home. Then you literally get tons of showings and multiple offers almost instantly.

As an example there were 2 homes in Anoka, MN that were listed. One listed for $90,000 and the other listed for $59,000. My client had an ionterest in both homes due to location. The first home we offered $105,000 after hearing there were multiple offers and seeing a line of cars waiting to see the home (The Parade). We lost out on that home by $15,000. On the second attempt, we were one of 16 offers and bid $85,000 plus closing costs and lost out by $1,000.

This trend is growing here in the Twin Cities and a lot of the bidders are all cash investors. Just curios if you are seeing this in you rmarkets.

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

0 comments • Joel Friday, e-PRO • August 10 2009 11:57AM

Stunning 80 acre retreat in Willow River.

At first glance you say, another 80 acre property up north but, as soon as you pull int the driveway, you notice something different. Rolling terrain with towering pines, bright white birch, stately oaks, and then a spring fed pond. Then you see the home, cedar shakes and siding, a screen porch along the entire west side, a deck off the loft bedroom above the porch, and a patio below from the walkout basement all facing the pond. Upon entering the home there is a mud room and stairs to the basement. Around the corner the kitchen greets you with a cathedral ceiling, tongue and groove aspen woodwork harvested from the land. Beyond that you see oak hardwood floors and a pot belly stove in the wide open living area. The screen porch is right behing 3 huge sliding doors that allow great scenes from outside to be right there in front of you.

Once you have explored the main level with 2 bedrooms including the master with a bathroom and sliding door, you notice the winding stair case to the loft. You quickly race up the stairs to see what is up there and discover a huge area that can be used as a bedroom or a family room. Another sliding door takes you to the balcony over the porch. Your view includes fantastic sunsets, deer coming down for water from the pond and abundant wildlife. There is also a huge walk in closet or play room. The smell of bacon and coffee will make getting up a memorable experience.

The lower level awaits your ideas as it is wide open and has two more sliding doors that open to the patio below the porch. Time for a leisurely stroll around your new home. The trails wind throughout the hills, forest, wetlands and you take even more wildlife. There are a few tree stands for hunting or bird watching that are well marked. There is even a 5 acre pasture for Elk, which you could also use for cattle or horses. A large pole barn and 3 car garage are just the start of your storage area as there are several additonal out buildings scattered throughout the acreage.

Time for fishing or boating, Long Lake is just around the corner as is the Kettle River. The Willard Munger State Trail is only a mile away. Hinckley is around 20 miles to the south and Duluth is now less than an hour away. There are also several state parks in the area including Banning State Park with an old rock quarry that is very scenic.

For more details check out the links below or give me a call to come and see this stunning 80 acre retreat that can be lived in year round.

This could be your

"HOME By Friday!"

http://HomebyFriday.com

Joel Friday Homes      612-868-6287

 

Your next homeSpring fed pond

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

0 comments • Joel Friday, e-PRO • May 08 2009 09:08AM

What happened to Realtor's basic honesty?

How does one explain to a client where the supposed 3rd bedroom is in a home? Sure the listing agent conveniently hides the non conforming bedroom in the agent notes. I can explain this to my client when a closet is not there and most will understand. But I have show a few homes lately where the 4th wall is missing along with no door. As a matter of fact it is part of the family room.

About a year ago on 60 minutes or 20/20, there was an agent who claimed he sold his listings in an average of 21 days. The reporter went on to discover that he simply relisted the homes every 90 days. The agent actually bragged about this deceitful practice on the air and admitted this is how his time on market numbers were so low.

Our code of ethics states we must treat everyone with honesty, whether or not they are our clients. Advertising a home with 3 bedrooms when it only has 2 wastes everyones time. Looking back at the home the dining room and living room were also nonconforming bedrooms too. I guess they should have called it a 5 bedroom. And yes I can see the market history on the MLS but, home owners can't. We need to live up to the code of ethics we signed when we became Realtors.

Make sure your home is

"SOLD by Friday!"

Joel Friday

http://JoelFridayHomes.com

 

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

11 comments • Joel Friday, e-PRO • April 17 2009 09:35AM

Uniquely charming home on the edge of a 200 acre nature preserve

This is a perefect chance to buy this home with a fantastic yard, hardwood floors, lofted master suite with whirlpool tub. Two tiered deck on the back for picture perfect sunsets every night or you can watch the kids playing on the play ground. Huge windows on the west allow daylight to come into your living and dining room. Gas fireplace in the family room is perfect for those cold nights or fire up the sauna and melt your troubles away. You are far enough away from the city to see the stars at night, yet just minutes from downtown via highway 65.

The up north charm of rough sawn wood and exposed wood beams make you feel right at home. Insulated 2 car garage is great for your handy work and you have over an acre to call your own. The nature trail start just down the block for an evening stroll or bird watching. No homes are in your back yard for extra privacy.

What are you waiting for? Call me now for an appointment before this home is gone.

 

Virtual tour link

 

Joel Friday Homes

This could be your

"HOME by Friday!"

612-868-6287

View from loftHome from the back

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

0 comments • Joel Friday, e-PRO • March 13 2009 09:49AM

A great loss for Coon Rapids

Coon Rapids lost an icon during the last week. Have you heard of her before? If you have ever been to Crooked Lake Park or even the beach years ago, you most likely know to whom this story is about. The little store that almost goes unnoticed as you play at the park or drive by on your way home. The road that passes by once was a busy county road, now only the local traffic passes by. If you ventured in this 15 x 15 foot store you could quickly find what ever it was you wanted. If you brought a credit card or forgot your cash, you were instantly given credit by the clerk and owner. Could a place like this really exist in 2009? Indeed it did but, sadly Millie Buzzelli died recently.

Millie's husband Ted opened the store back in 1936 to serve Crooked Lake Beach in Coon Rapids, MN. My first visit came when I was still a kid enjoying the beach around 1976 grabbing some ice cream. My last visit was last summer on a bike ride through our neighborhood getting food for my next breakfast. The family isn't sure if they will continue this legacy but the community will certainly miss Millie.

 

Ted's Store

 

Local TV news coverage

http://www.kare11.com/news/news_article.aspx?storyid=540571

And of course a fabebook group, even though Millie probably never visited the site.

http://www.facebook.com/home.php?ref=home#/group.php?gid=58058851559

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

1 comment • Joel Friday, e-PRO • March 01 2009 08:02PM

Hidden Gem in Champlin

Buona Sera is a restaurant you may have driven by several times and never known it is there. The building is not much larger than the homes in the area and other than a parking lot and small sign, you might think it is a home. The location is West River Road and Douglas Drive in Champlin, MN.

Inside you will find a family dining place seldom seen in Minnesota. The Italian food is very good and the chef may even stop by your table. We saw the owner greeting guests with his 4 year old grandson at his side. The service was great, they even spent extra time helping us to select a wine to make our Valentine's meal extra special.

Make your next occassion extra special by stopping into this great restaurant.

I will help you find a

"Home by Friday!"

Joel Friday Homes

HomeByFriday.com

 

Make sure your home is

"SOLD by Friday!"

Joel Friday

612-868-6287

Andover MN homes for sale

1 comment • Joel Friday, e-PRO • February 19 2009 11:11AM