Bailout Package

Lloyd Blankfein CEO – Goldman Sacs

2008 Compensation
$54 Million
Goldman Sacs Govt.
Bailout: $10 Billion

John Thain CEO – Merrill Lynch

2008 Compensation
$83 Million
Merrill Lynch Govt.
Bailout: $10 Billion

This information is from their SECC filings – disclosing all their perks, golf memberships etc..

Apparently John Thain only worked for 1/2 a year with a signing bonus of $15 million who gave up his bonuses for huge stock options. Goldman Sacs says they will give up their bonuses but how much of this will be a token because most of what they have been saying is that they need some of this money to retain Talent & that they cannot bring in the Executives they need if they cannot offer them high salaries. Aren’t these the guys that created the mess we are ?????????

SIX FINANCIAL COMPANIES THAT GOT $270 BILLION STILL OWN CORPORATE JETS.

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There have been rumors of a 4.5% 30-year fixed rate mortgage. You may need to know that this is for HOME BUYERS not refi’ers. If you are looking to refinance you will not get the 4.5% 30-yr Fixed. No Sir’y not for you.

Hope for Homeowners, investors do not seem keen to go that route and it is not available to many.

If you have heard that the Feds will be buying up $600 Billion in mortgage backed securities which which led to some lower rates. Come January, the SEC is meeting which might have a massive impact on rates – apparently for the worst.

To obtain the best rate you must be PREPARED and have a loan application in the works. Interest rates are not like it was, where it could take months to change are now occurring in just days or even hours. If you don’t prepare yourself you will miss out.

Lenders are seeing a backlog of clients build due to very low interest rates. It will obviously delay closing times to actually close loans. Picture you getting a good deal on a property and having to wait 60 – 90 days to close your loan. If you were selling your home would you wait 90 days for a buyer to get a loan?

We are at 2003 levels in home prices, which dropped like a ton of bricks. If you are planning on buying a Home, you have to get prepared and now is the time. NOW IS THE TIME.

With a first time home buyer tax credit of up to $7,500 and low money down 3 – 3.5% FHA.

NOW is a great time to buy.

The only way to get to the Isle of Eigg is ferry. Islanders hug the pier in wait of friends and family or delivery of letters and parcels. There is a tearoom by the quay, where kettles boil water for drinks, eggs and bacon frying on the pan.

When the power fails, they would have to rush up the hill to the fuse box and try to fix it – with a just-cooked grilled sandwich in the frying pan. A weak power supply produced by the tearoom’s diesel generator meant that the dishwasher be turned off while the oven stayed on. The small freezer switches off at night and the main generator also. Residents had to rely on noisy, expensive diesel generators or mini-hydroelectric generators. They had to use candles or gas lamps to locate themselves at night.

But, On Feb. 1, all of Eigg switched on its own continuous, clean, and renewable energy supply. For the first time in the UK, locally generated wind, hydro and solar energy are combined providing continuous power to the isle of Eigg.

The islanders are completely off-grid – relying on a £1.6m system that draws power from wind, solar and hydroelectric energy sources.

Supplies more than 95% of Eigg’s annual energy needs and backed up by a battery storage system and two diesel generators. It supplies 45 households, 6 community buildings and 20 businesses an a 6-mile voltage network.

What has been used before the invention of “Combustion engines”? Yes – Water Power and Wind which obviously will be our choice when we rid our unsustainable dependence on fossil fuels and frees us from dependency on imported fuels.

The Isle of Eigg has set an example for developing countries when people work collectively to accomplish such an important goal to be ENERGY EFFICIENT

I’m just going to jump right into it here. Let me ask the buyers out there some questions:

1.    What if the Seller(s) instruct me (the agent) to negotiate the highest price possible for their property and you the Buyer also instruct me (the agent) to negotiate the lowest price possible for the property?  Would you agree we have a problem right of the bat?

2.    What sort of Deal are you thinking of getting?

The person I spoke with yesterday said he would probably get first preference, the offer would be on top of the pile and he would get a better price for the property. Okay, picture this. I am representing you (The Buyer(s)) on my Listing. We put in an offer of $300,000. Another offer comes in for $350,000. Later that night, two more offers come in one for $365,000 and the other for $375,500. Now you want me to give you first preference – to be on top of the pile – to get you a better price on the property. How is this possible? If it did materialize I would obviously be breaking every rule in the book. A Real Estate broker who is representing both Buyer and Seller should work with extreme care. We owe a responsibility to you both. Like I mentioned the Agent will have a conflict with negotiation of Price and Terms between seller and buyer also could have conflict with the negotiation of Loan Amount  and terms with Lender and Borrower. Why would you even want to get into a situation when there is absolutely no need for it. As a Dual Agent I cannot disclose to the seller that the buyer is willing pay more than the buyer’s written offer to purchase. As a Dual Agent I cannot disclose to the buyer that the seller will take less than what the buyer is offering without the express written consent of the party authorizing the disclosure.

3. Do you want my commission?

So you want $3500 – $4500 of my commission. Why. Why do that? If you have your own representation, a Realtor that will look out for you and only has your interests in mind not yours and the sellers, could easily get you closing costs and much much more. I have gotten closing costs for my clients of $10,000 – $16,000.  Which is more important my $4500 of my commission or  $10,000 – $16,000 or more in closing costs. Why shot yourself in the foot when you can get more from a Buyer’s agent (me) than an agent double ending a listing.

Anyone heard of the word “FIDUCIARY” I did, but did not realize its  crutial importance until I became a Realtor. It has become the most important word in my CAREER. FIDUCIARY = Care, Obedience, Accounting, Loyalty, Disclosure. It is of the upmost importance that buyers should UNDERSTAND the limitations of the dual agency situation.

Dual Agency is not easy it is quite difficult. It can be a rocky road to travel and with the most liability to the agent. Dual Agency can work with competent agents but with complete Disclosure and Consent in writing given by buyers and sellers.  It is so important that you get representation in todays market. There are alot of short-sales and foreclosures out there and this is the time to have it. PLEASE PLEASE get yourself 100% representation not 50%. There is no point in getting yourself into a situation that could cost you. Its a buyers paradise out there use it to your advantage.

Patrick Canavan

Realtor / EcoBroker

Below are two links to information about a service I provide my home buyers. Please review it and register for a free account. If you have any questions, I can assist you in setting up the account and refining your criteria.

If you decide to work with me as your agent, I can upgrade the account so you’ll receive additional information like area sales, price histories, tax values, and other information not available to the general public.

• Search on your own personal web site just like I do!
• Make an informed decision using the most efficient, effective, and satisfying home buyer search available
• Easily access interactive maps, loan data, school info, photos, virtual tours, and property details for any property in the market.
• Rate properties, whether favorites or rejects, save valuable time instead of constantly sifting through properties
• Make personal notes on properties to easily remember important details
• Stay on top of important information matching your criteria. New listings, open houses, and price changes are always delivered to you in your Morning updates.
• Find out who area agents use for home related services. Get the inside scoop on the top mortgage lenders, attorneys, home inspectors, insurance agents, and others in more than 50 categories!
• My expertise is only a click away using easy messaging or interactive notes.

Click the link below to view Buying a Home information:

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Sincerely,

Patrick Canavan

Realtor / EcoBroker