Builder Watch: Beazer Homes Posts $110 Million Net Loss
Posted on 13. Aug, 2008 by Joshua Ferris in Builder News
Enclave at Hamptonburgh
Beazer Homes, known locally in Orange County New York for their communities of Glenview Hills at Florida, Enclave at Hamptonburgh and Riverside at Walden, recently posted a net loss of just under $110 million dollars for the third quarter of 2008.
In addition to a grim third quarter, Beazer Mortgage Corp. continues to deal with legal woes stemming from suspected HUD regulation violations from Beazer Mortgage Corp’s down-payment assistance program. Originally brought about by an investigation by the Charlotte Observer in March 2007 that revealed a number of homeowners who used the down-payment assistance had foreclosed on their homes in a 9 year period, the case has since spawned several investigations by state and federal governments including the SEC and U.S. Attorney General’s office in the Western District of North Carolina.
Beazer Mortgage Corp. ceased loan originations in February 2008 and is now working in conjunction with Countrywide Financial Corp. to provide mortgage options as the “preferred lender” of Beazer Homes Corp. No stranger to headlines themselves, Countrywide Financial Corp. was acquired by Bank of America in January 2008 for $4.1 billion and recently found itself the subject of an FTC probe over loan servicing.
Is there good news in sight? Although Beazer Homes has much soul searching to do, the builder did slash their backlog of homes from 5,952 homes in 2007 to 2,716 in June 2008. Their net loss is also down $9.2 million from third quarter 2007 to $110 million showing Beazer is getting leaner and still selling homes.
Our Recommendation: It’s always important to do your research on any home builder before committing to a new home community. Key points to review while looking for a new home include financial health of the builder, how far from completion the entire community is (Will they finish or will they back out of the project and attempt to sell the remaining lots?) and what loan options are available to you through different lenders.
We’d love to hear what you think! Comment below and let us know your thoughts on this new development in the ever changing real estate industry.
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Top 7 Reasons to Use a Buyer’s Agent in a Real Estate Transaction
Posted on 23. Jul, 2008 by Eric Bramlett in Home Buying Guide
Purchasing a home is a big step, and a big decision. The average person spends around 1/3 of their income on their home. The home that you choose has a big impact on your life, and can have a big impact on your finances, as well. It always surprises me when Buyers attempt to “go at it alone” because of the possibility of mistakes. A good Buyer’s Agent is invaluable to a Buyer, and can be the difference between a wonderful transaction, and a nightmare.
- Full Access to the MLSThe Multiple Listing Service (MLS) is a powerful tool that only Realtors have access to. When listing agents market a home for sale, they typically allow any Realtor to present the home to potential buyers, and to present contracts for purchase. The MLS is a database of all homes listed by Realtors, and represents roughly 99% of the homes for sale in any given market. As technology advances, so does the MLS. It has evolved into an extremely powerful search engine that allows your buyer’s agent to enter in search criteria, and returns only homes that match those specific parameters. Buyers can find a lot of this information online through IDX feeds available on many websites, but this information is a “watered down” version of the MLS because the IDX search engines aren’t quite as powerful, and don’t return as detailed profiles as the MLS.
- Maximize Your TimeWhile driving neighborhoods is an excellent idea to help you decide which locations you prefer, it’s not a very efficient way to find your new home. Gas is expensive, and your time is valuable. Your Buyer’s Agent will listen to your needs, make fantastic suggestions based on your likes & dislikes, and provide you with a list of homes that ALL match your wants & needs. Your Buyer’s Agent has helped MANY new homebuyers through MANY purchases, and will help you better organize your search & decision making process – saving you valuable time.
- RepresentationListing Agents enter into legally binding agreements that require them to ALWAYS act in the best interest of the seller. They are the seller’s “coach” and will make sure that their clients’ best interests are looked after. Luckily, your Buyer’s Agent is there to make sure YOUR best interests are accounted for. With your expert Buyer’s Agent in your corner, you can rest assured that you’re on, at least, even ground with the home seller. A football team would be at a pretty significant disadvantage without a coach – just as you would be without a Buyer’s Agent.
- Negotiating PowerThe MLS maintains a record of, not only all homes listed by Realtors in a given market, but also the sales price of those homes. Your Buyer’s Agent will run a Comparative Market Analysis (CMA) to determine a prospective home’s Fair Market Value (FMV). In simpler terms, your Realtor will look at similar homes in the same neighborhood that have sold recently. This way, you will know whether or not the seller has their home priced fairly. If the home is priced over Fair Market Value, your Buyer’s Agent can present your “under asking price” offer with plenty of firepower – and a greater chance that the offer will be accepted.
- ExperienceThe average person buys 3-5 homes in their lifetime. A good Buyer’s Agent will assist in 3-5 home purchases every month. What might seem complicated and intimidating to you is fairly common and familiar to your Realtor. Your Buyer’s Agent will know what to expect, and will know when to alert you if anything out of the ordinary occurs.
- Industry ContactsIt takes a lot of people to close a real estate transaction – Buyer’s Agent, Listing Agent, Loan Officer, Inspector, Appraiser, Insurance Agent, General Contractors, and sometimes more! A good agent will come with a strong closing team that has performed in the past, and will continue to perform. A transaction is only as strong as its weakest link – with your strong Buyer’s Agent & their closing team, you can rest assured that you will have plenty of support.
- Piece of MindIf you are like most people, your home is the largest purchase you will ever make. The average person spends around 1/3 of their total monthly income on their home. This is a big decision and you don’t want to go at it alone. When you use a trusted Buyer’s Agent, you know that your best interests are accounted for, and that you can feel confident in your purchase.
Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. Visit Eric’s Lake Austin Real Estate Guide, visit his Austin Real Estate company’s website, & his Downtown Austin Condo Guide. He has seen considerable success in real estate, and looks forward to many more years in the business. Eric currently invests, renovates, and develops real estate in the Greater Austin Texas Market. He spends his time working with select clients, helps his new agents get started in their real estate careers, helps his experienced agents progress their careers to the next level, & when he has time…he takes his dogs to the lake.
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Buy a Home
Posted on 26. Jun, 2008 by Joshua Ferris in Rockland County
Buying a home should be a refreshing, enjoyable experience that changes your life for the better. Whether it’s your first or fifth, here are three common steps you should take as you prepare to purchase a home.
1) Narrow Down Your Search Area – Examine your search area and locate towns, villages and cities that compliment your lifestyle. Cover all the bases — Food shopping, gyms, child care, transit to work, recreation etc. Once you have decided on an area you would like to live in, proceed to step two.
2) Contact a Lender for a Pre-Approval – You’ll want to get pre-approved prior to looking for homes so that your agent can provide you with an accurate idea of what homes are available to you in the neighborhood of your choice. This step is crucial and you’re only setting yourself up for heartache in the future if you look first and get financing later.
3) Find an Agent that Meets YOUR Needs – Step three is also the most important step because everyone is different and REALTORs are not created equally. When looking for an agent, consider the type of home and neighborhood you would like to be in. Also consider the methods of contact you prefer. For example, if you’re looking for a townhouse in Meadow Glen at Monroe and you prefer to work with your agent by email rather than phone, you’ll want an agent who has represented many buyers in the community and is net savvy.
Is Joshua Ferris the right agent for you?
Joshua Ferris, the Associate Broker behind HouseMeetsOwner.com, works almost exclusively with clients searching for townhouses or new homes in the Orange and Rockland County New York area. With more than four years of experience working exclusively as a buyer agent, Josh knows the area, real estate conditions, and the best ways to get a great deal on your next home.
How does he keep in touch?
Josh’s preferred methods of contact are primarily email and phone though he freely text messages clients who prefer that method instead. Emails are responded to within a few hours, though sometimes faster but phone is still the easiest way to contact Josh immediately. He can be reached toll free: 1-888-218-8468.
We might be a good fit but what if I would rather rent a home instead?
There’s a world of possibilities out there and this might be one of them. If you would rather rent a home in Orange or Rockland County please visit our Lease a Home page for more information on how renting a home through a broker works.
If you would like to start looking for homes for sale in Orange & Rockland County New York, please contact Josh below and he’ll be in touch shortly.