Fed's Move Creates Domino Effect

The Fed's 1/2 point rate reduction earlier this week has started a domino effect rolling through mortgage rates. While the Fed rate really only affects the rate at which banks barrow money, it is cause for the inspiration of cheaper money. The more comfortable banks feel about the availability of money the more aggressive they can be on using this cheaper money. This "feel good" effect can pass through to many businesses, including the mortgage industry.

Already there has been movement in rates. For a full listing of current rates visit our website at Pink Flamingo Mortgage . And if you want weekly rates sent your email box to keep you up to date on the cost of money, sign up for Homefinders Club on our site. Homefinders Club is FREE and once you are a member you will receive weekly rate updates, and monthly mortgage news so you are always on top of the trends. AND, you can shop homes in San Diego Country any time day or night. You will get complete information, all current, and pulled from the local MLS. There is no easier way to stay informed on the local housing market.

Bob

Sunset of Sub-Prime in San Diego

Here at Pink Flamingo Mortgage we track hundreds of funding sources so that we can find the right fit for every client's mortgage needs. But the industry is having a shakeout of funding sources. This is all the more reason to use Pink Flamingo so that we can find a reputable source that will still be in business when we go to fund your mortgage at the close of escrow. We have heard stories of underwriters closing their doors just as a customer was trying to close escrow.

Here are some of the lenders to avoid:

LENDERS WHO APPEAR TO HAVE CEASED DOING BUSINESS

We have received information that the following lenders are not accepting new loan applications or closed their lending operations in whole or part.

Accredited Home Lenders
Acoustic Home Loans
Alliance Home Funding
American Brokers Conduit
Ameriquest Mortgage
Ameritrust Mortgage
BNC Mortgage/Aurora
Bay Capital
CIT Group
C-Bass LLC
Central Pacific Mortgage
Columbia Home Loans
DeepGreen Financial Eagle First Mortgage
EquiBanc Mortgage
Entrust Mortgage
FMF Capital LLC
Fieldstone Mortgage Company
First Horizon National
First Magnus Financial—Chapter 11 Case 4-07-bk-01578 (Arizona)
Freedom Mortgage Wholesale Division
Funding America LLCGreenPoint Mortgage
H&R Block Mortgage
HomeBanc Corp. d/b/a HomeBanc Mortgage Corporation (Atlanta Georgia)
Harbourton Mortgage
Heartwell Mortgage
Impac Mortgage Holdings
Ivanhoe Financial, Inc. (Orlando Florida)
Investaid Corp.
Landcaster Mortgage
Lenders Direct Capital
Loan City
MLSG Home Loans (May be related to American home Mortgage Corp.)
Master Financial
Meritage Mortgage
Millennium Bankshares
Millennium Funding Grp
National City Home Equity (Cleveland Ohio)
NovaStar Mortgage Wholesale
Opteum Fin’l Wholesale
Peoples Mortgage
Popular Financial
Sebring Capital
SouthStar Funding
Starpointe Mortgage
Summit Mortgage
Texas Capital Bank
Trump Mortgage
Warehouse USA

This list is not intended to be inclusive of all lenders who have indicated they will be pulling back from their loan programs. Please verify, information to be deemed reliable, but not guarenteed.

So where DO YOU GO?? It changes every day ... but we can find you a lender!! Give us a call at Pink Flamingo Mortgage, and we will work with you to make your dream of home-ownership come ture!

Bob

Conceptions Children's Resale Business Opportunity!

So you want to own your own business!!! Well you are in luck ... Conceptions Children's Resale is FOR SALE!! And you know the Realtor / Attorney / Broker who has it listed for sale. That's right ME! Pink Flamingo Real Estate has just listed Conceptions Children's Resale as their second Business Opportunity for sale. This business is very unique, and is perfect for a hands on owner who wants to run the shop.

Conceptions has been around for over 16 years, and has had the same owner for the last 3. Sales have continued to grow as this business is well suited for a slow economy. The concept is simple, "Why pay for NEW if you can't tell the difference?"

Conceptions searches the swap meets and garage sales to find wonderful like new clothes, toys, games, everything a kid would want!! Then they "prepare" the item for sale and price it at a great discount. Items are therefore recycled, the customers get a "like" new item for a lot less, and the owner makes a profit. Win, win, win and WIN!

Last year Conceptions gross a little more than $250,000 with this business plan. They have a great lease in place with another 3 year option; a large inventory; new paint inside and out; and new signage to be installed in the very near future.

Conceptions has also just posted a brand new web site: http://conceptionsresale.com/ and is looking forward to building a strong web presence. This could grow into another retail outlet, but for now it is just marketing and customer retention.

Speaking of customers, Conceptions has followed a marketing plan of "customers for life" and has large email / mail lists of customers who want to receive store information and sales updates. This is another facet of the marketing programs.

If you would like a tour, or more information, contact: Bob Glaser at Pink Flamingo Real Estate 858-496-8899.

The seller's are asking 1 times Gross for the business, which is $250,000. All documentation is available with an offer to purchase.

Bob

Open House This Sunday ... August 26th

This Sunday, August 26th we will be holding an OPEN HOUSE for our listing at 3217 Fairway Drive in Spring Valley! Stop by and see this Newly Constructed Executive Home that sits on 1/2 acre of land. It is BEAUTIFUL!! Take the Virtual Tour on the http://www.fairway4sale.com/ web site, or come by on Sunday between 1 and 4 pm.

The driveways have just been poured and the landscaping is going in as we speak. The home features 4 Bedrooms, 3 Baths, 2700+ square feet of living space. There are NO Mello Roos or HOA fees BUT your children DO get to attend the La Mesa / Spring Valley School District. It is located in the La Mesa Country Club subdivision. For you agents out there, the MLS listing number is: 076063273.

You can find more details on this home below in a prior posting. And if you need a Mortgage for this new dream house, contact us at: http://www.pinkflamingomortgage.com/ . Click on Today's Rates to see our best loan options, or sign up for Homefinders Club in the Power Tools section for access to ALL HOMES listed on the San Diego MLS. Our Power Tools Empower YOU!

See you Sunday!!!

Bob

Don't Believe all the Gloom & Doom!

It's tough to read the Real Estate or Business sections of most newspapers these days without thinking the financial world is imploding. Well the Sub Prime melt down has had an effect, but the echo effect of the media piling on is more damaging.

The Sub Prime default rate is up, no argument. BUT, the rest of the mortgage market is still doing pretty good by all accounts. Why the hysteria? Well, a lot of corporations, pension funds, and other sources of money got into buying Bonds backed by Sub Prime mortgages. This has caused the pain of the increased default rate to be spread around more deeply than just the Sub Prime originators themselves.

To put it bluntly, some people got too greedy! They put a lot of money into risky bonds, and now they are paying the price. If that was the end of it we would not feel such a pinch. So what is happening?

Those with the money have become very conservative very fast. To protect their own rear ends. That means a lack of funding for ANY mortgage. In order to bring money back into the market, all companies will tighten requirements for obtaining a mortgage.

Another player is the FED. They just dropped the overnight rate by a 1/2 point. This caused a quick reaction on Wall Street, as money got a little cheaper. If the FED continues to lower the rate, and allow more supply of money, while Mortgage Originators tighten up lending requirements, the market will return to normalcy soon.

One important point to observe: It is even MORE important to have a personal, honest, Broker to help you find your way through this mine field. At Pink Flamingo Mortgage we hold your interests to the highest level. Not ONE of our past clients has a loan that is in jeopardy. Why? Because the loan we found was the RIGHT loan for them in the first place. Great rates, yes. But the right loan is even more important. We can help you find that loan ... the right loan.

Give us a call at 858-496-8899, or visit our web site at: www.PinkFlamingoMortgage.com to check out the best rates.

Bob

Pink Flamingo Real Estate's First Listing!

Buy This House!!!

Brand New Executive Home with Southern Views

Asking Price: $735,000
3217 Fairway Drive
Spring Valley , CA 91977

Map & Directions, Virtual Tour

New Construction Quiet street Southern views from living room & master bedroom. Custom Kitchen Design. Cable / Internet Ready throughout. Landscaped.
MLS Lisitng: 076063273
Square Ft: 2,742
Bed/Bath: 4 , 3
Year Built: New
Location: La Mesa Country Club
School: La Mesa / Spg Valley
Parking: Yes

• New Construction
• Fire Sprinklers throughout

• La Mesa/Spring Valley Schools
• Dishwasher / Disposal

• Almost 1/2 acre
• Micro Wave / Range Oven

• Cable / Internet throughout
• Garage Door Opener

• Central Forced Air & Heat
• Evening Lights / Mnts / Hills


Bob Glaser, Agent
Pink Flamingo Real Estate
8304 Clairemont Mesa Blvd
Suite 213
San Diego, CA 92111

Phone: 858-496-8899
Fax: 858-496-3980
E-mail: BGlaser@PinkFlamingoMortgage.com

Web Site: http://www.pinkflamingomortgage.com/

Shop Til You Drop ... It's Back to School!

Finances – Back to School

If you have a child that is headed back to school this month, then you are probably already thinking about school supplies. Now that many schools have reduced their spending, it means that you will be faced with having to purchase more school supplies as well as having to pay out of pocket for extracurricular activities.

For many parents, this can place a strain on the household budget (especially if your child considers that new mp3 player a school supply). Not only can you save money by starting your school shopping early so you can give yourself time to find the best bargains, but you can also involve your child in the shopping process.

By allocating a budget and involving your child in the shopping process, you can teach them a valuable lesson in handling money. Together, you can make a list of everything that’s needed for the new school year and shop together to obtain all of the items without going over budget.

Here are some numbers that will make you think!!!

Poodwaddle.com

Welcome Conceptions Children's Resale!!

Our newest "preferred referral" link is Conceptions Children's Resale in Santee. This is a hot concept. "Why buy Retail, when there is Resale!" is their mantra. They are a local shop in Santee who will shop the swap meets, garage sales, classified ads and more to find the greatest deals on gently used toys, cribs, clothes, games and everything a child could use!! Then you buy it at huge discounts off new.

They are located at 10438 Mission Gorge Road in Santee, or click on their name above and visit their web site. They are also listed in the Kudzu directory and you can look up their "customer reviews" to see what past customers think of their shopping experience.

All products are guaranteed and the savings are unbelievable! So shop Resale at Conceptions Children's Resale!!

Bob

Life's a Beach!!

Well the mortgage market continues to melt down. Another Sub-Prime lender went belly up today (as in BK); another just closed their doors rather than take further risk.

So do you think the industry has learned any lessons? Not the one's we would hope they had learned. Are the "Stated Assets / Stated Income" loans gone? Well they are for residential customers and I believe that is a good thing.

But that doesn't mean they learned their lesson and went away ... Nooo!

Just last week I attended a seminar on the "New Frontier in Lending - Commercial Loans" And the lead topic was ... we still do "Stated Asset - Stated Income" loans. No need to prove anything. Same trick pony playing to a new crowd.

Now they are NOT doing 100% financing (and that is a BIG improvement that will protect investors) and they want a "Rent Analysis" to show income to support the loan. But they will do the loan as a SASI loan. Are we 5 years away from a commercial melt down to rival the current sub-prime fiasco??? Only time will tell.

In the meantime, those future clients who want 100% financing need to come to the table with at LEAST closing costs. And you will need a fantastic FICO (see prior articles on how to improve your FICO) to dazzle the lenders. But it can still be done.

Give me a call at 858-496-8899 with any mortgage questions. At Pink Flamingo Mortgage we will empower you with knowledge and then help find the perfect loan.

And please feel free to refer your friends and relatives that need a mortgage. Don't keep us a secret! Everyone knows at least one person that need some mortgage help from an honest professional. That's US!!

Bob Glaser

Life on the Fairway ... Fairway Drive for Sale

How would you like to be living your life on the Fairway!! Well actually that sounds a little scary to me. I also think of how poorly I control a golf ball when I am out on the Fairway. But that concern aside, Pink Flamingo Real Estate has is first listing ... Fairway Drive in East San Diego County.

This is a BRAND NEW home, just completing construction. It has a beautiful view, modern kitchen, fully wired for media and it is on 1/2 acre of land.

Fairway Drive is on the south facing slop of a slanting foothill surrounded by serenity. Located in the La Mesa School District, this custom built home is waiting for a family to create memories within the near half acre that surrounds the house. Open spaces and panoramic vistas are the hallmark of this home. Combining large rooms and many windows the earth tones of this estate is reflected in the sunlight streaming through each room.

We have pictures, floor plans, and more information at: www.Fairway4Sale.com and of course you can finance this Dream Home at: www.PinkFlamingoMortgage.com

Bob

Intoducing Pink Flamingo Real Estate!!!

Introducing Pink Flamingo Real Estate the new partner of Pink Flamingo Mortgage. Why two companies instead of just one? Well our Mortgage side will always focus on the financial details of the BEST mortgage for our client. It can be distracting trying to handle the Mortgage details and the Real Estate transaction.

Enter Pink Flamingo Real Estate. Our Real Estate office will specialize in the Real Estate transaction, buy or sell, and will work with the client from Internet Search (through HomefindersClub.com) to find a target property to Close of Escrow! The Realtors of Pink Flamingo Real Estate will NOT handle your mortgage, just your real estate transaction. The professionals of Pink Flamingo Mortgage WILL search out the BEST mortgage option to help close the deal and close the escrow.

While the two companies will share an office, they handle distinctly different customer needs. Those needs will be coordinated to a new standard in customer service. The synergy between the two entities will guarantee the best of both worlds working hand in glove.

Best of all, since the companies are related, we can reduce your overall cost of buying or selling any piece of real estate. One stop shopping, Team Service.

Bob