2469 Clarjon, Ballwin, MO 63021

OPEN HOUSE!! SUNDAY 10/05 2PM TO 4PM!! Beautiful 4 BR/2.5 Bath home with a gourmet kitchen and two story great room that has 15 windows and a gas fireplace. The large kitchen has granite counters, top of the line stainless appliances including a Thermador 6 burner w/grill range, GE Profile convection oven, LG side by side, granite desk work space, fabulous walk-in pantry and light oak hardwood floors. Media Room/Den has a brushed nickel fan, hardwood floor and surround sound. The Master Bedroom has a large bay window as does the master bathroom - with jet tub and separate glassed shower. Even the 3 car garage is completely finished, painted and organization shelving all around.

Spray and Pray

Joe Niego of Chicago talks about business being a game of Spray and Pray. We generate as many leads as possible and pray for them to turn into transactions.

I tell my buyers that real estate purchases are a process of elimination. We're going to search for the right geography and house attributes and eliminate the duds until we get down to the last one or two -- the ones that best fit the bill. We'll write on one, negotiate the price and move toward closing.

Today is a little different. Foreclosures and short sales are popular among buyers today. Everyone is looking for the phenomenal deal. I'm excited to help people buy these distressed properties--but it ain't easy. Banks don't operate like typical sellers. They are hard to get along with.

Today if you write an offer on a short sale or a foreclosure you have approximately a 1 in 4 chance of getting it accepted – even if it’s the best offer. You have a 1 in 3 chance of even getting a response. Many of us are frustrated because this is not how the business is supposed to go. Well, like it or not, this is how the business is going today.

The spray and pray approach works like this: if you want a distressed property, be prepared to put out a bunch of offers. Most will get rejected or ignored. But we just keep putting them out until we get a winner. You will get frustrated -- honestly, I will too! But this is what we do in this market. We put out the offers and pray one gets accepted.

You've got to keep a positive attitude when looking for a distressed property. But it's worth the trouble, if you get a great deal.

It's a good life.

The Emergency Economic Stabilization Act of 2008 was signed by President Bush into law yesterday.

What can we expect from the bill? (from the National Association of Realtors)

The Bill Will Help Homeowners and Borrowers in St. Louis

The Senate legislation responded to the criticisms that lenders have been slow and/or unwilling to work with homeowners and borrowers. It encouraged negotiation in short sales and consumer efforts to refinance or reconfigure existing mortgages:

1. When the Treasury (or other federal agency that holds mortgages) acquires troubled existing mortgages from financial institutions, agencies are required to work with lenders and mortgage servicers to find ways to avoid foreclosures.

2. All federal agencies are required to work with servicers to facilitate loan modifications that will consider the net present value of the mortgage.

3. Similar refinancing and foreclosure prevention requirements apply to mortgages involving owners of multi-family properties and owners of commercial properties. Policy goal is to assure that tenants don’t lose their residence or their place of business when an owner has problems with the mortgage.

4. Changes to existing mortgages can include (but are not limited to) revisions in principal, interest rate and period for repayment.