Robert's Blog

5k Run, Walk Benefiting Cancer Society

Seaside Park Borough is hosting it's 8th annual Walk The Shore For A Cure 5K run and walk and the 6th Annual Kids' Fun Run, both on September 6, 2008

Proceeds from the walk/run will benefit the American Cancer Society. Registration will be from 8:30 -9:30am at the Sawmill Cafe (Stocton and the Boardwalk). This is also the starting point for the race. The fun run starts at 9:45am and the 5k walk/run begins at 10am.

Costs to participate are as follows:

• Kids fun run $15
• 5k walk/run $25 in advance $30 on race day

Registration forms can be picked up at Borough hall or at local Businesses. The website for the event is walktheshoreforacure.com

Have a great week!

Rob

Robert Rauf

Real Estate Mortgage Network

Do you ever wonder why we have camera phones? I did... At least until they finally put a camera into a blackberry.  Now I actually take pictures since I don't have to find my camera, I never forget my phone (I feel naked with out it!) but I have forgotten a camera too many times to count.

The other day My phone makes its little pix message chime... I open it and it is from my daughter. The Queen of Texting.. (15,370 texts last month alone!)

Humor... the best reason for the camera phone. I had to share this picture of my kids on the couch. A priceless moment captured because of a camera phone!

I guess that was worth the big phone bill last month!

enjoy the rest of your weekend!

Rob

Robert Rauf

REMN - Real Estate Mortgage Network

I was reading Scott's blog this morning and a light bulb went off.  In this Media driven economy we have experienced for about 2 years our clients all seem to take what is written as gold, even though in most cases the Media pulls the most negative piece of information to report rather than reporting any good news. Below I have put together some information for you to be sure you understand the process, to help assure you are moving towards your goals and also explaining why a Low Ball Offer is probably not a good idea.

As a buyer you want to be assured that you are getting the best possible deal when you buy a home. I agree with this 100%, NO ONE wants to feel cheated.

How can you be assured you are getting a good deal? Here are a few ideas:

• Find a good Realtor, and STICK with them. A referral from a friend of family member is probably the best bet to find an agent. But personality is important as well, the two of you need to be compatible. I Would just add here that you are probably better off (in most cases) with a full time agent that considers their job as a Realtor to be a Career.
• You found a good professional Realtor (that you like)... REMEMBER, STICK WITH THEM! (I know, redundant, but important)
• Get qualified, and make sure that you are working in YOUR comfort zone... It is more important that you have a comfortable monthly payment than anything else. Many people will qualify for a much higher payment than they will be comfortable with, so be sure your Mortgage guy/gal has the "comfort zone" conversation with you.
• NOW you can shop.... a good agent will ask you questions to ascertain your needs in a home and come up with a list of homes in the area that will fit your needs that are in your price range. Keep in mind that you may have some give and take here since it is impossible to get EVERYTHING in a home that you may want.

As you shop there will be homes that you wont even consider, and there will be homes that jump out and say "buy me". Why is that?  It is something I call a 'subconscious appraisal'. As you shop you are looking for the best value, so when one home yells "buy me" it is because it is probably priced right.  The homes that you would not even consider were probably priced too high.

So: If a home is priced right, why would you consider a low ball offer?  The chances of your offer even being considered are slim.  The house that is priced right will sell, and there are probably other potential buyers looking at it as well. If you want to make a low ball offer, do it on an over priced listing, not the one that is priced correctly. 

The only way you will be sure is to do a little home work looking at listings and what is available (you do not necessarily have to physically see every listing, you need to narrow things down prior to going out on the road with an agent)

Here is a quick DON'T DO list to help be sure that you are getting a good deal:

• I would advise against making an offer on the first house you see. You do not have enough information at this point for that 'subconscious appraisal'. Not to mention, you will never sleep at night if you did not do some due diligence ...
• FSBO. (that's For Sale By Owner)  In the 20+ years I have been in the mortgage business, The vast majority of Under Appraisals I have seen have been FSBOs. Why? Probably because they were over priced listings that expired. Possibly because there was never a market analysis done by a professional Realtor. Possibly because the buyers thought they were getting a good deal by not using a Realtor.  (or any combo of the above) Just be cautious here... There is much more info on a listed property and a good agent will typically not even show you a ridiculously over priced home.

The vast majority of the time your 'gut' talks to you. As you progress through the educational phase of buying a home you will gain some knowledge without even trying and your gut will begin to talk to you. When it does, Listen to it!  If you do not trust your gut, ask your agent to run a few Comps on recent sales (homes that have sold in the past few months that are similar) prior to making an offer. This will give you some extra information to be sure you are making a reasonable offer for both you and the seller. Your Seller has ALREADY seen the comps. That is how the home was priced initially. They already have a pretty good idea of what a true value of their home is!

I hope this is a useful tool for you while you are out shopping for a home!

Rob

Robert Rauf

Real Estate Mortgage Network

www.RobertRaufHomeLoans.com

Here is a big TO-DO list to pick and choose from if you are looking for something to do this weekend!

• Peach Festival, Central United Methodist Church, Arnold Ave. 4 pm - 7 pm. Information: 732-892-3233 or www.gbgm-umc.org/cumcppb/ - BAY HEAD
• Children's Theatre: Peter Pan, Surflight Theatre, Engleside & Beach. 6:00 p.m. Information: 609-492-9477 or www.surflight.org - BEACH HAVEN
• Will Rogers Follies, Surflight Theatre, Engleside & Beach Aves. 8 pm. Starring John Davidson. A musical biography of one of America's most beloved citizens, Will Roger's life is viewed through the opulent lense of the Ziegfeld Follies. Information: 609-492-9477 or www.surflight.org - BEACH HAVEN
• Strand Theater Ensemble Presents: Neil Simon's The Odd Couple, Historic Strand Theatre, 400 Clifton Ave. 6:00 pm. The hilarious story of two people with opposite personalities who become roommates. In this case, opposites don't attract. Information: 732-367-7789 or www.strand.org - LAKEWOOD
• Alice in Wonderland's Unbirthday, The Music Man, 2305 Grand Central Ave. 4 pm. Children's story time. Information: 732-85-HAPPY or www.njmusicman.com - LAVALLETTE
• Ice Cream Musical, The Music Man, 2305 Grand Central Ave. 6 pm. Ice cream edition featuring songs from High School Musical. Information: 732-85-HAPPY or www.njmusicman.com - LAVALLETTE
• One Night Stand-Up with Local Jokers, Stafford Township Arts Center, OceanFirst Theater,1000 McKinley Ave. 7:30 pm. Family entertainment, competition to determine Ocean County's Funniest Community Comic with first, second and third-place joker prizes. Information: 609-489-8600 or www.njstac.com - MANAHAWKIN
• Ukrainian Flag Raising, 101 Hooper Ave. 12 noon. - TOMS RIVER
• Comcert: Toms River Municipal Band, Ocean County Library, Washington St. 7:00 pm. Bring your own chair for comfortable seating in the concert area. Free. - TOMS RIVER
• Summer Send-Off Campfire, JC NERR Coastal Center, 130 Great Bay Blvd. 6 pm - 8 pm. Help celebrate the end of an amazing summer while roasting marshmallows and sharing stories around a crackling fire. Entertainment and marshmallows provided. Information: 609-812-0649 or www.jcnerr.org - TUCKERTON

 August 23

• Barnegat Flea and Craft Market, Public Dock, E. Bay Ave. 8 am - 4 pm. No rain date. Information: 609-698-1618 or 609-698-3788 - BARNEGAT
• Children's Theatre: Peter Pan, Surflight Theatre, Engleside & Beach. 6:00 p.m. Information: 609-492-9477 or www.surflight.org - BEACH HAVEN
• Will Rogers Follies, Surflight Theatre, Engleside & Beach Aves. 8 pm. Starring John Davidson. A musical biography of one of America's most beloved citizens, Will Roger's life is viewed through the opulent lense of the Ziegfeld Follies. Information: 609-492-9477 or www.surflight.org - BEACH HAVEN
• Super Sidewalk Sale, Town Square Treasure Chest, 300 Brick Blvd. 11am to 4pm. Super savings inside and out. Information: 732-262-1445 - BRICK
• Classic Cars Show, FirstEnergy Park, Cedar Bridge & New Hampshire Aves. 1:00 p.m. Information: 732-901-7000 or www.blueclaws.com - LAKEWOOD
• Strand Theater Ensemble Presents: Neil Simon's The Odd Couple, Historic Strand Theatre, 400 Clifton Ave. 8:00 pm. The hilarious story of two people with opposite personalities who become roommates. In this case, opposites don't attract. Information: 732-367-7789 or www.strand.org - LAKEWOOD
• Sportsman, Super Stocks, SS Sprints, Crate-1, Outlaw Stocks, New Egypt Speedway, 720 Route 539. Information: 609-758-1900 or www.newegyptspeedway.net - NEW EGYPT
• "From Caterpillar to Butterfly-Witness the Wonder," Ozane's Insectropolis Bugseum, 1761 Route 9 North. 10:30 am and 12:30 pm. Learn how to find caterpillar eggs in your own backyard and then find out how to rear caterpillars. Cost includes program and free guided tour following the program. Attendees get free caterpillars from the giant silk moth family while supplies last. Information: 732-349-7090 or www.ozane.com/insectropolis.html - TOMS RIVER 
• Blues on the River, Huddy Park, Rt. 166 and Water St. 5 - 9 pm. Billy Hector Trio and the Sonny Kenn Band. Food, games, and contests from 5 pm - 7 pm. Music 7 pm - 9 pm. Bring lawn chairs. Rain date is August 24. Free. Information: 732-341-8738 - TOMS RIVER
• Comcert: Lakewood Jazz Ensemble, Ocean County Library, Washington St. 7:00 pm. Bring your own chair for comfortable seating in the concert area. Free. - TOMS RIVER
• Artist in Residence Demonstration: Pinelands Basketry, Tuckerton Seaport, 120 W. Main St., Rt. 9. 10 am - 5 pm. Debra Simpson demonstrating. Information: 609-296-8868 or www.tuckertonseaport.org - TUCKERTON
• "Warm Hearted Country" Music Night, Lake Absegami Beach, Bass River State Forest, 762 Stage Rd. 8:00 p.m. Bring chairs. Donations welcome. Sponsor: Bass River State Forest. Information: 609-296-1114 or www.state.nj.us/dep/parksandforests/parks/bass.html - TUCKERTON
• Don Helms Tribute, Albert Music Hall, 131 Wells Mills Rd., Rt. 532. Doors Open at 6:00 pm & music begins at 7:15 pm. Helms, who passed away Aug. 11 at 81 years old, played steel guitar for the late Hank Williams. Information: 609-971-1593, 732-892-1466 or www.alberthall.org - WARETOWN

• Children's Theatre: Peter Pan, Surflight Theatre, Engleside & Beach. 6:00 p.m. Information: 609-492-9477 or www.surflight.org - BEACH HAVEN
• Will Rogers Follies, Surflight Theatre, Engleside & Beach Aves. 8 pm. Starring John Davidson. A musical biography of one of America's most beloved citizens, Will Roger's life is viewed through the opulent lense of the Ziegfeld Follies. Information: 609-492-9477 or www.surflight.org - BEACH HAVEN
• Ice Cream Social, Havens Homestead Museum, 521 Herbertsville Rd. 2 pm - 5 pm. Old-fashioned party with games and entertainment Information: 732-840-1850 or www.bricktwphistoricalsociety.com - BRICK
• Sunday Rocks! Concert Series: Raven, Six Flags Great Adventure, 1 Six Flags Blvd., off Route 537. 6 pm. Performing July & August 2008. Concert is included with theme park admission. Information: 732-928-1821 or www.sixflags.com/greatadventure - JACKSON
• Strand Theater Ensemble Presents: Neil Simon's The Odd Couple, Historic Strand Theatre, 400 Clifton Ave. 2:00 pm. The hilarious story of two people with opposite personalities who become roommates. In this case, opposites don't attract. Information: 732-367-7789 or www.strand.org - LAKEWOOD
• Concerts at the Gazebo: Lakewood Jazz Ensemble, Bay Blvd. & Philadelphia Ave. 7 pm. Bring blankets and chairs. Information: 732-793-7477 - LAVALLETTE
• Klascar Legends, New Egypt Speedway, 720 Route 539. 600 Modifieds-600cc Micro Sprints-GSVSCC. 1 pm. Information: 609-758-1900 or www.newegyptspeedway.net - NEW EGYPT
• Comcert: The Roustabouts, Ocean County Library, Washington St. 7:00 pm. Bring your own chair for comfortable seating in the concert area. Free. - TOMS RIVER

There is a lot to do in Ocean County this weekend!

Enjoy,

Rob

Robert Rauf

Real Estate Mortgage Network

Data Sharing is here, A national MLS system is a real possibility

Like it or not we are getting close to having national access to MLS systems. It is likely the wave of the future especially with sites like Realtor.com.

Rumor is that NY is very close to a State wide MLS.  NJ has a lot of negotiations going on with the multiple MLS systems and many have begun data sharing... The big benefit here right NOW is that you may not have to belong to more than one MLS any more.  (I am aware that this may seem foreign to many readers here, but in NJ it is almost a necessity to belong to at least 2 if not 3 MLS systems).  With the Data sharing piece that is currently available you can drop one MLS and just use the one that you like the best, much like picking a software program that you are familiar with and running with it.  This is huge for anyone paying double MLS fees, and Great for anyone that stumbles across a buyer from out of town.. You will be able to pull info on their existing home, run comps to be sure it is priced right.... and as an extra service to your sellers you can differentiate yourself by finding information for them if they are moving to a different area, it could be emailing them a few listings or even finding them an agent in the new area that you can refer them to. 

This is not something to be scared by, it is truly something to embrace!

Here is an article by David Charronthat touches on the new frontier of the MLS The Untapped power of the MLS.

Have a great weekend!

Rob

Robert Rauf

Real Estate Mortgage Network

www.RobertRaufHomeLoans.com

This is a Negative review of the book.. I really did not like it at all.

I have had the book "Think and Grow Rich" , by Napoleon Hill, sitting on my desk for years and kept thinking that I need to Read it....  One of the Brokers in my area has it on his desk, he said he reads it about once a year.. so I finally decided to read it. 

I took the book with me when I went to Camp this summer (I am one of the Scoutmasters for my sons Boy Scout troop, and actually posted a few blogs of my camp adventures in July).

It was one of the few Paper backs, so it was easy to carry, and it was on my to-do list... so into the bag it went along with "Fastnet Force 10"

I had the mornings open in camp to sit and be bored, so I picked up T+GR and tried my best to read the darn thing... It bored me... Had to re-read the same pages over since they did not "grab" me. I realized about 80 pages into it that it sounded familiar, I must have tried to read it years ago and had the same opinion.  So as far as a book Review goes... Just go buy the "Little Engine That Could"  That says the same exact thing with some colorful pictures for us ADD types and you would probably get the message in a more clear fashion.

 T&GR just says the same thing over and over again in the most boring fassion sounding more like an info-mercial than any useful tool... So I do not recommend the book at all.

Fast Net... That I do recommend.. I finished that book in a few days. It is about a Sail Boat race in the 1970's when a big gale blew in.  I race Sail boats... so this was entertaining and I had no problem devouring the book, as for T&GR, that goes back on the shelf to collect more dust.

Have a great weekend

Rob

Robert Rauf

www.RobertRaufHomeLoans.com

Real Estate Mortgage Network

Big NEWS!

As I begin my 21st year in this crazy career I chose for myself I have to decided to do it with a new company.  When my old company of 18 years fell in the turmoil of the Mortgage Markets 12 months ago I Thought that my only option was to go to one of the "Big Guys".  This is hard to say: I was Wrong. 

The big guy I chose to work for was a constant target of the media. Most of the mud slinging was not warranted, but it made it difficult to do what I do. There is also a lack of flexibility in the big companies that I was not used to. My old company was fairly large, but it continued to grow and flex where it needed to, perhaps a little to aggressively since it did not survive the liquidity crunch...

After speaking with friends I have known in the business for 20 years and discussing the Fun times we have had and were currently not having... A few of us decided we wanted to be somewhere that we could have a career and have some fun doing it. The CEO of my new company already knows my name, I even shared a Pizza with him today after some training. That is what I am looking for!

My new company is REMN, The Real Estate Mortgage Network

REMN is a Mortgage Banker, Licensed in about 28 states now and growing. It has been around since the 80's and the top few people are well known and respected with in the industry. And there is the knowledge, flexibility and capital to keep the company healthy and closing loans.. Not just closing them, but looking for ways to do them rather than the reverse, and doing it at a great rate with a happy client in at the end of the transaction.  I am Home Again! 

There are a lot of people I have spoken to that were displaced in the past year that are not happy and many are looking for what they are missing.  Happiness is the Key to life and success.

I have already had a few closings with REMN and the process has been great and my clients have been happy. I still have a bit of a learning curve in figuring out the ins and outs of a new system, but my partner and I already taught our trainer a few things today, I have no doubt that we will be hitting on all cylinders by the end of the week, I just need the office furniture to be delivered!

My new office info:

Have a great night

Rob

Robert Rauf

I am always asked this question, and it isn't always an easy one to answer, especially in today's environment. If you just put contracts in on a house this weekend and you are applying for a loan I would advise that you lock in at the application if you are closing in the next 30 days or so, it will be the safer move... Here is why:

The Market has been in turmoil with investors being overly cautious to invest in anything with the word "mortgage" attached to it.  And it is this pessimism that is leading the movement in the markets more so than the economic data. The problem is that Mortgage companies rely on Capital to operate, and when investors stop investing in mortgages, capital dries up... Warehouse lenders pull their credit lines from lenders which is equivalent to pushing the lever on the Crapper... A vicious circle that can bring companies to their knees.   The turmoil we have been experiencing the past 12 months in the mortgage world circles around liquidity...

here is this weeks News:

Monday August 18: No Data.

TuesdayAugust 19: July PPI Estimated at +.6% with a core of +.2%. If the numbers come in as anticipated... HO HUM>>> but if there is a gain over .3% on the core level it would be a sign of non-energy related inflation... Bad news that could raise rates

Wednesday: No Data

ThursdayAugust 21: Initial Jobless claims; Anticipated to be down 7,000. Thee have been extensions of benefits for many claimants that will mess with this number.  Employment remains week and it should already be priced in thus unlikely to have a serious impact on rates today

Thursday August 21: July Leading Indicators; anticipated -.2%. A forward looking number that guesses 3 months into the future is never very accurate, so not much of a market mover.

FridayAugust 22: Bernake Speaks  at the Kansas City FED symposium. Expect a lot of "Fed Speak" here. probably will say he is committed to fighting inflation but will be cautious about making any moves until necessary. most likely a non event

The PPI number is the one number of the week that has potential to move the market. so Tuesday is the day to be most cautious! 

That's the news for this week.... It is probably a safer week to lock than to float again since it is more than just the economic data floating buy that is moving mortgage rates... and the "other" factor is making the moves even More unpredictable.

have a great week

Rob

Robert Rauf

www.RobertRaufHomeloans.com

What is Happening in the Interest Rate Market?

The Market has been in turmoil with investors being overly cautious to invest in anything with the word "mortgage" attached to it.  And it is this pessimism that is leading the movement in the markets more so than the economic data. The problem is that Mortgage companies rely on Capital to operate, and when investors stop investing in mortgages, capital dries up... Warehouse lenders pull their credit lines from lenders which is equivalent to pushing the lever on the Crapper... A vicious circle that can bring companies to their knees.   The turmoil we have been experiencing the past 12 months in the mortgage world circles around liquidity...

here is this weeks News:

Monday August 18: No Data.

TuesdayAugust 19: July PPI Estimated at +.6% with a core of +.2%. If the numbers come in as anticipated... HO HUM>>> but if there is a gain over .3% on the core level it would be a sign of non-energy related inflation... Bad news that could raise rates

Wednesday: No Data

ThursdayAugust 21: Initial Jobless claims; Anticipated to be down 7,000. Thee have been extensions of benefits for many claimants that will mess with this number.  Employment remains week and it should already be priced in thus unlikely to have a serious impact on rates today

Thursday August 21: July Leading Indicators; anticipated -.2%. A forward looking number that guesses 3 months into the future is never very accurate, so not much of a market mover.

FridayAugust 22: Bernake Speaks  at the Kansas City FED symposium. Expect a lot of "Fed Speak" here. probably will say he is committed to fighting inflation but will be cautious about making any moves until necessary. most likely a non event

The PPI number is the one number of the week that has potential to move the market. so Tuesday is the day to be most cautious! 

That's the news for this week.... It is probably a safer week to lock than to float again since it is more than just the economic data floating buy that is moving mortgage rates... and the "other" factor is making the moves even More unpredictable.

have a great week

Rob

Robert Rauf

www.RobertRaufHomeloans.com

While Networking you want to make a rock solid connection with potential clients and referal sources. What can you do? At the top of your list should be proper Etiquette.

Studies have shown that college graduates are missing out on business etiquette skills.  Hopefully we can avoid some of this and learn from these studies.

Here is a scary number: You get Seven Seconds to make a first impression.... YIKES 7??!!  It took me seven seconds to type this sentence.... To make a positive impression, Smile with confidence, and be sure to have a firm full hand shake.  Do not have a wimpy finger shake, and no bone crushing death grips either!

When in doubt, dress conservatively. Also consider your business cards as part of the first impression, do they look professional, are they bent and dirty? Presentation is everything. Right down to having a nice pen.

When eating, avoid huge bites of food, NEVER talk with food in your mouth and be sure to swallow prior to answering a question.

Also be careful of the subjects you discuss.  Stick to safe subjects and avoid politics and other risky topics. While having your "safe" conversation be sure not to fidget or cross your arms while chatting, and focus on the person you are talking to.  I would also add, don't take over the conversation... 2 ears and one mouth for a reason!. 

At least that is the information from a study done by the National Association of Colleges and Employers!

Here is a little added piece that I forgot to put on previously, Eye Contact... (thanks Lisa!) I know I have never trusted some one that wouldnt look me in the eye.

Have a great weekend

Rob

Robert Rauf

www.robertraufhomeloans.com