Roland's Blog: June 2008

Looking for 4th of July Fireworks in Clarksville, Tenessee. { July 3, 2008 }

The City of Clarksville will host the Independance Day Celebration on July 3, 2008 at Clarksville's River Walk at McGreggor Park on Riverside Dr. The event will take place from 5:00 PM to 10:00 PM and will feature Live Music and Fireworks. Be sure to arrive early for this event. If your can't find close parking, try up around Public Square and the Downtown area. There should be a great view from up on the hill as well.

This is a FREE Event

Fort Campbell will host its Annual 4th of July Celebration too.  { July 4, 2008 }

Guests should enter gate 7

INDEPENDENCE CELEBRATION BEGINS AT 1900
Invocation
Parachute Demo Team
Band Concert provided by the 300th Reserve Band from CA
Posting of the Colors/National Anthem
Remarks from a Command Group Representative

FIREWORKS BEGIN AT 2100

FOR MORE INFORMATION CALL 270-798-7535

In my previous post on Foreclosure ~VS~ Short Sale {Part 2} I left off with this Question.....

What are the Requirements of a Short Sale ?

The Home Owner Qualifies for a Short Sale with a Short Sale Package.

Here are the required items for a Short Sale

1.  2 years Tax Returns ( Signed )
2.  2 Most recent pay check stubs with YTD
3.  Financial Statement
4.  2 Months ank statements with bank logo
5.  Hardship Letter

* A hardship letter is a pitty letter to the lender. This is not a noval.... the letter needs to tell their story to the lender. It needs to be more than " I lost my job " It needs to tell how it has affected the family.

* No Tax returns: Blank paper write Tax returns as the top and explain why they don't have a tax return

* No pay stubs: Blank paper write Pay Stubs on to and explain why they dont have any.. like.. They lost their job. If they have Unemployment or Social Security, get a copy of this to turn in.

* No income, Social Security ect. Find out who is making their payment the payment for groceries, utilities ect.

* No banks statements because the took all money out and closed the account because they were trying to stay afloat.

These are the items needed complete package to do a short sale. These steps alone do not mean your are approved for a Short Sale. This is just the begining of the process.

If you would like more information on Short Sales, please contact

Roland Woodworth of Exit Realty Clarksville

RolandWoodworth@TopProducer.com

www.ClarksvilleHomeInformation.com

Roland is Licensed in both Tennessee and Kentucky.

                                                                     In my previous post on Foreclosure ~VS~ Short Sale {Part 1} I left off with this Question.....

Is there a Possibility Tax Consequences..... YES it could be.....  

 The answer is YES.

There MAY be a TAX Liability created by either a FORECLOSURE or a SHORT SALE. Have the Home Owner talk to their tax advisor as we are Realtors and NOT tax advisors and not allowed to give tax advice. The Seller receives a 1099 for the DISCOUNTED amount. The IRS looks at the discounted amount as Income. Home Owner will recieve a 1099 from the lender.

They can file FORM 892 if they are Insolvent and can prove it. Meaning they do not have the ability to pay it.

 Senario:

If the home owners income is $30,000  for the year and the discount is $45,000. They owe taxes on $75,000 for that year. Now if they are insolvant and can prove it, they can file the 892 along with 1099 they may not have to pay that tax for that year. ( again we are not tax advisors.. have them talk to their tax advisor for details and final decisions.

The benefit to the seller  for doing a short sale.  is they do not have a Deficiantcy justment for the foreclosure

1. Home Owner DOES NOT have a foreclosure on their credit report
2. Home Owner WON'T have a deficiency judgement that would be there if it goes to foreclosure
3. Home Owner AVOIDS the Humiliation of a being put out and home sold on the court house steps.
4. Home Owner COMPLETES their original commitment with Integrity
5. Home Owner gets to put up a REAL FOR SALE SIGN instead of having the Sheriff come put them on the street.
6. SMALLER Tax Liability

I recommend you consult with your tax consultant for more information as I'm not certified in the area of Taxes.

What are the Requirements ? ....     Stay Tuned.....

If you would like more information on Short Sales, please contact

Roland Woodworth of Exit Realty Clarksville

RolandWoodworth@TopProducer.com

www.ClarksvilleHomeInformation.com

Roland is Licensed in both Tennessee and Kentucky.

 If you are a home owner and are having trouble makeing your mortgage payment and are heading to Foreclosure, there may be other options that could be available to you.

A foreclosure will leave a negative mark on your credit report and you go threw the process of your name being posted in the local news paper.  There could be another alternative to Foreclosure that you may want to concider that is called a Short Sale.

 A Short Sale is where your lender will allow you to sell your home for a discounted payoff amount instead of a Foreclosure. There is a process that must be followed and this can take 45 to 90 days to get an approval. The lender will evaluate your situaltion and see which way will have the most savings to the lender.

You ask why would the lender want to do a short sale instead of foreclosing on the property ?

Here is a example why the Short Sale would be better for the lender.

Short Sale Senario                                                                                                  Foreclosure Senario

$110,000 Actual Loan Amount                                                         $110,000 Actual Loan Amount

$100,000  Actual Market value                                                         $100,000 Actual Market Value

   $8,000 Commission and Closing Cost                                               $1,500 Legal Fees

 $92,000 Amount left to Satisfy the lender                                             $4,500 Lost Interest

 ($18,000) Amount the Lender would discount the Mortgage                 $3,000  Taxes, Insurance, Maintanece & Utilities

                                                                                                               $8,000 Commissions and Closing Cost

                                                                                                              $83,000 Amount left to Satisfy the lender

                                                                                                             ($27,000) Loss to the Lender

By doing the Short Sale the Lender SAVINGS are $9,000

It can take 9 Months for a Foreclosure and Real Sale of the home

By the lender allowing the resale it also is a benefit to the borrower as they do not have a foreclosure on the credit and the do not have there name posted in the local news paper.

Are there a Possibility Tax Consequences..... YES it could be.....  Stay Tuned.....

If you would like more information on Short Sales, please contact

Roland Woodworth of Exit Realty Clarksville

RolandWoodworth@TopProducer.com

www.ClarksvilleHomeInformation.com

Roland is Licensed in both Tennessee and Kentucky.

Retro's Classic Arcade played host for Eagle 94.3 FM's Birthday Bash

If you were not at Retro's Classic Arcade on Saturday June 21st, you miseed out on the Eagle 94.3 FM's Birthday Bash. The event took place from 11 AM to 2 PM. It was the 4th Birthday Bash and the first 94 people recieved a FREE GIFT and Retro's offered FREE ADMISSION during the event. After the drawing for the door prizes, Lunch was served out back.

Eagle DJ's JT Daniels and CC Carmack and other staff members were all there. through out the event and they also got to experiance all that Retro's has to offer.

 There were also tickets given away for Kenny Chesney and Wingo Star.

 I won the Ringo Star tickets and the winner of the Kenny Chesney tickets is pictured below.

Winner of the Kenny Chesney Concert tickets with CC, JT and Mrs Fisher of Retro's.

Looking to BUY or SELL a home in Clarksville, Tennessee ? Here is a Year To Date Activity Report on our Local Market. This report is broken down into Areas, Average homes on the market per day, Average List Price, Average Closing Price, Percentage of Closed Price ~VS~ Listing Price and Average Days on the market. This report is a Year to Date threw May 2008 and is compiled from the Local MLS.

If you are looking to BUY or SELL your home

Call Roland Woodworth of Exit Realty Clarksville

RolandWoodworth@TopProducer.com

www.ClarksvilleHomeInformation.com

You may recieve your own Market Snapshot at  www.ClarksvilleMarketUpdate.com

YTD - Activity Report: 05/2008

 

Property Class: Residential

 

	Active Listings		New Listings		Pended Listings		Closed Listings
Area	Avg Per Day	Avg LP	Count	Avg LP	Count	Avg LP	Count	Avg CP	%CP/LP	Avg DOM
71	116	$119,622	146	$112,550	79	$113,366	73	$107,576	96.900%	112
72	75	$212,371	93	$186,308	53	$165,895	34	$145,478	94.900%	94
73	94	$163,858	110	$154,363	85	$138,731	81	$137,033	98.400%	116
74	209	$108,954	332	$134,060	208	$104,329	171	$103,487	98.400%	73
75	179	$142,547	276	$126,399	162	$129,796	151	$129,262	98.700%	100
76	593	$188,896	889	$181,403	544	$167,968	431	$161,542	98.600%	101
77	336	$253,912	466	$231,692	217	$207,895	175	$200,511	97.700%	88
	1,602	$181,538	2,312	$172,737	1,348	$154,863	1,116	$148,591	97.66%	98

An artist's rendering of the proposed Fairgrounds Park redesign. (Contributed image)

In reading today's Leaf Chronicle, Clarksville Mayor Johnny Piper says Marina Must open on time.He goes on to say that if the project is not finished by October 2010, he will kill the project. Why is this date so important ? This date is one month prior to the next Mayor elections here in Clarksville, Tennessee.

 The Clarksville marina (if developed) will be located at the fairgrounds park located on the Cumberland Dr Ext ( Hwy 13-48 ) just off Riverside Dr. There are many plans other than just the 221 boat splips that are planed. There are also plans to enlarge the current pond and will feature paddle boats. There is to be a new Pavilion twice the size of the one recently destroyed by the Tornado in May. Tentative plans also call for a possible  3,000 seat amphitheater adjacent to the new pavilion.

Once the approvals come in from the Corps of Engineers as to where they can place the dredged soil, plans are still tenative at this time for the fairgrounds. Once approvals are in place, construction could begin late this year or early next year for the contractor JJR to submit the permit applications to the Corps.

The front area also calls from potential Commercial Development sites. This being the area of the current Clarksville Jaycees building and land owned by the North Tennessee Fair Inc. on the right side of the entrance to the fairgrounds and the land to the left side of the entrance as well. Plans also call for the relocation of the community playground and the Dog Park and the Athletic Fields.

For more information on this project, view the news article linked above.

If you have not had the opportunity to attend the North Tennessee State Fair, Saturday June 21st is the last day. Come on out with your friends and family and enjoy the last day of the fair. Last night was the Demolistion Derby and tonight was the first night of two of the Mud Drag Races.

Each year the North Tennessee State Fair is sponsored by the Clarksville Jaycess at the Clarksville Montgomery County Fairgrounds. The money raised by the Jaycees during this event goes right back into the local community for events such as the Back to Shool and Chistmas Shopping Tours, the Community Easter Egg hunt along with other events though out the yaear.

Below are a few picture of the Demolition Derby last night.

Wetting the track !

Lining up to enter the ring !

Let the Domolition Derby Begin !

Your Clarksville Tennessee Home Search

If you are looking for your next home in Clarksville, Tennessee, there is one website you will want to visit.  www.ClarksvilleHomeInformation.com will allow you to recieve a custom home search right to your e-mail. Roland Woodworth of Exit Realty Clarksville is Ready, Willing and Able to assist you in your home search. First time home buyers as well as repeat home buyers. No home to small or to large. There are a variety of home in all price ranges available your your viewing.

Please feel free to call or e-mail Roland Woodworth of Exit Realty Clarksville with any questions you may have.

RolandWoodworth@TopProducer.com

www.ClarksvilleMarketUpdate.com  This site will map the homes for sale and send to your e-mail.

The Clarksville Jaycees would like to announce that the Midway opens tonight at the North Tennessee State Fair. Be sure to come  out and enjoy all the fair has to offer !

Midway rides this year are by Belle City Amusements.

This Week's Fair Schedule

• Tuesday: (Today)
• Midway opens, gospel singing.
• Wednesday:
• Midway open.
• Thursday: 2 Events for 1 Price
• Demolition Derby, 7 p.m., $10/$5, Clarksville Fairgrounds, midway open. Boxing at 9 p.m.
  
• Friday: 2 Events for 1 Price
•  Mud Drags, 7 p.m. and boxing, 9 p.m. This is a two-for-one event, $10/$5, Clarksville Fairgrounds, midway open.
• Saturday:
• Mud Drags, 7 p.m., $10/$5, Clarksville Fairgrounds, midway open.
  

  In all $10/$5 priced events, 12 and younger is $5, and younger than 5 is free

  
  

   

 For more information on the North Tennessee State Fair, visit www.NorthTNStateFair.com

 Dont' forget about the lAgricultural and the Live Stock !

Loking to BUY or SELL your home ?

Call Roland Woodworth of Exit Realty Clarksville

RolandWoodworth@TopProducer.com

www.ClarksvilleHomeInformation.com