All TN Property For Sale in Sevierville, Pigeon Forge, Gatlinburg, Maryville,etc!

Washington Earthquake Video

2011-08-24T09:18:00.000-04:00

“Just What Does It Take To Become Adopted?”

2011-08-23T13:54:00.004-04:00

Most everyone in Wears Valley knows something or at least a little something about Wears Valley Ranch. Founded approximately 20 years ago by Jim and Susan Wood, the Ranch’s story is nothing less than miraculous, and if you are really interested in how the land was given to the Ranch (one lady owned the land as well as more land adjoining the National Park), there are several short books which tell the story. Just let me know, and I will be glad to give you one of those books.

“Just What Does It Take To Become Adopted?”

The first year we lived here, we were trying to start up a small restaurant (“Mountain Tymes” for those of you who may remember). One day a big white man walked into the door of the restaurant with a cute little black boy (Preston). They looked like Mutt and Jeff. It turns out that both of Preston’s parents had died leaving him basically as an orphan. The white man knew Preston through a sports league in Birmingham and also knew of the fine ministry performed by the WVRanch (becoming home to children from bad situations but not bad children). On that particular summer day when I met him, Preston was arriving to make Wears Valley Ranch his home.

Preston lived at the Ranch and graduated from St. Andrews School there a few years ago. He is presently attending Lee University, and is now the adopted son of Jim and Susan Wood. How did that happen?

One day Preston was riding along in a car with the Woods as they were discussing their plans to adopt two brothers and a sister from Romania. Preston listened with interest as Jim and Susan excitedly shared with him their plans to bring these siblings to Wears Valley and add them to their family (the Woods already had three biological sons of their own).

Preston thought for a few minutes and then asked Jim and Susan this question: “Just what does it take to become adopted?” Taken by surprise the Woods immediately answered Preston’s question not only with words but with actions. They began the adoption process, and today the Woods family consists of Jim and Susan, their three sons, two daughters-in-law, two grandchildren and another due next month, Stephen, Elizabeth and Peter (Romanian siblings), and Preston. Truly a family made by God.

The Ranch children continue to thrive. I am honored to know several who have reached adulthood and are productive and successful young adults. Preston is one of those. There are also several younger ones presently “at home on the Ranch.” Would you like to get to know some of these precious children? Would you like to support the Ranch in its endeavors? If so, please let me know. It would be an honor to show you around the Ranch, introduce you to the Woods, the children, the house parents, and the staff members who all work so diligently in behalf of these children.

And, by the way, there is now an active non-denominational church located on the Ranch property. It is Christ Covenant Church. Jim Wood is the pastor, and Sunday services are at 10:30 a.m. Come any time!

“ON MY FRONT PORCH”

2011-08-23T13:43:00.001-04:00

One of my most pleasurable activities is visiting on my front porch with friends and neighbors. Many of these folks are just like me, people who have fallen in love with Wears Valley and have bought property here, whether it is to live here full-time, part-time, or as an investment.

And then there are “the locals,” the dear folks who befriended and welcomed my family and me when we chose to make the Valley our home over twelve years ago. I can still remember when the late Ina Bryan and our “new friend” Judy Roland (formerly of Georgia) came up to the porch for a visit. Ina had never seen the Valley from the angle of our house, and I really enjoyed her pointing out to me various peoples’ homes and farms.

On another visit with Ina, I asked her if she grew up here (in Wears Valley). She said, “Oh, no.” That surprised me since I had assumed she had lived here her whole life. Naturally, I asked her, “So where did you grow up?” And Ina quickly replied, “Happy Hollow.”

Now Ina’s answer really made me stop and think. In my mind Happy Hollow was a part of Wears Valley just the same as say the Thunder Mountain neighborhood is. But not to Ina…when she grew up here it was a long ways from Happy Hollow to Wears Valley!

Pondering our conversation later, I really understood Ina’s perspective. I, too, grew up in a little small town in rural Mississippi. When we had the opportunity to go to the next town over (10 miles away), that was a real treat. And if you went on a weekday, you must really need to do or get something badly. No one ever drove that ten miles unless there was an important reason to do so!

Some rural areas like Wears Valley and Happy Hollow have seen a lot of growth; others like my Mississippi hometown have not. What has not changed, though, and the major reason I am honored to call Wears Valley home, are the people like Ina and W.B. Bryan. Wonderful, salt of the earth folks who have blessed me by being my “friends and neighbors.”

About Fran: Fran Troxler, husband David, and their 5 children moved to the Valley in Jan. 1999. The children have attended Wearwood Elementary School and Gatlinburg-Pittman High School. Fran is the owner of East Tennessee Realty Group. She lives in the Hideaway Mountain Subdivision off Little Cove Road.

Real Estate for sale in East Tennessee

2011-06-10T13:10:00.001-04:00

Few were braced for a market correction lasting this long. The latest Standard and Poor’s Case-Shiller index shows that prices have hit a new market low, values declining back to levels not seen since 2002 nationally and in some regions, prices are back to levels not seen since the 1990’s.

And just like the stock market, when prices decline to a level which represents value, it is indicative that it is indeed the time to buy before home prices begin to creep upward. And in the East Tennessee market, we believe that to be the case. Naturally we can only guestimate the exact bottom of this market but for a long term purchase, the real estate buyer who pulls the trigger NOW and makes that purchase is going to be happy they capitalized on the downturn and took advantage of solid values in the marketplace.

Enters the upturn.

16 million new housing units will soon be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report.

Predictions are that we will see distressed properties taper off and our market begin to revive itself. As more inventory decreases, real estate prices will steady. Once the inventory lessens, prices will begin to inch upwards as supply and demand takes a reverse role. With the evolvement of many Baby Boomers retiring and looking to relocate to specific regions of the U.S. (East Tennessee being among the top 5 choices) – this has and will continue to provide a steady stream of buyers into the market place as there is a definite migration pattern occurring in certain areas of the U.S, primarily East Tennessee.

Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The report also predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will soon be needed.

We have witnessed a shift in the East Tennessee housing market to accommodate the demand for long term rental housing, especially in and near Pigeon Forge, Tennessee, Sevierville, Tennessee, as well as other areas like Knoxville, Tennessee. East Tennessee Realty Group averages upwards of 10 calls per day from prospective lease tenants looking for long term rental property in the Sevier County, Tennessee area. Sadly, most stories are the same. They come from the Northern region where industries have taken a punch resulting in job loss, and the loss of housing. They come to this area seeking employment and new start but can't buy due to the blow to their credit thus, they are forced to rent.

East Tennessee Realty Group has been soliciting property owners of vacation property to convert their property to long term rental, especially those that may be experiencing a higher vacancy rate. We are also encouraging investors to pursue long term rental property. East Tennessee Realty Group offers full property management services from marketing to background checks for absentee owners. We are taking the necessary steps to transition with the ever changing market and continue supporting our growing clientele and customer base. Customers know where to turn for help with their real estate needs as East Tennessee Realty Group covets the reputation for going above and beyond the call of duty to take care of our clients and customers.

If you own a property and would be interested in converting it to long term rental we would be glad to work with you. If you are looking for a solid real estate investment, we encourage you to consider the long term rental market. Contact East Tennessee Realty Group for more information 865-774-7764 or email to: info@easttnexperts.com

www.easttnexperts.com

1 in 4 mortgages are underwater

2011-02-09T08:41:00.003-05:00

Earlier this week, it was pointed out that Diana Olick’s technically accurate, but misleading post about the Housing Unoccupied Rate was incorrect. (US Homeowner Vacancy Rate is 2.7%, Not 11%).

Today’s statistics lesson is from an error at HuffPo. It begins with the statement “Nearly one in every four homeowners across the country owe more on their home than it’s worth.”
That’s actually incorrect. It is based on the assumption that every home has a mortgage. What the author should have written was “Nearly one in every four homeowners WITH A MORTGAGE owe more on their home than it’s worth.”
We see this exact error all the time in the real estate/mortgage industry.

Here is the actual data source: Over 30% of homes are owned outright, without any mortgage. The 2009 Census data shows that of 76,428,000 million occupied homes, there were 50,300,000 homes with some form of mortgage, and 24,206,000 houses owned free and clear — that is about 31.67% of homes.

Back out the unencumbered homes, and you end up with the figure that homes with mortgages that are underwater are about 17% of all homes — a little less than 1 in 6. (You can get this data from this Census page: Go to the spreadsheet marked “Mortgage Characteristics.”)

UPDATE: The crack team at HuffPo immediately corrected this. Nice!

New Sevier County Commission development regulations

2011-02-07T13:11:00.000-05:00

Friends of Wears Valley

Example of what developers have done to ruin the scenic vista outside the Great Smoky Mountains National Park, the most visited park in America.

John Edwards February 6th, 2011

Sevier County Commission approved a set of regulations this past December that will govern future developments on many of the mountains and hillsides in the county.

Read the full article here:

http://www.knoxnews.com/news/2011/feb/06/020611hillsides/

10 Reasons to buy NOW

2010-09-22T16:53:00.003-04:00

Here are 10 valid reasons to buy RIGHT NOW

GOOD DEALS ARE EVERYWHERE! No matter which direction you look, you will find a good deal. Prices and interest rates are at all time lows and the inventory is up. You don't have to look very far to find a good deal. Let East Tennessee Realty Group find it for you.
When have mortgage rates been so low? Two years ago rates were around 6.3%! Now you can get a 30 fixed for under 4%.
Tax Savings - Yes, I said tax savings! Mortgage interest payments are tax deductible.
It's all yours! No landlords and you can renovate or remodel the way you want and put "you" in to the house you have always wanted!
You get a better home. Some rentals are not the best properties to live in and not all landlords really care about their properties as they should.
Inflation Protection - Studies have shown that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That's what we call inflation insurance.
It's Risk Capital. No, your home isn't the stock market and you shouldn't view it as the way to get rich. Real estate prices will head up again. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities - for practical as well as psychological reasons. Equity in a home is another way of linking part of a portfolio to the long-term growth of the economy.
It's Forced Savings If you can rent an apartment for $2,000 a month instead of buying one for $2400 a month, renting may make sense. Will you save that $400 in the future? Most people won't. You have to do the math! The part of your mortgage payment that goes to principal repayment isn't a cost. You're paying yourself by building equity. As a forced monthly savings, it's a good discipline.
So many to choose from Most of the country is seeing a glut of inventory and according the NAR the current inventory is around 4 million homes for sale. Great choice at great prices!
The Market will clear Supply and Demand will eventually meet and the good deals may be no more.

Long story short, now is the time to jump in and make that purchase! With over 4 million properties on the market, there is at least one out there with your name on it and any one of our skilled agents can help you locate it! Give us a call today 865-774-7764 info@easttnexperts.com

ETRG hosts Keep Sevier Beautiful Roads/Rivers Clean Up day

2010-09-22T14:49:00.005-04:00

In keeping with the tradition started several years ago at East Tennessee Realty Group, the Fall Keep Sevier Beautiful Roads to Rivers clean up day was hosted at East Tennessee Realty Group office in Wears Valley.

This event brought in a total of 15 volunteers and over 45 bags of garbage collected from the road sides of Wears Valley. Volunteers were treated to a complimentary lunch consisting of BBQ sandwiches, chips, and a drink. Lunch sponsors include Roger Meier and Dave Bryan - Smoking Pig BBQ at Wears Valley Farmer's Market, Tennessee State Bank (Wears Valley Branch), and ETRGs own Michele Bryan and Jerry Sandifer.

A recent Facebook posting from Owen Poveda stated that one of his buyers commented on the cleanliness of the Wears Valley community while looking at property here last week. Thanks Owen!

The residents of Wears Valley along with East Tennesse Realty Grouop puts great emphasis on the appeal of the community and several roads have been adopted through an effort of East Tennessee Realty Group to keep the roads in Wears Valley litter free year round.

Here is a message from a group of dedicated volunteers:

Another satisfied ETRG client

2010-08-16T15:24:00.003-04:00

The Chapmans closed on this property 20 days early!

The Chapmans operate a Christian camp in Smithville, Tennessee (www.lighthousechristiancamp.com).

When they walked into our office they were only looking for vacant property to park their RV on when in Sevierville.After looking at several properties they decided the best route to take was to purchase a foreclosure house that they could rehab the way they wanted.

On the second trip to Sevierville from Smithville and two days of looking they found their hidden treasure with the help of their agent, Michele Bryan...a home in the Strawplains area with more than enough room to accomodate their RV and would also allow them to bring along ranch guests from time to time.

This great price at $62,000 was hard to pass up! This home has 5 bedrooms in the main house, a den, and separate living room. There is a separate one bedroom apartment/rec room with adjoining two car garage, and additional garage/storage.

They love the property, were tickled pink with Town and Country Title for closing 20 days early, and now will be working on the rehab of their new found treasure!

We would love to help you find your hidden treasure!

Call us today at 865-774-7764 (888-662-3874 Toll Free) or visit our website at http://www.easttnrealtygroup.com/
Any one of our well qualified agents will be happy to assist you with all of your real estate needs and answer any questions you have.

The Social Media Revolution

2010-04-29T02:06:00.004-04:00

After attending a Social Networking seminar in Knoxville, Tennessee yesterday I find myself sitting here at 2 am trying out all the ideas they passed along to us at the seminar.
The real estate world has truly evolved from old school print ads to total online marketing media.
Who knew 20 years ago that magazines and newspapers would transform into something so small as an iPhone!
Blogs, FaceBook, LinkedIn, and all the others are the new resources for cutting advertising costs in such a tight economy.
I can't wait for new apps to be released!

ETRG Hosts Wears Valley Clean Up Day

2010-03-22T09:38:00.029-04:00

East Tennessee Realty Group hosted another successful Wears Valley Clean Up day in conjunction with non-profit organization, Keep Sevier Beautiful.

This has been the best participation thus far and we are already looking forward to the next clean up this coming fall.

Participants were treated to a free lunch sponsored by Tennessee State Bank and Wears Country Market.

Hamburger and Hot Dogs were the meal of the day for all tired and hungry participants.

The free lunch was prepared by East Tennessee Realty Group's own Lloyd Terry, Michele Bryan, Barbara McDonald, and ETRG Co-Owner, Jerry Sandifer.

ETRG Broker & Co-Owner, Fran Troxler was hard at work making sure every participant recieved the credit due them for all their hard work!

Mrs. Nell O-Connell from Wears Valley Antiques participated by driving her Gator around Wears Valley collecting all the bagged garbage from the participants. She made several trips bringing garbage back to ETRG's office where it was collected on a utility trailer for transport to the local convenient center.

True partners in grime!

Local Wearwood 4-H students participated in the valley wide clean up and received credit for their 4-H club.

Ealry morning sign up

ETRG Co-Owner and Principal Broker, Fran Troxler explains the Adopt-an-Area plan to interested residents.

Several residents agreed to adopt an area in their nieghborhood and pledged to keep in clean year round.

Everyone is encouraged to participate in the upcoming Fall clean up yet to be scheduled.

Together we can make a difference!

Read the article in the local Mountain Press newspaper.

ETRG Sale-A-Bration! Congratulations to Jerry Sandifer!

2010-02-24T16:08:00.000-05:00

East Tennessee Realty Group congratulates it’s very own Jerry Sandifer, co-owner, on his million dollar sale of property in Wears Valley!

Despite several stumbling blocks in his path, Jerry persevered straight to the closing table with his buyers.

The entire East Tennessee Realty Group family along with the Town and Country Title crew surprised Jerry with a celebratory lunch at the Chop House restaurant in nearby Sevierville.

East Tennessee Realty Group; Now HUD Certified

2010-02-22T12:09:00.000-05:00

What is a HUD Property?

Are you interested in HUD property but aren’t quite ready to purchase?

Maybe you want some assistance and information about the following:

· Personally viewing HUD properties

· Submitting a bid on a home or preparing to purchase a home

· Understanding how the buying process works

Allow us to clarify some things first.

People think that buying a HUD home is as simple as finding one they like online and buying it…Not true. People also think that HUD forecloses on properties thus resulting in HUD foreclosures…Not true.

First of all you should know that HUD does not foreclose on homes.

There are no HUD foreclosures despite the advertisements you see floating around.

There are HUD owned properties. Sorry to be the bearer of bad news.

Truth; a home becomes a HUD Home because someone that had a FHA Insured loan, defaulted on the loan from their lender (not HUD) and was foreclosed by their lender, not HUD. The lender in turn collects from FHA (Federal Housing Administration) any losses they incurred from foreclosing.

FHA is part of HUD. But FHA only insures mortgages. They are not a lender. HUD in turn eventually gets the deed to the property and offers it for sale to the general public after much red tape is gone through, typically taking from 8 to 12 months.

Understanding HUD owned properties

If the house you are interested in is a HUD owned property, it was last purchased with a Federal Housing Administration (FHA) insured mortgage. The Federal Government insured the loan and agreed to repay the lender for all money lost if the property is foreclosed on. This made the previous mortgage possible. The Federal Government protects itself by

collecting a mortgage insurance premium at the time of purchase of a FHA insured home. The MIP rate is typically 2.25% of the financed amount and helps the buyer reduce their initial out of pocket expense to as little 3% of the purchase price, making it possible for many more buyers to buy homes. This mortgage insurance premium is combined with the monthly mortgage payment.

Benefits to buying a HUD owned property:

· No Appraisal required

· Instant equity

· Flexible Credit requirements

· Low money down.

· HUD will pay all closing costs. (Up to 5% in some states)

The flip side of the coin

HUD homes have typically been vacant for the length of time it takes them to get the deed which,

as previously mentioned, could be as long as 12 months. During this time the property has sat without any utilities being on such as heat and air or water. This is one reason all HUD homes are sold “as is” with no condition warranties at all. That said, should repairs be necessary there is a

FHA program available for buyers that will allow for up to $5,000 in repair costs through a program called FHA 203K rehab loan program.

Two types of properties offered through HUD:

Insured Properties:

HUD’s preliminary inspections and appraisals indicate that there is less than $5,000 in repairs needed for the property to meet HUD’s minimum property standards. This is important because you need to know that the minimum property

standards are, in fact very minimum.

Un-insured Properties:

These homes need more than $5,000 in repairs and often need $10,000 to $20,000 or more. This is where the

FHA 203k rehab loan comes into play. A good qualified lender, experienced in FHA financing can help you with this.

The interest rates and the amount of loan discount points are usually a little higher than a standard FHA loan, but you

can often buy these properties at significant, below market prices if you are willing to put up with the higher fees and

the hassle of making the repairs.

As a HUD Certified Selling Agency we can show and sell any property in the state of Tennessee. Contact us today!

865.774.7764 Local

888.662.3874 Toll Free

www.easttnexperts.com

info@easttnexperts.com

2010-02-19T11:21:00.006-05:00

Free Foreclosure List

compliments of East Tennessee Realty Group

865.774.7764 Local

888-662-3874 Toll Free

info@easttnexperts.com

New IRS tax credit forms and instructions

2010-01-25T13:24:00.004-05:00

www.easttnexperts.com
WASHINGTON — The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time homebuyer credit.
The new form and instructions follow major changes in November to the homebuyer credit by the Worker, Homeownership, and Business Assistance Act of 2009. The new law extended the credit to a broader range of home purchasers and added new documentation requirements to deter fraud and ensure taxpayers properly claim the credit.
With the release of Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, and the related instructions, eligible homebuyers can now start to file their 2009 tax returns. Taxpayers claiming the homebuyer credit must file a paper tax return because of the added documentation requirements.
The IRS expects to start processing 2009 tax returns claiming the homebuyer credit in mid-February after it completes the updating and testing of systems to meet the law’s new requirements. The updates allow the IRS to put in place critical systemic checks to deter fraud related to the homebuyer credit.
Some of these early taxpayers claiming the homebuyer credit may see tax refunds take an additional two to three weeks.
In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:
A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
In addition, the new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period:
Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
Property tax records or
Homeowner’s insurance records.
The IRS also reminded homebuyers that the new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation.
Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those homebuyers filing early, the IRS expects the first refunds based on the homebuyer credit will be issued toward the end of March.
The IRS encourages taxpayers to use direct deposit to speed their refund. In addition, taxpayers can use Where's My Refund? on IRS.gov to track the status of their refund.
More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov.

The National Association of Realtors

Updated Real Estate Foreclosure List

2010-01-25T11:15:00.004-05:00

Click here to go to the foreclosure list.

For more information about these or any other property call East Tennessee Realty Group at 865.774.7764

www.easttnexperts.com

Five mistakes that make house flipping a flop

2010-01-01T17:10:00.000-05:00

Do your research and make sure you have what it takes before you try to turn a profit with real estate.

By Lisa Smith of Investopedia

more on Investopedia.com

· 7 tips on buying a home in a down market

· 6 tips on selling your home in a down market

· Home renovations that don't pay

House flipping has become the day trading of the 2000s. But in the rush to make a profit, far too many would-be real-estate moguls overlook the basics and end up failing. Here are the five biggest mistakes investors make in this market and how to avoid them.

1. Not enough money
Dabbling in real estate is an expensive proposition. The first expense is the property acquisition cost. While low- and no-money-down financing claims abound, finding these deals from a legitimate vendor is easier said than done. Also, if you're financing the acquisition, that means you're paying interest. Although the interest on borrowed money is tax deductible, it is not a 100% deduction. Every dollar spent on interest adds to the amount you will need to earn on the sale just to break even.

Paying cash eliminates the interest, but even then, there are costs to holding a property, such as taxes and utilities. Renovation costs must also be factored in. If you plan to fix the house up and sell it for a profit, the sale price must exceed the combined cost of acquiring the property, holding it and renovating it. Even if you overcome these hurdles, don't forget about capital gains taxes, which will chip away at your profit.

Read: House flipping makes a comeback

2. Not enough time
Renovating and flipping houses is time-consuming. It can take months to find and buy the right property. Once you own the house, you'll need to invest time to fix it up. Before you can sell it, you'll need to schedule inspections to make sure the property complies with applicable building codes. If it doesn't, you need to spend more time and money to bring it up to par. Next, you'll need to invest time to sell the property. If you show it to prospective buyers yourself, you'll spend plenty of time commuting to and from the property and meeting with potential buyers.

Video: Find a great home for less than $500,000

If you are able to make a 10% profit on a house that cost $50,000, you'll make a $5,000 profit. For many people, it might make more sense to get a good job, where they can earn that kind of money in a few weeks or months via a steady paycheck -- with no risk and a consistent time commitment.

House-flipping tips for beginners

3. Not enough skills
Professional builders and skilled professionals, such as carpenters and plumbers, often flip houses as a sideline to their regular jobs. They have the knowledge, skills and experience to find and fix a house. Some of them also have union jobs that provide unemployment checks all winter long while they work on their side projects.

The real money in house flipping comes from sweat equity. If you're handy with a hammer, enjoy laying carpet, can hang drywall, roof a house and install a kitchen sink, you have the skills to flip a house. On the other hand, if you have to pay a professional to do all of this work, the odds of making a profit on your investment will be dramatically reduced.

House Flipping Back?

View more MSN videos Go to CNBC

4. Not enough knowledge
To be successful, you need to be able to pick the right property, in the right location, at the right price. In a neighborhood of $100,000 homes, do you really expect to buy at $60,000 and sell at $200,000? The market is far too efficient for that to occur frequently.

Even if you get the deal of a lifetime, you need to know which renovations to make and which to skip. You also need to understand the applicable tax laws and know when to cut your losses and get out before your project becomes a money pit.

5. Not enough patience
Professionals take their time and wait for the right property. Novices rush out and hire the first contractor that makes a bid to address work they can't do themselves. Professionals either do the work themselves or rely on a network of prearranged, reliable contractors.

Facebook users: Become a fan of MSN Real Estate

Novices hire a real-estate agent to help sell the house. Professionals rely on "for sale by owner" efforts to minimize their costs and maximize profits. Novices expect to rush through the process, slap on a coat of paint and earn a fortune. Professionals understand that buying and selling houses takes time and that the profit margins are sometimes slim.

Bottom line
Before you get involved in flipping houses, do your research. Like any other business venture, flipping requires time, money, patience and skill, and it will definitely be more difficult than you imagined.

FW: Check out new RetireToTennessee.com! Enter to win FREE full pg ad!

2009-11-24T14:03:00.000-05:00

Let me know you got this via the blogger site.

-----Original Message-----
From: Russell Haskins, Homes & Land [mailto:leads@retiretotennessee.com]
Sent: Tuesday, November 24, 2009 9:56 AM
To: fran@easttnexperts.com
Subject: Check out new RetireToTennessee.com! Enter to win FREE full pg ad!

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First-Time Homebuyer Tax Credit Extended & Expanded

2009-11-23T09:47:00.001-05:00

On November 6, 2009, President Obama signed a bill into law that immediately extended the popular tax credit program offering up to $8,000 for qualified first-time homebuyers (FTHBs) into the first half of 2010.

The bill also instantly expanded the program, offering up to $6,500 in tax credits for qualified repeat home buyers, swinging open the door for even more qualified homebuyers to take advantage of this valuable opportunity at a time when mortgage rates are still near historical lows.

First-Time Buyers
For FTHBs (defined as someone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title), the basic rules remain the same, with one important exception – higher income limits are now in place, increasing the pool of potential buyers eligible for the tax credit of up to 10% of the purchase price or up to $8,000. This is money that does not have to be repaid as long you stay in your new home for at least 36 months.

Single tax filers who earn up to $125,000 are now eligible for the total credit amount. Those who earn more than this cap (but less than $145,000) can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap (but less than $245,000) can receive a partial credit.

Repeat Buyers
The new homebuyer program offers an exciting new opportunity missing from the previous incentives – a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. This gives those who already own a qualifying residence some additional reasons to take advantage of lower home prices and interest rates and finally move up to the home of their dreams.

Important Deadlines
Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Get the Facts
There are other important rules and guidelines you must meet to qualify for this great opportunity. So, if you or someone you know has missed out on the first two home buyer tax credit programs in the last two years, don't wait. Give us a call today. We'll gladly review your situation and see if you can benefit from this new and improved program.

Call East Tennessee Realty Group today and any of our experienced agents can help you take advantage of this great opportunity before it is too late! 865-774-7764

Toll Free 888-662-3874

Good news for buyers out there!

2009-05-16T13:13:00.001-04:00

May 15, 2009

NEW INFORMATION OF $ 8,000 TAX CREDIT
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration will permit its lenders to allow homebuyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit.
Donovan says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans.
This will allow eligible homebuyers to access the funds immediately at the closing table.
Check with your lender for more information and availability.

New THDA Stimulus Second Mortgage Program

2009-05-05T15:13:00.000-04:00

New THDA Stimulus Second Mortgage Program

Earlier this year, Congress passed the American Recovery and Reinvestment Tax Act of 2009 (“2009 Tax Act”). In division B, Title I, Section 1006, there is a provision for a First Time Homebuyer Tax Credit (Form 5405) up to $8,000 or 10% of the purchase price. This act provides for an exception for principal residences purchased between January 1, 2009, and November 30, 2009, which enables a first time homebuyer to receive the tax credit with no repayment required if the homebuyer occupies the property for 3 years. The 2009 Tax Act also provides for use of this credit with loans purchased with proceeds of tax-exempt mortgage revenue bonds. Therefore, this credit can now be used with THDA’s mortgage programs.

THDA is implementing a new second mortgage program, THDA Stimulus Loan Program, for down payment and closing cost assistance. This program will complement THDA’s existing Homeownership Choices incorporating the tax credit. In order to be eligible for the second mortgage program, THDA MUST be providing funding for the first mortgage through the Great Rate or Great Advantage programs for the borrower(s) to purchase the home. Both the first and second mortgage must close on or before November 30, 2009. The November 30, 2009, date also applies to new construction. The new home must be complete and the loan closed on or before November 30, 2009.

PROGRAM TERMS

Eligible Borrower: Homebuyer obtaining THDA first mortgage Great Rate or Great Advantage loans and who is otherwise eligible for the First Time Homebuyer Credit.
Maximum Household Income: THDA Homeownership Choices limits apply.
Maximum Loan Amount: 3.5% of Purchase Price
Interest Rate: 0% deferred until June 1, 2010, 1% above corresponding first mortgage rate if amortized.
Loan Term: After initial deferral period, the loan will fully amortize over 10 years, beginning July 1, 2010.
The Stimulus Loan Program is only available on FHA loans.
Underwriting Criteria: Borrowers must have 620 minimum credit score. Must include amortizing second mortgage payment in total housing expense ratio and back end ratio cannot exceed 45%. Manual underwriting is not permitted.
Pre-Payment: The second mortgage loan is due in full upon first mortgage payoff, assumption, or refinance. No pre-payment penalty.
Allowable Fees: Normal and customary second mortgage fees.
Closing Documents: Second Mortgage Note and Deed of Trust must close in the name of THDA. Title Policy must insure first and second mortgage.
Homebuyer Education: Required prior to closing on first mortgage loan.
Servicing: Servicer will service combined payments. Under this program, both the first and second mortgage must be serviced by U.S. Bank.

THDA is not a direct lender. For more information on this mortgage program, please click HERE to find a participating lender,

If you have any questions or need additional information from THDA, please contact Ed Lozier by email or at 615-815-2082.

404 James Robertson Parkway, Suite 1200, Nashville TN 37243-0900
General Information 615-815-2200 -- Toll Free Message Line 800-228-THDA -- TTY Line 615-532-2894

ETRG co/owner Fran Troxler, Working Hard!

2009-05-04T14:54:00.001-04:00

Property Tax Structure per County

2009-04-23T12:44:00.002-04:00

Feel free to call listed contact number per county for updated rate info.

ETRG holding 42% 1st Quarter 2009 Market Share

2009-04-22T10:04:00.004-04:00

ETRG currently holding 42% Market Share in the Wears Valley area during the 1st Quarter of 2009 for real estate sales.

Call us today and discuss how East Tennessee Realty Group can help you achieve your real estate goals Toll Free 888-662-3874 or email to: info@easttnexperts.com

The biofuel bubble

2009-04-21T09:41:00.000-04:00

biofuelwatch - BusinessWeek feature: The Biofuel Bubble

FEATURED SLIDE SHOWS

The Best Biofuels

3. http://www.businessweek.com/magazine/toc/09_17/B4128biofuel.htm?campaign_id=rss_null

The Biofuel Bubble

A horde of startups have smart ideas. But the challenges are many, and the winners likely will be Shell, BP, DuPont, and other majors

By John Carey

View Slide Show

It's a bold vision: Replace billions of gallons of gasoline not with ethanol from corn or other food crops but with biofuels made from plants, such as prairie grass in Tennessee pastures or algae percolating in Florida. Such a move would slash dependence on oil, create thousands of jobs, and reduce emissions that contribute to global warming. In the U.S., the idea has powerful political support. Congress has decreed that the country must be using 21 billion gallons of "advanced" biofuels a year by 2022. Washington is backing that goal with tax breaks, loan guarantees, and scores of millions of dollars in grants, with more support expected in upcoming energy bills. These inducements and the vast potential market have stimulated investments of more than $3 billion and spawned a new industry.

More than 200 companies, from 12-person startups to oil giants, are developing next-generation biofuels using a bewildering array of technologies. Pilot and demonstration plants are operating or are under construction from Florida to California. "We can have it all: more fuel, more food, and fewer carbon emissions," says John B. Howe, vice-president of Verenium (VRNM), a Cambridge (Mass.) company that makes ethanol from sugarcane waste at a demonstration plant in Jennings, La.

Yet behind the very real innovations and investments, the brash claims and the breathless headlines, lies an inconvenient truth. Replacing petroleum with biofuels is a tough business. Even as the industry develops, many of the companies—probably most—will not survive. "We've seen a venture capital-led bubble," says Alan Shaw, CEO of Codexis, a Redwood City (Calif.) manufacturer of enzymes used to make drugs, chemicals, and biofuels. "I cannot see how the small companies can build a business and still get a return to their original investors. The numbers just don't add up."

Nor will many Americans soon be filling their gas tanks with these next-generation fuels. Industry executives concede they'll fall far short of the mandated 2010 level of 100 million gallons of biofuels made from cellulosic materials such as prairie grass or cornstalks. Meeting the 2022 goal is also unlikely. It would require not only building hundreds of fuel factories—at a cost of $500 million or more each—but also surrounding each one with thousands of acres of land planted with energy crops such as prairie grass. "We're talking about a fairly substantial transformation of the rural economic landscape," says Jack Huttner, vice-president of DuPont Danisco Cellulosic Ethanol, a joint venture of Danisco and DuPont (DD) that is building a demonstration plant in Tennessee.

These difficulties don't mean advanced biofuels aren't coming, or that they won't play a crucial role in fighting climate change. But everything will happen more slowly than many venture capitalists say. And the probable winners will be those with deep pockets and patience, such as Royal Dutch Shell (RDS), BP (BP), DuPont, agriculture giant Archer Daniels Midland (ADM), or the rare startup with revenues from another business, such as making drugs. For the rest, the demonstration biorefineries now being built are more like high-stakes auditions than a step in the process of becoming commercial biofuels producers. "The business model that makes sense for most of us is demonstrating the technology and getting it into the hands of those who have balance sheets," says Bill Roe, CEO of biofuel producer Coskata in Warrenville, Ill.

Yet even with this strategy, there's a problem for individual companies: There could be a glut of innovative biofuel technologies, from clever microbes to processes using heat and chemicals. As startups stumble, big companies should be able to snap up technologies on the cheap, when and where they need them.

For the companies that do succeed in building a business, the irony is that their success will only increase the challenges. Right now the feedstocks of plant or waste materials needed for biofuels are cheap. BlueFire Ethanol Fuels (BFRE) hopes soon to break ground on a facility in Lancaster, Calif., that will use paper trash and other municipal waste. CEO Arnold R. Klann figures he'll make ethanol for $1 per gallon by getting the waste he needs for free—or better. "If communities are paying Waste Management (WMI) to take their waste away, they can pay me to take it, too," he says. Trouble is, the economics will change. Rising biofuel production, or the burning of biomass to generate electricity, will drive up demand and prices for the raw material, just as production of corn ethanol helped raise the price of that crop. "Biomass is cheap right now because no one wants it. As people want it, it will become more expensive," says Robert Chess, chairman of OPX Biotechnologies in Boulder, Colo., which is engineering microbes to make chemicals and fuels.

More important, the laws of supply and demand mean that replacing a significant amount of gasoline with biofuels would drastically lower the demand for gas. That, in turn, would cause the price of gas to plunge, making biofuels less competitive. The 5% drop in gasoline use in the second half of 2008 (compared with the previous year) helped push down the average price at the pump from $4.14 per gallon to $1.74, dampening enthusiasm for biofuels. "Low oil prices have a numbing effect on consumers and their interest in this area," says David C. Aldous, CEO of Colorado's Range Fuels, which is building a plant in Soperton, Ga. Imagine what would happen if tens of billions of gallons of biofuel were to become available. The world could be awash in cheap oil and gas.

It has happened before. In the early 1980s, higher-mileage cars and an economic downturn sent petroleum prices swooning, killing off many renewable-energy efforts, including those supported by Big Oil. Avoiding that scenario today requires an additional policy step: raising the cost of using fossil fuels through taxes or limits on carbon dioxide emissions. "The major thing holding us back is the lack of a price on carbon," says Jim McMillan, a biofuels expert at the National Renewal Energy Laboratory (NREL) in Golden, Colo.

The crucial need for putting a price on carbon emissions is also a reminder that the industry is still pretty much a government creation. "The reason why renewable fuels exist at all is because politicians have decided they meet policy objectives. The whole market is 100% political," says Jeff Passmore, executive vice-president of Ottawa-based Iogen, the first company to make ethanol from a cellulosic feedstock—in this case, wheat straw. Those policy objectives: reducing energy dependence, fighting climate change, helping farmers, and creating jobs. But government policy can be fickle. Philip New, head of biofuels for BP, isn't so much worried that advanced biofuel technology won't pan out as he is that "the world might lose its enthusiasm for supporting these technologies through the difficult interim years," he says.

Even if the political winds do blow steady, however, the carnage on the path to the future's billions of gallons of advanced biofuels is likely to be great, with many companies and technologies losing out in the competition or being gobbled up by a few deep-pocketed survivors. Here's why:

COLOSSAL QUANTITIES

The first challenge is growing enough green plant material. The numbers are daunting.
Producing 30 billion gallons of fuel takes 300 million or more tons of plant material. That's more than the total weight of cars and light trucks sold in the U.S. over the past 10 years. Growing this much cellulose would take at least 30 million acres of land. "I think the biggest problem for everybody is how are we going to grow, gather, store, and treat the biomass," says Brent Erickson, lobbyist for the Biotechnology Industry Organization.

Some industry executives doubt it's possible to grow that much plant biomass. "You can't make 16 billion gallons a year from cellulose," says Paul Woods, CEO of Algenol Biofuels in Naples, Fla. Woods is opting for algae instead. His plan: put "bioreactors" containing saltwater and blue-green algae out in the sun, and add CO₂ and nutrients. Out comes ethanol.

Scores of other companies are also jumping into algae. For most, though, the bubble will burst. "There's a huge amount of hype in algae," warns NREL's McMillan. Experts at BP have looked over the entire field of algae competitors and found none they deemed worth investing in. "If they can make it work, it would be fabulous," says BP's New. "But I think there are still fundamental issues with algae." Not least, it's challenging to grow it in open ponds and troughs, where it's exposed to bird droppings, fungi, bacteria, and voracious microbes that feed on algae "like a pack of jackals at a buffet," says Fred Tennant, vice-president of business development at PetroAlgae (PALG) in Melbourne, Fla.

As a result, some biofuel players are looking at other sources of nonfood material. One of the cheapest sources now is garbage, such as the municipal waste that BlueFire Ethanol plans to use. Corn ethanol producer POET aims to make ethanol from corncobs. Weyerhaeuser (WY) is exploring growing energy crops in its forests, along with using wood waste. Range Fuels will tap into forests in the Southeast for its Georgia facility.

The problem is that making 21 billion or more gallons, the 2022 mandate, is likely to be far beyond the capacity of the startup companies—even if the recession eases and financing becomes more available. Jack Huttner, overseeing portions of the DuPont Danisco cellulosic ethanol plant in Vonore, Tenn., argues that the task requires a vast new agricultural enterprise. Biofuels companies will have to organize farmers to grow millions of acres of a dedicated energy crop like switchgrass or "energy cane," a low-sugar cane. "I'm concerned about organizing basically a new economy," Huttner says. The big players have a better shot at this than the startups.

Large financial resources and patience will also be essential when it comes to turning these enormous amounts of cellulose into liquid fuel. It's a far more complex process than fermenting starch or sugar into alcohol, which humans figured out how to do millennia ago, and there are a number of possible technologies. Typically, the cellulose must first be broken down into sugars, which are then fermented. To do this, some companies, including Range, use what NREL's McMillan calls "a big sledgehammer"—heat. BlueFire breaks up the cellulose with acid. Others employ man-made enzymes or microbes to convert it to sugar—or in some cases, directly into ethanol or other fuels. Still others, such as Virent Energy Systems, use mineral catalysts to turn feedstock into fuels.

The rivalry is intense. "The biological processes are the winners," argues William Frey, CEO of Qteros, which is developing a microbe to turn cellulose directly into ethanol. Heat or chemicals can't be used economically, he believes. Range CEO David Aldous disagrees. Biology is too finicky to handle the variety of feedstocks that a biorefinery might see, he says. Who's right? BlueFire's Klann asserts that so far, "no one is bright enough to know which technology will rise to the top."
That's why Big Oil is hedging its bets.

Shell is joining up with Iogen, which already has a pilot plant making cellulosic ethanol; with Codexis, a producer of man-made enzymes; with algae company HR BioPetroleum; and with Virent. "This advanced technology is risky stuff," says Graeme Sweeney, executive vice-president for future fuels and carbon dioxide at Shell. "I stay awake at night because tomorrow it could all be changed."

Processes that work well in the lab often run into problems when scaled up to commercial size. Iogen found that enzymes that effectively convert pure wheat straw to sugars fail when faced with 1,000-pound bales laced with dirt, dead mice, and stones. "We've been at this many years. We've learned that the more you know, the more you discover that you don't know," says Iogen's Passmore.

Among the major players, two of the most promising efforts are the DuPont Danisco joint venture in Tennessee and BP-backed Verenium, which plans a commercial cellulosic ethanol facility in Florida. Both of these already have expertise in every step of their complicated processes, putting them ahead of startups that only have some of the pieces. "The dilemma with all the [small] technology players is that in the end, they have to plug into someone else's system," explains BP's New.

A shift in power to Big Oil is already happening in the traditional corn ethanol business, where low prices have led to the idling of more than 20% of capacity. VeraSun Energy (VSUNQ), one of the largest U.S. ethanol companies, filed for Chapter 11 in October. Guess who bought seven VeraSun plants at bargain prices? Valero Energy (VLO), an oil refiner with a $119 billion in revenue.

But don't expect the giants always to be fans of ethanol. True, refiners need a certain amount of it to meet the federal mandates. But ethanol—whether from corn or new sources—is about to run head-on into something called the "blend wall." Right now much of the gasoline in the U.S. contains 10% ethanol, which works fine in today's cars and trucks. Automakers worry that higher levels will damage engine components. So they will void the warranties of most vehicles running on richer ethanol blends. With the U.S. now consuming 137 billion gallons of gasoline a year, the total market for any kind of ethanol—corn, algae, or cellulosic—hits a hard limit at about 13 billion gallons. Going beyond that requires a whole new infrastructure, from car fuel lines to gas pumps.

That's one reason for the growing interest in newer, non-ethanol biofuels. "Oil companies really don't want to invest a lot in ethanol infrastructure. They'd much rather develop a different molecule," says Nathanael Greene, biofuels expert at the Natural Resources Defense Council, an environmental group. Whether that molecule is a type of alcohol called butanol (which DuPont and BP are working on) or other hydrocarbons more similar to gasoline, these fuels are compatible with existing refineries, pipelines, and vehicles. So some startups are designing microbes that can turn sugar from any source into diesel, gasoline-like molecules, or jet fuel. Colorado's Gevo, for instance, has an innovative business plan to add technology to corn ethanol factories to change the end products into fuels that are closer to gasoline or diesel.

The future of biofuels, therefore, probably looks like this: Farmers will grow millions of acres of switchgrass and other energy crops on land not taken out of food production. Those crops will help fight global warming and improve soil quality by adding carbon to the soil, and they can be processed into low-carbon fuels that are seamlessly delivered to filling stations and pumped into the gas tanks of trucks and cars. In other words, over the long term, we're probably not talking about ethanol—nor about a triumph of tiny startups.

As for the rest of the companies, some of their technologies may find a role, but most are not likely to make it. For many people, this conjures up the bubbles that enveloped biotechnology and the Internet in the late 1990s, when many companies failed. Now in next-generation biofuels, predicts Codexis CEO Shaw, "the only people who are going to be able to survive this are the Big Oil companies."

Business Exchange: Read, save, and add content on BW's new Web 2.0 topic network

The Climate for Biofuels

Advanced biofuels will be important in the fight against global warming. But their economic viability hinges on whether Washington implements a climate policy that puts a price on CO₂ emissions, thus raising the relative cost of gasoline compared with low-carbon biofuels. As The New York Times reported on Apr. 11, the Obama Administration is moving cautiously: "Addressing climate change appears to be slipping down the President's list of priorities." Obama is letting Congress take the lead for now, but his Environmental Protection Agency is preparing for climate regulation in case Congress doesn't act.

For this story and others on the topic, go to bx.businessweek.com/global-climate-change/reference/

4. http://www.businessweek.com/magazine/content/09_17/b4128038570734.htm?chan=magazine+channel_special+report

Biofuels: The Next Generation

As corn-based ethanol hits roadblocks, all eyes are turning to advanced biofuels. These, too, face difficult challenges, but that's not stopping a host of startups

THE FEEDSTOCKS (mainly cellulose-rich material, but also algae)
MUNICIPAL OR AGRICULTURAL WASTE
Pros: Cheap for now
Cons: Supply too limited to make billions of gallons
The Players: BlueFire Ethanol (trash); POET (corncobs); Verenium (sugarcane residue)
WOOD
Pros: Adequate supply in Southeast and other parts of the U.S.; easy to harvest
Cons: It's harder to extract cellulose from wood than from other feedstocks
The Players: Range Fuels, Coskata
ALGAE
Pros: Potential for high yields per acre
Cons: Scale-up is challenging; typically requires source of CO2 to bubble through algae
The Players: Algenol, Sapphire Energy, HR BioPetroleum, Solix, PetroAlgae
SWITCHGRASS, MISCANTHUS, AND OTHER SPECIALIZED ENERGY CROPS
Pros: Potentially vast supply; can improve soils; small carbon footprint
Cons: Challenges in establishing, harvesting, and delivering to biorefinery
The Players: DuPont Danisco (switchgrass); Verenium ("energy" cane); Iogen (wheat straw)

THE FUELS
ETHANOL
Pros: Can sell it into existing market
Cons: Limits on how much can be added into gasoline now
The Players: POET, Range, Mascoma, Verenium, Algenol, DuPont Danisco, Coskata, Qteros, others
BUTANOL AND OTHER MORE GASOLINE-LIKE PRODUCTS
Pros: Can be added to gasoline in large amounts and used in existing pipelines
Cons: Greater technological challenges; higher costs than ethanol
The Players: DuPont, BP, Gevo, Virent, Amyris
BIODIESEL AND JET FUEL
Pros: Works with existing infrastructure
Cons: May be difficult to produce economically
The Players: PetroAlgae, Solazyme (from algae); Amyris, LS9, Gevo, OPX (from any sugar)

THE PROCESSES (converting feedstock to fuel)
HEAT, CHEMICALS, OR MINERAL CATALYSTS
Pros: Potential to use wide range of feedstocks; catalysts can produce variety of fuels
Cons: May take more energy than biological processes and may require additional purification steps
The Players: Range Fuels, Coskata (heat feedstock to make gas); BlueFire Ethanol (strong acid, microbial fermentation); Virent (catalysts)
BIOLOGICAL (ENZYMES AND/OR MICROBES)
Pros: Depending on feedstock, the process is very energy-efficient
Cons: Has to be adjusted for each type of feedstock; enzymes are still costly
The Players: Solazyme (algae); Mascoma, Qteros (one-step microbes); Iogen, DuPont Danisco, Verenium (enzymes, microbes)

5. http://www.businessweek.com/magazine/content/09_17/b4128038023092.htm?chan=magazine+channel_special+report

Controversies Continue to Swirl over Corn Ethanol

Rising corn prices and slack demand have hurt producers. And biofuel makers face a limit on how much ethanol can be blended with gas

By John Carey

Progress is being made on next-generation biofuels, but for the traditional corn ethanol industry, times are tough. Industry's facilities are 20% idle, taking 2 billion gallons a year worth of capacity off line. Bankruptcies are up. The biggest bankrupt producer, VeraSun Energy (VSUQ), was forced to sell seven of its plants, which were bought by oil refining giant Valero Energy (VLO)at bargain prices. "It's frustrating," says Rodney M. Weinzierl, executive director of the Illinois Corn Growers Assn. "The impact on the rural economy is tremendous."

Why the stumble? After all, corn ethanol was once heralded as a savior—a way to reduce dependence on foreign oil while slowing global warming and helping farmers. And until the troubles kicked in last year, new facilities were being built at a rapid pace.

Part of the reason is the recession, which has driven down the demand for gasoline, and thus, for the ethanol blended into gasoline. "Demand has not kept pace with supply," says Bob Dineen, president of the Renewable Fuels Assn. To make matters worse, the cost of making ethanol soared in the first half of 2008 because of dramatic climbs in the prices of both corn and energy. While those prices have since dropped, some producers continue to be hurt by long-term contracts they signed, which locked in high corn prices as a hedge against even higher possible prices.

Not Much Help Fighting Climate Change

It hasn't helped that corn ethanol's image has taken a beating as well. Critics blamed it for driving up world food prices and for costing taxpayers billions in subsidies. Plus, some analyses showed that replacing gasoline with ethanol doesn't even help much in combating climate change for two reasons: It takes a lot of energy to make the stuff. And the diversion of corn to fuel means that more acres elsewhere may have to be converted to crop land, causing emissions from deforestation.

The industry has been working hard to combat what it sees as misperceptions. The fact that corn prices plunged, even as ethanol production rose to 9 billion gallons in 2008, shows that ethanol wasn't to blame for high food prices, Dineen argues. Companies have also gotten more efficient at making ethanol. "Corn ethanol factories have come a long way," says economist Steffen Mueller, assistant professor at the University of Illinois at Chicago.

In fact, newer analyses show that modern corn ethanol plants use 25% less energy than the industry average of just five years ago. As a result of this and other improvements, such as higher farm productivity, corn ethanol does reduce greenhouse gas emissions, compared to gasoline, by 50%-60%, according to a study by Kenneth G. Cassman, professor of agronomy and horticulture at the University of Nebraska-Lincoln.

But even as it improves its image and struggles to survive the recession, the ethanol industry finds itself facing another huge problem. It's called the blend wall. Right now, much of the gasoline in the U.S. contains 10% ethanol, a gasoline blend called E10. In 2008, the U.S. used 137 billion gallons of gasoline. Meanwhile the ethanol industry made 9 billion gallons of ethanol in 2008 to blend into gasoline. So, doing the simple math, about 2/3 of the gasoline sold in the U.S. is the E10 blend.

No Room to Grow

That means ethanol is about to hit a wall. It's unlikely that every drop of gasoline in the U.S. will contain even 10% ethanol. So assume that the portion of E10 in the total supply rises to 90%.
That means the maximum amount of ethanol in gasoline will be just over 12 billion gallons. Yet, the ethanol industry already has the capacity to make 11 billion gallons, and more plants are planned. Plus, ethanol from cellulosic sources is expected to hit the market in a few years.
Where will all that ethanol beyond the 12 billion gallons a year go? Nowhere, as long as gasoline is limited to E10. This blend-wall problem is already making it even harder to get financing for new ethanol facilities than it would otherwise be because of the credit crisis.

That's why corn growers and ethanol producers are lobbying fiercely for an increase in the percentage of ethanol allowed in gasoline. Even a small boost to E12 (12% ethanol) would give the industry relief and breathing room. "If we could expand the gallons going into the marketplace, lenders would notice, and credit would flow," says Weinzierl.

But it's a tough sell. The push for higher ethanol blends prompted a quick and powerful counterattack. Allowing a higher percentage of ethanol in gasoline is "an ill-considered approach…[that is] contrary to scientific integrity and potentially harmful to our environment, public health, and consumers," argued a coalition of dozens of oil and gas producers, food companies, environmental groups, and other organizations in late March.

Changes in Land Use

The outcome of this battle? Still uncertain.

And if that's not enough, the industry faces yet another challenge. In an effort to combat global warming, both California and the federal Environmental Protection Agency are developing so-called low-carbon fuel standards. The idea is to put limits in overall carbon emissions from fuels. Under these new standards, the fuel that's allowed to be sold will have to have lower carbon emissions than pure gasoline does.

The new studies of the industry's energy use show that corn ethanol does indeed cut carbon emissions compared with gasoline. But these analyses neglect one crucial detail. There's a huge controversy over whether the use of corn (or other crops) for fuel causes the conversion of land elsewhere in the world to cropland. The assumption is that new cropland is needed to make up for the loss to the food supply from the corn diverted to ethanol. And if tropical rainforest is cut down to grow soybeans, for instance, the extra emissions from deforestation swamp the reductions in emissions from using more ethanol.

The industry argues that estimates of such indirect changes in land use should not be included in calculations of the carbon contents under the low carbon fuel standards—and that the current estimates are way too high anyway.

But so far, both California and the EPA are planning to include these land use changes. If the industry loses this battle, then the long-term prospects for corn ethanol will grow even dimmer.

Carey is a senior correspondent for BusinessWeek in Washington.

6. http://www.businessweek.com/magazine/content/09_17/b4128038019906.htm?chan=magazine+channel_special+report

Graeme Sweeney Reveals Shell's Biofuels Strategy

The oil giant has slowed its renewable energy efforts in wind and solar power. But it is stepping up investments in next-generation biofuels made from non-crop plants

As Royal Dutch Shell (RDSA) looks to the future, it sees that drilling for oil and gas is getting more expensive, while demand is growing for forms of energy that emit less carbon than fossil fuels. Some companies have responded by investing more in wind or solar energy. At Shell, the priority going forward is in biofuels and carbon capture and storage. "We are stepping up our efforts in the area of sustainably sourced biofuels, because they fit our downstream capabilities and could make a substantial contribution to reducing CO2 emissions," Shell Chief Executive Jeroen van der Veer explained in an Apr. 2 speech.

Van der Veer predicts that biofuels will supply as much as 10% of the world's liquid fuels over the next few decades. "We think commercial volumes of next-generation biofuels could be on the market in five to 10 years," he says.

To help get there, Shell has invested in a number of biofuel companies. They include Iogen, which operates a demonstration cellulosic ethanol plant in Canada; Codexis, a subsidiary of Maxygen (MAXY) that makes enzymes used to produce drugs, chemicals, and biofuels; Virent Energy Systems, which uses catalysts to turn sugar into a variety of gasoline-like fuels; and HR BioPetroleum, which uses algae as a source. Shell also has made research agreements with several universities, including the Massachusetts Institute of Technology.

To learn more about Shell's plans, BusinessWeek's John Carey talked to Graeme Sweeney, Shell's executive vice-president for future fuels and CO2. Here are edited portions of that interview:

Why is Shell investing in biofuels?
There are lot of good reasons, which are all underpinned by the fact that there is an ever-growing global demand for energy. The biofuels market is being driven by government mandates and more than 40 countries have or are considering renewable fuels mandates. Coupled with that, sustainably sourced biofuels have the potential to address CO2 emissions from energy and are a natural fit with our downstream business in transport fuels. And as a viable transportation solution, biofuels tick off both the national security and climate change boxes.

Where is that investment going? What is your overall strategy?
We are keen to grow our biofuels business, and we are investing in partnerships targeted at technical breakthroughs and cost reducing initiatives to get there. We have actively pursued innovation through partnerships, and we have sought out the best partners in each of the areas. And since 2007 we have quadrupled our investment levels in biofuels to support this aim. Not all biofuels are the same and so our focus is on making the most of what we have got, and improving it. We are also working to ensure that the feedstocks and conversion processes for the biofuels we purchase today are as sustainable as possible. And our R&D work is looking at the future of biomass. Right now, a common biofuel is corn ethanol but it can sometimes only offer a 15-20% improvement [in carbon emissions] compared to gasoline. So when you ask what are the routes to better ethanol, you get fairly quickly to cellulosic ethanol.

Which is why you've invested in Codexis and Iogen?
Yes, Iogen is the only company actually making any cellulosic ethanol (from straw), and Codexis has a fine track record improving enzyme performance. It's still too expensive for full-commercial deployment, but showing that pretreatment, enzymatic hydrolysis and fermentation all work together to make ethanol from the wheat straw has given us the confidence to move from development to demonstration. We are working on the design now of an early small scale commercial plant, with 90 million litres capacity. It would take a couple of years to complete, and we would progressively integrate the Codexis technology.

We haven't made the final investment decision yet, but we think our combination has significant competitive advantages. What I also say is that it is entirely healthy that other folk out there are taking different routes. It's encouraging that other people are in the market, and it's particularly important when we are saying to governments that we may need help through the demonstration phase.

Why make investments in some of those competitors as well as in Iogen?
When it comes to feedstock, it matters what kind of land is used. The more marginal the land the better. So one feedstock that comes to mind is algae, although this is more suitable to biodiesel than bioethanol. We did a lot of due diligence on potential partners and made our choice. What we like about our partners in the Cellana joint venture with HR Biopetroleum is that they maintain the purity of their algal strains by preserving them in phototubes, but then they grow the algae rapidly in open ponds. It uses marginal land and seawater, and produces at least 15 times more oil per hectare than rape or palm oil.

What about moving beyond ethanol?
I think there will be a lot of ethanol. Sugar cane ethanol is more sustainable and will create a good well-to-wheels CO2 reduction. But if the sugar could one day be converted to hydrocarbons, that would make the job easier. I know that others are working on butanol, but we don't see that as a preferred route. We prefer the metal catalysis route of Virent Energy Systems.

Virent, of course, plans to use its catalysts to make renewable gasoline, diesel, and jet fuel. So are all of these technologies going to pan out?
We have to be very ruthless. Our biofuels activities are typically at the R&D stage, or in small scale pilots--a good way to think of them is that they are exploration ventures. With these ventures we take a milestone approach. If they pass the milestones, we carry on. If they don't, we stop. If we are very lucky, we will have more options that pass milestones than we can commercialize. Then we will sell some. But the pipeline has to have more in it than we can commercialize, because these advanced technologies are risky.

7. http://www.businessweek.com/magazine/content/09_17/b4128038021852.htm?chan=magazine+channel_special+report

The Green-Energy Mecca of Emeryville, California

One startup, Amyris, hopes to make fuels and feedstocks that are highly profitable even with $50-a-barrel oil

By Steve LeVine

The drying up of venture capital for alternative-fuel projects ought to have been a death knell for Emeryville, Calif., a square-mile sliver of land near Silicon Valley that until recently advertised itself as a "green corridor" for biofuel businesses. But, while the talk of a biofuel boom to rival the tech boom across the bay now sounds outlandish, this city of 6,800 people so far seems to be weathering the recession and the drop in oil prices that are hurting other parts of the green-tech sector.

Emeryville has a history as a rollicking industrial hub, with meatpacking, steelmaking, and paint companies sharing the streets with brothels and gambling houses. The 1970s marked a low point, but the town was cleaned up and revived by the ensuing technology boom. Today, a single, 24-hour gambling house remains: the Oaks Card Club, situated across the street from Pixar Animation Studios. "The town has completely changed," says John Tibbets, who owns Oaks.

A Foundation Already in Place

The city's push to be a hub for biofuels isn't as contrived as it might appear. Biotech and pharmaceutical firms, including giants such as Roche and Novartis NVS, have had facilities in Emeryville for years, and they rely on some of the same processes used to make biofuels. Geoffrey Sears, who heads a real estate firm called Wareham Development, leases offices to many biotech labs, and his clients now include two large biofuels ventures, Amyris Biotechnologies and the federally funded Joint BioEnergy Institute (JBEI). Sears says the economic downturn has not hurt rentals in Emeryville. The biofuels labs have held firm, and "more and more money is flowing" into existing biotech and pharmaceutical companies. "Our occupancy is 97%. We are planning some new buildings," which should be ready by 2011, he says.

Kleiner Perkins Caufield & Byers and Sun Microsystems (JAVA) co-founder Vinod Khosla are among the principal investors in Amyris, a synthetic biology company that occupies a 90,000-square-foot laboratory in Emeryville. Jeri Hilleman, chief financial officer of the company, says Amyris is still pushing toward producing commercial volumes of biodiesel and chemicals in 2011 or 2012. The company is developing a way to re-engineer yeast to make biodiesel. As with all the alternative fuels, however, the biggest challenge has been competing on price in a world of relatively cheap oil. Amyris' yeast-based process, which once yielded the equivalent of liquid gold at $3,000 a barrel, can now churn out biodiesel that could go for about $100 a barrel, says Hilleman. The goal Amyris is shooting for by the end of this year is fuel and feedstock that could bring the company 30% gross profits even with oil at $50 a barrel. "We set out aggressive plans," Hilleman says.

Government Initiative

Upstairs from Amyris is JBEI, which locals call JayBay. The Energy Dept. is funding the institute, a 65,000-square-foot laboratory that hopes to produce an enzyme capable of breaking down cellulose in nonfood plants used as biofuel feedstocks. One idea is to produce butanol, a form of alcohol that could be mixed directly with gasoline. The lab employs 125 researchers, 35 of whom work directly on this "deconstruction" project. "If anything is to come out of this, we will need a lot of patience," concedes Harvey Blanch, JBEI's chief scientific and technology officer. His vice-president in charge of deconstruction, Blake Simmons, figures the lab may be "multiple decades" from its long-term goals. But Jay Keasling, the head of the lab, is a bit more optimistic. He sees a solution in as little as 15 years. "We have to deliver on the energy. The resources fortunately are in place," Keasling says.

President Barack Obama's alternative energy stimulus could yet trigger the biofuel rush that Emeryville seeks. Just next door to Emeryville, at the University of California, Berkeley, British oil giant BP BP is spending $500 million on a lab called the Energy Biosciences Institute. Emeryville residents would love to attract a few more companies of that size. And if not, there's always the Oaks Card Club. It's still the city's mainstay, says the owner, Tibbets: "I'm still Emeryville's biggest taxpayer."

LeVine is a correspondent in BusinessWeek's Washington bureau.

8. http://www.businessweek.com/blogs/personal_finance/archives/2009/04/biofuel.html?chan=magazine+channel_special+report

The Biofuel Bubble

Posted on April 15

By Joseph Weber
Investing in biofuels, as in most cutting-edge tech, can be treacherous. Ask anyone who snapped up stock in VeraSun Energy, a Sioux Falls (S.D.) company that briefly thrived as an ethanol titan. Investors paid up to 30 a share in mid-2006, only to see holdings vanish when the company filed for bankruptcy protection last fall amid plunging ethanol prices, bad bets on corn futures, and a credit crunch.

Related Story: The Biofuel Bubble
Now, with such giants as DuPont, BP, Weyerhaeuser, Chevron, Archer Daniels Midland, Deere, and Monsanto driving to develop successors to corn-based ethanol, the smartest–and safest—way to wager on alternative fuels may be to bypass startup companies in favor of old standards with a broad business base. These companies hope to churn out next-generation fuels in commercial quantities in three to five years at the earliest.

Even while its fortunes have declined with ethanol prices, ADM, the national leader in ethanol, has been working with Deere and Monsanto to turn cornfield waste (everything except the grain) into fuel. Separately, ADM plans to build mills in Brazil to process sugarcane into ethanol. A leader in biodiesel production in Europe, the Decatur (Ill.) agribusiness giant has also just teamed up with Canadian Bioenergy of North Vancouver, B.C., to investigate building a canola-based biodiesel plant in Alberta.

At about 27 a share, down from nearly 49 a year ago but up from less than 14 last fall, ADM stock may be worth a look, analysts say. Citing the company's brainpower, financial strength, and diversified grain-processing infrastructure, analyst Kenneth B. Zaslow of BMO Capital Markets suggests the market's short-term view may be discounting ADM's "unique ability not only to weather but also to thrive in a global economic slowdown."

Revenue at ADM and other companies will likely be boosted by government mandates that require an increasing percentage of biofuels be mixed into gasoline. Such rules, which let producers count on steadily rising ethanol sales, may have already been factored into the stocks' prices.

Like ADM, DuPont is seeking alternatives to ethanol made out of corn grains. With Danish sugarmaker Danisco, DuPont plans to open a pilot plant in Tennessee by yearend to use corncobs and switchgrass as raw materials for ethanol. Separately, DuPont, BP, and Associated British Foods are building a plant to derive ethanol from wheat, and the chemical company is working with BP to develop an alternative called biobutanol. Now under 27 a share, DuPont stock trades at around half its 52-week high. Even without biofuel breakthroughs, several analysts like DuPont's prospects. "DuPont was investing in this early and is one of the bellwethers in the industry," says Jefferies analyst Laurence Alexander.

Finally, Weyerhaeuser and Chevron are working to turn forest underbrush and switchgrass into ethanol. The forest-products company, which has access to 6.4 million acres of land in the U.S. and 15.2 million acres in Canada, wants to cultivate the fast-growing grass among its trees. Harvesting grass between trees is difficult, however—one of many hurdles that makes investing in biofuels a game only for the hardy and the patient.

BETTING ON BIOFUELS

TRexGlobal Real Estate Monitor

2009-04-21T09:35:00.000-04:00

April 2009

Real Estate Monitor

Monthly Newsletter

Exclusively for the TReXGlobal Community

We're thrilled to share our inaugural newsletter with TReXGlobal's growing community of 10,000+ investors, property managers, and real estate professionals! Every month, we'll keep you posted on the latest real estate buzz and trends. Real Estate Market News College Towns: New Investors Playground What does this mean for investors? Fastest Growing Counties Reported in Texas Find out where you should be looking for investing opportunities. Interested in REO Properties? Find out how Home Detective can find & e-mail you REO properties in AZ, CA, CO, FL, GA, IL, IN, MD, MN, MO, NC, NV, OH, TX & VA. Buyer Interest Increases in FL Golf Coast With prices 25% below the original selling price, it's hard to pass up	Real Estate Finance News Investors: How Can the Bailout Help You? Great opportunity for Real Estate investors to tap into this funding. Making Money in a Down Market With fallen values and low interest rates it has become the perfect market to invest into rental properties. International Real Estate News What's the Value of a $150K Property around the World? See, hypothetically, what your big bailout bonus has the potential to buy! Accidental Landlords – Advice from Across the Pond The article addresses how landlords can attract tenants and plan ahead for unforeseen vacancies.
Be sure to forward this message to friends and colleagues, and help them maximize the return on their real estate investments!

PS: Do you have some real estate news you want to share? Let us know!

Monday morning in Wears Valley

2009-04-20T17:53:00.000-04:00

Sent from my BlackBerry® wireless device from U.S. Cellular

Daily Rate Lock Advisory

2009-04-20T14:56:00.000-04:00

Monday's bond market has opened strong following a sizable sell-off in stocks. The stock markets are starting the week off with large losses during early trading. The Dow is currently down 213 points while the Nasdaq has lost 51 points. The bond market is currently up 28/32, but we will likely see little change in this morning's mortgage rates due to weakness late Friday.

The Conference Board gave us the week's first data late this morning, saying that their Leading Economic Indicators (LEI) for March fell 0.3%. This matched forecasts and therefore had little impact on today's bond trading or mortgage rates. The decline means that the index is predicting moderate slowing in economic activity over the next several months.

There is no relevant data scheduled for release tomorrow or Wednesday, so expect to have any movement in stocks to be the driving force behind bond and mortgage rates swings.

The National Association of Realtors will post March's Existing Homes Sales numbers Thursday morning, which are expected to show a drop from February. A similar report to this one and actually the week's least important data- March's New Home Sales will be released Friday morning. Both of these releases give us an indication of housing sector strength and mortgage credit demand, but unless they vary greatly from analysts' forecasts, I don't think they will cause much movement in mortgage rates.

Overall, look for Friday to be the most important day of the week with the Durable Goods report being posted. The rest of the week will likely be heavily influenced by the stock markets. If the major stock indexes rally, bonds will likely suffer and mortgage rates will move higher. If stocks fall for the week, we could see mortgage rates move lower the next few days.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

For listing previews and/or information concerning a particular property feel free to call me, Michele Bryan, at 865-898-5408 and we can discuss your real estate goals.

My Heart Sings

2009-04-18T10:09:00.004-04:00

As I stand on the ridge and let my gaze sweep from east to west,
my heart soars as if on an eagles wing.

I cannot fully grasp the beauty that my creator has laid out before me.
I feel my heart begin to sing.

Why should I ever doubt His existence? Why should I doubt His love for me?
He takes great care with even the smallest bird or flower.

I seek His face in the morning as I face the day. I give Him my cares and
trust Him every minute, every hour.

He is Lord.

Peace in the Valley

2009-04-18T08:35:00.002-04:00

After what seems like a never ending, dreary winter spring as finally sprung throughout Wears
Valley in Sevierville, Tennessee.
The mountains and fields are green with the new life God has bestowed yet one more time giving a sense of new beginning throughout one's very soul.
Wears Valley and the Great Smoky Mountains come alive in the spring with new life offered to all.
The morning mist rises above the mountain scape in the distance bringing into view cattle grazing in near by pastures, and the birds flutter and chirp with the excitement of a new day.

If only we could have this calmness and peace within us every day.

This is the day that the Lord has made; I will rejoice and be glad in it.

Wears Valley is also beautiful in the Snow!

2009-02-04T16:27:00.004-05:00

The old Ownby farm, this 5+ acres with barn duplex and pond is both beautiful & for sale.

This is the old Cooper homestead off Valley View Road in Wears Valley.

2009-02-04T16:12:00.005-05:00

Fran was riding along Little Cove Road yesterday and stopped to admire the snow on the Reagan pasture. Dogwood Farms is in the background.

Beyond Refinancing; Now is the Time to Buy

2009-01-28T16:16:00.002-05:00

With the help and purchasing participation of both the US Treasury and the Federal Reserve, we have seen interest rates on mortgages plummet over the past 45 days. The rational for these government agencies reallocating money for the purchase of mortgage securities to reduce interest rates is plentiful, but we will discuss the two major points of interest, and how they positively impact you.

first off, we have seen a wave of refinancing begin, as qualified borrowers look to reduce their payment, their loan term, or both via lower interest rate structures. Additionally, we have seen borrowers utilize these lower rates to take cash out on the equity on their homes, or even combine existing first and second mortgages into one niw, lower payment loan. There are a lot of alternatives available. Is yo need help or have questions, your Mortgage Access Financial Consultant can help you dessect the options.

But a second, and perhaps larger bi-product that is beginning to become a major talking point (and may be the focus) of 2009 is the purchase market and the opportunity to buy. There truly has never, in our lifetime, been a better opportunity to buy: buy a starter home, trade to a move-up, get that second home you have always wanted, or that investment property as a tangible investment.

The equation is fairly simple: home prices are the lowest they have been in years, the supplu and assortment to choose from gives everyone the opportunity to truly find a home they love and have dreanes about, and financing rates are not among the lowest in history..... they ARE the lowest in history.

Main point to this: NOW IS THE TIME TO BUY!!!! There has never been a better time to buy or invest. East Tennessee Realty Group can help you every step of the way!
Ask us how! We can help! 865-774-7764 info@easttnexperts.com

Resource: Market Monitor Jan. 9,2009 issue

Gatlinburg takes the #1 spot

2009-01-05T12:42:00.003-05:00

Take a look at January issue of Southern Living magazine!
Gatlinburg has been named the #1 vacation destination among the Southern Living readers!

ETRG hosts Wears Valley OktoberFest

2008-11-19T08:30:00.002-05:00

East Tennessee Realty Group, LLC in conjunction with non-profit organization, Friends of Wears Valley hosted the first annual Wears Valley OktoberFest on October 25,2008.

The one day event was a total success with over 3,000 visitors and raised $2,200 to benefit both Wearwood Elementary School and Wears Valley Fire Department. $1,100 was donated to each recipient to buy needed equipment at the fire department and needed supplies for the school.

Fun was had by all with the "Days Gone By" games, various crafters, live music, fodd, and even a greased pig race.

Plans are already underway for next years event which is planned to be a 2 day event with event more vendors and crafters.

We will keep everyone posted as plans come together for next year.

Down Payment Assistance Programs have hope

2008-09-11T09:44:00.001-04:00

Members of Congress are making a last-ditch effort to head off an Oct. 1 ban on the use of seller-assisted down payments on federally insured mortgages with a compromise measure designed to win over skeptical federal housing officials.
The proposed bill would resurrect the programs, which Congress, with the backing of the Department of Housing and Urban Development, axed earlier this year. The compromise measure would limit their use to borrowers with higher credit scores. In exchange, HUD would be able to institute risk-based pricing for federally insured mortgages, allowing the agency to charge higher premiums for less-creditworthy borrowers.
Supporters of the measure face an uphill battle, with just weeks before the Oct. 1 deadline and with Congress focused on other matters in the weeks before an election recess. Rep. Barney Frank (D., Mass.), the chairman of the House Financial Services Committee, said that HUD has appeared receptive to the proposal, but a HUD spokesman said the agency had "deep reservations about the legislation in its current form."
Under the programs, a third party, usually a nonprofit, provides a down payment to the buyer and is reimbursed by the seller, often a home builder. That allows buyers to qualify for a mortgage backed by the Federal Housing Administration, which requires a down payment of at least 3% -- which will increase to 3.5% on Oct. 1.
The programs had largely filled the void left by the subprime-mortgage market that all but vanished in 2007. Federal officials renewed an effort to end seller-funded assistance earlier this year, arguing that borrowers were two to three times as likely to default on their loans if they received their down payment from a nonprofit. Other critics say that builders simply increase the price of a new home by the price of the down payment.
Builders said the program made homeownership possible for low-income buyers who didn't have money for a down payment. The assistance providers had mounted a lobbying campaign over the years to protect the programs from federal officials who tried to end the practice. The program also had strong support from low-income-housing groups.
"Our view was that, yes, there were abuses, but you ought to be able to curtail those, put in some safeguards and not wipe out the whole thing," said Rep. Frank.
The compromise is designed to ease concerns that the programs' above-average default rates were causing the FHA to lose money. Borrowers with credit scores above 680 would be able to use the programs, and those with scores between 620 and 680 might face higher insurance premiums. Borrowers with credit scores lower than 620 wouldn't be able to use the programs until mid-2009, when the HUD secretary would have the discretion to extend the program to less-creditworthy borrowers.
Home builders have aggressively marketed the assistance programs -- used by nearly 20% of first-time buyers -- urging them to buy a new home before the Oct. 1 ban takes effect. Realtors and builders have said that pulling the plug on the programs would further crimp sales at a time when the housing market has struggled to find a bottom.
"If one of the few financing mechanisms that allows for an accelerated sales rate for builders is taken off the table, it has some impact," said Howard Glaser, a mortgage-industry consultant and former HUD official. "On the other hand, you don't want to create more problems with a loan product that's doomed to fail, and that's also been the case."
Supporters of the program pointed to a new study by Alex Brill, a fellow at the American Enterprise Institute, challenging HUD's claim that buyers who got seller-funded down-payment assistance were two to three times as likely to default.
"Are our people going to...perform as well as someone who's wealthy enough to bring 20% down payment to the table?" said Scott Syphax, president and chief executive of Nehemiah Corp. of America, one of the nation's largest private down-payment-assistance providers. "Our people are going to be more fragile."
To speak with a real estate agent about Down Payment Assistance call East Tn Realty Group 888-662-3874 or email to info@easttnexperts.com

How to do a short sale

2008-09-11T09:08:00.001-04:00

A short sale in real estate is not always a pleasant transaction.
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:
Obtain legal advice from a competent real estate lawyer
Call an accountant to discuss short sale tax ramifications
As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.
Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.
Call the Lender
You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision.
Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:
Property Address
Loan Reference Number
Your Name
The Date
Your Agent's Name & Contact Information
Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.
Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes:
Active on the market
Pending sales
Solds from the past six months.
Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.
Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.
Read more about Before you Buy a Short Sale.
Click Here For Page Two About Short Sales
Weintraub's Advice About Foreclosures & Short Sales
How Foreclosures Work Buying a Short Sale Drawbacks to Buying Foreclosures
Weintraub's Short Sale Tips
Distressed Homes in Default Impact of Short Sales on Credit Who Profits on Short Sales?
Real Estate Advice From Elizabeth Weintraub
Single Women Buy Homes Selling a House Where Pets Live Buying Your First Home
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Friends of Wears Valley Group

2008-09-05T10:17:00.002-04:00

Many thanks to the Friends of Wears Valley for all their on going efforts in maintaining the quality of life that we, as Wears Valley residents, enjoy daily.
There has been a change in the administration of the FOWV lately and with this change comes great expectations as to the future of Wears Valley and what the FOWV has in store for Wears Valley.
The corporate members for FOWV is as follows: Lisa Line - VP , Gwen Merker - Secretary,Terri Brown - Treasurer, Tim Line - Member

East Tennessee Realty Group moves!

2008-07-17T19:26:00.003-04:00

Monday, July 7th was a day that everyone here at ETRG has anticipated for a long time. Finally, the day had arrived for us to move into the brand new office building. WOW! What a step up from our prior office. All the latest technology and state of the art equipment right at our finger tips!
Looking somewhat like a line of picnic ants we carried boxes and loose items one at a time until we were moved in. This was not an easy task by no means but well worth the effort.
Our builder, David Troxler, has really put a lot of time and effort into the design, construction and last minute details of our new building. Thanks Dave!
As with any new building, you have the occasional bugs to work out but we are getting there and business has already started to increase with more walk-ins for the cabin rental department as well as more traffic into the real estate office.
ETRG is holding steady among the top 20 real estate agencies throughout Sevier County and maintains the constant push to reach the #1 ranking position. We are making every effort to broaden our marketing base to new levels not only with the eye catching appeal of our new building but through various other campaigns to include more internet based marketing to reach a wide variety of buyers. The new website launch with this blog is just one of many items on the agenda for this year with ETRG.
Just stay tuned and watch us grow. Better yet, Follow me to East Tennessee!

There are some good guys left

2008-06-11T15:26:00.000-04:00

He's Taking Law Into His Own Hands To Help Broke Homeowners
Trouble Is, He Is the Law; Philly's Sheriff Green Doesn't Do Foreclosures, to Lenders' Dismay
By MICHAEL M. PHILLIPSJune 6, 2008; Page A1 of the Wall street Journal

PHILADELPHIA -- Sheriff John Green has spent 37 years in law enforcement. But these days he's best known around town for the law he won't enforce.
With the economy soft and thousands of Philadelphians delinquent on their mortgages, Sheriff Green this spring refused to hold a court-ordered foreclosure auction. His move raised eyebrows on the bench and dropped jaws among lenders and their attorneys, who accuse him of shirking his duty to enforce legal contracts.
It also prompted a sweeping, court-endorsed deal, scheduled to go into effect next week, that aims to help homeowners avoid foreclosure. Even as Congress moves forward with a federal plan that could insure up to $300 billion in refinanced mortgages, Mr. Green's unilateral approach has pushed Philadelphia to the leading edge of local responses to the national crisis.
"More of our neighbors, our families and our friends are falling behind on their mortgages and losing their homes" to foreclosure, the 60-year-old Mr. Green writes in a "Declaration of Neighborhood Stability" on his Web site, www.phillysheriff.com. "My staff and I watch the suffering every day and witness the heart-wrenching scenes as families lose their primary means of wealth-building and face eviction."
Mr. Green's 241-person sheriff's department is the armed wing of Philadelphia County courts, charged with transporting prisoners, securing courtrooms and auctioning off foreclosed properties at sheriff sales. In a city beset by poverty and crime, Mr. Green has emerged as an unlikely blend of lawman, politician, spiritual leader and social worker.
Desperate Homeowners
A dozen or more desperate homeowners appear in the sheriff's lobby each day, seeking solace and counsel from Deputy Sheriff's Officer Marquette Parsons, who sits at the front desk wearing blue and packing a sidearm. "This is the end of the line," Mr. Parsons says. "They have to face reality now, because they're facing a sheriff sale." Mr. Parsons helps homeowners understand documents they've received from the court and advises them how to reach housing counselors. Sometimes he'll contact the lender's attorney to mediate a misunderstanding.
Associated Press
People demonstrate in Philadelphia on Tuesday, hoping to draw attention to the subprime mortgage crisis.
The sheriff runs ads in local papers urging people to take "Sheriff Green's Important Steps to Saving Your Home."
Mr. Green, a police sergeant when he was elected sheriff in 1987, has a politico's eye for his job. Last month, he presented a commendation for valor to an officer who was robbed at gunpoint while sitting in a barber's chair and wounded one thief in the ensuing firefight. Standing next to the taller officer for the photo opportunity, Mr. Green hiked himself onto his toes. "Just one second," he said. "I'm going to become a politician." Everyone laughed. But he stayed on his tiptoes until the photographers finished their shots.
The sheriff says his political life merges with his religious calling. "Everything you do is part of your faith," he says. For the past 20 years, Mr. Green, who is married and has six children, has hosted an annual prayer breakfast that has become a see-and-be-seen event for the city's political elite.
The 80-page program from this year's breakfast is jammed with paid congratulatory ads from businesses and unions, clergymen and subordinates, office holders and office seekers. "When the righteous are in authority, the people rejoice," wrote one pastor, quoting the Book of Proverbs.
The sheriff first made his mark in the foreclosure issue in 2004, when he noticed a spike in the number of delinquent properties the court was ordering sold. He postponed one month's auction and then went to Judge Annette Rizzo of the Court of Common Pleas seeking to legalize the move.
"We have to stop the bleeding," the judge recalls the sheriff saying in a courtroom crowded with worried homeowners. The sheriff says he doesn't remember making such a statement.
"Really what he did was not legal," Judge Rizzo says of the sheriff's decision to stop the auction.
During a recess, she summoned the lenders' lawyers, the sheriff, consumer advocates and the city solicitor into the back room. She asked them to form a committee to determine which individual homeowners deserved a delay, aid through existing government programs, or just a graceful exit from their house. But she declined to order a blanket moratorium on sales.
In 2007, the foreclosure wave began to swell again. Because Philadelphia didn't experience a big run-up in home prices, it isn't in as bad shape as hotter markets in Florida and Nevada. Nonetheless, foreclosure filings in the city rose to 6,237, from 5,288 the year before. Early this year, approximately 1,000 properties a month were going on the block at the sheriff sales, according to the sheriff's office.
The trend caught the attention of Curtis Jones Jr., who had won a seat on the City Council a few months earlier and was eager to make a splash. He teamed up with consumer advocates and a senior colleague, Councilwoman Marian Tasco, to write a resolution calling on the sheriff and the Court of Common Pleas president judge, C. Darnell Jones II, to impose an indefinite moratorium on foreclosure sales.
On March 27, in its gilt-and-green chambers, the City Council unanimously voted its approval. It was a nonbinding resolution, more of a political statement than a practical one.
But as the council meeting moved to other matters, one of the sheriff's senior aides phoned Mr. Green to tell him the resolution had passed. The sheriff decided on the spot to postpone the next sale and go to court seeking a longer moratorium. The aide relayed the decision to Councilwoman Tasco, who interrupted the meeting with the news. Housing advocates and their allies in the audience broke into applause.
"We knew [Sheriff Green] would do that," Ms. Tasco told the council. "He cares about the citizens of Philadelphia."
Bad for Business
Mortgage lenders, servicers and their attorneys thought Mr. Green was acting more Robin Hood than sheriff. "It's not his job to postpone things in favor of certain people," says Michael VanBuskirk, a Philadelphia attorney, who describes the city as a "legal free-fire zone." The city, he says, is "less attractive to business if you can't be certain that the sheriff won't invalidate a contract."
Mr. Green and Judge Jones are casual golfing buddies. Still, Judge Jones warned the sheriff at a meeting soon after the announcement that a blanket moratorium on the sales was "unwise and more-likely-than-not illegal."
Mr. Green says he never considered the legality of his decision to halt foreclosure sales. His aides say he is being cagey and that he saw himself as a catalyst to get the court to take action.
People Are the Law
"It's not the sheriff's job to sell houses," says Deputy Sheriff's Officer Paris Washington, a veteran of the department and its head of training. "It's the sheriff's job to serve the people who elected him. Because he was elected by the people, he has to listen to the people. Aren't the people the law?"
In closed-door negotiations in April with lenders' attorneys and housing advocates, Judges Jones and Rizzo worked out a streamlined process intended to make loans more affordable for delinquent borrowers who live in their houses.
Such homeowners are entitled to a free lawyer at court-supervised conciliation sessions with their loan-servicing company. Housing counselors are lined up to help assemble financial information to enable servicers and their lawyers to assess borrowers' ability to pay. The lenders are under no legal obligation to reduce principal or interest, but they face strong pressure to make allowances.
Michael McKeever, a partner in Goldbeck, McCafferty & McKeever, says that his clients -- large loan servicers and investors -- welcome the court initiative's potential to help borrowers resolve their debt problems. This week Mayor Michael A. Nutter offered $1 million to finance borrowers' attorneys and counselors.
To give the plan a chance, Judge Jones ordered that sheriff sales on such owner-occupied properties be suspended at least through next month. The foreclosure wave "is a problem," the judge says. "Is there a way we can do this in a way consistent with the law?"
Mr. Green downplays his own role. "All I did was provide enough time for a solution to develop, which was the easy part," he says.
Write to Michael M. Phillips at michael.phillips@wsj.com

Welcome to East Tennessee Home to beautiful Wears Valley!

2008-06-11T14:49:00.000-04:00

East Tennessee Realty Group: Keeping Pace in a Changing Market

The summer heat is being turned up on East Tennessee Realty Group in more than one way. The company itself has turned on its own heat in order to move into their new location (next door to their present offices) by early July. Everyone has probably noticed ETRG’s construction in process on Wears Valley Road.

The striking building looks out over the Smokies, and the design is a result of what the real estate company thinks is the face of future building in our area. David Troxler, the building contractor says, “We see the market for new mountain homes changing. New home buyers are looking for low maintenance, environmentally-friendly building products, but they still want to maintain a “mountain home” look. ETRG’s new building is a reflection of those buyer demands.”

“The shakes we have used are vinyl, although they look like wood. They’ll be easy to maintain for years, and no trees were cut down for them,” David Troxler explained.
“Additionally, East Tennessee Realty Group’s new home has tankless water heaters for increased efficiency, energy-saving electrical bulbs, high UV windows, and added insulation.”

ETRG is hoping to also get approval from county health officials to recycle its waste water into an irrigation system for its landscaping. This measure will reduce water consumption by the company by thousands of gallons yet keep its shrubs and flower beds in pristine condition.

Fran Troxler and Jerry Sandifer, co-owners of East Tennessee Realty Group, have also been in contact with a recycling company to possibly provide recycling bins at the offices for Wears Valley. Fran says, “ETRG is committed to the Wears Valley community. We are the proud supporters of Wearwood Elementary School and the Valley sponsor of the “Keep Sevier Beautifull” litter campaign. Adding the recycling bins to our list of community support is just one more way we can be a good neighbor.

The real estate company is not just stopping with their building endeavors. They have also just revamped their company website as well. Besides having a whole new look and feel, visitors to the site (EastTnExperts.com) will be able to access the complete Multiple Listing Service database, as well as the company’s own listings. There will also be a slideshow of properties and a Blog.

Founded just two years ago by Troxler and Sandifer, ETRG has grown to be not only a top producer in Wears Valley but also in much of East Tennessee. While many of the firm’s listings are in the Valley, it also has properties listed all over Sevier, Knox, and Jefferson Counties.

The present offices (the old Christmas store) were always meant to be temporary, so it seems appropriate that the company is moving into its new facilities on its two-year anniversary.

The future looks bright for East Tennessee Realty Group with plans to not only be in Wears Valley but to also have additional offices located throughout all East Tennessee. “The sky is the limit,” laughs Jerry Sandifer. “There’s no stopping us now. We have to keep pushing to maintain #1.”

All TN Property For Sale in Sevierville, Pigeon Forge, Gatlinburg, Maryville,etc!

Washington Earthquake Video

“Just What Does It Take To Become Adopted?”

“ON MY FRONT PORCH”

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New Sevier County Commission development regulations

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ETRG hosts Keep Sevier Beautiful Roads/Rivers Clean Up day

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ETRG Hosts Wears Valley Clean Up Day

ETRG Sale-A-Bration! Congratulations to Jerry Sandifer!

East Tennessee Realty Group; Now HUD Certified

New IRS tax credit forms and instructions

Updated Real Estate Foreclosure List

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First-Time Homebuyer Tax Credit Extended & Expanded

Good news for buyers out there!

New THDA Stimulus Second Mortgage Program

PROGRAM TERMS

ETRG co/owner Fran Troxler, Working Hard!

Property Tax Structure per County

ETRG holding 42% 1st Quarter 2009 Market Share

The biofuel bubble

biofuelwatch - BusinessWeek feature: The Biofuel Bubble

Featured Video

Inside Verenium's Ethanol Plant

FEATURED SLIDE SHOWS

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COLOSSAL QUANTITIES

Business Exchange: Read, save, and add content on BW's new Web 2.0 topic network

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Biofuels: The Next Generation

As corn-based ethanol hits roadblocks, all eyes are turning to advanced biofuels. These, too, face difficult challenges, but that's not stopping a host of startups

Controversies Continue to Swirl over Corn Ethanol

Rising corn prices and slack demand have hurt producers. And biofuel makers face a limit on how much ethanol can be blended with gas

Not Much Help Fighting Climate Change

No Room to Grow

Changes in Land Use

Graeme Sweeney Reveals Shell's Biofuels Strategy

The oil giant has slowed its renewable energy efforts in wind and solar power. But it is stepping up investments in next-generation biofuels made from non-crop plants

The Green-Energy Mecca of Emeryville, California

One startup, Amyris, hopes to make fuels and feedstocks that are highly profitable even with $50-a-barrel oil

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Government Initiative

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TRexGlobal Real Estate Monitor

Monday morning in Wears Valley

Daily Rate Lock Advisory

My Heart Sings

Peace in the Valley

Wears Valley is also beautiful in the Snow!

Beyond Refinancing; Now is the Time to Buy

Gatlinburg takes the #1 spot

ETRG hosts Wears Valley OktoberFest

Down Payment Assistance Programs have hope

How to do a short sale

Friends of Wears Valley Group

East Tennessee Realty Group moves!

There are some good guys left

Welcome to East Tennessee Home to beautiful Wears Valley!

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