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Pawtucket, RI Real Estate News

By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Make each day useful and cheerful and prove that you know the worth of time by employing it well. Then youth will be happy, old age without regret, and life a beautiful success." Louisa May Alcott (1832-1888), Author     Do YOU make each day useful?  Or do you spend time thinking about what you need to do, thinking about what you wish you had done, or just wasting time in general?   Some of us need "to-do-lists" or we may do well by attending a time management class.    The most successful people in a sales industry, such as the real estate industry, spend time with their family, dedicate time to their religion and with business, they focus on their current clients, past clients and their future clients (marketing).  If you share your time among all these categories, you WILL be succes...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"I have had dreams, and I have had nightmares. I overcame the nightmares because of my dreams." Dr. Jonas Salk   The real estate industry has its nightmares, but when the dream closings and the dream clients come along, how quickly we forget about the nightmares! Have a GREAT day!   Ann M. Sabbagh Vice-President Seacoast Mortgage Corporation "Where financing is smooth sailing!" Residential & Commercial Financing (508) 243-1190 (401 475-1441 (fax) email: asabbagh@seacoastmortgage.com                 website:www.annsabbagh.com                                                                           "When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength!"
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Breast cancer is a leading cause of death for women (and men also suffer from this terrible disease). This Saturday, I will be walking for a cure.  My mother and my mother-in-law are just two women who have been afflicted by this disease.  I am sure all of you know someone who has been affected by breast cancer.   I know times are tough, but if you can afford anything, please log onto my personal donation page and donate for this cause.  Every penny is appreciated!  Please click this link:  http://makingstrides.acsevents.org/site/TR/MakingStridesAgainstBreastCancer/MSABCFY10National?px=13375903&pg=personal&fr_id=19931#   I will keep all of my Active Rain's family and friends who have been affected by this disease in my thoughts as I walk this Saturday!   THANK YOU !!!!!!!!!!!!!!    Ann ...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
  DO YOU KNOW IF YOU SAVED ENOUGH/ARE SAVING ENOUGH FOR RETIREMENT? If the answer is "no", you should find out NOW so you know what you need to do to accomplish retirement.  There are many websites you can use to help you calculate YOUR retirement requirement.  Here is one from Bank of America that is very easy to use:   http://ira.bankofamerica.com/calculator/Default.aspx?section=calculator&subsection=content&bhcp=1   Once you plug in your numbers, the "Retirement Calculator" will show you how much more you need to save OR if you saved "too much", God Bless YOU!  You have done well.  If you are not so fortunate, do NOT despair.  The next step is to figure out how to attain your goal.  If you need help, which most people do since we are all busy in our lives, please meet with a financia...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Climbing is not about conquering the rock; it is about conquering yourself."   Sometimes we get in our own way when a challenge is presented to us.  It may be our stubbornness or our pride or our own personal convictions.  We need to step out of the box and watch ourselves as if we were in a movie.  What would we think of ourselves as we watched?   Real estate, and for that matter, everyday living, presents obstacles we need to overcome in order to achieve RESULTS.  Let's eliminate one issue: ourselves.  Fight back the temptation to argue back.  When others raise their voices, speak lower than them.  Remain calm.  Do not add to the fire.  Keep focused on the ultimate result.  You may lose the battle, but the war is more important: in the real estate industry, it is the client satisfact...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"The life of man is like a game with dice; if you don't get the throw you want, you must show your skill in making the best of the throw you get." Terence   So, let's put this into an example: As a listing agent, you have been listing many homes in excellent/good shape.  One day, you are asked to list a house that is in BAD repair: bad odors, plumbing that does not work, porch falling off, terrible landscaping, etc...  WHAT DO YOU DO?   Turn the lemon into LEMONADE!  HOW? Target a contractor who wants to team up with you in marketing this home.  Ask him/her at how much they are willing to repair the home.  Find a lender who knows how to complete a 203K FHA loan.  Target the first time home buyer market.  Prepare an ad that shows the consumer this is a deal for their first home and show ...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"You are a courageous soul who recognizes that whatever you face will become the wings with which to fly."   We all face challenges during the day, a curve or two in the road, especially in a difficult real estate market such as this!  Our challenges should strengthen us and compel us to move forward and through them.   So, the next time you receive a call from someone involved in the transaction, which may cause a delay or possibly a termination of the sale, consider the issue a challenge.  One that can be overcome by everyone working together.  And if the issue cannot be overcome, at least you gave it your best and know there is always another sale around the corner with perseverance!    So, let's all work TOGETHER! Have a GREAT day!   Ann M. Sabbagh Vice-President Seacoast Mortgage C...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"I have found that the greatest help in meeting any problem with decency and self-respect and whatever courage is demanded, is to know where you yourself stand. That is, to have in words what you believe and are acting from." William Faulkner (1897-1962) American Writer     So, do you face a problem knowing exactly where YOU stand on the issue?   Give yourself a test: think of a similar situation in which you were involved: how did you react?  How did you solve the problem?   Do you approach life and solve problems the way you live?     Ann Sabbagh Vice-President Seacoast Mortgage Corporation 508-243-1190 Please visit my website: www.annsabbagh.com "When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength."
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Class is an aura of confidence that is being sure without being cocky. Class has nothing to do with money. Class never runs scared. It is self-discipline and self-knowledge. It's the sure footedness that comes with having proved you can meet life." Ann Landers, born 1918   How TRUE this is! Class has nothing to do with money.  It is knowing yourself and showing the world you have proved yourself by your accomplishments and grace you exhibit. Thank you Ann Landers for saying it so simply! Ann Sabbagh Vice-President Seacoast Mortgage 508-243-1190   "When you choose me as your mortgage consultant, you also choose a financial planner who cares about your financial strength."  
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Yes, there are times when something is legitimately not our fault. Blaming others, however, keeps us in a stuck state and is ultimately rough on our own self-esteem." Eric Allenbaugh - Author of "Wake-Up Calls"   So, when was the last time you said: It was the loan officer's fault!" OR "It was the agent's fault!" OR "That darn appraiser ruined the transaction for everyone!" .   When a transaction goes south, we should all realize not every transaction can be a grand slam.  There are houses that will not appraise or will have appraisal issues, like repairs required.  There may be a client that loses their job days before a closing, or buys that new car before a closing, thus ruining their approval.   By all working together in this industry, we can make it better for all of us and for t...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Remember the Nehemiah loan?  It was the grant loan which FHA allowed.  We were able to add the down payment to the sale price, which ultimately was added to the loan amount.  For example, a $200,000 purchase would sell at $206,185.  The extra $6185 was the 3% down payment which was required by FHA.      Nehemiah was terminated since it was discovered these loans had a higher incidence of foreclosures. Ok.  So now we have the $8000 tax credit, which many borrowers are using to pay back gifts from relatives that were used as a down payment or to pay back borrowed 401k funds.  Ultimately, it is a Nehemiah look-a-like, but this time the taxpayer is paying and not the borrower.  So, these loans risk their own level of foreclosure!  Will we be hearing of the "$8000 tax credit effect on forecl...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Circumstances may cause interruptions and delays, but never lose sight of your goal.  Prepare yourself in every way you can by increasing your knowledge and adding to your experience so that you can make the most of opportunity when it occurs." Mario Andretti Auto Racer   So, TRUE, Mario!  The more education a real estate agent can grasp, i.e. learning about the internet and how to syndicate listings, the better the agent will be for the consumer.  The more a loan officer educates themselves about loan products and learns about affordability and not just qualification, the better the loan officer will be for the consumer.  The list goes on!   Bottom line: Knowledge is POWER!    Ann Sabbagh Vice-President Seacoast Mortgage Corporation 508-243-1190 Please visit my website: www.annsabbagh...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Write in your heart that every day is the best day of the year." Ralph Waldo Emerson (1803-1882).   Yes, times are difficult in the real estate industry.  But a POSITIVE attitude and knowing that every day is a blessing and will be the BEST day of the year will make life happen for you and for others, since a positive attitude is contagious!   Try it!     Ann Sabbagh Vice-President Seacoast Mortgage Corporation LICENSED LENDER AND BROKER Residential AND Commercial loans 508-243-1190   "When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"The less you speak the more you are listened to."   I hear often in this industry: "my mortgage lender did not listen to what I wanted or my realtor is showing me homes I have no interest in"   By listening to our clients needs, we will be able to better meet those needs.   Pure and simple!   Let's get listening!     Ann Sabbagh Vice-President Seacoast Mortgage Corporation LICENSED LENDER AND BROKER Residential AND Commercial loans 508-243-1190   "When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"I have always struggled to achieve excellence. One thing that cycling has taught me is that if you can achieve something without a struggle it's not going to be satisfying." Greg LeMond - Cyclist, 3 Times Winner of the Tour de France   Well, we all know real estate can be a struggle during these tough times, BUT at the end of the day we are helping the consumer and isn't that satisfying?     Ann M. Sabbagh Vice-President Seacoast Mortgage Corporation "Where financing is smooth sailing!" Residnetial & Commerical Financing (508) 243-1190 (401 475-1441 (fax) email: asabbagh@seacoastmortgage.com                 website:www.annsabbagh.com                                                                           "When you choose me as your mortgage consultant, you also choose a financial pla...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
I feel like the world is a different place...yet again!  Taylor Bean & Whitaker: the 3rd largest FHA lender in the nation has closed its doors today due to a mistake by the "powers to be" in upper management.  SO, many jobs were lost today along with many homeowners who had their loans in process are now scrambling to obtain a new mortgage, potentially at a higher rate.   Click on this article for specific information:   http://www.ocala.com/article/20090805/ARTICLES/908059981/1402/NEWS?Title=Taylor-Bean-Whitaker-closes   In my little world, I ask myself, "With so few lenders left and there being so many homeowners still needing help, wouldn't it have been prudent for the government to keep this lender in business?"   For months now, we have all been suspicious something was going on at...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Ugggh...ohhh...."Brick and Mortar" banks part of our past????   Please read this article:   http://money.cnn.com/2009/07/28/news/companies/BAC_branch_closures/index.htm   Basically the article states due to "online and mobile services: Bank of America is closing 10% of its branches.  Well, this trend can not be isolated to just Bank of America. So, what impact can this now have on our economy? More layoffs, more empty buildings.  America is clearly being redefined.  I do believe we will always have some "brick and mortar" banks in existence, but at what number is the question.  As the young generation takes over, fewer and fewer will be required.  The youth are the tech savvy part of our culture.  They are VERY mobile and online consumers. We have fallen victim to our own advances: our ...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Real estate can be like a game of cards.  Each deal is a separate hand of cards and a different game.  How you play each hand and game will determine the success of that transaction.  Play it well and the buyer and seller will be smiling at the closing table!    So, even when you are dealing with short sales and foreclosures, the "hand" can be played well.  Here is a perfect proverb to sum it up:   "Life is not holding a good hand; Life is playing a poor hand well." Danish proverb   Play well today!   Ann Sabbagh Vice-President Seacoast Mortgage Corporation LICENSED LENDER AND BROKER Residential AND Commercial loans 508-243-1190   "When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
  Loan modifications are creating a BIG question: HOW WILL MY CREDIT BE IMPACTED?  Many different answers.  This is my attempt to simplify the answer.  Check out this site:    http://myloanmodificationcenter.com/blog/how-does-a-loan-modification-affect-your-credit/  and:  http://savemefromforeclosure.com/blog/2009/04/08/with-a-loan-modification-credit-scores-may-be-affected/ Bottom line: If you are late on mortgage payments your credit WILL be affected.  If you are asking for a loan modification with no lates, make SURE you sign documents which state VERY CLEARLY your credit will NOT be impacted. Pure and simple. Have a GREAT day!     Ann Sabbagh Vice-President Seacoast Mortgage Corporation LICENSED LENDER AND BROKER Residential AND Commercial loans 508-243-1190   "When you choose me as...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
It is so true, we all have to be careful what we say and do throughout life.  In the real estate industry, what we say to our sellers and buyers are taken more literally now than ever before.  People are in financial crisis. This is the worst financial crisis since the Great Depression.  The elderly citizens have lived through it, but the rest of us are experiencing it for the first time and it is NO fun! So, when we speak to sellers, it is best to not over promise and under deliver.  To raise expectations for their home selling for a greater price than it is really worth, is just doing an injustice to that seller. Concerning buyers, they need to be led by the hand and feel confident they can afford the payment.  For loan officers to approve a client to their maximum ability is truly an...
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