Answers - Real Estate

“Hey, Miss Realtor . . .

My House Ain’t Sellin!” Here’s Why . . . And What You Can Do About It If You Need To Sell Your Home

No, it’s not your real estate agent’s fault that your home hasn’t sold yet, at least not because of most agents. There are forces grea

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ter than the marketing and sales blunders of inept agents that are causing homes to linger on the market much longer than we have seen in a long, long time. If it makes you feel any better, it’s not just your home that hasn’t sold. You have a lot of company out there. And that, by the way, is just one reason for this mess you are in if you are a home seller. As

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

homes stay on the market longer, new homes coming up for sale increase the total number of homes already available because not as many homes are selling as buyers are buying.

Can you see where this is going? So, you may ask, why is all this happening? What happened to the rosy predictions of just a few months ago by our revered soothsayers about a come-back o

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

f the housing market after last year’s precipitous decline in housing values and sales? Great questions. There’s one simple answer – fewer buyers. That’s all. There aren’t as many buyers as there were in previous years, but the rate of homes coming on the market continues to edge up (although we are seeing a slight scaling back now). Normally a market like this

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

, however, does correct itself over time as it goes through cycles and the real estate gurus figured on increasing numbers of buyers entering the market as summer approached. It hasn’t happened yet. There is one other thing that the market prognosticators didn’t figure on, something that looms menacingly on the horizon, something that is imminent and app

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

roaching, something that has yet to hit us with full force – the subprime lending fiasco that you have undoubtedly heard about.

This is the fly in the ointment that will spoil a correction in the real estate market in the short term, at least, and exacerbate the home seller’s problems. Because of “creative” lending practices by our nation’s mortgage brokers an

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

d other lending institutions and, in some cases, down right fraud, millions of Americans are facing the threat of foreclosure on their homes and filings have already surpassed previous levels. This trend can be tracked by the record number of home owners who are behind in their mortgage payments. As they get further behind each month, foreclosure often ensues.

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

he root of the problem is that lenders and borrowers planned on refinancing these fancy loans, which have low monthly payments, before the time came for the mortgage to adjust to higher monthly payments as in the case of adjustable rate mortgages. A large number of these mortgages are due to adjust this year through next and a scramble to refinance is gaining m

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

omentum. Normally, this is all well and good. Refinancing allowed people to keep their monthly mortgage payment at a manageable amount and life went happily on. Now is where it gets interesting and a bit scary.

Subprime mortgage lenders, those who lend to people with shaky credit and questionable income, were a bit overly aggressive in the numbers and amount o

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

f the mortgage they issued to people whose credit was not always verified and, as it turns out, not qualified to receive the amount offered. As a result, these people purchased homes above their means and began to crumble, after just a few years, from the burden of mortgage payments that they could no longer support and should not have received in the first pla

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ce. The next thing you know, these people get behind in their mortgage payments, then the bank forecloses on the property and puts it up for sale, and you have another home on the market that would not have been for sale under normal circumstances.

This is happening more and more now as the whole subprime dilemma begins to unfold. This is what you are hearing

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

and reading about. You’d think that was bad enough and we should all be biting our fingernails, but nooo. To make matters worse, several major subprime lenders have sought bankruptcy protection or were taken over, the federal government has gotten involved (boy, is that a monkey wrench in the works), the major housing lenders have tightened lending parameters,

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

and banks are requiring more documentation and financial substantiation. This means that many of the people who had counted on refinancing this year or next cannot now get mortgages because their current credit situation no longer qualifies them with the more stringent guidelines set by the lenders.

These are all potential foreclosures for home owners and it l

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ocks out a certain group of home buyers who don’t qualify. How all this will pan out is anyone’s guess and some parts of the country will be affected less than others and the overall impact may not be catastrophic down here in the neighborhoods. We do see, however, longer days on market, a small buyer pool, and a slight increase in the number of foreclosures an

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

there is reason for concern and we are watching the signs. The tip of the iceberg is in view. We don’t know what lies underneath. We’ll find out soon. What can you do to sell your house in this capricious market? You won’t like it, but take it from me here in the trenches, if you want to sell your house you have to lower your price until you get an offer. It’s

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

called “the market”. It’s not called “It’s my house and I can sell it for whatever I want”. Buyers will only pay for what they want and not what you happen to have that you think adds value to your property. You can’t charge more for your home because you did something that you thought added value. If it is of no value to the buyer, neither is the price

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

of your home when he or she can buy a similar house for less and they have an almost unlimited supply to choose from. It all depends upon how long you can hang on.

One thing is clear, people are buying on price now. Your tray ceilings and stainless steel appliances can’t compete with a house that has a better price, but without these and similar features. The

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

real estate market waters are choppy for home sellers and the brewing dark clouds of the impending subprime storm are beginning to whip up the whitecaps. We will have to wait and see how big this storm will get. I think that I will need to get new rain gear. There is good news – for home buyers, at least the ones with a good credit score. Not so good for buyer

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

s with a mediocre score. They are part of the shrinking buyer pool affected by the more stringent lending rules. Since nothing is certain, however, all this speculation on the effects of the subprime woes may result in just a minor hiccup in the whole scheme of things. Let’s hope so. But I’m keeping my rain coat handy.

Ciao for now, Bernie Rosellen, Your Agen

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

t In The Field

Please keep in mind that my statements above are based on my personal experiences and observations around the neighborhoods of central Virginia. Some statements may not reflect fully the situations, regulations and laws of other states nor apply in all areas, so please see what applies in your state (my disclaimer to keep me out of Realtor Jail)

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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As an owner builder, you will most likely need to borrow money. However, most lenders tend to be very strict about financing an owner builder, while many will not lend to an owner builder at all.

As the moderator of Daytraders, the net’s top real-time, live, chat room dedicated to stock trading, I receive many requests and questions on a daily basis. One of the most frequently asked questions I receive is, “What are the tools I need to day trade?”

Those of you considering buying a home in a competitive market (sellers' market) know or may have heard how brutal the process can be. In certain markets a buyer can find himself competing against 3-18 other offers for almost any listing that he write on with many of the offers being similar in terms of price. However there are steps you can take to position yourself well to win a bidding war. And the discipline and thoroughness to do so is well worth the effort given the weeks and months of extra labor involved for you and the selling agent (buyer's agent) that would come if you just wrote standard offers on listings you found appealing.

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