Friday's Tip of Wisdom

Life is like a mirror, if you frown at it, it frowns back;
if you smile, it returns the greeting.

Grateful People Are Happier and Healthier

It turns out, giving thanks is good for your health.

A growing body of research suggests that maintaining an attitude of gratitude can improve psychological, emotional and physical well-being.

Adults who frequently feel grateful have more energy, more optimism, more social connections and more happiness than those who do not, according to studies conducted over the past decade. They're also less likely to be depressed, envious, greedy or alcoholics. They earn more money, sleep more soundly, exercise more regularly and have greater resistance to viral infections.

Now, researchers are finding that gratitude brings similar benefits in children and adolescents. Kids who feel and act grateful tend to be less materialistic, get better grades, set higher goals, complain of fewer headaches and stomach aches and feel more satisfied with their friends, families and schools than those who don't, studies show.

Read more at The Wall Street Journal "Thank You. No, Thank You" article published November 23, 2010

5 Strategies to Rebuild Your Credit after Foreclosure

If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again. The answer is yes, but it will take a while. [...] Here's what you need to do to rebuild your credit to qualify again for a mortgage.

Pay your bills on time: The FICO score, the dominant credit score used by lenders, gives the greatest weight to payment history, so make sure you consistently pay your bills on time. “Stability is the key,” said Craig Jarrell, president of the Dallas region of IberiaBank Mortgage Co. “Have you demonstrated that you are now capable of owning a home and paying the bills, and have recovered from whatever circumstance caused the original foreclosure?”

Review your credit report: You’re entitled to a free credit report once every 12 months from each of the three national credit bureaus—Experian, TransUnion and Equifax. You should get a copy and check it for any inaccuracies.

To get your free credit report, go to http://www.annualcreditreport.com. “Make sure it is about you and only you,” said Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling. “If you find errors, dispute them. If you discover old debts, it will weigh in your favor to satisfy them. Paid late looks better than not paid at all. Make sure that debts older than seven years have rotated off your report, as these could be dragging your score down unnecessarily.”

Check your mortgage: You want to be sure that you don’t still owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren’t enough to cover what’s owed on the mortgage, which would leave you owing the difference.

"Make sure there is a zero balance reflected, and if you are responsible for a shortfall, make arrangements to repay the remaining balance," Cunningham said.

Many lenders are willing to settle that "deficiency judgment" for less than what's owed because "it's better than getting no money at all," Jarrel said.

Apply for credit: In particular, apply for different varieties of credit. “Credit scoring models value having different types of credit,” Cunningham said. “Having some revolving accounts, typically credit cards, and some installment fixed-payment loans, such as a car payment, can improve your score.” But don’t apply for too much credit at once. “This can appear as though you’re desperate for credit and perhaps make lenders less inclined to extend credit to you,” Cunningham said. “Further, too many credit inquiries can have a negative impact on your credit score.”

Don’t fall prey: Watch out for credit repair companies that promise to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job—after paying a fee for the service. “The truth is, that no one can remove accurate, negative information from your credit report,” according to the Federal Trade Commission. “It’s illegal.” Only the passage of time can assure that negative, but accurate, information on your credit report will be removed.

When it comes to repairing your credit, there are no quick fixes, the experts say. What lenders want to see is responsible financial behavior over time.

“Know that time is your friend, as the farther you move away from the financial distress, the less negative impact it has,” Cunningham said. “Follow with responsible behavior with your new credit, and you’ll soon have a solid credit file.”

As published in The Dallas Morning News, 2010.

Inspirational Thought

"When you have come to the edge of all light that you know,
And are about to drop off into the darkness of the unknown,
Faith is knowing one of two things will happen:
There will be something solid to stand on
or you will be taught to fly."

-Patrick Overton

New Listing: Contemporary Mediterranean Home

Large, bright and open 5-bedroom, 4.5-bath Contemporary Mediterranean with unique and romantic architectural details. Private grass yard with charming entertaining patio.

374 Arno Way, Pacific Palisades, CA 90272

Offered at $2,450,000

For pictures and information of this and other wonderful properties

please go to Michael Edlen's Featured Homes webpage

Learn Sarver Heart Center's Continuous Chest Compression CPR

Every three days, more Americans die from sudden cardiac arrest than the number who died in the 9-11 attacks. You can lessen this recurring loss by learning Continuous Chest Compression CPR, a hands-only CPR method that doubles a person’s chance of surviving cardiac arrest. It’s easy and does not require mouth-to-mouth contact, making it more likely bystanders will try to help, and it was developed at the University of Arizona College of Medicine.

For more information see the University of Arizona College of Medicine news article or the YouTube video.

Open Houses: Pros and Cons, Dos and Don’ts

“We are concerned about a lot of strangers and curious neighbors coming through our home, but most agents tell us we have to do an open house. Is it that important?”

–A longtime Santa Monica homeowner

One “open house” time that is essential is the broker’s preview period, often termed “caravan.” In most Westside areas this is scheduled for three hours on a Tuesday when the marketing of the home starts. Many agents bring their buyer clients during this time, or simply send them over when they know it will be open for previewing. In some areas, agents supplement this with an additional preview period later the same day. This will accommodate people who would like to come back for a second viewing or those who were not able to come during the regular time.

The main benefit to a seller of having Sunday open houses is that it gives greater exposure to more people, hopefully including some good prospects. Surveys have found that about 2 percent of people who became actual buyers would most likely not have seen the property if it had not been open during their Sunday drive. An open house also makes it easier for real estate agents to send or bring clients during a three-hour period rather than scheduling a time-specific appointment. Some sellers prefer to leave their house for one three-hour period in the hope that this will replace several shorter periods to accommodate some showings to prospective buyers by appointment.

There are several possible drawbacks of an open house including, greater wear on the home and the possibility of accidental damage due to a large number of people in the house. There is also some risk of theft.

There are benefits to a real estate agent who does an open house. Possibly a lot of people will be coming through in a brief period. However, the open house agent is less likely to have good quality time with any one prospective buyer when others are coming and going. The agent may be more focused on the opportunity to meet neighbors and prospective future clients rather than focusing on the sale of the listed house. Of course, that is less likely to occur if the agent doing the open house is the actual listing agent.

If you decide to have your house open

on Sunday:

• Plan on being away for more than three hours, and take any cats or dogs with you.

• The house should be cleaned and neatened-up. Have fresh flowers to add to the appeal.

• A good level of lighting and comfortable temperature will help make the house feel more inviting.

• If there are any pet or other strong household odors noticeable, see if these can be eliminated before the open house time.

• Put away any small and particularly fragile objects that may be especially tempting to young children coming through with their parents.

• Hide away any relatively small or valuable objects that may offer a temptation.

• Please do not leave any cash, jewelry, or prescription drugs accessible.

• Check to be sure there are no potential trip hazards left exposed.

All of the above having been said, most real estate agents derive a great deal of potential business from Sunday open houses, and many buyers report that they had seen the home they later purchased during a Sunday open house. Therefore, a case can be made for having an open house. Before you decide which agent to hire to represent you in the marketing of your home, ask what they think about open houses. Find out what procedures they use and if they have a system and checklist for holding open houses.

Michael Edlen provides counseling services to prospective buyers and sellers and helps more than 40 clients move each year. Most of his business is derived from a referral base of over 900 past clients. More tips and information are available on his website, www.MichaelEdlen.com.

Post from Santa Monica Mirror, December 2, 2010