Saturday, January 31, 2009

Dallas-Fort Worth Real Estate Execs don't expect quick market turnaround

09:45 PM CST on Thursday, January 29, 2009

By STEVE BROWN / The Dallas Morning News

Don't expect any quick deals in Dallas-Fort Worth's stalled real estate market.

Oh, investors are out there, but they're waiting for the right time to strike.

"There has been a huge amount of money lost by getting in too early," said Herbert Weitzman, who recently formed an acquisition partnership with Dallas investor Craig Hall.

Weitzman - who's also chief executive of Dallas-based retail broker Weitzman Group - was on a panel of industry veterans who spoke Wednesday evening at a meeting of the Society of Industrial and Office Realtors.

"Things are not going to get better very soon," he said. "The deals that are going to happen are going to be later in the year.

"There is going to be a huge amount of retail REO [foreclosed property] coming on the market later this year."

Property sales in North Texas have slowed to a trickle because of the lack of credit and worries about the economy.

"We are all hoping there is a lot of pent-up capital on the sidelines that wants to get back into real estate," said Jack Fraker, a top investment broker with CB Richard Ellis. Fraker said his property sales were off 65 percent or more in 2008.

At the same time, property values have fallen.

"There is still a disconnect between the sellers and the buyers," he said. "Hopefully that will change later this year.

"Most of the institutional investors have tried to avoid writing down their real estate values," Fraker said. "They can't hide from that for long."

The rents that investors can get from Dallas office buildings are already falling, said CB Richard Ellis' Phil Puckett. "I see some landlords trying to hang onto what was," Puckett said.

While overall office vacancies in North Texas are at about 20 percent, they won't stay there, he said.

"It's going to go up," Puckett said. "The question is how much space are we going to get back from company closings?"

Industrial property brokers are counting on a supply of well-located buildings and competitive pricing to lure tenants from other areas of the country.

"Our mantra this year is Dallas is 'on sale,' " said Tom Pearson of Colliers International. "Companies are going to continue to focus on lower costs."

In 2008, Dallas-Fort Worth led the country in both industrial leasing and new space put on the market, Pearson said.

There will be almost no more warehouse construction in 2009, he said.

"Hopefully, that will give us some time to absorb all this new space coming on the market."

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Tuesday, January 27, 2009

Do you take Polls ?

Do you find yourself looking to take polls ?

Would you take a poll if it were just one question ?

Click here

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Mechanic's Liens can mess up a Real Estate Closing!

What is a Mechanic's Lien ?

The Mechanics' Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or materials to repair, remodel or build your home.

If any of these people are not paid for the services or materials they have provided, your home may be subject to a mechanics' lien and eventual sale in a legal proceeding to enforce the lien. This result can occur even where full payment for the work of improvement has been made by the homeowner.

The mechanics' lien is a right that a state gives to workers and suppliers to record a lien to ensure payment. This lien may be recorded where the property owner has paid the contractor in full and the contractor then fails to pay the subcontractors, suppliers, or laborers. Thus, in the worst case, a homeowner may actually end up paying twice for the same work.

The theory is that the value of the property upon which the labor or materials have been bestowed has been increased by virtue of these efforts and the homeowner who has reaped this benefit is required in return to act as the ultimate guarantor of full payment to the persons responsible for this increase in value. In practice, a homeowner faced with a valid mechanics' lien may be compelled to pay the lien claimant and then pursue conventional legal remedies against the contractor or subcontractor who initially failed to pay the lien claimant but who himself was paid by the homeowner. Another justification for this result relates to the relative financial strengths of the parties to a work of improvement. The law views the property owner as being in a better situation to absorb the financial setback occasioned by having to pay the amount of a valid mechanics' lien, as opposed to a laborer or material man who is viewed as being less able to absorb the financial burdens occasioned by not being paid for services or materials provided in connection with a work of improvement.

The best protection against these claims is for the homeowner to employ reputable firms with sufficient experience and capital and/or require completion and payment bonding of the construction work. The issuance of checks payable jointly to the contractor, material men and suppliers is another protective measure, as is the careful disbursement of funds in phases based upon the percentage of completion of the project at a given point in the construction process. The protection offered by mechanics' lien releases can also be helpful.

Even if a mechanics' lien is recorded against your property you may be able to resolve the problem without further payment to the lien claimant. This possibility exists where the proper procedure for establishing the lien was not followed. While it is true that mechanics' liens may be recorded by persons who have provided labor, services, or materials to a job site, each is required to strictly adhere to a well-established procedure in order to create a valid mechanics' lien.

Needless to say, this is one area of the law that is very complex, thus it may be worthwhile to consult an attorney if you become aware that a mechanics's lien has been recorded against your property. In the event you discover that a lien has been recorded but no effort has been made to enforce the lien, a title company may decide to ignore the lien. However, be prepared to be presented with a positive plan to eliminate the title problems created by this type of lien. This may be accomplished by means of a recorded mechanics' lien release from the person who created the lien, or other measures acceptable to the title company.

As in all areas of the real estate field, the best advice is to investigate the quality, integrity, and business reputation of the firm with whom you are dealing. Once you are satisfied you are dealing with a reputable company and before you begin your construction project, discuss your concerns about possible mechanics' lien problems and work out, in advance, a method of ensuring that they will not occur.
For a List of Foreclosures visit: http://www.robertjrussell.com

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Monday, January 26, 2009

Pizza Delivery - Call Ahead - It's Safer !

This was forwarded on to me from another Tech guy in our office. Make sure you turn your speakers on - this is something you dont want to miss!

FYI - Imagine if home sales ever went to this - would it be good or bad....you tell me.

Click Here > http://aclu.org/pizza/images/screen.swf

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Saturday, January 24, 2009

Pull Up Stakes, Move Where Home Prices Grow

by Broderick Perkins

Americans are staying put more then ever, but when they do move many of them do so for housing-related reasons, say, to buy a new home or find a better neighborhood.

And, if previous migration patterns are any indication, those trends could bode well for those seeking homes with equity gains to come. It's also pretty good news for housing markets rife with inventory.

That's all provided home buyers can get to market with the right stuff.

Here's the scoop.

"American Mobility Who Moves? Who Stays Put? Where's Home?" a new Pew Research Center Social & Demographic Trends survey found that most Americans have moved to a new community at least once in their lives, but a record low number changed residences in recent, more economically troubling years.

In 2007, when Americans did move, their net migration patterns reveal much moving to the South, with far fewer moves into the West and Northeast, according to Pew.

Also, as the two coastal markets' home prices began to sink, home prices held best where net migration was greatest, in the South, according to the Federal Housing Finance Agency's (FHFA, formerly the Office of Federal Housing Enterprise Oversight, OFHEO) Home Price Index (HPI) for the last quarter of 2007.

Home prices played a key role in the shift South, according to an earlier report this year from the Brookings Institution, "Housing Bust Shatters State Migration Patterns".

The Brookings report said the current migration pattern shift is a reversal from a half decade ago when Americans migrated to booming housing markets in the West and Northeast, often in search of lucrative real estate investments, including first and second home buys with the promise of skyrocketing appreciation.

The current reversal of the rush-to-boom-towns pattern has left behind greater inventories of more affordable homes as Americans head for previously more affordable housing markets with greater price strength.

In 2008, home prices have remained strongest throughout much of the South, according to the FHFA's HPI for the third quarter of 2008.

Alabama, Kentucky, North and South Carolina, Oklahoma, Texas and Tennessee, all revealed price increases of 1.4 percent or better, year-over-year in the third quarter this year. Likewise, North Dakota (at 4 percent, the highest in the nation) and South Dakota (3.9 percent), Montana, Wyoming and Maine all saw some of the greatest price increases in the nation during the same period. Other southern states Arkansas, Kansas, Louisiana, Mississippi and West Virginia, along with Iowa, saw smaller price gains, but gains nevertheless.

The rest of the nation's home prices by state were in the red or flat.

"In sum, there appears to be a migration correction going on. We're at the beginning of a leveling off of migration between unaffordable and affordable America. As with the broader economy, we don't know how much longer it will last," Brookings reported early this year.

According to the more recent Pew report, net migration to the South appears to be picking up steam.

Pew reports while the 2007 migration pattern shows decidedly lopsided net migration to the South, the earlier 2005-2007 pattern revealed less lopsided migration, but nearly equal net migration from one region to the next.

The Pew report examined U.S. Census data, but also surveyed 2,260 Americans to learn more about the wheres and whys of migration patterns.

The ties that bind

The Pew report found that while the migration trend is toward more affordable housing markets with greater price strength, fewer people are pulling up stakes.

Only 13 percent of the U.S. population changed residences between 2006 and 2007, the lowest share since the Census Bureau began to publish statistics on this topic in the late 1940s.

But that means those who do migrate for housing are likely to find less competition and more bargains.

"The annual migration rate, which held at 20 percent through the mid-1960s, has drifted downward since then before hitting its low last year, with the recent housing market slowdown perhaps playing a part," Pew found.

Pew's main findings also include:

  • Movers most frequently said they pulled up stakes for better job or business opportunities (44 percent); because their new community is a good place to raise children (36 percent) or because they have family ties there (35 percent).

    The report also cites Census data which says "Most Americans who move relocate within the same county. About half of all moves are for housing-related reasons, such as buying a new house or moving to a better neighborhood."

  • Those who did not move said they remained because of family ties (74 percent); the desire to remain where they grew up (69 percent) and their belief that their communities are good places to raise children (59 percent); for job or business opportunities (40 percent).
  • Four-in-ten Americans say they are very likely or somewhat likely to move within five years. Among those especially likely to say so are younger people, unmarried Americans and the foreign born.

Making a savvy move

To make a move elsewhere pay off:

  • Learn the game. Obtaining general knowledge about the home-buying process and the real estate market where you'll live. Buyers who don't know the market tend to low ball and alienate sellers.
  • Get local smarts. A buyer's market can be designated by a small community, larger region or greater geographic area. Local smarts will prevent you from paying a seller's market price in a buyer's market.
  • Buy smart. Buy the least expensive house on the best block; buy into the least expensive neighborhood in the best community; buy into the least expensive city in the best region.
  • Bring money. Even motivated sellers aren't going to wait around for your money to show up. Get your credit report checked and in order. Get your loan approval guaranteed. Lock in your mortgage rate.
  • Buy for keeps. Buy because you need a home, because you plan to stay put for awhile and enjoy the appreciation end of your investment.

For more information about housing & real estate visit: http://www.robertjrussell.com

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Thursday, January 22, 2009

Sell Real Estate All Over The World

Have you ever thought about increasing your sales through International Real Estate or the Vacation & Second Home Markets?

  • A truly unique concept in International and Luxury Real Estate;
  • Understand the new "Second Home Market";
  • Learn how to promote your properties in the National/International Markets;
  • Increase your sales by "Keeping YOUR Clients for Life";
  • Learn how to be more effective in the National and International Markets;
  • Learn how to work with builders and developers from around the world;
  • Learn about new marketing and presentation ideas;
  • Attend planned events to network with other International Real Estate Specialists;
  • Our online training covers the process, templates, fee structures, financing, etc. compiled by Audree Mevellec from over 35 years experience in the international luxury market. It is also possible that a live training event might be scheduled in your area;
  • You may post listings on the Castles & Estates Website free of charge
  • You may advertise your listings in the Castles & Estates Magazine at reduced rates - if you find a person who purchases an ad, you get the same ad space that person purchases for free;
  • Online training manual;
  • Email support;
  • Teleconferences and supplemental education.

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Tuesday, January 20, 2009

Click Here to Find your Next Home !

Monday, January 19, 2009

A New Virtual Office

I just heard of this new company that is planning to launch in mid-2009, called Aybaf. It is a new virtual brokerage model with the following pertinent points:

  • A world-class consumer web portal, currently generating north of 2 million unique visitors per month
  • Roughly 15,000 web-based leads every month, growing at 10% on average month over month (adjusted for seasonality)
  • Full suite of online agent tools, ranging from a baseline free set to premium tools from Aybaf partners that the agent will select on an a-la-carte basis.
    • Free will include: Agent Profile Page, Email Marketing Engine (including weekly CMA reports automatically generated), full-on listings syndication, Agent Website (agent.aybaf.com) with multiple templates featuring the agent's own listings and a WordPress blog included.
    • Options include: IDX feed, VOW site (with state-specific registration pathways), independent agent site (www.agent.com), Custom design (through Aybaf's network of web development partners), Search Marketing (Aybaf has tools from AdWords to Omniture, where any agent can go purchase keywords easily), Featured Listings (on a competitive bid basis on geographies), and PR (through network of PR partners).
  • Full social media support, included in the above suite of tools, from group blogs on blog.aybaf.com to individual blogs (hosted and managed on Aybaf's Class-A datacenter) to premium paid services (all at agent's discretion).
  • Enterprise CRM platform, with social media tools. As I heard it, Aybaf is looking at the Zappos.com model of leveraging social media as a customer retention and relationship tool, and deploying that out to both an internal customer-service call-center as well as member agents. Every customer is tracked, leads are distributed according to proprietary algorithms, and performance tracked to ensure that leads are going to productive agents who respond quickly.
  • Customer surveys after each and every interaction, to ensure that only the best agents remain affiliated with Aybaf, and to let agents know what they did well and where they can improve. Continual quality improvement is their goal.
  • A range of partnerships with service providers, as well as a simple online resource center for agents to order services. For example, if you need a yardsign, Aybaf offers partnerships with six different yard sign companies at discounts ranging from 5% to 15%, and an online order center to easily expedite ordering yard signs. Same for any service an agent might need, from direct mail to SEO consultancies.
  • Training will be available 24/7 through Aybaf's automated Agent Resource Center, featuring WebEx, pre-recorded sessions from top names in training, as well as a network of coaches, consultants, and trainers on topics from business planning to social media. They're incorporating BlackBoard software for enabling online education for all of their agents.
  • Full range of professional services through partnerships. They are signing up real estate lawyers, mortgage companies, title companies, etc. at a rapid clip and integrating them as much as possible into the Agent Resource Center.

There were some other details, but the above are the main points.

The most amazing thing about this is that every agent will be on a 100% split, and because Aybaf is a purely virtual brokerage (except in states where they must have a physical office, in which case it will be the smallest possible "storefront" with a single desk, or even just a PO Box), the "desk fees" are only $19.95 a month.

Aybaf's business model is premised upon making money upon delivery of actionable leads (they haven't figured out the precise rate, but thinks it'll be in the 10-15% of GCI, and only if it leads to an actual closed side for the agent), and taking a piece of any premium services the agent purchases.

What do you think? Could this work in real estate?

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Job Losses

Report: New York to lead US cities in job losses

NEW YORK - Only five metropolitan areas in the U.S. will escape job losses this year, according to a forecast released Saturday by the U.S. Conference of Mayors.

New York is expected to take the biggest hit as thousands of jobs are lost on Wall Street. Big financial firms are slashing workers as they cope with bad debt. Other companies have gone under, like Lehman Brothers Holdings Inc., which filed for bankruptcy in September.

The New York area is expected to lose 181,000 jobs in 2009, the report said. Consulting company IHS Global Insight produced the report for the group.

The Los Angeles area is expected to see 164,000 lost jobs, in part because of the huge drop in home prices that has punctured the California economy.

After New York and Los Angeles, the Miami area is expected to see the greatest loss, with a decline of 85,000 jobs. Chicago and the surrounding area are next, with losses projected at 80,000.

Unemployment is expected to top 10 percent in 70 areas, from already hard-hit cities like Detroit and Cleveland to places that had until recently been prosperous like the Riverside-San Bernardino area in California. Other big cities like Denver and St. Louis are expected to see unemployment rise above 9 percent.

Ithaca, N.Y.; Fairbanks, Alaska; and St. George, Utah, are among the handful of the nation's 363 metropolitan areas expected to see employment remain flat or increase slightly.

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Sunday, January 18, 2009

What is a Short Sale ?

In these difficult financial times, more and more sellers are finding they need to sell their homes for less than they owe on their mortgages, known as a "short sale ." This can be a good deal for you as a buyer, as long as you're aware of the extra time and work required to make it happen.

The Mortgage Lender's "Short Sale" Factors
The seller's mortgage lender will be considering many factors in deciding whether to approve a short sale, including:
Whether the seller is deserving of a break, due to financial hardship caused by unforeseen circumstances such as layoffs, divorce or illness
Whether it would be cheaper to simply repossess the house, make any necessary repairs and sell it through a real estate agent
How many other properties the mortgage lender currently has in default
Whether there are co-signors who can be held responsible for the balance owed on the mortgage
The Short Sale Process
Your chances of success with the seller's mortgage lender improve if your communication with them is organized and complete. Your first contact with the seller's mortgage lender's "loss mitigation department" is crucial in making a good impression. You'll want to send them what's called a "Release" or "Authorization to Release Information" already signed by the seller, which allows the mortgage lender to talk with you about the seller's mortgage.
In your first talk with the mortgage lender's loss mitigator, you'll want to find out:
Whether they think a short sale might be a possibility
What information they'll need to complete the process
Loss mitigators sometimes receive bonuses based on how many defaulted loans they can clear up, so they're more likely to pay attention to your sale if you can show them you're taking care of as many details and objections as possible.
It will be necessary to be specific about the seller's financial difficulties with what's called a "hardship letter." The mortgage lender may also require pay stubs, copies of medical bills, checking account statements and other appropriate evidence from the seller. The seller's mortgage lender will look at the seller's credit reports to verify the seller's financial predicament. This will all take extra time.
Broker's Price Opinion
The mortgage lender will order what's called a "broker's price opinion," which gives the mortgage lender some idea of what the property is actually worth in the current market. A broker's price opinion will be based on:
the value of comparable properties in the same neighborhood
the general condition of the neighborhood
the condition of the specific property in relation to neighboring houses
If the person who is inspecting the property needs to look at the interior of the house, you'll want to be sure someone is there to let him or her in. You may also want to provide the inspector with copies of low comparable houses in the neighborhood, and high estimates on any needed repairs. The lower the broker's price opinion, the more likely the mortgage lender will approve a short sale.
Settlement Statement Scrutiny
The seller's mortgage lender will want to have an advance look at what's called the " Settlement Statement" or "Settlement/Disbursement Estimate." The mortgage lender will be carefully reviewing:
Commissions going to real estate brokers
Where your financing is coming from (Cash? A loan?)
Payments to cover outstanding liens and taxes
Approximate date of the closing
Any cash to the seller (a definite no-no)
Any other expenses which may raise a red flag
While buying a home on a short sale can be frustrating and time consuming, your hard work can pay off in a home that's worth considerably more than you paid for it.

For more information visit - http://www.robertjrussell.com

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The Facebook Report - Does it Replace Face Time or Enhance It ?

Jenny has not returned my calls in roughly a year. She has, however, sent me a poinsettia, poked me, and placed a gift beneath my Christmas tree. She's done all this virtually, courtesy of Facebook.com, the online social networking site where users create profiles, gather "friends," and join common interest groups, not to mention send digital gifts. Though Jenny has three children, ages 4 to 14, and rarely finds time for visits, phone calls or even e-mail, the full-time mom in upstate New York regularly updates her status on Facebook ("Jenny is fixing a birthday dinner," "Jenny took the kids sledding") and uploads photos (her son in the school play). After 24 years, our friendship is now filtered through Facebook, relegated to the online world. Call it Facebook Recluse Syndrome, and Jenny is far from the site's only social hermit.

Though Facebook started as an online hub for college students, its fastest-growing demographic is the over-25 crowd, which now accounts for more than half of the site's 140 million active members. Why is Facebook catching on among harried parents and professionals? "It makes me feel like I have a grip on my world," says Emily Neill, a 39-year-old single mother of two. Neill isn't a techie, per se - "I'll never have a phone that does anything but make calls," says the fashion consultant in Watertown, Mass. - but stays logged on to Facebook all day at work, and then spends an hour or two, or lately three, at night checking in with old acquaintances, swapping photos with close friends, instant messaging those who fall somewhere in between. "It makes you feel like you're part of something even if you're neglecting people in the flesh," she says.

Retreating behind the digital veil started long before the Internet existed, with the advent of answering machines. "People would call a phone when they knew the other person wasn't available to pick up," says Charles Steinfield, a professor at Michigan State University who co-authored a peer-reviewed study called "The Benefits of Facebook 'Friends'". "It enabled them to convey information without forcing them to interact."

Enter Facebook, which provides a constant flow of information via short updates from everyone a user knows: a distant cousin is glad he skipped the cheeseburger chowder; a colleague has a new book is on sale; a close friend is engaged or newly single. Jenny and I, along with three of our childhood pals from Saratoga Springs, N.Y., learned that a dear old friend had ended her seven-year relationship through a Facebook status change. We expressed dismay, albeit through Facebook's IM feature, that we had to learn such potent information in this impersonal way.

Yet, for many users, Facebook somehow remains distinctly personal. Although social networking sites encourage connections among strangers - as on MySpace, where people converge through common interests, or online dating, where the whole point is greeting new faces - Facebook is more geared toward helping people maintain existing connections. The site serves as a self-updating address book, keeping users connected no matter their geographical shifts. "There are people from my past life that I never would have tracked through 10 job changes and 20 e-mail changes," says Nicole Ellison, an assistant professor at Michigan State and lead author of the Facebook "Friends" study, which focused on undergraduate usage of the site. Facebook offers what she describes as "a seamless way of keeping in touch that doesn't involve all this work."

Perhaps this is the key. Jenny's online sociability and offline silence probably has less to do with digital retreating than time management. Facebook offers e-mail, IM and photo sharing in what Neill calls the "one-stop shopping" of online interaction. "It's not surprising to me that it's replacing other forms of communication," says Steinfield.

It's still surprising to me, however, this combination of Orwell and Wall-E that has humans watching each other through computer screens and socializing in quasi-isolation. Neill says Facebook has brought her closer to her already close friends, those she has little time to see because of kids and work. "I know more about them now than I did when I was in regular contact with them," she says.

I believe her. But I can't help wondering: If Facebook for some reason suddenly ceased to exist, would people like Jenny revert to phone calls or visits, or would they lose touch altogether?

I probably won't find out. Instead, I gave in. Last week, I sent Jenny a note - through Facebook, naturally - requesting a get-together. She accepted. When we met up, it seemed we were closer than I'd thought. I knew about Jenny's son's part in the school play, about her sledding expedition and what she'd cooked for that big birthday dinner - what we'd be sharing if we still lived in the same neighborhood and talked regularly, the inane and intimate details that add up to life. That constant stream of data is some digital form of closeness. "A beautiful blossoming garden of information about your friends," as Neill puts it, adding, "I don't see how that can be a bad thing."

View this article on Time.com

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Friday, January 16, 2009

Circuit City Closes the Doors

The troubled 60-year-old electronics chain tried its best to survive bankruptcy, but to no avail; now, it will liquidate its merchandise and close all 567 remaining stores.Bloomberg reports that Circuit City Stores Inc. has hired a quartet of liquidators to sell off its existing merchandise, pending a green light from the courts. If everything goes according to plan, the fire sale will start Saturday and continue through the end of March, according to CNNMoney.com.
And unfortunately for Circuit City's 30,000+ employees, unemployment awaits.
The biggest consumer tech chain in the U.S. besides Best Buy, Circuit City filed for bankruptcy protection back in November. As Bloomberg notes, the struggling company had been looking for a buyer as late as Thursday, but failed to find any takers.
Of course, news of the Circuit City liquidation sale will draw plenty of bargain hunters, but (as I've blogged before), buyer beware.
Typically, closeout sales are final: no refunds or exchanges, so think twice before snapping up a big-ticket item like an HDTV. Also, keep in mind that closeout prices often aren't as rock-bottom low as you'd think; make sure to comparison shop online, and don't be fooled by big "75% OFF!" signs on items that have been marked up.
Finally ... a deep bow to Circuit City in general, where I've spent countless hours of browsing (and drooling)-and if nothing else, when it comes to tech retailers, less competition is never a good thing.
Update: Many of you are wondering what happens to the extended warranties you bought from Circuit City. I have an e-mail in to Circuit City's public relations department and will let you know as soon as I hear back. In the meantime, here's some general info straight from the Better Business Bureau:

The validity of any outstanding warranties varies for each bankruptcy. If a retailer goes out of business, the consumer may be able to rely on the manufacturer's warranty. If a manufacturer goes out of business, the consumer may be able to rely on any warranties provided by the retailer. Many extended warranties and service plans are provided and administered by third parties and are typically not affected by a retailer or manufacturer going bust.

So ... potentially good news. Anyone out there have their Circuit City extended warranty paperwork handy? If so, let us know the details.
ar-old electronics chain tried its best to survive bankruptcy, but to no avail; now, it will liquidate its merchandise and close all 567 remaining stores.Bloomberg reports that Circuit City Stores Inc. has hired a quartet of liquidators to sell off its existing merchandise, pending a green light from the courts. If everything goes according to plan, the fire sale will start Saturday and continue through the end of March, according to CNNMoney.com.

And unfortunately for Circuit City's 30,000+ employees, unemployment awaits.
The biggest consumer tech chain in the U.S. besides Best Buy, Circuit City filed for bankruptcy protection back in November. As Bloomberg notes, the struggling company had been looking for a buyer as late as Thursday, but failed to find any takers.
Of course, news of the Circuit City liquidation sale will draw plenty of bargain hunters, but (as I've blogged before), buyer beware.
Typically, closeout sales are final: no refunds or exchanges, so think twice before snapping up a big-ticket item like an HDTV. Also, keep in mind that closeout prices often aren't as rock-bottom low as you'd think; make sure to comparison shop online, and don't be fooled by big "75% OFF!" signs on items that have been marked up.
Finally ... a deep bow to Circuit City in general, where I've spent countless hours of browsing (and drooling)-and if nothing else, when it comes to tech retailers, less competition is never a good thing.
Update: Many of you are wondering what happens to the extended warranties you bought from Circuit City. I have an e-mail in to Circuit City's public relations department and will let you know as soon as I hear back. In the meantime, here's some general info straight from the Better Business Bureau:

The validity of any outstanding warranties varies for each bankruptcy. If a retailer goes out of business, the consumer may be able to rely on the manufacturer's warranty. If a manufacturer goes out of business, the consumer may be able to rely on any warranties provided by the retailer. Many extended warranties and service plans are provided and administered by third parties and are typically not affected by a retailer or manufacturer going bust.

So ... potentially good news. Anyone out there have their Circuit City extended warranty paperwork handy? If so, let us know the details.

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Do you have a Suggestion ?

So many people are now shopping for everything on the Internet - what if you could go to one source for all of your information ?

If you have suggestions or would like information - visit our website:

http://www.robertjrussell.com and be sure and register for our $1000 Monthly Give-Away!

Tuesday, January 13, 2009