Short Sales – Foreclosures

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Short sales work quite different than other types of sales and require detailed explanation. It is NOT the same thing as a bank owned property (which is also known as REO or Corporate owned property).

WHAT IS A "SHORT SALE"?

A short sale is an imminent foreclosure situation in which the bank is owed more money that the home is worth. Because they know that the homeowner has no possible way to come up with the shortfall, they allow the home to be sold at a loss (a shortage to the bank, consequently, the term short sale). Here's an example: Home was purchased for $ 700,000 in 2005. Today it is worth $ 300,000, but $ 650,000 is owed on the mortgage). The bank does NOT own the property yet, but suspects they'll end up with it via a foreclosure. A buyer agreements to buy it via short sale for $ 300,000 and a deal is stuck with both the seller and the bank. This is a short sale.

Taking a home back via foreclosure is an expensive proposition for the bank. They will incur significant attorney and court fees, it could drag on for a year, the interest payments on the mortgage are not coming in anymore, and the home could end up sitting vacant-subject to vandalism and deterioration.
This is why they will consider selling it prior to the foreclosure sale.

Here's the big catch to short sales though: THE PRICES YOU SEE LISTED USUALLY MEAN ABSOLUTELY NOTHING. I know that goes against all conventional reasoning. Any other type of sale you could certainly buy at the listed price, but not necessarily on a short sale.

BANKS KEEP MAY SECRETS

Here's why: while the banks agree to allow for the short sale, rarely they will ever tell the listing agent what they will accept for the property. The agent simply has to guess. And some do a lot better job than others (I've seen one listed for a dollar before. The bank will not of course accept anything remotely close to that figure). So, as you can probably guess, the quality of the lists will vary greatly. The moral of the story here is if you see an absolutely incredible deal but it says it's a short sale, do not get overly excited! They lead to a lot of disappointed buyers!

The good news is that an occasional transaction can be had buy buying a short sale. Because the banks do not want to foreclose if they do not have to, they will accept a discount on the properties -it seems to be at 90% of what they deem to be market value. Foreclosures already owned by the bank are often better priced though. Banks hate to have property in their portfolio. They are NOT in the business of owning Real Estate, so once it's been foreclosed they need to get rid of it, on short sales it's not their property yet, so the speed motivation is not a factor at all.

MAKING OFFERS ON "SHORT SALES"
Making offers on short sales is a bit different too. They are often very slow. If you are an
investor or a vacation home buyer with a lot of patience, no problem. They could have a great consideration for trying to get at below market prices. If on the other hand you are buying a primary residence and need to move in, say, 30 days, forget it! You will want to drop them from all consideration.

HOW COME IT TAKES SO LONG?
The time constraints are due to the way banks are set up. Because they have numerous levels of management, they all have to sign off on the transaction (or asset managers overseeing the transaction are flooded with them). Expect a couple months before you here ANY response from them on an offer- in many cases 3+ months, though some have broken the 1/2 a year mark. Buyer's often think the Real Estate Agents are kidding when we say not to bother asking for updates for at least 2 months. But unfortunately it takes a long time!

Now that you likely want nothing to do with short sales, let me tell you about one very important and lucrative exception: approved short sale prices. Every so often a short sale will actually have a price that the bank has agreed to. This is usually because a prior offer was received, the bank's review process began, the buyer got tired of waiting for months, but the bank still determined a yes or no answer regarding that offer. Based on that output, the listing agent now has an actual number to list!

LOOK OUT FOR THE LANGUAGE
Watch that a listing does not just say "short sale approved" as listing agents get a little tricky with the language. That does not mean a price has been approved, that just means the bank is agreeable to a short sale. You want "Short sale approved at $ 300,000" or equivalent. Note that the closing may still be a little slower than usual even on these, but these properties are very worth considering.

In fact, it will be the rare exception that short sales are usually a waste of time. But if you want to pursue them, they can make for opportunities. Call me at: (305) 613-9902 if there is one you wish to place an offer on.

Please note: There are a fair number of buyers where time is NOT important, so short sales can be of interest to them. A couple thoughts on this: You are still dealing with the same banks that list foreclosed properties. They often price their foreclosures more aggressively (and sell fast) because at that point the clock is ticking. So you may be doing yourself a disservice tying up your time on a short sale.

LIST PRICE MEANS NOTHING!
Two, I have to emphasize the list price means nothing. Nothing! It was dreamed up by a listing agent trying to get interest in a listing! The agent could put most any figure he / she wanted! Because buyers still think along the conventional lines "Well if the list price is $ 275,000 they'll probably take $ 260,000 … make my offer $ 260k" that makes no sense at all on a short sale. The list price is irrelevant. Maybe you should be at $ 295k. Maybe the bank will say not a penny under $ 375k. It's anyone's guess, so do not just figure numbers using conventional logic!

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Immobilienmakler Heidelberg

Makler Heidelberg

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Source by Roberto Leon

What is Pre-Foreclosure?

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It's a sad fact, but many Americans lose their homes to foreclosure every year. Some lenders are not always diligent enough in checking a person's ability to make repayments, and others do not really care anyway. And of course there are situations where a change in circumstances happens, leading to the homeowners being unable to meet their mortgage obligations.

Whatever the cause of a person getting behind on their mortgage payments, the process from that point onwards is fairly set. Initially, the lender will file a public default notice. This initiates the foreclosure process, and at this point the property typically enters the pre-foreclosure stage.

So basically, pre-foreclosure is like a grace period. The homeowner is being warned that they're in default and need to do something about it, but at this point, the lender is unable to claim back the property and sell it to recoup their costs. The length of the grace period varies, as it's determined by state laws. Some states allow the grace period to last for as long as 6 months, but many states have shorter periods.

Once the property enters pre-foreclosure, there are a number of ways the homeowner can avoid having their property foreclosed on and sold by the lender.

Pay Off The Default

If the homeowner can find the money t pay off the default amount, then the property is removed from pre-foreclosure. If the amount in default is small, and the default was caused by a temporary glitch in circumstances, then it may be worthwhile taking out a personal loan to repay the debt. If the problem is ongoing, however, this may just cause more problems for the homeowner.

Sell ​​The House

This is a little more drastic, but is probably the best solution if meeting the repayments is likely to be an ongoing problem. By selling the house, the homeowner should be able to get a reasonable price for it. If the homeowner waits and lets the lender sell it, the sale price is almost certainly going to be much lower, because the lender just wants to offload the property as fast as possible.

This is often a good time for an investor to approach the homeowner with a fair offer to purchase the property. However, many people in pre-foreclosure go into denial, and instead of trying to make the best of a bad situation, will actually avoid taking action until it's too late. Many also do not understand the long-term detrimental effect a foreclosure listing will have on their credit score.

Nobody wants to face foreclosure on their home, but at least the pre-foreclosure period gives the homeowner the opportunity to find a solution that's a little more favorable for them. Waiting for the property to pass into foreclosure and be located by the lender is almost never the best option.

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Immobilienmakler Heidelberg

Makler Heidelberg

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Source by David Jacobsen

Foreclosure – What is the Foreclosure Process in California?

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The California home-buying process usually involves the use of the deed of trust, which by its legal definition involves three parties; the trustor (borrower), the beneficiary (lender), and the trustee (neutral third party receiving the right to foreclose). The deed of trust usually includes a "power of sale" clause that gives the trustee the legal right to enforce collection of the debt. Collection of the debt is extremely designed by beneficiary's right to sell the house when the borrower fails to make their mortgage payments.

Defaulting on one's loan causes the start of foreclosure, the process by which the lender takes over the home in order to recover their principal investment. Once the house is either sold at auction or "repossessed" by the lender, it is sold and the former owner must vacate at the discretion of the new owner. When there is a power of sale clause in the deed of trust the non-judicial process of foreclosure is used.

In a non-judicial foreclosure, the trustee must meet a few requirements before he or she sells the property. In comparison to a judicial foreclosure, non-judicial foreclosure is quick because the trustee does not have to obtain a court order to foreclose, nor is court supervision required in order to sell the house, as is required in the judicial foreclosure process. The judicial process of foreclosure is used when a power of sale clause is not in the deed of trust.

In California, the timeline of non-judicial foreclosure begins when the trustee files a notice of default. This is a letter which is sent to the owner / trustor notifying him or her of their default of the loan. This notifies the owner of the intent of the lender to follow through on their right to collect on the debt. The copy of the notice, which is recorded at the County Recorders Office of the appropriate county, is delivered to the address of notice as per the deed of trust. Recording of the notice of default can vary greatly depending on the beneficiary.

It can occur anywhere between a week to many months after one misses their first mortgage payment. The step that follows next is the stage of the foreclosure process in which there is a filing of the Notice of Trustee's Sale. No sooner than ninety (90) days after the trustee records the Notice of Default, the Trustee must publish a notice of trustee's sale in the local paper and simultaneously file that notice with the county recorder's office. No sooner than twenty days (20) after the notice of trustee sale is filed, the home may be sold at public auction for the amount of the debt plus foreclosure costs. If no one bids at the auction, the lender collects ownership of the property, and may dispose of that property to recover their cash investment.

A homeowner should keep in mind that with each succeeding legal action, that these filings are formally recorded and become part of the legal record. Very often these filings can and do have damage effects to a homeowner's credit for a period of seven years. The earlier a homeowner can address the situation, the better the overall result will be regardless of the outcome.

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Immobilienmakler Heidelberg

Makler Heidelberg

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Source by Nef Cortez

Staging Your Home Guide – Bathrooms!

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When staging your home, your small room may very well be your most important. You have certainly heard the statement "kitchens and baths sell homes." Sometimes a more accurate statement would be "horrible kitchens and baths prevent homes from selling." So, let's take a look at how to be sure you are not stopping a potential sale in it's tracks.

No matter what else you do, the following is a list of musts for every single bathroom when staging your home.

– Everything must be in good working order.
– It must be clean. Not just tidy, spotless.
– No one wants to see your personal items.
– No one wants to see your trash.
– Any mildew must be eliminated.
– Grout and caulking MUST be pristine. Replace them if they are no longer "cleanable".
– It must not smell. Not of body odors, and not of damp or mildew. You can not mask these odors, they must be eliminated.
– You are selling a vision – think spa, think new, think hotel room. Try to give the impression that the bathroom is not being used.

Staging Your Bathroom – The Big Picture

Like all the rooms in your home, when staging, you should be chasing for neutral colors. Repainting is always a good place to start, it is reliably easy and inexpensive. Contrary to popular belief, neutral does not mean white. Beiges, tans, greens, blues all have neutral shades and can add interest to a room that very often contains a lot of white to begin with. Stick with colors that compliment your tile.

This brings us to the topic of tile. If your tile is in bad repair, fix or replace it. If your tile is extremely dated, or taste specific – wherever possible – replace it. If you can not afford to replace it, try to tone it down by using all neutrals for your other decorative items, paint and linens. If it is really old, you may be able to sell it as retro. Walk carefully here, this is a tough one to sell if you are not very skilled at interior design.

Staging Your Bathroom – Porcelain Products

  1. As indicated in rule one above, all items must work perfectly. Hot water should be hot, and toilet should flush easily. If not, repair or replace them immediately.
  2. * Note: Even if one is required on occasion, DO NOT leave a plunger next to your toilet. Nothing says "I am flawed" more clearly than that!
  3. If your toilet / tub / sinks are dated, they will make the entire room feel old and grimi.
  4. White is neutral and desirable when it comes to these items. Avocado green toilets or tubs scream, "I have been here twenty years". You may not directly get the money back that you invest in these items. But, since it could prevent the sale of your home, the extra months' mortgage you will not pay as your home sets on the market will make it worth the investment.

Staging Your Bathroom – Finishes

When staging your home, what do we mean by the terms "finishes" you may ask. This term primarily refers to all the metal surfaces in your bathroom. This is perhaps the single easiest thing you can do to really make your bathroom look new and updated.

  1. The number one rule here is that no matter what the actual finish is all of the items MUST MATCH! So, pick one, and stick with it.
  2. The number two rule here – gold tone or brass is dated. I am not going to spare your feelings, even if you like and it is in good repair – if it is gold toned, do yourself a favor and change it all out!

When considering your room, look at the following:

  • Faucets
  • Shower head
  • Shower curtain rod or doors
  • Towel bars
  • Hooks
  • Toilet paper holder
  • Lighting
  • Knobs and handles

There are many finishes available, but the easiest and most modern choices are a standard chrome or a brushed nickel. If you pick chrome, remember it must sparkle to impress. Brushed nickel is easier to keep looking nice (it does not show fingerprints), and is popular with younger buyers. Both finishes are readily available at your local home improvement store, and are affordable.

If you have a more traditional or classic bathroom – dark bronze fixtures may be appropriate. Do be careful with this choice, however, as it can be more taste specific. Also, this finish also offers to be more expensive.

On a final note here, be sure that you are choosing matching shapes and styles. It will look odd if you have a traditional goose-neck style faucet, but extremely modern towel bars. Whenever possible, buy things in sets that match exactly.

Staging Your Bathroom – Linens

  1. You are probably best off using a set of linens solely for staging. You would be surprised at how often a potential buyer will touch your towels when in your bathroom, nothing is more than a turn off than feeling a damp towel!
  2. White matches almost any décor, and leaves no question as to its cleanliness.
  3. If you have space, a basket or stack of rolled towels offers a luxurious spa like feel.
  4. Consider having a small hand towel or a stack of simple paper guest towels placed next to the sink. This is easier to change out frequently, and remember, your potential buyer may actually use the facilities while touring your home.

Staging Your Bathroom – Personal Items

Since your desire to keep the bathroom looking spotless and pristine when staging your home, you also need to use it. So, how to deal with a used toothbrush, and your grubby bar of soap? Remember, your potential buyers WILL OPEN DRAWERS AND CABINETS, so you can not just throw everything in. Here is what you do:

  • Get a bin or basket, and place your daily necessities in it. Make room for it under the sink and pull it out when you need it, put it back when you are done. This includes things such as; toothbrush, mouth wash, face wash, etc.
  • If you have a medicine cabinet (yes, they will open this too), get rid of anything that is old and un-necessary. For the things you are using today, be sure they are clean – no toothpaste oozing everywhere, or leaking bottles. Turn prescription labels around so they do not face out. Be safe, and tuck away items that should not fall into other hands.
  • Put "embarrassing" necessary items, such as feminine hygiene products, into closed bins or baskets, and tuck them in a cabinet, or use a decorative box or basket and hide them in plain sight.
  • Empty your trash every single day.

In the end, staging your home must include your bathroom. When done properly, you will give the impression of a newer bathroom, with only cosmetic changes and good cleaning skills.

We wish you the best of luck staging your home!

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Immobilienmakler Heidelberg

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Source by Katherine Sears

Coffee Contracts then Cocktails Daily Planner: 2019 – 2020 Realtor Yearly Planner I January 19 – December 19 | Writing Notebook | Plan Days, Set Goals & Get Stuff Done

Coffee Contracts then Cocktails Daily Planner: 2019 - 2020 Realtor Yearly Planner I January 19 - December 19 | Writing Notebook | Plan Days, Set Goals & Get Stuff Done

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Immobilienmakler Heidelberg

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Home Staging Tips – Using Furniture to Stage Homes

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Furniture seems to be the bane of existence for many people trying to unload their homes. How much do I need? Do I need it at all? If so, where do I get it? Do I have to buy it? The questions go on and on. It never fails – on each and every Wednesday morning tele-coaching call to my VIP students, someone asks me about furniture.

So today, I want to address the infatuation, or lack thereof with furniture in regards to staging. I rarely use furniture in staging, not because I do not like it, but I think more often than not, it is unnecessary. The reason that most staging companies use a lot of furniture is because they do not understand who their customer is and the difference between selling vs. decorating. Yes, I realize that comment may make some of you angry, but my job is to help you sell your properties and continuously learn about the real estate industry on the whole, so there you go. I can tell you that most stagings we do as well as nearly all of our Property Designers yield fantastic results with very little furniture.

Let's first discuss when you need to use furniture. Usually in very large rooms or very large homes, you will need some furniture. Or if you are trying to make an odd space work, you might also need to use furniture. Finally, furniture can also give people directions in the house. In other words, you can use furniture in such a way that it creates flow and helps to guide the potential buyer through the home in the way that you wish them to view it.

In large rooms or even in large homes, sometimes you will need furniture since you need to fill a larger space. What I see people try to get away with are really small accessories in a large room making the room look bigger which is not a bad thing, but the downside is that the staging items look puny-which is never good. In an over large living space, some good and easy furniture items are chaise lounges placed in the middle of a room at a diagonal on a rug with the appropriate décor or a couple of arm chairs with a great coffee table works too. The arm chairs and coffee table depend on the home, but of course, many variations of this will work. You can do anything from Wicker chairs and wicker trunk to leather arms chairs with a tufted oversized leather ottoman.

The other clever pieces of furniture that I like to use are sofa tables. These are great tables when you need a dining room table but do not want to bother with an intense dining room set. Basically, you can take this long sofa table, place it in the center of a rug that should be centered under the dining room light fixture, put a great table runner on it (this can be an easy Pocket of Emotion, by the way, so pay attention to your table runners) and then adorn it with multi-colored wine glasses, interesting place settings or a unique center piece.

You have an excellent opportunity to fill the space, add something unexpected, and not break your back or your budget by trying to move in a huge dining room set. Just a little tip-even a homemade table with a floor length table cloth will work and then just do the same thing we mentioned above.

The last few pieces of furniture that I do like are oversized bean bag chairs for kid's rooms as well as basements and small tables that have a multi purpose. They can be used to collect keys at a front door, for art or plants, or to hold a Pocket of Emotion. You can also use them to suggest a desk or a table in a breakfast nook, so I always keep an eye out for pieces like this.

Okay, so if you need furniture, where do you get it? Well, you can go to all the logical places, like your own home, good will, the discount stores and the rental stores. If you buy it, no problem, just make sure you know what to do with it when the house sells. If you rent it that is fine because usually they will absorb the liability if it is damaged or you will at least know the terms if it gets stolen or damaged, all of which is very unlicuntarily.

The third option you have is to negotiate a deal with a furniture or décor store. You will use their item at no charge but they get to advertise at no charge. It is a win win situation except for pick up and returns-and damages. These things can put you in a tough spot so make sure you go into this arrangement with your eyes wide open.

And of course, many of you already know my trick to create instant beds with blow up mattresses, milk crates and plenty of comforters. You will also need a roll of duct tape to shorten the length of the bed skirt, from the center. Make sure you have a full sheet set, at least 3 decorative pillows and at least 4 regular pillows. You will also need 2 comforters or duvets and inserts to give it a rich and lush appearance.

So, as you can see, furniture is not hard to come by, but generally speaking you do not need it or do not need a great deal. There are always exceptions to the rule and for those, I recommend that you give us a call.

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Immobilienmakler Heidelberg

Makler Heidelberg

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Source by Karen S Schaefer

2 Ways to Sell Your Home

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A lot of people think that the world of real estate is a whirlpool that can pull you down and landing with a good deal is very unlikely to happen. This may be true in some sense, due to the fact that the economy is in a little bit of trouble. But as much as there are people who are having a hard time with money, there are also a lot of people trying to find a home suitable for them.

There are several reasons behind purchasing a new home and these reasons can either be due to a new job, starting a family, or maybe just simply wanting a new home. The reasons are infinite therefore there is still a greater chance for you to be able to sell off your home. So if you would still want to sell of your home, here are the possible ways for you to be able to do so:

Through FSBO (for sale by owner) deals:

Recently, FSBO method of selling a home has gained momentum and has taken a hold of the real estate market. This method involves no more than the home owner personally handling all the dealing with regards to the home he / she would want to sell off. As a result, the home owner will be able to save a lot of money as well as be able to personally make sure that transactions are done well. You can start off with this method by preparing your own home for potential clients, that includes making sure that the home is free from negative aspects that might end your deal.

Once your home is ready, you can now have an appraiser see to it how much your home is worth and in this case he / she will be able to help you out in finding a fair deal price for your home. To move forward, you need to advertise your home on the different FSBO listings Canada, this way you are able to place your home on the market of real estate's for sale and increase the likelihood of having your home sold faster. All the above steps are important, but negotiation is the key to every successful deal. Although you may have hundreds of prospective clients, still everything will boil down to you having a successful negotiation. Be very keen in this part and learn to separate your emotions whenever you are making a deal.

All the steps involved when it comes to for sale by owner homes are critical and tasking; as a result people tend to lean more to things that do not require as much hands-on activities. And the only way to still be able to win a deal without lifting a finger is only by hiring a realtor or an agent to do the dealings as well as almost everything for you. All these may seem to be pleasing to the ear, and for sure you would want to find out how you can grab a deal with a realtor without breaking the budget, read on to find out.

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Immobilienmakler Heidelberg

Makler Heidelberg

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Source by Laurel R. Lindsay

Marketing Your Home Improvement Or Handyman Business

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Each and every aspect of your home improvement business is important. However, if you don’t market your business with the goal to produce sales, then you won’t have a business for very long. This article will take you through the important process of marketing your business and your services to prospective customers.

A typical sales process for a home improvement or handyman business follows these steps:

  • Marketing
  • Qualifying
  • Selling
  • Getting Hiring!

These sales process steps are typical for most service type businesses. This article will discuss the first step, marketing, in greater detail.

Marketing Your Service Business: According to the Merriam-Webster Dictionary, marketing is defined as the process of promoting and selling a product or service. Marketing a service-based business is more difficult than selling a product. When a customer buys a product, it is tangible – something you can see, touch, or hold in ones hand, and that can usually be returned if the customer is not satisfied. With a service business, however, your customers are buying something that is intangible and once performed, not returnable. One of the greatest challenges in marketing your service business is persuading people to buy something they can’t see, smell, touch, or return. You are selling both yourself and your skills, and selling the value of the services that you and your business provide.

Marketing is the single most important skill needed to be successful in the home improvement business. It involves promoting your company and its services to both immediate and potential customers, and selling your services to those that have found you through your advertising efforts. You will also market your home improvement business by providing quality work and a high level of customer service, which will encourage repeat customers and word-of-mouth referrals.

The primary objective of your marketing efforts is to have a steady stream of current and prospective customers contacting you. Your goal is to be able to sell your services to those customers.

The words ‘marketing’ and ‘advertising’ are often used interchangeably. Advertising is one aspect of the marketing strategy that helps you promote your business in the marketplace. Various advertising strategies, as well as strategies to market a home improvement business, are available to handyman business or other service business owners. It is important to keep track of each of your strategies and have a mechanism to both review and evaluate the effectiveness of each of the strategies you employ. That way you can discard ineffective strategies and keep the ones that work to grow your business.

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Immobilienmakler Heidelberg

Makler Heidelberg

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Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
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Source by Chuck Solomon