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Home Finance

Bidding Wars and How to Win Them!

December 15, 2019 by Lisa Finks Leave a Comment

The Strangely Effective (and Easy) Way to Win a Bidding War

Which tactics are most likely to improve a buyer’s chances of beating out other bidders? New data show some surprising answers

Reprinted from the Wall Street Journal.

Bidding Wars - Effective Strategies for Winning Your Dream Home

By

Leigh Kamping-Carder

Jan. 18, 2018 8:04 am ET

Cash may be king, but words are pretty powerful, too: One of the most effective ways to win a bidding war is to write the seller a letter.

All-cash offers nearly doubled a buyer’s chances of trumping others, while waiving a financing contingency—effectively agreeing to forfeit the deposit if a buyer can’t get a mortgage—boosted a buyer’s odds by 57.9%, according to new data. Surprisingly, penning a cover letter came in a close third, increasing a buyer’s odds by 52.2%. The numbers are more dramatic in the priciest 10% of the market: All-cash offers were 437.8% more likely to succeed, while cover letters increased a luxury buyer’s chances by 75.7%.

The data are based on about 14,000 offers in 2016 and 2017 that involved competing bids and were written by agents at Redfin, a Seattle-based real-estate brokerage. Although the luxury market has slowed nationally, bidding wars are still common in some areas. In December, 45% of Redfin offers faced competition, up from 43% a year earlier.

The numbers underscore the emotions at play. Perfectly rational sellers should choose the highest bid. But often offers that minimize downside risk, like one that doesn’t tie the sale to securing a mortgage, are more attractive than offers that maximize upside—like a higher offer that requires a loan, said Ravi Dhar, director of the Center for Customer Insights at the Yale School of Management.
Underlying this is an economic theory known as loss aversion, which states that “losing hurts almost twice as much as winning,” Mr. Dhar said. “If you found $10 in the street, you’ll be happy; but if you lose $5, it hurts even more.” To avoid the pain of losing out on a deal, sellers often choose the sure thing—even if it means accepting less money.

That explains the power of an all-cash offer. It signals that a deal is more likely to close, and quickly. “Today’s seller is tomorrow’s buyer,” said Nela Richardson, Redfin’s chief economist. “When inventory is tight you need a sure thing on the transaction.” High-end sellers, who tend to be less price sensitive, might be even more willing to accept lower prices in exchange for the added security of a cash bid, especially if the offer is above the property’s appraised value. And luxury buyers—including a larger percentage of foreign investors—are less likely to rely on financing in the first place.

A couple won a bidding war over this San Francisco home by writing a letter. It described their two-year hunt for a home in the Noe Valley neighborhood, and praised the home’s architecture and an adjacent playground. PHOTO: OPEN HOMES PHOTOGRAPHY/COMPASS

In addition to flattering a seller’s ego—or assuring him or her the home will be cared for—a letter can also signal that the buyer is serious, which translates into a willingness to follow through even if hurdles come up in the sales process. In this way, the letter is another tool to increase the seller’s confidence. Mr. Dhar likened the exchange to a hospital that requires doctors to wear clean shoes. It is a tangible way of convincing patients of something intangible, in this case the quality of the medical care.

Compass agent Amanda Sharp recently worked with a couple who won a bidding war for a three-bedroom house in San Francisco listed for $2.395 million. Her buyers wrote a letter describing their two-year hunt for a home in the Noe Valley neighborhood, and praising the home’s architecture and an adjacent playground. “You want to convey that you’re a person behind this contract,” Ms. Sharp said.

The sellers, a family with teenage children, accepted the couple’s $2.56 million bid over two similarly priced offers, one of which was all cash from an investor. “In this case, emotion won over my clients,” said Compass’s Lamisse Droubi, the listing agent.

Some bidding-war tactics will fail to improve buyers’ chances because they are too commonplace in competitive markets. Waiving a buyer’s right to revise or break off a deal if a property fails a home inspection, for example, offered no significant boost, according to the data. “Waiving contingencies is something that almost is mandated by how scarce the inventory is, how competitive the market is, and how wealthy most buyers and sellers are,” Redfin’s Ms. Richardson said.

Alexander Joo won a bidding war for this Seattle house. He wrote a letter describing how he wanted to be part of the community and vowed to maintain the house, rather than tear it down. PHOTO: WIQAN ANG FOR THE WALL STREET JOURNAL

Conversely, certain tactics are simply not used in some markets. None of the offers in Austin and San Francisco used escalation clauses—an agreement to beat the highest offer by a certain amount—but 71.7% of Seattle bidders used them. While an escalation clause might work in some cities, in other places they might put off a seller or agent unfamiliar with this tactic.

Alexander Joo used several strategies in November when he beat out half a dozen offers for his Seattle house.

Mr. Joo, 32, recently moved back from California for a job at a 3D-printer startup. He fell in love with an airy, cedar-shingled four-bedroom built into a hillside. He and his agent, Kyle Moss of Redfin, put together an offer waiving financing and inspection contingencies. Mr. Joo pledged to pay $10,000 more than the highest offer that the seller would otherwise accept. (The home was asking $735,000.) He also produced a $50,000 deposit, about twice the usual amount. “I understood that I would either have to make compromises or take some risks,” Mr. Joo said.

Mr. Joo learned that the seller was an active local volunteer, and had custom-built the home years earlier. In a letter, Mr. Joo described how he wanted to be part of the community and maintain the house, rather than tear it down. In the end, he paid $822,500 for the property, beating out a higher offer contingent on a home inspection.

Mr. Moss said he advises about half of his buyers—in cases when they have sympathetic stories, or when the owners are selling for a reason other than price—to write cover letters. (He likely wouldn’t advise an investor planning to rent out the home to write to the seller.) He attributed Mr. Joo’s success to convincing the seller she could rely on him to close. “Confidence will save you money every time,” Mr. Moss said.

Filed Under: Home Finance, Real Estate Tips

Heirloom Homes – Saving It For Your Family

November 9, 2019 by Lisa Finks Leave a Comment

Reprinted from the Wall Street Journal

Heirloom Homes – Saving It for your Family

Passing down a family home can be wonderful but can also be rife with family problems if not well planned

lake home

This four-bedroom house in East Lyme, Conn., was built by Elisha Cooper’s great-grandfather in 1913. JULIE BIDWELL FOR THE WALL STREET JOURNAL

By Amy Gamerman

Jeremy Wolff, a photographer based in upstate New York, is part owner of a six-bedroom beach house near Hyannis on Cape Cod in Massachusetts that has been in his family since the 1940s. His co-owners? Nearly 30 relatives, including eight cousins and their families, who book their visits on a family website.

“There’s sometimes some tension—like, ‘You always get the upstairs front bedroom’—little squabbly things like that,” Mr. Wolff said.

The joy of having an heirloom vacation home in the family sometimes comes with a side order of angst: costly upkeep, perpetual repairs and ancient yet enduring sibling rivalries. A legacy lake house or mountain lodge may be shared by scads of siblings and cousins, who have to figure out how to divvy up prime vacation weeks and holidays, to say nothing of property taxes and maintenance responsibilities. Basic decisions—like reupholstering Grandma’s sofa—are anything but basic when a dozen or more relatives have to sign off.

lake home

The living room of the East Lyme cottage, partly owned by Elisha Cooper, is lined with pictures, family mementos and books. PHOTO: JULIE BIDWELL FOR THE WALL STREET JOURNAL

“The process of the family deciding and agreeing on replacing the fabric literally took five years,” said Mr. Wolff.

Elisha Cooper, an author whose children’s book “River” was just published, owns one-sixth of a 2,000-square-foot, four-bedroom cottage with a wraparound porch on Black Point in East Lyme, Conn., that his great-grandfather built in 1913.

“It’s basically a porch with a cottage attached,” said Mr. Cooper, 48, who lives with his wife and two daughters in New York City. The house, which was placed in a family trust in the mid-1990s, is shared by three branches of his extended family, in New York, Massachusetts and London. “I split my branch’s share with my brother,” said Mr. Cooper, adding, “at some point, we’re each going to own a toilet.”

lake home

Mr. Cooper owns approximately one-sixth of the cottage. PHOTO: JULIE BIDWELL FOR THE WALL STREET JOURNAL

The uninsulated cottage occupies a prime 1.3-acre spot on a grassy hill overlooking the salt marsh and ocean. In 2016, the town assessor appraised its value as $945,000. Mr. Cooper’s share of taxes and insurance comes to several thousand dollars a year. This year, it is his turn as manager of the Black Point property, which involves overseeing its maintenance and the schedule: each branch gets 42 prime spring, summer and fall days, to be meted out among its individual members (the home is boarded up for the winter). Major holidays are divvied up, “so if somebody takes Labor Day, someone else is going to take July 4th,” Mr. Cooper said.

There are pitfalls to sharing an heirloom home that happens to be full of heirlooms. “My cat got obsessed with this old wooden model boat and knocked it off the piano—that was a family drama,” Mr. Cooper recalled. “I had to spend $3,000 to re-rig and fix the boat because it was an antique.” Some of his relatives prefer a more low-tech approach to home repairs: “There’s a broken chair and it’s just left with some tape on it—or twine, done in a nice bow.”

Family summits take place on Memorial and Labor Day weekends.

“We all gather—my aunt flies in from London—and we sit on the porch and we talk. These are big decisions, like ‘Do we cut the field?’ and ‘How is that going to affect the monarch butterfly migration?’ ” Mr. Cooper said. “We never argue, that’s because we are New Englanders. We silently and very politely disagree.”

lake home

Schuyler Grant’s cottage on Long Island Sound in Fenwick, Conn., built in 1868, has been in her family for three generations. JULIE BIDWELL FOR THE WALL STREET JOURNAL

Some farsighted matriarchs and patriarchs endow trusts so that legacy properties will stay in the family with minimal discord or generational financial strain. Gerry and Del Carrier, who own a 5,000-square-foot mountain ski home in New Hampshire’s White Mountains, created a trust in 2013 so that their five children, nine grandchildren and three great-grandchildren can enjoy the house “in perpetuity,” in Mr. Carrier’s words.

“We estimated taxes, we estimated the maintenance—we are leaving them with very adequate financing so that it will not be a burden,” said Mr. Carrier, 84, a retired dentist who owns a second home in Vero Beach, Fla.

Mr. and Mrs. Carrier, who is 83, acquired the half-acre lot with views of Mount Washington for $1,500 in 1968, building a modest three-bedroom home where they brought their children every weekend. In 2005, they embarked on a $750,000 remodel and expansion, adding a wraparound porch, a dining room spacious enough for 25, a large bunkroom for the grandchildren and a bedroom suite for each of their children—a critical element for maintaining family harmony. There are seven bedrooms in all. At the time they established the trust, the house was appraised at $1.2 million, Mr. Carrier said.

lake home

Jeff Krasno and Schuyler Grant on the steps of their Fenwick home with their children, Phoebe, 15, Ondine, 12 and Micah, 9. PHOTO: JULIE BIDWELL FOR THE WALL STREET JOURNAL

His children and grandchildren use the house throughout the year, coming for the fall foliage, skiing in the winter, hiking and kayaking in the summer. The entire clan gathers there every Christmas.

“For as long as I can remember, every Friday night my father piled his five children into a station wagon to go to a retreat where we could just bind together as a family,” said Michelle Carrier-Trial, 59, a lawyer based in southeastern Massachusetts. She and her younger brother are the home’s two trustees: ultimately, each of the siblings will own an equal share in the house. “After my parents are gone, we hope to keep it the same way for our children,” she said.

Sometimes, however, a beloved home can become an albatross for the current generation. As a child, Schuyler Grant spent every summer at her grandparents’ seaside vacation home—just down the beach from her great-aunt Katharine Hepburn—in the Connecticut borough of Fenwick, an enclave of grand Victorian-era cottages on Long Island Sound. Built in 1868, the six-bedroom shingled house has a deep porch, its own pebbly beach and four generations of Grant and Hepburn family history.

“Every time I would come through the door, I was bathed in this smell of the house—it was like a portal to this whole other world of tennis lessons and duck belts,” said Ms. Grant, who lives with her husband and three daughters in Los Angeles. “It was extremely buttoned up—I used to have to dress for drinks every night in Laura Ashley smocks.”

Ms. Grant, 49, founder of Kula Yoga Project, in New York, and her husband Jeff Krasno, 48, founder of Commune, an online learning platform, bought the 5,400-square-foot Fenwick home in 2009 from her aunt, the actress Katharine Houghton, for $1.8 million, public records show. Their family shares the house with Mr. Krasno’s father and stepmother, Richard and Carin Krasno, who contribute toward the costs of maintaining the property and who visit every August and September from their home in Coral Gables, Fla.

lake home

Three generations of the Carrier family use the house throughout the year. PHOTO: RACHEL SIEBEN FOR THE WALL STREET JOURNAL

“Everybody has to be their highest self—it can get really difficult,” Ms. Grant said of the dynamics. Plus: “There’s always one leak in the house that they haven’t been able to fix in 160 years, so it comes with a certain amount of buckets.”

The family spends nearly $50,000 annually in property taxes, including a Fenwick borough tax. Standard maintenance and upkeep adds another $27,000 every year. That doesn’t include the cost of reshingling the house or replacing its rattling, circa-1970s windows; the latter cost about $100,000. Ms. Grant, who offsets these expenses by renting out the house for part of the summer, reluctantly put it on the market for $3.375 million last year.

“The expense is so great, the emotional and financial upkeep is so massive, that if you are not really there then it’s so hard to justify,” said Ms. Grant. “Our dream is that we find this awesome family that wants to buy the house, but they are a little cash-strapped and have to rent it back to us in August.”

Tips For Keeping Grandma’s House
In The Family

1. Make sure your descendants actually want the house. “It’s common sense: the heirs don’t always have the same values,” said Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants. He advises clients “to really survey their family and have a talk about it—the children should be an active part of the planning.”

2. To head off family feuds, spats over remodeling, prime holidays, or a push to sell, transfer ownership of the house to a limited liability company, with a user agreement that sets out terms and conditions. Or create a trust for the property with its own bylaws. That way, Grandma can make sure that everyone plays by her rules for the cottage long after she’s gone.

3. That roof is going to spring a leak sooner or later. Create a dedicated fund for maintenance, taxes and other costs, supported by annual contributions from family members. Note: If you break a lamp or a doorknob comes off in your hand, fix it yourself or prepare for frost at the Labor Day clambake.

4. Have an exit strategy. Any long-term plan should factor in the possibility that descendants may need to sell. Outline provisions for doing so. “Personal situations are going to change,” said Mr. Miller. “Many of these owners are between a rock and a hard place, trapped between nostalgia and hard economic reality.”

5. Remember: It’s just a house. “It’s really more about the family itself than the real estate,” Mr. Miller said. “Those Thanksgiving meals and family get-togethers were special because of the occupants of the house—not the house itself.”

 

 

 

Filed Under: Home Finance, North Shore Lifestyle, Real Estate Tips

Spring Market Minute 2018

April 9, 2018 by Lisa Finks Leave a Comment

Filed Under: Home Finance

Tax Savings from Home Ownership Calculator

July 13, 2016 by Lisa Finks Leave a Comment

Client Reviews

It is no surprise that our government promotes home ownership, have you ever wondered just how much money you save in taxes by owning your own home?  Or how much you would save by purchasing one if you are currently renting?  Check out this handy calculator to find out how much you save in a year on taxes!

Home Finance Calculator

Filed Under: Home Finance

Harvard: 5 Reasons Why Owning A Home Makes Sense Financially | Real Estate with Lisa Finks

July 7, 2016 by Lisa Finks Leave a Comment

Home ownership enhances life

Home ownership enhances life

You know, almost intrinsically, that owning your own home makes sense – home ownership promotes psychological, emotional and financial well-being.  Harvard’s Joint Center of Housing Studies recently published a paper highlighting some of the financial reasons that home ownership benefits you.  In assessing potential tax advantages, check out this handy Calculator that will give you an idea of how much you are saving each year in taxes through deductions by owning your own home (or how much you could be saving if you choose to buy over renting).  While for high income-producing taxpayers the Alternative Minimum Tax may wipe out those tax savings (check with your tax professional to be sure), leverage, appreciation and other financial advantages still tip the scales in favor of home ownership.

The Harvard Home Ownership Report:

It has been reported many times that the American Dream of homeownership is alive and well. The personal reasons to own a home differ for each buyer, but there are many basic similarities.Eric Belsky is the Managing Director of the Joint Center of Housing Studies (JCHS) at Harvard University. He authored a paper on homeownership titled – The Dream Lives On: The Future of Homeownership in America. In his paper, Belsky reveals five financial reasons why people should consider buying a home.

Here are the five reasons, each followed by an excerpt from the study: 

1) Housing is typically the one leveraged investment available.

“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”

2) You’re paying for housing whether you own or rent.

“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.” 

3) Owning is usually a form of “forced savings.”

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4) There are substantial tax benefits to owning.

“Homeowners are able to deduct mortgage interest and property taxes from income…On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5) Owning is a hedge against inflation.

“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.

Bottom Line

We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially. If you are considering a purchase this year, let’s get together and evaluate your ability to do so.

Source: Harvard: 5 Reasons Why Owning A Home Makes Sense Financially | Real Estate with Lisa Finks

Filed Under: Home Finance

Ask the Expert: Tracy Kearney – Aren’t All Lenders the Same?

June 21, 2016 by Lisa Finks Leave a Comment

Guaranteed Rate

Aren’t All Lenders the Same?
Tracy Kearney of Guaranteed Rate

Tracy Kearney of Guaranteed Rate

Before joining the mortgage financing industry I didn’t even think to ask the question, “Aren’t all lenders the same?” – I simply assumed they were!  When my husband and I prepared for our home search, all of our focus, energy, and time was entirely committed to finding the right neighborhood, the right number of bedrooms, an incredible floor plan and, of course, all at a price we could afford.  It never even occurred to us to vet a lender.  We simply picked up the phone and dialed the number of the bank who serviced our checking and savings accounts and declared “we are ready to purchase a home – what are your rates?”

After receiving what appeared to be a competitive rate offer (we had compared rates on-line) and a preapproval for an amount “we could afford”, we began hunting. Within days of our initial conversation with our lender we found the home of our dreams.  We were excited to call our lender and exclaim “we’ve made an offer and we’re ready to lock in – let’s go for it!”   At that very moment, our excitement turned to confusion, frustration, and sheer disappointment.  The very same lender who preapproved us at a particular price point was now telling us that we did not qualify for our “dream home” (which was $25,000 below the approved amount) and, ultimately, we were unable to purchase the home.  Our lender had not advised us to consider the property taxes during our search and the taxes were too high on this property for us to qualify.

One of the most basic and primary details in any home purchase is having a plan to pay for it and knowing what you can legitimately and comfortably afford.   This is why it is important to work with a lender that not only has a comprehensive understanding of the mortgage process, but also takes the time to understand your personal situation and goals.  That lender should also help you understand the process, provide you with loan product options specific to your needs and, most importantly, ensure you fully understand the liability and responsibility you will be assuming before you commit to your loan product.

When choosing a lender, here are a few important considerations to keep in mind, as you begin your search:

Tracy Kearney of Guaranteed Rate

COMMUNICATION

Is the lender asking you the right questions to determine the best loan product to meet your personal goals?  Questions such as:

  • Where are you living now? Do you want to stay in your current neighborhood, or are you looking elsewhere?
  • How much have you saved for a down payment? Is anyone going to help you, by gift or loan with that down payment?
  • How much money do you currently spend monthly on your rent or mortgage?
  • How much money will you be comfortable spending monthly in your new home?
  • What price point have you been considering?
  • Are you looking to purchase a single family home or a condo or townhouse?
  • How long do you plan to stay in this home?
  • Are you a first time buyer? Are you a veteran?
  • Do you own other properties? Will you be living in this home or are you looking to treat this as an investment property?
  • How is your credit?
  • How much do you make annually? Are you self-employed?
LOAN PRODUCT

Home with mortgageThe answers to these questions will determine what loan product is right for you.  For example, if you are a first time buyer or a veteran, there are loan products available to help with your down payment. If you are planning to use gift funds, your lender will know the loan products that allow for use of those funds.  If you are only planning to stay in this home for 5 to 7 years, a 5/1 or 7/1 year arm may be the better loan product for you, as the rates are typically more competitive than a 30-year fixed rate.  If your credit is bruised, your lender will know to look for loan products that will provide the necessary leniency, like an FHA loan.

OPTIONS

If you work with a Mortgage Broker (like me) versus a loan officer with a traditional bank, chances are your Broker will provide you with more loan options because Brokers have a multitude of lender relationships with whom to shop your loan.  Also, a Mortgage Broker will more than likely have the ability to process, underwrite, and close your loan faster than a traditional bank since they specialize in the mortgage process and have better platforms in place to do so.  Many larger lenders and banks take longer to underwrite mortgages since this is simply one of several services they provide.

SERVICE

Once you and your lender have agreed on the right product for you, an experienced and reputable lender will disclose the following before locking you into your loan:

  • The Origination Fees the lender will charge you to process your loan. These fees vary from lender to lender and you should be fully aware, upfront, of what these will be so you have the opportunity to compare to other lenders.
  • Settlement fees, title fees, and recording fees should remain consistent but may vary by a small percentage as these are third party, fees associated with all mortgage financing.
  • Finally, your lender should be able to give you a very good estimate of the amount of money you will need to have available to deposit into your escrow account, for both your taxes and insurance. The exact amount will not be known until your closing date has been determined.
EXPECTATIONS

The mortgage industry is a highly regulated industry and therefore a complicated process.  Again, before locking in, your lender should thoroughly explain the role you will play in the process and the importance of it.  Your lender will tell you that what documentation he/she will need to receive and will explain when and how those documents need to be provided.  It is imperative that you follow your lenders direction, provide all information requested, and do so in the timeframe they have communicated, as incomplete files or missed deadlines can literally kill your deal. The process can feel stressful and overwhelming.  An experienced and reputable lender will be there to walk you through every step of the process, keep you informed, and therefore alleviate much of the anxiety you could potentially be experiencing.  Bottom-line, it is your lender’s responsibility to provide you the support and service you deserve throughout – this is your loan!

Had my husband and I realized that ALL LENDERS ARE NOT THE SAME when we first began looking for our first home, that “dream house” with which we fell in love might have become more than just an unattainable dream!

To contact Tracy Kearney of Guaranteed Rate with any questions or lending needs, email her at:  tracy.kearney@guaranteedrate.com.

 

Filed Under: Ask The Expert, Home Finance

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© 2019 Lisa Finks, Compass Real Estate. All Rights Reserved.

LISA FINKS, LOURDES ARENCIBIA & CAROLYN DURIS ARE REAL ESTATE AGENTS AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDE BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.