Archives of real estate blog entries for August 27, 2007

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View from the broker's desk - what makes a good agent? - 05:55 AM
What makes a great Realtor?  Is it a hard-core pushy salesperson?  Probably not.
 
I have been in real estate now for about eleven years, and I have seen literally dozens of agents enter the business, both at my previous company and now within the company that I own and operate.  I am always intrigued by which agents "make it" and which ones simply don't.  I have trained 30+ agents so far.
 
When I am interviewing a potential agent, there are a few things that go through my mind, but the first (and perhaps the most obvious) thing I ask … (172 comments)

Buying a Home without a Social Security Number - ITIN Loans - Controversial, Yet Great for 11 Milllion Immigrants - 10:05 PM
I have a home builder client who aggressively markets to the Hispanic community. 
His marketing was doing very well and about six months ago, he asked us to help him get a loan product that would allow him to sell homes to people without social security cards but who had Individual Taxpayer Identification Numbers (ITIN). 
We went out and found the investor bank who would do this.  Recently, that investor announced they would allow these loans up to 100% in many cases.
ITINs were created for foreign investors and other visitors to the U.S., who owe taxes, but are not eligible to get a social … (94 comments)

Your house has been on the market since...when?? - 10:41 PM

I was looking on the MLS tonight and my daughter came in and proposed we look at the homes over $1 million and see what beauty they contain on the inside....so I agreed!! Fun, right? A lot of fun and we saw some houses that were breathtaking on the outside...beautiful columns, landscaped yards and then when you saw the inside....it stopped you cold. Red carpet and purple walls (yes, really) another one we saw looked like something out of the Jetson's, but....really bad. Purple carpet and lime green walls. What?!?
Oh how I wish I could post pictures's....you would not … (51 comments)

A Kansas City Investment Property With Mold - 10:38 PM
One of my Kansas City real estate investors owns an investment property that is turning on him.  And not turning for the good.  So this is a lesson post.  A "what to watch out for" post, if you will.
This investor bought a home that needed quite a bit of rehab.  Since there wasn't quite enough margin to rehab and sell he decided to rehab and rent-option the property.  There had been a water leak in the house so they redid the drywall, fixed the roof and the guttering and installed a sump pump in the crawl space.
Now he's getting a reappearance … (10 comments)

Capitalizing on the Re-Emergence of the Rental Market - 05:50 PM
This article is also viewable at http://www.landlord2landlord.com/Newsletters.aspx. For more articles like this, please join our Newsletter.
Capitalizing on the Re-Emergence of the Rental MarketBy Lisa Wells
According to CNN, "homeowners trying to sell last month faced the biggest glut of homes on the market in about 16 years, as declining sales and growing problems in the mortgage market helped push home prices down for the 12th straight month."  [Source: http://money.cnn.com/2007/08/27/news/economy/homesales/index.htm?cnn=yes]
The good news is if you are a rental property investor, now is the perfect time to pick up great deals in the market, as home prices continue to drop.  And, if you are … (9 comments)

A Time When Seller's Need You Most! Help Them...Help Yourself! - 07:22 AM

 As a trainer we always seem to have a few associates who resists us!  Maybe you might know someone like this.  You know the one who sold millions is 2005 and in 2006 well they managed..... to doing little now. 
Maybe there was training to be done but they decided they just didn't need it.  Now it is so obvious that this training is a way of life....
"Gee shoulda, I coulda, but I didn't!"
"Midori, help me!" ... Now .... "I've got your attention!"   I see, now you need me!  Do you know anyone like that? 
 
Sounds like a seller, doesn't … (61 comments)

Lime Paints - what do you paint historic homes with? - 10:40 PM
There are several key factors or elements seen in  Mediterranean Revival Architecture.  I have told you about the style and what makes it special, I have also gone into detail about Historic Cuban Tile.  Now I will describe the type of paint that is most appropriate for these homes - LIME-BASED PAINTS. 
I don't know about you, but when I think Mediterranean, I think of Venice (OK, it's the Adriatic sea.....let's not get technical here.....but I'm doing this to make a point about COLOR).
  
In the Mediterranean (and surrounding areas), it was customary to paint stucco facades with lime based paints.  Lime, … (56 comments)

Ouch, that stings!....Some HGTV viewers express their opinions on staging - 06:49 PM
Being a member of Active Rain has given me a pretty good idea of how the majority of real estate agents regard home staging.  Most seem to be for it!   For quite some time, I have been searching for a forum that would allow us to see what potential buyers and sellers thought about staging.  And finally I found it!  Click here: Oh, dear....(staging) - Topic Powered by eve community  It is from the HGTV message boards under the category Buying and Selling Homes.   
The phrase "be careful what you wish for" comes to mind in this circumstance because I wasn't quite prepared for just how candid those responses would be.  … (58 comments)

Barbara Corcoran on CNBC: August 27, 2007: Buy Right and Hold for Five Years - 12:19 PM
Barbara Corcoran, past contributor to Active Rain, was on CNBC this morning in a panel discussion about the future of real estate.
Ms. Corcoran's advise was something we've heard her say before:
1- She buys in up and coming areas around her hometown of New York- stick to your knitting
2- She buys with 20% down- prudent use of leverage
3- She makes money when she buys right- getting the right price
4- She holds for five years and "makes a lot of money when she sells"- real estate is a mid to long term investment.
5- During times of confusion, great opportunities pop up- Barbara mentioned … (47 comments)

Far Flung Suburbs and Commuting: An Idea Going BUST - 11:08 AM
Within the past decade, thousands of homeowners made a decision that they have come to regret:Instead of buying expensive real estate near their jobs (and modest, older homes) they were lured to bigger, much cheaper new homes (McMansions) in outlying areas. This required the bread winner to spend several hours each day COMMUTING. Was it worth it? Clearly, many have decided the answer is NO.
If you look at the latest foreclosure rates, some of the highest concentrations are in these newer outlying neighborhoods, where there are parks, schools, a small shopping center for essentials, and row after row of similar houses, painted beige and gray. Nice places to raise … (49 comments)

Home Owner Associations Love-Hate Relationships - 07:17 AM
Home Owners Associations are a love-hate relationships.
What?
People that live in residential communities are usually governed by HOA (Home Owner Association) rules and regulations. In Michigan, on our Purchase Agreements Realtors check the box that the buyer will review the HOA Documents, or their attorney will review the association documents within so many days.
Not a problem, it is a standard business practice here. People want to know what the rules and covenants are prior to proceeding with the purchase of a new home. Can I have a pool? Does it have to be in the ground or can … (101 comments)

Mortgage settlement/ closing documents -- No excuses -- - 10:10 PM

Excuses, excuses, excuses......  I truly understand that borrowers, whether they are a first time homebuyer, buying for their second time, refinancing, or have done this many of times, rely on a professional to steer them in the right direction. But such is life and not everyone is honest and has integrity. As a consumer, you have to ask questions and ask for proof. Stop taking the loan officer's word. This works when dealing with a true professional, but again, this is not always the case. 
I just wrote a post the other day titled Mortgage Prepayment Penalties -- (PPP). A few people … (40 comments)

Inconvenient Truths about Home Staging - 12:40 PM
Last Friday, I happened to be contacted by the Chicago Tribune to discuss something that coincidentally had been on my mind for quite a few days.
For days now I could not stop thinking about the recent report published by the National Association of Exclusive Buyers Agents (NAEBA) entitled: "How to not get tricked by staging and potentially save $5,645 when you buy your home." But now it seemed that what had been on my mind had also attracted the attention of main stream media.
I had come to the conclusion that while I had thought some of the NAEBA report on … (47 comments)

Was your followup too late? Follow up or fall out! - 01:38 PM
Have you ever touched base with someone who was "on hold" with their real estate plans, come to find out they purchased a new home yesterday? 
"It accidentally happened", they say.  "I walked into an open house and fell in love, and they agent said they could write it up right there." 
OR "I didn't hear from you so I called someone else".If it hasn't happened to you yet, it will most likely happen at some point in your career.  That stomach dropping conversation makes you regret the times you meant to pick up the phone, but you got too busy … (44 comments)


Blog posts


ActiveRain member - TV Star - at least for a day... - 10:59 PM
Check out this CBS interview of ActiveRain's Project Blogger Superstar Apprentice, Kevin Tomlinson.  
… (7 comments)

Business ethics: when to choose profit over whats right - 11:42 PM
So I don't know all of the issues surrounding the Falcons decision to keep Michael Vick on their team, and maybe I am naive, but this quote really shocked me.
Today the Atlanta Falcons announced in a statement "We cannot tell you today that Michael is cut from the team. Cutting him may feel better emotionally for us and for many of our fans, but it's not in the long-term best interests of our franchise".
I feel it is pretty safe to replace the words "Cutting him may feel better emotionally" with "It is the ethical thing to do".
It sickens me when … (5 comments)

California Nightlife – why moving to California is a smart thing to do - 12:43 AM
California is noted for its unparalleled nightlife around the world. Los Angeles, San Diego, San Jose, San Francisco, Long Beach, Fresno, Sacramento, Oakland, Santa Ana and Anaheim are some of the prominent places in California with exuberant nightlife. These are some of the cities that radiate with overweening energy when the sun goes down. All travelers who have had a taste of the nightlife in some of the major tourist hubs in California swear that the fun begins after sunset. And don't be amazed, if you bump into some of the tinsel world stars. If you are looking for a secure … (0 comments)

How to Keep From Getting Judgment Liens - 12:51 AM
Judgment liens can be placed against ones home or other assets when they refuse to pay credit card bills, home improvement bills, or just about any other type of bill. All a creditor needs to do is pursue payment and if the homeowner is not able or unwilling to pay, the creditor can go to court and a judge can place a lien against the home of the person that owes the debt. While a judgment is often said to not be as serious as a tax lien, it is still something that someone should try to avoid and do away … (2 comments)

Why Travel To California? Then stay for good – buy bay area real estate - 12:57 AM
California, the third largest state in the U.S.A., boasts of countless destinations that will surely cater to any traveler's discriminative taste. There are numerous theme parks, national parks, historical sites, and natural wonders that span the state's entirety. It is a state that can be summed up in one word - Diverse. Diversity can be manifested in the people, tourist spots, climate, and topography.
The people in California are a happy mixture of different ethnic backgrounds. Aside from your typical White Americans, there are the African Americans, Native Americans, Hispanics and Asians. A community of citizens with the same ethnic background … (0 comments)

A Time When Seller's Need You Most! Help Them...Help Yourself! - 07:22 AM

 As a trainer we always seem to have a few associates who resists us!  Maybe you might know someone like this.  You know the one who sold millions is 2005 and in 2006 well they managed..... to doing little now. 
Maybe there was training to be done but they decided they just didn't need it.  Now it is so obvious that this training is a way of life....
"Gee shoulda, I coulda, but I didn't!"
"Midori, help me!" ... Now .... "I've got your attention!"   I see, now you need me!  Do you know anyone like that? 
 
Sounds like a seller, doesn't … (61 comments)

Do you know the difference between Active and Passive Prospecting? - 06:04 PM
I'm just curious how many agents know the difference between active and passive prospecting.  Making cold calls is one example of active prospecting and Floor time is an example of passive prospecting.
Can you name other active and passive prospecting techniques?
… (6 comments)

The Truth is Out There! Ask me about Keller Williams IF YOU DARE! - 07:24 PM
I'm an Associate Broker at a Keller Williams Office. I can't hold back from talking about this fantastic company! If you've ever had questions about us, or you've heard rumors you want to check out, ASK ME!  But I warn you - I interviewed 9 other brokerages before enterring the field and I've spend one year at a traditional real estate company and 1 year at an online brokerage, so I have a background to stand on.
I really enjoy sharing the truth, so ASK ME!  anything goes.
 
… (4 comments)

New Hampshire - Nashua Green Development Forum - 10:28 AM
 
 
CANDIDATES RUNNING FOR MAYOR TO SHOW THEIR "TRUE COLORS"...
  The September 11th primary election for Mayor of Nashua is not very far away.  With all of the busy activities of the summer, it is easy to forget about the election.
   A community forum is being sponsored by Hampshire First Bank and is being moderated by Alan Manoian and former city development director.  Manoian gives Nashua a ranking of 4 out of 10 on a scale of 10 concerning environmental matters.  It looks like there iswork to be done.  According to Manoian in a recent interview with the Nashua … (16 comments)

Personal Notes...do they work? - 10:16 PM
 
I don't know about you, but I still love getting regular ol' snail mail.  Nothing like a handwritten letter or card to make me feel special.  Of course I am of "that age" when we still learned to read by the phonics method, were required to take physical education, and had a typing class instead of keyboarding.  In other words, I admit I am something of a dinosaur.  (to prove my point, see my blog Hello, I am Patty and I am a techno-idiot!)
All that being said, however, my Mama taught me that there is no substitute for a handwritten thank … (25 comments)

2005 - 2007 Market Snapshot: Hemet-San Jacinto Valley - 02:19 AM
Here is a look back at the real estate activity in the Hemet San Jacinto Valley market, starting in January 2005 through 2006 an up to the current date, August 26, 2007.  This data reflectes single family homes only.  Not included are mobile homes and land purchases.
                                                                                                          
… (10 comments)

BabyHarris Update 8/27/2007- Glucose Test too HIGH! - 01:38 PM
Well, today made for a huge scare for me.  Last week, I had to take the glucose test.  The glucose test, as the name states, tests the amount of sugar in your body.  If it's too high, they send you off for diabetes tests...
To get the call this morning to let me know my levels were 142, where 140 is the cut-off, was pretty scary.  He doesn't seem too worried since it's right above the limit, but he still has to let me know I have to have the additional tests.  The additional tests requires me to fast for 12 hours … (8 comments)

Best time to buy in Central Florida - ever! - 07:49 AM
This really is a message that needs to get out there. While it is certainly difficult for sellers right now, those in the market for a home have never had it so good. Not only is there huge choice, but there are incredible deals to be done - both with existing homes and also with new homes as well. People always seem reluctant to negotiate with builders, but with the right representation you would be amazed at what can be achieved.
Knowledge of just how much pain a particular builder might be in can be used to the advantage of your buyer. … (2 comments)

Is a year enough for Vick? - 09:55 PM
I guess my biggest question here is why the State has been so slow to act? And then why have the Falcons failed to fire him so far?
Obviously his guilt or innocence is no longer in doubt. What he did was cruel and inhumane and of course illegal. Magically he has found god and I guess my only real surprise is that he hasn't put himself into rehab which seems to be a celebrity's answer for anything.
Personally I feel he should actually do five years. Anyone else?
… (3 comments)

Florida's house sales move into 2002 territory - 10:07 PM
Yes we're back to 2002 levels of home sales across the State. This is not a bad thing and I can see a steady improvement over the next 12 months. The big black spot is of course Miami's condo meltdown, but there are many bright spots - not least of which is Florida's continued string job growth.
In fact in job growth in Orange County alone was larger than some US States last year - quite an achievement! And obviously with jobs there are people. And where there are people there are home sales.
There is plenty of good news out there and … (0 comments)

MSN news "some sellers are in denial" - 06:03 PM
The news out to come out to Eugene Oregon, 99% of sellers are in denial. I do feel badly for the ones who bought in 2005 and are trying to sell now. It is turning into a buyers market as prices are coming down. I feel that is a good thing because in our area so many first time home buyers were priced out of the market. … (2 comments)

Mr. Weatherman...Just zip it, will ya ? - 09:10 AM
As if the market isn't tough enough !     We are all tired of the negative real estate news served up on a daily basis.  Hopefully agents have been able to tune it out and not get too bummed by the daily slamming of the market.  Well, this morning may have seen a new low to this fiasco.  The annual hurricane guessing game has been downgraded and I hoped it would allow a few more buyers to get serious.  Here on Fort Myers Beach, FL we gat a lot of questions about the threat of hurricanes.  Even though nature has mostly spared … (7 comments)

How many of these Realtor essentials do you have ? - 03:30 PM
We have all read the posts about how the market has changed and why there is so much Realtor turnover.  My thought is that if you are lucky enough to rate highly in the following areas your chances of making it in this market are much greater. 
1. Come to the right party.  Be a Realtor because you know what this business really entails and are willing to do it anyway.  If you don't enjoy doing the often tedious, repetitive or intimidating daily grind of being a Realtor go back to something less demanding.  Don't recruit your buddies because you enjoy their company.
2. … (3 comments)

Katrina Remembrance Dinner - 07:59 AM
August 29 will mark the two year anniversary of Hurricane Katrina's landfall.  Last year, celebrations and remembrances were well publicized.  This year, not so much.  Maybe in realization of the fact that recovery is still a long, long road.
Last year, amateur New Orleans photographer Justin Lundgren proposed an annual ritual dinner in remembrance.  It was moving and spiritual.  But his http://www.katrinadinner2006.com has disappeared from the web.  And it has not been replaced by a katrinadinner2007.com site.
Partial bits of his idea can be found on various blogs and websites.  I am risking copying parts of them here, since the idea, I think, is … (3 comments)

With My Fingers In My Ears, Saying La-La-La-La-La-La-La-La-La - 08:29 AM
That's exactly what I've been doing this past week or two.  I decided to stick my fingers in my ears like a kid does when they don't want to hear what you have to say. 
I was tired of listening to the news, reading the papers and reading blog posts that had nothing but bad things to say about the market.  It was really starting to get to me and was really having a negative affect on me and my attitude about real estate.  So I decided to "turn it all off" for a while. 
I decided that I'm not going … (6 comments)

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