Archives of real estate blog entries for August 21, 2009

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Las Vegas Area Sellers and Sales (Transaction) Categories: The "FLIPPER" (#5 in a series) - 08:28 PM
Las Vegas Area Seller or Transaction Category #5:  The "Flip"
This is part 5  in a series describing different types of sellers and transactions in the Las Vegas Area market.
The "Flipper" is a type of seller. 
To "Flip"  means that the property was recently purchased (at a discount) and is quickly being resold.  There are two main types of "flippers" in this market:
Those that buy directly from "trustee's sales" (foreclosure sales.)  I am going to call these "Real Flips"      Those that are trying to leverage nothing by negotiating short sale transaction - these are the most difficult to get through.  … (34 comments)

AGENTS MAY BE IN VIOLATION OF THE LAW WHEN MANAGING SHORT SALES OR MORTGAGE MODIFICATION - "Let's all be careful out there." - 03:01 PM
BE CAREFUL WHAT YOU SAY.  It could cost you your license. 
* * * *   HARD CORE REAL ESTATE TALK   * * * *
IF YOU ENGAGE IN LOSS MITIGATION CONSULTING, FORECLOSURE PREVENTION, MORTGAGE LOAN MODIFICATION. . . . . . 
Be afraid. . .  Be very afraid. 
THINKING OF OFFERING SERVICES AS A "MORTGAGE MODIFICATION EXPERT"?.  If you, as a Real Estate Broker, Real Estate Agent of a Real Estate Broker or Real Estate Salesperson, engage in any of the following in connection with a real estate listing or sale, you may be in violation of the law … (99 comments)

Going Green - 05:22 PM
Going green is a force that's coming on stronger and stronger.  More and more people want to take green alternatives where they can, because it IS our planet.  It'd be nice for it to be around for a few years, right?
I'm going to start showcasing different websites that can help guide you to a more green way of living.  First, we're going to start off with the US Department of Energy website: http://www.energy.gov/.  Right on the home page, they have ‘Energy Saving Tips' with easy and inexpensive ways to watch your energy consumption and thereby become more green - I … (31 comments)

Why Recommending A DIRECT LENDER Could Make You Choke on Your Coffee - 02:27 PM
Why do Realtors like to recommend DIRECT LENDERS?
Could it be that somehow the lenders who are dumping foreclosures have brainwashed Realtors by insisting that anyone making an offer must be approved with a DIRECT LENDER?
Or is it because you believe that an approval from one of those BIG BOX banks is somehow safer, better, more familiar? 
Now, please don't get me wrong. I work for a company that is a bank, and a bank is a direct lender. I can also BROKER a loan out to one of the BIG BOX banks.
But every time I do that, I … (56 comments)

Banned by Facebook! - 01:18 PM


Straight from my email Inbox
Q. “Mike, if I am in business (let’s just say I’m a real estate agent) do I set up a Facebook profile for my business or do I setup a Business Page?
A. Looking just at the Facebook Terms of Service (TOS) Section 3, Point 1:
3.  We do our best to keep Facebook safe, but we cannot guarantee it. We need your help in order to do that, which includes the following commitments:
You will not send or otherwise post unauthorized commercial communications to users (such as spam). “Mike, that’s easy!  I NEVER send out Spam!  NEVER!”
Hold on there Buttercup… … (119 comments)

Would You Like 10,000 ActiveRain Points? - 02:46 PM
Last week I wrote a post on Effectively Posting Your Listings to Your Blog.  I shared a few tips on how to write blogs posts about your listings to appeal to both consumers & also search engines.  I also shared a few things that will hurt your chances of a consumer coming back repeatedly to your blog.
Many of you have seen the recent influx of points so generously being given away by Bob. The only logical thing for me to do was be more generous.  Unfortunately, since I am still the new guy in the community builder realm of ActiveRain, … (185 comments)

Top 10 Reasons Why Your Short Sale Will Not Close - 08:56 AM
10.) You sent in multiple offers to the bank. Put yourself in the bank's shoes, what would you do if you got 3,4,5 or 6 offers on your property? That's right you would wait to see if you get more at higher prices. We all know short sale departments at banks are extremely organized and they can surely keep track of multiple offers (Yes I'm being sarcastic). Oh did I mention accepting and having your seller sign multiple offers is probably a little against the law and at the very least unethically? Third party approval is just a contingency just like … (162 comments)

3 Crucial Sales Negotiation Skills That Could Explode Your Income - 06:25 AM

To be a good salesperson or marketer, you will need to master different sales negotiation skills. These skills serve as your weapons against other negotiators and difficult customers. You’ll need them to land today’s sales and ensure future ones as well. As long as you have good sales negotiation skills, you’ll be able to meet your daily quota. Having such abilities can also come in handy in different situations as well. Here are some of those important skills and how you can develop them
Sales Negotiation Skills # 1: Building Rapport This means getting your clients to trust you and … (136 comments)

Understanding Neighborhood Walkability Offers You A Competitive Advantage - 06:10 AM
One of the factors that buyers consider in looking for a new home is accessibility to major roads.
Another is access to reliable public transit.
Both these criteria focus on the availability government or publicly funded transportation services. But what about the easiest and less costly form of transportation there is...walking?
How much of a buyer's decision factor is the 'walkability' of a neighborhood?
I recently learned about the concept of 'walk score' as a means of measuring the 'walkability' of a neighborhood...and it makes a lot of sense.
According to the website  that promotes the concept...
”A Walk Score … (35 comments)

Buyers Get Shafted By the Bank...Again! - 09:57 PM
Buying a short sale or an REO can be a huge ordeal. No new news there. 
Sometimes you feel as though things are going along fairly well, only to find your buyers get shafted, again, by the bank. Not such new news there either, sorry to say. 
This is a warning to folks who may be working with, or possibly work,  with Fannie Mae (FNMA) deals - you could be in for a surprise. And it COULD apply to other lenders as well.
*** WARNING - stream of conciousness thinking ahead, not a planful, well-thought-out treatise on the state of REO … (89 comments)

Thank You, Crappy Agents 1 - 6! - 05:39 PM
I had an abnormally spectacular Open House recently.  It was so busy that I sent darling hubby Chip an SOS and he came running. (I have him so well trained!)  While I was busy with some other guests, Chip greeted a couple, gave them the tour and then handed them to me to answer a few questions.
Marie and Jim had nothing good to say about real estate agents. I've spent a great deal of time with them in the last 2 weeks and in my opinion they are honest, hard working, good folks. Admittedly, there are 2 sides to every … (136 comments)

Notes from the Closing Agent--Pre-closing assistance you can render to make sure your closings "close" - 04:04 AM
We are experiencing an unprecented period of mortgage loan closings. Business is obviously picking up. The Lenders, who were burned by the downturn, have been slow to add personnel to deal with increased activity. Commitments are taking longer to obtain; closings are, at best, meandering along.
You, as a real estate professional, have brought a transaction through purchase and sale agreement, There followss some suggested pre-closing steps that you can make to make sure you get to the finish line and get the deal done:
SELLERS    
     1.  Mortgage Pay-offs, Ask the Seller to request a payoff from his or … (27 comments)

Shouldn't We AS COMMENTERS Remember THE Readers the Post Was REALLY Written For? - 11:50 AM
I like to read the localism posts that agents, home inspectors, etc write for their clients, customers, etc... for the public reading audience.
AND I read the comments..
There's one thing that jumps out at me at times and I believe that we really need to pay attention to:
As we leave a comment on a post that was written for the public, does our comment help the poster or hurt them.
I have seen some derogative comments, smart remarks, or maybe just personal type of comments that may not help the blog writer and the writer had written for their … (134 comments)


Blog posts


Passive Losses – Real Estate Investing – Part 7 - 12:50 PM
Passive Losses – Real Estate Investing – Part 7
This is Part 7 of my Real Estate Investing Series. You can view the first 6 Parts here:
Are you planning for your Future? Real Estate Investing – Part 1
Starting at Home! Real Estate Investing – Part 2
Maintain Your Leverage! Real Estate Investing – Part 3
Picking Your Investment Property – Real Estate Investing – Part 4
Location * Location * Location – Real Estate Investing – Part 5
Cash Flow Analysis – Real Estate Investing – Part 6 A
Cash Flow Analysis – Real Estate Investing – Part 6 … (0 comments)

Another Milestone on The Active Rain Road to Success - 01:10 PM
I am going to stop and pat myself on the back once again.  I feel a little guilty as I just did this a couple of weeks ago when I got to number 100 in California and # 10 in Contra Costa County at the same time.  I realize in some areas of the country that might not seem impressive but California has almost 23,000 members and there are over 900 in Contra Costa County.
However, today's milestone is going over 100,000 points.  Getting to 100,000 points is not as hard as it seems.  In April I was under 10,000 points; … (2 comments)

The Real Estate Agent Exception - Using Passive Losses - 01:28 PM
The Real Estate Agent Exception - Using Passive Losses.  If you are following my My Series on Real Estate Investing you will have seen Passive Losses – Real Estate Investing – Part 7.  This piece is oriented towards the general public. 
There is another piece that needs to be added for Real Estate Professionals.  If you are a real estate professional and work at least 1/2 time in real estate with 750 hours per year you can use your passive losses to offset your business or personal income without limits.
This rule gives the Real Estate Proffesional an advantage as an … (1 comments)

OK so I'm emotional right now, but....... - 12:59 PM
THIS IS LONG - BUT IT'S REALY WORTH THE READ!!
IT has been a strange week for sure. On Monday I did my second of two radio shows standing in for the regular breakfast show host here in Orlando. This is a gig I've been trying to get for almost three years. It went very well.
Then on Wednesday I took my daughter - my baby - off to college. I am so proud of her; so excited for her; and so unsure of what the future holds for me now that my job one for the last 21 years is … (15 comments)

Home sales are up! - 09:23 AM
Good news, just in! Stats for home sales: Home resales posted the largest monthly increase in at least 10 years last month as first-time buyers rushed to take advantage of a tax credit that expires this fall.
This is the fourth straight increase on home sales.  Although the median price is down, the good news is still there.  Again, it's a great time to buy if you are in the market.
In Albuquerque, I have felt sales and activity is up, consumer confidence seems to be stirring.  If homes are priced right and are packaged nicely, homes are selling.
Sellers have to … (1 comments)

15+ New Listings and Price Changes on Birmingham Alabama Foreclosures - 12:30 AM
15+ new listings and price changes Birmingham Alabama Foreclosures. Looking for a great starter home or second home? There is a home available in Highland Lakes that is new and been significantly reduced since last listing. There is also a home in Weatherly (Pelham) that looks nice. There are also some other investment properties as well. Nice small list of Birmingham foreclosures this morning. Click away!!
6 New Listings:
http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=US10709993
10 New Price Changes:
http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=US10709994
Gusty Gulas is an Associate Broker/Realtor at RealtySouth in Birmingham Alabama. Please contact me for all of your Birmingham Alabama real estate and foreclosure needs at … (0 comments)

Pueblo Friends of the Library/Books Again, Pueblo Driver Licensing Location Back-to-School - 12:59 PM
I found a GREAT place to get discount books to read (thanks to my young friend Becky). The Books Again store at 622 S. Union Avenue (Behind the Rawlings Library on Abriendo) has a HUGE selection of used books. The Books Again store receives their books/CDs/Videos/DVDs from donations including contributions from the Pueblo Library system. Books Again is a project of “The Friends of the Library” with the profits from the sale of used books benefiting the Pueblo City-County Library District by funding a variety of activities and physical improvements. See their website at http://www.booksagain-pueblo.com  for more info. You can also … (0 comments)

Every Day We Cry is a Good One... - 11:35 AM
 
 
Short sales, financing challenges...lots of things are not like whatever we choose to remember as "the good old days".  You learn to work smarter...new skills, new technology....new relationships with challenged homeowners who may be upside down....referrals for the mother, daughter. friend who may be a short sale candidate in another part of the country. 
 Figuring out what can turn out to complex even ...or maybe especially for first timers with smaller down payments, FHA requirements...etc., etc., etc.

 
   What we know is this....when you can close the office door or put your head on the pillow and … (6 comments)

"What's the Difference?" - Modular vs. Mobile Homes - 09:46 AM
While I try not to "rat out" fellow Realtors (even when they deserve it), sometimes something needs to be said.  Obviously, I won't call anyone out specifically, but one of my biggest pet peeves as a Realtor in Franklin TN is a few agents nonchalance regarding attention to detail.  Whether they don't care or don't know, some of this nonchalance can lead to a violation of fiduciary duty to their clients.  Here's my latest pet peeve. 
I rarely sell mobile homes, but I often sell land in Franklin TN which sometimes means I'm looking at parcels that may include a mobile home.  Sometimes these mobile homes are listed as MODULAR homes.  … (5 comments)

Pre-foreclosure * Short Sale or whatever, Investor/ owner selling to move overseas. - 01:13 PM

Pensacola- Gulf Breeze- Navarre, Fl.- My name is Pete and as you can probably tell I am desperate, I have tried selling by owner, using the so called #1 and #2 agents in this town and still couldn't sell. I decided to use this guy Charles only for his low commission and that all agents, 6 so far do about the same thing so why not save the money and lower the price. So I have lowered my prices by up to 20%. That being said Let's make a deal. I have negotiated with my banker friend so I can lower the … (1 comments)

5 Buyer Secrets that all Pensacola buyers should know. - 11:26 PM
Charles Stallions, CRS, CSP, CBR, CDPS, SREE, EREI - 800-309-3414, a leader in real estate investing, buying and selling. Lead Real Estate negotiator for several investment clubs as well as investors throughout the US. Call Charles for a list of references before buying or selling you what some consider being their largest investment.
  
_________________________________________________________________________________________
THOUSANDS OF HOMES.... One Address www.charlesstallions.com
Looking for a home to rent, sell or buy in Pensacola Florida, Pace Florida and Gulf Breeze Florida. E-mail charles@charlesstallions.com foreclosures, short sales homes for sale or rent.   Charles Stallions Real Estate Services located in Pensacola Florida, a 12 member team of local experts … (0 comments)

How To Stop Paying Rent in Pensacola Florida. - 11:54 PM
Charles Stallions, CRS, CSP, CBR, CDPS, SREE, EREI - 800-309-3414, a leader in real estate investing, buying and selling. Lead Real Estate negotiator for several investment clubs as well as investors throughout the US. Call Charles for a list of references before buying or selling you what some consider being their largest investment.
  
_________________________________________________________________________________________
THOUSANDS OF HOMES.... One Address www.charlesstallions.com
Looking for a home to rent, sell or buy in Pensacola Florida, Pace Florida and Gulf Breeze Florida. E-mail charles@charlesstallions.com foreclosures, short sales homes for sale or rent.   Charles Stallions Real Estate Services located in Pensacola Florida, a 12 member team of local experts … (1 comments)

Wandering Out of Kansas City North For a Short Road Trip - 09:01 AM
Looking for something different to do this weekend that is not that far away?
We'll be venturing over to that quant little town of Lawrence, Kansas this evening for their annual Busker Fest.
What is a Busker?  It's a street performer and they will be all over downtown Lawrence this weekend beginning Friday night and Saturday and Sunday.
My favorite street performer Mama Lou will be performing tonight and tomorrow.  For more information about her visit strongwomanshow.com

Mama Lou can tear a phone book in half, swallow fire, drive nails through her tongue and keep an audience entertained like never … (7 comments)

870 Swan Ln., Deerfield, IL 60015 - 11:59 AM
… (0 comments)

Arlington Heights Real Estate Market Conditions - 12:05 PM
Arlington Heights Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Arlington Heights real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Arlington Heights, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis Toomey
RE/MAX Territory
… (0 comments)

Bartlett Real Estate Market Conditions - 12:07 PM
Bartlett Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Bartlett real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Bartlett, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis Toomey
RE/MAX Territory
847-338-0180
http://www.housebyzip.com/
dtoomey@remax.net
… (0 comments)

Bloomingdale Real Estate Market Conditions - 12:09 PM
Bloomingdale Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Bloomingdale real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Bloomingdale, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis Toomey
RE/MAX Territory
847-338-0180
http://www.housebyzip.com/
dtoomey@remax.net
… (0 comments)

Des Plaines Real Estate Market Conditions - 12:12 PM
Des Plaines Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Des Plaines real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Des Plaines, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis Toomey
RE/MAX Territory
… (0 comments)

Elk Grove Village Real Estate Market Conditions - 12:13 PM
Elk Grove Village Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Elk Grove Village real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Elk Grove Village, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis … (0 comments)

Hoffman Estates Real Estate Market Conditions - 12:15 PM
Hoffman Estates Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Hoffman Estates real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Hoffman Estates, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis Toomey
RE/MAX Territory
… (0 comments)

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