Archives of real estate blog entries for January 18, 2011

Featured blog posts


Do you have any offers yet? - 10:48 PM
I'm puzzled by that question sometimes. As an REO agent, I hear it from other agents frequently. Most of my listing agreements do not even give me the right to disclose that information until an asset manager specifically tells me to do so (usually via a call for Highest and Best offers). I'll set that important fact aside right now for the sake of discussion.
If I say "Yes," does that mean you are not even going to show the property about which you have, obviously, received an inquiry or which you have spotted for a client? Or would a "Yes" from me … (53 comments)

How to Follow Up on Your Leads - 02:30 PM
For those of you who read Lisa Coates excellent blog on “The True Definition of a Lead” this will be a great follow up to that. Now that we have a general idea of what exactly a lead is to us and our business (although some were a little far fetched in my humble opinion) let’s figure out HOW to convert more of them.
The common theme among everyone who commented is “develop a system” or some kind of routine method to stay in touch so you can build that necessary relationship or get the right questions answered. If we … (42 comments)

What Happens if the House You're Buying Does Not Appraise? - 05:35 PM
What Happens if the House You're Buying Does Not Appraise?
If you are purchasing a home and financing it with a mortgage, the bank will require an appraisal of the property to determine its market value before committing to a mortgage.  They determine the dollar amount they are willing to lend you based on the appraised value of the house as opposed to the purchase price of the house.  Hopefully the two numbers will be one and the same. 

But, what happens if the house you're buying does not appraise, and the appraised value is less than the agreed upon … (66 comments)

R Rated Photos - 07:27 AM

R is for restricted and this is the rating for taking any unauthorized photos in a Seller's home. 
As Buyers you are concerned that you will not remember every house that you are going to see.  You plan to take your camera or your phone camera and use it while you go from room to room in each house.  Don't!  This is an invasion of the Sellers' privacy, a security issue and just impolite.  Yes, the house is for sale and yes there are photos available on the MLS® but these were taken for public consumption.  They have been carefully taken to … (201 comments)

"I'm on a Lead Generating Mission Today" - 08:07 PM
Have you ever woken up and thought... "I'm going to be a lead generating machine today"... Even if you have, have you ever said it publicly? Okay..by "Publicly" I mean via Social Media. Well today, I did just that.
I use Facebook often....who am I kidding? I use it every day...multiple times a day. Typically though, my primary use is for fun, as a way to connect with family, friends and my social sphere. I love checking in on what's going on in my "Friends" lives and I especially love posting funny (and as I always say "Witty") commentary about my … (75 comments)

My Lender Told Me to Sign 4506T form... - 06:57 PM

But what is it?
IRS Form 4506T is the Request for Transcript of Tax Return.  This form is mainly used when you are applying for a mortgage.  It is a transcript summary of an individuals tax information to verify income the borrower stated on the loan application.






Why is it used?
Lenders use this form to verify income and to detect fraud. The lender orders this print-out which summarizes the tax returns to make sure that the 1040's and W2's or 1099 were what was actually filed with the IRS.  A couple other reasons that … (25 comments)

OK...I Admit It....My Client and I Were Holding Hands Today - 08:33 PM
OK...I Admit It....My Client and I Were Holding Hands Today
Today was a really weird day.  I am totally exhausted tonight.  Just having been snowed on, sleeted on, and rained on is enough.  I LOOK like I had a hard day - or just got out of the shower, threw my clothes on and went out. 
The snow here in Shelton, CT has been relentless.  Today we had the added freebie of ice on top of everything.  Charming. 
I had a closing today with the walkthrough scheduled immediately before.  Schools were closed today and roads were not exactly in tip top … (50 comments)

I want to move! What's it gonna take to sell my house? - 03:06 PM
I want to move!  What's it gonna take to sell my house?
"Hey, Wrightsville Beach NC real estate expert, I want to move!  What's it gonna take to sell my house?"
It's gonna take some work on both our parts, but we can do this!  So, let's get your home SOLD and you on your way to a new chapter in your life!
We're going to start with my doing my homework and giving you my most-educated-advice regarding pricing.  This is a moving target, so nothing in stone here.  We'll look at SOLD's, Active's and Under Contract's.  Really, SOLD's are the most … (60 comments)

"I Don't Want to Pay Full Price" - 10:40 PM
~ "I Don't Want to Pay Full Price" ~
This is a common statement I hear from buyers.  Buyers want to think they are getting a good deal.  And in their minds it means getting a property for lower, much lower than its listed price, regardless of how it is priced.  What buyers need to understand is that there are some properties currently for sale that are priced properly for the market.  Yes, there are many homes that the seller is willing to negotiate the price, especially when the house has been on the market for a long time, if they … (52 comments)

Hey short seller, that bird on your fence is a chicken come home to roost - 08:30 PM

Yep, that chicken has come home to roost!
I have to preface this with the statement that I do not work for the IRS. I am not a CPA.  I am just an average guy that reads the newspaper.  Recently, I came across an article about taxes.  Now the focus of the article related to the fact that the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which became law on December 17, 2010 has put the IRS in a jam.  The IRS has to create all new forms to comply with the law, so if you … (29 comments)

How Many Words Is THIS Picture Worth? - 07:37 PM
How Many Words Is THIS Picture Worth?
They say "A Picture is Worth a Thousand Words."
How much is this one worth?

A few days ago, I wrote a blog about the house with the lowest listed price in Livonia, MI, the city I live in. There ARE Options!
I was searching homes on our local MLS and I thought I'd look up some of the "Upper End" homes. When I found the listing, I couldn't believe what I saw! Not only was there a grand total of one picture, this picture also had something in the foreground. Something … (48 comments)

I am Such a Selfish Rainmaker! - 03:32 PM
So, over the weekend I had my first featured blog.  Thank you to everyone who read it, commented, suggested it, and/or re-blogged it.  The most surprising thing to me was how it caught people's attention.  It was on condo financing, titled "What do you mean I'm approved but the condo isn't?".  And for those of you who know me, know how I obsess over wording and will tweak my blogs 30 times before I post them.  I only say this because I wasn't overly thrilled with that blog.  I thought it could have had more information in it and been presented … (54 comments)

Tutorial: Setting Up Your ActiveRain Community Sponsorship - 04:30 PM
Here is a video where I take you through all the steps of setting up your ActiveRain Community Sponsorship. If you have any questions, leave them in the comments and we will get you an answer.




I know it's a little long, but it also includes a demonstration of how to resize your images for the marquee photo in your community. Since your image has to be exactly 960pixels wide x 440pixels high (I say tall in the video, but you know what I mean) it will help if you are unsure how to resize your images … (69 comments)

The Importance of Networking- People Need People - 05:59 PM
In our social media age, we often lose sight of the value of face to face contact and interaction with actual people.  It seems that because we can interact quickly with a multitude of people on five different sites within a matter of minutes; we’re convinced that we’ve done our networking for the day.  Thank goodness we don’t put the same qualifications on our entire life!  Why do we want to get together with friends to talk over dinner when we using our cell phones would be so much more convenient?  Why take the time to go to our kids soccer … (19 comments)

Sellers Are People Too!!!! - 12:49 PM
I admit it...I had dug in my heels. The other agent had too. We were locked in fierce combat for our clients. My buyers were frustrated and the sellers were being very unreasonable. At least that's what WE thought.
I have buyers who were buying a very nice home and using FHA financing. The price was right, the location was right. Everything in the home passed the FHA appraiser except one small problem......
There was a small section of graffiti on a bedroom closet door.
It needed to be repainted for the home to pass FHA standards. Don't ask me … (106 comments)

NEW FTC MARS (Short Sale) Legislation: Effects on Real Estate Professionals and Third Party Negotiators - 03:36 PM
As if being a real estate professional wasn't hard enough, it just got harder-and confusing-and expensive if you violate the Federal Trade Commission's New MARS or Mortgage Assistance Relief Services Rule. I am a business development manager for a national title insurance company in Phoenix Arizona.  I work with real estate professionals day in and day out, helping them grow their businesses.  A challenge in any market, especially the one we have here in the Phoenix Metro Area.
Have you heard of MARS?  No I'm not talking about the "red planet", I'm talking about the new legislation put forth on November … (29 comments)

What does it mean, to be a real estate agent? - 02:39 PM
What does it mean, to be a real estate agent? Most people think the job description is just about sales. That, of course, is a component of the career choice...it is certainly about connecting a willing and qualified buyer with a willing and motivated seller.    The agent's fee is in the form of a commission, which is only paid at the close of a successful transaction. Unlike many other sales positions, though, which may have a quite cut and dried aspect to their sales processes, real estate is full of emotional quotients. It involves  the word "home"...full of evocative meaning! … (16 comments)

Stop. Think. Analyze. Just WHO, WHAT, and WHERE are you seeking business? - 05:15 PM
 
     Ever have a client that just "got" to you?  For some unknown, intangible reason ... you just clicked together?
   
     I have ... and they were pure joy to work with from the moment I first connected with them.
     If you have been lucky enough to have this happen to you, have you analyzed why the clients were special to you? 
      Why you had that reaction to them and not others? 
    
     It's only human to react in differing manners, but have you thought about what it was you were reacting to when you forged that special bond? What was it … (30 comments)

Do you take on the TOUGH listings? - 09:07 AM
Today one of our toughest listings expired.  When this 2 story home was built 60 + years ago it stood on it's own.  After a while they started developing the neighborhood and filled up the subdivision with nothing but ranch homes.  The size and square footage were similar to the original home, but not the style of home.
This particular home has a TON of nice things going for it.  Beautiful hardwood floors throughout the downstairs, wonderful paint colors, an over sized two car garage, a nice big lot, and a brand new roof.  The living room and kitchen are incredible!!
… (41 comments)

The dreaded "If it's meant to be" - 11:57 AM
I can't tell you how many times, the last few years, I've heard this and I still haven't perfected my reply.  Somewhat because I don't want to reply sounding scripted and somewhat because each client is different.  I can tell you that it usually rears it's ugly head when a client wants to submit a crappy offer!  
I can cover all the statistics and comps.  I can show all the data that backs up why the list price is already pretty fair.  I can talk about the monthly difference of their offer to an offer that might work and ask … (47 comments)

The hard work of real estate - 07:43 AM
January 18, 2011
"Plans are only good intentions unless they immediately degenerate into hard work." - Peter Drucker
This quote is on my bulletin board and I've had it taped inside my journal for the past two years. I find it easy to follow in my remodeling business and in my fitness training plans.  It's easy to know what hard work is when it's physical, loading a trailer with garbage from a job site, then unloading it at the dump, climbing up and down a hill picking up trash, climbing ladders with shingles, all of those things are hard work.  I … (19 comments)


Blog posts


Europe Villa for Sale for $2,000,000 - Portugal Villa for Sale - Atlantic Coast - 09:08 AM
Portugal Villa with Breathtaking Sea Views … (1 comments)

Tutorial: Setting Up Your ActiveRain Community Sponsorship - 04:30 PM
Here is a video where I take you through all the steps of setting up your ActiveRain Community Sponsorship. If you have any questions, leave them in the comments and we will get you an answer.




I know it's a little long, but it also includes a demonstration of how to resize your images for the marquee photo in your community. Since your image has to be exactly 960pixels wide x 440pixels high (I say tall in the video, but you know what I mean) it will help if you are unsure how to resize your images … (69 comments)

Shelton WA Homes for Sale - Search for Your Home Here - 11:16 PM
Shelton WA Homes For Sale. Currently there are 343 Homes for sale in Shelton WA. Of those 343 homes for sale, 30 of them are short sales in Shelton and 48 are bank owned.

This is a great time to get a 3 bedroom home for under $200,000 as there are currently 118 available in Shelton right now. And 157 available under $300,000.


The search screen below is a search of the homes for sale in Shelton WA. You can see all the homes for sale right now in Shelton WA. If you want to search other areas just change the search fields … (0 comments)

Cheyenne, Wyoming Real Estate Overview - 09:02 AM
Here is a market update of Cheyenne, WY for the week ending January 12, 2011 (provided by Trulia.com).
The average listing price for a home is $216,857, which is up $10,248 or 5.0% from the week prior.  The median sales price, October to December 2010, is $126,025.  This number has increased $1,025 or 0.8% from the same period a year ago.  Recently, about 168 homes were sold and there are approximately 312 homes for sale.
 
Median Sales Price (1yr)

Number of Sales (1yr)

Average Listing Price

Number of Listings

Average Price per Square Foot (1yr)

… (1 comments)

The Top 10 Mistakes Made in the Home Buying Process. - 11:11 PM
This is a great post on Home buying that every home buyer should read before they start shopping.  I work with home buyers all the time and although I have never quantified it this way these are some of the things I try to get through to them.
Via San Diego Real Estate Voice authored by William Johnson GRI CRS e-Pro CDPE (RE/MAX Associates):
The Top 10 Mistakes Made in the Home Buying Process - And it's Not Always the Buyers Making the Mistake.
This post was inspired by Bob Stewart. 
We all have made mistakes in the way we first go … (4 comments)

Hey short seller, that bird on your fence is a chicken come home to roost - 08:30 PM

Yep, that chicken has come home to roost!
I have to preface this with the statement that I do not work for the IRS. I am not a CPA.  I am just an average guy that reads the newspaper.  Recently, I came across an article about taxes.  Now the focus of the article related to the fact that the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which became law on December 17, 2010 has put the IRS in a jam.  The IRS has to create all new forms to comply with the law, so if you … (29 comments)

MassHousing Lowers Interest Rates for First Time Home Buyers in MA - 12:56 PM
Great news brought to us from Keith Pentz with Prospect Mortgage! MassHousing Lowers Interest Rates for First Time Home Buyers In MA!  Check out his post below for more information and to see how to qualify! 
Via Keith Pentz (Prospect Mortgage):
MassHousing Lowers Interest Rates for First Time Home Buyers in MA We are extremely excited at the roll out of MassHousing's Priority Mortgage Product!  This product reduces MassHousing's already low interest rates by .25%!  This rate reduction is available to those families that: 1. Are First Time Home Buyers buying an owner-occupied property                                            and 2. Have incomes at or below 80% of the … (1 comments)

WHY IS THE BANK FORECLOSING IF I AM DOING A SHORT SALE (OR LOAN MODIFICATION)? - 04:00 PM
Our thanks to Richard Zaretsky, Esq. for allowing us to re-blog this excellent article that sheds more light on the complicated short sale process. While it seems to many folks that banks would not foreclose when they know that the property is in the process of a short sale or a loan modification, banks just don't 'think' the way most of us 'think'... Richard provides links to other articles he has written on related topics that we recommend you read.
Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. - Bd Certified Real Estate Attorney):
Why does the bank file and aggressively continue … (1 comments)

Our Days Are Numbered - 09:40 PM
Revelation 22:12 - "And, behold, I come quickly; and My reward is with Me, to give every man according as his work shall be."
 How are you using your time? We all have the same amount of time in a day, a month, or a year, but some people seem to get more done and are more productive. The difference is they are using their time wisely.
Have you considered that LIFE is the sum of YOU + TIME. If you are "just killing time" you are killing yourself, and if you are wishing "Saturday" was here already, you are wiishing your … (2 comments)

Dallas Single Family Home Neighborhoods - 08:35 PM
Since 2008 the Dallas real estate market has been improving with each year better than the prior year.  This past 2010 the Dallas real estate market saw a strong improvement and the prediction for 2011 is to be  a stronger year in the real estate market than 2010.  What this means for Dallas residents is that the resale values have remained good, and many are upgrading to larger homes and first time homebuyers are beginning to shop.  Whether the year will hold the wonderful incentives to purchase that 2010 held is yet to be seen, but what is available to the … (1 comments)

2010 market review for Las Vegas, NV - 12:22 PM
It's time to review our real estate sales numbers from 2010 and think about what the new year will bring.  A total of 39,667 single family houses, condominiums, townhouses and manufactured houses were sold in 2010.  18,226 were bank owned properties, 11,115 were short sales and 10,326 were regular resales.  Right now there are 10,234 listings with offers, of which 6,949 are short sales and 2,291 are bank owned.  Currently available properties number 14, 762, with 3,282 bank owned and 7,272 short sales.  These numbers reflect about a 4 month inventory of houses.  Absent a substantial change in these numbers, we … (0 comments)

Spanish Coca Cola in the Afternoon - 07:24 PM
It was one of those special afternoons...lunch with my publisher and friend Peg Silloway. We do something every month. No matter how busy... if it's on the calendar .. we keep the date!
Today's choice was one of my favorite restaurants, Tio Pepe, where Lee and I  have been going since we were married 15,572 days ago.
My Best Close Ever and Forever   
Usually Lee and I go for a romantic dinner, to celebrate an anniversary or whenever we want that special feeling, great food and ambiance. But who says you can't enjoy all of this on a Monday at … (13 comments)

Can I Have the "Flight Plan" to do a Short Sale? - 07:26 AM
 
Hi folks. My partner Wendy posted this article yesterday explaining how there is not one "Flight Plan" when it comes to Short Sales. Each transaction is different with it's on set of challenges.
Wendy and I are hoping that our new Short Sale Agent Training class launching in a few weeks will help agents have a safe landing when working Short Sales.
The destination? A successful closing
 
Via Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.):
 
 
The other day an agent asked if she could have my “flight plan” to do a short sale. … (9 comments)

Our Gift from Active Rain - 09:40 PM
Our Gift from Active RainI'm excited about my gift from Active Rain. I just got my community sponsorship of Bright Water in Snellville, Ga. I started setting it up and need to get a photo that is sized correctly, but I can do that soon.  I'm looking forward to posting more about the community on this site.Active Rain also provided a video showing us how to set the page up. Here's the link: http://activerain.com/blogsview/2084254/tutorial-setting-up-your-activerain-community-sponsorship Wasn't that nice of them! The community reached 200,000 members yesterday and they gave us a gift. Thank you Active Rain.
… (12 comments)

Call for Entries ~ Lone Tree Photographic Art Show & Sale - 12:15 AM
The Ninth Annual Lone Tree Photographic Art Show and Sale presented by the Lone Tree Arts Commission and the Lone Tree Photography Club. This juried exhibition runs from April 16 to May 8, 2011 from 8:00 am to 8:00 pm at the Lone Tree Golf Club and Hotel, 9808 Sunningdale Boulevard, Lone Tree, Colorado.
… (4 comments)

Selling Your Home? Make It Appealing! - 12:59 AM
Homeowners sometimes get so involved with keeping the interior of the home nice and neat, they often forget the exterior!
In the winter months most people enter and exit their own homes via the garage door, thus never giving a second thought to shoveling the walk.
Many communities will send out a painful reminder in the form of a summons.  Not shoveling the sidewalk can actually be a crime! 
When working with my clients as a buyer's agent, I tend to expect to walk thru some snow.  It's not what we prefer to do nor do I want to risk my client's "life and … (3 comments)

Like A Note In A Bottle - 08:22 PM
A second visit to The Seasons, a 55 & Over Active Adult community, had me smiling from the moment I got there.  There were no spots in the visitor parking area just opposite the model homes so I had to temporarily pull into a numbered spot, belonging to an owner, right in front of the office.  Leaving my friend in the nice warm car while I checked to see where other parking might be available, I ran into one of the sales staff.  She greeted me warmly, letting me know they happened upon my blog review, loved it, and featured it on their … (0 comments)

Like A Note In A Bottle - 10:26 PM
A second visit to The Seasons, a 55 & Over Active Adult community, had me smiling from the moment I got there. There were no spots in the visitor parking area just opposite the model homes so I had to temporarily pull into a numbered spot, belonging to an owner, right in front of the office. Leaving my friend in the nice warm car while I checked to see where other parking might be available, I ran into one of the sales staff. She greeted me warmly, letting me know they happened upon my blog review, loved it, and featured it … (8 comments)

What the heck is http://about.me/ all about - 09:11 PM
Why it's about me...er, you of course, hence the name.
Most of us have many online personas scattered all about the web and until now there has been no central location to point or send people to have one single online identity that directs visitors out to wherever they need or want to go.
Enter https://about.me/
In a quick to set up template site you can easily compile all your online personas into one page and direct all the friends and visitors there to find you on websites like Facebook, twitter, your personal blog, and lots of other sites; all gathered … (7 comments)

Nampa Idaho Market Report for Carriage Hill Subdivision - 11:37 PM
Nampa Idaho Market Summary for Carriage Hill
 
 
From January 1, 2010 through January 1, 2011
 
8 homes are currently for sale
     Average Price $272,187
     Average price per SF $95
     Average Days on Market 156
 
7 homes have sold in 2010
     Average price $245,409
     Average price per SF $77
     Average Days on Market 82
 
1 home is currently pending sale
     Average asking price $375,000
     Average price per SF $109
     Average Days on Market 113
 
Great buy on 2982 SF Home at 548 Bayhill Dr.
 
Contact Don … (0 comments)

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