Al Maxwell's Blog

$8,000 tax credit

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Mon, 01 Jun 2009 22:23:23 -0500

If you are a first time home purchaser there is a huge incentive and financial boost to buy a home. For a limted time, the federal government will give you an $8,000 TAX CREDIT. This means that you could amend your 2008 tax returns and receive a check for the full amount.

If you'd like to use this for a down payment, there are some restrictions, but check with your Realtor or Mortgage advisor for the latest updates. In some states, there are also state tax incentives that can be added in addition to the $8,000 federal incentive.

I was working with some buyers recently who negotiated a very good deal. We bargained for the sellers to pay all closing costs. The buyers put down 3.5% for an FHA loan, which was about $7,000. After the closing, they re-submitted their taxes and received $8,000 back. The buyer asked me..."Do you mean that we get paid $1,000 to buy this home?" I told her yes!

Call me for more details..

BidSelect for homes

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Fri, 05 Dec 2008 06:51:42 -0600

I noticed that there were a few blogs about BID SELECT, but not very many. I want to share with you my experience.

After looking at a listing with an investor, I called the LA for more info. She informed me that my offer will have to be placed on BIDSELECT.COM. We have done this and looks like we may get the home. Here are a few things to be aware of:

1.The registration process can take a minute. Agents have to register on-line and it requires many bits of information. I had to track down my real estate license to find the "expiration date". Not something I keep up with daily. You can pre-register if you think that you may have a client that wants to make a quick offer.

2. The offer goes to a third party company for review. Mine came back that we had been "ACKNOWLEDGED" which I found to be a good thing. Then we printed out 20 plus pages of addenda and had to overnight it to Dallas along with certified funds.

3. The contract is intimidating. The addendum required is long and 100% one-sided. It can potentially scare off clients because it does not apparently let the buyer out of the deal very easily. Similar to other REO contracts these days.

4. Lastly, be sure to compare the price of the property in MLS with the BIDSELECT price. We found that the agent had not updated a recent price REDUCTION, and only uncovered this on the website.

If you have any other feedback or observations, please share them...

Marietta, Georgia - One of the Best Places to Raise Your Kids!

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Tue, 25 Nov 2008 07:39:32 -0600

Marietta, Georgia - One of the Best Places to Raise Your Kids!

Based on a recent study by BUSINESS WEEK magazine, Marietta was found to be #2 in the state for raising your kids. The study was based on towns/cities with at least 50,000 residents and median income of between $40,000 and $100,000.

They factored in SCHOOL PERFORMANCE, HOUSEHOLD EXPENDITURES, NUMBER OF SCHOOLS, CRIME RATE, AIR QUALITY, JOB GROWTH, MUSEUMS, PARKS AND OTHER AMENITIES AND DIVERSITY.

The most important factor was AFFORDABILITY, and with the economy that we are in, you may just want to consider moving here!

Here is the link to the whole article:

BUSINESS WEEK LINK

If you have an interest in MARIETTA, and would like to know more, please contact me at 770-988-3453 or through this website.

Some MISCONCEPTIONS about Real Estate Today

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Mon, 24 Nov 2008 07:45:54 -0600

We all know that the media has had a field day with REAL ESTATE for a while now. While things are down, it's never as bad as the media portrays, and I feel that the newspapers are the worst. Big articles when the news is gloomy and a 2 line mention on page 16 when things are good.

With all of that said, here are some misconceptions in the marketplace. This is primarily for buyers as you are out looking at homes.

HOMES ARE ACTUALLY SELLING: Don't assume that if you find one that you like, that it will be available in a week or two. The good ones go quickly. In a market that is down 20%, remember that 80% of the people are still buying. Know the market well enough to recognize a deal and pounce on it when you find it.

CAN YOU GET A STEAL?: Many buyers feel that they have the power to negotiate way below asking price. This can be true sometimes, but not usually. Many people are not as desperate as the media makes it sound. The homes that look like true "steals' are most likely going to need lots of repair and work. There's usually a reason that the house is priced at $100,000 in a $200,000 neighborhood. (it's because the house needs about $100,000 in repairs)

NOT ALL HOMES FOR SALE ARE "DISTRESS" PROPERTIES: With all of the hype about FORECLOSURES, don't assume that they all are. Talk to your agent about tjhe difference in Pre-Foreclosure, Foreclosures and bank owned properties. Many people are still "testing the market" to see if they can get what they want. They don't need to sell, but would like to.

NOT ALL HOMES THAT HAVE BEEN ON THE MARKET FOR A WHILE ARE WILLING TO DEAL: It's interesting how many people associate "DAYS ON MARKET" to "LEVEL OF DESPERATION." They say things like, "It's been on the market for a year, so they must be really ngotiable on this price!" The truth is that many times the opposite is true. The house has not sold because they WOULD NOT NEGOTIATE. They may have had multiple offers and not willing to discount the home by a dollar, and lost the sale.

That's all for now. If you see a deal, buy it fast. Don't over-analyze the market. Look for the deals, but know what you are buying.

The crazy world of REO properties

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Fri, 21 Nov 2008 09:01:30 -0600

This crazy world of REO properties.

I have an investor, who in one day, asked me to prepare offers on 12 properties. My first thought was the great opportunity to have several more closings this year and generate some extra income. The truth of the matter is, the offers are around $50 to $60K and one offer has been lowered to under $35K.

What amazes me is the response from REO agents. EVERY counter or acceptance requires a document as long or longer than the Georgia Association of Realtors Contract. Every one is different and has varying degrees of additionally required documentation.

It's also interesting to get the "well we have multiple offers, so you may want to raise your bid" types of responses. Even when we don't raise our bid, it's interesting how many we got anyway. I don;t know who is teaching these agents how to negotiate. I guess it works sometimes.

I'm keeping score and will report back to you on the outcome.

The amazing StreamLight Stylus Pro

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Thu, 13 Nov 2008 08:05:53 -0600

One tool that I carry with me when showing homes is the StreamLight Stylus Pro. With a name like this, it could be anything from lap top to a fountain pen, but it's a FLASHLIGHT. It's a very snall, but very powerful light that fits in your shirt pocket. We've all shown property that had no electricity or had a dark crawl or attic. Especially with the number of foreclosures, you need a flashlight to get around.

Several websites sell them. Just Google "StreamLight Stylus Pro" and find the best price. They are not cheap, but will last for years and years. Very sturdy. As I mentioned before, they are just slightly bigger than a pen and fit comfortably in a jacket or shirt pocket. Discreet without making you look too "nerdy."

The also easily fit in a purse or day planner. Check 'em out. Good stuff for all realtors.

Billion Dollar Agent

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Fri, 31 Oct 2008 08:29:12 -0500

I heard a CD of an interview with Steve Kantor this week. Mr. kantor is the author of "BILLION DOLLAR AGENT." I'm Curious if you have read this book. I have not ordered the book, but the interview was intriguing.

Mr. Kantor interviews the TOP 70 agents in the country. Those agents that have already done or mosT likely will do a BILLION DOLLARS IN TRANSACTIONS in their careers.

His goal is to take the agents that make about $100,000 to the level of making $200k to $500K. His research shows that if you have gotten to a six figure income that you have what it takes to get to the levels just mentioned above.

He also says that this book is not designed for rookies and if you're not in it for the long haul and high incomes, don't bother reading it.

If you know much about this book, please share it. Here's the link for more info:

http://www.billiondollaragent.com/index.html

Utilize ALL streams of Real Estate Income - Be creative and consistent

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Fri, 31 Oct 2008 08:19:01 -0500

As many markets have softened, it's requiring that we get more creative in getting clients. In speaking with other agents, I think that we forget about referring business out of town or out of state. I'm closing on a home today that came through our relocation department.

The Florida agent had some Atlanta buyers looking around the Orlando area for a home. They informed the agent that they were wanting to sell their home in Atlanta and move to Florida. As an excellent agent, she asked if they had listed their home yet and whether they had an agent or not. They said "no" and she asked if she could refer an agent to them. She filled out the paperwork, sent it our relocation depratment and it was sent to me.

Ironically, the couple ending upo buying a house in Florida, but they used ANOTHER AGENT! She receievd no compensation from their Florida purchase.

On the other hand! She will receieve a check for $4,000 next week for asking one questiion and filling out one fax and doing an out of state referral. Great job!

Brian Buffini - Highly recommended

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Wed, 29 Oct 2008 16:10:19 -0500

I just attended my second "TURNING POINT" with Brian Buffini. I know the name "turning point" is a little hokey and sounds like a Tony Robbins Rah-Rah session, but now that I have been using the Buffini system for a year I'm convinced it's the way to go. My second Turning Point helped me to hear him again and sharpen my systems and plan more effectively.

These 2 days events will be stopping this year and next year, the sessions will be only one day events. The two cities left on his tour are Richmond and Phoenix. If you can go, it's very well worth the cost.

So many agents flounder in their first year or two and Brian helos you focus on what really produces income. Being "independent contractors" is the good and bad news. Some direction and structure are critical.

If you want more info, just type BUFFINI in Google and he'll pop up. Great stuff!!

Radon update- what you really need to know

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Wed, 29 Oct 2008 16:01:59 -0500

Here is a link I want to share:

http://www.epa.gov/radon/pubs/citguide.html

It's the page that takes you to the "CITIZEN'S GUIDE" to radon. While we don't have serious radon problems in Georgia, there are pockets of the metro that have elevated levels. This multi-page brochure is in color, it's free and can be printed for your use. It's provided by the EPA and is very well done.

I suggest you read it because there is a lot of confusion and mis-information flotaing around about Radon gas.

You can't see it, smell it or taste it, yet it's a big health risk at high levels.

Check it out and give to all of your clients...That's my suggestion....

Another request - day Planners with us in mind

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Tue, 28 Oct 2008 16:31:12 -0500

I heard that Franklin Covey or DayTimers had a calendar slash planner designed specifically for Realtors. I also heard that Buffini and Company had created one for their clients. With as many Realtors as there are, you would think that some calendar company would design one with us in mind.

If you know of a manufacturer or company that has this, or even the software, please let me know. Since real estate transactions are about 90% the same in every state, this should be easy to create.

Maybe someone with an entrepreneurial spirit wants to take on this task. How 'bout it?

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Recognizing a deal and is it the best deal

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Mon, 14 Jul 2008 15:31:47 -0500

Many home sellers are eagerly - no desperately - looking for a buyer in today's market. As we know, most sellers typically add a "pad" of 5-10% for "negotiating" room. What we are seeing in the current environment are sellers who are eliminating this pad, just to generate some interest and traffic.

For example, a seller who would settle for $400,000 as a final sales price might start at $450 to allow for some negotiating. If this home sold for $410, then both parties would feel like they won since it came in $40K under asking price, yet $10K over what the seller would have ultimately accepted.

To use this same house as an example, maybe they started at $450 and then dropped to $425 after 60 days. Showing traffic has dried up, and so they drop the price to $400 "firm" just to attract a ready and willing buyer.

Even though $400 is one heck of a deal for this subdivision, buyers and their agents still feel like if they pay "full retail" then they are not getting the best deal.

If you are a BUYER: Be aware if it's a deal or not. If the asking price is a reasonable one, you may need to pay the seller his/her asking price. Talk to the listing agent and see how much room there is. If they tell you that it's their bottom price, and it truly is a deal, I recommend you buy it.

If you are a SELLER: Be careful not to go to your lowest price too early. As opposed to reducing the price, offer to make some upgrade concessions or pay closing costs. If this doesn't work, then lower the price and make it clear that it is a FIRM price. You want to imply that it's an AS IS price, but do not say this in the litsing. Any listing with "AS IS" in the description signals that it's probably trashed.

Best deck treatment

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Fri, 25 Apr 2008 08:14:42 -0500

Does anyone have any suggestions about DECK TREATMENT/STAIN.

I'm frankly tired of re-staining every few years and want THE VERY BEST...even if it costs more.

If you have any suggestions, please let me know...

Thanks

UPDATE: I tried the CABOT brand and I think that you have to be careful about the type of stain. there are some that are more "paint-like" than "stain-like" and don't las as long until you need to re-paint the area. Just something to think about.

The world is smaller (and faster) with all of the technology

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Wed, 05 Mar 2008 17:16:03 -0600

I am in negotations with a couple re-locating from Florida. We are going between 2 properties and the style and distance for negotiating a deal are mind boggling.

The Seller lives in Colorado, the buyer's wife is in Orlando, the buyer is on Business in Pensacola and the Listing Agent is at the Remax convention in Las Vegas. The Lender and I are in Atlanta. So betrween many calls, texts, e-mails and faxes, we are working on a deal.

We all take this type of communication for granted, but it hasn't been that long that we didn't even have overnight mail. After that came faxes, and then e-mail and texting.

All of this technology makes our life easier....or does it??

Loans are getting tougher to get

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Thu, 28 Feb 2008 20:55:21 -0600

We got an e-mail yesterday and many of the types of loans that we are all accustomed to seeing are no longer as easy to get. There appears to be limited 100% loans and especially for those with borderline credit scores. If you have excellent credit and have some money to put down, you should be OK.

Just don't expect (1) no money down, (2) 90-100% loan AND a great interest rate. You can probably get ONE or TWO, but not all three of these.

It's still and EXCELLENT time to buy. Check with Coldwell Banker or another reputable lender and check on what kind of loan that you can get.

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Pools - add or subtract value

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Wed, 27 Feb 2008 09:43:36 -0600

I had an interesting discussion with some other agents about the value of having a pool in a home. The main question is...

Does a pool add or reduce the value of a home???

We came up with the two factors that we think affect this:

1. Price of the house: many high end homes have the best amenities, and that usually includes a pool and maybe an outdoor patio, grill, fireplace and possibly veranda or pool house. A well designed pool adds to the look and therefore adds value.

2. The second factor is the size of the yard: If a pool takes up the majority of the yard, then it can be perceived as a negative. If around the pool there is space for grass and landscaping, then a pool can be a plus.

Do you have any othert factors that influence this.

US Real Estate Services - Anybody use these guys?

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Wed, 27 Feb 2008 09:17:42 -0600

US Real Estate Services

I heard about this company: US Real Estate Services...also called USRES from another agent. They request a BPO or BMA on REO properties. You complete the report and it's my understanding that if they like your work, you will get the listing.

There are no promises...you do the report, which must include several exterior photos, and submit it the reviewers. You do not get paid for the work. You just have the chance to possibly get the listing.

I'm curious if any of you have or currently use this service. Can you share with me your experiences, Good or bad,....

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Thanks !!

How much lead paint have you found?

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Tue, 26 Feb 2008 06:58:23 -0600

I am working with a couple who is buying a home built in 1958. Because of the laws, I have to provide a lead based paint disclosure and lead based paint pamphlet. You all know what I'm talking about.

The home inspector made the purchaser feel better about the home, since he claims that LBP (lead based paint) was used mostly on wood trim (and not on the walls) and that most of the trim had been replaced recently.

The purchaser also asked about lead in the water, which is also in the pamphlet.

I personally do not know of anyone who has found lead paint or lead in the water.

Have you had any experience in finding lead based paint in a home? How was that experience??

REOs from Bank of America

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Mon, 25 Feb 2008 21:56:19 -0600

REOs from Bank of America

I'm hoping that you can help me......

I am looking for some information on contacts at BANK OF AMERICA for their REO properties. I hear that this division is based in VIRGINIA OR KENTUCKY, but I don't have any other information.

If you have a website.....or phone number....or better yet, a contact name and number, I'd be very grateful.

Thanks in advance for your help on this! If I can return the favor at any time, I'll be glad to reciprocate....

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There's no second place in a listing competition

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Mon, 25 Feb 2008 21:52:34 -0600

In many sports events, the winner is applauded and given the Gold; second place gets the Silver and third gets the bronze. Even the losing team in the Super Bowl gets a HUGE ring and a bonus check for making it that far.

When it comes to your listing presentation, you need to be buttoned up, because there is no second place prize. Your potential client may interview you, and several more agents in making their choice and sign your listing agreement on the dotted line.

It's truly a "winner takes all" situation and you should approach it as such. Prepare, prepare and prepare for this meeting. Make the information personal and custom to their needs. Don't look like you grabbed a "canned" pitch from your office and drove over on the spur of the moment. Have their name(s) on the proposal, pull pertinent comps, and make the data relevant.

Present with enthusiasm and show that you really do want their listing. Find out what other agents they are talking to and why they selected those agents. You'll find out more than you expected, and it will help your case.

Go for the GOLD, because there is no SILVER or BRONZE! Best of luck!!

What are considered "Closing Costs" in Georgia

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Fri, 22 Feb 2008 08:37:58 -0600

With the new 2008 GAR Contract in force, you need to be aware of what constitutes closing costs.

Of this list, the contract designates that the seller pays some of these and the buyer pays some of these.The list is long and as a seller, if you commit to a sum to contribute to the buyer, understand that any and all of the money can be used for the list below.

Costs considered to be "closing costs.

Georgia Transfer tax
All costs, fees and charges to have the closing attorney search title and prepare:

The Warranty deed
The owner's affidavit
Buyer's Power of Attorney
All promissory notes, deeds to secure debt and other loan documents required by any lender providing financing in the transaction.

Tax services charges
Recording costs
Courier fees
Overnight delivery fees
Document preparation fees
Underwriting fees
Delivery, copying and handling charges
All other costs, fees and charges and amounts to otherwise close this transaction except as they relate to the clearance of title encumbrances and/or defects necessary for Seller to be able to convey good and marketable title to the property.
Survey costs
Appraisals
Insurance (including flood insurance)
Inspections
Termite Treatment and/or repair guarantee
Escrow establishment charges
Loan discount points
Costs to buy down a loan, and other similar costs.
Any expenses resulting from the Seller not being able to attend the closing

So you see, there's a lot...if you have any questions, please feel free to contact me..

Flurry of activity

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Thu, 21 Feb 2008 13:38:32 -0600

Wow things have really picked up that past couple of weeks. I think it's the Winter blues that everyone holds their breath through to try and make it to the New Year. Then when all of the Christmas decorations are down, the New Years festivities are over and the December bills start coming in, people make the choice to buy or sell.

Also part of it is the corporate relocation business that puts off the expense until January. Then with refreshed budgets they have the financial wherewith-all to allow the executives to move.

While the Atlanta market is not as inflated as other areas, we are like the tortoise that consistently makes small headway each year without fail. Home investments go up 3-8% per year, and over time that can prove to build some nice equity.

We had 200,000 new residents move to Atlanta in 2007 and that is expected to continue this year,. This influx helps to maintain the demand in real estate.

I hope that you are also seeing some activity. Springtime is right around the corner!

Look at Active Rain's Growth- Wow!

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Thu, 14 Feb 2008 08:12:05 -0600

I pulled this from a website called COMPETE.COM. You can plug in almost any website and check the page views.

Check out that growth!

Go Active rain!!!! It will be very interesting to watch as this amazing website continues to grow. This is a good example of providing a service that is needed and very much appreciated. I hope that you find it worth your while to blog and comment and hopefully get some business out of it.............

If at all possible, leave the young ones at home

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Thu, 14 Feb 2008 07:35:02 -0600

I primarily deal with families in the North Atlanta area. Many are relocating and some are just moving to a different part of the metro.

For the families with young children, I encourage the parents to try and have a sitter or family member to watch the kids while they are out looking for a home.

Now I know what you're thinking - that I'm doing this for my own benefit of not wanting the deal with kids. The truth of the matter is, I love kids. I have three of my own and really enjoy them very much. Sometimes the kids that are dragged along with adults while house hunting, are more delightful than the parents.

Seriously, I think it's easier on the buyers to be without the kids. Here are some reasons:

1. Time- With kids in tow, it usually means two cars. With two cars or one, with young kids, it always takes longer to move from house to house. You'll see many more homes without young children.

2. Distractions - When the father and mother are trying to discuss what they liked about a certain home, there are always the distractions from the children. It's just a matter of being able to focus.

3. Boredom- the truth is, most kids don't get a kick out of going from house to house. After about 3 or 4, they're ready to do something else.

4. Meal Times- Many buyers (adults) are usually on a very tight time frame. They want to cover as much ground as possible and sometimes don't want to stop for lunch. If we do stop, it's usually drive through or something quick. When you have kids, lunch is just about mandatory.

5. Bathroom breaks- Adults can usually wait until we get to the next home. Sometimes children can't and require stopping along the way.

6. Naps- many times as we get to a home, we find that the child(ren) have fallen asleeo in their car seat. This requires that either you wake up a sleepy child, or one parent stays in the car or you leave the child in the car. None of these are good ideas. (especially the last one)

As potential buyers, you want to have the focus to select the very best home available. Do yourself a favor and hire a sitter or leave them with a frind or relative. I think you'll be glad that you did.

In stressful times do you become more introverted or extroverted??

Al Maxwell - Real Estate Agent - (Coldwell Banker) — Wed, 13 Feb 2008 22:39:03 -0600

When things get tough, how do you react? Many people, not just Realtors, have the tendency to do the opposite of what we should be doing.

If you're having a bad day/month/year, etc, we sometimes have a tendency to bury ourselves in "introvert" type work. We spend too much time in the office, too much time on the computer, or fill our days with many other non-productive.

This is the time to let the "extrovert" part of our personality shine. Now I know this is not easy, but there are ways to boost your positive energy and move forward. Make calls, send out letters and even re-kindle old relationships.

There are great sites like LINKED-IN that help you to find old college buddies, friends from previous jobs or other groups that you may have been affiliated with.

This week I had lunch with an old friend that I haven't seen in years. Tracked him down on Linked In!

When things get stressful, push out rather than retreat inward. Get out and press the flesh and you'll pull yourself out of the negative zone!