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short sales: Susie Singlemom just bought a home. Aaron Investor still wants a steal. A modern day real estate fable... - 03/20/11 09:12 PM
All Susie wanted was a home for her family. She didn't have much money, so she spent several months saving up for her closing costs so she could submit a competitive offer. She'd consulted with a local professional REALTOR(R) because she really wanted to understand what was going on in the market.
She got a preapproval for an FHA loan, rolled up her sleeves, packed up her kids and drove through several neighborhoods, comps in hand. She wanted to make sure she was being realistic about what she could afford to buy, and where. Actually, she'd had her heart set on … (6 comments)
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short sales: What makes you think this is really a buyer's market? - 03/20/11 07:42 PM
What makes you think this is a really a buyer's market?
There's certainly bit of confusion in this market, in some part caused by repetitive articles which continually mention the tanking of home prices, even in areas like San Diego where they've remained relatively level.
One could logically conclude that this means the buyer is in charge, right? In some ways, yes, in other ways, definitely not.
Let's take the whole topic of a "buyer's market" away from real estate for just a moment, just to get a little more clarity on the real definition.
Let's say you're buying a car. … (5 comments)
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short sales: If you're going to feel guilty and pay your mortgage.... - 01/11/11 04:09 PM
Dear Mr and Mrs Seller,
If you're going to feel guilty and keep paying your mortgage, I might not be able to help you short sell your home.
Why not?
A synonym for short sale is HARDSHIP. If you have the ability to pay, as evidenced by you writing the bank a solid check month after month, then your hardship will not be apparent to the bank. Most banks and investors have guidelines which stipulate that in order to qualify for a short sale, there must be hardship situation.
I applaud your sense of responsibility, and I know you are trying … (3 comments)
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short sales: The 5 stages of SHORT SALE grief: - 10/05/10 10:58 PM
In 1969, Elisabeth Kübler-Ross wrote a book called On Death and Dying, where she delineated the step by step process through which most people travel when they are dealing with death or tragedy.
Short sales and foreclosures ARE a tragedy. They’re the end of a dream for a seller. They are a ridiculously long wait for a buyer. For an agent, they are difficult at best, but also an amazing opportunity to really help people.
We can provide the most value to our clients when we make ourselves ready and available to deal with a wide range of human … (5 comments)
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short sales: Distressed Homes—or Distressed People? Which one is more important? - 07/19/10 11:05 PM
Distressed Homes—or Distressed People???? It’s really the people who matter, as always. When I first heard the term “distressed homes” it seemed so odd, as if a home can really have feelings. But the people inside can, and they do, in a huge way.
Most people considering a short sale or on the brink of foreclosure experience a myriad of emotions, from the initial denial to bargaining to a final acceptance... and then relief, once they decide to stop making payments so they can start talking to the bank, and move forward in their life, into a sunnier future.
Good … (6 comments)
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short sales: Try Sunny Yellow Folders to Perk Up Your Distressed Clients - 07/18/10 12:48 AM
It's not really about distressed homes-- it's distressed people we should be concerned about. So now I'm using sunny yellow folders, because it’s the little things that can make a big difference to people.
I love yellow because it’s such a happy color--- sunshine, daffodils, baby ducks, happy faces… and lately when I’ve visited clients on the verge of considering a short sale or on the brink of foreclosure, I’ve left them all my info and educational materials tucked inside a bright yellow folder.
As I hand it to them I say: “Your future will be bright.”
This may sound … (9 comments)
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short sales: Get a Copy of Your Credit Scores While They're Still Good - 07/16/10 12:09 AM
If you're facing financial difficulties, and may start having to miss payments on your home, call your loan officer or go to www.myfico.com and order a copy of your FICO scores now, while they are still strong.
Here's why:
1) It's a good, positive reminder for you of all you've worked for AND that your current financial condition is temporary- a blip on the radar-- and that soon you'll be back to your normal state
2) Once things improve for you and you're in the market for a loan again, you can use this documentation in a letter of explanation, and … (8 comments)
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short sales: How long are you going to keep trying to save your home? - 07/15/10 12:48 AM
How long are you going to keep trying to save your home? And why?
In working with many short sale sellers, as they get closer to the time when it’s clear that soon there will be no more money left, most of them go through the same sort of angst, and it’s usually based on pre-existing morals and values. I don’t know of a single seller who wants to stop paying on their mortgage. The conversations they have focus around the promise they made, the promise that they are about to break.
It’s fascinating to me that if a large … (7 comments)
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short sales: Get HAFA Certified! Your clients will appreciate it. - 05/06/10 02:39 AM
C.A.R. is offering a great way for us REALTORS(R) to expand our knowledge base, get-up-to-the-minute training on the new HAMP and HAFA procedures, and provide our buyers and sellers with much-needed expertise.
It only takes 2-3 hours and a great internet connection. I was very impressed with the content, and the fact that to pass, you have to get 100% right on every one of the 6 tests. Then you become a Certified HAFA Specialist.
Info was in the 4/27/10 edition of Your Membership, Your Way. Here it is again:
Become a Certified HAFA Specialist and grow your business by mastering … (6 comments)
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short sales: You learn something new every day... or do you? - 03/01/10 10:58 PM
I'm sure you all have signed up for the daily/weekly emails sent out by NAR and your statewide REALTOR(R) organizations... and I hope you've noticed the Right Tools Right Now series. I just completed the new SFR Short Sales Foreclosures Resource Certification and there is a lot of crucial info there which every agent operating out there should know. I learned a lot-- even though I've been involved with short sales for a few years now-- and the webinars were especially helpful. I did my course online and right now they are waiving the $175 app fee.
Check out the course:
… (2 comments)
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short sales: Are the Banks getting their wish of taking over Real Estate? - 02/10/10 12:36 PM
Remember a few years back when the banks kept pushing and pushing to enter real estate? We legislated this away, but look at what's really happening now.
In heavy foreclosure areas, banks are the king of the hill. They don't write counteroffers, they issue ultimatums. They work in their own world, on their own timetable, and do exactly what they please. Rules come and go.
In the under $300K market here, we've got 80% of the inventory either REO or short sales, so we deal with banks all the time. They have effectively "taken over" real estate in this part … (6 comments)
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short sales: Is the season of condemnation over? - 02/04/10 03:47 PM
Remember last year when every news report seemed to point the finger at those "irresponsible" homeowners who'd taken out a mortgage they "didn't deserve"?!? What?? Those prices were the admission ticket to homebuying then, and everyone I worked with bought at the lowest price they could. So if our Depression continues and a loaf of bread goes up to $10, will we be "irresponsible" for buying at that price?
When I started in RE 11 years ago, I admit that I did judge those in financial trouble. Now with a little seasoning, I have seen so many different scenarios of financial … (5 comments)
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short sales: Top 10 Stress-Busters for Crazed REALTORS(R) - 01/20/10 12:37 AM
Short sales, REOs. multiple offers, lowball offers, non-responsive banks, overpriced sellers, imploding escrows... you get the picture. It's all in a day's work, but these days I think we need a little extra TLC to make it through. Here are my top 10 stress-busters-- please add yours!
1. Take a 3 weekend. Plan it now. And actually go on it.
2. Read a novel; business books don't count.
3. Try a new recipe and cook it yourself. Enjoy a sit-down meal with family or friends. NO TV!
4. Play a board game, charades, pictionary, anything fun and creative will do
… (7 comments)
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short sales: Economics vs. Emotions-- Who's Gonna Win? - 12/16/09 02:14 PM
What's difficult about real estate these days is that purchasing or selling a home is a very emotional decision; however, the factors which create the realities of the real estate market are totally economic, i.e. supply and demand.
In most markets, there is very limited supply now , but a lot of interested buyers AND investors, and this creates a multiple offer scenario. For many buyers, after hearing about nothing but "getting a great deal" for the past few years, it's hard for them to have to up their offer price in this seller's market. Some people just don't have the … (3 comments)
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short sales: Anyone heard of 2nds buying hedge funds so they get paid big $ if foreclosed? - 12/01/09 02:58 PM
My buyers have paid for 2 appraisals, waited patiently for 3 months, the listing agent has worked her tail off trying to get the 2nd to agree in writing to a short sale AND has successfully gotten 3 extensions from the 1st while the 2nd has either: A) not responded at all, or B) kept wanting more money, but wouldn't put any amount in writing.
Listing agent asked them what they really did want and negotiator told her they'd get a lot more money if the 1st forecloses and they (the 2nd) collect on the PMI insurance. What?!? My lender just … (3 comments)
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short sales: Econ 1A -- your Real Estate Refresher Course in 7 Simple Steps - 11/16/09 03:13 PM
Don't get stuck in Fantasyland! Real Estate always follows a few basic economic truths. Honor these realities, and you'll win what you want. Here's a 7-step quick tour through real estate economics. Pass, and you can have a fighting chance to get the house you want.
1. Supply and Demand: When there are more buyers out there than desirable homes available-- you get A) multiple offers, B) offers over asking price. This is what's happening now.
2. Location, location, location: Real estate is always local in nature, and #1 above is what's occurring in most of San Diego. If you read … (2 comments)
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Barb Fischer
La Mesa,
CA
More about me…
RD Brown Real Estate
Address: 2132 Boulders Rd , San Diego, CA, 91901
Office Phone: (619) 461-2244
Cell Phone: (619) 339-1396
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