The best advise I ever received when dealing with the bank in negotiating a Short Sale is "Don't take NO for an answer".   "No" doesn't mean "no", it means not now.  There is always someone who will say "Yes". Even if it means recalling the Loss Mitigation Dept. immediately following a phone conversation with a representative that you got nowhere with.  Persistence, without obnoxiously bothering everyone who picks up the phone, will bring results. 

Occasionally, I hit a wall.  Then ask for the manager or the person who heads the department. 

Little tricks of the trade like dialing the 5 digit extension number changing the last number until a human actually talks to you. 

Then there are the out-sourcedcalls to India where the person on the other end is reading a script, takes all your loan information more than once just to torture you and then transfers you to Customer Service.  Refuse to give them the information and ask to be transferred directly to the Short Sale Dept.  I always compliment them for their fluent attempt at speaking English when I can actually understand what they are saying.

There have been incidents that there is no way around the systematic routine of going through several transfers before you find the person who can answer your questions.  Always pleasantly enjoying the experience, I ask questions along the way to help me understand that particular banks process because they are all different.  When I am interested in their job they are more apt to give me the information I need to help me with my job. 

Sometimes accidents happen. I was told by a colleague that one time he accidentally pushed option number 2 for Spanish speaking.  He decided to wait on the line and after telling the representative what his objective was he found he had actually connected to the only US based office that could easily connect him to the person he needed to talk to.  You just never know!

Please share your tips.  I would love to hear them.  I am always learning.

I went on a couple of Realtor Home Tours this week.  The tours were well-organized and very professionally run.  I was disappointed to see that only about 1/2 of those who sign-up for the tour actually attended.  I appreciated the ones that did.  This gives me the perfect opportunity to network with my fellow agents and glean ideas from them on how to use their fresh ideas to constantly improve my own business techniques.  Maybe no one on the tour had a buyer for any of the homes we visited but it provided both the agents and their clients valuable feedback about their properties and a chance to learn something new from each other.  Building relationships with our resource people can also serve to benefit Realtors by special offers, swift and loyal service, and a referral base.  Plus, the food was great!

This is how I see it. . .This is the time to seriously consider making a purchase.  The Feds are due to lower the prime interest rate on the 30th of this month to 5.25%.  It will take a couple of weeks for this change to effect the bond market which will in turn lower home mortgage rates.  The government is doing this to head off a major recession and stop the decline of home values.  When this rate is established the price of houses will begin to increase in value once again because monthly payments will become more affordable.  Already home builders in the Valley have discontinued their buyer incentive programs and have slightly raised the prices of their newly released models.  I hope you see where I'm going with this.  Now is the time to act.  While you still have some bargaining power as a buyer, I would consider making at least a $20K offer less than list price on a certain property.  I know you really like this home and that you would be happy with the purchase once you got moved in.  (This was addressed to my non-committal buyer who is waiting for the prime rock bottom time to buy) You will be on your way to building equity!

Let me know what you think out there in AR world!

I am always trying to keep up on the latest real estate marketing strategies.  My Managing Broker and I are working on a listing proposal that includes a Seller Concession being made with a full price offer up front as part as of the public remarks on the MLS profile sheet.  I have seen some of these promoted on the MLS in the Phoenix metro area as incentives to attract buyers.  They come in a variety of flavors.  Maybe the seller will pay the first year of HOA fees,  possibly the first few months mortgage payments or 3% towards closing costs. Sellers are willing to consent to these concessions with the hope of holding onto a higher than average list price and getting it!

In a market where bargain hunters abound, do you think these kinds of incentives are realistically figured into the bottom line by the buyer?  Can they see beyond the list price in bold print?  Tell me of your experiences with this marketing concept. 

I held an Open House today in a condominium complex in an highly trafficed upscale neighborhood of Scottsdale, Arizona.  Thinking Sunday afternoon was prime time, I had high expectations of drawing a crowd. To my dissmal dissappointment I only had one neighbor stop by.  He was one of the original owners, mind you these units were built in 1964.  Every neighborhood has one of these guys.  He stopped by to chew the fat, eat all the candy out of my candydish and clue me in on the real estate market trends.  First off, I had the property priced way to high (the seller dropped the price $40,000 off the original list price) and told me I would never sell it for that.  He continued to inform me that in todays market there were to many homes on the market and to few buyers who could qualify for a mortgage.  This situation would cause the value of homes to continue to plummet. After all, he was an expert because he had worked as a commercial mortgage lender (before he retired an eon ago).  Then he went on and on about his kids and their nearly perfect FICO scores. . .

Needless to say, I had a very uneventful afternoon.  One thing I have learned to do as a real estate professional is to respect the opinions of others and never discount them.  I thanked him kindly for his insight as he left with my last piece of candy. 

Who really got the sweeter piece today?

The answer to the question is:  I DID!  Later on that evening, I got a phone call from an agent who had an offer to fax over to me on the condo in Scottsdale.  The offer was higher than the last one I had received.   The buyer is putting up $5000 in earnest money, 20% down with a conventional loan and on a solidly backed LSR. It's a SWEET DEAL!

Mr. Rogers is welcome anytime at my Open Houses!

My heart goes out to those who have lost structures and damage to properties in the Southern California area fires.  I especially send my heart-felt thoughts to those who are amongst our ranks of Active Rainers.  The real estate agents, brokers, lenders, title agencies, home inspectors, handymen and the list goes on and on of those who depend on the real estate market for their livelihood. Please know that this Arizonian is a native Californian and is sad to see such devastation to my birth-land.  I truly feel your loss. 

I am thinking out loud!  How is it that the SELLER in a real estate transaction carries the burden of the cost of both sides of the real estate commission?  Why isn't it split equally between buyer and seller's agents and distributed at the close of escrow?  Wouldn't that help level the financial disparity for both parties allowing for a more active market?  Both the buyer and seller enlist a real estate practitioner to negotiate in their behalf and exercise their expertise in securing all legal details of a transaction, then why does the SELLER pay all the commission?

I came across an interesting selling technique that goes beyond the box.  He called it a Reverse Offer.  When an interested buyer visits an Open House or is considering your listing along with another, shortly after present him with an offer, just as a buyer would, from the seller spelling out all the terms of the contract, including the purchase price.  Actually receiving a physical document in writing with the buyers name on it may be just the nudge he needs to make a decision.

Has anyone tried this?  I would like to know if it works.

 

With the onset of the winter visitor months, Arizona is the haven for out-of-state residents.  The weather has cooled to a pleasant daytime 85 degrees and will only drop about 10 more degrees in the next 8 months.  The days are warm and the nights are cool, perfect for many outdoor activities such as, GOLF, tennis, hiking, bike riding, watching the sunrise or experiencing breath-taking desert sunsets.  Life doesn't get much better than this!  To make life in the Valley of the Sun even better this year, we are hosting the Super Bowl along with various other bowl games and then there is always the TPT golf tournament.  This is an invitation to join our fine state for the festivities that are endless.  I would love to help you arrange for your accomodations either temporarily or permantly.

I work in the Corporate Office of Independence Realty Professionals, Inc. in Tempe, Arizona.  The designated broker is very pro-active in creating tools for his agents to use in furthering their business.  He has put together a lead-generating website, www.Homes4SaleAZ.com to use as a referral network for his agents and is now organizing an advertising campaign to attract prospective buyers into a telephone lead capturing station manned by agents who have signed up for "floor time".  I need some feedback as to whether or not this is worth the effort.  I am struggling with the thought that this form of marketing is "behind the times".  Please let me know if you have had success with this in your office.

Thanks a million!