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Theory 'Z' Real Estate - 02/27/11 11:00 AM
Theory Z Applied to Real Estate Copyright (c) 2011, Deanna and Jim's GOLD Team Bill Ouchi's famous Theory Z was a management hit in the 80's. I took Ouchi's Theory Z course in an Executive MBA program at UCLA. Theory Z is built on very simple observations: * Human beings have bounded rationality. Put simply this just means that no one can get their mind around too many things at the same time. We are all limited by the amount of attention and mental capacity we reasonably apply to dealing with a particular matter. Because we sense our own limitations we each (0 comments)
Door hangers are a low-tech, old-school, back-to-the-basics marketing tool we find useful for Open Houses or door-knocking canvassing campaigns. By the way, if you ever go to put these up you quickly develop a strong preference for high density townhome neighborhoods rather than the 1 acre estate lot areas (there is a lot less walking!). You can buy these on blank card stock, pre-perforated for separation after printing. You can print them single or double sided. Separating and punching out the (2 comments)
Don't Sign Undated 4506-T's - 02/25/11 10:23 AM
Don't Sign Undated 4506-T's Copyright (c) 2011, Deanna and Jim's GOL D Team Various financial institutions with a legal right to request copies of tax returns from a current or prospective borrower ask the borrower to sign an IRS Form 4506-T, "Request for Transcript of Tax Return." 4506-T contains the following cautionary language right on the front page: Caution: If the transcript is being mailed to a third party, ensure that you have filled in line 6 and line 9 before signing. Sign and date the form once you have filled in these lines. Completing these steps helps to protect your (1 comments)
Is Flash Money Cash? - 02/25/11 10:16 AM
Is Flash Money Cash? Copyright (c) 2011, Deanna and Jim's GOLD Team Cash offers require Proof of Funds. The most commonly accepted forms are: (1) a bank account statement (usually with the account number blacked out) showing available funds sufficient for the purpose, (2) a letter on bank letterhead signed by an officer of the bank (the more recognizable and well-known the bank, the better) stating that the buyer has funds available of $X which exceeds the offer amount (3) a bank account statement (usually with the account number blacked out) showing an available line of credit sufficient for (1 comments)
CODE OF ETHICS: Selling Agent Attempt to Alter Commission Via Offer Terms - 02/20/11 11:50 AM
CODE OF ETHICS: Selling Agent Attempt to Alter Commission Via Offer Terms Copyright (c) 2011, Deanna and Jim's GOLD Team From the 2011 NAR Code of Ethics: Standard of Practice 16-16 REALTORS(r), acting as subagents or buyer/tenant representatives or brokers, shall not use the terms of an offer to purchase/lease to attempt to modify the listing broker's offer of compernsation to subagents or buyer/tenant representatives or brokers nor make the submission of an executed offfer to purchase/lease contingent on the listing broker's agreement to modify the offer of compensation. (Amended 1/04)
So, besides inviting a civil suit for tortious interference (5 comments)
From Wikipedia: Tortious interference, also known as Intentional interference with contractual relations, in the common law of tort, occurs when a person intentionally damages the plaintiff's contractual or other business relationships. Tortious interference with contract rights can occur where the tortfeasor convinces a party to breach the contract against the plaintiff, or where the tortfeasor disrupts the ability of one party to perform his obligations under the contract, thereby preventing the plaintiff from receiving the performance promised. The hardcore instance of this tort occurs when one party induces another party to breach a contract with (4 comments)
Top 10 Worthwhile Flipping Investor Upgrades - 02/20/11 11:24 AM
Top 12 Worthwhile Flipping Investor Upgrades Copyright (c) 2011, Deanna and Jim's GOLD Team 1. Fresh, inexpensive, professionally done, paint. Buyer and limited appraisor appeal. 2. Fresh, inexpensive, carpet on fresh medium grade pad. Buyer and limited appraisor appeal. 3. Fresh, inexpensive, vinyl. Buyer and limited appraisor appeal. 4. New, inexpensive, appliances. Buyer and limited appraisor appeal. 5. Fresh, inexpensive, landscape trim and plant. Buyer appeal. 6. Addition of legal, building permitted, bedrooms or baths IF THE NEIGHBORHOOD comps will justify them. Dividing one big room into two smaller ones does NOT change the gross living area (it actually reduces it (4 comments)
1,001 Offer Investors - 02/20/11 11:07 AM
1,001 Offer Investors Copyright (c) 2011, Deanna and Jim's GOLD Team Attempting to earn a superior return on your investment is good capitalist behavior. Attempting to find $100 dollar bills on a public street in a busy city has, however, very low probability of success. Shooting baskets from the opposite end of the gym has low probability of success. Some investors have the attitude that if they write enough offers 25% below probable appraised market value they will eventually get lucky. Our experience is that such offers take little time from the investor to request, take selling (0 comments)
MLS Category for Rooms for Rent? - 02/20/11 10:51 AM
MLS Category for Rooms to Rent? Copyright (c) 2011, Deanna and Jim's GOLD Team We see them all the time when searching for rentals. The photo shows a single family house but the details say 1 bedroom and 1 bath. It is someone renting empty rooms in a larger house. Most tenants do NOT want multi-family in a single family dwelling situations. Renting rooms should properly require a zoning variance for multi-family use. In our market area the informal violators of the zoning prop open the storm door. This is the multi-lingual symbol (0 comments)
Seller Needs a "Smaller" House - 02/20/11 10:45 AM
Seller Needs a "Smaller" House Copyright (c) 2011, Deanna and Jim's GOLD Team Prospective homesellers sometimes speak in code! We have found that 95% of the people who say they want a smaller house really want a smaller house payment! A house with smaller finished square footage may or may not have a smaller payment. Some discrete questioning is usually required, however, because sometimes the person who wants a smaller house is just tired of cleaning all the unused space and extra bedrooms and bathrooms!
Buyers Shopping While Waiting for the Short Sale Approval - 02/20/11 10:38 AM
Buyers Shopping While Waiting for the Short Sale Approval Copyright (c) 2011, Deanna and Jim's GOLD Team Attempting to purchase a property listed as a short sale requires the patience of Job. Buyers have heard the horror stories of those who had a ratified contract, waited for months and then lost the house because the seller's lender countered much higher than the price the house was listed for, or the house was simply foreclosed out from under the short sale. There are three major ways for a short sale purchaser to protect themselves: 1. Work with a distressed property (0 comments)
Markets with Two Modes - 02/20/11 10:07 AM
Markets with Two Modes Copyright (c) 2011, Deanna and Jim's GOLD Team Many neighborhoods in northern Virginia now have resale home listings distributed in two clusters. The technical term is a bimodal distribution. It just means that one group of homes is priced in one range and another group in another range. Multi-modal distributions naturally exist, of course, reflecting differences in the kinds of houses. For example in a mixed townhome and single family area one would expect the townhomes to cluster in a lower price range than the single family homes. What this post is discussing, (0 comments)
Top 10 Seller Questions NOT to Answer - 02/20/11 09:35 AM
Top 10 Seller Questions NOT to Answer Copyright (c) 2011, Deanna and Jim's GOLD Team 1. Can you make sure than no (white, black, Spanish-speaking, Islamic, Jewish, Christian, Asian, Mexican...) people buy this? 2. I haven't been paying my taxes and I think the IRS is about to put a lien on 'er. Can you tell me how to get my equity out and hide it so they can't find it. 3. I haven't been paying my alimony or child support. Can you tell me how to get 'my' money out and hide it so they can't find it. 4. My (5 comments)
Negotiating Short/REO Sales vs Normal Sales - 02/13/11 09:50 AM
Negotiating Short/REO Sales vs Normal Sales Copyright (c) 2011, Deanna and Jim's GOLD Team Buyers, whether owner occupants planning to live there, or investors planning to flip or rent it out, should be aware of a key difference in how the seller's negotiation is handled for a short/REO sale vs a normal sale. (In all cases this discussion ignores the listing agent. While the listing agent is VERY important to the seller's success their fundamental job in negotiations is accurately transmitting written offers and counter-offers and to the seller and making sure the seller is aware of (1 comments)
Short Sale EMD Deposit at Ratification - 02/11/11 10:00 AM
Short Sale EMD Deposit at Ratification Copyright (c) 2011, Deanna and Jim's GOLD Team We, and our broker, always counter short sale offers proposing not to deposit EMD in a trust account until after the seller's bank approval is received. Here's why: 1. Without the EMD there is no consideration, hence no contract. Having a contract with a contingency is not unusual. Taking a house off the market without a contract is hardly serving our seller. 2. The buyer can get the EMD back if they withdraw without undue process. 3. The buyer may be going down the street using the (0 comments)
1. Sooner or later everyone is a tenant. Treat them with respect. 2. Every tenant is either a future buyer or knows one. 3. Working with tenants makes you more attractive to get your own rental listings from landlords. 4. Landlords not only rent, they buy and sell. 5. Tenants talk to their friends, relatives and co-workers. 6. Some landlords are happy to have the confidence that the rent will be paid which is provided when they rent to a Section 8 tenant. 7. Your (2 comments)
Ask About Their Name! - 02/11/11 09:36 AM
Ask About Their Name Copyright (c) 2011, Deanna and Jim's GOLD Team I sometimes don't hear a person clearly when introduced. I have learned that sooner or later it's a good idea to ask something about someone's name. You can ask for how they spell it, how they pronounce it, is it Katherine or Catherine, etc. MOST PEOPLE LOVE TO BE ASKED ABOUT THEIR NAMES! It is a way of expressing that you care enough about them to want to get it right. And it signals that you will pay attention to details (3 comments)
Top 10 Ways to Make Your REO Asset Manager Unhappy - 02/11/11 08:32 AM
Top 10 Ways to Make Your REO Asset Manager Unhappy Copyright (c) 2011, Deanna and Jim's GOLD Team 1. Call them often. They appreciate the contact from every one of the 150 cases they are managing. 2. Turn in reimbursible expense items without the photos, reimbursement forms, invoices, and check copies required. 3. Turn in reimbursible items without making sure the date of service and property address are on each item. 4. Submit offers without proof of funds or preapproval letters. 5. Submit offers without preapproval letters from the required loan officer. 6. Submit offers asking for repairs on AS (1 comments)
Top 10 Ways to Make Your Broker Unhappy - 02/11/11 08:23 AM
Top 10 Ways to Make Your Broker Unhappy Copyright (c) 2011, Deanna and Jim's GOLD Team 1. Neglect to turn in earnest money deposits on time. 2. Put earnest money or security deposits in your own account! (This will get you fired in most places.) 3. Be sloppy about comments that might be misinterpreted as Fair Housing Violations. The test shoppers from DOJ in DC (very local here) will know you are joking. 4. Be late for appointments with clients at the brokerage. 5. Hassle the staff. They're peons anyway. Wonder why they turnover so fast? 6. If another agent leaves (1 comments)
Top 10 Ways to Lose Your Brokerage Admin Job - 02/10/11 06:12 PM
Top 10 Ways to Lose Your Brokerage Admin Job Copyright (c) 2011, Deanna and Jim's GOLD Team 1. Flirt with the agents, especially the married ones. 2. Fail to carefully log the earnest money checks that you handle and lose one every so often just to make sure the agents appreciate you. 3. Chew gum and/or eat at your workstation. (It helps you speak clearly on the phone and relaxes the people who walk in.) 4. Use the copiers and fax machines that the agents use. 5. Once you think you understand how contracts work make sure you helpfully point out (5 comments)
Top 10 Ways NOT To Get Your Rental Application Approved - 02/10/11 05:32 PM
Top 10 Ways NOT To Get Your Rental Application Approved Copyright (c) 2011, Deanna and Jim's GOLD Team Sometimes it's hard to get your application approved as a prospective tenant. Here are some things that will NOT help you. 1. Show up with your four roommates. Ask the neighbor "Do you folks party around here?" 2. Comment positively on the hint of cannibis scent that momentarily appeared in the stairwell. 3. Ask if you can use food stamps, or US Postal stamps to pay the processing fee. 4. Ask what happens when you need to break the lease. 5. Propose (1 comments)
1. Ask for the first month's rent in certified funds along with the application just to be sure that you're not wasting your time using their separate money order to process the application. 2. It's the job of the last tenants to clean up. Don't bother trashing out the place, paying someone to clean it, or even paying someone to empty out the refrigerator or sweep up the dead cockroaches. 3. No point in trying to sweep up the live roaches. They (3 comments)
What the Home Inspector Didn't Find - 02/10/11 04:28 PM
What the Home Inspector Didn't Find Copyright (c) 2011, Deanna and Jim's GOLD Team It's an (REO/short sale/normal sale). The first buyer backed out/fell out and you put it back on the market. Now the new buyer has just done their home inspection and this inspector didn't notice something: (1) maybe a wire splice in the attic for that bath fan the owner replaced a while ago; the wire splice has wire nuts on it but isn't in a properly secured junction box. Hey, the insulation isn't flamable, right? And if the buyer's kids climb around up there they'll (1 comments)
Investor Flash! Profit a Privlege, not a Right! - 02/10/11 04:18 PM
Investor Flash! Profit is a Privilege, not a Right! Copyright (c) 2011, Deanna and Jim's GOLD Team Investors have choices for where and how to invest their assets. They should choose investment vehicles which offer an appealing balance of reward for the risks taken. Nothing guarantees that what worked in 2008 will work forever. Nothing guarantees that what worked on the house around the corner will work on this one. Nothing guarantees that the next appraisor will be as generous as the last one. Nothing guarantees that this opportunity does not carry significant invisible extra rehab (0 comments)
QE2 Chickens Coming Home to Roost? - 02/10/11 10:37 AM
QE2 Chickens Coming Home to Roost? Copyright (c) 2011, Deanna and Jim's GOLD Team Residential real estate is one of the most interest rate sensitive sectors of the economy. The Federal Reserve has begun, via their Quantitative Easing 2 (QE2) program intentionally printing more money, thereby inflating the US currency. The consequence of this inflation is that the real value of everything priced in dollars becomes less, so those controlling the prices of these things tend to raise the prices. This means most immediately that oil and gold are going up as the dollars go down. As (0 comments)
Investor's Guide: "Improving" Your Way Out of a Low Appraisal - 02/09/11 11:04 AM
Investor's Guide: "Improving" Your Way Out of a Low Appraisal Copyright (c) 2011, Deanna and Jim's GOLD Team Improving a flip property to delight prospective buyers makes it easier to swiftly get an offer! However, odds are 99% plus that the buyers will need to borrow some money (cash buyers tend to be other investors and investor-to-investor deals rarely work). The entity lending the money will need to make sure that the collateral securing the prospective loan is adequate and they will have it professionally appraised. Appraisers must be hired through third party intermediaries not (1 comments)
Short Sale Sellers Guide: How to View Loan Servicer's Organization - 02/08/11 08:16 AM
Short Sale Sellers Guide: How to View Loan Servicer's Organization Copyright (c) 2011, Deanna and Jim's GOLD Team We always seek to explicitly teach our short sale sellers how to look at their loan servicer from an organizational point of view: The bank is organized into multiple separate departments. Each department is headed by its own executive with their own mission and their own incentive pay plan. The departments do NOT talk to each other often. They are each intently focused on their mission to the exclusion of the missions of the other (0 comments)
4 Happy Renters Find 4 New Homes in 4 Days! - 02/07/11 10:38 AM
4 Happy Renters Find 4 New Homes in 4 Days! Copyright (c) 2011, Deanna and Jim's GOLD Team In the last 4 days the GOLD Team has assisted four separate families in locating their next home to rent in Prince William County! And another new tenant will be starting her lease this week. Many agents are unwilling to spend the time to help renters who need to find a home. Not so with the GOLD Team. We work with both Section 8 voucher tenants as well as non-Section 8 ones. We are commited (2 comments)
Master negotiators: 550+ transactions last 12 years. 150+ bank-owned transactions 2007-13. Short sales listed, under contract, and buyer offers pending. First time buyer & investor specialists. MBA, MSE, MA Psychology.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.