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The house is in the MLS and actively marketed and either has not shown enough or has shown but not drawn offers. There are no obvious condition issues. A price reduction is in order if the seller who is not just testing the market. When considering a price reduction you need to think about how buyers work. By themselves or with their agent's assistance they go online, identify the locations of interest, specify the configuration requirements (not the nice-to-have preferences, the must-have-requirements), and specify the upper limit (1 comments)
The house hasn't shown very much, despite being actively marketed and on the market for a reasonable time. No offers have been received. The listing agent and the seller have decided to consider a price reduction. This post discusses why it is almost always worth one price reduction (even a nominal one). Reducing the price by the smallest increment allowed in your MLS will allow the listing agent to hang a nice big red sign "REDUCED!" rider on the listing and to put (1 comments)
Seller's Guide: Agent Bonuses: Do They Work? - 10/30/11 10:13 AM
Seller's Guide: Agent Bonuses - Do They Work? Copyright (c) 2011, Deanna & Jim's GOL D Team Sellers frustrated with a lack of showings or offers on a home listed for sale often consider offering a cash bonus or above-normal commission or both to the selling brokerage (buyer's agent and his/her broker). Like all tools these have their uses. In our experience they work primarily to increase showings, but not offers. The primary drivers of offers, in order of importance are (1) location and configuration, (2) being in the MLS, and (3) price. Sellers cannot do anything about location and rarely (3 comments)
Unfortunately investing in improvements to a level which is wholly or partially below grade will not return you close to 100 cents on the dollar. Any money you spend on your basement needs to be for your personal enjoyment while you live there, because the next owner or renter is not going to pay you anywhere near what it cost you. (0 comments)
Doing Broker Price Opinions does not generate much money very quickly. The more BPOs you do, however, the better and better and better you know your local market values. BPOs are a disciplined way of forcing you into the comparable listings and sales for each subject neighborhood. And nothing gives you a feeling for the texture of an actual neighborhood better than knocking on doors, Mike Ferry style. Old School! (3 comments)
3rd Largest Private Mortgage Insurer Taken Over by AZ Regulators - 10/24/11 09:28 AM
3rd Largest Private Mortgage Insurer Taken Over by AZ Regulators Copyright (c) 2011, Deanna and Jim's GOLD Team Today's Wall St. Journal reports that Arizona regulators have taken over mortgage insurer PMI and put restrictions on its claim payments. Mortgage investors such as Fannie Mae, Freddie Mac and Wells Fargo had been receiving claims payments of about $1.5 billion a year. PMI will reportedly now pay only 50% of their claims in cash with payment on the balances deferred according to the company's website. See the complete WSJ copyrighted article at the link: http://online.wsj.com/article/SB10001424052970203911804576649454068446160.html (0 comments)
US homeowners troubled by making payments on a home whose value has declined may welcome the new HARP (Home Affordable Refinance Program) enhancements announced today by the Federal Housing Finance Agency, in conjunction with Fannie Mae and Freddie Mac. From the FHFA.gov website: Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from (0 comments)
Straw Buyers, Wholesalers, Bird Dogs, Deal Finders Beware - 10/23/11 09:34 AM
Straw Buyers, Wholesalers, Bird Dogs, Deal Finders Beware Copyright (c) 2011, Deanna & Jim's GOLD Team Identifying a specific property or buyer/seller to a party interested in a potential real estate transaction (buy/sell/lease/option) when you are not a principal in the transaction constitutes practicing real estate brokerage if you do so with the expectation of anything of value as compensation. Practicing real estate brokerage requires a real estate license in all US jurisdictions. If you tell your brother or friend about a house they might want to buy and get nothing of value then you're (0 comments)
When a real estate transaction involving a broker occurs the broker collects a commission. The question is who do you think pays it? Choose your favorite answer! 1. Sellers pay commisison - Everyone knows and we all say that the seller pays the commission for both the buyer's and seller's side of the deal. It shows that way on the HUD-1 as part of the seller's closing costs. 2. Buyers pay commission - Yes, the commission does show on the HUD-1, but in fact the seller's closing cost is coming out of the sales price. Therefore the commission is included (2 comments)
Lazarus Deal! - 10/21/11 11:49 AM
Lazarus Deals! Copyright (c) 2011, Deanna and Jim's GOLD Team
When we are involved in potential transactions where buyers and sellers discover that they do not have a meeting of the minds we are always careful to attempt to leave all parties with as positive a feeling as possible. In one recent situation we were discussing a seller's situation among our team when - coincidentally the seller called us to inform us that they would counter the offer rejected a week ago at a much lower price. We swiftly thanked them, and called the buyer's agent, who just - coincidentally (0 comments)
A handbill we recently saw from an organization whose name has been not disclosed here offered recipients a fee of $500 for referring a person to them whose home they ended up buying. Unless this organization has a real estate license it is illegal for them to either offer or receive anything of value to anyone (including a real estate agent) who refers a seller to them. This practice is known as "Practicing real estate (0 comments)
Well-Advised Investor Captures Short Sale End Unit TH in Georgetown South - 10/18/11 10:18 AM
Well-Advised Investor Captures Short Sale End Unit TH In Georgetown South Copyright (c) 2011, Deanna & Jim's GOLD Team A local real estate broker had attempted to sell an end unit townhome in Manassas's popular Georgetown South division 3 times. She represented the first buyer herself. The bank's counter offer requiring payment of delinquent HOA dues by the buyer chased that buyer away. The second buyer was represented by another agent. That buyer could not deal with the bank's counteroffer on price. The same thing happened with the third buyer. The GOLD Team brought a (0 comments)
New Home Buyer Secures Old House Contract Enabling Progress - 10/18/11 09:51 AM
New Home Buyer Contract on Old House Enables Progress Copyright (c) 2011, Deanna & Jim's GOLD Team The eager buyer wanted to take advantage of the lot choice and builder's terms available. They had to sell their old house to afford the new one. The builder (like most) wouldn't take a contingent contract. The builder offered to refer them to a (steady friend) local agent offering guaranteed sales but full commissions. The GOLD Team said we could sell their old home with a discounted commission and give them a rebate on (0 comments)
Rent-Back Contract Smooths Old-To-New Home Transition Issues - 10/18/11 09:31 AM
Rent-Back Contract Smooths Old-To-New Home Transition Issues Copyright (c) 2011, Deanna & Jim's GOLD Team Buying a new home from a builder is exciting, but presents some timing challenges in regards to the sale of your previous home. The builder can usually provide you a target completion and closing date. The builder's date depends on weather, sub-contractors, material availability, local government inspectors and other events not entirely within their control. The prospective buyer of your previous home, however, is trying to coordinate the sale of their home, or the completion of a lease. These events can often (1 comments)
Payment challenged homeowners sometimes make the rational decision to avoid the credit damage triggered by a foreclosure by pursuing a short sale. With a short sale the house is listed at low market value, and an offer is ratified by the seller contingent on the approval of their lender(s) to the sales price of the offer which is below the amount necessary to pay the lender(s) the amounts owed in full. The lender(s) will always order one or (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.