Jim's Blog - Archives November, 2007

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Our agent talks about a BPO … what is that? - 11/28/07 02:41 PM

A BPO is a Broker Opinion of Value. A BPO is used by real estate agents to determine a competitive listing price on a property by showing Sellers what other similar homes have sold for in their neighborhood. A BPO is similar to what agents call a CMA, Comparative Market Analysis. … (6 comments)

There Are So Many Things to be Thankful For This Year! - 11/21/07 03:46 PM

We are very thankful for many things including: the low interest rates; the elimination of subprime lending; the new laws protecting borrowers; the responsible lenders still in business that care about the customers and are ready to help them; the seasoned escrow officers ever ready to help Buyers and Sellers; the … (2 comments)

We want to buy but we're waiting for the Buyer's market ... are we there yet? - 11/20/07 04:01 AM

The market has finally given the advantage to the Buyers, but only just recently and many won't admit it yet. Following the strongest Seller's market we've ever seen in Carson Valley, many Sellers just wouldn't/won't let go of their unrealistic expectations. On the other hand, many have recognized what is happening … (3 comments)

We just received an offer contingent on the sale of a home ... what should we do? - 11/15/07 09:30 AM

Offers contingent on the sale of a home were ignored by Sellers over the past couple of years because of the plethora of Buyers in our market. In these times, however, a contingent offer is better than no offer, which is what many Sellers are experiencing. The Contingent Sale in and … (3 comments)

We heard about an FHA program to help after our loan adjusted ... is it real? - 11/14/07 03:22 PM

Indeed, Congress approved a program aimed at helping some subprime or high-risk borrowers faced with increasing interest rates on adjustable-rate mortgages. Named FHASecure, the program offers homeowners the chance to refinance into better loans. An estimated 2 to 2.5 million adjustable-rate loans are scheduled to "reset" in 2007 and 2008. That … (0 comments)

All this talk about Disclosures ... how do we know which to use and what they are for? - 11/09/07 09:16 AM

The Nevada State Legislature directed the Real Estate Division of the State of Nevada Department of Business and Industry to prepare a Residential Disclosure Guide that was ready for the public by July 1st of 2006.
The Guide is fifteen pages in length and both Sellers and Buyers must sign an … (0 comments)

We are ready to buy … how to we get a good deal? - 11/07/07 11:03 AM

You have asked the question that is stopping many from acting ... congratulations and thank you for doing so. Good real estate deals are available, but it takes work and knowledge to find them or to satisfactorily negotiate one. That might seem contradictory to what is the popular opinion of the … (1 comments)

How do I know my information is safe in the Multiple Listing Service? - 11/07/07 05:40 AM

The Multiple Listing Service (MLS) has a lot of data that is not for public knowledge. To gain access to the MLS information one must belong to the MLS, have an access identification number, and a password linked to that identification number. That gave a great sense of security to the … (2 comments)

With all the new technology are agents still people offering a service? - 11/06/07 09:00 PM

There is an abundance of new technology that agents are now able to use to increase their efficiency. There is a fine line that agents must walk to make sure that they don't get absorbed by the new systems and products available to them and lose their personal touch with their … (1 comments)

The agent told me the Seller's were broke and had to sell...can they do that? - 11/01/07 06:45 AM

It depends on what the agent's relationship with the Seller is. If it is the Listing Agent then they may not say, or imply, anything of the sort without your permission. When a Seller signs a contract with an agent they form what is known as a fiduciary relationship. Webster defines … (7 comments)

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