Virginia RPAC. My 1st VARBuzz.com Post. Are you going to Donate? - 02/29/08 05:04 PM
Today I posted my first (hopefully not my last) post on VARBuzz.com. It is about RPAC and NVRPAC (also written NV/RPAC).
I hope you will post your comments over on VARBuzz.com (and you can repost them here for your points!).
Frank
… (2 comments)

EOS 21 Auction: "Once In A Lifetime!"? - 02/28/08 06:46 PM
Only $135,000!? EOS 21 Condos in Alexandria Virginia just announced a condo-conversion auction of 43 units. A "Once in a Lifetime Opportunity!" This is the second condo-conversion project to take this "liquidation" sales technique. I know I say in my blog "I told you so" a lot, well no exception here. The risks with buying new construction (or conversions) is huge when they have excess inventory. New Construction Bargains: Risks or Rewards? So what about EOS 21? Well the auction is brought to you by the same people that held the Parkside at Alexandria auction back in October 2007 (see Parkside at Alexandria … (13 comments)

Virginia Short Sales are FAKE. Only 5% Close. - 02/20/08 02:38 AM
Update: This posting is oldy but a goodie(2/2008), More short sales are closing now, but this article still explains the process. Newer Short Sale postings here.
Most Short Sales are what I call "FAKE listings." Only 1 in 20 sells. In Arlington only 3 have sold out of 65 attempts.
I briefly went over Short Sales when I defined all SOL Homes including REOs, Bank Owned Etc. But Short Sales need more attention, as they are very tricky and misleading.
A Short Sale is a listing for sale that requires "Third Party Approval." That means that 1, or 2!!, banks are … (43 comments)

Roaches & Bullet Holes Or A Market Decline? - 02/15/08 04:12 PM
The first task in writing this post was to look up whether "bullet holes" was 1 word or 2. Turns out it's 2 words. Learn something every day right? Or is it everyday?
Anyhow, I went to a bank owned property in Falls Church today.It was disgusting. It was infested by cockroaches (we didn't see any live ones) and a bullet hole in the window (or a run in with a Kevlar beaked crow). What a gem!
The good thing was this client was able to see it as an opportunity, instead of being freaked out. Don't get me wrong, it wasn't … (8 comments)

HomeFeedback.com Review: Now w/ Auto Emails. Next up: Wiki It! - 02/12/08 12:46 AM
Feedback is king with listings.
Too frequently sellers will get frustrated with their listing agent for not following up with buyer agents. This is a crucial step. Oftentimes you can find out who might be on the fence and move them to make an offer, or the feedback will help the seller understand what the buyers don't like about a home (ie. price, location etc). Forwarding untouched feedback is priceless (vs a verbal recall).
But I hate the phone. When I have my buyer's agent hat on, I HATE getting a call after showing 10 homes. They might say, "What did you think … (11 comments)

Listing Agent Trick: "Buying a Listing" Vs No Recommended List Price. - 02/11/08 11:25 PM

When I say "Buying a Listing," I am not referring to the actual act of buying a home. Instead I am referring to industry agent to agent jargon. It refers to an unethical trick where some listing agents will inflate the recommended list price in order to win the deal.
I have referred to my mother several times in my blog. I've learned more about real estate from her than anybody else, oftentimes from her mistakes. She was never an agent, but sold several homes over the last 20 years. She would frequently fall for the "Buying a Listing" trick. She would interview 3 agents and inevitably pick the … (11 comments)

Buying a Bank Owned REO Home? Beware of the Bank Addendum and hidden fees. - 02/07/08 06:16 PM
I have wanted to post this post for a few weeks now. I want community participation on this one. I need examples and things to watch out for in Bank Addendums.
So you are buying a bank owned property, and REO or a Short Sale? You need to understand the bank addendums that accompany them, or you might miss a $3,000 hidden fee.
But first, a quick background. Agents that are members of NVAR, and are REALTORS, use a 15 page contract that was painstakingly created by lawyers and a contracts committee. They try to design it as evenly as possible and several "fill … (61 comments)

 
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FRANK LL0SA- Northern Virginia Broker .:. FranklyRealty.com

Arlington, VA

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Northern Virginia Homes - FRANKLY REAL ESTATE Inc

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