buyers agent: The Broke Broker? Grandma is worried. - 06/04/08 12:34 AM
My grandmother thinks I'm broke!
The other day she calls me and says in a thick accent,
"Are you still able to feed yourself? Why are you still in Real Estate."
I asked why, and she proceeds, "I keep reading in the paper that the market is tanking."
I assure her that even though gas prices are higher I have just enough to still buy food.
Three years ago if you said you were a Realtor, it was like E.F. Hutton. Strangers would be caught listening in and people were impressed. (sidenote: I got stuck bookless once and picked up a 1993 … (16 comments)
|
buyers agent: FranklyMLS.com Launch: World's First Wiki MLS - 04/08/08 11:16 PM
I am officially launching FranklyMLS.com, the World's First Wiki MLS!
Where BUYER AGENTS from multiple brokerages come together to ADD information and photo albums to listings they visit. MORE DATA & 1,000+ MORE PHOTOS! THE "OLD 1.0 WAY" MLS: (see all 31 MLS search engines here)
1) One-Way Information. "Here are the homes for sale, as marketed by the listing agent. Take it, trust it, or leave it."
2) Photoless MLS Listings! They sell for $15,000 less but they are a pain for everyone. Oftentimes foreclosures or a listing by an underpaid or sucky agent.
3) Confusing Branding.Who is selling … (74 comments)
|
buyers agent: ALERT! Market BOTTOM! I have 100% Proof! - 04/08/08 11:40 AM
I officially have 100% proof that we have officially hit rock bottom.
No other indicators from NAR or the government have been as accurate as the proof that I have. I found a 100% correlation!
When My MOM SELLS, THE MARKET SKYROCKETS shortly thereafter!
The chart to the left is factual. Actual points when my Mom has sold her property.
The last arrow is from a recent listing which is now under contract. (see listing).
So there you have it. No more need to think. I have always been against the NAR campaign that says "Buy Now," but now I can show proof that NOW is … (25 comments)
|
buyers agent: 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 … (62 comments)
|
buyers agent: FSBOs on Craigslist, How to Find Them; Use Quotes - 12/11/07 11:48 PM
While I've written about FSBOs losing money selling on their own (see Go FSBO! Save $20,000! Agent Tells All!) A good buyer agent with a Buyer Agency agreement (see Exclusive Buyer Agency Contracts. Don't Sign Them... Yet.) should be looking out for For Sale By Owners on Craigslist.
But do you know how to best search for them?
I took Fairfax as an example.
A search for Fairfax For Sale By Owner produced 36 resultsA search for Fairfax "For Sale By Owner" (note the quotes) produced 13 resultsA search for Fairfax FSBO produced 9 resultsThe problem with just Fairfax For Sale By Owner … (38 comments)
|
buyers agent: Current Sellers "Wait Till Spring"? Yeah Right. Lose $10,000. - 11/25/07 06:58 PM
How frequently have you heard a seller during the month of November or December say that they will just "wait until the Spring to sell for more."
As if they can get a higher price then.
Well don't believe it.
On the one hand I don't believe in data since it can be easily massaged, but you gotta start somewhere.
I analyzed 111 in Arlington that had a list date of September 1-30 in 2006. I took the NET after seller subsidy (but I didn't track back to the original list date even though 15% are relisters)
I then looked at those Sept … (9 comments)
|
buyers agent: DATA. What Is It Good for? Washington Post "Trends" Herndon up 14%!? or down 26.2% - 11/25/07 12:23 PM
I was reading the Washington Post on Sat November 24 and I came across their "Real Estate Trends" report for Fairfax County. They compared the first 6 months of 2006 to the first 6 months of 2007. They excluded condos and they used data gathered through the courthouse, and not via the MLS.
Out of the 47 zip codes, they said the #1 fastest growing zip code was 20170, Herndon at 14.4%.
How can this be? I recently wrote about Herndon and the Foreclosure mess going on over there with as many as 48% of homes on the MLS from $300k to … (5 comments)
|
buyers agent: Buyers! Photoless Listings= $15,000 "Sale" - 11/21/07 12:39 AM
Punchline: Buy homes with No Additional photos= Save $15,000 on a $400,000 house.
Buyers LOVE seeing tons of photos for each listing online. I think Realtor.com said that listings with multiple photos get seen 6 times more than listings with 1 photo. The tendency for buyers is to see a photoless house and think it is garbage and skip to the next listing, when in fact it might just be a sucky listing agent or a foreclosure with an underpaid agent. (see the Arlington foreclosure Megan bought, it had no extra photos and she almost skipped it)
I've vented previously about Sucky … (31 comments)
|
buyers agent: Foreclosures in Virginia! The FEVER is back! But is it real? - 11/10/07 03:08 PM
The FEVER was lost for two years, but it's BACK!My Virginia Real Estate blog showcases the trends before you ever knew they existed. This is a new trend, and it is on fuego. Problem is, is it real?The message is slightly different, but the bottom line is still there: Buy Foreclosures, Flip and Get Rich!In the past it was Buy New Construction, Wait a Month, Flip and Get Rich. (see my post on Taxi Drivers pooling their money during the top of the housing bubble) This technique is also known as the greater fool theory. If you can buy it low, … (11 comments)
|
buyers agent: Inflated Appraisals: 1st Major Suit - 11/03/07 12:34 PM
When two of my blog readers send me WSJ articles on the same day, you know something big is up.
Appraisals 101: An appraisal is a report that is supposed to be a 3rd party impartial review of a property (usually under contract) to make sure the price is in line with recent closed sales (not counting houses still "for sale"). This protects the bank from buyers buying overpriced houses, which are at higher risk for default.
I first wrote on this topic of inflated appraisals: Builder Tricks Part 3! Independent Appraisals & Fiduciary Duty. I showed why builders try to require … (10 comments)
|
buyers agent: Builder Bargains: Risks or Rewards? - 09/24/07 12:30 AM
Many Virginia condo builders have bailed before completion of their projects, voiding thousands of contracts (see: Arlington Condos Trend: Back to Apts). Meanwhile, other builders, including single family home (SFH) builders, decided to plow through the rough market.
Earlier in the year, builders (condos and SFH) were finding buyers were backing out of new construction contracts. Some left 2-7% deposits on the table, some fought for their deposit (ask for specifics). Can you blame them? If a property has dropped $70,000 and you put a deposit for $20,000... um, I know that stinks but why not just leave your deposit on … (3 comments)
|
buyers agent: Attn. Market Timers! Exactly When to Buy! - 09/04/07 07:56 PM
Frankly, the #1 questions I get are market timing questions like: "Have we hit bottom?" and "Is NOW the time to buy?" Well, after months of thinking and market analysis I've discovered the EXACT time you should buy, down to the DAY!
So you no longer believe the "Buy Now!" campaign from the National Association of Realtors. Especially since The New York Times quotes the former Chief Economist David Lereah as acknowledging he had gotten it wrong. Also you no longer hear the office water cooler chat: "Historically with a 7% annual appreciation, you can't go wrong" or "stop throwing money out the window" (see my … (34 comments)
|
buyers agent: More Builder Tricks! Independent Appraisals & Fiduciary Duty - 08/20/07 09:58 PM
Frankly, builders are in a heap of trouble with excess inventory! (Just take a glance at Brian Brady's mortgage blog for more details.)
So with this trouble comes questionable practices in order to unload properties. Get a Realtor (the price is built into the condo, you won't get a better deal without one) to represent YOUR best interest.
I already called out one Arlington Condo builder with my: Beware: New Constructions Illegally Not Disclosing Seller Subsidies. After that article came out, that builder suddenly started disclosing their $50,000 seller subsidies.
Well I found yet another builder expanding on that trick. This time the … (8 comments)
|
buyers agent: "Round Robin" Buying System. Save $5k-$25k. Unearthing The Desperate Seller. - 08/20/07 03:10 PM
Frankly, buyers say they want a good deal, but oftentimes they aren't willing to go through the emotional roller coaster the buying process can put them through. A good Realtor will try to shelter the buyer from stress, but inevitably it is up to the seller and their threshold for being aggressive.
For the most part I don't really believe in the idea of a "Good Deal" (see post Buyer's Market?" No Such Thing As a "Good Deal" ), but you can get a better deal if you are open to being flexible and buying with your mind (and agent) and … (6 comments)
|
buyers agent: Builder: Guaranteed Lowest Price* WITHOUT THE ASTERISK - 06/17/07 12:26 PM
The first builder I noticed offering "Pricing Guarantees" was The Park At Courthouse, An Arlington Condo. I thought the idea was brilliant. A promotional plan that would give buyer's some security in their preconstruction purchase, in case prices dropped.
So in theory, if you bought a place for $400,000 and a few months later, that exact or similar unit dropped to $390,000, you would get notice that your unit is now $10,000 cheaper for you.
This was even featured in The Washington Post (thanks to me) on Dec 2006 Read Article. Supposedly they have already made 3 price corrections for past … (9 comments)
|
buyers agent: Picking a Closing Company & other "Partners" - 05/30/07 02:19 PM
I have written before about the "slim shady" shadiness of ABAs or "affiliated business arrangements." See blog: Beware: "Affiliated Business" or Illegal Kickbacks?
The latest and most profitable ABA is when real estate companies funnel deals to title companies and share the profits. The first major case trying to stop this is against Coldwell Banker (Post Article).
But now I'd like to take what might initially seem like the flip side to that blog.
PARNTERSHIPS CAN BE GREAT, AND GOOD FOR THE CLIENT.
Just recently a client got a loan through a credit union. They had a "partnership" with a closing company … (36 comments)
|
buyers agent: 60 Minutes: Redfin Client Saves $27,000 vs FranklyRealty.com Client Saves $152,000! - 05/15/07 04:30 PM
Last night 3 people texted me (or would that be "text me") saying "Turn on 60 minutes," yet I missed it!
I then checked out YouTube. Found nothing. Then I turned to Active Rain and wholla! Members only can watch it here: 60 Minutes on Redfin
America was lured in by the 20 year long story rebirthed as "Attack on the 6% Realtors" and comments about "saving thousands."
I'm pretty sure that when America watched it, they will miss some major points. Normally I'm not a fan of NAR, but I did agree with most of their comebacks (click for their response).
I … (17 comments)
|
buyers agent: Buy Bigger! You’re Only Borrowing It Until You Sell It! - 04/23/07 01:20 AM
So I wouldn’t be able to get away with this blog unless you had read all of my other blogs that have scared off some potential buyers from buying. So if you want, I’ll wait here until you read the others and come back…(blog) …Ok. So here is a tidbit that a Realtor might tell you eventually, but you won’t believe them. You will try to buck the trend and prove them wrong.
Your dream home is just 10-15% HIGHER than your dream price.
Lets run the numbers. This happens more often with 1st time home buyers. In the DC area … (6 comments)
|
buyers agent: "Buyer's Market?" Still, No Such Thing As a "Good Deal" - 04/12/07 10:25 AM
I know some Realtors think it is their job to make their client feel all warm and fuzzy by making the buyer think that they got a "Good Deal". Kind of like how almost everyone who buys a car walks out thinking that they got a good deal!
I don't believe in this. I am not hired to be a comforter. I'm hired to get the most suitable property at the best price possible, and to do so aggressively, if that is what the client requests.
While the client might have landed a "better deal" than other active or sold listings, it … (8 comments)
|
buyers agent: Buyer Agent Photo Albums. Otherwise they forget! - 02/12/07 10:47 PM
Are you a buyer's agent that shows clients homes?
Are your clients' brains fried after looking at 10 homes?
Well, take your digital camera (get the Kodak v570 wide angle camera for under $200) and set your camera to the LOWEST resolution. When you are in the place start firing away like a mad man. Put it on motor drive if you can, and turn OFF the flash (faster photos). If you know how to change your ISO put it to 1600.
The point of these photos isn't to be pretty, but to be fast. Many look like this:
Start with an exterior photo of … (31 comments)
|
;)
;)
;)
