You are representing the buyer in a transaction. The listing sheet clearly states, "Not a short sale," but you notice, while doing your due diligence and researching the property in the MLS, tax records, county courthouse records, etc. that the list price is significantly less than NOT ONLY what the seller paid for the home but also less than the amount of their loan. You ask the listing agent, "This definitely isn't a short sale?" He says, "No."
You write the offer, and following negotiations, your client (the Buyer) reaches an agreement with the Seller - they are under contract. The normal things happen from here: the inspection and subsequent repair negotiation; the appraisal; the loan package arrives at the closing attorney's office; the HUD-1 Settlement Statement is prepared and sent to all parties. You notice that the Seller needs to bring upwards of $51,000+ to closing in order to sell their home. "You're sure it's not a short sale?" you ask the listing agent. He says, "No."
And then...four days before closing, your phone rings. It's the listing agent, and he says, "I really need to talk to you."
Sure enough - the seller doesn't have the money to close. They are more than $10,000 short and have no way to come up with the money. Their bank has turned them down for a loan for the amount they need. They are a bad risk. They have asked family and friends, who have also turned them down. Suddenly, the closing that has been 45 days in the making (not to mention the time you spent showing properties to your clients) is falling apart. You feel helpless. Your buyer is confused and angry. The listing agent...well, you wonder where was he throughout this process?
The question is, what do you do when the listing agent doesn't fully do their job? As REALTORS®, our job is to counsel our clients. That includes preparing a "Net to Seller" sheet when an offer is received AND at the time of each subsequent counteroffer. It also includes talking them through the situation - do you know how much you owe on this home? Do you have the funds you will need to close? It includes requesting a preliminary HUD-1 from the closing attorney to show the seller, in black and white, what their financial obligation is at closing. It includes being brutally honest with your client about their financial obligations, as well as being diligent and DOING YOUR JOB. Our Georgia Association of REALTORS® contracts has a "Source of Buyer's Funds" exhibit and a "Financing Contingency" exhibit that sellers can use to insist on knowing the buyer's financing plan; however, there is no "Source of Seller's Funds" exhibit that we can use to protect our Buyers and be sure that the Seller has enough money to close in a situation like this one. After this week, I really think there should be.
Because this is not a hypothetical. It happened to me this week. Thankfully, we closed the loan, with some artful maneuvering on the part of the closing attorney, who was able to eek out some additional funds for the seller by netting their escrows and applying that amount to the deficit, among other things. The money was "found" and the closing happened right on schedule.
But the point it, it might not have closed. And the sad fact is that, in this market, doingdue diligence on just one side of the deal is no longer good enough. We've entered a time in which we now have to worry about not only prequalifying OUR clients, but also prequalifying the clients on the other side of the table, in case that agent has not done his or her part.
I just returned from the CyberStars Summit in Scottsdale, AZ, and WOW, was I ever blown away by the amount of idea-sharing and learning. I attend lots of conferences and educational opportunities every year - I've always wanted to be a perpetual student - and this was, by far, one of the best!
The number one takeaway that I learned from this conference was using QR Codes in my real estate business to help me sell your home.
What is a QR Code, you ask? Good question!
A QR Code is like a bar code - the ones you see in grocery stores, bookstores, almost any retail establishment. It is a code that, when read by the correct device, can provide you with information about a product - whether it's a price on a retail product, or in this case, a website and information about a home listing.
A QR Code looks like this:
It's the next wave in technology that allows you to download information in a "green" way. For example, if you drive past my listing and want more information, you would use your iPhone, Blackberry or other PDA/Smart Phone device to scan the QR code on my sign instead of picking up a paper flyer. You could then download the information stored in that code, which contains the website address for that listing and would take you to www.3003Mulberry.com - the website for my listing at 3003 Mulberry Street.
If you have a Smart Phone/PDA, iPhone, Blackberry - you can download a QR code reader. (I have an iPhone - I like the free QR Code reader app called "QR app".) There are FREE, downloadable apps for these devices that can not only allow you to be mroe "green" (i.e., not pick up and waste paper flyers) but also to have instant access to information at the touch (literally!) of a button!
Will a QR code guarantee a quicker sale of your home? Not necessarily, however, it will open up your listing to a whole new realm of possible buyers. As Gen X, Gen Y and the Millenials become the largest group of homebuyers and also the most tech-savvy, they look for more and more technologically savvy REALTORS® and real estate. The more resources we give them, the more attracted they will be to your listing.
It's an exciting time to be a REALTOR®! Call me today if you are interested in buying or selling a home - let me put our tech-savvy marketing plans in place for you today! Visit Maura and The Gebhardt Group online.
I just returned from the CyberStars Summit in Scottsdale, AZ - January 10-13, 2010. There, I was able to learn from and network with some of the top tech-savvy REALTORS® in the nation - wow! was I ever blown away!
The weather was lovely - after our unseasonably cold weather and snow/ice storms in Atlanta - and the networking and learning were even better!
Not only was I able to meet and put a face to a name with REALTORS® whom I've had the pleasure of knowing only on Facebook, LinkedIn, Twitter and other social networking sites, but I was also able to expand my tech-knowledge to help me serve my clients better and expand my network of REALTORS® around the nation.
How does this help you, my clients and friends?
First, it means that I was out sharing ideas with some of the top minds in the biz - my business can only improve and my service to my clients can only get better from the education I gained from my colleagues. This time, with the CyberStars®, I have learned the latest technology to help you buy or sell a home - to help me stay in touch with you - to market your home.
Second, my network of trusted REALTORS® across North America has expanded further. Every time I travel and attend a conference or an education session, I am able to get to know other real estate agents - when you are planning a move across the country or across the state, I can help you find a great REALTOR® to help you buy a new home - and I can refer him or her with confidence.
Finally, it means that I can continue to learn from and network with these great people - the brightest minds - the top producers - and now my good friends! I've found that the key to a successful real estate career is not what you know but whom you know - and knowing the best helps me strive to be one of the best.
The best tech-tip I learned at this year's CyberStars® Summit was the QR Code. Want to know more?Click here!
Thanks, CyberStars® - I am already looking forward to next January's Summit and to seeing you all again throughout the year at other conferences! And friends,I'll keep you posted on my future travels and learning! Stay tuned!
The 2009 First-Time Homebuyer Tax Credit was pretty great - it enabled many first-time homebuyers to become homeowners and created an incentive to help kick-start our slow economy. The NEW 2010 Extended and Expanded Homebuyer Tax Credit is creating quite a stir, too, but it has also created some confusion and brought up many questions from homebuyers, both veteran and first-timers.
Here are some answers to a few of the many questions out there - they may be questions YOU have, as well:
Is the tax credit for first-time homebuyers only? No, the NEW Extended and Expanded Homebuyer Tax Credit is for all buyers. There are a few exceptions. If you have owned and occupied a residence for five consecutive years of the past eight years, you qualify! First-time homebuyers still qualify, as well. There are also some income caps and maximum purchase price qualifications.
What is the deadline for the homebuyer tax credit? To qualify for the 2010 Extended and Expanded Homebuyer Tax Credit, you must be under contract to purchase a home by April 30, 2010, and you must close on that home by June 30, 2010.
Is there a maximum purchase price? Yes, the maximum price to qualify is $800,000. However, there is no minimum purchase price.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the IRS. In the event that no taxes are owed, the IRS will issue a check to the individual for the amount of the credit.
Where can I get more information about the credit? You can click on the image below to download our FREE comprehensive guide to the NEW Extended and Expanded Homebuyer Tax Credit. After receiving your copy, there is no obligation to contact us further. If you have additional questions, you can email me at Maura@gebhardtgroup.com for more information and guidance toward your home purchase.
PLEASE NOTE: Neither The Gebhardt Group nor any of its members are Certified Public Accountants. Please consult your financial advisor and/or your attorney before following any financial advice.
According to a press release sent out by the City of Johns Creek, Georgia, Fulton County was officially added to the list of counties declared federal disaster areas, following the flooding and torrential rains two weeks ago in Georgia. This means both residents and business owners are eligible for aid.
It's that time of year - time for The Gebhardt Group's 4th Annual Trick or Treat for the Troops! Once again, we are collecting donations for our holiday care packages to be sent to brave men and women of our Armed Services who will be deployed during the holiday season.
How can you help? There are a number of ways!
Donate items from our list - our donation drop-off day is Saturday, October 24 from 1:30-5:30 PM at our office, located at 10220 Medlock Bridge Road, Johns Creek, GA.
Donate $$ toward postage fees, which are completely subsidized by The Gebhardt Group.
Send us the names and addresses of your family members, friends and neighbors who are serving overseas, so that we can send them care packages for themselves and their units.
Pass this email along to your friends and family, so that they can be involved, too!
Here's what we are collecting:
To read two stories of soldiers who received our care packages, click here:
October 4 - 10 is National Fire Prevention Week. It's a good time to check your smoke and fire alarms, and you might as well check your carbon monoxide detectors while you're at it!
While we usually remind people to check their smoke alarms twice a year -- usually when we change our clocks, springing forward and falling back -- Fire Prevetion Week is a great time to check them, too.
Make sure that you text your smoke alarms weekly and be sure you test and replace batteries at least twice a year.
October 4 - 10 is National Fire Prevention Week and the City of Johns Creek, Georgia, is using it as an opportunity to educate its citizens about fire prevention and fire safety tips.
All this week between 4 PM - 6 PM, the public is invited to stop in to its local Johns Creek fire station for a tour and children's fire safety materials, badges and hats.
The final installment of this year's "Movies in the Park" in Johns Creek, Georgia, is Ice Age 3 - scheduled for Saturday, October 3 at Johns Creek's Newtown Park.
And there's a 100% chance of snow that evening, at least according to the City of Johns Creek!
In celebration of the last film of the year and the fact that the showing is Ice Age 3, the city will have a snow machine on hand! The event is FREE and starts at 6 PM with pre-show events, with the movie starting at 7:30 PM. Food vendors will be there selling snacks and beverages, but you can also feel free to bring picnic baskets - no alcohol is permitted.
Here's a map to Newtown Park, which is located in Johns Creek, near the intersection of Old Alabama Road and Haynes Bridge Road:
The City of Johns Creek is seeing its tax dollars go toward another worthy investment - its own 911 Emergency Communcations Center.
Developed with the City of Sandy Springs and servicing both of the new cities in north Fulton County, Georgia, the promise is that the new 911 center will provide more efficient service that the current Fulton County system, under which both cities previously fell.
I took the Johns Creek 101 class back in the spring and it was refreshing to hear the Mayor and the City Manager talk about the new 911 system with so much enthusiasm and pride. Only time will tell if it truly improves the efficiency and response time from when we were under the Fulton County system, but on paper, at least, it looks great now!
DISCLAIMER: The Gebhardt Group and all of its members disclaim liability for any damages or losses, direct or indirect that may result from use of or reliance on, information contained in their blogs or for accuracy of comments or opinions of visitors to her blogs.
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.
learn from and network with some of the top tech-savvy REALTORS® in the nation - wow! was I ever blown away!
October 4 - 10 is National Fire Prevention Week and the City of Johns Creek, Georgia, is using it as an opportunity to educate its citizens about fire prevention and fire safety tips.
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