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Commercial Real Estate Investors Have Recovery in Sight - 03/22/10 11:42 PM
Let's hope this is true. We're having better luck with local commerical lenders who want to drive by the property before lending on it. Via Paul Roesch, St Louis Real Estate Auctions AARE, CDPE (Father Time Auctions, Real Estate and Estate Auctioneers): For the first time in two years, commercial real estate investors are expressing a renewed sense of optimism about the future. Based on their responses to a quarterly survey conducted by PricewaterhouseCoopers, investorsbelieve the worst has passed and a commercial real estate recovery is on the horizon, although they acknowledge that challenges do still exist.“Following the onset of the recession and (3 comments)
Why you SHOULD refer out a buyer or seller if it is out of your area - 03/20/10 11:39 PM
I have a friend who wanted to move to Portland Oregon. He wanted me to write offers with him on a few homes. I told him that I didn't know Portland that wel (except the Zoo and OMSI)l. He indicated "well you have a license in Oregon right?" Yes I do. It's my duty as your friend to find you a Realtor there who knows the area very well, and can get you that "great deal". So I referred it out. He got a screamin' deal, and I got a referral, and a new friend to refer transactions in Portland to. Please Please Please... if you (6 comments)
Time to get serious pricing your home. - 03/19/10 12:57 AM
Time to get serious pricing your home. Over the next 43 days someone will want to buy your home. The Question is, "is it priced correctly?". Buyers who are going to take advantage of the U.S. Federal Governments First Time buyer's credit of up to $8000 need to be in a signed purchase and sales agreement by April 30th and close by June 30th. This includes "move up" buyers who qualify for up to $6,500 tax credit too. In a Regular market, this would mean that the asking price of homes for sale would tend to go up to compensate (2 comments)
Are You Involved in Short Sale Fraud? Here are the Warning Signs! - 03/18/10 11:48 PM
Had this same type of deal approach me. We did not participate. See below: Via Jonathan Osman (Charlotte House Hunter Group) (Keller Williams Realty): FRAUD: intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right b : an act of deceiving or misrepresenting. (Merriam-Webster Dictionary) It's a scary word in the the real estate industry (and in any industry) and unfortunately the turn in the real estate market has sent the scam artists out in force with an army of desperate agents eager to assist them. I know this because, as an (2 comments)
Latest Version of Health Overhaul to Cost $940 Billion Over Decade - 03/18/10 09:40 AM
Latest Version of Health Overhaul to Cost $940 Billion Over Decade According the today's Wall Street Journal http://online.wsj.com/article/SB10001424052748704207504575129451183093496.html A. Do we really need this? B. Does anyone really believe a politician's cost estimate is real? I'd like to hear your thoughts. (0 comments)
Sometimes a Listing Agent Can Bulldog All S/he Wants To Convince a Buyer Otherwise - 03/17/10 11:56 PM
Great description. Often the listing agent is way too agressive to compensate for a price issue. Via Loreena Yeo - Broker|Realtor(R) of Frisco TX Homes (214) 783-2210 (3:16 team REALTY): I just received an email from a listing agent about a listing price reduction on a home I brought my clients to view 2 months ago. As a courtesy to the Sellers, I've always provide a constructive feedback (whenever I can so as long as it doesn't hurt my clients' position. I won't lie but in some situations, I wouldn't provide the whole truth). So, after visiting this property, my clients had some (1 comments)
What ever happened to getting pinched if you didn't wear green on St. Paddy's day? I remember as a child, it was a big deal to make sure that you had green on, even if it was just a hidden little bit so then you could pinch the other person 10 times for a miss-pinch. Did y'all do that too? What happened there? Count and see how many people in your office wear GREEN tomorrow... Are you giving out PINCHES!!.. _____________________________________________________________________________ If (3 comments)
Get A License... Or Get Lost - 03/15/10 11:59 PM
Had a freind in Portland who wanted me to write offers with him. I told him I don't know Portland that well. He indicated "well you have a license in Oregon right?" Yes I do. It's my duty as your friend to find you a Realtor there who knows the area very well, and can get you that "great deal". So I referred it out. He got a screamin' deal, and I got a referral, and a new friend to refer transactions in Portland to. Via Jon Zolsky, Daytona Beach, FL. FunCoast Realty, 386-405-4408: We have submitted an offer on a condo-hotel unit (6 comments)
Why Unrepresented Sellers Don't Sell - 03/15/10 12:11 AM
Why Unrepresented Sellers Don't Sell 1. No exposure. A sign in the Yard, and an Ad on Craigs' List is not going to attract the buyers you're looking for. 2. If I'm unrepresented too... I want a Screamin' deal. If you're saving money, I want some savings too. In this market the sellers are competing with Bank Owned Properties. 3. I know your home is the "BOM", but it's not worth 5-30% more than the other comparable homes in the neighborhood. Again, those buyers want a screamin' deal. Oh yeah... don't forget the appraiser. They are going to use the (9 comments)
Do not hide defects in your property or it could come back at you - 03/14/10 11:48 PM
Great Advice. DISCLOSE DISCLOSE DISCLOSE. Much easier than contacting a lawyer later. Find out what the problems are upfront, because you know the buyer's agent is going to advise their client to have a home inspection. Via FREE Delaware Homes Search!, $$ Save $$ Find Homes! Delaware Realtor Tom Davis (Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today !): Do not hide defects in your property or it could come back at you.
When you meet with your real estate agent at the time you list your home for sale, it is extremely important to be very truthful and honest with (4 comments)
Thanks for showing-now where's the FEEDBACK!!!!!! - 03/14/10 01:47 PM
It is really imperative that feedback is given, especially when the home has been sitting for a while. Some sellers just need to hear what the buyer thought. Buyer's agents... please don't think of it as an imposition. You'll need feedback on one of your listings someday. On the other hand, Listing agents - Please don't call me in an hour while I'm still out showing properties and ask for feedback. Via Holly Lynch (Keller Williams Greenville Central): Miss manners I'm not and PC definitely not, but there is one thing that gets my goat on a regular basis in this industry. I (2 comments)
ActiveRain University Presents Customizing Your ActiveRain Blog - 03/13/10 09:21 AM
I should be at this training. :-) C U there. Via Jeremy Blanton (210 Consulting~ Social Media Advisors): Branding your image is one of the most important aspects of any business. You need to have an image that depicts you and the business you are involved in. Many sites require complex steps to customize a theme and make it the way you wish. ActiveRain offers you a really great option on how to customize your blog to represent your image better. Unfortunately, very few really master how to accomplish this. Have you ever seen a blog on ActiveRain that looks like this?
New Underwriting Updates - Or I think this is the direction we're going.... - 03/12/10 06:45 PM
I recieved this from one of my trusted Loan Officers... ENJOY NEW UNDERWRITING UPDATES: All borrowers' birth certificates will be required with pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers. Marriage certificate and photographs with bridal dress will be required if both husband and wife are required to qualify for the loan. GFE will not require signature, but will require blood sampling from a recognized institution within three days of application. DNA test will be performed at closing to avoid any non-arms length transactions. Loan funding (7 comments)
Loan Modifications - Reasons they are not being accepted - 03/12/10 11:06 AM
Good advice. One more thing. Don't give up. Just because the bank turned you down the first time, doesn't mean they will the second time. We're all in a learning mode with this process. That includes the first line processors you speak with on the phone. Via Arji RASHIDI (Global Reach Realty): I recently wrote a blog about loan modifications, and I now want to step in further and get a little more information out on why those loan modifications have not been working. As a homeowner, the last thing you want is to loose your home to the bank, and I therefore (0 comments)
10 Tips To Help Sell Your Home That Won’t Break The Bank - 03/12/10 09:24 AM
Most of these items can be done in a day. This is great advice for anyone selling right now as the competition is high. Via John Mulkey, Housing Guru (TheHousingGuru.com): Today’s housing market has left many homeowners owing more on their home than it’s worth and others with so little equity that selling seems difficult if not impossible. Homeowners who need to sell, but have no budget for making their home more appealing by making upgrades or repairs may find the following tips helpful. Each of these can be accomplished with little or no money and can make a dramatic difference in the (1 comments)
Another Hurdle For Home Buyers - 03/12/10 08:45 AM
Rural Development is big in our outlying areas. This could be a factor in the recovery. Via Randy Ostrander-Realtor® Serving Big Rapids and West Central MI (Lake and Lodge Realty LLC ): Another Hurdle For Home Buyers Just when it looked like a good spring coming yet another hurdle was thrown out there for homebuyers. I have received several emails in the last couple days warning that RD will be running out of money in mid to late April. Most of my first time home buyers were planning on using RD being the last of the low down payment programs. Here is (0 comments)
What does "As Is" Mean, and of course, there's "Where Is" - 03/11/10 09:57 AM
What does "As Is" Mean, and of course, there's "Where Is" "As is" clauses in a sale contract mean that seller is not making guarantees as to a property's condition. It also means they are not planning to make any repairs. This may scare away many buyers, who assume, rightly or wrongly, that something major is wrong with the house. I'm my experiences representing buyers for Bank Owned properties, "As Is" does not always mean "As Is". Most of the buyers are getting a loan, which means that their lender may require some repairs before releasing funds for the buyer's loan. (3 comments)
Reclaiming my "rookie" enthusiasm... - 03/11/10 12:35 AM
This was a great post. Jason I hope you don't mind my re-blogging this. Via Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC): I have been working from home most days lately, which is a real blessing in my opinion. I could go to the office, but many days my work involves catching up on emails and perhaps a few phone calls (and blogging, too, of course). As a result, I often get my writing inspriration by watching or playing with my children or from some conversation with my wife.
Tonight, I noticed that my (1 comments)
If you don't how to do a short sale, you're WAY BEHIND the learning curve - 03/10/10 09:36 PM
Don't know how to do a short sale? (or don't want to?) Call me and I'll take the referral. Via Pacita Dimacali - e-PRO, SRES, CDPE, MBA East Bay, North CA real estate (Gallagher & Lindsey): REALTORS: if you haven't learned how to manage a short sale, not only as a buyer's agent but as a listing agent as well, then you're way, way behind the learning curve. Fire sale? With the number of people facing preforeclosures, we are surely going to hear from property owners seeking guidance on what to do This week alone, I received three inquiries from property owners who (0 comments)
HOUSING RECOVERY - the downturn will end in 2011 - 03/09/10 08:57 AM
This Agent put up a great post. Our local market looks to be bouncing around on the bottom. Via David Luyster (Coldwell Banker United Realtors): The market will recover - there is no doubt about that! It is simply a matter of when it will recover! Billionaire investor Warren Buffett predicted that the real estate market downturn will end by 2011 as the housing inventory declines. 'Within a year or so, residential housing problems should largely be behind us,' Buffett wrote in his annual letter to the shareholders of Berkshire Hathaway, where he is chairman and CEO. 'Prices will remain far below ‘bubble' (0 comments)
My Last Realtor Couldn't Sell this House - 03/08/10 10:42 PM
This happens more in a buyer's market like we are currently experiencing. Via David Monsour (Prudential Bob Yost - Sites, Gettysburg, PA): "My last Realtor couldn't sell my house, but the next guy sold it in 7 days." I heard this statement a few months ago, and began thinking about situations where this happened to me or people I know. One of the best agents I know recently had this happen. It certainly wasn't this particular agents fault, but unfortunately the buyer came along during the second listing. Now, I'm not treating Realtors as a protected class. There are Realtors that are incompetent, (1 comments)
So you still want to get robbed… - 03/07/10 11:59 PM
This is too funny... if it weren't true. Via Elayna Fernandez - Marketing Expert - Naples FL (Designed 2 Impress, Inc.): In an effort to raise awareness of the dangers of broadcasting your location to your social network buddies, telling them you are not home, PleaseRobMe.com is “Listing all those empty homes out there”. In a very funny way, PleaseRobMe.com lists robbing opportunities in real time.
PleaseRobMe.com Raising Social Media Security Awareness
Recent Empty Homes are listed in a very direct way to let everyone know what they are really saying by disclosing their whereabouts is “Please rob me” because (2 comments)
Individuals Who Make Up The Team...It Takes Many To Get The Job Done Right - 03/07/10 10:25 AM
Great Advice. An Experienced Realtor will have many team members to get the job doen right. Our Office at John L. Scott Medford has a great team of support staff to back up your transaction. Via Barbara Todaro (RE/MAX Executive Realty in Franklin, Ma): The word " team" has a multifaceted definition for me. My team and I have a team of people with whom we do business. We have a team of loan officers with a count of three or four. We have a team of home inspectors with a count of three or four. We have a team of attorneys with (0 comments)
Selling your Home THREE TIMES - 03/06/10 03:20 PM
Why we have to sell a home THREE Times I was at a listing presentation the other day, when the subject of price came up as it usually does. After looking at the numbers, the sellers indicated that they thought the home was worth far more than the others on the street, and that we should go with a much higher price than the comparables indicated. At that point I had to explain that we need to sell the home Three Times. FIRST to the other agent(s). If we want to generate showings. If they think it's overpriced, we're not going (8 comments)
Builders are coming back - 03/04/10 11:13 PM
Everywhere I see builders getting back in the building game. It's just beginning, but I can smell the new lumber, and see the studs getting put up on a regular basis. Prices on lots in Jackson County Oregon are less than 1/2 what they were just a few years ago, and it's becoming a financial reality to be able to build a new home for the same price or just a little more than a used one. I see 2003 prices on lots, and some even less expensive. An East Medford building lot can be had for $75,000. Back in 2006, (1 comments)
Shocking Things In The Works Facing Realtors and Home Seller-Buyers - 03/04/10 10:54 PM
We are working on a solution that will be beneficial for evveryone (except the aggregators). Via BILL CHERRY (BILL CHERRY, REALTORS - DALLAS): One of my friends, an old dude like me who's been involved in real esate for eons, called the other day. Here's what he told me: Bank lobbyist are pushing for legislation which will prohibit a person who owns a home from selling it and taking back the mortgage. The buyer will have to get his financing through a commercial, licensed lender. Soon it will be impossible for mortgage brokers to remain in business; all or the majority of the (0 comments)
Via Debe Maxwell, Realtor® - Charlotte NC MLS - Charlotte NC Neighborhoods (Helen Adams Realty): If You Don't Know How to Cook, Get OUT of the Kitchen! You see, right now, there are too many cooks in the kitchen who don't even know how to boil water! Hire a chef or go to culinary school, I say!
Annoyed? That's an UNDERSTATEMENT! Isn't there something in the Code of Ethics regarding misrepresentation? Don't agents worry about legal issues when they represent themselves as something they're not (3 comments)
Insurance company wants to see the home inspection? WHAT? - 03/02/10 09:59 AM
Beware of this insurance company. In a transaction right now that involves an REO property. We're almost to the finish line. The Lender's underwriter has finished with their requests and is ready to draw documents. All that is missing is an insurance binder. My buyer calls her insurance company, Ameriprise. The Insurance company will not write a policy on the property until they see a copy of the home inspection. An unusual request, but That's what they are claiming is holding up the binder. They supply a fax number, and off it goes. The next day, we still don't have a (5 comments)
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