This Is A "What If?" It'll Never Happen! - 03/31/08 07:40 PM
Well, it could happen. This is a true story, and it happened to a colleague a few years ago.
She had a listing that was gorgeous, well priced and sold with multiple offers for substantially more than the list price. The lucky winner of this bloody bidding war woke up a couple of days later in one of those "What was I thinking?" panics. The only way out could be a short fused appraisal contingency.
So this panicky buyer called his lender and said he wanted to ensure that the appraiser did not have any information on the selling price … (26 comments)
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Why Hasn't My House Sold? It's Not Always The Price!x= - 03/31/08 08:48 AM
A few years ago, I was approached to be the third agent for a stately colonial on upper 16th Street. The first two agents had the distinction of being the guys who ranked number 1 and 2 in dollar volume in DC. I'm nowhere close.
I reviewed the prior listing information. The price didn't look bad. Neither agent had made the place particularly easy to show - I hadn't been inside during either listing period. Then, when I got inside, I quickly figured it out.
The owners had been in the Foreign Service for decades and had lived and worked all … (22 comments)
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Going Green - 03/29/08 09:52 PM
Today, I showed some condos in a new green building. It had one of those roofs made of sod. The toilets were even greener than the Totos that I put into my new bathrooms. The floors were bamboo and the windows were really thermal.
There was only one thing. The floor plans were a little odd. There was a sleeping area that wasn't really a bedroom - like no window, so that made it a "den"! The only bathroom was off the living room. There was a little bitty balcony that was almost big enough to stand on.
I really wanted … (13 comments)
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Don’t Call Me For Feedback If You Don’t Want To Hear It! - 03/29/08 07:49 PM
Good listing agents call for feedback, usually within a day of my showing or previewing their listing, and I am happy to share my thoughts with them. But more and more often, they’ll ask how my guys liked their listing and then give me an argument about why my buyers are wrong.In one case, my buyers thought the asking price for a particular condo was just way high, and the agent started to quote two-year-old comps.One agent took umbrage when I told her my buyers loved her listing and the price was right, but they didn’t want to be in that … (14 comments)
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Do Old Agents Retire? Or Just Fade Away? - 03/28/08 05:20 PM
Last week, I wrote a post about my State Farm agent having the unmitigated nerve to retire on me.
Then, one of the comments on that post really struck a nerve when Todd Clark made the observation, "I've never been to a retirement party yet for an agent!"
Come to think of it, neither have I! I've been to some memorial services for some agents who worked long into their geezer-hood, but they never retired! One ratified a contract on an $8 million dollar house in Georgetown only hours before drawing her last breath. And her friends actually convinced the Washington … (63 comments)
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Great Expectations! - 03/28/08 07:53 AM
The old Washington Hospital For Women has been turned into “luxury” condos. Some of the units are luxury. But most just don’t work.The developers thought it would be a huge hit with well-heeled doctors who were at nearby George Washington University Hospital. It wasn’t. The kitchens are fabulous. But most of the floor plans are lacking. The bedrooms are the size of monk cells, which is fine for a couple as long as they’re OK with bunk beds. And a lot of the units have what we call “urban” views. That would be bricks and windows of the building a few … (6 comments)
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The World Is Going To The Dogs! - 03/27/08 02:12 PM
In several posts and comments on other peoples' posts, I refer to my significant other, Willy the hyperactive Labradoodle puppy. Most of the pictures I've taken of him look like the one on the right. He zips through life in a blur.
The picture to the left is Willie during a contemplative moment, waiting for someone to drop a morsel of something fabulously delicious on the floor.
If ever there was a dog who could benefit from psychotropic drugs, it's Willie.
So, a friend sent me a hilarious email about a new breakthrough, for dogs and humans alike. … (16 comments)
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Condo Documents: Not Just A Cure For Insomnia! - 03/26/08 11:23 AM
In the District of Columbia, like many jurisdictions, condo buyers get a little extra time after their offer is accepted to look at the basic documents that cover the money stuff and the basic ground rules set down by the owners’ association they are buying into.These papers cover
The budget The rules and regulations The by-laws governing the association Information about pending litigation, fees and pending special assessments While not required, I recommend that buyers also request the minutes of the last several board meetings and check out the building’s web site (if they have one). Sound like a big snore? … (16 comments)
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What We Can Learn From Kristi Yamaguchi - 03/25/08 10:47 PM
I have a guilty pleasure. Well, actually I have several. The ones that matter now are watching figure skating competitions and the other is a little addiction to Dancing with the Stars. Tonight, it's the best of both worlds.
Yes, it's Kristi Yamaguchi on Dancing with the Stars. And with this Olympic figure skating champion, it's all about mastery. I've always loved to watch her skate, and watching her dance is equally amazing.
Tonight, her dancing put her in first place in the competition, and there was some discussion about whether her skating background gave her an "unfair" edge.
… (14 comments)
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Is It Bottom Feeding Or The Marketplace Actually Working? - 03/25/08 12:47 PM
Morning Edition's coverage of the real estate market had another interesting item during this morning's broadcast. It seems that a group of former Countrywide executives, now out of work, have come up with an honorable way to make a living.
They are investing in "troubled" mortgages.
Here's how it works.
Let's say a lender holds an adjustable rate mortgage on a property for $300,000 that is going to adjust way up in a couple of months. And let's also say that the house is worth less than $300,000. If the bank holding the first trust wanted to sell this loan … (14 comments)
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Yikes! My Insurance Guy Just Retired! - 03/22/08 10:22 PM
Since I first moved to Washington in the early 70's, I've had an insurance agent who was totally fabulous - Greg Lyons from State Farm.
He was a referral from one of Ralph Nader's car guys. When I heard that he gave a lot of money to The Center for Auto Safety, he became my insurance guy for life. I referred a ton of clients to him, and he gave me and all of them totally amazing service.
When I went into real estate, I tried to model a lot of what I do in my own practice on Greg's insurance … (14 comments)
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Setting Myself Apart - My Unique Marketing Idea - 03/22/08 11:50 AM
There is one thing that I can do better than any other real estate agent in the Washington Metro area. That is playing the flute! And I totally love playing chamber music, usually with the combination of a flute, violin and cello.
As a new agent, I picked up my first listing at a party where my group had been hired to play background music. Someone asked for a flute playing business card, and all I had was a real estate card. He hired the trio to play background music at a reception his office put on, and he hired me … (54 comments)
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I Heard It On NPR - 03/21/08 12:03 PM
During today's Morning Edition, there was an item about the mortgage mess in the UK. Even I was a little bit shocked by what I heard.
They interviewed a young woman who, with her boyfriend, bought a house that she couldn't believe they'd ever be able to afford. And they couldn't. As she described the terms of their loan, I almost had to pull the car over to avoid a distracted driving situation!
The mortgage had an introductory teaser rate that was very low. The bank (now in a bit of trouble) offered to do 100% financing. When the buyers had … (10 comments)
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When "Risk" Is A Four-Letter Word - 03/20/08 07:02 PM
I’ve noticed a few posts lately that deal with certain types of risks, some serious, that real estate agents can encounter throughout our workdays.
There are dangers when we go alone to meet an unknown person at a vacant property. We take risks when we drive with distractions like cell phones and lunch. It can be risky to hold an Open House in a remote location or a funky inner-city neighborhood. There are risks that people are not who they say they are and are posing as ready, able and willing buyers when they’d have to win the power ball to … (14 comments)
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Termites Aren't The Only House Pests! - 03/19/08 10:54 PM
I've been doing a bunch of previewing for some out of town buyers, and we're hitting the streets tomorrow.
There is, however, one place we are not going into.
I went in, and there was a frisky dog who was really adorable. I stopped and played with him and we became friends. At the same time, however, I met some other new friends. They were little tiny fellows, and when I left the place a bunch of them came with me.
Fleas! Yes, this beautiful upper brackets condo was really just a flea market.
All of our marketing efforts go … (7 comments)
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How Real Estate Skills Help With Real Life - 03/19/08 10:13 PM
A few weeks ago, I found myself going through the pre-boarding security dance at LaGuardia Airport in New York. Usually, I breeze right though. I’m pretty wholesome looking, with the map of Kansas on my face. But this day, there was a little kink.“Ma’am, we’ll have to confiscate this liquid,” the young woman standing by the luggage x-ray said.“Oh no!” I said, “That’s my wrinkle juice! I need it – bad!”“Sorry, ma’am,” she said. “You can’t take it on the plane!”“But if you take it away, it’ll take me three weeks to replace it,” I pleaded. “And by then I’ll look … (18 comments)
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The Art Of The Contract Presentation - 03/18/08 09:18 PM
I’m sitting in the lobby of a Long & Foster office in Bethesda at a contract presentation. And, yes, I’m a little retro, but I decided to do it the old fashioned way.It’s multiple offers – but not too bad. Just two of us. The other agent emailed his offer earlier this afternoon. I schlepped myself (and my MacBook Air) to the office to meet in person with the listing agent and the sellers. Of course, you never know if you have the best one. I know my buyers are well qualified (they have a lenders letter from a conservative local … (20 comments)
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Growing Up Almost Irish - 03/17/08 07:49 PM
Until recently, I thought that I was three quarters Irish and one quarter Dutch. Then, one fateful Sunday afternoon a few years ago, my mother told her many children sitting around the dinner table that she had a serious announcement to make.OK, Mom! Lighten up!But no, this was pretty serious.She had just discovered that her mother’s part of the family tree was not composed of “Hobans” from Ireland, but “Obans” from Scotland! Oh dear this made us only half Irish! So it was Irish, Scotch and Dutch! We were true mutts! There were issues on my mother's side of the family.There … (11 comments)
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Going Green! - 03/17/08 07:40 AM
In case nobody's noticed, this is St. Patrick's Day! For me it is sort of a biggie because I am part Irish. And it is my name day as well. So I'll wear something green and maybe drink a little green beer.
Wait a minute, the green beer thing -
Last night there was an item on the news about how more people are killed in alcohol related automobile accidents than on any other day of the year - even New Years.
Now that was a sobering thought. I wonder if O'Doul's makes green non-alcohaulic beer?
So tonight, I'm going … (19 comments)
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How Many Locks Do You Really Need? - 03/15/08 10:46 PM
This morning, I called a seller to ask if I could show her unit early this afternoon. She sounded really glad to get the call and said it would be fine to come by. It had been on the market for about a month and just had a price reduction.
I showed up with my buyers and I found four (unlabeled) keys crammed into the lockbox.
The Medco key was obviously for the front door. Then we climbed up to the third floor, and I unlocked the top lock then unlocked the bottom lock, and the freakin' door wouldn't open! Yikes!
… (28 comments)
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Doing Well and Doing Good - 03/15/08 10:22 PM
Amanda Hall, one of my favorite blog buddies, has just started a new group. It's about blogging for a cause. And as I read her last post, I felt a blog coming on.
Now, I'm not into organized religion. And I am into giving back to my community. And one thing that is in my business plan is what I call "Doing Well and Doing Good."
It's sort of like buying leads, but with a twist.
When a medical professional buys a house or condo from me or refers me a client, 10 percent of my commission goes to … (12 comments)
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My First Real Estate Wheels - Fuel Efficient And Easy To Park! But Appropriate? - 03/14/08 09:49 AM
Little did I know that when I bought my little 1976 Honda Civic hatchback, that it would one day turn into a real estate car. By the time I got my license in 1983, it did have a few issues, like the lack of air conditioning and the dents and dimples in the bumpers and other body parts. But it ran really well and, very important for a downtown Realtor, it was easy to squeeze into the tiniest parking spaces in Dupont Circle and Georgetown where I did most of my work.It turned into sort of a lucky car. I remember … (6 comments)
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They Should Give Us Continuing Ed Credits For Blogging On Active Rain! - 03/13/08 01:58 PM
The other day, I was reading a bunch of posts on short sales. This morning, it was a 2-part series on termites. And I could go on and on. The point is, we really do learn an awful lot about the real estate industry reading each other's posts here on Active Rain.
Then I thought about the last Legislative Update class that was a 3-hour snooze. And I've only been to one Fair Housing session in twenty five years that was riveting. Then there was the one on Landlord Tenant Issues, something of crucial importance in these parts, and you could … (21 comments)
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Real Estate Related Mental Health Issues - 03/12/08 05:10 PM
Early in my real estate career, I negotiated an offer on a condo for a young woman buying her first place. And this one was perfect, or at least exactly what she said she wanted. The unit was an adorable one-bedroom in Cleveland Park with French doors in the living room leading out to a pretty little garden that was just for her and her little dog.When I called to congratulate her on having the winning offer, she was elated…until.I got a call early the next morning. She was hysterical and crying. I had to get her out of it! If … (21 comments)
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Giving Credit Where It's Due - 03/11/08 11:51 PM
Back in the olden days, before there was any such thing as a credit score, mortgage lenders decided how much you could afford by looking at your income and your monthly debt payments, then applying ratios of mortgage payment to income. The way it worked, you could pay 28% (give or take) of your income toward your mortgage payment, taxes, insurance and, if applicable, condo fees. If you had debts you were paying off, like credit card or car payments, they’d allow the total of your debts and mortgage to add up to about 36% of what you made each month. … (26 comments)
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Do You Work In An Amusement Park? - 03/09/08 11:40 PM
Throughout my awfully long real estate career, I've noticed that almost every transaction has at least one - usually more than one - moment when I'm sure the transaction isn't going to make it.
You find the perfect house, craft and negotiate a great deal, then it starts.
First, the buyer's remorse. It's usually temporary. I've been known to use the old Tommy Hopkins M&M trick - you know the "buyer's remorse pills". Take two when a panic attack strikes. Almost always works.
Then there is the home inspection. When the anal compulsive house nerd finishes with the place, the buyers … (20 comments)
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Springing Forward - 03/08/08 09:28 PM
As much as I love to have an additional hour of sunlight every afternoon, I do hate to lose thar hour of sleep doing the "spring forward" thing.
Tomorrow, I'm really going to miss it - unless, of course, I forego Satureday Night Live tonight. I must get up early in the moring to drive to Baltimore for my brother's birthday celebration. Yawn!
But then next week, I'll be able to get in a few after work showing appointments with the extra daylight. That should compensate.
Rationally, I know that it shouldn't take much to adjust to, in effect, getting up … (11 comments)
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Lessons From My Father On Business Ethics - 03/08/08 12:09 PM
As children growing up in Topeka, Kansas, my brother and I cut out entrepreneurial teeth on our used golf ball business. Our little house backed up to the Shawnee Country Club, and a lot of the golfers were pretty bad shots, so their balls wound up in out big back yard. This gave us a pretty huge (not to mention free) product inventory. But there were some ground rules set by the local regulatory authority – my father, himself a bit of a golfer!
The players could come into our yard to look for their balls. We could not impede their … (13 comments)
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What Do The Banks Know That We Don't? - 03/07/08 08:21 PM
The whole way that bank owned property is marketed seems counter-intuitive.
Put the place on the market in terrible condition - and don't even think about trying to do any staging Hire a listing agent who will market the house without setting foot inside Price it at a number that may or may not have any relationship to the market value - especially given the property condition Take a real long time to respond to any offers that might come in Granted, I've only shown a few bank owned properties - there are not all that many in this market area. … (21 comments)
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Working Like A Dog! - 03/07/08 03:41 PM
Last year, my sister introduced me to a guy named Perry Baltimore who is the president of the Marshall Legacy Institute. This group raises funds to train dogs like Granite here to sniff our land mines. They are operating in eight countries around the world. After talking to him for just a few minutes, I knew this was a group I want to support.
Land mine detection is a dangerous business, and all too often, a mine is detected when an innocent child (or adult for that matter) steps on it - often years after the conflict that put it in … (14 comments)
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Luxury Today, Pedestrian Tomorrow? - 03/07/08 12:13 AM
If you believe the ads for the new condos cropping up in the DC Metro area, they are all about luxury. Or are they?It takes more than granite counters and stainless appliances to create luxury. In fact, the ones who decide these things are already saying that granite is the new avocado green formica, and stainless is the new harvest gold. So if you want to get a place that will be luxury in another twenty years, what will it take – in addition to a kitchen renovation?Location is, of course, huge. Chances are anything with a view of the Potomac … (6 comments)
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Loving Frank – A Really Good Read! - 03/04/08 04:43 PM
While I was out previewing houses a few months ago, I had my car radio tuned to the Diane Rehm Show, and she was interviewing author Nancy Horan, who was promoting her new book. It’s about architect Frank Lloyd Wright and it’s a love story.So I bought and read Loving Frank. It gets my 5 Wows rating.In 1903, Mamah Borthwick Cheney’s husband, Edwin, hired Wright to build his family’s dream house, and during construction, Mamah and Frank fell in love and eventually shocked Chicago by running off to Europe, leaving behind two stunned spouses and a total of eight children. Frank … (12 comments)
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No Time For Blogging! - 03/02/08 09:38 PM
I’ve found that whenever I bring stuff to do to an Open House, you know, in case there’s a little down time, down time just doesn’t happen. Today, I was ready for anything, with a really good book and my MacBook Air, and I didn’t get a chance to open either of them.So, maybe it’s just part of the psycho-physics of holding an Open. If you’re prepared to keep busy in case of a lull, will you get a mob scene?Oh, but there is one other part of the equation! I did a mailing, put a notice on Craig’s List, had … (22 comments)
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New Listing Prep - 03/01/08 10:13 PM
I'm getting set for an Open House at my new listing. You know, making my list, checking it twice ...
Property brochures - check Disclosures - check Contact log - check MacBook Air (so I can blog if things are slow) - check Apple cider - check Spaghetti pot to heat up apple cider - check Cinnamon and cloves for apple cider - check Cookie dough - check Cookie sheet - check Toilet paper - check Wait, toilet paper? Yes, three rolls - one for each bathroom!
It's something that a lot of listing agents overlook. Heaven knows I have on … (29 comments)
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Control Freaks - Out Of Control! - 03/01/08 04:48 PM
In the District of Columbia, there are some quaint and quirky laws governing the sale of tenant occupied property.
Let's say you own a really nice investment condo in Georgetown. It's huge. It's gorgeous. And it's for sale for an outrageous, although below market, price. Then let's say you make a business decision to put a tenant in the property to help your cash flow situation, offering below market rent in exchange for allowing the place to be shown easily and keeping the beds made.
So far, it sounds pretty reasonable, right? And it is. Until, that is, an offer comes … (14 comments)
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