make an offer: The new "Investor" - 09/13/07 06:02 AM
There is a REALTOR® in my office that came to me for some advice. It seems that she has a client that she is working with that is new to real estate investing and she was wondering why all the offers they have written were turned down.
She asked me to go over her offer before she submitted it to help her make sure that it would present her clients offer in the best light.
She was getting ready to submit a bid on a HUD home at 62% of list price. I pulled up the bid results and saw that in … (6 comments)
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make an offer: Making someone a motivated seller? - 06/25/07 05:12 AM
I had a conversation with one of my clients yesterday after I held their home open. Is seems that their cousin is also selling their home and is experiencing the same lack of offers that we have had.
He told me that his cousins agent was pushing them to buy NOW and not to worry about selling their current home. The way it was presented to me was that my client felt that the other agent was looking out for number one and the number one was not his client.
My client and I had the discussion when we started … (15 comments)
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make an offer: I Know it's a Buyers Market BUT.... - 06/19/07 06:11 AM
I know it's a buyers market but it's not an insane market.
I have a new client that I am working with that has found a property that they like. The home is on the market for 235,000 and the purchased the home for 228,000 eighteen months ago. They like a lot of people used a 100% purchase money mortgage. They are now being relocated and the home has been on the market for 4 months with one 5,000 price drop.
Their question to me was "Do you think the seller will take 198,000? "
I don't think that … (10 comments)
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make an offer: Ohio First time buyer program. - 06/18/07 01:02 PM
The State of Ohio has recently raised the base interest rate on their first time home buyer program. This program is still a very attractive way for most people that have not owned a home for the last 3 years and live in Ohio to purchase their home. If you think that this program may work for you please give me a call and I will have one of the lenders that I normally use give you a call to see if you qualify.
Here are the basic details....
Here is a link to the Ohio Homebuyer Page
http://www.ohiohome.org/homebuyer/intro.htm
… (0 comments)
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make an offer: Memorial Day Real Estate Closing? - 05/26/07 01:46 PM
I was scheduled to close with the sellers of one of my listings on Friday afternoon. This had been a drawn out affair and we were closing 10 days after the original contract date because of financing issues with the buyers. To make everything go according to plan we were to close at the title company at 3:00 P.M.. Well I was there and my sellers were there.The manager of the mortgage brokerage called me at 12:30 P.M. and told me he needed to get one thing taken care of and everything would be OK. The buyers Realtor called me at 2:00 P.M. and said he … (0 comments)
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make an offer: It takes an Attorney to mess things up! - 04/30/07 06:59 AM
I was recently involved a transaction that became a nightmare because of an attorney. My clients made an offer on a property went through inspections and we were set to close in one week. They were very excited to be in their first home!
I saw early on that there may be a problem at closing because the names on the sale contract did not match the names recorded with the county as the owners. I requested that the title search be done early so we could avoid having a delayed closing. The title company ran the search and found out that … (5 comments)
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make an offer: Short Sales - 04/05/07 01:05 PM
This is some information that was given to me and I thought I would pass it along.
How to Write a Contract for a Short Sale
Purchasing a distressed property for a discount directly from a lender - not the homeowner - is considered ashort sale.Often, there is little or no equity in properties that are in the foreclosure process because the homeowners oweClose to - If not more than - the value of the loans. In these cases, lenders will sometimes accept discountson mortgages to avoid potential foreclosures and bankruptciesWhy?First, banks and lending institutions don't like bad loans on their books. second, … (2 comments)
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make an offer: Builders going Bankrupt - 03/25/07 07:33 AM
With the number of builders in our area going bankrupt it causes me some concern with the standard builders contract. The builders contract calls for a nonrefundable deposit to be paid to the builder upon acceptance of the contract. This money does not go into an escrow account but is commingled with the builders opperating funds.
What protection are we giving our clients if the builder goes bankrupt? There have been enough builders in my area to go out of the industry in the past year to make me think this over.
The deposit money needs to be placed in … (3 comments)
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make an offer: Is this right? - 03/24/07 10:55 AM
I have a client that is building a new home. They are slightly credit challenged and when they applied for a mortgage they were called by mortgage brokers that promised them the sun, moon, and stars. The way these brokers got their number was through the credit reporting companies selling their names off the initial inquiry.
Now the broker that they picked has called me and let me know that I will have to rewrite the contract! He needs to have 10,000.00 in closing costs for their loan! This is in addition to the 5000.00 that they have with the builder as a … (4 comments)
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make an offer: Home staging help? - 02/25/07 06:37 AM
With all the buzz about home staging currently we almost assume that stagers are miracle workers. The claim that I heard this past week from a stager was that she would get a home sold in 2 weeks at 5% over list price! She did not seem to care what the list was or the days on market in our area! She was under the impression that all she had to do was stage the home and buyers would flock to see her work. She tried to give the impression to me that she could take a home that was in … (3 comments)
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make an offer: Snow Storm - 02/14/07 12:36 PM
What is there to do durring a winter storm? Some people like to fill up the car. Yet other people go to the grocery store and stockup for the duration.
However one of my clients felt that it was the perfect time to make an offer on a home. So in the gap between the 4 inches of snow and the freezing rain coming down we met at my office and wrote a purchase offer. How productive a snow day did you have?
… (2 comments)
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make an offer: Dealing with other agents! - 02/06/07 06:18 AM
On a property that I have just listed that expired 2 weeks ago with another agent my client asked me to get the key to the home from the former agent. My client lives out of town. The person that was marketing the home before me was supposed to return the keys to the client. When I called the agent about the key the comment was that yes the key was in their possesion and that they would have it available when they made it into the office. What is up with people are they so busy that they can't get the … (2 comments)
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make an offer: Why do clients do what they do? - 02/05/07 07:06 AM
I hada client that had a home under contract. We were through inspections and released the appraiser to finalize loan commitment. My client being the frugal person that he is decided he needed more money to buy Christmas presents and to help with the upcoming move. The way he decided to do this was by not paying his auto loan.When the lender repulled his file and saw a 30 day late on his main trade line in combination with what happened to his credit score we were disqualified for the loan.
He has tried everything but no nonconforming lender will … (1 comments)
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make an offer: What is it some people don't get? Part 2 - 01/20/07 05:33 AM
Back to the story on the relocation property. I had warned my client that we may get a call Friday on the property. As I had anticipated the call came and it came early, 9:30 so the other agent must have told the relocation company early. The other agent asked if we could reopen negotiations on the property and gave us an offer of 2000.00 less than where we fell apart at. The relo company must had let them know that turning down an offer over their buyout is not a good thing! Now the challenge - one of my clients has … (0 comments)
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make an offer: What is it some people don't get? - 01/19/07 05:26 AM
There is a Relocation property in my area that one of my clients made an offer on. I am very familar with the neighborhood and home. We made 5 rounds of counters on the property priced where the seller who bought the home 1 year ago would not be hurt financialy by the price. On the second counter from the seller they wanted to move the closing date up one month (from March to Feb.). The other agent could not see how this had an economic impact on my client.
I had to explain to her that if we closed a month earlier my … (0 comments)
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