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I had two transactions where homes would not appraise. Unfortunately, I did lose one buyer over this, even though, I informed them we might have an issue with the appraisal. What we did not expect the home/condo to appraise for 30K less than the contract price. The last REO that sold in the neighborhood sold for $55K. The appraiser gave us $3K more for our unit, in almost perfect condition, and was a regular sale. I do not know if the new appraisal law had any effect. this was an FHA loan. I also had another transaction, right after that one, where we submitted an offer, but I spoke with the listing agent about the price, and how we felt it might not appraise for our offer, which was less than the list price. He told me that he spoke with the seller and they will not budge from the list price. They felt since they where not a short sale or a bank owned property, they did not need to lower their price. OK, their agent needs to bring them down to reality, was my only thought. Why have the listing, if they are not motivated in selling?
Great information on FHA Appraisals. Via George Souto (McCue Mortgage) FHA, CHFA, VA Mortgages CT.:  It has been a little over three years since FHA made changes to their appraisal process. It is hard to believe that it has been that long, but it is even harder to believe how many people in this Industry are still not aware of those changes.
In January of 2006 FHA finally listened, and made major change to their appraisal requirements, these changes removed many of the obstacles that use to have us all running around trying to correct in the past. With these changes FHA moved significantly closer to being on par with conventional appraisals.
When these changes were made in 2006, we contacted several of our FHA approved Appraisers and met with them all together, at our office, to try to get a better understanding of how they were going to apply these new standards. As a result of that meeting our Vice President of Marketing at McCue Mortgage, Gary Kulik, put together a great piece for us to pass out to the Realtors that we call on and do business with
I blogged about this back when I first joined ActiveRain, but without going into this much detail, in fact it was my fifth blog back on September 28, 2006. I decided to bring these changes to everyone’s attention again, because of what I state before, there are still many in the business that don’t know about this. As much of an effort as we, and others made back then to get the word out, I still run into Realtors on a regular bases that are still unaware of these changes. As a result they are still concerned about Loans that require an FHA Appraisal, and are reluctant about accepting offers from Buyer that will be utilizing a FHA Loan to purchase the property. In these days when Fannie Mae and Freddie Mac have tightened up their guidelines considerably, to the point that it is much easier to qualify for a FHA Loan then it is for a Conforming (Conventional) Loan. Couple that with the recent increase in FHA Loan Limits, which have significantly increased the number of houses that FHA Loans can be done on, it is more important than ever before to make sure that everyone in the Industry is aware of the changes, and remove the fears.
It is important to also point out that these same changes also apply to Connecticut Housing Finance Authority (CHFA) Loans, since they are insured through FHA
The changes to the FHA Appraisal removed many of the repair requirements, and there are very few repair requirements needed any more
Examples of MINOR property conditions that no longer require AUTOMATIC repair for existing properties are:
- Missing handrails, unless it creates a safety problem.
- Cracked or damaged exit doors.
- Cracked window glass.
- Minor plumbing leaks (such as leaky faucets).
- Defective floor finish or covering (badly soiled carpeting).
- Rotten or worn out counter tops.
- Crawl Space with debris or trash.
- Minor exterior paint peeling of paint in homes constructed Post 197
Examples of tests that may no longer be REQUIRED:
- Wood Destroying Infestation Report-required if there is no evidence of READILY OBSERVABLE ACTIVE infestation.
- Well (Individual Water Test)-Required if there is no knowledge that well water may be near sources of contamination.
- Septic Test-required if there is no known evidence of system failure.
It is still advisable for Buyers to still do these tests for their own peace of mind, and some of this may be covered or detected by a Home Inspector, but the Buyer now has the option to not do them unless there is knowledge of problems in these areas.
The conditions that still remain and that we have to be aware of and address are those that maybe a risk to health and safety of those occupying the house, or soundness of the property. Example of this are:
- Inadequate access/egress from bedrooms to exterior of home.
- Major peeling of exterior paint on house constructed before 1978.
- Leaking or worn out roofs, (if there are 3 or more layers of shingles) all existing shingles must be removed before re-roofing.
- Evidence of structural problems (such as damage caused by excessive settlement).
- Well and Septic that are less than 50 feet from one another.
I hope that a few that are still not aware of these changes read this blog and become more comfortable with FHA Appraisals. This seems to be a great way to get the word out to a large number of Realtors, than I call on.
To this day I still carry the fact sheet around with me that we developed back when these changes first came out, so that when I run into a Realtor that is not aware of them, I can provide them one. But I hope that those out there that are not aware of these changes will stumble across this blog and that it helps to relieve their fears and concerns.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
OK, So a long time friend of mine who wants to move from Long Island, New York to Fort Myers, Florida. He calls me tonight to get some information on 2 homes. I give him the information on the two homes he is inquiring about. Now he was in Fort Myers about a week ago, and drove by these homes. He wanted to know what the original owner paid for the homes back in the late 90's. I tell him they paid about $185,000 back in 1999, I believe. Anyway, he proceeds to tell me that he is going to move there in about a year to a year and a half. I said to him, so why are you bothering me now to look up information on these homes, they won't be on the market by the time you get here. Well in his mind, he thinks they will be, I laughed at him. I said I doubt it, and if they are the market will be different market at that point. Well to cut to the chase, he says to me I am going to offer $150K, they are listed for $265K. He tells me he has all cash and wants to steal one of the two homes. Again I laughed, I asked my friend are these homes in a bad area, he says no ( I am on the East Coast of FL.) I ask him are the homes in need of repair, he says no. They are in a great area and are in move in condition. Then I asked him, what makes him think they will take his offer. Well he says I am doing the bank a favor by giving then this offer, the bank is hurting so bad they will jump at this. Again I laugh, I said what makes you think the bank is hurting so bad they would take your offer. I told him if the bank is hurting so bad they can reduce the house way below market value and they will have a line of people/investors to purchase the home. I told the bank is going to look at fair market value. The bank is not going to just drop there price that low, in most cases, because you are offering all cash. He then says, well I never thought about that. He then tells me he wants a good deal, so I ask him what his is plan. How much are you going to offer below fair market value for a purchase to be a good deal to you? Then the truth comes out, he can only afford $150K for a house, so in his mine that would be a good deal. I told him you wasted enough of my time, and hung up the phone. Now, I have bought homes under value, but I had a plan and no emotional tie to the out come, it was strictly business. It amazes me how people think they can make such low ball offers on property where there is no incentive for the owner/bank to drop prices to a ridiculus number. Now, how many times in a week do some of you hear this similar story, either by a client or someone you run into. I always respond to people like this with. OK, we are going to line up 100 homes and make low ball offers on each one to see if anyone bites. They usually back away once they hear that. I think the offers on 100 homes scares them. Well, just my little rant for today.
Via Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.):
The Treasury Department has just announced the incentives for lenders to accept short sales. Here is the excerpt from the updated Making Home Affordable plan:
Limiting the Impact of Foreclosure When Modification Doesn't Work:
Servicers will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. For those borrowers unable to maintain homeownership, even under the affordable terms offered, the plan will provide incentives to encourage families and servicers to avoid the costly foreclosure process and minimize the damage that foreclosure imposes on financial institutions, borrowers and communities alike. Servicers will be eligible for a payment of $500 and can make reimbursable payments up to $1000 to extinguish other liens, and borrowers are eligible for a payment of $1500 in relocation expenses in order to effectuate short sales and deeds-in-lieu of foreclosure. Such methods reduce vacancy, neighborhood decline, and overall costs for financial institutions, borrowers, and affected communities alike.
Summary and Analysis:
1. The plan may aid in disposing junior liens by a $1000 reimbursement to first mortgage holders. This may make it easier to sell short sale properties with more than one mortgage. There should be a dollar amount that is set to pay second mortage, such as $3000, with adjusted criteria for seller's financial situation. If a seller meets certain criteria, they might pay a promissory note or do a cash contribution. This would help stem rejections by junior lienholders asking for outrageous amounts to release their liens.
2. It adds a very minimal incentive of $500 to offset some of the lenders expenses for approving a short sale. Add up the 150,000 short sales currently in process at Countrywide, though, that would total $75,000,000. Not bad.
3. The borrower will receive a $1500 in relocation expenses. $1500 is an overpayment in my estimation and/or unnecessary. Many short sale sellers are already out of their properties, and relocated for new employment purposes. Or the properties might be investment properties. The money could be used as a "bonus" for short sale lender approval in a timely manner, such as 30 days. Or added to pay the second. Or paid to the Realtor. (Fannie Mae just changed guidelines to allow real estate agents to receive their pre-negotiated commission of 6% or less, instead of cutting it, which is long overdue).
The short sale process is lengthy, and depresses prices beyond the normal economic cycle. Recognizing and correcting deficiencies in the process will help stabilize the real estate market.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Property & Emerald Coast Real Estate
Destin Short Sales & Pre Foreclosure Help.
Read Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida.
All Rights Reserved. *Will Treasury Department Short Sale News Help?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
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Great post on how to make gray skies blue again, by Michael Cole. Via Michael Cole (CPG Tours): I’ve seen various articles, tutorials, and blog posts on how to fix or replace a blown-out sky. So, this topic is nothing new. However, this may be the fastest way there is to do it. And it can be done without any magic wands, layer masks, extraction tools, or even any pictures of a sky. All in less than one minute.
I’m going to be using Photoshop CS2, but there should be ways to accomplish the same thing in Photoshop Elements.
For the main photo, I obviously wanted one with a washed-out sky. But, to show how well this technique works, I also wanted one that has a lot of intricate detail - like the leaves on the trees, which can often be problematic and difficult to work around.
Okay, are you ready? Let’s get started.
Step #1: Open your photo and duplicate the layer. In Photoshop CS2, there are four different ways I know of to duplicate a layer. But instead of going through all of them, just select your background layer and right-click on it. You’ll see the Duplicate Layer option.
Step #2: Next, select your rectangle Marquee Tool in your toolbar (see red oval above) and draw a box around the sky area you want to replace. If you notice the little ‘marching ants’ you’ll see I’ve selected the top half of this photo.
Step #3: Now, go to Image>Adjustment>Selective Color, which will open up a separate little control window (see below image). Go to Colors at the top of that window and select White. Now, just use your Cyan and Magenta sliders to add color until you get a shade of blue you like, and click OK. I have found that typically cyan is going to be about 10% higher than the magenta to get a nice natural looking blue.
 Step #4: The only thing left to do is select your Eraser Tool (see red oval on left) and erase any residual blue in areas it shouldn’t be. In this photo, you can see there’s some blue on the right side of the house that needs to be removed. There’s also some on the front windows. Now, if I wanted to have more accurate ‘reflections’ in those windows, I could always leave that blue and just erase it off the window panes.
 But either way, you’re done. That’s all there is to it. Gray skies turned blue in less than a minute.
 However, to have thing a little more realistic looking, I created my own ‘clouds’ brush that’s now part of my permanent brush set. So, with a couple of extra clicks I can add some clouds and have a pretty nice looking sky – all without any magic wands, layer masks, extraction tools, or even any pictures of a sky.
And it can all be done in less than one minute.
Hopefully, you found this helpful. Maybe my next tutorial will be how to make your own cloud brush and clouds. They can come in very handy.
Well, this is a comment I hear when I prospect for listings, and I have heard worst. Some people will say Realtors are no better than a used car salesman. Poor used car salesman they always get picked on. Well, you know I was in the lobby of my office, and unfortunately one of the agents in my office has a 5 year old son, who has Leukemia. Currently we have people donating things so we can purchase raffles, so we can raise money to help the agent with medical expenses, and so forth. I then saw agents who just donated money and did not ask for a raffle, and you know now that people are hurting for money. Anyway, I started thinking about all of those people that Damned me on the phone, and how they have such a poor perception of agents. How we are so greedy and we are only looking to make our commission. What good are we. Agents are just snakes in the grass,etc... Then I looked over and saw that agent dig money out of their pocket and just donate without question. Well, I for one am glad to be associated with all of those Damn Agents, who really have hearts of gold. I have to chuckle now when I hear those comments from buyers and sellers, only if they knew what we are really like.
I went to Mike Ferry's prospecting school, Well I got my butt kicked. I have been prospecting for a few months now on and off. I would go into the office and make my calls, with poor results. I read about the prospecting school on MikeFerry.com and decided to go. I had the typical fears of what are they going to make me do, etc... DO I have to call people I do not want to call! Anyway, I walked away from the school not only with appointments and leads, but a discipline, or example of what I needed to do everyday. Patrick Ferry was there coaching us, he did a wonderful job. He was attentive to our needs and he took a non invasive approach when listening on your call. He would comment and coach you once you where off the call. When I felt more confident in my calls he would then coach me, while speaking to the prospect. We did affirmations twice a day. We would roll play twice a day. There where also some top producers there at the school as well as people similar to me (Newbie), and some in between. the top producers gave me an example that setting 7-10 appointments per day was possible, and the newbies showed me that I am not alone in my lack of experience. You know sometimes you hear the words, and you hear what Mike is saying, but in the school I was given the real life example. If you want to take your prospecting to a new level, or you need to get started. I highly recommend going to the school.
Disclaimer: I do not work for Mike Ferry. I am in 2 on 1 coaching.
P.S. I secured 1 listing from the appointments I set from theschool. I am going on a second listing appointment this week. I have 2 more appointments to go to that I set at the school and I have set another appointment on my own. I have 11 leads to follow up on. Before the school I had no listing appointments, and no leads.
Great advice, before i was a Realtor and I was looking for a home. The Realtor said to my wife "Trust Me", my wife called me and told me what she said. I told my wife to leave right now. Also another word we should not use is "But." Via Clint Miller - www.recr.com (Real Estate Client Referrals LLC):  I posted this originally many months ago...but with the new year, I thought it was fitting that everyone be reminded of how what we say can cause even MORE fear in today's marketplace.
Regardless of how often Brokers or Sales Managers say not to do it, there are certain phrases that continually pop up during the course of a presentation/phone call/appointment that simply take a client's confidence and shake it to the very core. Sometimes even to the point of losing your listing to another agent...losing that big sale...or even driving away an existing customer.
Having said that, I ran across a blog written by Brad Trnavsky, a sales and management blogger and all around guru on the subject (and if you don't believe me, go to his blog at www.salesmanagement20.com), that listed the top 10 things that sales people should never say. So, I thought I would take that list...and go through it line by line and show you exactly what the client thinks when they hear it come out of your mouth.
"I was just in the area and thought I would stop by..."
SERIOUSLY???? You mean to tell me that the ‘professional' I just hired to assist me with (insert issue here) has absolutely nothing in the world better to do than to just cruise by my house and ‘drop by' unannounced?? Why did I hire this idgit in the first place?? Why are they here...and how fast can I get rid of them??
"Have you got a minute?"
NO! In fact, I don't have a minute...or 10...or the 30 that you may plan on taking. I'm busy...in fact, I can think of 100 things I would rather do with my minute than sit here and discuss this with you right now. (I think it would be far better for you to actually engage the customer in some meaningful conversation than to just simply give them a way out. Yes or no questions are simply a way for them to cut you off and bail...thus, slitting your own wrists. Skip this question and just start your pitch. If they are really and truly too busy to talk to you, they will let you know.)
"I'll try."
I don't care if you try to do it or not. What I want to know is...CAN you do it. If you can, great...do it. If you can't...tell me. Don't zoop my head up with a bunch of hopefulness knowing you may not be able to get this done. I would much rather hear you tell me that you need time in order to determine if this is possible them to give me a sense of false hope.
"I'm really not sure."
You don't know the answer???? Isn't this your job? Shouldn't you be prepared enough to be able to answer all of my questions when I ask them? And, if you are not prepared, why am I not important enough to not be worth preparing for???? (Again, I think this would be far better answered by asking for time to determine the correct answer...If you don't know the answer...be honest about it. But, do it in a way that makes them feel like they are worth taking the time to get it right.)
 "It's not my fault..."
Whether you like it or not, it is your fault. And, the reason it is your fault is because YOU are my only contact with this company that YOU represent. Therefore, the entire situation is YOUR fault. In fact, everything that goes wrong with this deal is YOUR fault. Even if it isn't directly your fault...its YOUR issue to fix. Why? Because YOU are the person I speak with with regards to this deal. That makes it YOUR problem. (To deal with this, I recommend a sincere apology and an immediate re-direction in your course of action to remedy this problem for your client right away. And, tell me what you are going to do to fix it. That way, I gain trust you again.)
"What do I have to do to get you started today?"
OMG! SLIMY SALESPERSON! RUN AWAY! Any rapport that you have attempted to develop with me at this point has just flown right out the window. You would have been far better off asking me if I had any other issues or concerns that were stopping me from moving forward. At least that way, you appear to care about ME rather than the money you will make off of me. If I have more, address those. If not, then tell me what the next step is that we need to do to move forward.
"We are the lowest price in town."
Really. Is this really how you want to try to compete for my business? Don't you have anything of any merit better than this?? (It doesn't take much effort to come up with a better presentation than price. So, apply yourself and go another direction. Aside from that, if your clients does in deed find a cheaper price for your service - and there is always some snake-oil salesperson willing to do something for less money - then you are a liar...and any trust you have built up to this point is shot.)
"Always" and "Never"
There is an exception to every rule. I surely hope you don't prove this correct for me...because I won't trust you as far as I could throw you afterward. (Unless you have it in an iron-clad contract that can be upheld in court, avoid using absolute statements like this. All they are going to do is paint you into a corner if you are caught by the ‘Always-n-Never Snafu'.
"What you need is...."
What I NEED??? Who are you to tell me what I NEED?? What I need is to know what my options (both good and bad ) are and you to back the hell off and let me decide what I want to do...and then help me once I make that choice. I am the decision maker here. I will choose my option based on the facts that you presented. But, by no means are you qualified to tell me what I NEED. In fact, YOU need to respect that or I will find someone that does.
"Trust me."
The mere fact that you feel the need to say this makes me want to run away screaming. At this point, I'm starting to wonder why in the world I have listened to you this long in the first place. I also will probably not trust you in the long run. And, I'm simply going to assume that anyone that works with you or looks like you is suspect. (I love what Bob had to say in his blog about this. "Trust is like love. It is built over time and the only way one can gain it is to earn it.")
I hope this lists helps those of you that took the time to read it. I'm certain that you all have things you hear in daily conversations that make your gears grind...and I would love to discuss those with you as well. So, please feel free to comment on this list...or add to it.
If you would like to more information about www.recr.com and how we can help you make more money, please contact Clint Miller at 800-977-7058. Or, follow him on Twitter by going to www.twitter.com/recr.
OK, So while doing my prospecting this morning. I decided to start hitting some FSBO's instead of the expireds. Boy, what a day! Almost every call I made to a FSBO, they where hostile and told me that they did not need a Realtor to sell their house. I could not even get passed my first line of my script. Well, I chuckled to my self and thought if Realtors are having a hard time getting houses sold, what makes you think you will get your home sold. Of course I kept this to myself. You know I sometimes go on the FSBO forums, just to see what they are saying. I crack up when I read a FSBO post claiming that the "Damn Realtor" had my house for 6 months and could not get it sold. Then they go on to say how they have been a FSBO for 2 years and don't know why there house is not selling. So lets see you wan t to save that 3-6% commission, but you have been a FSBO for 6 months. You are losing roughly 2% per month on your equity for the last 2 years, and you still have not sold your home, but you saved that commission. Boy, talk about "Cutting your nose off to spite you face." Oh the otherFSBO post I see a lot is "I called all of the brokers in the area and offered 2% to a buyers agent." OK, let me run right over and bring my buyer to a house that there is no guarantee that I will get paid, just so you can pay me the 2% and I can do all of the work, since you have no Idea on what to do. I don't know ,this is just my little rant and rave about FSBO's. But I will be calling the FSBO's tomorrow, so FSBO's beware a Realtor is going to call you.
WHAT IS WESTON?
The City of Weston is located on Florida's southeast coast, in western Broward County.
Weston is a suburb of Fort Lauderdale, located 25 miles west of Fort Lauderdale beach and 31 miles north of downtown Miami. Weston is a bedroom community, that is located near some of the finer attractions that the "bigger" cities provide, yet it is able to maintain a home-town feel that so many people enjoy. If the "big" city is not what you want, many fine dining and shopping opportunities exist within the city limits, making it possible to never really have to leave to find what you are looking for. Weston truly has it all.
Built to give Weston a "home-town" feel, Weston Town Center provides shopping and dinning for many residents and non-residents alike. There are activities organized there all year long, such as multi-cultural events, a 4th of July parade, and Halloween trick-or-treating. Adults can find their fill of night life and dining, while kids can enjoy family-style meals with their parents and friends. Small stores and boutiques line the streets of Town Center, with many residents becoming loyal followers to Weston owned and runned businesses.
Many residents have flocked to Weston because of its park-like atmosphere, its focus on family living, and its priorities toward children and schools.
All the schools in Weston have maintained an A+ rating over the past 5 years. There is a huge amount of community and family involvement in all of them, and they consistently produce some of the best FCAT scores in the county and the state. Children also have the opportunity to enjoy the many parks and recreational opportunities, as well as the educational and entertainment events held throughout the city all year long. Whether it is watching a movie under the stars in the park, joining an athletic team, hearing a philharmonic play, or visiting the local library, children never have to go far from home to participate, and many of the events are appropriate for the entire family. There is a sense in Weston that children belong to the community, and there is a genuine sense of caring for the welfare of all children.
Weston was named one of the 25 most affordable suburbs in the United States by BusinessWeek.com.
According to the US Census in 2006, Weston had the lowest poverty rate in 2005, just over 1%, among US cities with a population of more than 65,000.
In 2007, CityTownInfo.com rated Weston as being a top city for college educated adults.
Once you have experienced the City of Weston, you will have to agree, it is a wonderful choice for families. With all there is to experience, it is worth the time to explore. So relax and enjoy, you will be glad that you did!
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John Palmisano
Weston,
FL
More about me…
Keller Williams Properties Weston, FL
Address: 1625 N. Commerce Pkwy, Suite105, Weston, Fl, 33326
Office Phone: (954) 358-6000
Cell Phone: (754) 245-1404
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