Ar_home_b_search
 



foreclosures: Vacant Homes in the Snow - 02/25/10 05:24 PM
In a recent blog post about shoveling snow in front of a vacant listing, I took a little time to toot my own horn and shoot a little video. Yeah it was a pain in the patootie and it took about 2 and half hours to shovel a path from the road to the front door. It was worth it, though, because people wanted to see it.  They were calling the showing service and even with unflattering photos online they saw the price was right.
Recently, the tables were turned when a buyer client wanted to go house hunting.  They had … (6 comments)

foreclosures: Photos of Trashed Listings. Is This a Good Idea? - 02/04/10 09:21 PM
Everyone knows that the home buying consumer loves photos.  They look at them constantly on the Internet.  I doesn't matter if they're the still photos the Realtor took, a Virtaul Tour a professional put together or something done with one of those cute little Flip things.
I've been seeing a lot in the Blogosphere and Twittersphere about how listing agents are really falling down on the job if they don't provide lots of interior and exterior photos. I'm guessing most people mean "regular" houses. I wrote about a different type of house in a piece called: "Are Photos of Homes in … (21 comments)

foreclosures: Are "Plain Vanilla" Home Sales on the Rise? - 01/18/10 06:40 AM
Here's a confession:  I hate short sales.  I do my very best to avoid them either on the listing side or the selling side.  Yeah. I know.  People tell me all the time  that "this is the market" and, if I'm going to survive, I have to learn and work with short sales.  Bah Humbug.
To be sure, I have not been having as much fun as I had in the early 2000s. There are fewer "plain vanilla" sales out there - sellers with enough equity in their home that there is "NO third party approval needed".  However, there are a … (9 comments)

foreclosures: Trapped in Your Own Home - 05/23/09 08:35 AM
I mentioned here before that I try to pay attention to my little micro-niche -- Sellers with Equity.  These are the folks who are current on their mortgage payment and may have even put a little money down on their home when they bought it.  Alternately, they bought their home way before 2000 and, even after recent price declines, they have enough equity in their home to be able to sell it.
I've run across a few clients, recently, that aren't so lucky.
They bought their home sometime during the 2000-2006 frenzy and now, because of the short sales and REOs … (8 comments)

foreclosures: Now, I Remember Why I Like Real Estate - 05/20/09 06:39 PM
Years ago, I worked with a husband and wife who were buying their first investment home. They had grand dreams (or, at least, the wife did) of buying a house a year until it was time to retire and they'd live off the rental income or sell a few homes to tide them over in the Golden Years. 
Luckily, the husband was a pretty handy guy who wasn't afraid to roll of his sleeves and the wife became the Queen of Craigslist finding all kinds of great bargains for appliances and the like.  They both went in with their eyes open.
… (8 comments)

foreclosures: A Kinder, Gentler FHA Appraisal...Not - 05/06/09 06:18 AM
For some of us who can remember the days when FHA mortgages were to be avoided like the plague it almost seems like a quaint notion that Sellers and Buyers didn't have to worry about appraisers coming in behind home inspectors to do a home inspectors job.  The FHA, it seems, wants its appraisers to hunt down "health and safety" issues in addition to their regular job which is simply to ascertain value for the mortgage company or bank.
This may be all to the good in a "normal" market. When the market is a hot Seller's market, no one touches … (16 comments)

foreclosures: Working in a Micro-Niche -- Sellers with Equity and Buyers that can Document Credit Worthiness - 03/09/09 07:26 AM
This whole short sale thing has taken on a life of it's own.  Entire industries have popped up around them.  Designations, workshops, gurus of every stripe.  Everyone is getting into the act!  All hail the short seller. 
Of course, there are some who teach that working a niche can be just as rewarding.  The Condo King/Queen, waterfront properties, horse farms. You name it, there's a niche for it.  Don't forget the geographic niches. Subdivision A, Town B, On The Street Where You Live.
For me, I'm working the Sellers with Equity and Buyers that can document creditworthiness niche.  Shhhh.  Don't tell … (3 comments)

foreclosures: Low Prices, Poor Condition, OK Location, Not Much Time to Wait - 02/22/09 07:27 PM
I've been working with some buyer clients recently that don't qualify for a whole ton but they do qualify. You'd think with house prices down the way they are you'd think there would be be a few homes out there.  Well, as a matter of fact, there are quite a few homes out there in my clients' price range.  The problem is they're mostly "short sales".  Sure.  Some are bank-owned, some are even owner owned where the owner has a little equity.
By and large, though, most are in terrible condition.  Even the ones that have sellers that have equity have … (4 comments)

foreclosures: Is There A New Wave of Foreclosures About to Hit the Market? - 02/04/09 11:47 AM
In an interesting interview on CNBC yesterday between David Faber and Mark (Mr. Mortgage) Hanson of the Field Check Group an observation was made that the current inventory of houses is really not the total picture.  Mark calls this the "Shadow Market."
It seems that a lot of the foreclosures from 2008 have not really be released from the bank's inventory yet (the"back end").  More is yet to come.  The interview claims that the banks are busy getting these home priced, etc. before letting them into the open market drib by drab in order to maximize their return. 
Can you believe … (17 comments)

foreclosures: REO Listing Agents...Let me in!! - 12/06/08 10:12 PM
No, I don't want to take your business.  I don't want to horn in on your REO relationship with "the bank".  I just want to get into the house you're trying to sell on behalf of "the bank".
I don't like the short sale/foreclosure niche, even though it's a huge niche.  I prefer to deal with Sellers who have equity and don't need "third party approval" either from the buyer's side or the seller's side.  However, if I have a client who doesn't mind the foreclosure that needs lots of work in exchange for a decent neighborhood and good price, I … (19 comments)

foreclosures: I Finally Had To Say "Stop" - 10/30/08 09:37 AM
In my previous post, I asked when it might be time to let a buyer go by the way side.  The reason I posted it was that I was a bit conflicted about whether or not to "hang in" with someone who may or may not actually buy a house.  The premise being is that they may buy but that there was also a distinct possibility they would become a renter.
Well, after reading the feedback on the post and thinking long and hard, I decided to suggest this particular buyer/renter find another Realtor.  No, I didn't refer him.  I didn't … (12 comments)

foreclosures: Don't You Love it! Everyone's an Expert. - 10/01/08 08:05 PM
I don't usually meet buyer's cold at a house but this particular house intrigued me since the "remarks" section was so strident.  "Absolutely no contingencies"  "Cash Buyer Only"  I knew this Buyer wasn't cash but I wanted to see the house and it wasn't that far from where I live/work.
I get there and there is no lock box (even thought the MLS said there would be) and a big orange sticker on the front door that said UNSAFE in no uncertain terms.
I spoke with the would be buyer about this house and said it was just as well we … (16 comments)