Setting the Tone - 09/30/06 10:48 PM

I have to say that I worked for part of my Saturday today. I went to a few open houses in Southern California to view the listings of agents that I know. The last of 3 open houses that I attended today stuck out like a sore thumb from the other two listings. For the most part, each of the 3 listings were similar in characteristics. They were in the same neighborhood, had the same amount of square footage and were essentially the same price. Buy why did the third listing stick out so much? Then I figured it out, the … (3 comments)

Southern California Traffic - 09/30/06 10:29 PM

Ok, so I'm in Southern California right now on a combination of business and pleasure. I moved to Southern California (Orange County) in 1990 and the traffic at the time was moderate. After going away to college in Northern California (Chico) and coming back down to Southern California to visit, you become much more aware of the time that you spend waiting! Waiting in traffic,waiting in lines,waiting,waiting,waiting. Well, that is how I feel that my weekend has been so far in Orange County and Los Angeles.Yes, the Southern California Real Estate Market has been HOT (with flames), but it gets to … (5 comments)

Window Shopping - 09/30/06 10:16 PM

Being in the new "buyers market" that we are in, I have heard some interesting stories from agents that I work with. There are "potential buyers" that go out into the marketplace and shop for homes, with no intentions of really purchasing a home, kind of like "window shoppers." In fact, some of them even know that they would never qualify to purchase a home! Some homebuyers will even go so far as to make offers, request quick escrows and so on, as if they get some sort of psychological enjoyment out of it. WOW! Unfortunately, home sellers are more likely … (6 comments)

It's a Beutiful Day in the Neighborhood - 09/29/06 12:15 PM

So yesterday was a great day for me and my family. We got to experience our first 4 dimensional ultra sound..All I have to say is, "WOW!" To see little fingers,toes,lips and so on, it reminds you of the important things in life. It is so easy to get caught up in the daily activities of the Real Estate business that many of us need to take a "step back" from time to time and recognize the importance of friends and family. Major questions I was asking myself yesterday.....
What will Hailey's world be like?
How much different will things in the years … (9 comments)

A New Era - 09/26/06 11:58 AM

A new era has come to the Real Estate industry. What is it? Ummm yeah, the Internet. And what does that mean? Home seekers are becoming more witty, being able to get information about properties even faster than a lot of the real estate agents that are out there! Many home buyers fail to look at ALL of the benefits associated with using a real estate agent though! Merely being able to find a home that you like on the internet is part of the equation, but certainly not all of it! Having the representation to work on your behalf can … (0 comments)

I DO!!!! Actually, Wait a Sec! - 09/25/06 05:11 PM

This was the top of my friends' wedding cake, which I found hilarious. After seeing it though, it got me thinking about a particular topic that I've dealt with in the mortgage business. What happens when 2 people get married and take everything else into consideration before they say, "I DO" except for how each other handles their finances? What if one of the borrowers has stellar credit and the other could care less? Ofcourse there are ways of getting around such topics in the lending industry, but you have to wonder why this topic doesn't come up more, prior to the … (4 comments)

The Big Cats! - 09/25/06 04:50 PM

The big cats of the lending world have been making it harder over the years for the little fish in the industry. Why? Just watch one of those commercials that makes claims for mortgage products that most people don't even qualify for. And even if you did qualify for that particular loan product, those people wouldn't even really want that type of loan product being offered to begin with! A challenge, tape record one of the commercials with the small print at the bottom, pause it and read! You will be humored at best! Bringing borrowers back down to reality of their current situaions … (0 comments)

Arms Length Transactions - 09/25/06 10:19 AM

Today's Real Estate Term of the Day~
Arms Length Transactions:
Definition- A transaction in which the parties are dealing from equal bargaining positions, neither party is subject to the other's control or dominant influence, and the transaction is treated with fairness, integrity and legality. If discovered by a taxing authority, the absence of an arms length transaction may result in additional taxes incurred resulting from transfer at less than fair market value.
An increasing number of red flags have been crossing the desks of underwriters across the United States due to higher default rates. One of my account executives said that it is … (12 comments)

Kiss Private Mortgage Insurance Goodbye California! - 09/24/06 10:15 AM
Kiss Private Mortgage Insurance Goodbye California!
 Kiss private mortgage insurance goodbye California! I've received new announcements this week from multiple investors, stating that they are doing 100% first trust deed loans with NO MORTGAGE INSURANCE! In the past, investors were doing maxed 80% first trust deeds and 20% seconds to avoid PMI. Now you and your clients can avoid those higher interest rate seconds by refinancing or purchasing with a single 100% loan with NO PMI on your Primary Residence, Second Home or Investment Properties!
Call me for details!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: CALoan.com
"You find … (2 comments)

Unfair Lending Competition and Your Privacy! - 09/23/06 12:00 PM
 
I've been frusterated lately by a new form of unfair lending competition that has been taking place by mortgage companies and larger lenders. After we pull credit reports for our clients, competitors are paying the credit reporting companies to alert them that a "mortgage" inquiry has been made, be it for a purchase or refinance. I have had multiple clients call me up, asking if I sold their information to other lenders, letting them know that they were looking for financing. My response, "ofcourse not...why would I want to do that?" Fortunatly, I have not lost any clients to this type … (3 comments)

Back to School~Today's word...Disintermediation! - 09/23/06 10:57 AM

I live in Chico, California, which is the home to thousands of college students. From time to time, I have high school and college students call me up to ask me questions for a class project that they are doing. I LOVE these calls! To have a child or young adult that has enough in them to call and actually do their homework is inspiring to me. I know many professionals that can't  make such inquiries on the phone! Anyhow, I received a phone call today and I was asked if I knew what "disintermediation" was. Plain and simple! I was honest and said … (11 comments)

Need a Fundraising Idea? - 09/21/06 02:11 PM

I'm the Chairman of the Affiliate Committee for our local Association of Realtors and we conduct a Fall and Spring Mixer for the local Realtors. During the mixers, Realtors and Affiliates network with each other and we usually throw a theme behind each one. For our Fall Mixer in October, we are having a wine night theme. We will have a wine tasting and appetizers. We decided to raffle off wine coolers, filled with bottles of wine that were donated by the Affiliates. Each Affiliate had the opportunity to decorate their bottles the way they wanted and everyone had a lot of fun … (3 comments)

Life...The Juggling Act - 09/20/06 06:36 PM

Oh, how life feels like a grand juggling act! But when it comes down to it, the single most important asset we have is TIME! That's right, you can't buy more than is alloted to you or stop it. Regardless of what we do in our daily lives, it continues to move. Through the ups and the downs of your daily lives, I tell you this. At the end of the day, regardless of how mad you get at a client, peer or situation, be sure to hug the ones you love at night and do your best to juggle life. More often than … (2 comments)

Be a Chameleon! - 09/20/06 06:17 PM

Do you know what chameleons do better than almost any other creature out there? Their bodies change colors and adapt to it's environment. So I ask this to all of you Real Estate professionals out there. How often and well do you adapt to change and your environment? I have found that no 2 clients are alike and each has different needs, wants and desires. If you don't provide it to them, then they will go elsewhere  and find it for themselves!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
"You find the perfect home, we'll find the perfect loan!"
… (1 comments)

Professional Problem Solver - 09/20/06 05:33 PM

I think I'm going to change my job description from Mortgage Broker to Professional Problem Solver. The longer I'm in this business, the more I realize that it goes far beyond interest rates, loan products, documents and all that jazz. If I boiled it down to it's basic element, I think the job description would be Problem Solver. There are so many people that contribute to a single transaction that can spin a transaction in the wrong direction. What do I encourage more of you to do? Become "Problem Solvers", not "Problem Creators", it's much more productive!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico … (2 comments)

The Often Overlooked Factor! - 09/19/06 12:06 PM

I have learned over the course of time that there is an often overlooked factor in Real Estate transactions and many of the things we do on a daily basis. What is it? The "gut factor!" The gut factor is what your inside tells you is a good or bad situation to be in. I often tell my potential clients to "feel people and the situation out." Many of us have an amazing "sense of knowing" if we are doing something that we should or should not be doing. For example:
Purchasing a home,selling a home,refinancing a home, dealing with a particular … (2 comments)

Have a Great Insurance Agent! - 09/19/06 11:54 AM

Here's some great advice, be sure you have a few great insurance agents to work with. I had a client recently that was paying close to $200 more a month for her existing insurance policy than what my affiliate quoted her at. He drove out to her property and noticed that she was categorized improperly as having farm animals on the property. Now she's saving an additional $2400 a year simply by my having a great agent by my side! The insurance agent also showed up when she signed her docs to give her her paperwork and shake her hand. To … (0 comments)

The Baby Boomers are Coming! The Baby Boomers are Coming! - 09/19/06 11:19 AM

I have noticed a strong trend lately. The Baby Boomers of California are now becoming "Empty Nesters." The kids are out of the house, they don't need all of that space and they are sitting on a property in the Bay area, Los Angeles, Orange County or San Diego and they are getting ready to retire soon. The only problem....Almost all of their net worth is tied up in their homes! So, downsizing will be taking place soon. Moving to areas such as Northern California and my hometown of Chico, where they can live in a great community, have twice the … (6 comments)

Opinions on Option Arm Loans - 09/18/06 06:31 PM

I'm curious to know how "Option Arms","Pick-a-Payments" or whatever you want to call them are viewed in your neck of the woods. Do you find that liberal and conservative people are using them? Do you find that investors are using them? What do you feel is the overall impression on them? I would appreciate everyone's feedback!
Thanks,
 Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
"You find the perfect home, we'll find the perfect loan!"
… (2 comments)

Promoting Active Rain in Your Community! - 09/18/06 06:01 PM

Have you considered promoting the Active Rain community by giving it exposure in your area? I recently wrote an article, which you can check out here on page 27. Letting everyone know what the AR network is about and getting potential clients to visit the network will benefit all of us greatly. Sure, it is great to communicate with each other. But I think that it is equally important to bring the network to the "next level" and promote it to the general public. I know many investors, potential home buyers and clients that would benefit from each of our services, don't you?
Scott GormleyBroker/OwnerOak Valley Mortgage2006 … (3 comments)

Kiss PMI Goodbye! - 09/18/06 05:47 PM

Kiss private mortgage insurance goodbye California! I've received new announcements today from multiple investors, stating that they are doing 100% first trust deed loans with NO MORTGAGE INSURANCE. In the past, investors were doing maxed 80% first trust deeds and 20% seconds to avoid PMI. Now you can avoid those higher interest rate seconds by refinancing or purchasing with a single 100% loan with NO PMI on your Primary Residence, Second Home or Investment Properties!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
"You find the perfect home, we'll find the perfect loan!"
… (0 comments)

.net versus .com - 09/17/06 12:51 PM

Real Estate Domain Names 
I'm looking for help within the Active Rain community. I'm wondering if there is all that much of a difference between the .net and .com extensions. There are multilple options of domain names that are available to choose from and I wonder if the general public clearly makes a distinction between the two and if it is really worth the cost of obtaining the .com version. Do the search engines put a much stronger value on the .com versions of domains? Any help in the above topics would be greatly appreciated. I've been dealing with domain names for years … (9 comments)

Where in the world is Chico? - 09/17/06 12:03 PM
 
Are you looking for a great place to live? I'll tell you about  a hidden gem in California, but don't tell too many people! Chico is located 90 miles north of Sacramento, California and home to 105,000 Chicoans. Boasting a "home town college feel to it", Chico is the home to California State University,Chico and a variety of amazing things. Chico is one of the only places I have lived in the world where residents take a strong pride in their community and speak so gracefully about it. So what makes Chico so unique? Here's a few things:
Bidwell Park (This is where the original Robin … (11 comments)

Which Direction? - 09/16/06 12:16 PM

One of my favorite things about being a member of the Active Rain Real Estate community is the network I'm growing for my clients' benefit. Think about it, having not necessarily more...but better directions to send your clients is a great thing, adding value to what I do for them. Now I can feel comfortable with learning about professionals within the network and sending my clients in the correct direction. There is a great peace of mind that comes with such opportunities. My hats off to the AR community and I look forward to sending business in your direction when the time … (0 comments)

Preparing For the Appraisal - 09/16/06 11:52 AM

Over the years, I have heard many questions about how to prepare for an appraisal. I thought it might be to your advantage to know what your appraiser is looking for, and what you can do to get the most out of your appraisal. Here are a couple of hints:
Make a List
If you are refinancing it is likely that you have owned your home for a couple of years and you have made improvements,additions,upgrades and general maintenance. Make a list of anything you have done to the home over the past few years. Report roof,appliances,floor coverings,water heaters,window upgreades, etc..Do this before … (0 comments)

Are You Optimistic or Pessimistic? - 09/16/06 10:41 AM

There's a father that has 2 children, one is VERY OPTIMISTIC and the other is VERY PESSIMISTIC! The father wants to show each child that life isn't simply one way. After thinking up a plan to prove his point, he puts it into action the next morning. For his optimistic child he throws him in a room full of sh$!, showing him that life isn't always perfect. For the pessimistic child, he put him in a room full of toys to show him that things aren't always bad! A few hours pass by and the father is ready to see the … (4 comments)

How much are your air rights worth? - 09/15/06 01:41 PM

Do you have any idea how much your clients' air rights are worth? In an amazing story, which was confirmed on December 4th,2005, the Christ Church on Park Avenue in Manhattan decided to sell its air rights for $30 million! Now there are business (gyms,bakeries,etc) in Orange County, California that are selling their air for condo developments! You can check out this website for the church article and stay tuned! Your neighborhood could be next!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
"You find the perfect home, we'll find the perfect loan!"
… (2 comments)

In the year 2010! - 09/15/06 01:19 PM

Do you have any ideas of what the banks and investors will come up with next in product innovation to get homebuyers into homes? We've seen mortgage loan types that my dad would not have even imagined 25 years ago, but now they are a reality...Zero Down,Interest Only,100% Financing,6% sellers concessions,No Mortgage Insurance,Stated Programs,40 and now 50 year terms,Option Arms with 1% start rates (Neg Am loans), I've now seen loans with start rates of 25 basis points...Think about that...If you have a 30% equity position in a home, they will loan you up to 70%! On a $1,000,000 home with a … (1 comments)

Big Fish,Little Fish? - 09/15/06 01:39 AM

I've lived and conducted Real Estate business in two types of areas/markets. In one you feel like a little fish in BIG pond and in the other you feel like a BIG fish in a little pond. I'm curios to see what AR members feelings are about being in each kind of market and which scenario offers greater opportunities in the Real Estate business. In the small pond, you feel like you can have a faster and more impactful message, but the business seems slower. In the big pond, it feels more impresonal and competitve, taking you longer to penetrate the market … (3 comments)

Cutting Commissions - 09/14/06 08:59 PM

Here is a thought for everyone, "how much value do you see in what you do for others?" I think that it is human nature for clients to want to save money. But, if you see the value in the services you provide for your clients, there is no need to go down that avenue too often. Personally, I know the value that I provide to my clients and more often than not, they see it throughout the entire purchase or refinance process. From a sellers perspective, how comfortable will you feel with an agent that was willing to cut their commission … (3 comments)

Minorities Pay More? - 09/14/06 08:42 PM
 
In an article recently posted by James R. Hagerty at RealEstateJournal.com, James explains that African-American and Hispanic borrowers are "much more likely than whites to pay high interest rates on mortgage loans", according to a Federal Reserve study released recently! My first reaction was, WOW! I would not figure that this would even be a topic to write about and I think it is a sad fact. In my business, I bring forward the need for Equal Housing Lending. Obviously, the ability to make on time mortgage payments has nothing to do with race. This is my mind bottling thought of … (3 comments)

Curb Appeal - 09/13/06 03:28 PM

In a competitive market where there are many choices for buyers, agents must bring the topic up of "curb appeal" to their clients. Questions such as, "what does the home look like from the front?", and "what will potential buyers first reactions be from the outside?" are VERY IMPORTANT! The home may be beutiful from the inside, but potential buyers won't give it the time of day if the outside is scary. Trimming you lawn, pulling weeds, sweeping the porch and getting rid of spider webs can make a lasting first impression! When it comes down to it, how long do you want your … (4 comments)

Website Hosting - 09/13/06 02:54 PM

One of the most important decisions that Real Estate professionals need to make is who will do their website hosting. There is a large range of offerings that are out there and comparing and differering their services can be time consuming, but I assure you that it is worth every second! Why? It is estimated that close to 70% of all home purchases started with the consumer's "research phase". If a potential buyer goes to your website and it takes 1 minute to load up, YOU'VE LOST THEM and their potential business! It is human nature to want things immediatly at … (0 comments)

Buyers Market - 09/13/06 02:33 PM

With the influx of homes on the market, things have switched to a buyer's market! So, what does that mean? Well, from the sellers perspective, you need to offer incentives that will differentiate your home from the rest of the flock. You can do so with offering a credit towards the buyers closing costs to ease the burden of coming up with "on hand cash", or you could do seller carryback financing, offering a rate that is lower than the prevailing rate on the open market to induce a purchase. Coming up with creative ways to market your home can make … (2 comments)

Clear Lines Of Communication - 09/12/06 11:22 AM

One of the most important things that I have learned in the Real Estate business is keeping clear lines of communication open with ALL parties! Think about it, within a single transaction you have: 1-2 agents,buyers,sellers,lenders,appraisers,insurance agents,processors,underwriters,account executives,escrow officers and GOD knows how many assistants! In my business, I prefer to be the central point of contact, whom ALL parties communicate with. One thing that I notice is many tend to break down the walls of communication when they are afraid to be straightforward with their clients. It is inevitable that at some point within a Real Estate transaction, there are … (4 comments)

Community Involvement - 09/12/06 10:49 AM

I think community involvement is one of the most important things that each of us can participate in as Real Estate professionals. Everyday, each of us in some way contributes to people moving into our neighborhoods. Helping someone find a home, sell a home, finance a home, insure a home, etc. Participating in the various organizations and understanding their roles within your community will help you to explain what makes your community so unique. In Chico, I'm involved with:
Big Brothers Big Sisters-To take a little to their first baseball game is pretty cool! 
Ability First-Week long camp for children with physical disabilities. 
Chico Challengers-Local baseball team for … (1 comments)

MLS to RSS - 09/12/06 10:14 AM
I'm looking forward to finding a website that does a great job at offering an MLS to RSS service...Say what?
That's right, an RSS feed that will update my website in "Real Time" with homes that have just hit the market! Maybe a "New Home of the Hour" or "Just Listed!" link on our homepage. This is the only website that I have found remotely close so far in California....http://homes.point2.com/
Has anyone else found anything?
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
"You find the perfect home, we'll find the perfect loan!"
… (9 comments)

Placing Our RSS Feed On Our Homepage! - 09/10/06 12:28 PM
We have decided to add our Active Rain RSS blog feed onto our homepage. Why? Instead of having a generic website that always comes up, now our blogs will be shown on the homepage randomly, keeping the content new and fresh! The search engines should recognize it because the content will be continuously updating on the site, which is good. I recommend that other AR members do the same, as it should help with informing the general public about your points of view, helping them to differentiate you from your competition.
Scott
… (2 comments)

Dinner with Sheree - 09/10/06 12:21 PM
My wife (fiancee then), recently sold her condo, which was an overall smooth experience. I have dealt with many agents so far in this business, but last night I experienced one of my firsts. Her agent, Sheree Darner, invited us over to her house for dessert and coffee after we went out to dinner at a nice Italian restaurant. Let me tell you, what a difference it makes to have an agent that cares enough to welcome you to her home and personal life after the deal is already done. I felt as though she really did care and it wasn't … (3 comments)

Blogging For the Sake of Points? - 09/10/06 12:05 PM
I don't know why, but I feel as though there are a few in the Active Rain community that are blogging with nothing really to say, merely for the sake of getting points. Here is my opinion, the points will come, don't worry too much about that. But say something only when you feel that it contributes to the overall good of the community. That's just my point of view.
Scott
… (10 comments)

Checking Up On Your California Mortgage Broker/Real Estate Agent! - 09/08/06 05:04 PM
Are you wondering who you are dealing with in California? I think it is important to know what the status is of an agent or broker's license! You have the ability to do some research on California brokers and salespeople at the California Department of Real Estate's website. You can do a lookup by click going here -->Click Here! Afterall, as an agent or client, you are dealing with transactions in the hundreds of thousands of dollars. It is nice to have the peace of mind behind every transaction!   
     
… (0 comments)

Points - 09/08/06 11:47 AM
Should I Pay Points?
The best way to decide whether you should pay points or not is to perform a break- even analysis. This is done as follows:
1.) Calculate the cost of the points. **Note: 1 point is equivalent to 1 percent of the loan amount. Example: 2 points on a $100,000 loan is $2,000.
2.) Calculate the monthly savings on the loan as a result of obtaining a lower interest rate. Example: $50 per month.
3.) Divide the cost of the points by the monthly savings to come up with the number of months to break even. In the above example, this number … (0 comments)

Gas Prices - 09/08/06 11:43 AM
I'm wondering how much different our industry is now because of the gas prices. Think about it:
People have less expendible income
Real Estate professionals go on less tours to save their tanks for the weekend
Listings in remote areas are making it difficult on the listing agents
Fortunatly, gas prices are starting to decline. I think this should make things a little easier on everyone :)
Scott
… (1 comments)

Remembering Birthdays - 09/08/06 11:29 AM
I think one of the most important things that we can do as professionals is remember our clients birthdays. I have a friend that has been in the Real Estate business for 5 years, and he will call his clients on thier birthdays before their own mother will. This is a prime example of what you can do to continue building a strong Customer Relationship Management System. Do any other AR members have good CRM tools that have worked well?
Scott
… (1 comments)

Podcast? - 09/05/06 12:12 PM

Are you thinking of a new way to reach out to your clients? After doing some research, I have found that doing a podcast is one of the newest forms of technology that you can use to inform your clients and form a stronger relationship with them and your target market. What is a podcast? A podcast allows you to use a microphone and record anything that you want to talk about, kind of like a radio show! By placing a podcast link onto your site and allowing your clients to "tune in" to this week's topic, you are bound to … (1 comments)

Paying Points - 09/05/06 12:03 PM
Should I Pay Points?
The best way to decide whether you should pay points or not is to perform a break- even analysis. This is done as follows:
1.) Calculate the cost of the points. **Note: 1 point is equivalent to 1 percent of the loan amount. Example: 2 points on a $100,000 loan is $2,000.
2.) Calculate the monthly savings on the loan as a result of obtaining a lower interest rate. Example: $50 per month.
3.) Divide the cost of the points by the monthly savings to come up with the number of months to break even. In the above example, this number … (0 comments)

Early Bird Catches the Worm! - 09/05/06 11:54 AM

Here's an old saying that I use to hear from my dad growing up, "early bird catches the worm!" This is a phrase that I would not come to understand better than when I grew up and graduated from college...Ahh, the good old days of waking up at noon. But as I get older, I have learned to appreciate the things that can be done in the morning. Think about it, you start setting up your day at 7am and you have a "game plan" to work by 8am. On the flipside, Joe Schmoe gets in the office at 8:30am, starts … (2 comments)

How Strong Are Your Links? - 09/05/06 11:39 AM

One of the most important things we can do in the Real Estate community is create strong networks and link to each other. Active Rain is a great new resource that each of us can use to learn about our peers. When I say learn, I mean you can see their work ethic, listen to their perspectives and decide if this is a person to "associate" yourself with. Trust is earned and I'm sure it will take time for people to earn respect within our community. However, I can't stress the importance of creating links to your trusted associates. Utilizing reciprocal … (2 comments)

Traffic By Writing - 09/05/06 10:50 AM

I have found that writing articles has been one of the best forms of business development for my business. Think about it, if you were a client looking to purchase a home or obtain financing, would you want to use the company that has flashy ads all the time or would you want to work with the company that writes articles every week in the newspaper and magazines? By writing articles for local magazines and papers, you have the opportunity to create an audience and capture them with new information. I would much rather help educate the general public through a … (4 comments)

Closing Costs~Part 2 - 09/04/06 02:30 PM
                                                                Closing Costs Part 2
Borrowers typically have 3options for paying closing costs:
Pay all associate closing costs "out of pocket."
Increase your loan amount and have "non-reoccurring closing" costs paid through the loan.
Pay a higher interest rate and let the lender give you a "closing credit" towards "non-reoccurring closing costs."
I will go into detail with each option, so you can make better decisions about how you prefer to have closing costs paid. Each has their benefits and setbacks as in any other decision in life that you need to make. Being well informed of your options will empower you to do what is … (3 comments)

Closing Costs~Part 1 - 09/04/06 02:22 PM
 Closing Costs Part 1
There's an old saying, "If it's too good to be true, it probably is!" Such is the case with refinancing or purchasing a home and the topic of closing costs. Many lenders in the industry will claim NO CLOSING COSTS, however, everyone actually plays on a level playing field! The only difference between mortgage companies are the investors and/or banks that they are individually approved with, that's it! Closing costs are ALWAYS going to be associated with refinancing or purchasing a home. Why? There are many parties involved in the loan process and obviously, no one works for … (2 comments)

Humor of the Week - 09/04/06 11:38 AM

Ahhh Yesss...Your first new listing. You've read blogs on Active Rain of things to do and not do. You've staged the home and all that jazz...The next thing you want to do is take interior pictures or maybe a make a virtual tour of the home, so you can get it some additional exposure in the local magazines and online. Some things such as this are out of your control, but, make sure you pay attention to the details! Otherwise, it might come back to nip you in the butt around the office with all of the seasoned agents that are out there … (9 comments)

Don't Get Cooked! - 09/04/06 11:22 AM

Do you know how frogs get cooked?
If you throw a frog in a pot of boiling water, the frog wil jump out. However, if you put the frog in room temp water and slowly turn up the temp, the frog accepts the fact that things are getting a little warmer, but that it isn't much of a difference...Before you know it,you've got yourself a cooked frog!
I think we are going to see this happen to a good amount of our peers in the Real Estate industry. The water was cool and everything was great when they had phones ringing off the hook, … (11 comments)

Bubble Burst? - 09/04/06 11:09 AM

It seems to be the topic of many over the past 6 months. Appreciation is slowing down (to more realistic levels),interest rates are increasing and consumers are thinking!
Thinking what??
According to new National Assoc of Realtor reports, "The Pending Home Sales Index fell 7% in July."
The NAR called out that increasing listings and stagnate response of home buyers has slowed things down around the country. David Lereah, NAR's chief economist, said the year-to-year numbers have been a good predictor of the actual pace of home sales. "Based on recent changes from a year ago, the index shows existing-home sales should continue to ease … (4 comments)

Dreaming of a Sale? - 09/03/06 12:04 PM
Are you dreaming of a sale?
In these changing times, I'm amazed with how some agents are responding to it! The HOT real estate market brought in an influx of agents and mortgage "professionals", which we are now seeing drop like flies. Is this bad? I don't think so. So many people are complaining about how many more homes are on the market and how many fewer buyers are out there. Here's a thought, how about "How much less competition do you have to fight for business?" Many of the new agents and loan officers were once order takers. Now that the … (5 comments)

Empty Nesters - 09/03/06 11:27 AM
Living in the great college town of Chico,California, I get to talk to many "Empty Nesters". You know, "Parents that don't have kids in the house anymore". All you have to do is go downtown to Starbucks and strike up a conversation with a parent or couple that is down from wherever, visiting their new college kid. Well, I struck up a conversation with a couple the other day, and it made me think afterwards. Both of their kids are finally out of the house, the house is more home than they need, but the interest rate on their mortgage is … (1 comments)

Affordability Factor - 09/03/06 11:09 AM
Do you know what the affordability index is in your area? The figure represents what percentage of a given population can afford to purchase a home.
The affordability factor is definatly a major factor in how many homes are being listed and sold on the market today! I get phone calls almost daily from homeowners that can no longer afford thier homes, because they are so use to interest only and minimum payments on low interest rates, and they freak out when they see their adjusted payment, once the fixed period of 2,3 or 5 years ends. Loan products with "Stated Income/Stated Asset" features can come back to nip people in … (1 comments)

The Power of Descriptions - 09/02/06 04:53 PM
"Humor for the Week"
What the ad says                                                    vs                                 What the ad means
                                      "Great Starter Home"                                                              It will be condemned any day
                                     "Cozy Cottage"                                                                            Living room was a closet
                                     "T.L.C"                                                                                            Takes Lotsa Cash
                                    "Fixer-Upper"                                                                                Bring a bulldozer
                                    "Pool"                                                                                              Basement is flooded
                                    "On Golf Course"                                                                          Replace broken windows!
                                    "California Style"                                                                          Yard has a variety of fruits
                                    "Won't Last"                                                                                   Won't last
                                   "New Carpet and Tile"                                                                    Too bad about the leaky roof!
                                    "Ocean View"                                                                                  Bring your binoculars
                                   "Motivated Seller"                                                                          Seller is desperate
                                   "Borders Wildlife Area"                                                                Neighbors party all night!
                                   "Near Public Transportation"                                                       Behind the railroad tracks
                                   "Ranch Style"                                                                                   Keep your … (3 comments)

What Do I Do? - 09/02/06 04:19 PM

Last night, we were sitting around the dinner table and my friend's mom asked what I do. I proceeded to tell her that I own a Mortgage Company and how the process works in layman's terms...I've learned not to lose people. Once I was done though, my friend proceeded to tell his parents that that is just the tip of the iceberg though. He said that he listens to me on the phone sometimes and it is much more than just rates and getting them a loan. He explained that I take the time to go through their credit reports and … (1 comments)

Who's in Your Open House? - 09/02/06 03:58 PM

Alex's blog ("Be Careful Out There 9/2/06 01:54PM) made me think of some of the things that I have run across. Primarily on MLS tours, where I walk through the home and see jewelry,credit cards and even cash sitting around! HELLO? I ALWAYS tell the agent if I see something of the sort, afterall, your looking out for them. You have done this several times and they haven't. More than likely, your clients are thinking about many other things if they are selling their home, rather than the "normal day" stuff that they do around their home. A good agent should … (2 comments)

Humor of the Week - 09/01/06 05:40 PM
 
I stayed up one night, pondering what I could do to differentiate myself from the "rat pack". What is the rat pack? The rat pack is the group of companies, all in the same field, that try to gain the acceptance and business of someone or something. In this particular case, Realtors and agents on tour day. Afterall, there are several mortgage companies in our local market to choose from, so, "Why would an agent want to refer their business to me over the competition?" After staying up all night, I decided to "think outside the box" and take a different approach. … (8 comments)

The Importance of Spell Check! - 09/01/06 05:22 PM
 
Over the years, I have seen some very funny and at the same time embarrassing listings in the newspaper and online. Mr. Baxter was one of my Freshman year college teachers and put a strong influence on both understanding the definitions of words as well as the correct spelling of them. I have found that over the years, many don't take the time to spell check their listings,ads, marketing tools,etc...I'm here to tell you that reflecting back on Mr. Baxter's teachings, "People can tell how you present yourself through language, both written and verbal." The dictionary is one of my top 3 … (16 comments)

Active Recruitment - 09/01/06 05:02 PM
Holy Cannoli!
Since I've been on Active Rain, I've been contacted by close to 30 companies over the past week...Each one of them is trying to recruite me and offering incentives and packages to start working with their company. Each one has a "much better" offering than the next. I'm here to tell you that I'm very happy with MY Company and I really don't have an interest in yours. Has anyone else been contacted with such offers? I figure that each of us will start to get some interesting contacts throughout our Active Rain careers!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of … (6 comments)

 

Scott Gormley

Chico, CA

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Oak Valley Mortgage-California Home Loans and Refinancing

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