chico: Are you looking to purchase a home in Chico,California? - 03/31/08 11:51 AM
Are you looking to purchase a home in Chico, California?
If so, feel free to give me a call. I have a great network of local real estate professionals to help you through the home purchase and loan process.
… (0 comments)
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chico: A Prayer for Wayne Harder's Family - 11/27/07 05:48 PM
My thoughts and prayers go out to Wayne Harder's family and friends after a tragic car accident in Chico,California on Sunday evening. I had the privelage of talking with Wayne a few times and he was a good man and a leading example of what it means to be a community leader … (7 comments)
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chico: Enloe Hospital Employee Benefit-Chico,California - 04/18/07 09:43 AM
$400 Appraisal Credit at the close of escrow on all Real Estate or Refinance loans!
In appreciation for the hard work that Enloe Hospital employees extend to the Chico,California community, I would like to offer my services as an employee benefit. My name is Scott Gormley and I'm the Broker/Owner of Oak Valley … (0 comments)
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chico: Why I promote competitors in my own market... - 04/06/07 11:06 AM
Like Tony would say, "They'rrrrrreeeeee Grrrrrrrrrrrrrrreaaaaatttttt!"
Many would think I'm crazy. The purpose of business is to be profitable, right? But I think we have a larger obligation than simply looking at the dollars and cents at the bottom line. In the Real Estate and Lending business, there are clearly good apples and … (7 comments)
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chico: The Power of a Great Appraiser - 03/15/07 10:08 AM
I believe one of the most important people in the transaction to me as a Mortgage Broker is the Appraiser. But not just any old Appraiser, "A Great One!" There are times when I don't even meet a client and the Appraiser is the first person that a client meets. The interaction and … (5 comments)
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chico: The Power of "Truth" and Seeking to Understand Your Clients! - 01/22/07 08:51 PM
I don't understand why many in my industry can't grab onto the "Power of Truth" and the need to understand a clients' needs! I have received several new calls this week from new and potential clients that are looking to refinance their homes from their once "all time low" payment to … (1 comments)
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chico: Demanding a Rate Over the Phone! - 01/18/07 11:25 AM
I received an interesting call yesterday, so I figured that I would share it for the world to see my response...Or atleast possible California clients and Associates :)
The potential client called me and started rambling about random things, I tried to keep some flow to the conversation. In the end, … (24 comments)
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chico: Home Loan Documentation Types - 01/16/07 11:56 AM
Are you wondering what types of documentation loans are available? Banks and investors have come up with a variety of loan types to help borrowers qualify easier into home loan and refinance products.
While some may be worried about being able to qualify for a home, you'll be amazed at the … (8 comments)
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chico: Taking it to the next level with a new client.. - 01/16/07 11:52 AM
I had a great sit-down today with a new client. She is a First Time Home Buyer that wanted to meet face to face with me...I love it! Back in the old days, transactions were only done in such ways. You could look a person in the eye, listen to their … (2 comments)
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chico: Comparing a Mortgage Broker to a Direct Lender - 01/12/07 11:53 AM
Reason: Representation
Mortgage Broker: Fiduciary duty to the borrower to get the best loan possible. Packaging the loan to highlight the strentghs of your loan scenario and minimizing the weaknesses.
Direct Lender: Represents the lender.
Reason: Customization
Mortgage Broker: Offers numerous programs from many lenders and investors at very competitive rates.
Direct Lender: Offers a limited … (26 comments)
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chico: Lowballing agent commissions and higballing asking prices! - 01/08/07 04:56 PM
Many asked me this year if there is a way to lowball a real estate agents' commission. My answer is very simple, "You get what you pay for!" If you were in need of a doctor and you were about to go into surgery, would you lowball the doctor? If you were … (3 comments)
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chico: Chico,California Housing Market Report For January 2007 - 01/02/07 06:13 PM
Hey Everyone,
Virgil Cole is an awesome Real Estate Agent at Prudential Real Estate in Chico, California and he puts together a comprehensive market report of what has been taking place in the local Chico market over the past few months. He spends alot of time putting together the data and I'm sure … (4 comments)
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chico: Going to bat for clients! - 12/15/06 05:19 PM
Each and everytime we get a new client at Oak Valley Mortgage or Beach Town Mortgage, we go to bat for our clients! What does that mean? Here's a list of things that you can expect from us...
1.) We look out for YOUR BEST INTERESTS! I.E. What are your goals? What are you … (2 comments)
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chico: Going Beyond "The Rate..." - 12/14/06 11:56 AM
Everything in the mortgage industry is geared towards the rate. What are your rates? Who has the best rates? What are the rates doing?
I'm here to tell you that the mortgage industry goes far beyond what the rate is. The rate is just a number! Yes, a number the ultimately determines … (21 comments)
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chico: What are lenders really looking for? - 11/02/06 10:53 AM
Lenders will initially look at:
Employment
Income
Assets
Some kind of credit
Employment - Employment is a critical part of the mortgage application. Being employed continuously for the past two years is helpful. Being in the same line of work is preferred, since it shows that you have been consistent in that field. … (1 comments)
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chico: Over Your Building Budget? - 10/27/06 12:41 PM
I get phone calls from homebuilders from time to time that are in distraught. They sold a home that they owned. Took that cash and decided to build their own dream home after purchasing the land and putting the plans together. The plans get approved by the planning commission or other … (4 comments)
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chico: Personal Growth - 10/26/06 12:25 PM
I think personal growth is one of the most important things that we can do in our lives. If you stop learning and think you "know it all", you're dupped! That's right, dupped!
Yesterday I went and picked up a book at the mall that I have been meaning to pick up for … (4 comments)
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chico: Baby, I Need Your Lovin! - 10/25/06 01:42 PM
I admit it, I'm on a baby binge. My whole life right now, is focused on babies! Babies in the mall, babies at the grocery store, babies on television...Yup, babies, babies, babies....We have our first one on the way in a few weeks and I'm gearing up for it! Am I … (2 comments)
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chico: Financial Literacy Event - 10/21/06 06:31 PM
We just finished our Financial Literacy Event on the Chico State campus and I feel that it was a success. We went through several topics, to include:
Credit Reports
Utilizing Credit
Investing
The Time Value of Money
Starting a Business
We conducted the seminar for the college students at California State University Chico as a way to … (4 comments)
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chico: The Family - 10/19/06 12:04 PM
This blog has nothing to do with Real Estate, but, it's my way of letting people know that I'm an actual human and not just a Real Estate, blogging robot. Or even better than that, a Real Estate Professional that pays someone else good money to blog for them. Imagine that, … (2 comments)
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chico: Free Financial Workshop in Chico on 10/21 @ CSU CHICO! - 10/17/06 12:35 PM
"Grow A Future"
ATTENTION CHICO, CALIFORNIA RESIDENTS!
Are you interested in attending an awesome and FREE Financial Workshop?When: Saturday, October 21st 2006 between 11am - 2pmWhere: California State University, Chico Room: BMU 210
This event is sporsored by Delta Sigma Pi, a Professional Business Fraternity
Topics will include:1. Managing your FICO Score2. Credit3. Debt: Secure and … (0 comments)
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chico: Market Update For Monday 10/16 - 10/16/06 03:05 PM
Mon Oct 16th Market DirectionRates areMoving slightly lower Rate VolatilityLow Interest Rate TrendsLong Term (4-6 weeks)Up Short Term (1-2 weeks)FlatMortgage Point ChangeSecurityChange30 Year Fixed-.115 Year Fixed-.1 U.S. Treasury RatesSecurityChangeYield30 YR Bond-.024.91%10 YR Note-.024.78%National Average Mortgage RatesWeek Ending Oct 12 2006 12:00AMMortgageRatePoints30 Year Fixed6.37%.515 Year Fixed6.06%.51 Year Adjustable5.56%.7Key Interest Rates1 Year T-Bill4.9%11th District COFI4.18%Prime … (0 comments)
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chico: Builder Incentives Getting Aggressive - 10/15/06 10:42 AM
I have noticed a new trend with California home builders, many of them are offering bigger incentives to buyers to buy their new homes. As of recent, I saw a commercial that proclaimed, "no payments for the first 6 months!" The builder was Centex homes and I called the phone number … (2 comments)
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chico: Ice Cream or Buying a Home? - 10/15/06 10:01 AM
So I got a funny email tonight...It's funny how your advertising works out sometimes. I advertise on the bottom page of every page of the local coupon guide in our area. When the person called, I answered the phone as my typical "Oak Valley Mortgage, this is Scott." It caught both … (4 comments)
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chico: California Department of Real Estate Recovery Account - 10/14/06 12:18 PM
From time to time, I like to refresh my memory of various topics or try to get answers to questions that I may have at the California Department of Real Estate website. While browsing through the website, I came across the Recovery Account, which is a "victim's fund." The account has … (2 comments)
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chico: Chili Cookoff! - 10/12/06 02:51 PM
I'm constantly thinking of new ways to do great things within the great community that I live in and at the same time, help to promote our business. I was thinking about it last night, and I use to have a blast going to chili or chowder cookoffs! So, I have … (3 comments)
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chico: The BIG EVENT!! - 10/06/06 08:57 PM
Well, I'm pretty much through my first year as a BIG for Big Brothers Big Sisters and it has been an amazing experience so far! I knew growing up that it was something that I wanted to be involved in and I'm happy that I just decided to go for it. My little … (2 comments)
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chico: Chico Fall Mixer - 10/05/06 10:44 AM
Ok, so twice a year, the "Affiliates" of our local Board of Realtors host a mixer for the Realtors and Affiliates. After a few months of preperation, tonight is the night that I'm on the spot. I'm the Chairman of the Affiliate Committee and I'm in charge of the nights events. There should be somewheres between 100-150 people … (2 comments)
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chico: Rome Wasn't Built In A Day My Son! - 10/04/06 01:03 AM
I have to admit that I get frustrated in the Real Estate business from time to time. I have now had the mortgage company for 2 years and everyday seems like a new battle. My dad has been in the mortgage business for 29 years now and he has been a … (2 comments)
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chico: Thank You Soldier - 10/02/06 09:32 AM
I don't know your name, but I know who you are
You protect our great Nation and represent a white star
A white star on our flag it is don't you see
To put your life on the line for my liberty
Liberty such as this, to do as I please
Where others in … (2 comments)
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chico: Are Loan Officers Really Villains? - 10/02/06 08:00 AM
After reading the post by Derek and Mariana Wagner and noticing that Loan Officers were number 2 on the top 5 list of people that people hate to deal with, I cringed! I thought to myself, "ME?" Is that the persona that I want placed on myself? Holding a stick of … (6 comments)
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chico: California Home Loans~100% in 1 Loan with NO MORTGAGE INSURANCE! - 10/01/06 10:50 AM
Hey California!
Are you tired of your second mortgage with a high interest rate?
Are you looking to get 100% financing with 1 loan and NO PRIVATE MORTGAGE INSURANCE?
Give us a call and we'll see if your scenario matches some of the great new home loans products that have just … (1 comments)
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chico: A Night Out - 10/01/06 10:36 AM
After going through an entire transaction with my clients, I always like to get them a gift certificate to their favorite local restaurant. Buying or refinancing a home can be challenging sometimes and the stress that it puts on a relationship can be hard. I find that there is no better … (3 comments)
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chico: 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, … (6 comments)
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chico: 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 … (9 comments)
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chico: 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 … (0 comments)
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chico: 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 … (0 comments)
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chico: 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 … (9 comments)
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chico: 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. … (2 comments)
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chico: 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 … (3 comments)
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chico: 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 … (10 comments)
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chico: 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 … (3 comments)
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chico: 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 … (2 comments)
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chico: 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 … (1 comments)
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chico: 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 … (2 comments)
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chico: 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 … (2 comments)
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chico: 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 … (0 comments)
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chico: 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 … (6 comments)
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chico: 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 … (3 comments)
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chico: 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 … (0 comments)
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chico: 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 … (11 comments)
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chico: 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 … (0 comments)
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chico: 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 … (0 comments)
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chico: 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 … (4 comments)
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chico: 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 … (2 comments)
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chico: 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 … (1 comments)
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chico: 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 … (3 comments)
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chico: 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 … (3 comments)
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chico: 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 … (4 comments)
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chico: 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! … (0 comments)
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chico: 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 … (2 comments)
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chico: 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 … (4 comments)
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chico: 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 … (1 comments)
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chico: 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 … (4 comments)
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chico: 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 … (2 comments)
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chico: 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 … (3 comments)
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chico: 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. … (1 comments)
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chico: 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 … (0 comments)
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chico: 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 … (2 comments)
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chico: 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 … (2 comments)
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chico: 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 … (4 comments)
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chico: 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 … (3 comments)
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chico: 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, … (7 comments)
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chico: 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 … (6 comments)
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chico: Zero Point/Zero Fee Loans (Part 2) - 08/30/06 01:59 PM
Zero Point/Zero Fee Loans (Part 2)
What are the benefits of a zero-point/zero-fee loan?
The main benefit is that you have no out-of-pocket costs. As a result, if the rates drop in the future, you could refinance again even for a small drop in rates. So if you refinanced on the zero-point/zero-fee loan to … (0 comments)
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chico: Should I Pay Points? - 08/30/06 01:51 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 … (0 comments)
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