Goes to show you that we are working harder and harder each and everyday to earn a living in the current market.Staying positive is the best medicine for the soul and everyone involved.
Oh those clever, sneaky Bank of America Short Sale Department. At it again......presenting them as being on the side of those dear, cherished, troubled borrowers.
And I have a bridge to sell you!
Have you heard that you can initiate a short sale with Bank of America without having an offer. Oh they tell us that they are trying to work with the consumer and their agent to expedite the short sale process. They can give us a pre-approval and then when we get the buyer, they can give us a final approval within 2 weeks.
Sounds good!
Sounds really good! But what they really want to do is get us to identify some suckers prospects for their "Cooperative Short Sale." Oooh....cooperation, that sounds great! The Cooperative Short Sale entails a Bank of America representative giving us the list price (I wonder if that's going to be a real market value), then they will give us 120 days to find a buyer at their price. If we can't (and that's tough because this is now a firm price) then they will "consider" a deed in lieu of foreclosure for the seller.
A client of mine was approached with this program. They got her information from a real short sale that we initiated (with a buyer). They made every effort to entice her into working with them. But there were a lot of "mights" and "possibly" in the information.
The seller "might" qualify for moving expenses up to $2500
The seller "might" be offered a deed in lieu of foreclosure
And on top of this, it's a 120 day program. If we can't find a buyer who matches their price and terms, then they terminate our participation and move forward with some "resolution". I suppose I sound cynical.....and I do market my short sales in a realistic manner. There is no point in being ridiculously lower than market value. But I'm aggressive...and my list price takes into account reality. If I am not getting showings and offers, then the market is not moving....and appraisal/BPO doesn't always take that into account.
So while I like the idea of a Cooperative Short Sale Lender....I'll wait until one actually shows up to get too excited.
Karen Fiddler Broker/Associate The Fiddler Realty Team/eVantage Real Estate Lic # 01494165
Great post!Reminds me of when we use to look at all the new listings in MLS and comment on photos of crazy things.Goes to show you that spell check is always the safest tool around.
I’m back this week with more MLS and real estate ad bloopers; and a few of them will bring tears to your eyes. Some of these agents are either in too much of a hurry, or too dumb to waste air. But who am I to judge…I once signed a letter, “Best retards, Gwen.” I am sure my client thought that said it all. Thanks to Dick Beals of Wilmington, NC for his great contribution. Proof or goof, friends. Check these out:
Haste Makes “Waste”
“Deck with BBQ above garbage” (What could be more tempting than maggots on a burger?)
“Craport for two” (Great – an outhouse for the Olsen twins.)
“Peas don’t be early” (Peas don’t be a moron.)
“Must go pass target” (Not if I aim straight at you…and you don’t duck.)
“All guesses welcome” (My guesses that you’ve had a lobotomy.)
“Extra long dive” (Thank you and your Speedo, Michael Phelps.)
“Has major retrofat” (So does my retro a__.)
More Bull
“Nice vestedbulle” (Nothing says Ole' like a bull in a Brooks Brothers suit.)
“Lots of hand cut in den” (Lots of big stitches in E.R.)
“Sit down w/ owner & work pout” (I tried that, but he still won’t give me a 10% commission.)
“Nice polish wood” (Have you tried their sausages?)
“No much energy use” (Is that why your brain won’t fire?)
“House close to chuck” (Your spelling is close to up-chuck)
“New gutters & screams” (…Just another night in the Hollywood Hills.)
My Pick ‘o The Week:
“Seller very faxible” (Uh, how did you squeeze him into the document feeder?)
Christopher Webster ~ Broker in Charge
Island Palms Realty
308 Main Street
North Myrtle Beach, SC 29566
(843) 427-7401
Your Vacation Rental and Real Estate Sales Connection
Phase I is Ocanfront Complex with Direct Oceanviews
Phase II is Directly across the street from Ocean with most of units having an Oceanview since Phase III did not come to fruitition
Phase II also has some units with views on inlet area
Currently in Phase I ~ 1 Bedroom Oceanfront ~ Short Sale starts @ $89,000 & up to $189,900 for a unit that has been on market for over 2 years
Phase I ~ 2 Bedroom Oceanfront units start @ $175,000 for a Lender Approved Short Sale (Lender has agreed on price) & range up to $259,900 (Prices have started to creep up in community)
Phase I ~ 3 Bedroom Oceanfront units start @ $289,900 & go up to $399,900 (Penthouse unit)
Now on to Phase II ..........
Phase II ~ 1 Bedroom ~ $60,000 (Auction) Starting Bid and go up to $109,900
Phase II ~ 2 Bedrooms ~ $90,000 (Auction) Starting Bid and go up to $209,900
Phase II ~ 3 Bedrooms ~ $120,000 (Auction) Starting Bid and go up to $244,900
***Let us help you buy at Auction so you will not overpay for a unit and then we can handle the Vacation Rental to help offset your expenses.
Auction is scheduled October 08,2011
You need Representation so use Island palms Realty, A Name you Can Trust!
Christopher Webster ~ Broker in Charge
Island Palms Realty
308 Main Street
North Myrtle Beach, SC 29566
(843) 427-7401
Your Vacation Rental and Real Estate Sales Connection
RISING TIDE is an Amazing Beach home, with Ocean Views and direct access to the Beach – Perfectly located luxury vacation home, with 2 kitchens, 2 Living rooms, 2 laundry rooms, 8 bedrooms and 4 baths.
Get ready for an exciting week in North Myrtle Beach’s most popular beach area, Cherry Grove. Plan to relax or hit the beach, while relaxing in clean, comfortable accommodations. There’s nothing better than lounging on a 18’ x 30’ deck to take in the Ocean Breeze’s at the area's best location for year-round family vacations and golfing packages.
RISING TIDE is a wonderfully outfitted home that can accommodate up to 24 people with 4 King bedrooms and 4 bedrooms with 2 Double beds in each room. This beach home is perfectly designed for multiple families with a full kitchen and a washer and dryer on each floor. Family rooms on each floor are designed for family gatherings, with plenty of comfortable seating, and 46” LCD 1080P flat screen TV’s and DVD players. For your viewing pleasures, each bedroom is outfitted with 32” LCD flat screen TV’s and DVD players. A private, lighted, 6’ fenced pool and hot tub provide a relaxing getaway morning, noon, or late night. This beach home has wi-fi and is wheelchair accessible.
Pool is closed from Dec. 1st through Feb. 28th.
These are non-smoking accommodations and are ideal for family reunions and group get-togethers.
Shag Capital is centrally located in the Main Street Section in North Myrtle Beach South Carolina better known as the "O.D. Section" better known as Ocean Drive in the heart of it the best place to live and dance the night away.
The beginning of the Shag phenomenon was in Myrtle Beach, South Carolina. However, in much of Eastern North Carolina, the Shag culture has deep roots. Shag dancing was one of the first examples of African-American culture bleeding over into the mainstream. Young, white college kids would routinely visit racially segregated dances, learn the steps, and bring them back to the predominantly white beach communities for the classic open-air beach parties along the coast. These young dancers asked radio stations to play more rhythm and blues, creating a movement so sturdy that there are still radio stations throughout the Carolinas with solely "beach music" play lists.
Similar to Swing Dancing
Officially born in the 1950s, Shag dancing is similar to Swing dancing and consists of a six-count foot pattern. Billy Jeffers and "Chicken" Hicks are two of the "founding fathers" of Shag, credited with developing the dance by slowing down the original tempo of the jitterbug and incorporating sexier, looser movements into it.
Today there are well over 100 shag clubs stretching from Baltimore to Miami and pushing farther West every day. Many of the clubs offer lessons for people who are interested in learning the art. Dancers from all over the country visit Shag dance clubs on the weekends to have a drink, catch up with old friends and Shag dance until the early hours of the morning.
Shag enthusiasts come from all walks of life, all ages and are some of the nicest down to earth people you can meet on the coast. They simply love to bring new people into the art.
Shag Contests, Events and Celebrations
The epitome of Shag dancing is participation in the numerous events and competitions available along the seaboard. Founded in 1980, the Society of Stranders (SOS) is an organization that enjoys, upholds and perpetuates the traditions of Shag music and dancing. SOS hosts week long events in Myrtle Beach throughout the year, professional competitions and even boasts the only Shag "Hall of Fame" showcasing the best the sport has to offer.
Social Clubs for Dance Enthusiasts
To preserve the history and culture of the dance, social groups like the Atlantic Beach Shag Club from Atlantic Beach, North Carolina span the coastal regions. Comprised of 266 members, the Atlantic Beach Shag Club holds monthly meetings and is always welcoming new members at their numerous functions, cookouts and parties throughout the year. These social groups work not only to share the fun and excitement of Shagging, but work tirelessly to give back to the community through charity fund raisers and benefits.
President of Atlantic Beach Shag Club, Robert E. Lee, a big man with an even bigger personality, said "Atlantic Beach Shag Club was founded in 1990, but became officially chartered in 1996. We recently did a survey of our members and our membership is made up of people form 37 different Eastern North Carolina towns. There are now 45 different social Shag clubs in North Carolina with a total number of members somewhere between 5,000 and 6,000."
Whether you're a professional dancer interested in learning a new art, and participating in Carolina culture, or a beginner looking to explore a unique way to meet new people, Shag dancing is a part of our history that you simply shouldn't miss out on.
Christopher Webster ~ Broker in Charge
Island Palms Realty
308 Main Street
North Myrtle Beach, SC 29566
(843) 427-7401
Your Vacation Rental and Real Estate Sales Connection
I ALWAYS educate before we ever drive to see any properties. Never show above the price range someone is qualified for or has the cash to pay for it. Even if a property is overpriced, I wait and see if my Buyer(s) like something within their parameters.
Low Balling Offers-Why Do Buyers Do it?- It's really important for Buyers to understand how and why they make their offers. Often I find buyers make offers based upon what they've always been told buy their parents or others. For example: "Always go in with your offer at least 10%(or what ever formula they were given) under what the seller is asking".
The problem with this is that there is no real basis for this "formula" other than "low balling for the sake of Low Balling Offers". I can see if the property is overpriced to begin with, but that's just bringing the seller down to earth on their overpriced home.
I completely understand everybody wants the best deal they can get. Of course, who wants to over pay for a home?So really, the questions buyers need to ask themselves is why am I buying a home?
Ask yourself this:
Am I buying because I intend to live in my home for 5 or more years, interest rates are great and I can afford the payments?
or...
Am I an "investor" or "trader" who intends to "flip" the property for a quick profit?
Both of these Buyers make their offers differently because they have different motivations and are looking for different types of homes.
An Investor is typically looking for "distressed" sellers and homes that need a great deal of improvement. Investors often are contractors or can do the work themselves and save a lot of money doing the improvements the home needs with the intention of putting the home back on the market for a quick profit. These are the investors are in a position to make "low ball offers". They don't care if they get the house or not, it's all about the numbers.
on the other hand...
If you are the buyer looking to purchase because you want to live in the home for 5 or more years, your motivation is completely different. Believe it or not, although price is important, terms may be MORE important.
For example:
Are the payments acceptable to you?
Will the seller take your FHA offer?
Do I want the seller to pay my closing cost?
Is it better to buy something that is "turn key" or close to "turn key"rather than find a great deal and pull $30K out of the 401K and have no money left for an emergency?
Your Stratagy Should Be Different
Write Offers Based on Market Value: If there are NO offers, there may be some "wiggle"room in the price. If there are multiple offers, be prepared to go "at or above" asking price.
The more concessions you want (closing cost, repairs etc..) be prepared to write a stronger offer.
If you are going with FHA, be prepared to write stronger offers.
The bottom line here is if you are a buyer who intends on living in your home, make fair and reasonable offers that are a "win-win" for you and the seller. I've seen many people "low-ball" themselves out of homes that would have otherwise been PERFECT for them.
And remember this: If you are in fear of overpaying, then Fear Not because you are protected by the appraisal. If the appraisal comes in “under value” renegotiate or move on!
WOW! Christianne you are soooooooooo awesome for sharing this neat resource. This is certainly what I need. I recently started using Docusign as well. One GREAT tool after another. Thank GOD for all the FANTASTIC Activerainers such as yourself
Do your Asset Managers or Sellers - or even Lenders - ever send you PDF's you need to complete and you think your handwriting isn't the prettiest?
Do you need to complete a FORM and you want to make 100% it is legible for a short sale package, BPO valuation company, or some other professional you are serving?
Look no further! It's FillAnyPDF.com to the rescue!
It's FAST! It's EASY! It's FREE!
First - Open your browser and visit FillAnyPDF.com.
Right in the center of the screen, you'll see where you upload your file. When you click Choose File, a dialog box opens and you can select your file. Then click Upload. The next screen you see is this:
The next screen you see is your form ready for type entry. Just click your cursor where you want to type and begin typing. I uploaded our internal commission disbursement PDF and it looks like this:
When you're done typing in the form, click Download at the top of the screen. This will download the form with all your typing on the form, and will give you a revised PDF with all the content.
FillAnyPDF.com has lots of neat features, including a highlight tool, a whiteout tool, a redaction tool, a freewrite tool, and you can change the size and color of the font you're typing with.
It's a very cool tool, and as we all are dealing with PDF's these days, it's nice to have a way to present your completed form in a professional way.
Christianne Gordon, REALTOR®, CDPE, SFR is a Northern Nevada Real Estate Specialist that can assist you with the purchase or sale of real estate in Gardnerville, Minden, Genoa, Carson City, Dayton, and Reno/Sparks.
Christopher Webster ~ Broker in Charge
Island Palms Realty
308 Main Street
North Myrtle Beach, SC 29566
(843) 427-7401
Your Vacation Rental and Real Estate Sales Connection
I must agree on this blog post! I have taught myself and my agents to pull comparables before writing that LOW BALL offer. If I get someone that wants to write that crazy offer, I tell them that maybe that is price range you need to be looking in. Another question is worth asking. On a scale of 1 to 10 how well do you LOVE this home! I never ask if they like it.
Please do your homework and get educated about making low ball offers. I have been on both sides of a transaction that included a low ball offer and have learned a great deal of what to and not to do.
I will NEVER forget my first low ball offer on a home that my Buyers wanted to make. I couldn't find any reason to offer a lower price than it was but my clients insisted that they low ball. "Lets ask 20% less because that is what all the TV shows say to do" is what they told me. This was my clients' dream home. They absolutely loved it but wanted to see if they could get real deal. I advised strongly against it but did as they asked. Days went by with no word from the sellers agent. Finally, the agent called me back to tell me that they are rejecting the offer and do not want another offer from my clients. WOW! I was not expecting that. I had the unpleasant task to tell my clients. They were not happy to say the least. I asked the other agent why they don't want another offer from us, you know what he told me? Because he has been in Real Estate for 50 years and knows that my clients will NEVER be satisfied~just by looking at the offer received. His clients were totally offended. After about 30 more homes and a closing that almost didn't happen due to my Buyers, I realized that he was right. From that point on, I advise my clients in advance about putting in offers.
Some things to consider are:
Do your homework:
1. Is the home priced correctly? Is the home in distress? If it is, advise your client of those facts. You will have a better chance to have a "low ball" offer accepted if the home is a short sale or foreclosure.
2. Are you adding in concessions to your "low ball" offer?If you are, it probably won't happen? Not only are you asking a much lower price on a home but, to add salt to the wound, you want the seller to pay for closing costs/prepaids/escrow and a home warranty. Rejected!
3. Low-ball offers that are accepted are not good to the neighborhood.Homes that are purchased at a significantly low price than its real value have a negative impact on the neighborhood's real estate market~It lowers the value of the homes within the neighborhood. Because of the strict CMA's the banks use (they only go 3 months out in our area), the house sold will become a comparable item for making CMA's. New sellers would consider the selling price of your home so that they can name their price tags. Moreover, buyers use them to lever their offer. If you sold it cheap, future offers for homes in your neighborhood will also be within the range price of your acquisition.
4. Earnest Money.A seller will be more willing to work with a buyer if they give a larger amount down for earnest money. Don't skimp here. If you don't have the money to put down, you are not coming across to the sellers like you are serious buyers and seem like you are just "testing the market" as a Buyer.
5. And this is a doosy! If you are already working with an agent, don't call the Sellers' agent and say that you are not working with any other agent to get information about the home (information that the buyers agent could have found out) and then proceed to state that you had put in an offer on another home which was rejected by the Seller because of low balling!?!?!
TRUE STORY! Got the call. A person called and inquired about one if my listings. The first thing out of my mouth was "are you working with another agent?" Her reply was "well, not really." She had seen my listing on the MLS for many months and noticed the significant price drop ($10,000). I told her all about what the house has to offer and that the Sellers wanted the home to be the best priced home in the neighborhood (which it was). She was extremely interested but then proceeded to tell me that she fell in love with another home recently and offered $149,000-which was way below what the listing price way. Told me that the Sellers countered with $10,000 morethan the asking price (which they had already dropped $25,000)! YIKES. She wanted my opinion as to why that would be. I told her that most sellers don't like to be low balled and they probably added the price of all her concessions into the price of the home that was already a good price. I then ask her who her agent was? She tells me. I tell her that if she would like to go see the home, to give me a call. Yep, you got it. She was playing us both and was working with another agent (after a quick phone call on my part). Next thing I know, WHAM, got the same kind of low-ball offer on my property from this Buyer~which happens to be $15,000 less than her rejected offer.
Agents, please also advise your clients to not speak with the opposite agent-even to just get information, That is YOUR job. Buyers, you have a way of letting things slip pertinent to your offer.
A Buyer and their Agent need to communicate. In today's Buyer's market, most home prices are dropping to what they should be. Save the low ball offers for those homes which are over-priced, short sales or foreclosures.
I am getting ready to list my home and I can not AGREE with you more. I ALWAYS tell my sellers to be show ready within a couple of hours. On the other hand, If I am calling to set up appointments and get the 24 hour notice rule then I just have my Buyer(s) move right on since there is so much to look at.
My own home is currently on the market and what a grounding experience this has been so far. Every morning before I sit down at my computer I sweep up dog hair, vacuum the hardwoods (yes, vacuum), clear off what's accumulated on the kitchen counters since yesterday's showing, have my boys make their beds, vacuum all carpets, and go on my daily litter box ‘treasure hunt'. All-in-all, maybe one hour of my morning just correcting for the ‘damage' we've done since yesterday. But wait! I don't even have a showing scheduled today...why would I go through this?
I don't know how many times each week I call my sellers asking them for a showing sometime that same day. "Yes, I know you're at work, but they'd like to see it at 3:30. Can you make this happen?" Do I fault the agent making the showing request? Nope! Maybe their buyer just discovered that they had an early afternoon off work and they'd like to squeeze in a couple of homes. It's really none of my business at that point...my interests rest in getting that agent and their buyers in if possible.
I go through the motions every day so my home is ready to show if so requested. Of course I want enough notice to get home and get the dog out for the showing, but other than that, my home is ready to show almost any time.
Sellers often are told to have their home within two hours of being ‘show ready'. This is a good standard to go by. That is, of course, unless you're both away at work all day. If this is the case, you're home should be ‘show ready' as you're pulling out of the garage. Granted, there are exceptions, such as elderly relatives living with us, guests visiting from out of town or ‘day sleepers' due to odd work shifts. Otherwise, you should be following the two hour rule. Never should you tie your Realtor's hands with a "24 hours notice to show" requirement.
Sellers, rest assured that if you're priced correctly, your home has been prepared to show well and you're open & flexible for same-day-notice showings, then you'll have the Sale Pending sign in the front yard before you know it and you're packing for that much deserved move to your new home!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
Listings;)
Links;)
Archives
make their offers. Often I find buyers make offers based upon what they've always been told buy their parents or others. For example: "Always go in with your offer at least 10%(or what ever formula they were given) under what the seller is asking".
