Annisha Battle-Rollins's Blog

REO's....Foreclosure....Traditional Sale....FSBO's.....vs Making It to the Closing Table!

Annisha Battle-Rollins (United Realty Group, Inc.) — Wed, 18 Feb 2009 21:56:13 -0800

I have had a "wonderful" experience to share with the blog-o-sphere. Pure venting has caused me to write this. I am so over the REO negotiations and am wondering if anyone else is sharing my same concern. I can not for the life of me figure out where some of these lenders are getting their numbers from. Furthermore, with so many "investors" proclaiming to be cash buyers, I'm getting requests to send such low offers, that I almost wanted to pick my mouth off the floor! Let's see where does one start? I mean, I consider myself a very savvy and awesome Real Estate professional. However, the last couple of months I have had a major mental traffic jam on which way to lean. I really enjoy REO deals. Trust me, I really do love when I get a number like .035 to .045 on the dollar. BUT lately some buyer leads have been getting so much bad information, inaccurate market prices from some sidewalk friend of a friend that isnt an agent but "invests" in real estate, that I just want to take them, re educate them, then refer them off to a magical real estate genie to help this with the fantasy numbers that they claim to be able to get!

So I ask, case-by-case, what is your goal, plan, and purpose for this property? Just today, a buyer told me that they prefer to wait for a particular home to go REO. Now keep in mind that it is currently short sale listed. The price point is very attractive. I confirmed by echo verifying what I thought I heard, "...you would rather wait for it to foreclose?" Yes they said, it's our hope that it does not sale on our Courthouse steps. Then they said they will assume that it will go back to the bank. Then wait on title transfer and an REO agent to get assigned. THEN put in an offer! Huh? Excuse me but when did Real Estate take this turn? I was like are you serious, kidding or joking with me? And what make you think the property will last this long? They replied, "Oh we just know it will cuz there are just soooo many properties out there."

Pardon me, but did I miss a major memo? Why are so many people so caught up on waiting? What ever happened to my FMV offers?!!!!!! I remember the closing table days. Ahhhh. I truly can not wait for some changes down here in Florida. Serious changes. More and more buyers are waiting and more and more sellers are running out of time. So that was my 300 lb gorilla in my room. I just had to get that out!

MORE RENTERS LIVING THE HIGH-LIFE...

Annisha Battle-Rollins (United Realty Group, Inc.) — Fri, 18 Jul 2008 13:41:29 -0700

More renters ARE living the "high life"!

There is new proof that living the "high life" doesn't have to cost a fortune. The down housing market has left many high-rise condo owners unable to sell and looking for quick cash. This has led to a new niche market - high-rise renters.

This week Jay got his wish. He's moving in to the swakiest building in Downtown - but not as a buyer.

"These condos are a half-million to a $1 million and at this moment, where we're at financially, this was just a pipe dream," said Q. "We wanted to live downtown. It's important for us to be downtown."

That dream came true when his wife Katrina searched the online classified giant Craigslist.org for three bedroom, three bathroom apartment on the 13th floor.

"I can't wait to wake up Sunday morning and see the view that Katrina and I have always wanted to see," said Q.

By now you may be wondering what the rent is for a panoramic view of the River?

Q says he is paying $1,050 a month and this tower isn't the only place with open doors for renters.

High rises now line the waterfront. Many owners who bought as investments aren't willing to drop their price to sell. They're turning to renters to off-set expenses instead of letting units sit vacant

Another example: a high rise built during the real estate boom years is. A unit there that sold for nearly $800,000 three years ago is now on the rental market.

"It could be anywhere between $1,500 and $2,000 a month," said Realtor.

He makes his living selling high rise waterfront properties. In fact, he says he recently sold a 12th floor unit to an investor that has no plans of moving in, but is open to renting.

"The buyer who's looking to buy like it because they're not moving in right away, they have rental income immediately."

So while some people may consider Q's new apartment unlucky because it's on the 13th floor, he says with his new view and new rent - he's anything but unlucky.

STAGING....DOES IT REALLY and TRULY MAKE A DIFFERENCE???

Annisha Battle-Rollins (United Realty Group, Inc.) — Fri, 18 Jul 2008 11:53:38 -0700

OK. So here is the deal. I live here in Fort Lauderdale Florida. I live, work, and play on Las Olas. So lately I have been paying close attention to listings that are staged versus those that are vacant. Aside from prospects being distracted by the countless hierlooms/choksi's & cool lil IKEA items, staging seems to be great for when i list a property! I'm not seeing that it actually helped me close the deal. I have yet to grasp whether or not my clients should incur the additional expense in what seems to be an already distressed budget. I have so many friends in the real estate industry that we did some searching and here are my thoughts on it. I also found on an agents sites, comments like it was the best thing since "sliced bread" to stage. For what its worth:

Preparing Your House for Sale

Curb Appeal
In the Miami-Dade, Broward, Palm Beach, Leon, and St. Lucie counties where I have worked real estate, no matter what. The very first thing I ask over the phone is, Does your house have curb appeal? Sellers always take a pregnant pause like Huh? If you don't answer fast enough I usually know that my drive-by prior to the listing presentation will include some critical suggestions. In this tight market, Can we afford to lose any traffic because of a lack of curb appeal? NO! Would it be worth a bit of touch-up paint add dollars to the sale? What about your lawn? Is the garden in order and neatly edged? Are trees and bushes neatly pruned? Are flowers in bloom or do I need to dig them up or swap them out? It's amazing how adding color via flowers/plants to a front yard make a BIG difference. I agree with my colleagues that creating curb appeal will add dollars to your house's final selling price! Worst case, you get a facelift for your yard and can brag that your Realtor actually did it!! You can even tell them it was a way to earn that commission! Ha

Welcome Home
So now I've ripped your yard apart with suggestions and I am on my way to entering your house. Believe me or not, I hope the front door and hardware look nice. It sets the stage for what they come to expect on the 1st impresion. I suggest pristine clean, polish the chrome, shine the brass, or whatever else we need to do. Is your door creeking and squeeking? I then ask myself, "Will this house say Welcome home a buyer? Will any odors offend them? What is the first thing that jumped out at me? If its distracting me, then it must go! (Under the bed is fine but out of sight is the plan.) With me clients review their home room-by-room, I will make recommendations that I know will first-hand impact the sale. I'll point out the pieces of furniture that should be removed, rooms that need new paint, carpet that needs to be changed, fixtures that need polishing, windows that need cleaning, and any other improvement that can easily be made to promote the sale. If your money is funny and cost is an issue, don't worry we'll make it work!

Speaking of out of sight. I'll help you eliminate anything that gives the appearance of a distraction. ESPECIALLY CLUTTER. From your kitchen to your bathrooms, ALL countertops should be free and clear. No family photos, world-wide souvenirs, family photos, refrigerator artwork like Lil Emmy or Sparky Jr's finger painting from PreSchool, yes even- it's has to go. A rule of thumb is to remove any personal items of yours so that our buyers can visualize their items in this home space.

Overcoming objections is my specialty! So what if your home has the smallest closets. You may lack upgrades like the neighbors. Your cupboards are the builders originals, IT DOESNT MATTER. We will create an illusion of these areas appearing large and roomy. May I invite you to donate to FaithFarm? Goodwill? You get that I'm suggesting it may be time to make a donation to a local charity or store belongings at a friend's or family member's home until I close your sale! But wait, we need to have traffic coming in to show it right? Now it's my turn to earn my keep. As a self-proclaimed marketing, advertising, and networking guru, I have the tools to generate qualified buyers and renters.

Setting the Stage
Because I try to make the BUYING, RENTING, & SELLING process fun and enjoyable before the first buyer walks in your door, I'll role play for you to show you how to set the stage. Invite a friend or family member over for before and after. If we get oohs and ahhhs...SUCCESS! I focus on engaging the buyer's senses. I have a wonderful relationship with a local furniture gallery CORT. With DG on-board, we can rent pieces, swap out yours, add to, remove from, and handle it all! We'll draw back curtains to enhance the proper lighting, open blinds, change bulbs and add lighting where needed to welcome the buyer. We'll enhance the atmosphere with easy listening music playing lightly. My favorite aromas are vanilla, lavender, jasmine, and non-offensive fresh cotton scents. There will be a pleasing aroma emanating from every room. And oh, if you have a pet, that's a whole other blog! When I'm done staging, you will never be able to tell Pet or Not? Are you ready for me to give you a consultation today? Set your home apart from the thousands that are on the sef.mlxchange! Email me today!

annishabattle@gmail.com

A slow real estate market may mean a potential boom for investors...

Annisha Battle-Rollins (United Realty Group, Inc.) — Fri, 27 Jun 2008 15:55:55 -0700

A Good Friend of mine, in the business, just shared this with me and I want to share it with you....

A slow real estate market may mean a potential boom for investors.

According to many experts, because of today's slower sales market not only are there more renters than ever in the last 5 years but prices for these rentals has risen substantially in some markets.

Many potential buyers have remained renters because they can't get a mortgage in today's tougher lending market, or because they're hoping that prices will continue to drop to more affordable levels.

What does this mean for the 1031 investor?

First, there is the higher probability that an investor's property will rent quickly, saving the investor the potential burden of carrying the property. Higher rental prices can also provide an investor a higher return on investment (ROI) and the potential to diversify or acquire additional properties without the headache or worry of having a property sit empty for months. Not all markets are seeing increased rental prices but nearly all are experiencing a demand in potential tenants. Of course, every potential property purchase should be thoroughly researched but this may be an ideal time to increase or diversify an investors real estate holdings.

For any questions regarding any type of 1031 exchangeable properties please call 866-944-1031 or visit our website at www.1031exchangeadvantage.com.