John Occhi's Real Estate Blog - The Hemet - San Jacinto Valley, CA

I'm still a bit confused with the whole social media thing.

Fri, 11 Dec 2009 16:20:35 -0600

My friend, Rosemary Brooks reblooged a blog about why we need to be involved in Social Media. For the most part, I get the concept - more or less but still struggle with how it all works and all falls under such a broad umbrella.

Because it is called social, I think back to the dark days of High School - the one time in my life that being social was the most important thing there was...but you could only be in a handful of cliques - Certainly you were not on the football team and the glee club...just didn't happen. The Chess Club members may have been on the Cross Country Team - but they were never on the Wrestling Team.

Back when I was in High School - late '60's and early 70's (class of 71) there were distinct groups. In those days, race and culture had a lot to do with who you hung out with... academics, sports, shop kids, art classes kids, heck we even had the stonners and the political activists (a bona fide communist student would speak out on the lawn everyday to anyone who would listen). So, there were many different cliques in my rather large high school - (graduating class of just under 2,000) and many of us never knew those except for those we interacted with on a regular basis.

So today, like in High School, I pick the Social groups I want to be affiliated with - and ActiveRain, is by far, the center of my Social Network Experience...although to be honest, it is not the other bloggers I am really interested in, but the public at large.

OK, so I admit, I have traveled in other circles - I started one of the largest REO Groups on LinkedIn (REO) and yes I have a Twitter and Facebook and I think even a MySpace Page - but I never go there. I'll bet I even have more - but who knows what they are or why I got them... other than to be popular.

So, how can 1 individual fit into all of these social circles - just like in High School, there is only enough of me to go around so far... and to be honest, I'm not a chameleon - I can't blend into every group I find myself in. I am large, loud and boisterous...and I always say what is on my mind - politically correct be damned.

Perhaps if I could get my head around this concept, I may do better with it... Please HELP

Until Next Time, Have a Blessed Day,

John Occhi, ePRO & Five Star Certified REO REALTOR®
www.JohnOcchi.Com
Hemet - San Jacinto Valley, CA
The Excellence in Real Estate Team @
Allison James Estates & Homes
2281 W. Esplande Ave, #102-B
Next to "Starbucks"
San Jacinto CA 92582
(951) 654-5550

This blog and the contents written here is the intellectual property of John Occhi, Hemet - San Jacinto Valley REALTOR® in the South West Riverside County region of the Inland Empire of Southern California. The views and opinions expressed are just that - views and opinions of John Occhi and those who comment. Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance.

This blog is part of the ActiveRain Real Estate Network, which is a social network highlighting the best of Web 2.0. Information is provided with the intent of educating and assisting home owners, home sellers, home buyers and real estate investors with information the can be used to make better real estate decisions.

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Introducing the 2nd Edition of Virtual Real Estate BarCamp.

Fri, 11 Dec 2009 15:38:52 -0600

What is a REBarCamp and Why Go Virtual?

The website defines the event as: The REBarCamp phenomenon has exploded over the last year with dozens of in-real-life gatherings where the real estate community comes together to discuss and demystify the current trends in technology and marketing. The goal of VirtualREBarCamp is to bring this experience to you as opposed to having to bring yourself to it.

I for one have seen numerous events publicized - but have yet been able to break away and attend...SO, I for one am looking forward to the Virtual Real Estate Bar Camp

Via Real Estate Tomato (Real Estate Tomato):

We're Back!
Introducing the 2nd Edition of Virtual Real Estate BarCamp.

Our first event was such a success, we decided to parlay the momentum into the launch of another.

January 4th - 9am until 4pm PST
9 Hours, 28 Incredible Speakers, 1000s of Attendees!

It's Free!

What Is Virtual BarCamp?
How Do I Register?
Who Is Speaking (To be determined)
How Can I Sponsor?

In an effort to always improve, we have made some changes to the event format:

There will be 4 Webinar Rooms (previously there were just 3 rooms).
Presentations will be 45 minutes in length (previously they were 30 mins).
Total number of Speakers: 28 (we had 27 last event).
Each Webinar Room will have its own accompanying Live Chat Room (previously there was just one).
Session Topics will be chosen by our Registered Attendees (last time it was first come first serve).
Session Presenters will be selected by us (last time it was first come first serve).
Sessions will be recorded (we were unable to record last time).

We have boosted our goals for the event as well:

Registered Attendees: 3000 (previous: 1000, actual 1928)
In-Office Events: 100 (previous: 40, actual: 71)
In-Real-Life MeetUps: 50 (previous: 20, actual: n/a)
Number of Sponsors: 15 (previous: 10, actual: 13)

We have a new website: www.VirtualBarCamp.com

Just because we hold virtual, online events doesn’t mean that we can’t create an incredibly social community. One of the best aspects of the BarCamp atmosphere is the ability to connect, network, meet and mingle. We took this into great consideration as we planned out the architecture and user experience of our new website.

The tighter the community, the greater opportunity we all have to learn, network and teach. Get involved by involving others!

If you have any other suggestions on how we can improve on our first effort, please let us know!

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

A New Spin - Foreclosures are Good for the Economy? Thank You NAR

Fri, 11 Dec 2009 12:30:36 -0600

The National Association or REALTORS® (NAR) today published in their daily email blast, called "The Daily Real Estate News" a short article with the headline "Defaults Could End UP Being a Boon".

The sources of this information comes straight from The Wall Street Journal and Mark Whitehouse on 12/10/2009 which he called, The American Dream 2: Default, Then Rent.

The NAR brief rambles with a few statistics that seem to be overused these days, but concludes with an interesting quote from Christopher Thornberg of Beacon Economics which is a consulting firm that specializes in Real Estate. Mr. Thornberg says, "It's a stealth stimulus, the quicker these people (those losing their homes) shed their debts, the faster the economy is going to heal and move forward again."

OK, I can see that - but what got me interested in commenting on this article was the paragraph before Mr. Thornbergs quote. NAR says, "While these losses are definitely bad for the banks, relief from paying a mortgage makes more money available - an estimated $5 billion a month - for consumers to purchase other things."

OK, I agree, there are a lot of nice presents under the tree this year, because mom and dad haven't made a mortgage, rent or property tax payment in a year or more at this point. Can we really go out on a limb and say this is good economic stimulus for the overall economy?

Maybe I'm a simpleton, but I don't get it...

Here is a thread to another blog/website where there are some interesting comments on this topic already...

Merry Christmas and Happy Shopping!

| | | | | | | U P D A T E | | | | | |

Red my new blog post follow up to this one where I explain how this can stimulate the economy - very tounge in cheek...

Obamnomics 101: How to Stimulate the Economy by Not Paying Your Bills

| | | | | | T H A N K Y O U | | | | | | | |

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Home Improvement Tips - Drywall Repair

Thu, 10 Dec 2009 10:46:08 -0600

When a buyer looks at REO homes for sale in the Hemet - San Jacinto Valley, CA often they become discouraged because of minor repairs that on the surface may appear to be too big of a job for them.

Well, here is a great tutorial with lots of pictures and easy to follow directions on how to take care of minor drywall patches. The example is for fixing the drywall behind loose screws of a towel rack...but the reality it will cover all of those closet poles that we often find in REO walls all the time.

Hope this helps someone realize what a great deal an REO really can be...

Via Frank & Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty -):

Home Improvement Tips - Drywall Repair

If you want to upgrade the ceramic towel racks in your bathroom, here's an easy way to repair the drywall to make way for the new brushed nickel or oil-rubbed bronze racks that will give your bath an updated look.

After removing the ceramic towel racks, there will be two holes in the wall.

Cut a wood block that is larger than the hole. Slip it in behind the drywall and secure it with screws, using your screw gun. Frank screws in a screw to hold the block while he places it and anchors it behind the drywall.

Cut a piece of drywall about the size of the hole, fit it in and screw it in place.

Take drywall mud and spread it around the hole, smoothing it. Let it dry. Caveat: DO NOT ever use spackle to repair drywall. Spackle will not blend in like drywall will, and you will always be able to see the repair.

Take a sander and smooth the mud. Let it dry, then sand again. Sometimes I see Frank wipe with an almost dry sponge after sanding.

When it's nice and smooth, take a small paint brush and lightly feather in the paint color around the drywall repair. You might want to thin the paint a little to help it blend better. If this makes the drywall shrink, just repeat the above steps and when it's dry, paint again. Sometimes the drywall will shrink but not usually. Next, take a roller and paint over the area to add some texture back into the wall, hiding the repair.

That's it! Now you're ready for a new towel rack or hanging cabinet to give your bathroom a fresh look.

To reach us, call or text us at 904-673-2308 or e-mail - sharon@teamalters.com

Original Photography, All Rights Reserved. * *

You can also find us here!

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

The Most...and The Least Expensive Places to Live in the U.S.A.

Thu, 10 Dec 2009 01:17:26 -0600

I just came across an interesting article on CNNMoney that breaks down the top and bottom 5 places to live in this country, based on affordability.

Most Affordable

Indianapolis - IN
Median home price: $105,000
Median income: $68,100
Affordability score: 94.5%
Youngstown, OH
Median home price: $72,000
Median income: $54,300
Affordability score: 93.9%
Detroit, MI
Median home price: $84,000
Median income: $57,100
Affordability score: 92.2%
Warren, MI
Median home price: $140,000
Median income: $79,000
Affordability score: 91.8%
Grand Rapids, MI
Median home price: $103,000
Median income: $63,100
Affordability score: 91.4% - 5th best

These are the top 5 MOST affordable places to buy a home, in the U.S.A. To look deeper into this data you will discover these are areas where the home prices are depressed... a lot of these markets are being hurt big time by massive foreclosures... which is a good thing right now for investors and buyers.

Notice 3 of the top 5 are in Michigan...

And now, for the LEAST affordable places to call home.

The Least Affordable Real Estate Markets To Buy a House

New York City, NY
Median home price: $425,000
Median income: $64,800
Affordability score: 19.2%
San Francisco, CA
Median home price: $598,000
Median income: $96,800
Affordability score: 23.6%
Honolulu, HI
Median home price: $598,000
Median income: $96,800
Affordability score: 23.6%
Santa Ana, CA
Median home price: $598,000
Median income: $96,800
Affordability score: 23.6%
Nassau/Suffolk, NY
Median home price: $380,000
Median income: $101,800
Affordability score: 39.6% - 5th worst

When you look at these markets, you'll see that their pricing is still high compared to median incomes in those areas... and when you look a bit more deeply at why... most of these areas are places that a lot of companies are either already located or are locating too... and they are in typical areas that tend to be at the top end of the pricing scale anyway and have not been affected as much by foreclosures (at least... yet).

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Hemet - San Jacinto CA Short Sale: What is a Short Sale Package?

Wed, 09 Dec 2009 20:10:57 -0600

When a local Hemet - San Jacinto CA REALTOR meets with a local homeowner to discuss selling the home as a short sale, the topic of conversation turns to the documentation that the seller will have to produce to establish the fact that they can no longer afford to keep the home. I often tell the homeowner it is as if they are un-qualifying for a home loan.

Each lender has their own formats of how they want the package submitted for their review and ultimate approval. Yes, you will find similarities between various lenders - but you must understand and respect they are individual entities and want things done their way - if you want them to cooperate with you.

It is critical that your package be complete. You will find that time is not your ally and if they have to come back to you for additional information - or worse information that they specifically requested and you failed to provide, then you can consider that to be the kiss of death.

Remember, Time is of the Essence!

A universal truth is that most lenders will want many of the same things in their short sale packages for homes in foreclosure that they are considering a short sale alternative to. Several of these items will almost always be:

Hardship Letter
Financial Statement
2 - 3 months pay stubs
2 - 3 months bank statements
2 years tax returns with W2's
Signed Listing agreement
Signed Purchase agreement with all addendums and counters - as few contingencies as possible
HUD-1 prepared by escrow
I like to take it a step further and open escrow, showing the buyers money is already secure in escrow
I also like to add the Property Profile from Title.

Then there are items you can add to beef up your offer and substantiate your offer you may consider including the following documents:

1 to 3 estimates by licensed contractors - if the home needs more than a coat of pain and a bag of grass seed.
Lots of Photographs to Identify Problems with the Property
A Market Analysis prepared by a REALTOR As to what the home is actually worth - including a minimum of 3 ACTIVE comps and 3 SOLD Comps
Your Own BPO if it works for you
If the local school district is below the 50^th percentile - then send a copy of a schools report
You might find out about crimes in the neighborhood. If there has been a particularly gruesome murder or some other violent crime in the area, in the last year, find a newspaper clipping (web based is fine) detailing the event - include a Google Map to show how close to the subject it is
Anything that you can document that will detract from the value - whether it is the home, the neighborhood or even the community at large.

If you follow these guidelines, and you submit actual factual information - you should not have a problem working out a fair deal for all of the parties concerned.

Word of CAUTION

I mentioned earlier that the process is like un-qualifying for a mortgage. In the Hemet - San Jacinto it was not uncommon for borrowers to ‘enhance' the information supplied to lenders, via the application process. Please understand that any misrepresentation on a credit application is considered fraud. By supplying information for a short sale that contradicts a misrepresentation may prove that you once committed fraud and you should move forward with extreme caution, if at all. Now, don't let me scare you out of a short sale, as I have never heard of an individual prosecuted for simple embellishments...but it could happen.

Wishing you nothing but the best,

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

How ACTIVE RAIN SAVED MY COMPANY'S LIFE

Wed, 09 Dec 2009 20:08:29 -0600

A time out to share a little bit about ActiveRain. I have been here for 3 years now - coming and going and always doing much better when I stick around for a while.

Well here is an interesting story from a member of ActiveRain who really did not want to embrace what we have going on - but read her story and see how cool this place can really be.

Oh, and one more thing...make sure you have a MERRY CHRISTMAS!

Via Lesley Burton-Dallas (Turtle Clan Environment Testing, Inc.):

Over the past year, I have spent over 30K in updated website design and SEO companies claiming

they could get me 1st page Google for 'this' much per month...

...Yea right! Little did I know!!!

This is where one of my very expensive learning curves began....

The very day my new website went up, my phone literally stopped ringing!

it was like radio silence...

I chalked it up to recession woes etc, but at the same time realized we had literally disappeared from site online as well!!!

Don't need to tell anyone I was FREAKING OUT!!!!

Not being computer savvy in any way shape or form...I was easy prey for the SEO companies that promised me they could FIX my problem and get me first page Google search etc....

I'm so embarrassed how easy I was to dupe!

Fast forward to October of this year...

We have this fabulous brilliant person begin working for us, who also happens to have a friend named Fred Light who does video tours for Realtors, home buyers and sellers in New Hampshire and who belongs to this incredible social networking site called Active Rain...

He also happened to speak ‘web-design' and when I asked him to look into what was going on, noticed that my website had been constructed using 8 year old technology called 'Frames' which was apparently a popular way of doing things before search engines like Google, Yahoo etc were born.

But by today's standards, I was completely invisible to the Google Spyders

... who ONLY recognize CONTENT!!!!

Google was filing my company as an ERROR!

Finally I was getting some answers! I felt like finally, I was starting to get it...

So apart from having to redesign my entire site, Fred told me that I needed to get involved in this thing called "SOCIAL NETWORKING"...

On NO I thought!!

Not Twitter and Facebook and Myspace!!! I had been fighting these forever thinking they were dumbing us down AGAIN by decreasing our conversation by allowing only so many characters... but that's another story!

Was I ever wrong!!

He told me I needed to join Active Rain, and really give it a shot.

So, having nothing else to lose and really feeling like I was starting to ‘get it',

I joined Active Rain in October 2009, and in less than 2 months, our company is on the FIRST page of EVERY search engine including Google, Yahoo, etc...

.... For next to nothing!

... My company finally had its' web presence restored...

So do I believe in Social Networking????? Absolutely!!

Is Active Rain the best business tool I have ever used???? Absolutely!

Did ACTIVE RAIN save my company's life??? ABSOLUTELY!!!

Am I ADDICTED TO ACTIVE RAIN??? Absolutely!

I am singing in the rain!

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

All Real Estate is Local...And Your Retailers Should Be Too!

Tue, 08 Dec 2009 18:21:46 -0600

Anyone who knows me or reads my blog knows that I am an advocate of local shopping; in particular when it comes to Real Estate. I never could understand the logic of a local resident going to an agent 50 miles away (or further) and having them list their home for sale...just because they may know them or be related. The key has always been that local area experts do a better job of marketing a home for sale and end up with a higher price.

Well my advocacy extends beyond Real Estate and into the local community retailers, as well. Here in the Hemet - San Jacinto Valley, CA we have not one but two Super-WalMarts, that I have blogged about and questioned their 'job creation' and how most things there today, appear to be made in China.

SO WHAT IS THE 3/50 PROJECT?

I found a site on the web promoting "the 3/50 project®" that was started in March of this year by a former retailer, Cinda Baxter. A number of events unfolded the first week of that month, that would have a profound affect on Cinda that led to the creation of "The 3/50 Project®"...and apparently a profound affect on retail businesses across the country. Here are the events that sowed the seeds:

Monday: Oprah does a show instructing consumers to stop spending money on anything that was non-necessity
Tuesday: CBS News reports that “Consumer spending drives 70% of the economy. When consumers put their wallets away, the economy has trouble making a U-turn.”
Friday: In a guest spot on the Today Show, Erin Burnettfrom CNBC talks about how psychology plays into the economy and the importance of innovation in times of difficulty
Sunday: Erin’s back, this time on Meet the Press, chiding the national media for taking negative hyperbole into the stratosphere

Mix those together with a deep seeded desire to create a message that’s positive and achievable, and, well...you get a blog post written on March 11, 2009, giving birth to The 3/50 Project.

LETS TALK LOCAL RETAILERS AND WHAT WE ALL CAN DO

The entire concept of the 3/50 project is to spend your money locally and not in the big box stores or even worse online. Take a look around your community and imagine how you would feel if your three favorite retailers had to pack it up after Christmas...or anytime, because you and your neighbors took the quick and easy route of shopping in either a box store or the Internet. The entire goal of the project is to promote shopping in locally owned businesses while thanking customers for the positive impact that decision has on a local economy. The tag line of the 3/50 project, “Save your local economy three stores at a time,” pretty much says it all.

In researching the depths of the website, I found a press release where Baxter says, “We're constantly inundated with doom and gloom. The system is broken, the banks are frozen, the economy is bleeding. That's all we hear. The images painted by the media are ghastly and devoid of hope. What we need—what we crave—as a nation is to pinpoint areas where positive change can occur, then feel good about having promoted them.”

By early March, she'd decided enough was enough, and that it was time to give retailers ammunition to fight back with. Rather than get tangled in complex messaging and deployment, Baxter combined a straightforward theme, a free flyer, and her blog as the mechanism to launch The 3/50 Project.

“We ask consumers to think about which three stores they'd miss if they disappeared, then remind them to return there,” explains Baxter. “Shoppers have become so rooted in thinking about the essentials that they've forgotten about the little gift store on the corner whose owner remembers their name.”

“Fifty comes from the idea that if even half the employed population spent a mere $50 per month in locally owned retail stores, those purchases would generate more than $42.6 billion in revenue,” she continues. “That's a huge impact for a relatively small investment.” Which leads to a third number on the flyer, sixty-eight—the dollar amount that remains in a community's economy for every $100 spent in locally owned stores. By contrast, only $43 per one hundred remains local when spent in national chains; little or no revenue results from online purchases.

“In essence, the whole thing boils down to. Pick 3, spend $50, save the economy.' It's really that simple.”

Given the level of interest, a dedicated website has been established to promote the movement, link to the free flyer, and list participating retailers and other supporters. It can be found at http://the350project.net.

I would like to add that being a "Supporter" is Free. The only levels of membership have to do with the category of business you have; i.e. independent retail business, franchise, local support organization, etc. It's all free - it is here for us to promote the concept - Spend $50 a month between 3 local businesses each and every month. If we all do this, then yes, we can make a difference...a POSITIVE DIFFERENCE!

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

HEMET - SAN JACINTO, CA SHORT SALES: Who & What is Involved

Tue, 08 Dec 2009 15:59:39 -0600

Short sales in the Hemet - San Jacinto Valley, CA are a complex sale of residential real estate where the net proceeds from the sale of the home are insufficient to cover the sellers mortgage obligations as well as the closing costs that may include, but not be limited to, property taxes, transfer taxes and real estate commissions. Many homeowners in the Hemet - San Jacinto Valley, CA

What really makes a real estate transaction a short sale is all of the above AND the seller is unable or unwilling to cover the difference. Short Sales go by different names in different parts of the country, including Selling Short, Short Payoff, Pre-Foreclosure and Upside Down. While the information shared in this article may be mostly universal to real estate everywhere, the article is focused on the local nuances of the Hemet - San Jacinto Real Estate market in Southern California.

THE HEMET - SAN JACINTO, CA HOMEOWNER

Short sales are not for every homeowner. Not all will qualify for a number of various reasons and not all have the mental mindset to sell their home short, in the Hemet - San Jacinto Valley.

Without being judgmental, it is a known fact that many homeowners feel betrayed and hurt when they realize they are losing their family home to the foreclosure process. Many will lash out at anyone connected with the lender, as that often makes the most convenient and accessible target for their anger and frustration with a very imperfect system. In some cases, homeowners have already lashed out to the extreme and burnt bridges with the lender, through abusive conversation and even threats. This homeowner will typically not be a good candidate for a short sale, as it will require one heck of a sales job to the lender that this is a family that needs compassion.

The ideal candidate for a short sale will be in some form of default - it does not mean that they have to have a Notice of Default (NOD) served on them, only that they are behind in their payments. Now times have changed with Short Sales and today, occasionally a homeowner can sell short and NOT be delinquent on their mortgage if their hardship is genuine enough...but don't go to the bank on that one. My thought has always been, if I put my lender hat on, why would I want to give you a discount when you are current. I would feel as if I have too much to do, and am losing too much money with those who are delinquent and that is where I would need to focus my attention...but I am told they do happen.

Of course the ideal candidate for a short sale is facing some sort of financial hardship and will be able to document a compelling hardship letter. I recently published a separate post on this topic that should be read: AND WHAT IS HARDSHIP?

Finally the Hemet - San Jacinto homeowner should consider all of their options before selecting a short sale as their answer to their financial problems. I'll list alternatives here - but to explain each in detail is a whole other series of articles. Alternative to Short Sales include:

            Repayment Plan
            Loan Modification
            Partial Claim (FHA Only)
            Forbearance
            Reinstatement
            Deed in Liu
            Bankruptcy

These options should be considered carefully, not only with a REALTOR® but your attorney and tax professional as well. A REALTOR® is not licensed to provide either legal or financial advice and what the ramifications may be...which is why we always recommend that you consult with outside professionals of your own choice.

THE HEMET - SAN JACINTO REAL ESTATE AGENT

The local Hemet - San Jacinto Real Estate market has many locally qualified REALTORS that are more than competent to handle a local short sale listing and negotiation. As mentioned in the above paragraph, your local REALTOR® will be an excellent resource for all things related to real estate but should not be asked for their opinion on legal or tax matters...instead consult with professionals of your own choosing who are licensed to discuss and offer advice in those fields.

I cannot emphasize this enough.

The first responsibility of the homeowners listing agent is to educate the homeowner on the process and make certain that they have explored the various alternatives to a short sale, as mentioned above.

The local Hemet - San Jacinto Real estate agent will be the best professional to help determine a fair marketing price for your home. Prior to your first meeting they should perform a basic Comparative Market Analysis (CMA) to show the range for which your home should sell for in the current market. Once an offer is received and a package is assembled your agent will also be doing a more in-depth report known as a Broker Price Opinion (BPO) offering a true picture of the value of your home, that now includes the condition and special features that were unknown at the time of the initial CMA.

Marketing the home for sale is of course a key element of the local listing agents responsibilities. Much of the best marketing is local networking with other agents in the local market.

Once offers start coming in, the listing agent will be responsible for gathering the offers and presenting them to you, the seller with recommendations -exposing the pros and cons of each offer. Only you, the homeowner can accept or deny any one offer...but only one offer at a time can be accepted. Negotiating the offer with the buyers' agent is a very important task that can set the stage for success or failure.

Only once an offer has been accepted can the listing agent put together an entire short sale package that includes all of the documents gathered up to this point. The package is assembled and presented in such a way as to stand out form the crowd of other packages on the negotiators desk. In addition to the documents that you, the homeowner, have gathered and submitted to your REALTOR®, he has also gathered Title Reports, Tax Statements, HOA statements if applicable and prepared the Short Sale Package...which may exceed 100 pages when all is said and done.

THE BUYERS AGENT

When considering offers, strong consideration will be given to the agent representing the buyer. Does he or she have an existing relationship with your listing agent? Local Hemet - San Jacinto agents have probably done business together in the past and certainly hope to do business together again in the future. The likelihood of a San Diego or Orange County agent ever doing business with your local listing agent again are minimal and therefore the level of cooperation may not be as high as when two local agents work together.

The Buyers agent is responsible for putting together a fair offer on behalf of their clients and negotiating the best set of circumstances possible to close the transaction. The buyers agent knows though that the ultimate decision lies with the lender and therefore needs to make certain that the bank has enough to accept...or at least a place to stat negotiating from.

Perhaps the most important job the buyers agent has in not getting an offer presented and accepted by the seller but to keep the buyer on the line during what may be a lengthy process.

Communication is the key for all parties - for the buyers' agent they must communicate at least weekly with the listing agent as well as their buyer - keeping everyone informed every step of the way. Communication comes in various modes and includes emails and phone conversations.

The buyers' agent must make certain that their buyer is well educated to the short sale process and not going to get cold feet and go elsewhere 2 or 3 weeks after the offer is accepted...or even 2 or 3 months. Buying a short sale is a long arduous road that one needs to be prepared to travel on if they want to achieve success - so the right local agent can be paramount to success.

THE SELLERS NEGOTIATOR

Remember that sellers are different and each has their own way of conducting business. With many, a negotiator is assigned when the file comes in and the same person is responsible for closing the file. With other lenders, the entire process is an assembly line - one person takes in the file and holds it until it is complete then passes it on to another negotiator who will look at the economic sense of the proposed sale and then another may actually do the negotiating.

What makes a negotiator easy or difficult to work with depends on many factors, the least of which is never the mindset of the individual negotiator assigned to your offer. The negotiator has many variables to consider, including:

            The BPO
            Repair Costs
            Holding Costs
            Seller Financial Position
            If a Loan Servicing Company, they need to consider:

                        The Flexibility of the Investor Backing the Loan
                        PMI (Private Mortgage Insurance) company input
                        A lender is a second position

It is imperative to be prepared for delays - these never go as quick as all parties would like them to. When it is all said and done there are only three alternatives:

            The Short Sale is Accepted; or
            The Short Sale is Rejected; or
            The Short Sale is Countered...which is usually the first outcome.

THINGS TO REMEMBER

It is important that anyone contemplating a short sale, in the Hemet - San Jacinto Valley...or anywhere else for that matter, remember that no two lenders do things the same and given identical circumstances it is very possible to have tow completely different outcomes.

When negotiating a short sale, the negotiations are with the Loss Mitigation Dept (again different lenders have different names) and not the Foreclosure Dept. The Foreclosure Dept has one goal - get the property back in the quickest time. While the Loss Mitigation dept has the goal of stopping foreclosures and saving what they can from the mortgages and a quick guaranteed sale is more often than not more advantageous than a long drawn out foreclosure that may sit empty on the market for months longer. When a short sale is accepted it is imperative that your agent receive confirmation from the loss Mitigation Department that the Foreclosure Dept has been notified and that the Foreclosure Dept has stopped the foreclosure process and postponed the auction process.

PARTING WORDS OF CAUTION

As a homeowner it is easy to feel as if your back is against the wall with few if any options. Know, that based on the changes to your credit report that many predators are aware of your situation and may come looking to take advantage. Please be careful of the slick advertising with promises that sound too good to be true. When talking with REALTORS, talk with the ones who have a vested interest in your community and won't disappear into the night when things go wrong. Don't consider hiring an agent who will take your file and assign it to a 3^rd party negotiator. Hire an agent that can do the whole job - please proceed with caution if you ever consider using a 3rd party negotiator or anyone from outside the Hemet - San Jacinto Valley. What can they do for you that can't be done locally?

Short Sales are not for everyone. At best, they are a painful process. At the Excellence in Real Estate Team at Allison James Estates and Homes we know that our job is not to be a prêt of the problem but to be a part of the solution. And yes, we do believe that we can make a difference. So for more information on your Hemet - San Jacinto Short Sale, please call the author, John Occhi on his cell phone, at 951-443-6259.

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

HOW DO YOU APPEAL A FLAWED APPRAISAL SO YOUR DEAL DOESN'T DIE?

Tue, 08 Dec 2009 12:43:07 -0600

The big unknown in any financed real estate transaction today has to be the appraisal. Because of the changes in the law, the HVCC program has many appraisers working out of their area of expertise. In addition, they have taken cuts in their fees in order to support the companies that assign the appraisals...so it has been reported that many of these appraisers are cutting corners and turning their work into assembly line production.

Well, we still have rights and one of our rights is to appeal what we believe to be a flawed appraisal.

Check out this blog and see if it isn't full of useful information...

John

Via Mary Thompson Lake Lanier Appraiser in Georgia (LakeFrontPros.com):

Okay here is your Thanksgiving Gift early. Here is what you need to do to successfully appeal an appraisal.

First I must say not ALL appraisals are flawed and not all appraisers are incompetent like so many seem to think these days....but there are many appraisers who do not belong in the areas where they are appraising and there are many who just did not learn the proper way to appraise.

So here goes, pass this along to everyone you know, feel free to repost this blog, it will help!

1. Get a copy of the appraisal first. The borrower is by law supposed to get a copy before closing.

Review the top part of the form where the address is make sure that the address, borrower name and most importantly the legal description of the property is accurate. If they can't get these right, chances are the rest of the appraisal has issues!

2. Go over that same page and review the description of the property. Do they have this all correct. Is the bedroom and bath count accurate (REMEMBER appraisers separate the terrace or basement level rooms and square footage from the upper finished levels, so the bed and bath count will only be those rooms on the main and upper levels (above grade) but credit is given for basement area and finished rooms in the basement just at a different value per square foot.)

If they have missed important amenities or basic information like is the home on septic or sewer, etc. Chances are there are more errors to follow.

3. NOW here is the really important part:Look at the page where the comparables are noted and where the actual adjustments are made. If you see across the board adjustments for something like condition or quality of construction:+$10,000 or -$10,000 for example and the description is they are average in quality and the subject is above average, chances are there is a problem here. How can every sale that is defined as average compared to the subject's above average quality be exactly $10,000 inferior in value to the subject. This applies to condition and most definitely to SITE VALUES....watch out for those adjustments.

We appraise Lake front property and when I see an across the board adjustment of say $20,000 for above average lake lots as compared to average lake lots, this is impossible as no 2 lake lots are alike here and they certainly are not exactly $20,000 difference in overall value.

Site values are very important as you well know in many areas you can go just a few blocks over and while the house may be very similar to the subject property, maybe the lots on this block are worth far less than the subject site. So if you see that there are NO adjustments across the board for site values that are similar in SIZE only and you Know that these lots are NOT similar in value then you have cause to rebut this flawed appraisal

4. ANOTHER very important thing...LOOK at the comparable photos used in the appraisal report...ARE they the exact same ones that you see on your local FMLS or MLS? If they are you hit the jack pot, why? Because that tells me that the appraiser did NOT drive by the comps and take their own photos. This happens more than I care to admit but it is very important for you to know because USPAP (our uniform standards of professional appraisal practice) REQUIRES that appraisers drive by the comps! So you have a clear violation of USPAP here and when a LENDER hears this....Bingo you get another appraisal done because how in the world can they assess the home and more importantly the neighborhood in which these comps are located if they did not drive by the property!

5. When appraisers make dollar adjustments there are only 2 kinds.....Positive and Negative. So if you see a PLUS sign in front of the adjustment that means that the comparable sale is INFERIOR to the subject and we add to that sale price to raise it up to the subject. If you see a MINUS in front of an adjustment that mean the comparable sale is SUPERIOR to the subject and therefore we are subtracting from the sales price of that comp. Just remember that we always adjust the comparable sales price against the subject. Another way I like to remember this is CBS and CIA (Comparable better subtract, Comparable inferior... ADD) CHECK THEIR ADJUSTMENT TO SEE IF THEY MAKE SENSE, MANY TIMES AN APPRAISER MAY USE THE WRONG ADJUSTMENT FACTOR PLACING A NEGATIVE ADJUSTMENT WHEN IT SHOULD BE POSITIVE AND VICE VERSA. THIS AFFECTS THE BOTTOM LINE APPRAISED VALUE!!!!!

6. Toward the bottom of the comparable page there is a section where the appraiser must note past sales history of the subject and the comparable sales....Check these dates and make sure they are accurate.

Again, the whole premise is this....The more small and/or large errors you find, the less accurate that appraisal really is....and it does not take long to find such errors, even if you don't know how much the adjustment should be. Remember adjustments are not based upon DOLLAR for DOLLAR costs, it is based upon what the market will pay for the variance...so it could be half the cost, it just depends.....on many factors.

I reviewed an appraisal where they "cloned" another appraisal report of a home that was close to the property that they were appraising. Appraisers do this to save time and that is fine except what I found was that they did not remove those items that did not relate to the subject and so they had the description for the subject all wrong and they also had the addresses of the comps wrong. They were using the addresses of the old cloned report but using the actual data of the comp that they were using for the subject!

7. Drive by the comps used, make sure the addresses are correct, make sure that the PHOTO used in the report MATCH the home.....I have seen wrong photos in the reports, they did not match the actual homes!

8. Check the comps and map that is included which shows where the comps are located. Just below the address on the comps page there is a section that asks how FAR the comps are from the subject. Double check this number. Many times the appraiser will reduce that mileage by quite a bit so that it passes underwriting......I have seen some comps show they are only 2-3 miles from the subject when in reality they are 10 miles from the subject!!! Not good.

9. Check the sketch page where they draw the house.....make sure it looks right as far as placement of the rooms and the overall square footage. If they are off 100 feet or so this makes a difference on the appraised value of the home.

So you get the IDEA here......If you start adding up errors, you have the right to tell the lender the appraisal is flawed and this is without even dealing with whether or not the COMPS are good. That is a whole story in and of itself. If you know for a fact that the comps are bad, state why in your rebuttal!

10. Don't get mad about the whole process, just find the errors, state the facts and move forward...Tell the lender it is their responsibilty to use an appraiser who is familar with the area and who can put together an accurate report.

This will NOT always mean the value will be different but you have the chance to get an accurate appraisal on the home and then you will know for sure what it is really worth!

************************************************************************************

If you work in the North Georgia area, we offer appraisal reviews. We have been very successful in getting lenders to order another appraisal or a review of the first one after they have seen my reviews!

Mary Thompson

www.marytappraisals.com

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Blogging and Time Management

Tue, 08 Dec 2009 04:16:01 -0600

Blogging can be a time consuming endeavor and one that can easily get away from you, if you are not careful.

Like every aspect of a successful business, blogging must conform top a plan with quantifiable objectives.

Well, Brad Andershon has done a great job of providing some great tips on successful blogers - written I believe for the experienced blogger, but certainly appropriate to the new comer as well.

Via Brad Andersohn ~ Community Manager (ActiveRain):

One of the common concerns I hear from people about Blogging, is that they just don't have the time. Seriously though, we live in a world where Starbucks offers drive-thru coffee for those who don't even have time to sit and enjoy it. Everything in life seems to be go-go-go! So maybe Blogging and Time Management really is a valid concern and important topic for many!?! I just Googled Blogging and Time Management, there really wasn't much out there. So maybe there is no answer? If you did find the answer, would it be right for you?

Defining Blogging - Is Blogging just writing an article, banking on search engines, waiting for comments, hoping for calls and emails, and wishing to close on the sale of your product or service? I think Blogging encompasses much more than that.   Sure, creating a great post loaded with valuable content and information is important, but Blogging ends up becoming more, a part of life, and a part of you. Blogging includes reading, commenting on posts, learning, sharing, connecting with others, engaging in conversations, exploring tools, researching technology, meeting new people, discovering new ways... etc. Much like what we already do in the off-line world.

We learn quickly that Time Management is important. I've also learned that Blogging and Social Media Networking are really one in the same. Your Blog IS your Social Network. Having an acceptable "liveable" balance of time on your computer vs the time you spend having a life is crucial to both your Business and Personal success. For me personally, it has helped me define and refine my daily actions and activities, my time, and my focus. Thankfully, some time management strategies have assisted me in reaching some of my desired goals, and in less time.

So what is the "Best Blogging Time Management" skill-set? Will it work for you? How many hours a day, week, or month does it take for you to be a successful Blogger and to be an effective Social Networker? Will you still have the time and balance to seek your other business and personal goals? Is there a Time Management manual, program, or a person out there that can define the Best Time Management program for you? NO. I mean YES, but it's YOU! You have to create it. Everything you do, your experiences, and your rewards and successes WILL BE UNIQUE to you, and will happen because of YOUR own personal time management system or strategy!

You've learned to Manage your email and VM, your Blog is no different. Somehow, we find a way!



Having had the chance to moderate Blogging panels, interact with AR members all day everyday, and read thousands of Blog posts all over the country, I've managed to learn a great deal about some of the things that make a successful Blogger "tick" (pun intended). We'll define "Successful" in another post, but I think we can all agree that success is "to each his own." Well, so is "Time Management."

Here's a few of the things I've learned and heard suggested...

TIPS & TRICKS:

Understand and agree that your Time Management and others Time Management will not be the same.

What works for you as a Blogger, may or may not work for other Bloggers with the same rewards.

Your Goals and Dreams are unique to you, so your Time Management and efforts will be unique also.

Except the fact that you will never learn or know it all. "Focus and Willpower" are critical.

Realize that your time is precious and valuable and it should be spent focused on items related to your goals.

Don't let others try to convince you of what is the "right" or the "wrong" way to do something.

Believe in yourself, and be passionate about the things that work for you and that bring you desired results.

Find a mentor or someone who has like-minded goals, and see how they are managing and achieving them.

Resist the temptation from every invitation that comes your way to be on every social network created.

Create a "Blogging and Social Networking" Commitment in your Business Plan, then stick to it!

IDEA & SUGGESTIONS

Set aside 1-2 hours everyday to utilize Social Networking and Blogging.

Consider using your Blog to respond to questions and consumer emails.

Write a variety of content, just like a newspaper, cover a "rainbow" of topics.

Create 2-3 posts per week, then build or reduce the amount based on results.

Look into your email sent folder for topics and ideas to write about and share.

Set aside time to research tools and sites that SAVE time, and money.

Automate your daily tasks and utilize technology that's gives you a ROI.

Analyze what sites you're on that just consume time and deliver no value.

Use mobile technology to maximize your Social Networking and Blogging during down times.

Watch less news and TV, write and create more of your own. Localize through your eyes.

Your Blog over time can and will become a great library of content, and will also be one of your greatest resources. Blogging will actually save you time in the future. What you Blog about today can be used again tomorrow without the time spent recreating it. So what is the best Blogging Time Manager? It's you! It's your time, and it's your life, no one can tell you what or how to spend it. It's really up to YOU. Time is the greatest gift one can ever give to another, so manage and use it wisely with no regrets.



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I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Did You Know?

Tue, 08 Dec 2009 04:03:32 -0600

I just had a friend send me a link to fast paced video with some pretty amazing statistics about knowled, the population and just how fast life in general is moving, now that we are firmly in the 21st centrury.

Can you believe, it has been a decade already? Seems like not that long ago we were all 'partying like it was 1999'.

So check this out and see if you don't say "WOW" before it's over...

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

AND WHAT IS HARDSHIP?

Tue, 08 Dec 2009 03:38:57 -0600

Short Sales are dominating the listing side of the MLS in the Hemet - San Jacinto Valley, CA and are starting to show up more and more in the SOLD MLS listings as well.

The common denominator of all of these short sales is that the homeowner has experienced a hardship that prevents them from keeping up with the mortgage on their real estate.

Many Hemet - San Jacinto homeowners may feel like times are tough - but not really have what the banks may consider to be a legitimate hardship. So to help those in need, lets take a look at what the banks will typically allow as a hardship, when considering a short sale:

Illness
Loss of Job
Reduced Income
Failed Business
Job Relocation
Death of Spouse or C0-Borrower
Death
Incarceration
Divorce
Marital Separation
Military Duty
Reduced Income
Medical Bills
Damage to Property (natural disaster or unnatural)

There are of course other legitimate hardships and with proper documentation they will also be considered by most lenders.

The key to any hardship is the documentation. When presenting your case to the bank, make sure that your letter is short and sweet - they do not want a novel, they just want the facts...and they want documents to back up your situation. Think of your hardship letter that will help you avoid foreclosure with a short sale as a biography, or an outline of this segment of your life...complete with footnotes and exhibits.

When preparing your hardship letter, make certain that you separate fiction from fact. The best hardship letters break the homeowners situation down into three easy to follow phases...the problem that occurred....how it effects the homeowner...and what the homeowner hopes to accomplish in the future. Past Present and Future are the three points that need to be covered.

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Buyer tax credit effective but not available

Mon, 07 Dec 2009 22:17:08 -0600

I just wish there was a way the someone could introduce the left hand to the right hand.

It seems our federal government has done it again. OK, lets have this program - it will start immediately...buy errr ummm aaaahhh, lets see, we'll wait a couple of months before the paperwork is ready.

And we all know that the government can't function without it's paperwork.

Then again, maybe we are all better off if the government doesn't know what the heck they are suppose to be doing - we may all be a bit safer.

Merry Christmas,

John

Via Stone Real Estate Group, LLC:

WASHINGTON - Dec. 7, 2009 - With President Obama's signature on Nov. 6, 2009, the first-time homebuyer tax credit was extended, and some move-up buyers became eligible for up to $6,500 starting on Dec. 1, 2009.

However, the new law changed the way a home sale must be documented to the Internal Revenue Service (IRS), including additional back-up information to minimize the chance of fraud. And that documentation change became effective immediately when the bill was signed.

But that new form is not yet available.

The homebuyer tax credit is claimed using IRS Form 5405, and that won't change under the new program; however, Form 5405 must be revised to adhere to rules in the law signed Nov. 6.

Currently, the IRS has only the old version of Form 5405 on its website - the one that applies to sales that took place Nov 6, 2009, or earlier. The revised Form 5405 applicable to sales on Nov. 7, 2009, and later, will not be on the IRS website, according to IRS officials, until late December.

Buyers who close after Nov. 6 and use the old claim form may have trouble collecting their tax credit quickly.

For more information on the tax credit and Form 5405, visit the IRS website.

© 2009 Florida Realtors®

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Property Maintenance and Repairs

Mon, 07 Dec 2009 21:42:32 -0600

Investors - I believe you are best served with specialists and not general one-size-fits-all vendors.

I for one am a local area expert for the Hemet - San Jacinto Valley real estate market and I know REO's. I list them for the banks and I sell them to Investors.

What I don't do is divide my focus to chase a dollar and tell you that I can do all things for you. I am not a property manager...and unfortunately, it is hard for me to make a recommendation to one - because I have yet to find a local property manager that lives up to my expectations.

So, here is another article, I found, in a series that will help you make the absolute best choice there is in selecting a property manager to manage the REO Bank Owned homes that you want to buy-and-hold for long term wealth.

Merry Christmas,

John

Via Jordan Muela - Manage My Property (Manage My Property):

One of the chief roles of a property management company is to protect and grow the value of investor properties. Tenant requests should be addressed promptly and owners provided with transparent system for seeing how their money is being spent. A competent manager accomplishes all of this with the assistance of both internal staff and their network of qualified, licensed vendors whom they have vetted for excellent cost effective service.

Here's a list of issues to review and questions to ask the property management firms you interview:

Note: Property maintenance and repair fees are covered in Property Management Fees - Part II.

How does the property manager track incoming resident maintenance requests and the subsequent work orders?

A software solution should be in place here. You want to find a manager with a system that does not allow maintenance requests to fall through the cracks and require multiple tenant requests before the work is done. Ideally, tenants should be able to submit maintenance requests online.

How are after hours maintenance requests and emergencies handled and who handles them?

Make sure its someone qualified to handle the problem. The last thing you want is an answering machine or someone saying you will have to wait till Monday to get your or your tenants issue resolved.

What system do they have in place to practice preventative maintenance?

Preventative maintenance is the mechanism a manager uses to maintain the value of your property and avoid letting small issues become larger more expensive problems down the road. This involves things like a predefined maintenance and inspection schedule as well as promptly addressing known issues. This of course assumes owners are willing to make the necessary repairs when they come up. Slum lords may balk, but successful real estate investors know that when you’re in for the long haul you have to engage in sustainable practices that maximize property values, not short-term practices that delay (and multiply) costs.

Do they have their own maintenance crew?

If the answer is yes, are they covered by workers compensation and are they licensed, bonded and insured? Additionally are they available 24/7/365 for emergencies?

What contractors do they work with?

Do the contractors carry workers compensation and are they licensed, bonded and insured? Does the management company oversee the contractors’ work for quality, code compliance and cost effectiveness? Some owners like to take the extra step of researching the primary vendors that will be used to make sure there are no red flags.

Do they have any conflicts of interest with their vendors?

Beware of relationships that are based on something other than good work and the best price. Vendors reward management companies for their business, but this should be in the form of discounted rates, which benefit the owner, rather than "referral bonuses" that go to the management firm.

The management contract may state something to the effect that the management company may:

“…perform any of its duties and obtain necessary products and services, through affiliated companies or organizations in which Management may own an interest, and may receive fees, commissions and/or profits from these affiliated companies or organizations.”

If this is the case make sure you get full disclosure on the nature of any pre-existing relationships where this applies and will be notified when this comes up again in the future with new vendors.

One possible exception to this rule would be when the management company receives a small fee from vendors for guaranteed payment, meaning the vendors gets paid by the management company regardless of whether the owner whose property is being worked on has sufficient funds in their account.

What rules do they have in place regarding contractors entering occupied properties?

Make sure they have an established policy here. Anytime contractors and maintenance personnel are entering occupied units there is potential for trouble if the situation is not handled carefully.

Do they provide itemized statements with receipts for the work performed?

This adds accountability and transparency to the billing process. You don't want to work with a management company that is unwilling to provide solid documentation of where your money is going.

Do they let tenants perform repairs?

Tenants perform inferior quality work, and their lack of insurance coverage, liability or workers compensation could leave you liable in the event of an accident or injury. Why take the risk of having them accidentally fall off a roof or ladder, electrocute themselves, or flood your home? If they don’t allow tenant repairs, make sure this is written into the rental agreement. If you are comfortable allowing them, at least have the tenant sign a waiver and agree that the repairs must be approved by the manager.

Do they allow tenants to hire their own handyman?

This is also inviting trouble, and the rental agreement should prohibit this.

What recurring maintenance tasks (lawn mowing, etc.) do they expect the tenant to perform?

This is not considered a liability hazard although providing these services eliminates the issue of tenant neglect and can improve tenant satisfaction which helps with retention.

What is involved in their process for preparing a property to be re-rented after a tenant has vacated? How long does this process take?

The property should get the usual cleaning, paint job, re-keying, etc. but this is also a good time to consider strategic improvements that will maximize your rental revenue. You want to find a property manager that will proactively offer this kind of feedback on an as needed basis. Obviously the quicker the turnaround time, the better.

The best crew in the world can't fix what they can't see. Regular inspections are a critical component of preventative maintenance.

Next: Property Inspections

Originally posted on managemyproperty.com under, "Property Maintenance and Repairs"
___________________________________________________________________________________________________

Are you looking for property management services? Find property management companies and resources on what to look for when hiring a property manager at Manage My Property.

Are you a property manager? Would you like to generate more business online?

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Not All Short Sales Are Created Equal

Mon, 07 Dec 2009 14:09:07 -0600

Short Sales: Keys to Success

Short Sales have certainly changed the real estate landscape in the Hemet - San Jacinto Valley, CA over the last several months.

I first started listing Short Sale listings in the MLS in the Spring of 2007, in the local Hemet - San Jacinto Valley, CA area. At the time, short sales were few and far between as the masses were still speculating if there was a housing bubble or not.

Since then, I have learned there are four key elements that further the odds of a successful Short Sale listing, in the MLS.

SELECTION: While there are many homes and homeowners who find themselves in the situation where a short sale may make the best sense to them - the truth is that not all short sale listings are equal.

Many homes are encumbered with second mortgages, home equity lines of credit and other financial complications. Yes, it is possible to resolve these obstacles but the likelihood diminishes to a point where it may turn out as nothing more than a waste of valuable time, energy and resources.

DETAIL: Attention to detail through every phase of the Short Sale is paramount to success. There is nothing worse than delivering an incomplete Short Sale Package to the lenders negotiator. Not only is it a waste of the lenders time, it is likely to leave a taste of unprofessionalism in the negotiators mouth.

Delays caused by the lack of attention to detail will frustrate everyone as the same steps are repeated for no other reason than the listing agent was not careful and skipped a document.

COMPELLING: As a short sale listing agent it is important that I work with my clients to write a compelling hardship letter. The basics of any hardship can be easily defined in 3 simple sections:

            First - Explain how life was before the hardship
            Second - What happened and how it changed everything
            Third - What the homeowner hopes to accomplish

Hardship is only one criteria of a successful short sale. Comparable data must be collected to establish the value as well as. Condition of the home for sale must be addressed, as well as any other mitigating circumstances and neighborhood characteristics.

PERSISTANCE: I learned a long time ago that ‘Persistence Breaks Resistance'. Another way of looking at it is that ‘The squeaky wheel gets the grease". The trick is to know how much pressure can be applied and how often it should be.

The key to contact with the lenders short sale negotiator is to remain firm and yet helpful at the same time, always seeking ways to keep the process moving forward and providing any and all information that the negotiator asks for.

Homeowners need to understand these elements of a successful short sale so that if put in a position of potentially selling their home short they will understand that not all short sales are created equal and that just because a friend, neighbor or relative was able to accomplish a desired outcome, there are no guarantees.

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

It's Called CHRISTMAS...With a Capital "C"

Mon, 07 Dec 2009 09:44:43 -0600

Christmas is the Season and the Reason is the Celebration of the birth of our Lord and Savior.

Bold statement to make in the Politically Correct Year of 2009...but sorry - tell the hijackers to get to the back of the bus. This is a CHRISTIAN Holiday that deserves to be celebrated for what it is - the Celebration of the Birth of Jesus Christ.

So, there are other holidays that others may celebrate...but in this country, where we tolerate all religions does not mean they get to hijack our holiday because they may be offended. Tolerate, means just that - TOLERATE! We (AMERICA) will let you do what you want and practice any religion you want, we are all cool with that - so long as you don't violate my freedom.

It's Christmas - get use to it. Don't try and change it - 'cause it ain't happenin'...not on my watch. You'd have better luck renaming the Statue of Liberty or adding a foreign leader to Mt. Rushmore.

Here is a great music video from a group of four young men - if you believe what I said above then enjoy the heck out of this video...If I have already offended you, then move on you have no reason to look any further.

MERRY CHRISTMAS!

And God Bless...

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Christmas in the Park, Hemet, CA December 5th, 2009 - Video

Mon, 07 Dec 2009 09:17:51 -0600

Christmas in the Park is part of the annual celebration that takes place every year with the Christmas Parade.

This year it definitely felt like Christmas - with a little Jack Frost nipping at everyone's faces. It was nice to see people bundled up and looking Christmasey...although I'm sure miss the warm days I know we are all glad there was not any rain...which might be here by tomorrow.

Well this year the event was bigger than ever...114 vendors. There were lots of crafts and Christmas ware. There were organizations doing their part to remind us of the 'Reason for The Season' and of course there was more than one church represented, praising the Glory of the New Born King - Jesus Christ, my personal Lord and Savior.

I took the opportunity to take a photo of almost every booth and put together this great slide show...it was fun.

So please check it out and then make sure you come back next year for Christmas in the Park, in Hemet CA.

Merry Christmas adn God Bless,

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Setting and Collecting Rent

Sat, 05 Dec 2009 17:24:45 -0600

As an REO Listing Agent in the Hemet - San Jacinto Valley, CA I have the opportunity to work with many investor clients. Many are interested in buying and holding property today, rather than the quick flip.

The problem I have is I do not do Property Management, nor do I have a Property Manager that I feel comfortable referring my clients to.

Well, form now on, they will all be asked to read this blog.

Via Jordan Muela - Manage My Property (Manage My Property):

Rental income is the lifeblood of the landlord’s business. If the mechanisms are not put in place to bring in the right amount at the right time each month, the business will eventually wither and die. When properly performed, this is what allows top real estate investors to achieve a higher than average return on investment.

Here's a list of issues to review and questions to ask the property management firms you interview:

Setting the Rental Rate

How do they determine their rental rates?

There is a science behind maximizing rents. For a property manager to achieve this requires them to have knowledge of the local market and perform solid research on the last 10-20+ most recently rented comparables. Rules of thumb like the 1% rule (charging 1% of the property's value as the monthly rent) are handy for reference, but can not replace thorough research using current market data. Aside from affecting rental income, your rental rate can also impact thr properties value. The goal should be to get the unit rented within a month.

How often do they raise rents?

Rental rate surveys should be performed at least annually, and more frequently if there are vacancies or lease renewals.

Do they put contractual escalators in the lease?

Contractual rent escalators allow the rents to be raised without the need to negotiate, offer an explanation or give notice. Tenants know they have already agreed to it so it doesn't feel arbitrary, and tenants are actually grateful if the firm decides to not enforce the full rate hike.

Collecting Rent

How is rent collected?

It’s a plus if the management company offers direct debit for tenants. Processing fewer checks improves cash flow and saves time and money. This lets you know as soon as possible if funds aren't there and eliminates excuses about checks lost in the mail.

How do they deal with bounced checks?

This is usually a warning sign of trouble ahead; after the first bounced check tenants should be prohibited from writing personal checks until at least 6 months of good payment history has been established. Additionally, there should be a provision in the rental agreement that says tenants agree to pay the maximum the law allows for all returned checks.

How do they deal with delinquent payments?

Find a property management company with a process that is firm but reasonable. Tenants will start paying later and later if the management company lets them, therefore it is imperative they enforce ALL aspects of the lease. Once they identify a tenant with a trend of delinquencies, they should keep a close eye making sure they either get back on track or deal with the consequences. Remember that a strict collections process is only balanced out by the property manager quickly responding to tenants’ needs with quality service.

What is their current rate of delinquency?

Find out if they run a tight ship or allow things to get out of hand.

When is rent due? Is there a grace period, if so how long?

Due on the first day of the month (in hand not postmarked), late on the second day of the month is standard. A grace period that extends to either the 3rd or the 5th is also standard. Keeping it shorter prevents it from getting significantly delayed in the event of a holiday or long weekend.

How much is the late fee?

While late fees can generate revenue, their primary function is to get tenants back on track to timely payments as quickly as possible. This fee is typically between five and ten percent of rent, sometimes a small daily fee is added to this as an incentive to catch up ASAP. In theory, the late fees are supposed to reflect the penalty the owner would experience in the event of a late mortgage payment.

How do they handle evictions?

Their process should be well documented, and although the best course of action will vary based on the circumstances, they should be able to explain to you the basic checklist they go through each time. You want to deal with a company that acts quickly, documents their actions, and understands your area’s unique laws for this process.

In the last year, roughly how many evictions did they experience, out of how many properties being managed?

The higher the number, the less confidence you should have in their screening process.

How quickly do they usually get repossession of the property when an eviction takes place?

Time is money, and a smart tenant with bad intentions can drag this process out for a very long time. Find a manager who excels at containing and eliminating the problem as quickly as possible.

Do they provide eviction insurance?

This is basically a small monthly fee that insures that the management company will pay for all attorney and court costs associated with evicting a tenant they placed. It is widespread, but it’s a valuable service that speaks to the management companies confidence in their screening process.

Cashflow may be strong now, but rent will inevitably decrease over time if the property is not well maintained. Keep reading to find out how to determine if a management company has a strong preventative maintenance and repair program in place.

Next: Property Maintenance and Repairs

Originally posted on managemyproperty.com under, "Setting and Collecting Rent"
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I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Foreseeably Harder Approvals: FHA gets tough

Sat, 05 Dec 2009 17:17:04 -0600

Ken "Yes You Can" Cook wrote an excellent article on what appears to be the new FHA Guidelines for next year. Now, they are not yet set in stone, but I have heard a lot of industry chatter on this topic and the article that Ken wrote explains whats bound to happen as well as any.

Hemet - San Jacinto Valle, CA future home buyers need to be aware of this.

FHA home loans are about to get harder. Most of the home buyers in the Hemet - San Jacinto Valley, CA are going FHA. It appears with so many foreclosures, that the reserve is getting low.

Via Ken Cook, FHA Home Loans 678-439-8683:

For many years home mortgage insured by the Federal Housing Administration (FHA) have made home ownership possible for millions of home owners. During the "boom" FHA loans lost a lot of ground in the marketplace because non-conforming loans were often easier to get and cost the borrower less scrutiny and often less out of pocket. (More on Examiner.com from my article this morning.)

Welcome the day when Housing and Urban Development Secretary (HUD) Shaun Donovan stood in front of Congress and reported the reserves of the FHA insurance pool to be only .53% - far below the federally mandated, by law, 2% reserves. As you may imagine Mr. Donovan, in an effort to save his job, is now scrambling for good ideas to get those reserves back to the minimum legal level. Let us all observe as the fireman tries to put out a big fire while his own pants are on fire.

Here are some of the recommendations thus far:

Raise the required minimum down payment from 3.5% to 5%

Lower the maximum seller contribution from 6% to 3%

Establish a required minimum credit score

Eliminate the ability to finance the Up Front Mortgage Insurance Premium (UFMIP) into the loan

Raise the cost of FHA mortgage insurance (higher premiums)

Currently it is much more difficult to be approved for a home loan, purchase or refinance, than it was two years ago or even six months ago. Mortgage brokers are not dropping like flies they have already dropped like flies and the remaining small percentage are having great difficulty getting loans underwritten and closed when they involve lower credit, lower income borrowers. Mid-level lenders are now the ones who are disappearing as they still lose warehouse lines of credit at an astonishing rate. This week saw the demise of LendAmerica.

Judging from the applications I have accepted and closed over the last few months these changes will absolutely impact at least 25% of the borrowers who have successfully purchased or refinanced their homes in the last few months. In fact I have two borrowers today who easily qualify who will likely not qualify if these changes are made. Considering I'm one out of tens of thousands go ahead and do the math.

Just wait ... it's not only FHA - it's Fannie, then Freddie and Ginnie. We predicted it a few months ago that it would not be long until buyers would need a minimum of 5% down, a minimum of a 640 credit score and rates would start to rise.

Are you ready to pay attention even if you don't get CEs for participating in the conference calls? If I were an agent I would be - I would want to be ahead of the curve!

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Home Warranty of America: Maintain Your Air Conditioner Video

Sat, 05 Dec 2009 09:28:33 -0600

Home Warranty of America (HWA) is the only company for me to use and recommend to my friends, colleagues and clients. Yes, I have the HWA policy for my home and have now used it twice. The service was 'top drawer' (that means the best if you are under the age of 40).

I had a plumbing contractor and a pool contractor in my home in the Hemet - San Jacinto Valley, CA - both showed up when expected. Both were clean and professional and both followed up to make sure my problems were resolved. Again, I'm very impressed with the service.

In addition to providing superior service, HWA does their best to educate homeowners on the proper care and maintenance of the house and grounds. Their website, has many resources including a nice animated series of educational videos, for the homeowner.

Here is the one they sent out this morning in their monthly newsletter... I hope you enjoy,

My rep is Judee Edgerton - and she is the icing on the cake to any experience I have with HWA - she can be reached at (800) 800-8880 X6854

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Closing Cost - What Are They and Can I Save Money on Them?

Sat, 05 Dec 2009 01:19:21 -0600

When a home for sale is bought and sold in the Hemet - San Jacinto Valley, CA the process will typically go through escrow to facilitate the transfer from the home seller to the homebuyer. The expenses of the transaction, other than the actual purchase price are generally lumped together and commonly referred to as ‘Closing Costs".

Both the buyer of the real estate, and the seller of the home typically incur Closing Costs but it is often negotiable as to who will actually pay these expenses...depending on both local custom as well as what the buyer and the seller negotiate between themselves in order close a real estate transaction.

Some of the individual costs that are lumped into the generic term of ‘Closing Costs' include the fees paid to both the Title Company and the Escrow Company. Property taxes have to be brought current, up to the close of escrow and in some cases future taxes are required, by the new lender.

There are document fees, recording fees, termite inspection fees, transaction coordinator fees and any number of other miscellaneous charges that are billed to the transaction. Sometimes, these smaller charges are referred to as ‘garbage fees'. For me, what that term implies is that they are fees that are made up and added to the transaction as unnecessary profit centers. Granted, there have been a lot of unscrupulous people in this industry who have tried all sorts of ways to make a buck, but for the most part, these ‘garbage fees' are legitimate single line item fees instead of lumping them all together with a higher amount. With the line item system, the buyer and seller - the people paying the fees can see exactly where their money is being spent.

Both the lender and the escrow company should be providing estimates as to what will be required to close the escrow, in advance to each party of the transaction.

CAN WE CUT THE COSTS?

Of course, there is always room to negotiate - especially when a deal gets real close to the end and just a small amount of money separates the two from a successful close.

The first thing the buyer should do is continuing to negotiate with the seller, if possible, for the seller to contribute more towards the closing costs. Under current FHA guidelines, the seller is allowed to contribute up to 6% towards closing costs. Some Buyer Agents feel they are leaving money on the table if they don't take full advantage of this and consider it a windfall for their buyers.

Early in the transaction, the buyer should carefully consider their loan options. There are no-point and no-fee loans available. Yes, the interest rate may be a little higher but if it means getting into a home with less money out of pocket, then that can make it a worthwhile investment.

THE CLOSE OF ESCROW

The actual close in the Hemet - San Jacinto real estate market is unlike what happens in the rest of the country,, where the buyer and seller actually go to a closing table. Here, the event is rather uneventful, as we wait for a phone call around 4 in the afternoon with confirmation that the deed has recorded.

The stress is in the day or two proceeding when Escrow announces to all parties that they are "ready to close" as soon as the... and it can be anything from the buyer to bring in cash, the seller to sign a document, the lender to wire the funds...and so on.

AND WHAT ABOUT BEFORE THE CLOSE?

A few days before the anticipated close of escrow it is always in the best interest of the buyer to do a final walk-through of the home. The purpose is two-fold.

First, you want to inspect the property to make sure it is substantially in the same condition as when the buyer wrote the offer on the home, when it was for sale. I always recommend to my buyers to bring a camera to document each home they write offers on, just for this very purpose. I have had homes that had nice 6 burner ranges in the kitchen at the time of purchase and then at the final walk through the stove had been replaced with a cheep apartment stove. I have seen ceiling fans removed and replaced by cheep light fixtures. Almost anything is possible, so check the place out.

The second reason for the final inspection is more upbeat and should really be the focus. This is a great time to start taking inventory of what projects you will be starting with as soon as you close escrow. Measure Carpet, count electrical switch covers,, heck anything you want to do... this is the time to get prepared both mentally and with actual preparation.

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Don't Hate Your House

Fri, 04 Dec 2009 23:38:33 -0600

There are many people out there who bought there home near the top of the market and could afford it then and can afford their home now. Yet, they no longer have the same passion for their home, because it is not worth what it once was...

Well, here a friend of mine...I just call him TOP, as in Retired 1st Sgt, has to say on the subject...

Via 1SG (Ret) David Kucic (RE/MAX Honolulu of Kapolei Hawaii):

Even though you may have purchased your home when the values were higher, don't let the declining prices cause you to hate your house. You bought it for a reason whether it was for retirement, a place to raise your family, an investment or a vacation home.

In our lives, we have all had the feeling that maybe we overpaid for something or another. Maybe it was a new car. You bought it and then a few months later, you see that the dealer is now offering a rebate or a lower interest rate. That didn't cause you to hate your car and stop taking care of it did it? Well then don't do that to your home.

If you bought your house as a place to retire or raise your family, continue to enjoy it and take care of it. Live your life without worrying about what the value of your house is. Dont get upset and start hating your house just because a similar one down the street sells for 100k less than what you paid for yours. You can't control the value of your home because it's the "other houses" in your neighborhood that determine what the value of "your house" is. Just live with it and stay positive.

Of course, the better you maintain your home, make improvements, keep up on maintenance etc... the better chance you have of being on the higher side of "range of value" for your home.

I understand that if you are someone that will need to sell either because you bought it for an investment or vacation home and now need to liquidate your asset or the current economy has cause you to lose your job or possibly have to relocate. In those cases, of course you need to be concerned with the value of your home.

This writing is geared towards those home owners that are able to stay in their homes and plan on being there for a while.

Keep your head held high as you continue to take care of your home and insure that it always has that great curb appeal, pride of ownership and comfortable feeling that you bought it for.

Aloha and Happy Holidays!

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

Cutting the Lenders out of the market. Why not?

Fri, 04 Dec 2009 23:34:30 -0600

Real Estate Investing is so diverse a term...there are so many different ways to do it right and so many ways to do it wrong.

What Broker Bryant explains below is a very simple method of buying a property and then putting a buyer into the home, without renting it - actually transferring the title and carrying the note...which can always be sold.

Take a look at this and the previous article in my blog and see if this doesn't make sense to you...

Via Bryant Tutas-Tutas Towne Realty, Inc:

Recently I was asked “How will property values ever come back up if the appraisers keep discounting values for the declining market and the cash Buyers want the lowest price possible?”

The answer of course is…..get the Lender out of the equation. No Lender. No appraisal needed. Higher sales price. What you talkin’ bout Willis?

Let me explain. REOs and short sales still dominate the market in my area and are still bringing values down. What’s strange about this is the fact that inventory is very low and sales are at an all time high but values are still being depressed by…….Lenders.

So…the “No Qualifying Owner Financing” is making a comeback. Investors are realizing that Buyers will pay a premium not to have to deal with Lenders. And the Investor can get a much better return on their money by holding a mortgage than they can renting the property out.

In fact, in my market, you can expect to get 10% to 15% more for your property if you’re willing to “hold paper”. How do I know this? Because my sellers are doing it.

Here’s an example of how this works out for a Seller.

Seller paid $85,000 cash 4 months ago. The intent was to rent it out for $1,100 a month. After expenses he would net about $750 a month. After 5 years the property may be worth…….well we don’t know do we? We do know if it were rented with no vacancies and no repairs (like that will ever happen) he would have received $45,120 in income. Roughly a return of 53% over 5 years.

Instead, what if he sold it for $120,000 with $25,000 down @ 8.75 with a 5 year balloon? By the way this property would appraise for $110,000 to $115,000 right now. It was purchased right because my buyer made offers on 14 properties at the same time. He ended up getting a deal on this one,

OK back to my example. With Owner Financing the payment would be $750 a month (same as the Net rent). After 5 years the balloon payment is $91,000 AND he would have received $41,500 in interest payments. $25,000 + 91,000 + 41,500=$157,500!! This a profit of $72,500 or a return of 85%. Roughly 30% better than renting AND he doesn’t own the property which means no maintenance or management.

Now folks these figures are not exact but they give you a real good idea of how owner financing works for the Seller.

And the Buyer? Well they can get a good house with a non qualifying mortgage and very minimal closing costs. It’s a win all the way around. The only loser? …Lenders!!

What say you?

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

A radical idea for real estate investors...

Fri, 04 Dec 2009 23:26:45 -0600

Real Estate Investors come in many flavors - just like ice cream. Some like to buy and hold others the flip. Some like old properties and some like pretty houses. Some like Single Family residences and others prefer four-plexes. Some like condos and others want mobile homes...as an REO Listing Agent, I see them all.

What I have not yet seen is somone step up to the counter and order the exotice flavor of the month as describe below...I'm waiting...

Via Norm Werner (Real Estate One):

From a recent Realty Times article by Ken Harney comes this report of the rise of investors as buyers in the current market

The quarterly "homeownership survey" by realty information firm Move.dot.com found that one of every eight buyers last month was an investor - someone looking to acquire property at a favorable price, planning to fix it up, rent it out or resell later for a profit.

The investor ratio is up from just one in 20 buyers as recently as March, and represents a huge turnaround in Americans' attitude toward real estate.

Buyers who target foreclosure sales are particularly active right now, according to the study, and account for 25 percent of all consumers looking to purchase houses.

Among these foreclosure buyers, fully 42 percent are investors. Thirteen percent say they're buying properties to convert into rentals. Eleven percent intend to rehab them and sell them as quickly as possible.

And interestingly, 17 percent say they plan to let a family member live in them for an extended period of time -- until market values have rebounded enough to sell the house at a substantial profit.

Certainly I see this in my market, especially with houses that banks have marked down to "dump it" prices. In that case I also see a lot of sleazy Realtor deals, too - those sales that take place just after a property comes on the market or just after the latest price reduction that somehow go to the friends and family of the listing Realtor, even if there are multiple offers. We've likely all hit those stinky deals. The recent HUD rules on giving potential owner-occupants first dibs on sales may help some, but the real sleaze-bags in our business will figure out how to get around that, too. Until such time as we get more transparency into real estate deals there will always be "Playa's" scamming the system.

Those clowns aside, I guess I don't see anything wrong with professional investors (and investor groups, which I see a lot) taking some of the excess inventory off the market. There seems to be lots of investor money out there right now and they are buying up some of the real dregs of the market, so more power to them. I do get a little concerned with the many amateur investors that are out bidding on houses. I know that they think they have done all the right homework - will the place cash-flow and all that - but many just don't have a realistic picture of the cost to fix up some of these places, so that they can be rented or flipped. It's from this group that I see the most "boomerang houses" - those that go back on the market within 6-8 months with half-finished fix-up projects.

I think that what some of these investor groups need to do is to put many of these properties back on the market as land contract deals. The investors could make great interest rates, if they would take the risks involved (and after all they were taking a risk on the initial investment). What they would find is a fairly large group of potential buyers, most of whom just went through a foreclosure, who now have steady incomes and manageable debt loads.

What a sweet deal, if some investor who has picked up a house for 20-30% below market value can now turn around and sell it for near market value at an above market rate interest rate. It's sort of an investor double dip. If more investors pursued this idea they would also be helping some of the thouands who have gone through the misfortune of foreclosure on their homes. Maybe that idea will catch on; however, it's probably too slow of a return for these fast movers, who have never been know for helping anyone but themselves.

I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

John Occhi's Real Estate Blog - The Hemet - San Jacinto Valley, CA

I'm still a bit confused with the whole social media thing.

Introducing the 2nd Edition of Virtual Real Estate BarCamp.

We're Back!Introducing the 2nd Edition of Virtual Real Estate BarCamp.

January 4th - 9am until 4pm PST9 Hours, 28 Incredible Speakers, 1000s of Attendees!

It's Free!

In an effort to always improve, we have made some changes to the event format:

We have boosted our goals for the event as well:

We have a new website: www.VirtualBarCamp.com

A New Spin - Foreclosures are Good for the Economy? Thank You NAR

Home Improvement Tips - Drywall Repair

The Most...and The Least Expensive Places to Live in the U.S.A.

Hemet - San Jacinto CA Short Sale: What is a Short Sale Package?

How ACTIVE RAIN SAVED MY COMPANY'S LIFE

All Real Estate is Local...And Your Retailers Should Be Too!

HEMET - SAN JACINTO, CA SHORT SALES: Who & What is Involved

HOW DO YOU APPEAL A FLAWED APPRAISAL SO YOUR DEAL DOESN'T DIE?

Blogging and Time Management

Did You Know?

AND WHAT IS HARDSHIP?

Buyer tax credit effective but not available

Property Maintenance and Repairs

How does the property manager track incoming resident maintenance requests and the subsequent work orders?

How are after hours maintenance requests and emergencies handled and who handles them?

What system do they have in place to practice preventative maintenance?

Do they have their own maintenance crew?

What contractors do they work with?

Do they have any conflicts of interest with their vendors?

What rules do they have in place regarding contractors entering occupied properties?

Do they provide itemized statements with receipts for the work performed?

Do they let tenants perform repairs?

Do they allow tenants to hire their own handyman?

What recurring maintenance tasks (lawn mowing, etc.) do they expect the tenant to perform?

What is involved in their process for preparing a property to be re-rented after a tenant has vacated? How long does this process take?

Not All Short Sales Are Created Equal

It's Called CHRISTMAS...With a Capital "C"

Christmas in the Park, Hemet, CA December 5th, 2009 - Video

Setting and Collecting Rent

Setting the Rental Rate

How do they determine their rental rates?

How often do they raise rents?

Do they put contractual escalators in the lease?

Collecting Rent

How is rent collected?

How do they deal with bounced checks?

How do they deal with delinquent payments?

What is their current rate of delinquency?

When is rent due? Is there a grace period, if so how long?

How much is the late fee?

How do they handle evictions?

In the last year, roughly how many evictions did they experience, out of how many properties being managed?

How quickly do they usually get repossession of the property when an eviction takes place?

Do they provide eviction insurance?

Foreseeably Harder Approvals: FHA gets tough

Home Warranty of America: Maintain Your Air Conditioner Video

Closing Cost - What Are They and Can I Save Money on Them?

Don't Hate Your House

Cutting the Lenders out of the market. Why not?

A radical idea for real estate investors...

We're Back!
Introducing the 2nd Edition of Virtual Real Estate BarCamp.

January 4th - 9am until 4pm PST
9 Hours, 28 Incredible Speakers, 1000s of Attendees!