chico: Arms Length Transactions - 09/25/06 10:19 AM
Today's Real Estate Term of the Day~
Arms Length Transactions:
Definition- A transaction in which the parties are dealing from equal bargaining positions, neither party is subject to the other's control or dominant influence, and the transaction is treated with fairness, integrity and legality. If discovered by a taxing authority, the absence of … (9 comments)
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chico: Kiss Private Mortgage Insurance Goodbye California! - 09/24/06 10:15 AM
Kiss Private Mortgage Insurance Goodbye California!
Kiss private mortgage insurance goodbye California! I've received new announcements this week from multiple investors, stating that they are doing 100% first trust deed loans with NO MORTGAGE INSURANCE! In the past, investors were doing maxed 80% first trust deeds and 20% seconds to avoid PMI. … (2 comments)
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chico: Unfair Lending Competition and Your Privacy! - 09/23/06 12:00 PM
I've been frusterated lately by a new form of unfair lending competition that has been taking place by mortgage companies and larger lenders. After we pull credit reports for our clients, competitors are paying the credit reporting companies to alert them that a "mortgage" inquiry has been made, be it for … (3 comments)
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chico: Back to School~Today's word...Disintermediation! - 09/23/06 10:57 AM
I live in Chico, California, which is the home to thousands of college students. From time to time, I have high school and college students call me up to ask me questions for a class project that they are doing. I LOVE these calls! To have a child or young adult … (10 comments)
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chico: Need a Fundraising Idea? - 09/21/06 02:11 PM
I'm the Chairman of the Affiliate Committee for our local Association of Realtors and we conduct a Fall and Spring Mixer for the local Realtors. During the mixers, Realtors and Affiliates network with each other and we usually throw a theme behind each one. For our Fall Mixer in October, we are having … (3 comments)
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chico: Life...The Juggling Act - 09/20/06 06:36 PM
Oh, how life feels like a grand juggling act! But when it comes down to it, the single most important asset we have is TIME! That's right, you can't buy more than is alloted to you or stop it. Regardless of what we do in our daily lives, it continues to move. Through … (2 comments)
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chico: Be a Chameleon! - 09/20/06 06:17 PM
Do you know what chameleons do better than almost any other creature out there? Their bodies change colors and adapt to it's environment. So I ask this to all of you Real Estate professionals out there. How often and well do you adapt to change and your environment? I have found that no … (1 comments)
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chico: Professional Problem Solver - 09/20/06 05:33 PM
I think I'm going to change my job description from Mortgage Broker to Professional Problem Solver. The longer I'm in this business, the more I realize that it goes far beyond interest rates, loan products, documents and all that jazz. If I boiled it down to it's basic element, I think … (2 comments)
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chico: The Often Overlooked Factor! - 09/19/06 12:06 PM
I have learned over the course of time that there is an often overlooked factor in Real Estate transactions and many of the things we do on a daily basis. What is it? The "gut factor!" The gut factor is what your inside tells you is a good or bad situation … (2 comments)
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chico: Have a Great Insurance Agent! - 09/19/06 11:54 AM
Here's some great advice, be sure you have a few great insurance agents to work with. I had a client recently that was paying close to $200 more a month for her existing insurance policy than what my affiliate quoted her at. He drove out to her property and noticed that … (0 comments)
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chico: The Baby Boomers are Coming! The Baby Boomers are Coming! - 09/19/06 11:19 AM
I have noticed a strong trend lately. The Baby Boomers of California are now becoming "Empty Nesters." The kids are out of the house, they don't need all of that space and they are sitting on a property in the Bay area, Los Angeles, Orange County or San Diego and they … (6 comments)
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chico: Promoting Active Rain in Your Community! - 09/18/06 06:01 PM
Have you considered promoting the Active Rain community by giving it exposure in your area? I recently wrote an article, which you can check out here on page 27. Letting everyone know what the AR network is about and getting potential clients to visit the network will benefit all of us greatly. Sure, it … (3 comments)
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chico: Kiss PMI Goodbye! - 09/18/06 05:47 PM
Kiss private mortgage insurance goodbye California! I've received new announcements today from multiple investors, stating that they are doing 100% first trust deed loans with NO MORTGAGE INSURANCE. In the past, investors were doing maxed 80% first trust deeds and 20% seconds to avoid PMI. Now you can avoid those higher … (0 comments)
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chico: Where in the world is Chico? - 09/17/06 12:03 PM
Are you looking for a great place to live? I'll tell you about a hidden gem in California, but don't tell too many people! Chico is located 90 miles north of Sacramento, California and home to 105,000 Chicoans. Boasting a "home town college feel to it", Chico is the home to California State University,Chico and … (11 comments)
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chico: Which Direction? - 09/16/06 12:16 PM
One of my favorite things about being a member of the Active Rain Real Estate community is the network I'm growing for my clients' benefit. Think about it, having not necessarily more...but better directions to send your clients is a great thing, adding value to what I do for them. Now I … (0 comments)
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chico: Preparing For the Appraisal - 09/16/06 11:52 AM
Over the years, I have heard many questions about how to prepare for an appraisal. I thought it might be to your advantage to know what your appraiser is looking for, and what you can do to get the most out of your appraisal. Here are a couple of hints:
Make a … (0 comments)
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chico: Are You Optimistic or Pessimistic? - 09/16/06 10:41 AM
There's a father that has 2 children, one is VERY OPTIMISTIC and the other is VERY PESSIMISTIC! The father wants to show each child that life isn't simply one way. After thinking up a plan to prove his point, he puts it into action the next morning. For his optimistic child … (4 comments)
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chico: How much are your air rights worth? - 09/15/06 01:41 PM
Do you have any idea how much your clients' air rights are worth? In an amazing story, which was confirmed on December 4th,2005, the Christ Church on Park Avenue in Manhattan decided to sell its air rights for $30 million! Now there are business (gyms,bakeries,etc) in Orange County, California that are selling … (2 comments)
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chico: In the year 2010! - 09/15/06 01:19 PM
Do you have any ideas of what the banks and investors will come up with next in product innovation to get homebuyers into homes? We've seen mortgage loan types that my dad would not have even imagined 25 years ago, but now they are a reality...Zero Down,Interest Only,100% Financing,6% sellers concessions,No … (1 comments)
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chico: Big Fish,Little Fish? - 09/15/06 01:39 AM
I've lived and conducted Real Estate business in two types of areas/markets. In one you feel like a little fish in BIG pond and in the other you feel like a BIG fish in a little pond. I'm curios to see what AR members feelings are about being in each kind of … (3 comments)
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chico: Minorities Pay More? - 09/14/06 08:42 PM
In an article recently posted by James R. Hagerty at RealEstateJournal.com, James explains that African-American and Hispanic borrowers are "much more likely than whites to pay high interest rates on mortgage loans", according to a Federal Reserve study released recently! My first reaction was, WOW! I would not figure that this … (3 comments)
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chico: Curb Appeal - 09/13/06 03:28 PM
In a competitive market where there are many choices for buyers, agents must bring the topic up of "curb appeal" to their clients. Questions such as, "what does the home look like from the front?", and "what will potential buyers first reactions be from the outside?" are VERY IMPORTANT! The home may be beutiful … (4 comments)
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chico: Website Hosting - 09/13/06 02:54 PM
One of the most important decisions that Real Estate professionals need to make is who will do their website hosting. There is a large range of offerings that are out there and comparing and differering their services can be time consuming, but I assure you that it is worth every second! … (0 comments)
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chico: Buyers Market - 09/13/06 02:33 PM
With the influx of homes on the market, things have switched to a buyer's market! So, what does that mean? Well, from the sellers perspective, you need to offer incentives that will differentiate your home from the rest of the flock. You can do so with offering a credit towards the … (2 comments)
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chico: Clear Lines Of Communication - 09/12/06 11:22 AM
One of the most important things that I have learned in the Real Estate business is keeping clear lines of communication open with ALL parties! Think about it, within a single transaction you have: 1-2 agents,buyers,sellers,lenders,appraisers,insurance agents,processors,underwriters,account executives,escrow officers and GOD knows how many assistants! In my business, I prefer to … (4 comments)
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chico: Community Involvement - 09/12/06 10:49 AM
I think community involvement is one of the most important things that each of us can participate in as Real Estate professionals. Everyday, each of us in some way contributes to people moving into our neighborhoods. Helping someone find a home, sell a home, finance a home, insure a home, etc. Participating in … (1 comments)
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chico: MLS to RSS - 09/12/06 10:14 AM
I'm looking forward to finding a website that does a great job at offering an MLS to RSS service...Say what?
That's right, an RSS feed that will update my website in "Real Time" with homes that have just hit the market! Maybe a "New Home of the Hour" or "Just Listed!" link … (4 comments)
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chico: Placing Our RSS Feed On Our Homepage! - 09/10/06 12:28 PM
We have decided to add our Active Rain RSS blog feed onto our homepage. Why? Instead of having a generic website that always comes up, now our blogs will be shown on the homepage randomly, keeping the content new and fresh! The search engines should recognize it because the content will … (2 comments)
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chico: Dinner with Sheree - 09/10/06 12:21 PM
My wife (fiancee then), recently sold her condo, which was an overall smooth experience. I have dealt with many agents so far in this business, but last night I experienced one of my firsts. Her agent, Sheree Darner, invited us over to her house for dessert and coffee after we went … (3 comments)
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chico: Podcast? - 09/05/06 12:12 PM
Are you thinking of a new way to reach out to your clients? After doing some research, I have found that doing a podcast is one of the newest forms of technology that you can use to inform your clients and form a stronger relationship with them and your target market. … (1 comments)
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chico: Paying Points - 09/05/06 12:03 PM
Should I Pay Points?
The best way to decide whether you should pay points or not is to perform a break- even analysis. This is done as follows:
1.) Calculate the cost of the points. **Note: 1 point is equivalent to 1 percent of the loan amount. Example: 2 points on a $100,000 … (0 comments)
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chico: Early Bird Catches the Worm! - 09/05/06 11:54 AM
Here's an old saying that I use to hear from my dad growing up, "early bird catches the worm!" This is a phrase that I would not come to understand better than when I grew up and graduated from college...Ahh, the good old days of waking up at noon. But as … (2 comments)
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chico: How Strong Are Your Links? - 09/05/06 11:39 AM
One of the most important things we can do in the Real Estate community is create strong networks and link to each other. Active Rain is a great new resource that each of us can use to learn about our peers. When I say learn, I mean you can see their … (2 comments)
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chico: Traffic By Writing - 09/05/06 10:50 AM
I have found that writing articles has been one of the best forms of business development for my business. Think about it, if you were a client looking to purchase a home or obtain financing, would you want to use the company that has flashy ads all the time or would … (4 comments)
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chico: Closing Costs~Part 2 - 09/04/06 02:30 PM
Closing Costs Part 2
Borrowers typically have 3options for paying closing costs:
Pay all associate closing costs "out of pocket."
Increase your loan amount and have "non-reoccurring closing" costs paid through the loan.
Pay a higher interest rate and let the lender give you a "closing credit" towards "non-reoccurring closing costs."
I will go into … (3 comments)
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chico: Humor of the Week - 09/01/06 05:40 PM
I stayed up one night, pondering what I could do to differentiate myself from the "rat pack". What is the rat pack? The rat pack is the group of companies, all in the same field, that try to gain the acceptance and business of someone or something. In this particular case, … (7 comments)
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chico: Active Recruitment - 09/01/06 05:02 PM
Holy Cannoli!
Since I've been on Active Rain, I've been contacted by close to 30 companies over the past week...Each one of them is trying to recruite me and offering incentives and packages to start working with their company. Each one has a "much better" offering than the next. I'm here to … (6 comments)
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chico: Zero Point/Zero Fee Loans (Part 2) - 08/30/06 01:59 PM
Zero Point/Zero Fee Loans (Part 2)
What are the benefits of a zero-point/zero-fee loan?
The main benefit is that you have no out-of-pocket costs. As a result, if the rates drop in the future, you could refinance again even for a small drop in rates. So if you refinanced on the zero-point/zero-fee loan to … (0 comments)
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chico: Should I Pay Points? - 08/30/06 01:51 PM
Should I Pay Points?
The best way to decide whether you should pay points or not is to perform a break- even analysis. This is done as follows:
1.) Calculate the cost of the points. **Note: 1 point is equivalent to 1 percent of the loan amount. Example: 2 points on a $100,000 … (0 comments)
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chico: Blackberry and PDAs - 08/29/06 03:44 PM
Ok. I have used both of these devices for CRM. I bought the first PDA, a Palm Professional III, back in the '90s only to discover that they are very unreliable. Had to send it back to Palm several times before I secured a palm that was stable and would not … (0 comments)
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chico: Mid Valley Title and Escrow - 08/25/06 12:01 PM
Service you can trust, Mid Valley Titlle and Escrow Company. The number 1 title and escrow service provider in Butte County for over 25 years. Professional services include Title Insurance, Escrow services, Bulk sale - Business Opportunity escrow services, foreclosures. For more information please feel free to email me or visit … (3 comments)
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