Bank Sales & the Closing Date - Be Careful What you Wish For - You Might Get It - 11/30/07 06:50 AM
I think Bank Sale Homes are a great opportunity. Often, when I get an offer on one of my bank owned listings, it will have a very "aggressive" closing date.
If you are on the buyer's side, there are a couple of questions you might want to think about when writing the offer. 
"Does your client realize that this is a bank sale, and that the bank needs to ratify this contract, and that it is not like John Q. Public's home down the street where I can drive over and get a signature tonight or tomorrow ?"
"Does your lender realize that you are expecting … (13 comments)

Interest Rates - Only Part Of The Story............ - 11/29/07 08:02 AM
Interest rates. They are coming down. They are going to go up. Everyone has a different story, and you can't swing a cat without hearing a news story about what someone thinks the Fed's next move will be.
I took this chart from bankrate.com. It shows interest rates from August of 1996 through January of 2007. The green line is mortgage rates. Now, I make no claim that I am a financial genuis, and I am certainly not an accountant or financial advisor, and this is for informational purposes only.
But is looks to me like mortagage rates ar lower than they were … (4 comments)

Short Sales - Fact - Fiction - Myth? Have You Closed On One? - 11/28/07 09:03 AM
I had what I thought was a really great reponse from Lola Audu of Grand Rapids Michigan to a recent blog that I wrote regarding Short Sales, and it made me really think about the reality of the Short Sale process. You can check out her answer, but she talked about the "drama" that comes with a Short Sale. Great point, and it made me think, do the banks really want Short Sales? Or do they just want to have the appearance in the public eye of being helpful to homeowners who are in dire straights, for one reason or another.
How many contracts have you … (9 comments)

Lion or Gazelle, You Had Better Wake Up Running! - 11/27/07 05:20 PM
Every morning in Africa, a Gazelle wakes up. On that day, he knows that he must run faster than the Lion, or he will be eaten.
Every morning in Africa, a Lion wakes up. On that day, he knows that he must run faster than the Gazelle, or he will go hungry.
When you wake up every morning, whether you are a Lion or a Gazelle, you had better be running.
While I in no way take credit for this great proverb, And I honestly do not know who wrote it, I will say that I think about it every day. What a great … (5 comments)

A Tale Of Two Agents - And Are You Doing All You Can For Your Client? - 11/27/07 08:37 AM
There are many agents in my office. This is a story of two of them.
Agent #1 - I see them in the office on a fairly regular basis, not all the time, but enough to have a relationship. They come by, they talk to a number of agents, and agents in the office generally know what their listings are like, and quite often, since they participate in the office caravan, many agents have been in the house.
Agent #2 - I know them by name only. The only reason I would recognize them is that I looked them up on the … (8 comments)

Short Sales - They Seem To Take Forever. Why? Somebody Please Tell Me! - 11/26/07 04:25 PM
Short Sales. They are certainly out there, and they bring with them another level of frustration. I find that no matter how clearly I explain to a client that the waiting process can, and probably will, be long and frustrating, and no matter how frequently I provide regular updates, they still call for updates. That's cool; I'll worry when my phones STOPS ringing.
So the wheel goes round and round.
I call the listing agent, who calls the bank. I'll bet (I don't know for sure) that a number of these listing agents have a script. "The buyer is going to walk … (14 comments)

Is Life Really 90% Just Showing Up? - 11/26/07 02:47 PM
I think it was Woody Allen who said "Life is 90% just showing up." I was thinking about this statement the other day, about what it really means. Does it mean that if you physically "show up" you will be succesfull in life? I don't think so. In this case, I think "show up" is slang, more like street talk. Meaning, you have to be a player. You have to get out there and mix it up a little bit, have some flair, some spark, create some activity. Being there in body alone is not enough; you have to be there … (9 comments)

Oceans 13 - And How It Relates To Real Estate - 11/25/07 09:13 AM
Last night I watched Oceans 13. Man - those guys are cool. And I am sure there was a plot in there somwhere, although I never really figured it out. When you watch that group perform, it is not really about the movie, or the plot, it is about those guys hanging out and being cool. But you never really figure out what they are doing.
I wonder if our clients ever feel like they are watching Oceans 13. We go in with a slick listing presentation, we wow them with facts, figures, and marketing ideas, we stick a sign in the … (10 comments)

Continuing Education - Online Vs In Person - 11/24/07 05:34 PM
One of the great things about the internet is that we can now complete many tasks, including some of our continuing education, from the comfort of our own home. One of the worst things about the internet is that we can complete many tasks, including continuing education, from the comfort of our own home.
As I was faxing in my registration form to our local association, an agent saw me doing this and asked me why I was wasting my time, and why did I not just do it from home.
I thought about it over the next few days. Honestly, in the … (9 comments)

Dear Mrs. Realtor - Thanks For Sending Me Your Client Today - I'll Take All the Business I Can Get - 11/24/07 04:01 PM
Dear Mrs. Realtor,
Thanks for sending me your client today. They called about 2:00 PM.  They needed to get their house back on the market. Apparently you let it expire. Again, thanks. They said they tried to call you, but got your voice mail. The message apparently said "Please leave a message-If you leave this message after 5 on a weekday, or on the weekend, I will get back to you the next business day." Oh - you better believe I called and listened to it myself. So, just so you don't lose any sleep, I want to let you know that … (8 comments)

How Old Where You When You Learned To Close? You Might Be Suprised. - 11/24/07 12:37 PM
I always hear salespeople say that they have trouble closing, and they always seem suprised when I explain that they have been closing sales for most of their lives. Hogwash, you might say.
But think about it. When you were 10, and you wanted to stay up and watch that particular show that the other kids were watching, did you take no for an answer? No way. You re-grouped and came up with a new strategy. But why? Why were you, at 10 years old, able to do what the grown ups struggle with?
Because you knew your parents limits. You knew … (3 comments)

Business Is Booming Here - Ask Me How I Know...... - 11/24/07 10:37 AM
I wrote a contract this morning. Yes - that in itself is cause for excitement and celebration.
But there is more to it than just that.
1. The home had only been on the market 4 days.
2. The buyer showed up with his checkbook in hand (that does not always happen).
3. The buyer showed up with their Pre-Approval letter in hand.
But most importantly, for me, was the fact that on a Saturday morning in November, all of the conference rooms in our office were taken, and two agents were meeting with clients in their cubicles.
I am a firm believer that activity is … (11 comments)

Contract Ratification - When Has It Happened? - 11/23/07 01:26 PM
When is a contract considered ratified? I was having a conversation with one of my fellow agents, and we were discussing Ratification.
Let's say I send a counter-offer to a Buyers Agent. He has the client agree to terms and sign off. But he does not call me, and he does not send it back for a day.
Ratified? I would assume delivery is an importand part of the process. If a buyer signs off, but it is not delivered to the seller, then it seems to me that nothing has happened. The seller is, in good faith, still taking offers.
Kevin McGrath
The Wallace … (5 comments)

Lender Told Me A Bizzarre Story About Credit Reports - 11/23/07 10:52 AM
I was speaking with a lender this week, and they spun me a yarn about a legal way to remove negatives from a persons credit report.
The basic premis was that if you write to the various credit reporting agencies and request a "Certified Transcript" of the debt, that as it costs the Credit Reporting Agencies about $75 to do this, they don't bother, and when they do not do it, they have to remove it from a persons credit report.
Seems more than highly suspect to me, and I would of course never recommend this to anyone.
Has anyone ever heard of this?
Kevin … (3 comments)

You Never Know Where A Buyer Will Come From - 11/23/07 07:18 AM
Where Do Buyers Come From?
I am reminded of a brief former life that I had selling cars. For those of you who have sold cars, you will know what I speak of when I talk about the long hours, and the sheer boredom.
Sitting around the showroom one dark and stormy night, wondering where all the clients were, we decided to order a pizza after we closed up shop.
In the requisite 30 minutes the pizza arrived, and as my fellow salespeople proceeded to devour the pie, I seized the opportunity to be the one to let the delivery person out, and … (6 comments)

REOTRANS - What is the deal with this? - 11/21/07 02:24 PM
REOTRANS. I signed up. Seemed like a pretty good deal, and fairly cost effective. For those of you unfamiliar with it, you sign up, and supposedly you get the opportunity to get BPO work.
So - I am testing the structeral integrity of my couch the other night about 10:00 PM - and my phone notifies me that there is an email. I look - REOTRANs - A NEW BPO ORDER IS AVAILABLE IN YOUR AREA. LOG ON TO REOTRANS AND BLA BLA BLA...........
So - I leap into action. I dash across the room to my office, log on to REOTRANS, and........
There is … (19 comments)

The World Of Foreclosures - And The Bizzare Things You See - 11/21/07 06:52 AM
Does the antenna boost the satellite signal, or does the satellite boost the antenna signal? Or - is this how you get HDTV in the country? This is just one of the many bizzarre things I see on a daily basis when I secure homes under foreclosure.
Kevin McGrath
The Wallace & McGrath Team
Coldwell Banker Elite
"Selling Homes In The Fredericksburg Virginia Area"
www.fredva.com
… (5 comments)

The Age Of The Home - How Important Is It? - 11/20/07 03:11 PM
We have a listing. A GREAT LISTING. 4 BR. Almost 2 acres, yet close to shopping, schools, minutes from the highway for commuters (we are just outside of DC). It is truly unique in that it is such a large wooded lot so close to town, and we have marketed it that way.
We have advertised this thing everywhere. Print. Internet. Local Paper. Magazines. The photos are great. Had an open house. Had a brokers open. Got feedback and the client immediately reacted positvely to the feedback and made some changes. The house is super clean and not cluttered. Retired couple, no … (7 comments)

Ratification - Slow and Sure does NOT WIN THIS RACE ! - 11/19/07 01:05 PM
I list the property. Do all the marketing. It gets shown. A lot. I get a contract. I immediately present it to my client. They immediately make a counter-offer - a fair one. I immediately deliver it to the buyers agent.
During the period between when I get the counter-offer from my client, and when I deliver it to the buyers agent - I get another offer. I immediately present it to my client.
Yes - I am multi-tasking here. Who among us does not. For me, immediately means immediately. Not 2-3 hours later.
Anyway - When I deliver the counter-offer to the buyers agent, … (4 comments)

Winterization - VS - DeWinterization - 11/18/07 02:13 PM
I'm interested in the winterization process. I know we get houses wintererized, but what is the de-winterization process? Is it necessary, or is it merely a matter of turning on the water and checking for leaks?
If anyone out there is familiar with this process, some info would be greatly appreciated.
Thanks
Kevin McGrath
The Wallace & McGrath
Coldwell Banker Elite
"Selling Homes In The Fredericksburg Virginia Area"
www.fredva.com
… (13 comments)

What Is Market Change - Who Causes It - How Will We Recognize It? - 11/17/07 07:42 AM
"Here There Be Tygers" Ray Bradbury wrote it as a short story in 1951. The basic premise is the "Butterfly Theory". In this theory, extremely small incidents can have an enormous impact on the future.
What is the Butterfly Theory? "Due to nonlinearities in weather processes, a butterfly flapping its wings in China can, in theory, produce a tornado in California."
                                      
In this story, a team goes back in time to hunt dinosaurs, steps on a butterfly, comes back, and a  Hitler-type is President. Ok - sure - it is science fiction, but how can this theory impact our world?
                  
This week, I recieved 4 … (2 comments)

Foreclosures - And How They Affect Appraisals ?? - 11/15/07 05:21 PM
With so many foreclosures out there now, selling for so much less than some comps out there, my question is this.
Do appraisers look any differently at foreclosures when doing appraisals? For instance, in my neighborhood of 400-550k homes, there is a new foreclosure listing for $299k. It is in really nice shape, no damage that a good cleaning would not take care of.
I assume that when it sells for $275k, it will be a comp, and will affect the values of other homes in my neighborhood. I have had a couple of people say otherise, but a sale is a sale, and … (11 comments)

BPO's - How Are They Graded By Banks? - 11/15/07 06:52 AM
In a sales meeting today I heard a comment that I am still trying to get my mind around. I heard that banks will grade agents on BPO's. Basically - if you do a BPO and get the listing, you are graded on the percentage that it sells for in reference to your BPO price.
But if the market is in a free fall, and the banks are dumping (see Stacy Magids very interesting blog from earlier this evening) then how can they grade the agent?
Does anybody have any experience with this?
Thanks
The Wallace & McGrath Team
Kevin McGrath
Coldwell Banker Elite
"Selling Homes In … (3 comments)

Foreclosures - And How They Affect Appraisals ?? - 11/15/07 06:02 AM
With so many foreclosures out there now, selling for so much less than some comps out there, my question is this.
Do appraisers look any differently at foreclosures when doing appraisals? For instance, in my neighborhood of 400-550k homes, there is a new foreclosure listing for $299k. It is in really nice shape, no damage that a good cleaning would not take care of.
I assume that when it sells for $275k, it will be a comp, and will affect the values of other homes in my neighborhood. I have had a couple of people say otherise, but a sale is a sale, and … (12 comments)

BPO's - How Are They Graded By Banks? - 11/14/07 06:53 PM
In a sales meeting today I heard a comment that I am still trying to get my mind around. I heard that banks will grade agents on BPO's. Basically - if you do a BPO and get the listing, you are graded on the percentage that it sells for in reference to your BPO price.
But if the market is in a free fall, and the banks are dumping (see Stacy Magids very interesting blog from earlier this evening) then how can they grade the agent?
Does anybody have any experience with this?
Thanks
The Wallace & McGrath Team
Kevin McGrath
Coldwell Banker Elite
"Selling Homes In … (14 comments)

New Agent Motivation - How To Do It In Todays Market ? - 11/14/07 06:05 PM
So you are a brand new real estate agent. You got your license, you got your cape, you signed up with the broker of your choice, and you hit the street.
But now what? How do you keep youself motivated in todays market? As you plod along, day after day, trying this, testing that, trying to build a sphere of influence in a market where buyers can often be few and far between, hiding in the shadows like ghosts, ready to dissapear in an instant once you spy them.
As I sat in a sales meeting this morning, and I looked around the room, … (7 comments)

My RELO Horror Story - 11/14/07 03:35 PM
RELO - A chance to make money - or a chance to spend money.
Recently we got a client through a personal referral. During the listing presentation, the seller presented us with a RELO addendum from one of the big RELO companies. I won't name names for obvious reasons, but you know who you are, and your mother would be very ashamed of you. We put the listing on the MRIS, contact the RELO company and submitted to their littany of paperwork and reports that somewhat resemble a prostate exam. We aggressively marketed the home. 2 open houses. A brokers open. Lots … (3 comments)

Luck - Or what We Make Of It In Real Estate - 11/14/07 02:58 PM
I recently was fourtunate to get a fairly big block of REO business that is working out rather well so far. A very nice suppliment to our regualr business. One afternoon I was having a conversation with my broker about business in general, and when I described my good fortune, I happened to use the term "luck" in describing my good fortune.
Without missing a beat, he said "But you have to put yourself in a position to be lucly."
I have been thinking about this a lot lately, especially when I am in our office, which is sort of like a ghost … (7 comments)

My RELO Horror Story - 11/14/07 07:53 AM
RELO - A chance to make money - or a chance to spend money.
Recently we got a client through a personal referral. During the listing presentation, the seller presented us with a RELO addendum from one of the big RELO companies. I won't name names for obvious reasons, but you know who you are, and your mother would be very ashamed of you. We put the listing on the MRIS, contact the RELO company and submitted to their littany of paperwork and reports that somewhat resemble a prostate exam. We aggressively marketed the home. 2 open houses. A brokers open. Lots … (9 comments)

Luck - Or what We Make Of It In Real Estate - 11/14/07 06:45 AM
I recently was fourtunate to get a fairly big block of REO business that is working out rather well so far. A very nice suppliment to our regualr business. One afternoon I was having a conversation with my broker about business in general, and when I described my good fortune, I happened to use the term "luck" in describing my good fortune.
Without missing a beat, he said "But you have to put yourself in a position to be lucly."
I have been thinking about this a lot lately, especially when I am in our office, which is sort of like a ghost … (7 comments)

My Real Estate Time Machine & Competing Contracts - 11/14/07 06:11 AM
Yes - It felt like I traveled back in time - back to those crazy days of 2004 & 2005. I listed a property on Friday night - it was shown 8-10 times over the weekend - and by Tuesday afternoon I had competing contracts.
I also noticed a definite uptick in showings on many of my properties in the 250k to 350k range.
This is a great business ! I hope many of you are have the same good fortune.
The Wallace & McGrath Team
Kevin McGrath
Coldwell Banker Elite
"Selling Homes In The Fredericksburg Virginia Area"
www.fredva.com
… (2 comments)

Contracts - Why Can't They Be Completely Filled Out When We Get Them? - 11/13/07 05:18 PM
Another day - another contract. It's a great day. Another day, another incomplete contract. Why is that? Why can't we get a contract that is complete, with all the proper addendums, and with all of the information filled in. And legibly. By the time this thing has been faxed back and forth a couple of times, it is almost impossible to read it. I know, in my listing it says "EMAIL ALL CONTRACTS TO.....", but nobody sees that. And why can't agents use AUTO CONTRACT?
There - got that off my chest. I feel much better. Thanks. 
The Wallace & McGrath Team
Kevin … (4 comments)

The Quickest Way To Lose Your License - 11/13/07 09:55 AM
When an offer is written, how often should we, as the buyers agent, present it to the sellers agent? I'm sure that there are all kinds of legal terms and state laws on the subject. Bottom line - right away, before the ink is dry, works for me.
Imagine my suprise when I speak to a buyers agent and she lets slip that she has had the offer for 4 days, and would fax it to me now, but she has a hair appointment.
And I wonder why they make us take Ethics Classes?
The Wallace & McGrath Team
Coldwell Banker Elite
Kevin McGrath
"Selling Homes In The Fredericksburg … (8 comments)

Realtor Business Cards With Outdated Pictures - WHY? - 11/12/07 02:01 PM
Often I will meet an agent, and after a casual conversation, we will exchange cards. How many times have I had to look at the card, look at the agent, then look at the card again? The internet is a great tool; we can have all kinds of pictures out there. Pictures of us. Lots of potential clients see us before they meet us. I wonder what they think when they see us on the internet and yet when they open they door it looks like we have aged 10 years?
Is business so bad agents can not afford to get a … (10 comments)

The "I'm Sending Over An Offer" Call - 11/11/07 06:01 PM
The "I'm Sending Over An Offer" Call
I get them all the time now. "I am going to write on your listing and send it over". OK - great I say. Please feel free to call me at any time, with any questions. Here is my fax and my email, and again, I am always available for any questions.
And that is the last I ever hear of it. Is there some point to this? Are they testing their cell phone signal at my expense? Do they think I will get all excited, then do an emotional crash and burn when they … (80 comments)

REDFIN ? A New Kind Of Broker? - 11/11/07 05:13 PM
I saw a story a while back in, I think 60 Minutes ?, and I had someone tell me the other day that they were coming into our market (Northern Virginia). No big deal; to me it is no difference than if any other broker opened up in town. I think selling homes is still a person to person business, but I am curious if anyone has run across them, and if so, what was the experience like?
Kevin McGrath
The Wallace & McGrath Team
Selling Homes In The Fredericksburg Virginia Area
www.fredva.com
… (6 comments)

The "I'm Sending Over An Offer" Call - 11/11/07 01:43 PM
I get them all the time now. "I am going to write on your listing and send it over". OK - great I say. Please feel free to call me at any time, with any questions. Here is my fax and my email, and again, I am always available for any questions.
And that is the last I ever hear of it. Is there some point to this? Are they testing their cell phone signal at my expense? Do they think I will get all excited, then do an emotional crash and burn when they fade away, and then get my client … (7 comments)

Realtors - Do Some Of Us Expect Something For Nothing? - 11/10/07 06:47 PM
Realtors - Do Some Of Us Expect Something For Nothing?
I have a dog. Sometimes I think I have trained him; sometimes I think it is the other way around.
As you can see, he lives a very hard life. Anyway, as I was working around the house today, and as I fed him what seemed like his 42nd snack of the day, it got me to thinking. When he does something good, I give him a treat. That comes from training. I get that. But lately it seems like when he comes in from outside, he expects a treat. When … (6 comments)

Realtors - Do Some Of Us Expect Something For Nothing? - 11/10/07 04:19 PM
I have a dog. Sometimes I think I have trained him; sometimes I think it is the other way around.
As you can see, he lives a very hard life. Anyway, as I was working around the house today, and as I fed him what seemed like his 42nd snack of the day, it got me to thinking. When he does something good, I give him a treat. That comes from training. I get that. But lately it seems like when he comes in from outside, he expects a treat. When I get up in the morning, it seems that in … (2 comments)

Sales - If He Can Do It - You Can Too - 11/08/07 05:31 PM
Any time I hear sales people tell me it is hard to close, I remember what happened to me a number of years ago. If this guy can close, so can you. 
I used to hate to cut the grass. Now, maybe it had something to do with the 45 degree slope that I happened to live on at the time, or maybe it is that I find more enjoyment when I am testing the structeral integrity of my couch. Anyway, as I manhandled my antique lawnmower up what felt like Mount Freaking Everest one hot, sunny afternoon, a little brown Chevette sputtered to a halt … (6 comments)

Showing Feedback - Or Lack Of - 11/03/07 07:35 AM
I'm interestd in hearing feedback on feedback. Are agents getting showing feedback from Realtors? Are they attempting to get it, and if so, how? Any tricks to getting more consistent feedback? And why do so many Realtors resist giving it? It can be such a powerful tool in this market. … (20 comments)

Foreclosures, Sub-Prime Loans, and the American Dream - 11/02/07 05:26 PM
Manifest Destiny. A phrase that expressed the idea that the United States was destined to expand from the Atlantic seaboard to the Pacific Ocean. As I read this profound statement, it occurs to me that perhaps home ownership has become the Manifest Destiny of the late 20th and the 21st Century. The belief that each and every one of us can become a homeowner has become so mainstream that many of us will do whatever it takes to to fulfill that dream. But at what cost? Is the dream of providing shelter for our families now becoming the fuel for the fire … (3 comments)

Can We Become A Self Fullfilling Prophecy? - 11/01/07 05:16 PM
What if all of the Realtors told all of the people that the market has bottomed out? Would that bring buyers in from the sidelines? What will cause everyone to believe that the market has bottomed out? A media story? But who creates the media buzz? Maybe realtors?
In the past, when the market was down, what turned it around? Did little by little, a few Realtors start getting busy, and the word started getting out, and then little by little other Realtors started getting busy, and then a local TV station or a small town newspaper interviewed a few Realtors, and then the story … (3 comments)