Real estate can't get any easier than someone from out of state handing you a new listing and the buyer for it, right? A referral inquiry comes in and not only is the referring agent handing you a listing, but is handing you the buyer as well. Here is a copy of the latest email I received.
"We have a client that has a home in your area that he needs to sell, short sale. We also have a buyer (investor) lined up...he is aware of the time involved in a short sale, and is purchasing another one of our client's homes here in my home state. Would you be interested in the referral? We would ask for 25% each side. Let us know what you think."
Would you take it? As for me, I turned it down. I do list and sell short sales, but this type is not what I choose to risk my license for as it just oozes implications of fraud. Lately, I have noticed an increase of referring agents from other states calling me with this same or similar scenerio. What do you think ActiveRain? Do you accept referrals like this one?
After reaching over to turn on the bath water the phone rang so I went to answer it thinking, "I'll only be a second." That part was true, as the phone call was of the "yes, no, okay" variety. Oh, but there is more and all my online friends will understand. I returned the phone to the cradle beside the computer which displayed my FACEBOOK page, and well, you can probably guess the rest.
"Look! There's Richard, my friend from high school, with his family freezing their butts off along the Blue Ridge Parkway!" I am thinking, "Why the heck would they step out of the warm car to snap photos of each other huddled together obviously from the COLD with ICE all around for goodness sake??? Put your kids back in the car Richard! It's cold as h*ll out there!"
And then, "Ooo, there's Susan. She's posted about her cat weighing in at over 17 pounds. 17 POUNDS? Wow, she's got a real fatty on her hands and we haven't even begun the days of sneaking holiday leftovers to our pets yet."
A little further down my page and there is Amy trying to remove pine tar from her black car. "Hmmm, just where was that remedy I saw on the internet one time?"
There's my musical friend Ava! "Ava has posted another Guess this Song comment. Wonder which song that is?"
James is gathering several comments on his post about the virtues of barbecue from North Carolina... as in eastern vs. western. I am thinking, "Ahhh, they haven't heard of Big Bob Gibsons barbecue in North Alabama!" At this, my mouth actually began to water thinking of a HUGE stuffed shredded pork potato with red vinegar sauce, chives, shredded cheese, and sour cream from Big Bob Gibsons in Decatur. "Oh man, I haven't eaten yet and that sounds so good."
"Wait, there's Leslie! I haven't seen her in over thirty years. She's commented about James' barbecue post and on Richard's family outing to the land of pneumonia. Oh look! She's clicked the 'Like' button on my dinosaur photo I just posted...."
About this time, in runs one of my little Yorkies barking and trying to get my attention away from my walk down Short Memory Lane. Beethoven is my little wanderer, always sniffing around and scoping out mischief, and usually finds it, so his message seemed urgent tonight.
"Holy %*@&! I didn't, did I?" Ahhh, yes. I did, and it did, and Beethovan discovered 'A River Runs Through It'. Water EVERYWHERE! How long has it been running???? Sadly, I couldn't tell you what time I turned it on or how long it ran out over the tub and all over the bathroom floor. What I do know is that is took one large bath rug and seven towels to mop up most of the spill before it made its way toward the bedroom.
Instead of returning to see what other goodies my friends have posted tonight, I'll be doing laundry....
False Starts and Dead End Streets to the Economic Recovery- The $8000 tax credit was intended to help spur the economy with increased incentives for purchasing a home by the one sector free to purchase and not encumbered by a home to sell. In theory, when first time home buyers purchase a home, a trickle effect will occur where the seller will now be free to "Move Up" and purchase a larger home, and the cycle will repeat itself over and over.
The REO Banks Benefit, but Few SellersDo- The reality has been quite different in my area of coastal Alabama. With most of my sales, my first time home buyers have purchased foreclosed and bank owned homes (REOs). Obviously, this has not set another home owner free to add to the economic recovery and spend their dollars on a larger or more expensive home purchase to repeat the cycle. Each foreclosed purchase has been a one-shot deal, where the bank benefited and my buyer benefited, but did it help the economic recovery?
Sandy Shores, Melbourne/Palm Bay FL, Brevard County Real Estate & Investing (M & M Real Estate Inc.) wrote an excellent post that I found to be relevant to real estate in the Baldwin County area of Alabama as well. Choosing a local lender who knows the area and is available to your real estate agent is imperative to a smooth real estate transaction and many times can mean the difference between your purchase even making it to the closing table.
I chose to re-blog her post as I feel this is important information that local buyers in my area would benefit from reading and studying her information. Thank you Sandy for a great post!
This week a client was referred to me that wants to buy a house.
During our initial phone conversation, one of the first things I always ask is whether they have a lender and are pre approved for a loan.
He indicated that he did have a lender, that he found online. (Uh-oh). And, that he was preapproved. The Brevard County Real Estate market is considered a distressed market. It is so important for a buyer to have a local lender and a local appraiser that understands our market.
My next question was whether or not he had received a Good Faith Estimate from the lender. He had not. (Uh-oh #2). Every buyer should be provided with a Good Faith Estimate when being Preapproved for a loan. This gives the buyer an estimate of his closing expenses and prepaid expenses. It will also provide an estimate of his monthly mortgage payment amount and his anticipated interest rate.
The buyer gave me his lender's long distance and toll free phone numbers (uh-oh #3) as I always talk to the lender at the beginning of a transaction, before we head out to look at any houses.
I called to get more info from his lender. I called 3 times in 2 days (uh-oh#4) with no response. His voice message said, "I will return your call in the order in which it was received." (uh-oh #5).
I have to know what type of loan he will be financing the house with, so I know what type of home he can buy. I finally found that this buyer is purchasing with an FHA mortgage, with a 3 1/2% down payment. So, he won't be able to purchase a home that requires extensive repairs. The roof has to be "newer" and so does the air conditioning system. There typically can't be broken windows. The house must have heat and a stove and it typically cannot be in some phase of remodeling. If this buyer was getting a conventional loan with 20% down he would be able to look at completely different properties, as there would not be many restrictions on what he could buy. In paying cash, a buyer could purchase any home he wants.
When I was talked to the lender, I received the Good Faith Estimate (as did the buyer). My teeth nearly fell out of my mouth, when I looked at the figures. (uh-oh #6). The fees were some of the highest I had ever seen. The interest rate was too high, the estimate was full of unnecessary junk fees. I couldn't believe my eyes!
I recommended this buyer get additional estimates from LOCAL lenders to compare fees. I know that he can do much better than what he was quoted.
In this market, as Patricia Kennedy pointed out, in a recent post she wrote, not only is it important to come in with a strong offer to purchase a house, but, listing agents also look at the pre approval letter with the lender info to determine whether they will accept the offer.
If a buyer winds up in a multiple offer situation, which many buyers here in the under $125K price range do, the best offer is going to be choosen based on which one has the best chance of getting to closing. Here in our market the listing agent often times wants a local, reputable lender, that knows the market, that has a processing center right here in town. They know if they tell us, upfront, that they can do the deal, then they can do it. They want the smoothest transaction possible, that won't get snagged or delayed. They don't want any surprises.
In our market, a nameless faceless lender, with exorbinant fees and a long distance or toll free number, that doesn't return phone calls, from somewhere across the country, is not going to help your offer along, to get you the house that you want to buy.
If your offer is accepted, will they be able to get you to closing?
All lenders are NOT alike. And, all online lenders are NOT alike.
Get a couple of estimates and talk to a couple of lenders.
Be sure you do your homework BEFORE you head out the door to look at houses.
FOOTNOTE: I later found out, after the buyer talked to a local lender, that he is self employed. The buyer indicated that he had not discussed his employment situation, nor the fact that he had recently opened a new business during his interview with the online lender. So, now, I am waiting to hear whether this buyer will be able to buy a house at all!
www.MLSforCellPhones.comNEW to the Alabama Gulf Coast! Access the entire Baldwin and Mobile MLS on your cell phone.
Drive past ANY listed home, regardless of whose name is on the sign, in Baldwin or Mobile Counties, enter the street name, and see up to ten interior photos AND the listing price without having to speak to an agent!
This feature includes all listings and homes for sale by all companies and towns from Mobile to Spanish Fort, Daphne, Fairhope, Foley, Orange Beach, Gulf Shores, and all towns surrounding. Never wonder about a home's price and have to wait for days to get a listing agent to return your phone call!
NO LONGER AVAILABLE br />
Don't miss the additional photos and information accessed by the top bars.
Owner Financing is NOT Possible.
Need a lot of room? Great family sized home on a quiet, tree lined street. This 3 BR/3BA includes a 900 square ft basement area with a large rec/media room; an extra room large enough to be a great office; a full bath; plus tons of extra storage space. The garage doubles as a huge (900 s.f.) workshop with built-in cabinets and shelves.
Lots of character including split brick and hardwood floors in the kitchen; a sunken living room surrounded by hardwood; separate his and her closets in the master. Information from seller states that home was the personal residence of a local builder and has mahagony siding on the exterior.
Possibility of renting from the owner until the bank approves a Short Sale to close your purchase.
Listing Agent is a Certified Distressed Property Expert with extensive training at listing and handling Short Sales. For More Short Sale Information Visit: www.DistressedPropertySite.com
see additional photos below
PROPERTY FEATURES
- Central A/C
- Central heat
- Fireplace
- Walk-in closet
- Hardwood floor
- Family room
- Bonus/Rec room
- Office/Den
- Dining room
- Breakfast nook
- Dishwasher
- Stove/Oven
- Microwave
- Basement
- Laundry area - inside
- Balcony, Deck, or Patio
- Yard
OTHER SPECIAL FEATURES
- Large Fairhope Home, Beautiful Tree Lined Street
I found your picture today, and I cried. Strawberry blonde, with angel dusted freckles across your little nose; you looked up at me from the flat, lifeless paper that captured your tender smile. It was your first grade school picture wasn't it? Or perhaps it was from your kindergarten year.
Others had seen you, or at least they should have. Their crisp business cards with perfectly crafted messages and various phone numbers lay nearby, dutifully announcing their presence in your home. With nothing else left, they had to have seen you. I did, and I cried.
Your bedroom was painted the tenderest shade of pink. Not just any pink. This pink was carefully chosen just for the princess who once lived there. Princess Janie's bedroom, or it once was, where fairy tales and first day of school jitters played out.
I found your picture today, and I put it in my pocket, before my customers arrived. It seemed wrong to leave you there, exposed to prying eyes, to bargain hunters, to those looking for a deal. Like birds of prey picking through the remains they come, ready to swoop down and carry away the rewards of their hunt. You were far too precious to be exposed to that.
The husband didn't like your bedroom. He thought the color ghastly. I clutched your picture in my pocket as if to shield you from his words, from his invasion of your room. I wanted him to leave it; he didn't deserve to be in the presence of Disney princess dreams, Barbie playtime, and places where tooth fairies visit during slumber.
I found your picture today, and I hope you heard me tell you that I was sorry. I am sorry that I didn't find you sooner and in a very different way. I am sorry that you were let down, that we all somehow failed you.
If only your mommy and daddy had known how to find me, or someone like me, to ask about what we know that could have possibly kept you in your world of pretty pinks and little girl dreams.
I found your picture today, and I kept it. I hope you don't mind. You remind me to keep searching, to keep trying to get the word out to other little girl's parents who I may be able to help, who I may offer some guidance to, or some words of comfort, and of hope that they haven't heard. Words that may keep them from walking away from princess dreams and the land of fairytales. Or at least, get you back into your land of pink far sooner than just walking away, as your parents felt they could only do.
I ran across this cute video today and keep going back to look at it over and over! It reminds me that no matter what the economy is doing, and how stressed we have become in the current market, that life goes on and there ARE more important 'things' in life to give our attention to.
If you need to put a smile on your face or need to downright belly laugh, take a quick look at this precious baby girl's attempts to tell her daddy her "story".
55+ Community - Enjoy morning coffee from sunroom overlooking serene pond outside your window. Well maintained home w/ 2 bedrooms & separate office w/ built-in cabinets. This unit is a must see! Complex has pool, ex. room, workshop, boardwalk pier on Oyster Bay plus more.
Straight Talk to Sellers Needing to Sell Their Homes
One of the last things sellers want to do when getting ready to list their home is to spend money on the home unnecessarily. After all, their main goal is to net all the money they can on the sale of the home. Why pay for something for a home they are trying to 'get rid of'?
Most sellers think a home inspection is something a buyer will order once they have an accepted offer to purchase the home. Yes, most buyers will order and pay for a home inspection, but they will also walk away from your home if the inspection uncovers health and safety issues that could have been prevented or repaired before the buyer saw it at its worst.
What? I thought the buyer wanted MY home!
We are seeing this more and more in the Baldwin County Alabama real estate market. Homes for sale are receiving offers that sellers are accepting, home inspections are conducted, and a few buyers are walking away.
Why not just ask the seller to repair the problems?
With so many properties on the market similar to yours, a buyer may not want to deal with problems and damage caused by a leaking roof, mold in the attic, and other such concerns. They may feel you have had ample time to make any needed repairs, and yet you haven't. Of course, you've noticed how your roof has looked pretty rough and has aged since Hurricane Katrina howled through and loosened the shingles. Sure, the patch job held for a while, but come on, that was almost four years ago. And secretly, you've been hoping no one would notice.
There are other homes available in Baldwin County without these concerns and appear to be better maintained which translates to a buyer as a better overall value.
If a buyer can spend $350 to inspect your home and then just walk away, wouldn't it be better in this market for you to spend the $350, make needed repairs, and present a more hassle-free home to compete against the others?
A home inspector typically returns a list of two or three dozen items that need attention in most homes. It would be in a seller's best interest to be the first and sometimes ONLY person to see that initial report, repair the small picky items, and head off health and safety nightmares that cause buyers to walk away with the check for your house still in their hands.
If you would like to view all homes on the market in Daphne, Fairhope, Spanish Fort, Foley, Gulf Shores, Orange Beach and the surrounding communities, visit www.ByTheBay.info and for a list of foreclosed homes, and condos visit www.BaldwinForeclosedHomes.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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Central A/C
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