OK how about REDFIN next!!! I don't know about you but I am tired of web sites asking Licensed Realtors to pay them a referral fee!! For what? IT specialist sitting a round think tanks trying to figure out how to set up a web site that makes money off others backs!

Mad as hell and not gonna take it any longer!

This is one of my favorite buyers but they can get a little crazy when asked to provide Proof Of Funds. The response is well I have to move some money around, cash out a CD etc. I really do not want to waste my time or my gas driving around showing houses to someone who can not purchase. 

The old RE saying "Buyers Are Liars and Sellers are Worse"! What a fun industry, truly most buyers are serious and really do want a home but they will need to jump through the hoops. I explain to my buyers the shift in lending has come around 180 degrees. Used to be if you could sign your name and had a pulse you could get a loan now it is more like a visit to the proctologist. Bend over and cough! 

So where is the happy medium? You want to buy a home, this is what you will need to do. No getting around it. And if you think you will get a discounted purchase because you are "all cash" think again. Chances are the price will not be lowered to accommodate your "All Cash" offer, no as a matter of fact they are new rules for you. First you will have to remove the appraisal contingency and we want you to close in 15 days or less. How's that for endearment for "All Cash" buyers? It gets better if you want a deep discount find a home that the lenders won't touch with a ten foot pole, because it doesn't have and floor coverings, kitchen and baths have been ripped out or it has some other major flaw that makes it un financiable.

The funny thing is by the time you replace what ever is missing you will be at the same value as if it had been perfect to begin with. With all the new appraisal software the banks are able to pin point the house value to with in the penny. And because of this there are no give aways, except maybe in Detroit Michigan. There you can buy a house for $500 and it comes with squatters, I mean instant tenants! Best deals? Lots of time looking, do the leg work and you just might fine a diamond in the rough and buy it at market value.

Well today was a first for me. My buyer absolutely refuses to cross qual with Bank Of America or any other lender for that matter. She has shared her information with one lender and that's that. End of story. I understand BAC wants to know for sure she is qualified to complete a transaction. And I do ask my buyers to check GFE from at least two lenders to get the best loan deal out there. But not this buyer. 

It really is ridiculous to have to cross qual on the bank owned properties. I had asked for a buyer to cross qual on a listing I have to be sure they can complete the deal and they also refused. Their lender did call me to guaranty they can complete the transaction. And honestly I am good with it. There are no kick backs to the RE agent from lenders, but I also have lenders I know can do the deal and get it closed. 

Maybe the banks, now in the selling side of Real Estate should back off and stop forcing people to cross qualify? I wouldn't want my information out there on the Internet either, With identity theft rampant. But then again the differences in the bottom line for lender fees varies greatly. 

The best deals I have seen is with Credit Unions, but they also do not get into FHA or VA loan. Conventional 5% down with MI. So that pretty much means a loan from the Big Three. Loan Brokers charge higher fees, not as high as Hard Money Loans 12% with 50% down. Talk about price gouging! 

So maybe if the Realtors made a big enough stink the Big Three would back off. 

That's my rant for the week. Happy Closings to all!

Like our job isn'thard enough with Short Sales, REO, dealing with the public etc. Put a weirdo in the mix and there you go, RE Agent attacked, bound and kidnapped. I have heard about this since day one always let someone know where you are going and who you are meeting with.

And buyers get upset when they want to see a house right now, but I need to know who you are! My favorite is I am an all cash buyer period, are you gonna show me the house or should I call someone else? Bottom line you can never be too careful. Bring the pepper spray!

http://www.greatfallstribune.com/apps/pbcs.dll/article?AID=2012120131009

Man Pleads Guilty to Attacking Montana Agent

Ah, the new wave of how to buy a house in the sea of toxic assets. Also known as someones gonna be Dreamhome. If you have yet to venture into purchasing an REO aka Bank Owned, this is what "as is" IS! You make the offer it gets accepted by the Bank aka toxic asset servicer.

But before you get a fully executed contract in hand the buyer will have to sign 30 pages written by a lawyer (to cover the banks a$$) and this document will basically tell you they are selling "as is" with no repairs! OK the good news is you will hire a home inspector to find out exactly what repairs will need to be done and the current state of the home.

The out come of the home inspection, always have one, will show what needs to be done to bring the house up to standard. When the Request for Repairs is submitted please do not be surprised when they hide behind, we will only complete repairs required by the buyers lender. And who notes these repairs? The appraiser, really he is not a home inspector and can only see the obvious. A clear termite, no worries the List agent had the termite inspection done when he took the listing. And the repairs have been completed, or have they? After the Home Inspection I will usually recommend the buyers have a second opinion, termite inspection done. This has saved my buyers thousands in repairs.

The second termite companies opinion may not get the work because the first termite company has guaranteed their work. Great go back and recheck here is a report that documents you missed a few things and the spot treatment has not done the job! This has been great for my buyers. Not to put anyone down but after the bubble and downsizing some not all Termite Companies have elected to over see a few things in order to get contracts with listing agents who have toxic assets to disburse.

Human nature? I don't care what you call it, it is wrong and not all termite companies are created equal. The war cry now is don't rely on seller contracted repairs, do the investigation, get a second opinion and make them be accountable. I work hard to be ethical, and complete my due diligence for my buyers and so should all agents.

All buyers deserve to have proper representation and it’s impossible if the listing agent is doing his job properly. My team and I are listing agents, and we ONLY represent the seller.There are always bumps in the road to the closing table, and buyers without representation are at a great disadvantage.Our seller will always win if the buyer is without representation.

We make it clear that the seller is represented by us.We make it clear in writing and verbally.We tell the buyer he can have representation and if he decides against it, we will continue to represent the seller.Most have buyer agents and that’s a clean deal, in my opinion.

Listing agents, do not encourage buyers to work directly with you.It’s not to anyone’s benefit, especially yours.The clean deal is the goal.

Simply put your mortgage, bank account, saving account, 401K, and Credit Cards are all linked to one account. As with any new loan the kinks are not yet ironed out and they are calling this a mortgage for the extremely Financially Savy Individuals. A few requirements today, although I am sure in the next 5-10 years we will all be encompased in this sort of pigeon hole unifinancial system. Fico 720 plus, 30% equity in your home, Libor Index will be used and Ameriprise Financial will service it.

Here is a link for more detailed in formation  http://www.mortgageloan.com/the-new-all-in-one-mortgage

Everyone knows someone who has been through a Short Sale. The stigma of shame is no longer a label associated with a Short Sale. After all Mr. O'bama even set up a program to help people to get money to move out with the HAFA program sellers are entitled to a $3000 bonus at close of escrow. Or if you can hang on till the Trusts Deed Sale, sellers will get Cash for Keys, one I know of a squatter that received $14,000 after living in the house payment FREE for four years!

The bad news you will not be eligible for a new loan for two years, with a Short Sale and four years after a Trust Deed Sale. But even these restrictions have some exceptions. Hard money loans are out there they don't even care as long as you can come up with 50% down and afford 12+% interest rate.

Fannie and Freddie are still buying up the loans. The old saying of I owe the company (government) store never rang so true. Where is all this going? Even with the lowest interest rate ever, people will never own their homes, like our Grandparents did. Gen X buyers will still want to move after 5-7 years for what ever reason. So what if you can no longer write off your mortgage interest? Who cares 3 1/2% is pretty small write off.

So why do people even want to own? Renters call the landlord to fix any heating, cooling, roofing, hot water heater issues, home repairs. Owners pay Home Insurance, all repairs, maintenance etc.

What is next? To own or not to own, that is the question.

On a $300000 purchase that's $6000 per year or $500 per month plus HOA $100.00 per month. That is why all borrowers need to check the GFE form their lenders! AKA Good Faith Estimate don't have one ask!

I am not pyshic, I can't tell you, I would have to kill you if I did!! Really there are so many things that can and do change the dynamics of a SS. Does the seller really have a Hardship? Is there a HELLOC? Will the bank accept your low offer? Does the List agent know how to run a SS? Will the selle/tenent rmove out on COE or be standing waiting for cash for keys from the buyer? As Is is a big one. If you have a lot of time then wait otherwise look elsewhere!