Over the past year or so I've commented often that I
feel as if
I am earning the equivalance of a Masters Degree in Real Estate. Just like most of the areas of our country, Macomb County MI has
undergone massive changes in not only the housing market but the mortgage industry. Challenging for real estate professionals? You betcha! Exciting? Always. Frustrating? At times, yes.
I started thinking about the classes in my mind that I have taken towards my fictional Masters Degree and came up with the following list.
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Home Sellers 101 – 110: It used to be that the home sellers could be
easily identified. They were the ones that opened the door for you and
your buyer clients. Now, 11 years later, many home sellers are banks
(foreclosures), investors (flippers), and owner occupants along with their
lenders (short sales – sometimes known as pre-foreclosures.)
Inspections 205: Not only have home sellers changed over the years,
but home inspections have also. Along with my usual rants about having
to co-ordinate utilities being turned back on, there is also the added joy
of realizing that once the utilities are back on and the mechanical systems
are functioning that there will be much more items needing to be repaired
by the home buyer. Notice I said “home buyer”. If the home is bank owned
typically the banks tell you “As is” in 185 different addendums and
disclosures that you will sign. Which brings me to…
Contracts 400-785: Why so many classes in contracts? Because there are
more contracts. Many more of them. With each home and each real estate
agency I am seeing (and reading) more contracts in the last year than at any
other time. One that continually gives me nightmares when I think about it is
VA’s purchase agreement on it’s foreclosed upon homes. I think in my next life
I want to be a contract writer. Or an attorney.
Mortgages 110-380: This is a class that I am taking weekly and sometimes
daily. Years ago when I first started my career as a real estate agent there
were 3 basic mortgage programs: Conventional, FHA and VA. Each of them
were pretty standard: XXXX amount for a down payment, have the buyers
provide basic background and you were off and running. Now we’re running
and we still aren’t sure where we’re going to reach the finish line.
My trusted loan representatives are on speed dial.
Appraisals 110 to infinity: I’m not an appraiser. I wouldn’t want to be an
appraiser. However that hasn’t stopped me from learning as much as I can about
this field to try and successfully negotiate for my buyer clients a fair price for
the home they want to purchase AND not have them waste their time and money
on a home I know doesn’t stand a prayer to get out of an appraisal review with
an “a-ok” status. I hate to say “I told you so” but I told you so. Many times.
One of the most important (and overlooked) keys to a successful home sale by
a home owner is pricing it correctly so that an appraisal doesn’t throw on the
emergency brakes in the midst of a transaction.
I’m sure there are more classes that I’ll need to complete my Masters Degree
in Real Estate and I’ll get to them when I can. For now, my plate is full keeping
up with this exciting and changing career and staying one step ahead of the
changes so that I can protect my clients.
© 2008 Kris Wales a Macomb County MI real estate agent.
http://macombhomes.com http://chataboutmacomb.com
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Awesome job! Kepp up the good work and continue your CEU's they provide a level of serice that the buyers in todays market need. They trust you to do a good job and with out education a training you would not be able to do so.