agents: The Code of Ethics - Bite your tongue!
- 03/23/09 05:59 PM
Following is what I consider to be an outstanding post by a fellow ActiveRain blogger and friend of mine in San Antonio, Texas, Matt Stigliano. I know many Realtors and real estate Brokers who think issues such as this should be kept quiet and hidden from the public, but I respectfully disagree. Part of our responsibility to the public is to keep them informed and as aware as possible - and I think you, my readers and clients, should have the advantage of knowing that not all agents are alike. Hope you enjoy Matt's article!
The Code … (7 comments)
agents: Short Sale Information and Frequently Asked Questions!!
- 03/22/09 08:09 AM
There continues to be a TON of misinformation and false expectations out there about "short sales." Following is a very thorough and accurate breakdown and description of the short sale process. It is not for the faint of heart, is not easy, is not quick, and is not successful in the greater Phoenix area about 90% of the time. Read David's article and you'll better understand why.
We are all doing a lot of short sales right now so I came up with answers to some frequently asked questions.
Why do Realtors think preapproval letters are about as worthless as a wet cocktail napkin? Has it become so bad that Realtors believe a do-it-yourself prequalification is better than one from the mortgage office? I believe the time has come for preapproval letters to gain some respect. We can accomplish this by offering a much more detailed picture of where the borrower is in the process of becoming approved. In this post I will tell you the 8 questions that every preapproval letter should answer. THE COMMENTS THAT SHOCKED ME Jennifer "SOI" Allan asked Realtors this: Should listing agents … (3 comments)
agents: How NOT to be treated by a Real Estate Agent!
- 03/11/09 04:43 PM
I frequently hear derogatory remarks made about car sales people - particularly "used car salesmen." I also hear many derogatory remarks made about real estate agents, and how they sometimes use the same high pressure tactics as car salesmen. Car sales people help folks make buying decisions and accompany them through the process. Real estate agents help folks make buying decisions and counsel them through the process. The specific techniques and skills utilized by either profession can vary by price range and area, but those lines have become extremely blurred. For instance, there are many cars for sale right … (9 comments)
agents: Marketing 101 For Banks With Active Foreclosures
- 03/05/09 04:29 PM
I'm a very outspoken critic of the deplorable manner in which many bank owned properties are being listed and marketed these days. The banks/sellers want to sell the homes and get 'em off their books, the seller's agents want to close deals, and the buyers just want a fairly accurate description of the property. So why in the world are there so many incomplete, inaccurate or downright BAD listings of properties? To hear of one extreme example, you can read my recent post: 10 "Special" Conditions of a Bank Owned Property ~ Where does the buck stop?? Following is a … (12 comments)
agents: MUST READ FOR ALL AGENTS THAT SELL SHORT SALES - KEEP THIS FANNIE MAE SERVICING GUIDE IN YOUR FILES AND ON THE WALL OF YOUR OFFICE.
- 02/26/09 03:22 PM
* * * * HARD CORE REAL ESTATE INFORMATION * * * * THIS SERVICING GUIDE FROM FANNIE MAE CONFIRMS WHAT COUNSEL TO THE NORTHERN VIRGINIA ASSOCIATION OF REALTORS HAS ADVISED FOR MONTHS. . . . . . BANKS FOR SHORT SALE OWNERS MAY NOT LOWER YOUR COMMISSION. IF THE LENDER CONDITIONS APPROVAL OF A SHORT SALE ON A REDUCTION OF THE CO-OP OFFERED IN THE MLS, it violated Fannie Mae Guidelines. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ DATE: Wednesday, February 25, 2009. No Negotiation of Preforeclosure Sales CommissionServicing Guide, Part VII, Section 504.02: Contacting Selected BorrowersEffective March 1, 2009, closing of preforeclosure sales may not be conditioned upon … (0 comments)
agents: NO Mortgage 'CRAM DOWN' Relief for Real Estate Agents / Self Employed?!?!
- 02/19/09 03:27 AM
I've been reading a lot lately about the possibility of new bankruptcy laws that would allow judges to adjust mortgage loan terms when a person files for Chapter 13 Bankruptcy. President Obama seems to be in favor of offering such 'Cram Down' power to bankruptcy judges. Chapter 13 bankruptcy is often called "The Wage Earner's Bankruptcy" because a consistent, regular source of income must be available for repayment of debt ~~ and therein lies the rub! What if you don't have a consistent, regular source of income? I have no desire to debate the merits of 'Cram Down' power being given … (12 comments)
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