short sales: Just when you think the housing market is getting better… Bam! Beaverton market gets hit hard!
- 05/14/09 10:08 AM
For the last couple months, it has looked like there was hope for the Beaverton home market. Buyers were starting to come out, there were a few more sales than the previous month, and everything was starting to look good. But, today Beaverton’s little world was rocked. I don’t know what this means for the already fragile housing market, but I’m guessing it isn’t going to help. In fact, with the news we got, I think it will lead to a slough of short sales and foreclosures hitting the market in the next six months. You see, today one of Beaverton’s biggest employers, Nike, … (13 comments)
short sales: Beaverton Oregon Real Estate: Short sales and how they can affect your $8,000 tax credit
- 05/02/09 07:41 PM
Today I ran in to yet another buyer that didn’t know what a short sale was. It just amazes me with all the media coverage talking about short sales and REO (Bank Owned )properties that someone doesn’t know what they are. But, I love first time home buyers and Ihave no problem going over what a short sale is and how it can affect you and the home buying process. Basically, what it comes down to, I guess, is another case of me, as an agent, just assuming everyone knows by now what they were and how they worked and I apologize … (16 comments)
short sales: I am not a big fan of the lowball offer, but what if it gets accepted?
- 02/13/09 10:42 AM
I presently have 7 short sales listings in my listing inventory and I'm not a big fan of the person that comes in within one week of the home being on the market and writing an offer for 40-50% of the loan amount. The fact is, when a buyer calls on one of these short sale properties, I refer them to another agent in my office as I don't like to work both ends of the transaction. I don't feel I can be fair to all parties involved with all the work that is involved in a short sale. But, what happens when … (126 comments)
short sales: Short Sale and Loan Modification Nightmares – Week Six
- 02/09/09 04:37 AM
There are not as many stories as I had hoped this week, but we still have a few, including a story of the government trying to kick home owners when they are down. Another one where I personally had to call out the big guns to get a bank to take some action on one of my short sales, and then one where the agents didn't know if they should laugh or cry. I say cry because it really was a case where everyone lost. Janine Hook from Keller Williams in Vancouver, reported how the State of Washington was planning to tax … (12 comments)
short sales: I don’t want any solicitors on the property, please leave
- 02/05/09 05:52 AM
It's not the warm welcome I was looking for, but I understand you get lots of people knocking on your door. The good news is, I'm not going to knock on your door. Why would I? You are standing in your flower garden in your front yard. This usually gets a laugh or two, but at this time of year that doesn't work. Do I remember that house from last spring where I did this song and dance with the owner? You bet I do and do you think they remember me? I'm guessing they do, because I wasn't asking them to … (17 comments)
short sales: Have you ever watched the show cops? Well I got to from next door!
- 01/31/09 06:25 AM
A couple weeks ago I wrote a post about watching your vacant home for signs of theft with water, electricity, and who knows what else. Well, today I went over to my parent's old house and discovered the house next door, that was foreclosed on, had an extension cord going from my parent's house to their garage. I was picking up my parents mail and called my dad to tell him what was going on and happened to have just picked up his electric bill for the house. My dad told me to open it and his electric bill for his vacant … (16 comments)
short sales: If time is money, do you want to buy my watch?
- 01/12/09 02:17 AM
Time is money. We hear that phrase only after we get our first job, prior to that we don't hear that phrase much, because it really doesn't apply unless it is someone else's time and someone else's money. So, how does this apply to today's market? Does the time on the market in a short sale or foreclosure really mean more money for the bank? Oh, wait, the phrase means the less time you take to do something, the more money you will make. This does apply to real estate, but apparently the banks haven't heard this phrase yet. Banks, here is a … (11 comments)
short sales: Is it possible to have a client that is too loyal?
- 01/09/09 09:32 AM
I know sounds like a stupid question, but is it possible that a client can be too loyal to a person they have done business with in the past to the point that they lose the deal? I say sometimes you have to walk away from friends or past business relationships that were once good to you, if their service is now not what you expect. You see this is what has happening to one of my present clients right now! They are in the process of selling their home, through me, and are ready to buy a new one. However, she … (17 comments)
short sales: Banks are half full of something, but I’m an optimist
- 12/22/08 03:48 AM
For the past couple weeks I've been reading in the rain how bad these banks have it and how 50% of all the loan modifications they did in 2007 are now in default again. Oh, the poor me syndrome, "Please help us, throw us money, this is why we shouldn't have to do loan modifications, congress." Well, let me be the optimist here and go the other way and help congress with some math that may have been missed in this equation. Let's say that there were only 1 million loan modifications in 2007. (I know this is low, but I wanted to … (13 comments)
short sales: Short Sale and Loan Modification Nightmares – Week One
- 12/14/08 02:18 PM
About a week ago I started a new group called "Short Sale and Loan Modification Nightmares" I asked other agents and loan officers to include their stories of whoa that would send to congress once a week. These stories are intended to wake up congress to what is really going on at the street level, not what the banks are telling them that is happening. So, here are this weeks stories and I ask you each to please send this post on to your congressman and maybe, just maybe we can get our point across that there is something that can be … (7 comments)
short sales: Todd, you have a face for radio!
- 12/07/08 04:18 PM
In 1988 when I started my radio career I heard this phrase more than once. I thought I must me one good looking guy to keep hearing this and that is why I love to say, "You can't get a better looking agent that hasn't had plastic surgery than me." But, now, my world is crashing around me and I have been told that wasn't a compliment. Oh, the humanity! My beauty is only really, oh, who am I kidding, I am the best looking agent out there. BUT, THAT IS NOT THE PURPOSE OF THIS POST! My face is going back on the … (8 comments)
short sales: Your house hasn’t burned down has it?
- 12/07/08 04:28 AM
This is how the conversation went with a FSBO I met yesterday after he asked, "Why on Earth would I need an agent? I can do this on my own. You are just a glorified paper pusher that gets six percent for doing it." Me: "Your house hasn't burned down has it?" Mr. Seller said, "No, why does that matter?" Me: "You can put out a fire, can't you? Then why do you need fireman to come over? You have homeowners insurance to cover the home if you make a mistake and can't save the home, right? So, of course, since you are taking … (16 comments)
short sales: Putting our experiences together to make the banking experience better for all
- 12/05/08 04:46 PM
Over the past couple weeks since writing a post called, "The foreclosure that never had to happen", I've been trying to figure out how we can get our stories together and send them on to congress, so they can see the real story of what is going on with the banks. So, I've devised a plan and it involves me starting a new group called "Short Sale and Loan Modification Nightmares". This group is for people to post their horror stories with dealing with banks on their clients' behalf. Every Friday, I plan to send a link to all the posts from … (8 comments)
short sales: When a great article backfires on you
- 11/29/08 10:46 PM
Last week I wrote an article that got me lots of attention, a feature in the Activerain newsletter called "The foreclosure that never had to happen", and calls from agents and mortgage brokers from around the United States, and even an e-mail from a congressman's office. It made for one busy day on the phone and one dead battery. But, despite my good intentions from the post to try to help this country get out of these hard economic times, this post did have a downside for me personally. You see, I made this post public because I wanted Congress to be … (22 comments)
short sales: The foreclosure that never had to happen
- 11/19/08 11:46 PM
This story takes place only about a year ago, when the pasture was green. There was no need to leave to go the neighbors where the grass looks greener, you had plenty and all you thought you would ever need. But, things were starting to change, the grass was getting browner and the signs were coming that things were about to change for the worse, and they did. People were starting to see overtime at work being cut back. Lay offs started to happen and some families just couldn't handle the pressure of keeping a house on one income for very long. … (50 comments)
short sales: Do your homework and you may get a reward
- 11/18/08 04:50 AM
Nothing upsets me more than when I see an expired listing that only expired because it had a lazy agent involved. I had one of those experiences, but I have to say that lazy agent made me look like a rock star to this seller. You see this home had been on the market for six months with another agent and that agent just couldn't sell it. It only had one picture on the MLS, she didn't do her homework on the property, and she was missing one big selling point about this property that made it a slam dunk for me … (85 comments)
short sales: It is a short sale, why do you care if we offer that much lower than it is worth?
- 10/26/08 03:58 AM
Do I slap you now or later? First of all, my fiduciary responsibility is to my seller and I guess in the case of a short sale it really is the bank, so my job is to get them the most money for the house so they lose the least amount of money and not have to foreclose on the property. But, guess what? I have a seller who doesn't want to do a short sale, but has too! What does that mean to your buyer? My seller is going to turn around and tell you where to stick your offer because … (12 comments)
short sales: Would I do it again? I seriously doubt it, but you never know!
- 10/15/08 11:49 PM
I met this person that was scammed by someone in to buying a property to lease option to someone else. The person that sold to him convinced him to use his good credit, buy the home, and then sell it for a profit to someone with less than desirable credit that had picked the home they wanted to buy. But, here was the problem, the home had a false appraisal done on it and the appraiser did an appraisal on this home for $15,000 more than he was buying for. The seller gave the $15,000 to the con artist, and told the … (6 comments)
short sales: I used to love my 2nd job, but now it is harder than ever
- 10/15/08 02:51 AM
It was April 2005 when I read my first book about owner financing and lease options and I realized how many people needed help to buy a home. I did everything I could to learn how to structure these deals, but I realized then that it wasn't the way to riches and I had to take on a 2nd job if I wanted to stay in real estate. What was that 2nd job? It was helping people repair their credit so they could exercise their option on a lease option, or refinance after a few years in to an owner financing contract, … (7 comments)
I've seen some strange things working with lease options, but a two month lease option has to be the strangest. The sellers and I thought about this long and hard and something just doesn't add up on this one. The seller's agent called me because they know I specialize in lease options. She asked if I have any homes in a certain area, that aren't on the MLS. I do have those from time to time, and this time I happen to have one. You see this is when things started to get strange... when I told her about the house. She said … (8 comments)
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