Well, this week there were so many really great posts here in the rain by some of my fave bloggers as well as some other bloggers that I've recently come across.
There was Deals That Died 2010 by Doug Rogers, Has a Listing Agent maked MLS Changes between Offer and Closing? by Christine Sutherland and What would you do if you weren't afraid? by Cynthia Larson for their gold star features that I was happy to "call the shot" on them. These were great posts with equaling engaging comment threads - check them out.
Then there were some other equally great posts that I suggested but that the AR Gods must have missed this week when they were bestowing those little gold stars.
First there was Are Short Sale Lenders Interfering With Your Listing Agreement? by Nester and Katerina Gasset. Katerina reminds us that a listing agreement (even if it is a short sale) is still between the homeowner (they still own the home even though they owe more than it's worth) and the listing agent.
Anyway, Katerina's illustration of lenders turning down short sales for deeds in lieu (DIL) of forecloses becoming a trend is very disconcerting. This can not be a good thing for homeowners who would rather do a short sale than do a DIL.
Next was Charita Cadenhead with her post Stated Commission Does Not Belong in the Offer to Purchase or Sales Contract. I don't know how it's done in other states but here in CA, Realtors/agents do NOT state their commission in their purchase offers. I see so many issues with doing this, I'm not sure where to start. The purchase offer is between the seller and the buyer and has nothing to do with the Realtors/agents commission.
Just let me leave you with this one thought before you go and check out Charita's post. Anything that is included in the purchase offer is subject to review, scrutiny and documentation from an underwriter. With loan transactions being challenging enough, do you really want to add one more thing for the underwriter to review and document? SERIOUSLY???
Then there was Bank of America refusing to review offers unless buyer is pre-approved with them by Cynthia Larson. Cynthia relays a recent experience she and one of her buyers had with BofA and their despicable practice of demanding prospective buyers pre-approve with them before their offer will be presented.
Once again, I don't know what the law is in other states but here in CA, Realtors/agents are required to submit all offers regardless of the fact that their sellers have demanded that they violate state laws, rules, regs and codes by forcing prospective buyers to give their personal and financial information to total strangers that they never intend to use. Anyway, now that everyone knows how I feel about this practice, check out Cynthia's post to read some other opinions.
Lastly, there was Tni LeBlanc with her post 5 Reasons Why You Should Write the Offer Today. Tni reminds buyers that there are consequences to waiting to write that offer on that house you just love. For those buyers who want to "think about it", chances are you will lose out on getting that house, especially here in CA.
So many of my borrowers have learned this particular lesson the hard way. After "thinking about it" for a day or two and coming back wanting to write an offer, they have learned that the home was already pending. One of the first that I tell my borrowers after getting them pre-approved is that all that crap they read about it being a buyers market is bull$#^). I tell them that here in Los Angeles & Ventura counties, sellers are in control and the sellers call the shots - not the buyers.
As always, I love "calling the shots". I'm pretty picky and selective about whom I suggest. I intentionally highlight my fave bloggers and then I look for new bloggers or bloggers that aren't on the feature board every other day. Anyone can suggest all the popular bloggers but finding the hidden treasures and gems is so much better. I hope you check them out and enjoy them as much as I did.
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