I’M CALLING MY OWN SHOTS! Plus a Few Others that the AR Gods Missed this Week - 101611

 

Well, this week there were so many really great posts here in the rain by some of my fave bloggers as well as some newbie bloggers that I’ve recently come across.  First and foremost, I just want to give a shout out to my fellow rainers for their gold star features that I was happy to "call the shot" on them.

Don't call me. I'll call you. by Marian Goetzinger

Double HUH??!! When Your Sphere Goes With "Another Agent".... by Jennifer Prestwich

Are We Moving Towards a Jetson's Style Home or Could We Be Going Back to the Basics? by Kathy Streib

THE BUYER'S DILEMMA ~ A TYRANNY OF CHOICE by newbie blogger, Dianne Goode

 

These were excellent posts that had some really great comments, which is one of the best things I love about great posts.  With some posts, the comments can actually be better than the post.  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 My Videos Are Upsetting some Home Owner Associations by newbie blogger, Michael Rice.  Michael allows us to preview a video he did on a neighborhood he farms, which happens to be a really good video.  I was impressed and really liked it.  It was really well done.

However, the HOA wasn't impressed and did not like it and demanded that Michael take it down.  According to Michael's in-house legal department, the HOA has no grounds to make such a demand.  While I am no attorney and have no idea whether or not they have grounds to make such demands, I am curious if this has ever happened to anyone else?

I've seen so many neighborhood videos here on AR and now I'm wondering if those Realtor bloggers went out and got permission from those HOAs before shooting those videos and posting them all over the net?  Does one have to get permission to record a neighborhood video that has no people in them or even any addresses of the actual homes?

Then there was Richie Nagger and his post, I KNOW YOU AND READ YOUR BLOG.  I really enjoy these kinds of posts.  Posts like this remind me that all of this blogging really does work.  When we open ourselves up in our blogs, this allows our visitors and our audience to get to know us.  People like working with people they know; people they've come to like.

Early in my mortgage career, one of my brokers said to me, "People don't care what you know until they know that you care".  I've never forgotten that and I truly believe it too!  While I set out building a blog geared towards expanding my business, I know that I must allow readers to get to know me.  It's nice to hear people I just meet tell me that one of the things they liked about me or my blog is that it seems like I really care about my borrowers.  I'm glad I've been able to get that message across.  :)  

Next was We should never be too busy to help our clients! by Susan Neal.  Susan relays a story that is so familiar - agents who don't take care of their clients when they need help.  I have umpteen stories of Realtors/agents who failed to fulfill their duties and responsibilities and then got pissed off at someone else when their client came to them for help.

Over the years, I have seen way too many of my own borrowers come to me for help because their own Realtors/agents have gone MIA and they have questions and concerns and their Realtor/agent is not returning their calls/emails.  Don't even get me started on the ones that actually tell their clients to stop bothering them.  SERIOUSLY???

If some Realtor/agent is too busy to do the job that they are going to be paid to do, then they need to either get another job or take on less clients.  This does not include passing clients off to your flunkies peons assistants as soon as the listing agreement is signed or escrow is opened.  Your duties and responsibilities don't end with the listing agreement or escrow opening.  Your job is done when escrow closes and the buyer has the keys and not until then.  PERIOD!!!  

Then there was Pacita Dimacali with her post, “Why should I pay what seller is asking? He bought this only 3 months ago and he’s making a profit of $70k”.  Pacita tells us about a recent experience with one of her buyer clients, one that I'm sure many of us have some experience with.  I come across this occasionally with some of my own borrowers and find that I have to educate them on the reality of our market here.

While I can see why some buyers might not think some investor deserves to make a hugh profit on a property they just purhased a few months ago, what they fail to understand is that the true profit is not the difference between the initial purchase and the new sales price but rather that minus the costs of ownership and holding as wellas any repairs and/or remodeling that was made.

When buyers can see what a property looked like when the investor purchased it and what was done since then, then that profit they think the investor is making becomes much less.  Furthermore, what a seller purchased the property for has nothing to do with what the property's current market value is.  If the investor is selling the property for fair market value then that's all the buyer needs to be concerned with.  The only time an investors profit on a flipped property becomes an issue is if the buyer has an FHA loan.  That's a whole other post for another time.

Lastly, there was Did this appraiser do her Job Right? by Gene Riemenschneider.  I've been wondering when this issue would come up and knew it was pretty much just a matter of time.  Last month, changes were made to appraisals that are to be delivered to Fannie & Freddie.  The biggest change in the data that appraisers will be required to provide is more extensive descriptions on property condition and construction quality.

I recently blogged about this in New Appraisal Changes in Effect – How Will They Affect Your Market.  What this is supposed to do is require appraisers to make appropriate adjustments for properties that have been upgraded or recently rehabbed or remodeled between those properties that are run-down, dilapidated dumps.  Nice properties are not to be valued the same as some dump down the street, regardless if they are model matches.

Personally, I hope these new guidelines will allow for more successful appraisal appeals.  So far, I haven't had to appeal an appraisal since the new guidelines went into effect on September 1st.  However, I strongly suspect that at some point, some appraiser is going to make the mistake of not adhering to these new guidelines and when they do, I will not hesitate to use these new guidelines to appeal the appraisal.

 

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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Donne Knudsen
Mortgage Loan Originator - C2 Financial Corp.
NMLS# 249822   /   DRE# 01364050
805.2069123

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Los Angeles County  --  Ventura County

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