Showing posts with label shopping for a home. Show all posts
Showing posts with label shopping for a home. Show all posts
Wednesday, April 20, 2011
Tuesday, July 20, 2010
Monday, February 15, 2010
New home construction is still a good option!
I have sold many buyers new construction homes in and around the DFW area. New construction is a good option BUT!!!!
Do not go to the builder directly. Even when you purchase a new construction home, you need to have the professional represenatation of a realtor. I have negotiated tremendous savings for my buyers on new contruction purchases. I have also met with MANY families that needed to sell their new construction home but quickly learned that they overpaid going in. Call me today to find out more about builder incentives and deals that I can get you on your new construction purchase.
Wednesday, December 9, 2009
Monday, November 9, 2009
Friday, February 13, 2009
Friday, January 9, 2009
Citi Reaches Agreement on home loans
WASHINGTON (AP) -- Democratic lawmakers have reached a deal with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures and urged other lenders to follow suit.
The lawmakers aim to attach the plan to President-elect Barack Obama's economic stimulus legislation, and said Thursday the change in bankruptcy law could ease the foreclosure crisis that has dragged the economy into the worst recession in decades.
The compromise between Citigroup and Sens. Richard Durbin of Illinois, Charles Schumer and Christopher Dodd of Connecticut, would be limited to loans made before the bill is signed. Obama has said he backs the concept.
Schumer said he received calls Thursday from several banks - which he did not name - indicating their potential interest in supporting the idea.
"This is a breakthrough day," the senior senator from New York said in a news conference on Capitol Hill. "We've been stymied because the banking industry opposed this simple provision, which is key to getting a floor to the housing market."
In a letter to lawmakers, New York-based Citigroup's chief executive, Vikram Pandit, said the change to bankruptcy law "will serve as an additional tool to the extensive home-retention programs already in place to help at-risk borrowers."
The so-called "cramdown" proposal has been backed by Democrats over the past year as a potential solution to the foreclosure crisis. Consumer advocates and Democrats say it would prod the lending industry to be more aggressive about modifying loans because of the looming threat of having a bankruptcy judge involved.
But the lending industry has battled fiercely against the idea, arguing it would force lenders to hike mortgage rates because they would have to charge more for loans that could be altered later by a judge.
"This would hurt the housing market at the exact time we're trying to stimulate it," said Scott Talbott, chief lobbyist at the Financial Services Roundtable, which represents large banks and insurance companies.
To qualify, borrowers would need to demonstrate that they have asked their lender for a loan modification before filing for bankruptcy.
Currently, a 1993 Supreme Court decision bars judges from altering first mortgages on primary homes, though such changes are allowed on loans for vacation homes, motorcycles, boats and other kinds of property.
Consumer advocates say that is unfair, while mortgage lenders contend it benefits the vast majority of borrowers who don't fall into bankruptcy because it keeps mortgage credit for primary residences cheap.
Other attempts by the government to deal with the surge in foreclosures over the past two years haven't made much of a dent in the problem.
A federal program, dubbed Hope for Homeowners, was intended to let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed-rate loans with lower rates. But the early results have been disappointing, with fewer than 400 applications since the program's launch on Oct. 1.
In an interview earlier this week, a lobbyist for the mortgage industry vowed to keep the bankruptcy judge plan out of the economic recovery bill.
"We think that's an unwise move that could delay the stimulus package," said Francis Creighton, the Mortgage Bankers Association's chief lobbyist.
In a speech Thursday at George Mason University outside Washington, Obama asked Congress to work with him "day and night, on weekends if necessary" to pass an economic revival plan within the next few weeks so that it can be ready for his signature shortly after he takes office on Jan. 20
Obama promised to rewrite financial regulations and pledged to launch "a sweeping effort to address the foreclosure crisis so that we can keep responsible families in their homes."
The lawmakers aim to attach the plan to President-elect Barack Obama's economic stimulus legislation, and said Thursday the change in bankruptcy law could ease the foreclosure crisis that has dragged the economy into the worst recession in decades.
The compromise between Citigroup and Sens. Richard Durbin of Illinois, Charles Schumer and Christopher Dodd of Connecticut, would be limited to loans made before the bill is signed. Obama has said he backs the concept.
Schumer said he received calls Thursday from several banks - which he did not name - indicating their potential interest in supporting the idea.
"This is a breakthrough day," the senior senator from New York said in a news conference on Capitol Hill. "We've been stymied because the banking industry opposed this simple provision, which is key to getting a floor to the housing market."
In a letter to lawmakers, New York-based Citigroup's chief executive, Vikram Pandit, said the change to bankruptcy law "will serve as an additional tool to the extensive home-retention programs already in place to help at-risk borrowers."
The so-called "cramdown" proposal has been backed by Democrats over the past year as a potential solution to the foreclosure crisis. Consumer advocates and Democrats say it would prod the lending industry to be more aggressive about modifying loans because of the looming threat of having a bankruptcy judge involved.
But the lending industry has battled fiercely against the idea, arguing it would force lenders to hike mortgage rates because they would have to charge more for loans that could be altered later by a judge.
"This would hurt the housing market at the exact time we're trying to stimulate it," said Scott Talbott, chief lobbyist at the Financial Services Roundtable, which represents large banks and insurance companies.
To qualify, borrowers would need to demonstrate that they have asked their lender for a loan modification before filing for bankruptcy.
Currently, a 1993 Supreme Court decision bars judges from altering first mortgages on primary homes, though such changes are allowed on loans for vacation homes, motorcycles, boats and other kinds of property.
Consumer advocates say that is unfair, while mortgage lenders contend it benefits the vast majority of borrowers who don't fall into bankruptcy because it keeps mortgage credit for primary residences cheap.
Other attempts by the government to deal with the surge in foreclosures over the past two years haven't made much of a dent in the problem.
A federal program, dubbed Hope for Homeowners, was intended to let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed-rate loans with lower rates. But the early results have been disappointing, with fewer than 400 applications since the program's launch on Oct. 1.
In an interview earlier this week, a lobbyist for the mortgage industry vowed to keep the bankruptcy judge plan out of the economic recovery bill.
"We think that's an unwise move that could delay the stimulus package," said Francis Creighton, the Mortgage Bankers Association's chief lobbyist.
In a speech Thursday at George Mason University outside Washington, Obama asked Congress to work with him "day and night, on weekends if necessary" to pass an economic revival plan within the next few weeks so that it can be ready for his signature shortly after he takes office on Jan. 20
Obama promised to rewrite financial regulations and pledged to launch "a sweeping effort to address the foreclosure crisis so that we can keep responsible families in their homes."
Tuesday, January 6, 2009
Economic and Market Watch Report 2nd Quarter 2008
Click here to veiew the best numbers regarding our North Texas Real Estate Information System Economci and Market Watch Report for the 2nd Quarter for 2008.
If you should have questions regarding this important information, please feel free to call. Like every year, the market takes a slow down from Thanksgiving to the end of January.
If you should have questions regarding this important information, please feel free to call. Like every year, the market takes a slow down from Thanksgiving to the end of January.
Monday, December 15, 2008
DFW Home Sales Drop
Dallas-Fort Worth home sales drop 33%
11:42 PM CST on Tuesday, December 9, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Sales of pre-owned homes in North Texas dropped by a stunning 33 percent in November as worries about the national economy kept homebuyers on the sidelines.
The decline in local home sales from last year is the largest since records have been kept and is evidence that the national housing downturn is finally hitting Texas.
The median price of homes sold in North Texas was also down, by 7 percent – more than double the rate so far this year, according to statistics released Tuesday by Texas A&M University's Real Estate Center and North Texas Real Estate Information Systems Inc.
November's drop in home sales compared with last year was almost double the decline in October.
"Not just Realtors but also builders noted that November sales and traffic were extremely weak," said D'Ann Petersen, an economist with the Federal Reserve Bank of Dallas. "There were reports from builders that cancellations were outpacing closings, and some buyers were just walking away leaving deposits.
"With economic and financial worries at the forefront, buying a home is definitely one of the last things on consumers' minds at this point."
And homebuyers haven't been wooed to the market by lower interest rates and bargain pricing.
"A lot of buyers have been spooked by the downturn in the credit and equities markets and just don't have the confidence to close today," said Dallas-based housing analyst Ted Wilson of Residential Strategies Inc.
"Most builders say that the buyers are looking for some good news to give them confidence to purchase, only the news continues to be bad."
The dips keep coming
North Texas real estate agents sold just 4,146 pre-owned homes last month through the industry's Multiple Listing Service. That's the lowest monthly total in more than five years.
And last month's median home sales price of $133,900 is down 15 percent from the peak in the summer of 2007.
The decline in overall home prices is partly due to the large number of sales of foreclosed homes. The National Association of Realtors reports that in the third quarter, more than 40 percent of home sales nationwide were distressed properties.
Ms. Petersen said foreclosed home sales by lenders are also affecting the North Texas market and no doubt contributed to November's larger-than-expected price declines.
"It is unwelcome news for an industry that has been hurting for some time," she said. "Hopefully, though, we will not see the double-digit declines that have been recorded in some other areas of the country, where job losses are steep and foreclosure rates are much higher."
Through the first 11 months of 2008, real estate agents have sold just over 71,000 homes in the 26-county area, a decline of 14 percent from the same period of 2007.
The drop in condominium sales in November was even steeper than in the single-family market – down 44 percent.
On a positive note
The one bit of positive news in the latest local housing report is that there was a significant decline in the number of homes listed for sale.
A total of 39,255 single-family homes are on the market in North Texas. That's a decline of 14 percent from November 2007 and the lowest total in more than three years.
The average time it takes to sell a house was unchanged at 80 days.
Longtime Dallas real estate agent Barry Hoffer said the November sales drop reflects a slowdown that hit when the stock market began to drop in late September.
"Buyers have become apprehensive in making a decision to purchase a new home with the constant bombardment from the news media about layoffs, bailouts and impending bankruptcies," said Mr. Hoffer, who works with Ebby Halliday Realtors. "This too shall pass, and we look forward to an improving local housing market by spring."
Jim Fite, president of Dallas-based Century 21 Judge Fite Realtors, said home sales are traditionally slow before a presidential election, and this year there were added worries about the stock market and the economy.
"It's a really a perfect storm," he said. "Buyers are sitting on the fence."
There's talk in Washington about cutting mortgage rates, which could be holding homebuyers back while they wait for lower rates, he said.
And, Mr. Fite said, November's grim report shouldn't be taken out of context. "As we know, a single month does not make a market."
11:42 PM CST on Tuesday, December 9, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Sales of pre-owned homes in North Texas dropped by a stunning 33 percent in November as worries about the national economy kept homebuyers on the sidelines.
The decline in local home sales from last year is the largest since records have been kept and is evidence that the national housing downturn is finally hitting Texas.
The median price of homes sold in North Texas was also down, by 7 percent – more than double the rate so far this year, according to statistics released Tuesday by Texas A&M University's Real Estate Center and North Texas Real Estate Information Systems Inc.
November's drop in home sales compared with last year was almost double the decline in October.
"Not just Realtors but also builders noted that November sales and traffic were extremely weak," said D'Ann Petersen, an economist with the Federal Reserve Bank of Dallas. "There were reports from builders that cancellations were outpacing closings, and some buyers were just walking away leaving deposits.
"With economic and financial worries at the forefront, buying a home is definitely one of the last things on consumers' minds at this point."
And homebuyers haven't been wooed to the market by lower interest rates and bargain pricing.
"A lot of buyers have been spooked by the downturn in the credit and equities markets and just don't have the confidence to close today," said Dallas-based housing analyst Ted Wilson of Residential Strategies Inc.
"Most builders say that the buyers are looking for some good news to give them confidence to purchase, only the news continues to be bad."
The dips keep coming
North Texas real estate agents sold just 4,146 pre-owned homes last month through the industry's Multiple Listing Service. That's the lowest monthly total in more than five years.
And last month's median home sales price of $133,900 is down 15 percent from the peak in the summer of 2007.
The decline in overall home prices is partly due to the large number of sales of foreclosed homes. The National Association of Realtors reports that in the third quarter, more than 40 percent of home sales nationwide were distressed properties.
Ms. Petersen said foreclosed home sales by lenders are also affecting the North Texas market and no doubt contributed to November's larger-than-expected price declines.
"It is unwelcome news for an industry that has been hurting for some time," she said. "Hopefully, though, we will not see the double-digit declines that have been recorded in some other areas of the country, where job losses are steep and foreclosure rates are much higher."
Through the first 11 months of 2008, real estate agents have sold just over 71,000 homes in the 26-county area, a decline of 14 percent from the same period of 2007.
The drop in condominium sales in November was even steeper than in the single-family market – down 44 percent.
On a positive note
The one bit of positive news in the latest local housing report is that there was a significant decline in the number of homes listed for sale.
A total of 39,255 single-family homes are on the market in North Texas. That's a decline of 14 percent from November 2007 and the lowest total in more than three years.
The average time it takes to sell a house was unchanged at 80 days.
Longtime Dallas real estate agent Barry Hoffer said the November sales drop reflects a slowdown that hit when the stock market began to drop in late September.
"Buyers have become apprehensive in making a decision to purchase a new home with the constant bombardment from the news media about layoffs, bailouts and impending bankruptcies," said Mr. Hoffer, who works with Ebby Halliday Realtors. "This too shall pass, and we look forward to an improving local housing market by spring."
Jim Fite, president of Dallas-based Century 21 Judge Fite Realtors, said home sales are traditionally slow before a presidential election, and this year there were added worries about the stock market and the economy.
"It's a really a perfect storm," he said. "Buyers are sitting on the fence."
There's talk in Washington about cutting mortgage rates, which could be holding homebuyers back while they wait for lower rates, he said.
And, Mr. Fite said, November's grim report shouldn't be taken out of context. "As we know, a single month does not make a market."
Wednesday, October 1, 2008
Study: Dallas-Fort Worth has lowest risk of home price declines
11:11 AM CDT on Wednesday, October 1, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
The Dallas-Fort Worth area is tops in the latest forecast of future home values.
The North Texas cities were ranked as the least likely in the country to experience a sustained home price decline in mortgage insurance giant PMI Group’s newest report.
The D-FW area has less than a 1 percent chance of having lower home prices in two years, according to PMI Group’s new home price risk study.
The California-based insurer ranks about 50 U.S. cities based on the likelihood of home price declines.
All of Texas’ major markets were at the bottom of PMI’s ranking which was released Wednesday.
“Texas is looking better than anybody else,” said PMI economist David Berson. “The economy is dong much better in Texas than other places.
“And you didn’t get the huge run-up in prices that needs to be worked off.”
Even so, home prices in North Texas are down about 2.5 percent from a year ago, according to the latest estimate from Standard & Poor’s Case-Shiller Index.
But the PMI study takes a longer view, predicting where home prices will be in 24 months.
The insurer’s new risk assessment warns that there is almost a 100 percent chance that home prices in markets including Fort Lauderdale, Riverside, Calif. and Orlando will be lower in two years. Big home price declines are also likely in many other Florida, California and Nevada markets.
“This down cycle in housing is very different from those in the past,” said PMI spokesman Nate Purpura. “Typically, employment tanks and foreclosure follow. “In this cycle the foreclosures came first, then the unemployment, and now we’re hitting a second wave of foreclosures brought on by the unemployment,” he said.
“It’s essentially a double-whammy in the housing market and we’re likely still somewhere in the mid-point.”
HOW RISKY IS THE HOUSING MARKET?
Markets with the most and least risk of a home price decline, based on price appreciation, economic growth and affordability according to PMI Group, one of the country's largest mortgage insurance firms. An index of 100 means there is a 100 percent chance of home prices being lower in that area in two years.
MOST RISKY
Fort Lauderdale, Fla. 99.5
Riverside-San Bernardino, Calif. 99.5
Orlando-Kissimmee, Fla. 99.4
Miami 99.0
LEAST RISKY
Fort Worth-Arlington Less than 1
Dallas-Plano-Irving Less than 1
Houston-Sugar Land-Baytown Less than 1
Pittsburgh Less than 1
San Antonio Less than 1
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
The Dallas-Fort Worth area is tops in the latest forecast of future home values.
The North Texas cities were ranked as the least likely in the country to experience a sustained home price decline in mortgage insurance giant PMI Group’s newest report.
The D-FW area has less than a 1 percent chance of having lower home prices in two years, according to PMI Group’s new home price risk study.
The California-based insurer ranks about 50 U.S. cities based on the likelihood of home price declines.
All of Texas’ major markets were at the bottom of PMI’s ranking which was released Wednesday.
“Texas is looking better than anybody else,” said PMI economist David Berson. “The economy is dong much better in Texas than other places.
“And you didn’t get the huge run-up in prices that needs to be worked off.”
Even so, home prices in North Texas are down about 2.5 percent from a year ago, according to the latest estimate from Standard & Poor’s Case-Shiller Index.
But the PMI study takes a longer view, predicting where home prices will be in 24 months.
The insurer’s new risk assessment warns that there is almost a 100 percent chance that home prices in markets including Fort Lauderdale, Riverside, Calif. and Orlando will be lower in two years. Big home price declines are also likely in many other Florida, California and Nevada markets.
“This down cycle in housing is very different from those in the past,” said PMI spokesman Nate Purpura. “Typically, employment tanks and foreclosure follow. “In this cycle the foreclosures came first, then the unemployment, and now we’re hitting a second wave of foreclosures brought on by the unemployment,” he said.
“It’s essentially a double-whammy in the housing market and we’re likely still somewhere in the mid-point.”
HOW RISKY IS THE HOUSING MARKET?
Markets with the most and least risk of a home price decline, based on price appreciation, economic growth and affordability according to PMI Group, one of the country's largest mortgage insurance firms. An index of 100 means there is a 100 percent chance of home prices being lower in that area in two years.
MOST RISKY
Fort Lauderdale, Fla. 99.5
Riverside-San Bernardino, Calif. 99.5
Orlando-Kissimmee, Fla. 99.4
Miami 99.0
LEAST RISKY
Fort Worth-Arlington Less than 1
Dallas-Plano-Irving Less than 1
Houston-Sugar Land-Baytown Less than 1
Pittsburgh Less than 1
San Antonio Less than 1
Monday, September 8, 2008
Labor day weekend fun.
As most of you know, first of September is always a very busy time in our lives. This year was even more chaotic with Danielle opening her new building on the pre-school.
With Bailey's birthday (Sept. 5), Ian's birthday (Sept. 4), Kennedy's Birthday (Sept. 1) and Danielle's birthday (Sept. 13) we are always hoping from all the birthday cake.
This year, I took Kennedy, Bailey, Liberty on a little daughter daddy camping trip to my hometown of Canyon, Texas. Canyon is the home of the Palo Duro Canyon. We also went to a Texas Tech football game. We really need to get out more often because the trip was short, but the memories will last forever.
Tuesday, August 12, 2008
Who do you know?
Sellers are having a hard time getting their listings sold in todays turbulent market. Listings have to be professionally marketed in a troubled market.
My team lists our houses and MARKETS them to over 30 different websites, 2 different print publications, direct mail program and email program.
Who do you know that is struggling to get a home sold? Have them call me and I can look at their current marketing program for their house and advise them; no strings attached!
My team lists our houses and MARKETS them to over 30 different websites, 2 different print publications, direct mail program and email program.
Who do you know that is struggling to get a home sold? Have them call me and I can look at their current marketing program for their house and advise them; no strings attached!
Friday, August 1, 2008
Dallas area home prices fall 3.8%
According to Standard and Poor, Dallas area home prices have fallen 3.8%. The good news is that only Charlotte home prices (a decline of .3%) are better than the Dallas area.
Housing prices in Miami and Las Vegas have dropped by 28% and lead the US in worst valuation declines.
Click on this link for the entire article
Housing prices in Miami and Las Vegas have dropped by 28% and lead the US in worst valuation declines.
Click on this link for the entire article
Thursday, July 3, 2008
Discount brokers
ex-employee
As an insider, I wanted to chime in. I bought a BuyOwner internet only package in August of 05' for $2,000. I was so impressed with the program, I applied for a job, and to my suprise, I was hired.
I started in Oct. of 05' and quit in March 06'. I still have not sold my house, one year later. I quit because I came to the conclusion that in my geographical location, BuyOwner does not work effectively. I could not justify selling a product that was not up to par.
At the sales meetings I kept asking what my customers were asking me, 'what is the average time on market, and what percentage of houses sell'? In training, we are told to respond, 100% of our homes sell, because we advertise until sold. O.k., than what is the average time on market? We don't know, because we only advertise the property, not sell the property.
A lot of customers do not tell us when their house sells. (I personally do not believe this). The reality of it is that if BuyOwner wanted to know these statistics, all they would have to do is a simple follow up phone call to the customer. It states in the contract that after six months of no contact, you will be taken out of the system. This would lead me to believe that BuyOwner does know.
These statistics, are held closely to the vest, and are not givin to consultants. In addition, all the people you see in the comercials, are from other parts of the country (Florida) where real estate is 'HOT', not Houston.
Best regards,
Lyle
Houston, TX
As an insider, I wanted to chime in. I bought a BuyOwner internet only package in August of 05' for $2,000. I was so impressed with the program, I applied for a job, and to my suprise, I was hired.
I started in Oct. of 05' and quit in March 06'. I still have not sold my house, one year later. I quit because I came to the conclusion that in my geographical location, BuyOwner does not work effectively. I could not justify selling a product that was not up to par.
At the sales meetings I kept asking what my customers were asking me, 'what is the average time on market, and what percentage of houses sell'? In training, we are told to respond, 100% of our homes sell, because we advertise until sold. O.k., than what is the average time on market? We don't know, because we only advertise the property, not sell the property.
A lot of customers do not tell us when their house sells. (I personally do not believe this). The reality of it is that if BuyOwner wanted to know these statistics, all they would have to do is a simple follow up phone call to the customer. It states in the contract that after six months of no contact, you will be taken out of the system. This would lead me to believe that BuyOwner does know.
These statistics, are held closely to the vest, and are not givin to consultants. In addition, all the people you see in the comercials, are from other parts of the country (Florida) where real estate is 'HOT', not Houston.
Best regards,
Lyle
Houston, TX
Saturday, June 21, 2008
Showing houses in the heat with children
The temperature is definatley starting to reach the tripple digits here in the DFW area. This can pose challenges for those that aren't used to looking at homes in the heat. I recomend looking in the mornings and lateevenings to avoid the heat stresses that accompany looking for a home.
If you have your house listed and have no electric in your home to run the a/c, you might as well mark your home as "UNSOLD". Buyers do not spend time in hot houses. No matter how great you think your home is, if it's not cool, the buyer has a perception that the house has cooling issues.
Also, if you have small children, try to find someone to watch them. When I was a kid, I would have hated being dragged around all day long looking at houses. It will help you, as a buyer, conentrate on your home search too!
If you have your house listed and have no electric in your home to run the a/c, you might as well mark your home as "UNSOLD". Buyers do not spend time in hot houses. No matter how great you think your home is, if it's not cool, the buyer has a perception that the house has cooling issues.
Also, if you have small children, try to find someone to watch them. When I was a kid, I would have hated being dragged around all day long looking at houses. It will help you, as a buyer, conentrate on your home search too!
Wednesday, June 18, 2008
Vendors to help
As long as I've been in business, I have had the pleasure to meet several other business owners who provide excellent service. The vendors range from estate planning attorneys to someone who can stretch your carpet. I have also had experiences with those that leave something to be desired in their service to their clients.
As a full-service agent, I insist those whom I refer give the best in customer service. If you require a vendor to perform a service for you, please call my office and ask for my preferred repair and service company roster. You can also click in my website and find it in PDF format in my calendar section.
As a full-service agent, I insist those whom I refer give the best in customer service. If you require a vendor to perform a service for you, please call my office and ask for my preferred repair and service company roster. You can also click in my website and find it in PDF format in my calendar section.
Monday, June 16, 2008
Thank you
For anyone that has called my office, you have no doubt spoken to Latisha at some point. I recently had a client express just how wonderful she helped make the home buying process. In fact, I concur. It is rare that you find a true professional that is driven to do what is right for their customers. It is something that I take very serious in my business and am blessed to have someone at my side that holds the same belief.
Thanks Latisha, for all your hard work and your continued efforts to help build one of DFW's best real estate teams.
Thanks Latisha, for all your hard work and your continued efforts to help build one of DFW's best real estate teams.
Friday, June 6, 2008
Discount brokers
Online and fee-for-service brokers have become a very popular way for some individuals to list their homes. However, just know that in everything (ESPECIALLY real estate) you definatley get what you pay for.
I took a listing recently that had been listed with Buy Owner for over a year. The sellers paid over $2000 to get Buy Owner to ship them a crude sign, a dvd of how to sell your home and that's about it. After a year, and having the ugly buy owner sign fade, the sellers called me because they were at a loss for what to do. I listed their home and sold it in less than a month.
Now, it would be great if I could collect $2000 up front and then the house never sells. Is there a chance it could sell? Sure, but next time you see a buy owner sign, call the numbers and see if anyone even picks up the phone after 5 p.m. or at all on the weekends.
A professional like myself gets paid when we have done our job. That job is to market and sell your home. If you do use a discount broker, you need to be aware of how to negotiate, market your home, structure a deal that will close, hire the right title company, apraiser, surveyor, inspector and you need to know to look for in the TREC real estate contract.
I took a listing recently that had been listed with Buy Owner for over a year. The sellers paid over $2000 to get Buy Owner to ship them a crude sign, a dvd of how to sell your home and that's about it. After a year, and having the ugly buy owner sign fade, the sellers called me because they were at a loss for what to do. I listed their home and sold it in less than a month.
Now, it would be great if I could collect $2000 up front and then the house never sells. Is there a chance it could sell? Sure, but next time you see a buy owner sign, call the numbers and see if anyone even picks up the phone after 5 p.m. or at all on the weekends.
A professional like myself gets paid when we have done our job. That job is to market and sell your home. If you do use a discount broker, you need to be aware of how to negotiate, market your home, structure a deal that will close, hire the right title company, apraiser, surveyor, inspector and you need to know to look for in the TREC real estate contract.
Tuesday, February 5, 2008
Today.....Short Sale
Wow, it seems like the market has gone crazy this week with as many appointments as I've had to get houses on the market.
Just so everyone understands "short sales"......a short sale is a property that is fixing to go into foreclosure. The bank will agree to take less for the property than is owed on the loan. This is to avoid a foreclosure. However, to be approved for a short sale, you have to prove to the bank that you can't make the payment. It's like being approved for the loan in reverse.
Understand, if you put an offer on a short sale property, you will be waiting, and waiting, and waiting. The bank will hold out for the BEST offer on a property. Additionally, they WILL ABSOLUTLEY NOT consider to sell the property contingent on yours selling.
Just so everyone understands "short sales"......a short sale is a property that is fixing to go into foreclosure. The bank will agree to take less for the property than is owed on the loan. This is to avoid a foreclosure. However, to be approved for a short sale, you have to prove to the bank that you can't make the payment. It's like being approved for the loan in reverse.
Understand, if you put an offer on a short sale property, you will be waiting, and waiting, and waiting. The bank will hold out for the BEST offer on a property. Additionally, they WILL ABSOLUTLEY NOT consider to sell the property contingent on yours selling.
Wednesday, January 2, 2008
Subscribe to:
Posts (Atom)
