Doug Patterson ABR®, SFR REALTOR®

No Nudes is Good Nudes

Sun, 01 Aug 2010 10:24:51 -0400

"If you have to ask yourself (or your Realtor) if something might not be conducive to a sale, you already know what the answer is"....This statement applies to most everything when preparing a home for sale.

Thanks to Richard Strahm of REMAX for this inciteful post. It's worth reblogging.

Via Richard Strahm (RE/MAX Realty Group - Harleysville, PA):

I’m not a prude. I promise.

But I always wonder what’s up when I show a home that has nude paintings and photographs hanging on the wall.

The nudes don’t make me uncomfortable – but they might make some potential buyers uncomfortable. And an uncomfortable buyer may not remember all the good things about your home. They’ll just remember it as the house with all the nudies in it.

I showed a house yesterday that had an entire wall in the living room covered in nudes. Reproductions of old masters, contemporaries, abstracts. One that I could only surmise was the homeowner’s mother-in-law. Did my client talk about the magnificent fireplace? The wall of windows overlooking the lush back yard? The historic pocket doors? No. He started talking about the seller, and why he had amassed such a collection of nudes.

Even though Nudes and Neutralize start with the same letter, they sure have nothing to do with each other. When selling, Nudes out, Neutralize in!

Last year I had a listing where there was a large nude photograph in the dining room. Like I said, I’m not a prude. But it was a nude of the homeowner herself, as taken by her artist husband. It sure was a beautiful and artistic photograph. But it made even me uncomfortable knowing I was standing next to the (clothed) model at the time.

She asked me if it would be alright if they left the picture hanging while trying to sell their home. It’s so easy to hypothetically say “no” to that question, but not so easy to do in real life! I put it in the same category of questions as, “Do these pants make me look fat?”

My advice to all people trying to sell their home: Lose the nudes. If you have to ask yourself (or your Realtor) if something might not be conducive to a sale, you already know what the answer is. “Is this picture too risqué? Should I take it down?” YES!

Remember, No Nudes is Good Nudes.

Richard Strahm
Realtor, ABR, SFR, SRES

439 Main Street
Harleysville, PA 19438

Direct: (215) 853-2624
Office: (215) 256-1200 x-223
Fax: (215) 529-8931

Email: Richard@RichardStrahm.com

www.RichardStrahm.com

PA Lic # RS310765

Copyright © 2010 Richard Strahm. All rights reserved worldwide.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

1225 Brookstown Ave. Winstson Salem NC 27101

Thu, 29 Jul 2010 15:52:45 -0400

TOWNHOME IN HISTORIC WEST END WINSTON SALEM NC WITH GARAGE

THREE FULL BATHROOMS AND ONE HALF BATH TWO MASTER BEDROOMS

EXTRA 3RD BEDROOM or STUDIO or Office!

MLS# 585298 Appraised Value by NC Certified Residential Appraiser before Recent Improvements: $234,350

After improvements, List Price: $237,900

In Uptown Winston Salem, there are wonderful restaurants, such as Bernardin's Restaurant at the Zevely House and the West End Cafe, around Grace Park in the West End Historic District area.

Here you'll also find beautiful period homes, many restored to reflect their original historic appearance. Three blocks away is the Central YMCA and Hanes Park, a mile from Wake Forest Baptist Medical Center and two miles from Wake Forest University, main campus.

Keeping with this historic tradition, in 1985 these six units were built to blend into the neighborhood setting and yet cosmopolitan in nature. There are 2 Upper level "Master Bedrooms". Each has excellent closet space and a full bath (shower and tub).

There is another room in the lower level that also has a full bath. This room is ideal for a 3rd bedroom, an office, or guest room. All in all, it's approximately 1500 square feet (or more) of excellent living spaces.

Having a garage in uptown is truly a luxury! This provides two off street parking spaces.

Attic Storage available.

The living room has a brick, gas log fireplace, great crown mounding, recessed llighting (with dimmers), built-in book shelving, and fabulous hardwood floors!

The Galley Kitchen is open at both ends with natural light coming from the dining and living room area.

New stove, dishwasher, porcelain sink, designer faucet, and new disposal are great additions!

Master Bedrooms 1 and 2 are shown here (prior to the move). The entire home has been professionally painted in neutral colors.

The rear courtyard view from the patio of this unit is stunning! The patio does not face any other units so it's very private. Also, the courtyard does not have "street access" which makes it more secure and private as well...a great feature!

To see more detail, please enjoy a Photo Video Tour of this terrific home (includes music). MLS# 585298 (Agent Owner)

Association Dues: $400 Quarterly: Includes Exterior Building Maintenance, Property Tax on Common Areas, Master Insurance Premium and Pest Extermination.

I would like to help you reach your real estate goals. Please visit our website at Park Place Real Estate . Perform FREE SEARCHES with your own free account with Listingbook, or (MLS) Multiple Listing Searches of homes for sale in Winston Salem and the Greater NC Triad Region. There is never an obligation to ever purchase or sell any real estate by using this free services.

I'd love to hear from you and answer any questions you may have about real estate! Thanks for stopping by and please... EMAIL Me Today with any comments or questions you may have.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

It Is Not a Buyer's Market

Wed, 14 Jul 2010 11:36:14 -0400

Well said, Paul Slaybaugh! Thank you for your insite. This is certainly the case and I agree.

Via Paul Slaybaugh, Scottsdale AZ Real Estate (Realty Executives):

The current market does not favor buyers. I repeat, the current market does not favor buyers.

Allow me to explain. For months, if not years, you have been told that the glut of housing inventory makes for a buyer’s market of epic proportions. Why, the ancient Greeks themselves would write songs about the opportunities that abound for any would-be hero with a hankering for a house. The only problem with this suggestion? It’s just not true.

What is a buyer’s market? Most would define it as a preponderance of available supply and an accompanying dearth of demand. Let’s take a look at both aspects of that equation.

In a perfect financial world, a buyer waits for the market stars to align in just such a manner before swooping in to claim a nest at a fraction of the “normal” cost. It all works great in theory, but real world application necessitates that the prospective buyer be subjected to the same set of variables that has drawn down the pool of demand at large. It’s a buyer’s market when few have the wherewithal to actually buy.

Appraisal difficulties and tightened lending regulations are contributing to a somewhat artificial suppression of demand. The “want” is present in the market. Consumers want to buy houses. They want to take advantage of the greatly reduced pricing and sublimely low interest rates. Homeowners want to refinance their houses so that they can stay in them, thus contributing to the lowering of the overall supply.

Want has nothing to do with it. Without ability, all of the consumer confidence and desire does not translate to actionable demand.

So to clarify the lead-in to this post, the current Scottsdale Real Estate market does not favor ALL prospective buyers, as the “buyer’s market” connotation suggests.

Further, the favorable conditions for those who are in positions to purchase do not necessarily translate to negotiable strength. Well-heeled cash buyers, W2 employees with verifiable income, solid credit history/scores, etc will find that they do not call the shots to the extent that they were led to believe. The bargain bin of bank-owned foreclosures is incredibly crowded. You are elbow to elbow with competing consumers when a new shipment arrives. The mom & pop resellers, by and large, do not have the equitable flexibility to negotiate the 30-50% off of list price that many buyers envision. The short sale properties with the absurdly low price tags are, more often than not, pie-in-the-sky figments of the listing agent’s imagination. You submit an offer 10% off list price to the bank, which in turn proves to be 40% off the BPO (Broker’s Price Opinion) that is performed three months later. The bank tells you they will gladly approve the sale – for 75k more than you offered.

While the inflated inventory levels in the housing sector are cited often enough, it is not widely reported that the number of unencumbered properties available for purchase is far less. In a market that is most assuredly not of the “see house, buy house” variety, the redaction of readily purchasable properties (due to competition in the low end, and lien encumbrances across the full pricing spectrum) tilts the negotiation playing field back towards center. Neither party has a clear cut advantage when facing each other at the negotiating table.

The truth of the matter is that most of the savings that you can expect to uncover have already been factored into the asking price by the time a listing is brought to market. Sure, there will be those that require substantial negotiation, and plenty others still that simply fail to sell. Never underestimate one’s ability to overprice a house. These aren’t the homes you are most likely looking at, though. The ones that buyers are flocking to in droves are those that present the best value opportunities. And why not? Just be prepared for the competition that you did not think existed for said properties in this ballyhooed “buyer’s market.”

Trying to cobble “x” percent off the list price in circumstances in which others are offering “x” above the list price will only lead to frustration. Don’t get greedy. Do what it takes to lock up the lowest pricing the Valley has seen for seven to eight years (longer in some areas) while interest rates continue to hover around 5%, and you are well ahead of the game.

And lastly … smile. You are the guy that so many lament not being right now. You know, the hypothetical guy who spurs such proclamations at office parties and cocktail hours across the Valley:

“If I had two nickels to rub together right now, I’d buy every house on my block for less than I paid for my albatross back in ‘05.”

Originally posted at the Scottsdale Property Shop

Your source for Scottsdale Real Estate since the dawn of time ... or thereabouts.

Launch your Scottsdale Home Search now!

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Yes, My Buyer Has the Money to Buy . . . Does Your Seller Have the Money to Sell?

Fri, 18 Jun 2010 12:34:46 -0400

Buyers and Sellers both...beware. This post addresses today's real estate pitfalls. Thanks to Trent Cluley of Jasper, Georgia, for sharing his experiences here.

Via Trent Cluley -- Pickens County Georgia Real Estate (Keller Williams Realty - Select Partners):

Yes, My Buyer Has the Money to Buy . . . Does Your Seller Have the Money to Sell? Get the facts on the seller's ability to sell, before putting the home on the market!

I believe it is pretty standard real estate practice in most areas to have a pre-qualification / pre-approval letter (or proof of funds), to submit to the seller along with the buyer's offer. It reassures the seller and provides the buyer a stronger bargaining position.

In fact, experienced agents generally like to have a copy of this letter from the buyer's lender, before they even begin showing homes to the buyer. Kinda makes sense really. Why waste everyone's time looking at, or making offers on, homes the buyer can't afford? That's nothing but a one-way ride down Heartbreak Alley for all concerned.

The seller's ability to sell on the other hand has always been assumed. There is no request for a "lender clearance letter" from the seller, verifying that the seller can afford to sell, prior to an offer being submitted by a buyer. Of course, this is because part of a listing agent's responsibility should include getting payoff information and preparing a net sheet or estimate of proceeds for the seller when listing a property. So it makes sense that any offer accepted by the seller should ensure that the loan payoff and other closing expenses are covered, or the seller has sufficient cash on hand to close.

Because, yeah, it sucks pretty bad -- as recently happened to me -- to have to explain to your buyer just days before closing that well, see, the seller actually can't afford to sell at the agreed upon price. He in fact owes tens of thousands of dollars more than the agreed upon price. It's particularly bad to have to explain this to buyers who expressly said they weren't interested in looking at / offering on short sale properties, due to the hassles and delays involved. Uh, awkward . . .

It's one thing to embark on the short sale saga when forewarned and armed for battle, it's another to be blindsided by it.

Obviously in this business there are always unexpected turns and unforeseen scenarios that are hard to predict (the above case being one such extremely unusual transaction), but clearly this is not an isolated instance and I am not the only one to have had this experience.

I recently closed a transaction on a listing of mine here in Pickens County GA, where the young, first-time home buyer, was at closing for a second time within a couple of months. His prior transaction had fallen apart at the closing table, when it was "discovered" that the seller was selling short, without lender approval, and therefore couldn't close. (How it got that far without being flagged by someone sooner is beyond me.)

I now get calls from other agents who want to show my listings, but who preface the conversation with something like, "Can the seller close at this price? Is there a possibility it will be a short sale? Just thought I'd check before wasting my buyer's time . . ." Sounds like they too have been burned by the "undisclosed", "unknown" short sale.

I think we all get the fact that short sales are on the rise. They are part of our environment and will be for some time. But, just as we pre-qualify buyers, we need to pre-qualify sellers and disclose up front whether or not it is a short sale, or has the potential to be a short sale. It is also important to double-check the numbers before the seller accepts any offer, particularly if the offer is substantially lower than list price, or the home has been on the market for a while, not just as an essential part of our duty to our clients, but as a courtesy to other agents and the public as well.

Seems like common sense, but . . .

Trent D Cluley
Keller Willliams Realty - Select Partners
770-757-3399
EMAIL
www.PickensGeorgiaRealEstate.com

SEARCH ALL PICKENS COUNTY & NORTH GA HOMES AND LAND FOR SALE!

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

The Real Estate Oath

Sun, 13 Jun 2010 21:58:01 -0400

Well said! Thanks to Jonathan Washburn, the man who started this site at ActiveRain!

Via Jonathan Washburn (ActiveRain Corp):

I freely pledge to pursue my calling as a real estate professional.

Protecting and promoting my clients will be my first consideration.

I will continually learn and strive to better myself in knowledge and expertise.

I will in all ways do my utmost to elevate the standards of my profession.

I pledge to be honest at all times, and to treat appropriately the confidential information confided in me by my clients.

I will never give preference in my professional services based on race, color, national origin, religion, sex, familial status, sexual orientation, or disability.

I will be forthright in disclosing to my clients all ways I earn income in connection with their transaction.

I will not provide a service that is outside of my field of expertise.

I recognize that this profession is equally about relationships and people as it is about real estate and law.

Passion for my vocation, love for the people I meet, and dedication to this oath will define my life's work.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Who Needs a VA Home Loan? It's Not Just for Retirees

Tue, 08 Jun 2010 15:10:08 -0400

Excellent information for Veterans and their families! Thanks to Bruce Reichstein for his research!

Via VALoans.com - Nationwide Expert VA Loan Officer:

A lot of people are entitled to use VA home loan benefits. It’s easy to think of a specific segment of the military as a “typical VA customer”, but while there are enough people who fit that description to create an actual stereotype, they aren’t the only ones out there.

When you think about a VA loan borrower, do you first think of the military retiree? An old Master Sergeant, Chief, or Lieutenant Colonel looking for a place to settled down to enjoy those retirement checks? Those people are definitely in the demographic, but don’t be surprised when a young 20-something comes to you looking to buy that first home with a VA mortgage.

The Department of Veterans Affairs has something for everyone who is eligible and can meet the income and credit requirements. You stand a good chance of meeting someone as a first time home buyer looking for a VA home loan, because in many cases that first four to six years in the military has taught them a thing or two about long term planning, investing for the future, and trying to think ahead.

When you meet these younger buyers, where can you send them to get an education on the real estate buying process and their VA home loans? The Veterans Information Portal is a great place to begin because there’s a great deal of information collected under one site—not just VA home loans, either. It’s an introduction into a wider world of knowledge about VA benefits.

Next, a first time home buyer could use some information on VA loan limits in their state, which will help set realistic expectations for the house hunt. Another good thing for a first-time VA borrower to read up on? The rules covering joint loans and co-signers.

An online resource for some good local real estate listings is also handy…this one I can’t provide links for—what do YOU do online for RE listings? Share your links with us, we’d love to see how RE agents are using the web in the local area to get the word out on new listings. And don’t forget about our offer to share leads with RE agents in search of military clients like the people I’ve been talking about here. It’s a standing offer.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Loan Quality Initiative - It's on...

Tue, 08 Jun 2010 14:55:24 -0400

Thanks to Maria Marriott for reminding clients about the new practices for home mortgages!

Via Maria Marriott (Executive Mortgage, a branch of First Priority Financial Inc):

Lending Guides and The “Loan Quality Initiative”

It’s on. Fannie Mae has put into effect their Loan Quality Initiative in order to prevent bad loans to happen. For home buyers and refinancing owners this will mean tougher times to secure a new loan. Does it sound familiar?

Fannie’s Loan Qualify Initiative took effect on July 1st of 2010 and lenders are now scanning files with even bigger and better lenses. The focus this time is on new, non-disclosed debt and lender most likely will be pulling your credit just before closing. The bank’s underwriter will be looking at 3 main things in particular, even after you get a loan approval.

A new updated credit report will be pulled and the new numbers will be replacing the original ones from your loan application. If new debt exceeds a determined threshold, you loan could be denied

Any changes on your FICO scores could prevent you for securing the loan. If your qualifying score (mid of three scores) has dropped below lending minimum standards, you could be subjected to a rate adjustment or your loan could be denied.

Your credit inquiries will be checked in order to determine if you’ve been applying for more credit elsewhere. They will use this information at their discretion.

It’s important that you take care of your credit. Make sure you don’t make any changes on your credit between the time you applied for a loan and the time you hold the keys to your home or close your new loan on a refinance. In these days, a loan can be revoked right before closing and I’m sure you wouldn’t like to be the one to experience that.

Maria Marriott | Mortgage Advisor | CA DRE License#01372198

For information on Greater Sacramento Home Loans visit www.MySacramentoMortgage.com

Become a fan of FREE First Time Home Buyer Help - get helpful and insightful tips on buying a home.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Pigs get fat, hogs get slaughtered!

Tue, 27 Apr 2010 15:40:16 -0400

Via Ruth Vogt (LMB#100023827) WR Starkey Mortgage:

I'm sure we've all heard that expression. But there isn't a better time to recognize the impact of that saying than right NOW!

The clock is ticking on the home buyer credit, yet it amazes me how many buyers and sellers are still letting a few thousand dollars keep them from getting a contract signed!

I read a recent blog by my AR friend, Jane Peters, written on the subject of buyers nickel and diming the sellers to death. Over a $5000 roof (a roof, I might add, that wasn't expected to cause inspection or appraisal issues, by the way).

Now let's think about this: a $5,000 roof or the $8,000 first time home buyer tax credit??

Simple math points out that if the buyers make the offer with the roof as is (remember, no inspection or appraisal issues are expected) and the sellers accept it before the end of the month, the buyer is $3,000 to the good anyway.

But to take this one step further: let's say they continue to hold off hoping to get the seller down another $5,000, all for a roof that doesn't need to be replaced currently anyway, only to miss the contract deadline date and lose out on the $8,000 credit, they will pay for that mistake for over 25 years!

Here's how I figured that:

The monthly "savings" on a $5,000 lower price/lower loan amount is about $27 per month. If they mess around and don't come to terms on the contract by month end, they lose the $8,000 tax credit. If I divide the $8000 they stand to lose by the monthly "savings" they are hoping to gain of $27, the break even is over 296 months, or over 25 years!

And that's just simple math without taking other tax or financial factors into consideration like the value of current money (the $8k tax credit) vs borrowed money.
Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.



Ruth Vogt, Branch Manager

   Colorado LMB #LMB100023827

   www.MyLenderOfChoice.com

   rvogt@wrstarkey.com

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Foreclosure Help for Homeowners in Winston Salem NC

Fri, 16 Apr 2010 12:12:42 -0400

FORECLOSURE HELP FOR HOMEOWNERS IN WINSTON SALEM NC

If you know of someone who is behind on mortgage payments, Click on This Video to learn about the new rules put into place in April, 2010, to help homeowners who are facing foreclosure for whatever reason.

The program is called "Home Affordable Foreclosure Alternatives", HAFA for short.

HAFA PROGRAM ELIGIBLITY

Short Sales processes have better rules now, under the guidelines of HAFA. The Lender/Servicer of the homeowners loan must abide by the following: T

here must be a Uniform Process, using model forms, and there will be deadlines.
The Lender must establish in the beginning of the process what the closing costs and net proceeds will be as well as and what a "fair offer" will be for the home.
Lender/Servicers must participate in the program guidelines, which includes about 90 % of all Mortgage Lenders.

The eligibility requirements are simple. The homeowner going into default must not have purchased the home recently, and the balance owed cannot exceed $729,750. The homeowner must be deliquent already or in a reasonably foreseeable future. The program is not for investors, so you must be living in the home. Finally, your payment must exceed 31% of your gross income. To get more details go to "Making Home Affordable"

I would like to help you reach your real estate goals. Please visit our website at Park Place Real Estate . Perform FREE SEARCHES for homes for sale in Winston Salem and the Greater NC Triad Region. There is no obligation to ever purchase or sell any real estate by using this free service.

I would love to hear from you and answer any questions you may have about real estate! Thanks for stopping by and please... EMAIL ME today with any comments or questions you may have.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

10 Questions You and Your Buyers Must Ask Before Purchasing A Condominium Unit

Sun, 28 Mar 2010 15:29:25 -0400

Thanks to Richard Vetstein of Framingham, MA, for pointing out 10 excellent points to consider before closing on a Condominium purchase!

Via Richard Vetstein (Vetstein Law Group, P.C., TitleHub Closing Services LLC):

Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.

10 Questions You Must Ask Before Purchasing A Condominium Unit

To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework: not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.

Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:

What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.

What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying. Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.

How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment. Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.

Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit. It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.

Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.

Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment. In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.

How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it's an FHA approved condo. (Thanks Lou Corcoran for the links)

What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.

Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association. Review the Master Deed and Unit Deed on this one.

What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws. Sometimes, there's language that would hurt a unit owner in case of a common area casualty. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.

Often a standard condominium questionnaire will answer all or most of these questions. In Mass., where I practice, this isn't required by law, nor is a seller disclosure. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.

Either way, do not have your buyer put earnest money down until satisfactory answers are received. Good luck and happy condo hunting to you and your buyers!

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Homes for Sale Winston Salem NC Exterior Remodeling

Fri, 26 Mar 2010 13:35:04 -0400

HOMES FOR SALE WINSTON SALEM NC -EXTERIOR REMODELING

Winston Salem homes are selling! Spring has sprung, the neighborhoods are being spruced up, to enjoy a well deserved respite from the news "That Groundhog" gave us a several weeks ago. It was a long winter to say the least!

Finally! We're enjoying greener grass, the trees are budding, and the daffidils are blooming, especially in the established neighborhoods like where I live. That's where you'll find the beauty of nature, because families have had time to see their efforts "take root", so to speak.

It's also the time to begin those projects like exterior painting, enclosing a patio with privacy fencing or installing those energy efficient windows.

Mine this year was the privacy fencing.

We moved two houses down recently. I'll save that one for a later blog. Anyway, the new house is on the corner and has no backyard privacy. We have the best neighbors and we wanted to keep it that way.

Our garage doors are the white vinyl type, so I decided to stay with the same material and shoot for vinyl fencing to match. I'm a firm believer in not having a variety of building materials used on a home exterior, which comes from my architectural background.

I called Lowes Home Improvement and Home Depot to get some pricing, with the 12 months, no interest plan, of course! Lowes got this one.

Can you see why we needed a Privacy Fence?

I was intrigued at how simple it appeared, but that's because of Justin Latham's skill and experience which definately played a huge role.

The land was pretty level, but not entirely. How to match up the tops to be in a straight line was one decision process...

As they made the 90 degree turn back towards the house, it was more important to me to have the tops level for that entire run, rather than "stepping it down" to meet the gradual slope of the land. That decision turned out well.

They ran into a problem next to the sunporch because the footing for the house extended out underground alittle too far, not allowing a post hole close enough to the structure. No worries, though, because Justin cut a piece of another panel, used some additional brackets and secured it to the last post and the brick. Problem Solved!

It was a good project and a pleasant experience. I highly recommend Lowes' sales person, David Glascow, for the planning, estimating, and ordering materials. You can contact David at (336) 768-2400. Justin Latham will do right by you, as he did for me! (336) 477-5008

Several of the neighbors have asked for his contact information to do other types of fencing for them.

I'd love to hear from you and answer any questions you may have about real estate! Thanks for stopping by and please... EMAIL Me Today with any comments or questions you may have.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

The “Accelerator” Offer and the Physics of Short Sales

Tue, 16 Mar 2010 10:58:46 -0400

Short Sales!

Matt Side, from Spokane, Wash., has posted a terrific blog post on Short Sales. I want to share this with buyers in our NC Triad area. Thanks to Mat

Via Matt Side (Alliance Short Sales):

Sally had a short sale deal--a serious buyer. Hooray for Sally! Imaginary confetti for everyone!

Things were moving forward with the bank, but the bank took longer than expected to approve the short sale. (That happens these days.) Two months into the process, Sally's serious buyer walked.

Sally had worked hard. We had worked hard.

We all heaved a collective sigh, pretend-vacuumed up the imaginary confetti, and Sally put the house back on the market.

Then, of course, one week after Sally's buyer walked, the bank finally kicked in, and we got the approval letter. (Insert Expletive Here)

Here's where the physics of short sales comes in:

Allow me to dip into my high school science for a simple illustration. I've managed to block out nearly all of it, but I do remember Newton's Law of Inertia that states, A body in motion stays in motion.

Think of a prop plane. It takes a great deal of hands-on effort to get that front propeller spinning. However, once it kicks in, that propeller becomes a force to be reckoned with, a major part of what makes that plane take off.

Another part of Newton's law states, A body at rest stays at rest unless acted on by an outside force. In other words, the bank and your file will just sit there like a lump until acted upon by an outside force. That force is usually the first buyer.

When you get that first buyer and they start the process, the bank and your file are put into motion.

There are triggers that happen when you finally send that first offer to the bank. That offer becomes the first downward swipe of the propeller blade that starts that "inert body," the bank, to move, and once that body is in motion, it's not nearly so hard to keep it in motion. That first buyer did you a big favor.

So, when you get a second offer, sometimes that file already has a loss mitigator assigned to it. It's already moving toward the runway, getting ready to lift off. So, you can just toss that new offer onboard.

Does it always work just perfectly? No. But all that forward movement wasn't wasted. The next buyer-and there will be one--is going to find the short sale process so much faster for them because that first offer, the "accelerator offer" placed your foot directly on the gas of that short sale.

Yes, buyers fall out a lot - especially that first buyer. They walk away because, in their opinion, they've been waiting too long. This is usually a sign of poor positioning by one or both of the agents in the transaction. If it takes two months for an approval and the buyer was positioned that it would take two to three months, it is unlikely the buyer would walk away in this time frame. These poorly positioned buyers are the ones who lose out on the deal.

In the short sale world an agent should expect that the first offer will not likely be the buyer who closes on the sale of the property. That mental concession alone will help you navigate the disappointment of a buyer walking away.

So, does Sally still have a short sale deal?

Yes, she does. Her short sale is still moving forward with everything in place for that moment when the right buyer steps into the deal - a deal which already has bank momentum and is ready for lift off!

Let me give you one final word of advice. If it takes you too long after the first buyer walks away, some lenders will require you to start the process over. Here lies the benefit in stacking offers throughout the negotiation process. If buyer one gets impatient and walks away, you should have buyer two and three waiting in the wings.

Matt Side
Alliance Short Sales
Spokane, Washington
www.AllianceShortSales.com

Follow Me on Twitter: http://twitter.com/MattSide

Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. With their fees paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

The Ex Factor… What do you tell a buyer’s agent when they ask about the divorce?

Tue, 16 Mar 2010 10:45:55 -0400

This Blog Post by Todd Clark, a wise broker from Beaverton, Oregon, is worth sharing to folks in our N. C. Triad Region. It's great advice and I couldn't have said it any better.

Getting divorced is bad (and sad) enough, without having to lose money on the investment that both husband and wife worked hard to achieve. Make a good sale, split the funds, and begin your life again with cash on hand!

Thanks to Todd for some great advice!

Via Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) (All Brokers Real Estate):

By Todd Clark (Broker/Sales Coach) 503-524-9494

Last month I closed on a house, but there was something about the sale of this house I didn’t advertise because I didn’t want it to affect the sale. What was the issue? The sellers were in a nasty divorce and one thing is when buyers see divorce and they see a house for sale, they know that this could be the final step in the divorce and they low-ball offers hoping that the sellers just want to get the sale over with, so they can move on with their lives. (For the most part the buyers are right)

But, what do you say when a buyer’s agent calls you about the house and then asks, about the divorce? What? What divorce? This is where I had to play dumb! The buyer’s agent said “Clearly this is divorce and a nasty one, is this going to affect the close if we put an offer in?” I then asked, how do you know it is a divorce?

The buyer’s agent started to laugh and asked “When was the last time you were over at the house?” I said “Last Monday, why?” You may want to go over there, then you won’t have to ask me how I knew” So, I immediately got in my car and drove over, I had to find out what this agent was talking about. There it was in the driveway behind the house, a pile of woman’s clothes, jewelry, pictures and anything to do with the soon to be ex-wife.

I immediately called the husband who was still living in the house and asked what was up with the 5 foot pile of stuff in the backyard. He said “OH, she said she wanted her stuff back, so I told her she needed to come get it…Now! I thought it would help de-clutter the house.” I said “Yeah, but if someone sees that and puts an offer in, they know you are desperate to sell just to get the divorce over with, the offer we get today could be $15,000 less than you are asking, just because they know that you hate each other and want the divorce over with, that is why none of my advertising says this is a divorce.”

Sure, enough, while I was over there, we got 3 offers all $20,000 less than asking and all from the showings that weekend. I told him “Look, these offers wouldn’t have been this low had you just kept your emotions in check, but now we are in a tough situation, do we accept and move on or do we hope that after cleaning up this mess that we get a full price offer.”

The husband decided to spend $29.95 and get a moving truck to put the stuff in and then two days later we got a full price offer, the house was nice, but it wasn’t worth $20,000 less because people saw what they saw as an opportunity.

What do you do about the Ex-Factor?

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Tax Credits for Homes for Sale Winston Salem Triad NC

Fri, 05 Mar 2010 09:02:06 -0500

TAX CREDITS FOR HOMES FOR SALE WINSTON SALEM TRIAD NC

Since we're all headed towards April 15th, Tax Day, I thought it would be appropriate to post information on the topic from House Logic , a service provided by the National Association of Realtors.

Recentlly, one of my neighbors asked me if I knew if there were tax advantages for adding insulation in the ceiling of their garage and beefing up the existing insulation in the attic. Just so happens that there are alot of tax credits along those lines. Here are a few:

Tax Credits for Solar Water Heaters

A federal tax credit makes energy-efficient solar water heaters a more affordable and sustainable option for many homeowners. Read
Tax Credits for Replacing Heating and Cooling Systems

Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500. Read
Tax Credits for Replacing Your Roof

Replacing your roof with a qualifying energy-efficient metal or asphalt roof can cut your cooling bill and earn you a $1,500 tax credit. Read
Tax Credits for Adding or Replacing Insulation

A federal tax credit makes adding insulation an even cheaper way to improve your home’s energy efficiency and cut your heating and cooling bills. Read
Tax Credits for Replacing Windows, Doors, and Skylights

If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable. Read

Visit houselogic.com for more articles like this.

I would love to hear from you and answer any questions you may have about real estate! Thanks for stopping by and please... EMAIL ME today with any comments or questions you may have.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Homes for sale Winston Salem Triad NC

Wed, 24 Feb 2010 22:23:49 -0500

HOMES FOR SALE WINSTON SALEM TRIAD NC

Remodeling in preparation to sell your home can be a fun experience if you have the right contractor. It can also be a disastrous ordeal for with the wrong leadership too.

Let me introduce you to Fred Oskin, owner of Kitchen Saver of North Carolina located on Stratford Rd, in Winston Salem. That name, Kitchen Saver, is a little misleading, because they also do bathroom remodeling, laminate and tile flooring, as well as many other home remodeling tasks that you can come up with!

My personal experience with Fred Oskin, has been the remodeling of two kitchens. One was in my personal home, and another in an investment property. Fred is highly experienced, pleasant in nature, and easy to work with, from pricing the job to the finishing touches. He has a good handle on what works and what doesn't, for your particular budget. Impressive is the work, but let me stress the point that "his crew cleans up every single day...and leaves no dust, debris, or tools for you to be concerned with. It's part of his well managed "production!" Even my dog, "Winston", was treated with love and respect during the job!

The first kitchen started out with this dated look of the mid-70's.... with "White Bathroom Tile" counter tops... need I say more!....

...And ended up looking like this... Corian, smooth finish counters, under cabinet lighting (as well as strategic accent "can style" ceiling lighting , all with adjustable dimnmer switches, for setting just the right mood...

The cabinets were solid wood, so those were sanded inside, then stained lightly, giving new life to strong wood.

This next kitchen needed "Kitchen Savers" desperately. The "Pass-thru" design provided no counter work space. Take a look at these"Before and After" photos:

No Pass-thru....just open space and more room to prepare food or to just socialize while enjoying the fireplace!

If you are in the Triad Region, I highly recommend working with Fred and his team, Matt and Dayna, (as well as others) to achieve your redesign goals.

I'd love to hear from you and answer any questions you may have about real estate! Thanks for stopping by and please... EMAIL Me Today with any comments or questions you may have.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Doug Patterson ABR®, SFR REALTOR®

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The “Accelerator” Offer and the Physics of Short Sales

The Ex Factor… What do you tell a buyer’s agent when they ask about the divorce?

Tax Credits for Homes for Sale Winston Salem Triad NC

Tax Credits for Solar Water Heaters

Tax Credits for Replacing Heating and Cooling Systems

Tax Credits for Replacing Your Roof

Tax Credits for Adding or Replacing Insulation

Tax Credits for Replacing Windows, Doors, and Skylights

Homes for sale Winston Salem Triad NC