Doug Patterson ABR®, SFR REALTOR®

How To Win in a Multiple Offer Situation when you are limited on price

Mon, 14 May 2012 11:51:08 -0700

Thanks to Ralph Gorgoglione for sharing these tips to help buyers to win in a Multiple Offer Situation! Most of these suggestions can be applied to our Triad MLS region as worthwile without conflicts.

Via Ralph Gorgoglione - California Real Estate (800) 591-6121 (John Aaroe Group):

How To Win in a Multiple Offer Situation when you are limited on price

Well, it seems that we're back in the type of market where multiple offers are becoming common.

There's a mixed bag of buyers out there - conventional buyers, FHA buyers, VA buyers, and all-cash buyers and investors.

In a multiple offer situation, the offer price is probably one of the biggest factors when the seller is deciding which offers to entertain or accept.

But what do you do when you've reached your affordable max and can't really come up any more in price?

Here's just a few things that I recommend to my buyers. It requires a little investigative work, but it may pay off for you.

1. Find out where the seller is moving to, and what logistics are involved with that - Is is the case where and when they're moving may cause them need a short rent-back from you? In other words, after the close of escrow, it may help if they stayed in the home anywhere up to 30 days in which they can pay you based on your P.I.T.I. (Principle, Interest, Taxes, Insurance) calculated on a daily rate, or if you're in a financial position to do so, offer them a free rent-back period. A good example is when the seller's new home is not quite ready to move into and they need just a small amount of time. Offering the seller a rent-back is HUGE when it comes to these situations. No seller really wants to have to go into temporary housing and have to move twice!

2. Do the sellers have any pets that for whatever reason will be difficult for them to take to their new home? Once again, if you're in a position to do so, offer to adopt the pet. Or perhaps there is someone you know that may want to adopt the pet. This is a major relief when a problem arises for those sellers that are moving to an environment where the little guys may not have as friendly and safe of an environment. And since the pet is already accustomed to that home, there shouldn't be too much of a transition for the pet other than getting used to their new owners. Something like this can truly set you apart from the other buyers tremendously.

3. Write a fast inspection period into the contract - The standard contingency in California is 17 days to perform an inspection and remove that contingency to the contract. But honestly, you can get a certified inspection booked in a matter of days and get that all taken care of with your inspector in most cases. Try changing that inspection period to 10 days. Why? It shows the seller you're willing to get your due diligence done quickly and efficiently. That can score quite a few points with both the seller and listing agent.

4. Offer to inherit personal property that would be difficult to move - Is there any personal property that is large or difficult to move that would create a huge cost factor for the seller? Offer to keep the personal property or purchase the personal property depending on what type it is. Maybe there are some old paint cans or bricks/boards, etc. on the property. This can save the seller a lot of money not having to pay to move items that could create a substantial moving expense.

5. Write a personal letter to the seller that you've found you have a connection with - Do you and the seller both have children? Pets? Belong to the same organizations / clubs / charity? Share the same spiritual beliefs? Taste in architecture? Perhaps you share similar life experiences? Writing a personal letter to the seller that is sincere and makes some kind of connection or that creates some kind of bond with them can be HUGE in their decision to choose a buyer in a multiple offer situation.

6. Assure the seller you will continue to use their existing contractors - It could be that the gardener, pool service person, pet sitter, pest control, etc. are contractors that the seller has known for many years and feels badly that they will be moving and perhaps they will no longer have the work associated with the home due to a new buyer living there. Offer to keep those service providers employed when you take possession to the property. In most cases it may make sense for you as well, but the gesture could mean a whole lot to seller that is conscientious about relationships. It could also be the case where you may be able to assume any outstanding contracts that would otherwise cost the seller a lot to cancel.

Have I divulged ALL of my buyer strategy secrets? Of course not! Those are reserved for the buyers who I'm fortunate enough to work with.

The best advice I can give a buyer is: BE A STRAIGHT SHOOTER AND WEAR YOUR HEART ON YOUR SLEEVE. Don't be crafty or coy. It never works and you'll always create an environment of mistrust and animosity, and that's a recipe for disaster.

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Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

I'll Take HUD Homes For $200, Alex

Fri, 16 Mar 2012 06:44:31 -0700

Thanks to Angie Nwanodi for this explanation of what a HUD home is and how it comes back on the market as a foreclosure. Many buyers hear these terms talked about on the news and over the water cooler at the office, and now you have a clear explanation of how a HUD foreclosure and FHA have recycled the home and makes it available to other qualified buyers!

Via Angie Nwanodi | The ACG Group, Realtors® | Southern Cal HUD & REO Specialists (Evergreen Realty & Associates, Inc.):

What is a HUD Home? I can hear your thoughts already: 'DUH ... It's a home owned by HUD!' True enough, but are you confident you know enough about them to make it a daily double?

Yes, HUD Homes are owned by HUD, but who is HUD anyway? And what characteristics make a home eligible to be a HUD Home?

First Things First

HUD is an acronym for the United States Department of Housing & Urban Development. It is a critical federal agency whose leader (The HUD Secretary) is a cabinet-level appointment that reports to the President of the United States.

Have you ever heard of an FHA loan? Well, FHA stands for Federal Housing Administration, and it is a department within HUD whose Commissioner reports to the HUD Secretary.

FHA promotes homeownership in a number of ways, including providing loan guarantees to private lenders for making low downpayment FHA loans to homebuyers.

Cliff's Notes Version

Before your head starts spinning with all the alphabet soup and Realtor®-ese, here's the basic English version:

HUD wants Americans to be able to purhase homes

FHA sets guidelines for what qualifications a buyer must have

Banks qualify homebuyers based on this criteria and give mortgage loans to homebuyers

FHA insures these mortgages, promising to pay back the lender if the homeowner ends up in foreclosure

Banks then see the FHA guaranteed loans as a low-risk and make loans directly to homeowners

When those homeowners cannot pay their mortgage, the bank forecloses and then cashes in on the FHA insurance guarantee and gives the house back to HUD.

So, when you are buying a HUD Home, you are buying a foreclosure directly from the federal government, and it is ALWAYS SOLD AS IS.

For A Quick Recap ...

If you were on Jeopardy!, here's what Alex Trebek would say, 'This special type of American real estate has the following characteristics:

A one to four unit property

With FHA insurance on the mortgage loan

Which is foreclosed on by the original lender

Who then files an FHA insurance claim

And signs over title to the largest U.S. Housing Agency

And then you would push your buzzer (first, of course!) and give the only acceptable answer: "What is A HUD Home?"

Stay tuned for our upcoming post on Common Myths and Misconceptions About HUD Homes. Better yet ... SUBSCRIBE!

If you are looking for information on how to buy a HUD Home, you've just found your one-stop resource. If you are interested in buying a HUD Home in Southern California, we can help you directly.

If you are interested in buying a HUD Home nationwide, we can refer you to HUD-Registered brokers and agents who are trained on the most recent HUD procedures and actively selling HUD Homes in today's market.

ABOUT THE AUTHOR

A lover of music, travel, languages, cultures and people, ANGIE NWANODI is the Founder and Principal of The ACG Group, Realtors®, an agent team practicing under Evergreen Realty & Associates, Inc. Angie started in the real estate industry in 2000 as a Policy Analyst for a national nonprofit housing developer, eventually becoming its Director of Policy and having the honor of testifying before Congress on the preservation of affordable housing during her tenure. Angie went on to start her own residential real estate practice in November, 2005.

THE ACG GROUP, REALTORS® are distressed property experts with specialization in HUD, REO and Short Sales. As one of 54 California Local Listing Brokers for the U.S. Department of Housing and Urban Development (HUD) through PEMCO, Ltd., we offer training and community events for real estate brokers and agents, homebuyers and investors interested in mastering the process of buying a HUD Home.

CA DRE #01466683

Icon Credits

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

It's a Loan Officer, Not a Serial Killer!

Mon, 12 Mar 2012 09:01:50 -0700

Thanks to Eric Michael for this inciteful post! Real estate buyers can save alot of time, and yes, alot of heartbreak, if they just find out what they can actually qualify for before they begin their searches. It's a joy to meet a buyer that has already been pre-approved, because it tells me they are serious about their time and they respect the time that they are going to expect from their real estate agent as well.

Via Eric Michael, CDPE -Real Estate & Short Sale Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI):

It's a Loan Officer, Not a Serial Killer!

Scenario #1. You call a real estate agent because you saw a house online and would like more info. Agent describes the house and you get excited, it sounds exactly like what you're looking for. You say, "I gotta see this house! When can we go?" Agent's response, "Have you been in contact with a Loan Officer?"

Scenario #2. You and your spouse have been driving around the city, looking for "for sale" signs in front of houses that you're interested in. This is one of the areas you've always wished you could buy your first house in. House looks great. There's even some young kids playing basketball next door. They seem to be right about the same ages as your kids. Your wife dials the number on the sign. "Hi, this is Eric. How can I help you?" "Um, hi. We were wondering if you could tell us more about the house at 123 Perfect Lane?" After hearing all about the house, you've just gotta see the inside! When you ask, the response is "Do you have a pre-qualification letter from a lender yet?"

Scenario #3. You just got a raise at your job. The lease is just about up on your apartment, and a few of your friends have purchased homes recently. It's your turn. You sign up for lists of homes from a dozen real estate sites. They're all the same lists, but whatever. You thought there might be something special out there and you didn't want to miss it. You find a few that you want to look at. That's when you call your friend, who's been in the business for a while. You tell him that it'll be cool to hang out and look at some homes, maybe get a few beers afterward. Friend agrees and says, "Before we hook up, have you talk to a lender yet? If not, I have a few that I've worked with in the past that I could recommend, because we need to make sure you get pre-approved before we start looking at homes."

See the pattern here?

There's a reason that we want you to talk to a Loan Officer before we go out to look at homes. A few reasons, actually.

You need to take a look at your credit history. Lenders have minimum credit scores that need to be met before lending money for a house.

You might think that you can afford a certain amount, only to learn you have to look at homes that are a lot lower than you thought. Conversely, maybe you can qualify for more than you thought, and your dream house just got a lot nicer. Looking at homes that you could never qualify for is depressing. Trust me.

We run a business. We don't get paid unless you purchase a house. If you can't purchase, we can't waste our time, money or resources. It doesn't make business sense.

Debt to income ratios, time on your job and amount needed are a few more things that they Loan Officer will have to figure out before determining how much, and IF you can qualify for a mortgage loan.

Sometimes it's scary to find out what your credit is, or what you can truly afford. Sometimes it's even better to continue renting for a while to save up more money for that down payment or to pay off a few credit cards. The Loan Officer will help determine the best strategy for you.

Ultimately, a trustworthy Loan Officer is an integral part in the house/condo buying process. They can be an ally. As long as you remember, It's a Loan Officer, Not a Serial Killer!

Eric Michael, Real Estate Professional
Remerica Integrity, Realtors
41000 W. 7 Mile #105
Northville, MI 48167

Cell: 734.564.1519
Fax: 248.912.9996

www.ShortSaleInfoMI.com

www.EricMichaelOnline.com

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Please Rearrange Your Schedule!

Mon, 05 Mar 2012 05:48:58 -0800

This happens all the time. Thanks to Tom Branch for pointing this out to the homeowner who is trying to sell their home. Listing agents should explain to their seller clients that if they have a particular need to not show the home at certain times, make that known. It can be in the Agent Notes only.

Via Tom Branch | Broker, CDPE, SFR, ACRE | Plano TX Ambassador | 214-227-6626 (RE/MAX Dallas Suburbs):

I'm often amazed at the things sellers unknowingly do to make selling their homes more difficult.

I was scheduling showings for a buyer today. We have 9 properties to view and we are starting at noon. The order was set and showings were scheduled through our showing service.

About 2 hours after I set them all up, I get a call from the showing service. The last home of the day wants us to move our showing. The want us to show it before 12:30 or after 3:30 as their baby naps every day between these hours. Sadly I was not able to accommodate their request and simply did not show the property. I was not willing to rearrange an entire showing schedule and change 8 other showings to accommodate one seller.

If you are a seller, please let your agent know about these types of scheduling issues. The agent can add remarks to the MLS so agents working with buyers are aware of these issues prior to scheduling an entire day. You cannot expect agents to rearrange their schedules around a single showing. It takes time to lay out routes and schedule showings.

Buyers are moving quickly on homes lately so make it easy to show your home. If you have a unique situation, ask your agent adds it to the MLS.

Photo Licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/03/04/please-rearrange-your-schedule/

Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton. While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure. Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.

Copyright 2009-2012 - The Branch Team
The Branch Team - Texas Real Estate Broker 547597 | Team Members are Texas Licensed Real Estate Professionals
Tom Branch - National Mortgage Licensing System 341963

Important Notice: The Branch Team with RE/MAX Dallas Suburbs is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Rent to Own! Is This a Good Choice for Renters?

Mon, 05 Mar 2012 05:44:32 -0800

Good advice from Jerry Newman about this timely question! Considering all the factors of renting to own is smart. If you really love the home before entering into this type of agreement, it may be a great options for buyers who don't have the cash to put up a down payment now, but could if they used the rental option to purchase strategy.

Via Jerry Newman,REALTOR®,Texas Agent San Antonio Real Estate & Military Reloc (Keller Williams Realty):

Rent to Own! Is This a Good Choice for Renters?
With the higher standards and qualifications for applying for a loan to purchase a home in today’s market, many would be buyers are looking into the rental market for the time being. Some of them are even considering “Rent to Own” option, but is this really a Good Choice for Renters? Many investors and private home owners from time to time will offer “Rent to Own Contracts”, which typically include an up-front fee, plus monthly payments that have two components, rent and additional charges that count toward a down payment.

This upfront money is often called “Non-Refundable Earnest Money”, or “Option Fees”. A good example would be if you agree to buy a $185,000 home, paying $3,000 up front money, and monthly payments of $1,500($400 of which goes toward the sale price of the home). At the end of one year, you will have $7,800 towards a down payment, and $17,400 after three years. $400 x 12 = $4,800 + $3,000 non-refundable earnest money.

But, if you decide not to proceed with the purchase for what ever reasons, it is unlikely that any of your beyond the rent payments will be refunded. For this reason, buyers should only consider a “Rent to Own” option only if they are serious about purchasing a home, but need more time to arrange for financing, or have other legitimate reservations. If you decide you don’t like the home after a year or two, all your payments toward the sale of the home is forfeited.

Rent to Own contracts may be a good choice if:

1. A buyer wants to take advantage of an attractive selling price, but just needs a little more time to save up their money for the down payment.

2. The buyer may need more time to improve their credit history and to qualify for a better mortgage interest rate on a loan.

3. The buyers wants to make certain that the house has no serious problems, or wants to experience living in a neighborhood before becoming a home owner. Then, if the buyer decides not to proceed, they may forfeit the money credited to purchase the home. But, these losses could be small compared to the potential cost of multiple real estate transactions or property repairs in order to resell the house, and find a different home.

In any case, buyers should plan very carefully and make every attempt to ensure they can complete a purchase transaction at the conclusion of the contract. It’s also essential to work with a qualified real estate attorney to make sure the contract terms are favorable to your needs and the seller is a legitimate owner. In the state of Texas, it is highly recommended that use utilize the services of an attorney to help you with any “Rent to Own” or even those “Lease Purchase Contracts”.

Some of the Short Comings of a Rent to Own to Deal are:

1. Interest rates may increase. If the rates rise, higher monthly payments could make it harder to secure financing at the conclusion of the rent-to-own contract.

2. Prices Changes. If market prices decline, will the buyer be stuck paying a premium price for the home? Conversely, if prices rise, does your contract provide protection from the seller seeking a different buyer?

3. Late payments. Some contracts say that if your payments aren’t received on time, they don’t count towards the down payment.

4. Foreclosure scams. Make sure the seller isn’t going through foreclosure. You don’t want to make inflated payments. only to be served eviction papers when the bank takes possession of the property.

Rent to Own contracts are not for every buyer. But in some cases, it can be an attractive option. If you think “Rent to Own” may be the right choice for you, Contact your Local San Antonio Real Estate Agent, who can answer your questions, and help you find suitable properties, and direct you towards an attorney for legal counseling on these types of contracts. Visit my website at Homes For Sale in San Antonio.

Jerry Newman, REALTOR®
US Army Retired
Keller Williams Realty
San Antonio, Texas
Direct - (210-789-4216
Fax Line (210) 696-9981

Jerry@JeremiahNewman.com

Your Local Real Estate Expert,Let me Google that for You..



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Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Can a buyer take pictures at an open house?

Mon, 05 Mar 2012 05:38:48 -0800

Many thanks to Brian Robertson for his incitely and timely post about visitors at open houses taking photographs of the home. In North Carolina, it is allowed, but as mentioned in this post, caution should be taken by the agent on duty.

Via Bryan Robertson, Los Altos REALTOR Los Altos Real Estate - Homes For Sale (Sereno Group - Los Altos):

With smart phones and digital cameras, home buyers are often seen taking pictures of the houses they tour. This is especially true of homes they really like because they want pictures of rooms to recall specific colors, layouts, etc. Buyers may also want more photos than the listing agent took. Regardless, home buyers will frequently bring their cameras to open houses and private showings.

Is it legal? - It is in California but that may change. The topic has been discussed by the California Association of REALTORS. There are listing agents and homeowners who think the practice poses a security risk. Others think it just invades the privacy of the homeowner. As long as the homeowner doesn't object, I permit pictures to be taken.

Here's what I do:

You're welcome to take pictures at an open house, especially if it's vacant

I'd like to know why you're taking pictures

If you're a neighbor looking for decorating ideas - fine

I'd like to know what you're taking pictures of

Should buyers be allowed to take pictures? Yes, in my opinion. As a buyer, I'd like to think that the pictures you take will put my listing at the top of your mind when you look later. It means you're thinking about the home in more detail than the limited number of pictures a virtual tour or photo collage gives.

What pictures should a buyer be taking?

Room angles not in the tour or photo collage

Any exterior shots

Details of decorating elements of the home

Any fixtures that stand out as interesting

What pictures should a buyer NOT be taking?

Personal items of the homeowner

Close up shots of any personal items

Anything that might be used to test security

Policies vary from agent to agent and you should ask the agent at the open house for permission before taking any pictures. Agents should have the OK from homeowners before allowing anyone to take pictures at an open house.

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Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022

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Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Client or Customer? If You Don't Know, Then How Do You Expect Consumers to Know?

Mon, 16 Jan 2012 21:36:31 -0800

Charita Cadenhead, of Bham Wire Realty in Birmingham, Alabama has made some excellent points in her recent post on ActiveRain. There are alot of folks who really don't know what our REALTOR Code of Ethics demands of Realtors. Charita has brought a few of those to light!

Via Charita Cadenhead, Your Birmingham, AL Realtor® & Property Manager of Choice (Bham WIiRE Realty LLC ):

Client or Customer? If You Don't Know, Then How Do You Expect Consumers to Know?

It seems to me that while reading posts on ActiveRain, I read where agents refer only to "clients" and NEVER "customer." Should I assume that we all only work with "clients" or do we work with "customers" as well? Or could it be that some:

Just do so without thinking?

Don't know the difference between the two?

Want to sound more important by using the word client?

Want to give the impression that we only work with buyers that sign Buyer Agency Agreements (even though that isn't always true)?

Have forgotten that technically there is a difference?

Personally I think that the use of the words customer and client in real estate is for the benefit of agents only and a bit ridiculous to me. I mean consumers really don't give a damn. They just want to be treated fairly and we owe that to anyone that we work with regardless (or irregardless which should be removed from the English language) of whether they are clients or customers.

At any rate, you can call them what you like. I'm not really bothered by it like some. I'm just being the typical wordsmith here and thought the topic was a good one to chew on for a minute.

But since definitions exist in the world of real estate, we may as well know what they are and how they are applied.

Just in case you've forgotten or haven't read the Code of Ethics since Shep was a puppy, here's a little refresher:

Standards of Practice 1-2

As used in this Code of Ethics, “client” means the person(s) or entity(ies) with whom a REALTOR^® or a REALTOR^®’s firm has an agency or legally recognized non-agency relationship;

“customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTOR^® or the REALTOR^®’s firm;

“prospect” means a purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the REALTOR^® or REALTOR^®’s firm;

“agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07)

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Charita Cadenhead, Your Metropolitan Birmingham, Alabama Real Estate Broker of Choice

Got a question about Metropolitan Birmingham real estate? Just ask Charita. Need a good Realtor(R) to help you find a new home or sell the one you already own? Just shoot me an email. In need of a rental property? Subscribe to be notified whenever we list a new rental or home for sale.

www.inandaroundbirmingham.com
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One thing about being in real estate: I can't hide even if I tried. Bham WIiRE Realty: We're Everywhere You Want to Be!

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Buyer Sues Seller For Not Disclosing Deadly Plants Eaten By Pet Rott. Disclosure Nightmare?

Sun, 08 Jan 2012 09:39:05 -0800

Buyers need to beware of everything they can, while considering the purchase of a home. Having a great inspector during the "Due Diligence Period" is paramount. That being said, you've got to read this post! It's very interesting. In North Carolina, we are "Buyer's Beware" state.

Thanks to Greg Nino for this funny, but eye-opening, post!

Via Greg Nino Houston Texas (RE/MAX West Houston Professionals):

Your average home seller isn't a Botanist. And your average seller plants and cares for many plants and shrubs they know very little about. Throughout the Houston area we have an abundance of Oleanders. These shrubs are widely popular because of their extreme durability, price and overall appearance.

When consumed by mammals, especially dogs, oleanders can kill. But so can many other types of plants. A friend of mine who owns a landscaping company told me that many of the plants in your average garden are considered toxic. One lady reportedly died from attempting to make oleander tea as a last ditch effort to cure her cancer. Another man died from eating mass quantities of it because he read that it was a natural plant that could cure his stomach cancer.

Should a seller disclose anything they know about the dangers of their plants?

If I were an attorney, and I'm not, I'd say yes. You should disclose anything relevant to the property that might expose you for claim. Best to over disclose and get a signature...then be forced to explain later.

Or maybe that's being extreme. It's not like homeowners disclose that the batteries in the upstairs smoke detector are old, cheap and likely to stop working. I suspect there will be comments from readers on this post that will suggest a buyer with pets should have the responsibility to decided if plants are harmful to their pet or not. A seller shouldn't be responsible to understand, learn or know the danger levels of every plant or chemical used in their lawn. Lets not even talk about the oranisms in the pool or type of fertilizer tossed out back. Damn those electromagnetic fields from the power lines! RUN FOR YOUR LIVES!

Today you're the Jury!

The Plaintiff (buyer) is suing the homeowner for 10 trillion dollars because the buyers salivating Rott ate some oleander as a side salad with the neighbors pussy cat & died. Hey don't laugh, this is America.

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The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Are You Rich? Self-Check Time

Sat, 24 Dec 2011 23:56:41 -0800

How do we look at people who may be temporilary down on their luck....and what may have caused that situation.

Thanks to Gary Woltal from the Dallas, Ft. Worth area for this excellent photograph that represents so many in our comunnities across our beloved country.

During this season of giving, please take a moment to reflect how we all are affected by circumstances.

Via Gary Woltal - Assoc. Broker REALTOR® SFR Dallas Ft. Worth (Keller Williams Realty):

"Do not judge by appearances; a rich heart may be under a poor coat."

~ Swedish proverb

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Accompanied Showings In Real Estate Don't Create Sales

Sat, 24 Dec 2011 23:45:30 -0800

Homes are not "sold by Realtors"....Homes are bought because the home buyer likes the home and everything about it....location, schools, and yes...the home is perfect for the buyer....or at least somewhat perfect!

Thanks to Bill Gassett, from Hopkinton Massachusetts, for this inciteful perspective on Home Buyers and what they need from their Realtors!

Real estate agents "help their buyer clients" by providing information, knowledge about how to move through the purchasing process (including Contracts & paperwork involved) and teams of people who can assist in that process.

Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):

Original article source: Accompanied Real Estate Showings

For those that do not live and breath selling Real Estate every day you may not realize what the term “accompanied showing” means. This little piece of Real Estate jargon is when the buyers agent is required to meet the listing agent when showing a home or other property.

When I am getting ready to schedule all the properties I am going to show for a particular day the last thing I want to see in the showing instructions is that the listing agent has to be present so please coordinate your schedule accordingly. This is almost as bad as the home seller that makes it a requirement they have twenty four hours notice before a Realtor can enter their home.

Thankfully we do not have accompanied showing in Metrowest Massachusetts area all that frequently. This is certainly not the case all over Massachusetts as it becomes more and more common in some of the cities surrounding Boston. Some areas around the country have accompanied showings and others do not. Why? Who knows but more than likely it all started with an areas tradition.

I am this way of doing Real Estate business has never caught on in my neck of the woods. Frankly an accompanied showing is a waste of a listing agents time and does nothing to enhance the home sale process. There is a long standing misconception amongst some people that Realtors “sell homes”. It may come as a surprise but I have rarely ever “sold” a home in this sense of the word to any client I have ever worked with.

Homes are an emotional purchase. Buying a home is not something a Realtor talks somebody into doing. Realtors can be give advice and provide helpful information but homes sell themselves. In the twenty five years that I have been selling Real Estate there is one commonality when a buyer enters a home they like.

There is an an emotional reaction and you can see it in a persons body language and facial reactions. There are times when a buyer walks into a home you can just feel that it is a match and they will end up putting in an offer. This scenario occurs because of human emotions and attachment. It has almost nothing to do with a sales pitch.

To continue reading the full article see accompanied Real Estate showings.

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About the Author: The above Real Estate information on accompanied real estate showings was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Massachusetts Real Estate information see Massachusetts Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service Real Estate short sales in the following towns in and around Metrowest Massachusetts: Hopkinton, Milford, Framingham, Franklin, Upton, Bellingham, Southboro, Westboro, Ashland, Holliston, Mendon, Northboro, Shrewsbury, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Millbury, Worcester, Natick, Sutton and Douglas MA.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 25 years.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Inman Top 100 Most Influential List & Most Successful: Where Do You Fit?

Thu, 22 Dec 2011 09:19:35 -0800

Congratulations! TO loreena Yeo of Frisco, Texas, for this enlightening post about sales and salespersons. Please click on the "Go Givers Sell More" link...and read that as well. Excellent advice for all persons working in real estate or any other "sales environment". Thanks Loreena for this inciteful post.

Via Loreena Yeo, Realtor®| Frisco TX Community Ambassador (214)783-2210 (3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.):

Recently, Inman published its 2011 Top 100 Most Influential list and a recent post mentioned that the Most Successful Agent began his journey here on AR. I quickly scrolled through the list to see who made it, why they made it and what factors make them on the list.

It's no doubt that in our real estate industry, success and influence are defined by the number of transactions and sales volume. Most of these top producers work in a TEAM environment.

I don't have any published stats and neither do I have a clear understanding of how most businesses are set up: individual agents versus team environment. So, I cant say for sure, but I know having a team produces far beyond what one individual can do.

Where there is a list, there is a ladder. The competitiveness of my nature wants to get me on it and move up. It's also a very natural entrepreneurial spirit. But a couple of years ago, I gave up beginning my year with # transactions, # sales volume I needed to close on my business plan.

I find it very stressful to keep up with my list and my expectations.

What I read about influence and compensation in Go Givers Sell More changed my perspective. It talked about how top athletes, celebrities earn the money they do, versus a school teacher, a church pastor - what noble work they do, yet they bring home what they bring home. According to the book, it's about IMPACT. Goodness and worthiness have nothing to do with compensation. Compensation has something to do with IMPACT.

I walked about thinking more about IMPACT. In our sales world, I guess the word IMPACT also refers to marketing and how we keep our "pipeline" full. It's reality.

So, instead of starting out my year with # transactions or # sales volume, I chose to write my business plan based on IMPACT VALUE. I don't necessarily say how many transactions I need to close but instead talk about how many families I want to impact. Now, every once a while, I'm not able to make an impact on some families - for whatever the reasons are.

When I began my journey here on AR, I quickly could tell who's successful in the business, who's not. My years are young in the business and I was trying to kill myself comparing me to those who have been in the business, possibly for times I have walked this earth. When it came to it, there is no comparison. They too, are at a different stage of lives not similar to mine. They are probably empty nesters, or at least have no 4-year olds tugging on the leg, trying to take a phone call professionally. There's so many factors I had to learn to take into consideration. Not just the success they have versus mine.

I smile. I'll do what I can to make a positive impact for those I serve. The forces of nature really will take care of itself.

Nope, I'll never get on anyone's life, make it to Top 100 or even be considered as "Most successful" in the world of real estate, but I gather enough to put food on the table for my family and then some. Who's to say, I'm not successful in His eye?

If charting # productions, volume serve you well, continue to do it. I understand there must be a baseline to know what your break even point is because this is after all, a business - not a hobby.

But for those who do compare yourself to others - don't. It's always "looks" greener on the other side. I promise you that.

Be yourself, push where you need to be, and in the end, let nature takes its course. Don't ever be accused for not trying hard enough. But when you do, just know that that was your best you could do at that given time.

My hope for you in 2012: Onwards and upwards!

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

What Do Realtors Really Want From Their Lender When They Refer A Client?

Sun, 18 Dec 2011 16:46:38 -0800

Thanks to Rick Obst with Obst Business Solutions Team in Eugene, Oregon for this terrific post. Buyers should be able to count on their Lender to do the following. A recent experience with a new lender the client wanted to use, has confirmed my convictions about the professionals I refer clients to, each and every day.

Via Rick Obst with Obst Business Solutions Team (Obst Business Solutions Team):

I posted a question on some real estate forums asking Realtors what they expect from a lender when they refer a client. I received a number of excellent answers:

I like working with resources that "work the way I do" - accessibility is so important and this is generally where my lender of choice comes out #1. I recommend several, but she's the one that takes the call and so generally she gets their business. Service and the ability to deliver: she has the clout and access to make things happen. While she can't control everything, she remains engaged and involved throughout. And yes, I do appreciate reciprocity. This has become more of a focus for me recently - just joined a networking group and I think the idea of helping one another grow is important.

Accessiblity, Communication, and to be copied on everything they send my client!

I have high expectations for myself as well as my Broker. Communication is KEY. Keep me in the loop and update me, and keep me informed of any problems. Be ethical, available, honest and proactive. I consider the lender my TEAM member and want the transaction to go as smoothly as possible.

First and foremost, I want a loan officer who is completely honest and upfront with me and my client. It is also very important to me that the loan officer respond quickly to inquiries, be available to answer the buyer's questions, and keep us updated throughout the process. Of course, it is vital that there are no surprises at closing and that everyone is in the loop regarding the status of the loan throughout the entire transaction.

I want a loan officer to contact the buyer, return all calls promptly, give me some feedback after the buyer has been contacted and find and solve problems. I love when a loan officer calls me to tell me there was a problem but they have fixed it and the buyer is happy. Great, one less thing for me to worry about. I don't care if you send me a referral but take care of the ones I send you.

Someone who returns calls, has great customer service and continues to ask great probing questions of the buyer.

I look for someone that is knowledgeable, follows up consistently, is personable with clients that are referred to them & provides great customer service. This to me is the greatest attribute a loan officer should have. If customers don't like them or they can't be reached once they take the application no matter how much they know, they aren't going to want to work with them so attitude is everything.

Honesty - They have to tell the truth to both the agent and the client. What are potential issues and hurdles that may be faced in a transaction? Must offer a fair deal to the consumer and be sure the consumer will ultimately be thankful for the referral.
Access - They have to be available at all times. If not - they need to have someone competent handling their affairs while on vacation. If I need an amended approval at 10pm on Sunday evening - I want to know I can have it.

How would you answer this question?

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

If your career isn't going where you expected, it might be you.

Thu, 15 Dec 2011 13:09:51 -0800

Congratulations and thanks to Mike Cooper of Winchester, Virginia, for this excellent post! Having "Great Expectations" will lead you to happiness and good health, and a good relationship with your family, friends, and clients!

Via Mike Cooper, Real Estate Agent-Broker, Winchester,VA (Cornerstone Business Group, Inc.):

Over the past 30 plus years I've worked with a lot of couples who where struggling with their marriages. There is one stress issue that has come up over and over, whether voiced or not, but it's not money. The number one reason, beyond adultery and abuse, for couples to break up is failed expectations.

It might have been promises not kept as the core of the failed expectations. For instance, a young man may woo a girl into relationship, and ultimately into marriage, because of the potential for a comfortable life with lots of "stuff" and all that life can offer, like kids, cars, a nice home, great vacations, etc. But, when reality hits, the economy turns upside-down, the jobs or promotions don't come, the money is too little and the expectation is crushed. Soon after, the marriage falls apart.

The same can be true in your career, or any career for that matter. When you entered your current career, you probably didn't expect to experience the longest running recession since the Great Depression to be your current and constant norm.

You may not have expected your chosen field to be the hardest hit in an economy that is struggling to get on track. You probably didn't think that clients would use your services with promises of financial reward, only to turn their backs on you just before payday or that a co-worker would steal a customer away when you weren't looking.

These things all happen in life, but there is a flip-side to living in a world of failed expectations. You can just as easily live in a world of expectations. Today, I had a client email to tell me that her husband decided to go with a family friend for their current listing needs. I had done all the leg work, set a price for their upcoming sale, provided all the paperwork for their short sale and they took it followed by a short email and a simple "sorry, but" line that would leave most of us frustrated. It did me.

But, on other side of that event, I still live a life of expectation. It's hard sometimes, but it's a much better way to live. Three hours later, I received a new listing. I could have sulked over the lost opportunity, or I could believe that good things are going to come my way day after day. When they come, they are there because they are expected. There is a great power, or faith, in expecting good things to come into your life.

One of the things I always asked each individual in a marriage couple counseling session is, "What would you have to change to be happy in any relationship?" That normally caught them off guard because they wanted me to ask what their partner would need to change in order for them to be happy, but the truth is no one can make you happy or sad without your permission.

So, as you're thinking about your career, "What would you have to change to develop a life of expectation in your career?"

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Give me a call for all your real estate needs, and let's make something amazing happen.

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

Real Estate Sales and Property Management

(Disclaimer: All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment. Feel free to cackle.)

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Problem…Ignored

Sun, 04 Dec 2011 12:19:13 -0800

Inspections are critical for Buyers looking to find out about their upcoming purchase. As a Buyer's Agent, I place a great emphasis on full inspections, from the General Inspection, Sewer Tank Inspections, Radon Gas Inspection Report, Termite and other wood boring insects Inspections, as well as specialized items like Chimney inspections, especially in older homes.

Thanks to James Quarello, of Wallingford, Connecticut for this insightful report concerning Water Issues around this home.

Buyers take note! Don't buy an Unknown Problem, if it can be found and corrected with a good Inspection!

Via James Quarello - Connecticut Home Inspector (JRV Home Inspection Services, LLC):

One of the purposes of hiring a home inspector is that in order to find and coordinated every tradesman and contractor necessary to inspect a house would be a logistical nightmare. The other is bias or should I say lack of.

The home inspector unlike for example the plumber, has nothing to sell other than his skill inspecting homes. Sure the plumber is way more knowledgeable about plumbing, but he makes his living installing pipes and associated components, not inspecting them. The other aspect of an expertise is the expert may often see their product/skill as the answer to the homeowner’s problem even when it may not be the solution.

During a recent home inspection of an end unit condo I found the patio at the rear of the unit settled by several inches. The slope of the patio was such that it had created a nice little wading pool against the house when it rained. The dried mud tells the story. The concrete stairs next to and along the patio had also settled similarly. No doubt all this sinking was due to water collecting against the foundation.

I noted a sump pump discharge along the same wall. Not really a surprise to see considering the exterior drainage conditions one would think.

Inspecting the basement I found it finished at the corresponding wall. I also found the sump pump installed in the corner at the point where the water pools on the exterior and wall drainage. Wall drainage is a gap cut into the floor at the wall in order to collect water running in through the wall. This drainage system was only, as far as I could tell, along the rear foundation wall. I did not see it along any of the other exterior foundation walls.

Does this system address and cure the problem of the poor drainage on the exterior? No, I do not believe it does, but the company that put it in accomplished their goal. They sold their product and services. Did I mention all the carpeting in the basement had been removed and there were water stains along the finished walls.

Clearly the main issue with water penetration in this basement is the patio and the soil grading and drainage. Water penetration does not seem to be an issue on the other two exterior walls because it would seem the grading and drainage there is proper. This sump pump may indeed be necessary, but the root cause of the problem has been ignored.

And everyone knows ignoring problems doesn’t make them go away.

James Quarello
Connecticut Home Inspector
2010 - 2011 SNEC-ASHI President
NRSB #8SS0022
JRV Home Inspection Services, LLC

To find out more about our other high tech services we offer in Connecticut click on the links below:
Learn more about our Infrared Thermal Imaging & Diagnostics services. Learn more about our home energy audits, the Home Energy Tune uP®.
Serving the Connecticut Counties of Fairfield, Hartford, Middlesex, New Haven, Southern Litchfield and Western New London.

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker

Access To PAPERWORK Needed To Make Home Offers

Sun, 04 Dec 2011 12:07:34 -0800

As a Buyer's Agent myself, I definately agree with Gary Woltal from the Dallas, Fort Worth Texas area, documentation about the home is so vital. There are lots of public records usually available to Buyer's Agents to help the Listing Agent in getting a fair offer. However, so much more information such as "recent repairs", planned repairs, new square footage finished and now included, and the list can go on and on!

If you are planning to list your home for sale, mention to Listing Agents that you want every document uploaded to the MLS that will help Buyers know how thorough you are as a seller. It speaks volumes for your interest in working with Buyers! ....and isn't that your goal, Sellers?

Via Gary Woltal - Assoc. Broker REALTOR® SFR Dallas Ft. Worth (Keller Williams Realty):

In addition to ACCESS to getting into a home for a showing a pet peeve I have with some listing agents is the proper PAPERWORK a buyer agent needs to make an offer. ACCESS to that paperwork.

Um, excuse me Mr. Seller but WHERE is your paperwork? Why are they hiding it, foot dragging finding documentation, or filling out forms? A thorough Listing Agent gets this from their seller.

Documents like the Survey, Seller Disclosure information, all the photos, detailed information about exclusions, and how about state mandated addendums on some exclusions that all parties need to be aware of like mineral rights or a lead based paint acknowledgement for older homes? Where are these documents? Do I have to look under the bed in the Master Bedroom. I get funny on this at times as my PAPERWORK EXAM with glasses on but THIS stuff or lack thereof slows everything down in making an offer. Bonus material would be a floor plan or maintenance records. Get me my stuff and we will get started on the offer. HELLO? That IS what you want, right Mr. Seller?

Doug Patterson ABR®

Park Place Real Estate, Broker-In-Charge

SFR HUD Certified Broker