Some days you just feel like jumping off a roof.
Government programs keep failing, time to ignore them
November 6, 2010 By Leave a Comment
Every month there is a new government program to fix the housing market, so far NOTHING has worked. Time to let the housing market fix itself and stop getting the hopes up of homeowners. Government programs have not helped anything. The government makes things more difficult to do everything from sell a house as a short sale or buy a house like a Fannie Mae property.
The government needs to step out and let the market fix itself, we have spent enough money to fix the market and it has not helped at all. The government agencies and politicians are not in this industry from day to day, they don’t understand how what they do effects the market.
If a hot chick dumps you, do you never date a hot chick again?
November 6, 2010 By Leave a Comment
Time Magazine wrote an article about how home ownership did not make sense anymore, they were wrong.
Fannie Mae reneges on their counter offer
November 6, 2010 By Leave a Comment
Short Sales" href="http://eastvalleyteam.com/coffee-talk-stress-free-living-in-phoenix-and-east-valley" target="_blank">Phoenix may be one of the ten least stressful places to live in the United States, but that may not be the case if you are a real estate agent.
We had some buyers who were interested in a Fannie Mae house. They put in an offer and the bank countered back at $170k and our buyers accepted. Then before the bank sent over the addendums they changed their mind. Now they say they want $177k instead of the $170k. When my clients asked me what I thought I told them the truth, I thought it was complete BS!
Why would an agent turn down a short sale listing?
November 6, 2010 By Leave a Comment
Believe it or not we will not take every short sale listing that comes to us to sell their home. Short sales are a lot of work for everyone involved us as the listing agent and the home owner too. Knowing the amount of work that it is going to take we want to make sure the owner is willing to put in the work necessary which is why we make them fill out a short sale packet before we do the listing.
If a buyer is unwilling to do what it take to provide the information up front they are most likely not going to be willing to get the updated documents the same day later on towards the end. So yes there are cases where we will not take a short sale listing.
HAMP, HAFA, Chase and other time wasters
November 6, 2010 By Leave a Comment
What is the most frustrating thing you are seeing in the real estate industry right now? Without a doubt it is banks and government programs like HAMP and HAFA wasting our time, our buyers and our sellers time.
The Government pretends these programs are going to work. What have we seen? Time after time these programs fail and just frustrate and delay the process for everyone involved. There are banks like Chase and others who refuse to be reasonable and say they have these standard and cannot negotiate items, yet we know they do. They make us waste time and negotiate to the investor to get the deals done.
Short sale agent with designations and short sale home conditions
September 2, 2010 By 1 Comment
When you put your East Valley home on the market as a short sale it is important that you maintain the home in a presentable way. No one wants to walk into a home and see trash all over the floors and junk on the counters.
No, you do not need to professionally stage your home, just make your home inviting to the people viewing it. Make it a home they can see themselves living in and a home that looks like it is enjoyable to own. A home that looks like it was cared for is going to get a much better offer than a home that is trashed. That better offer is going to make it much easier to get your offer approved.
Another subject that gets me fired up is designations. Why is it that almost all designations you need to pay for and then pay the designation company every year to keep using it? This of this, you go to ASU (Go Sun Devils!) get your degree and then every year ASU comes to you and says if you want to say you got an education from us you need to pay us every year (insert student loan joke here.) Also that designation does not mean you know how to do anything, it means you took the class.
The exception may be the SSG or Short Sale Genius designation. With this designation once you have it, you have it. But the kicker is, you actually need to have closed short sales before you can use it. But even then I would not hire an agent just because they have the SSG designation. When interviewing an agent make them explain to you the process the use and ask them questions on how they do things.
Fight for clients in short sale approval
September 2, 2010 By Leave a Comment
Not every short sale is going to close, no matter how good you are. Often times issues like PMI are going to get in the way. But you should be taking the fight to the bank for your client to get the deal done and sellers when interviewing agents make sure you ask them what they are going to do when the bank says no.
But I don’t have PMI?!?!
September 2, 2010 By Leave a Comment
So you purchased your East Valley home with a 80/20 loan so you would not have PMI. Now you need to sell your home and you find out the PMI company is asking for a cash contribution or a note for $10,000 to be signed. Why is that?
Well it turns out that investors who purchased your mortgage didn’t trust you so they purchased PMI for them. That is all well and good, and allowed, but that PMI company is not allowed to ask you for a contribution. Well they can, but they are not supposed to.
When they do this it is called 3rd party bad faith. The problem, even through you are right it is going to be more expensive to fight it than just pay it. I think this is going to end up leading to a class action law suite.
Question real estate stats and Fannie Mae is costing us money
September 2, 2010 By Leave a Comment
National real estate numbers almost mean nothing to your local real estate market, and even local real estate may have more than one market. Dont read to much into numbers they dont always tell the whole story. And what is up with Fannie Mae not allowing more time to work on short sales? This does not cost them money, it cost US money. Either allow time for the deal to be worked on or work on it a lot quicker.
