Posts Tagged ‘client protection’
Wayback Wednesday… Why the Hurry?
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This hasn’t changed… unless it has become MORE important.
Looking through listings is kind of like wading through a sea of REOs (bank owned properties) and short sales (properties on their way to becoming bank owned, barring a miracle). And one thing uniting these listings is that they are generally marketed VERY weakly. Scant pictures, minimal descriptions and even non-existent directions to the home.
So, when a property comes on the market that is well photographed, marketed and with a well written description, it stands out.
Two years ago I wrote about agents rushing to get listings onto the market… before things like photographs could even be sorted out. Then and now, buyers reject properties without photos. Seldom do they come back to see if the listing has photos updated on it… unless they have moved past everything else on the market.
Here is the original post…
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View CommentsWayback Wednesday… Don’t be Dumb Like a Bank
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A couple of years ago I wrote a post about a particular property. It was a foreclosure, and the bank acted stupidly. And I’m not saying that lightly. Had they accepted my client’s offer, they would have sold the property a year earlier and for $40k more than they eventually got.
Now I see a lot of people making the same mistake from the other side of the fence…
I see buyers trying to deliver one last beating to the bank… often during the inspection phase… and losing a great deal over things that are trivial. I understand it. That doesn’t make it any better…
I had one client that was angry that the bank accepted his offer. He thought they would counter. I had warned him that they might accept of reject, but not counter. Some of the banks have a number. If you offer $1 over the number, they accept. If you offer $1 below, they reject. During the inspection period, this client made a LOT of demands. The bank rejected. No counter… no discussion.
Don’t make the same mistake the banks were making.
View CommentsThere IS a New Real Estate Transfer Tax in the ObamaCare Law
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One of the forums in which I participate has had stories on both sides of this issue for a couple of months… with the more conservative members saying that there is a 3.8% sales tax on the sale of homes, and those that are more supportive of the President and his policies saying that there isn’t.
Neither side was real specific about their information source… talk radio for some, blogs for others… nobody seemed to be going to the source… the 20,000+ page law signed by the President. In all fairness, there is a LOT of room in 20,000 pages to hide a lot of little Easter Eggs like this. And being fair to the other side, if there isn’t a tax, the bill isn’t going to say “there is not a tax” anywhere…
I have an answer…
There is indeed a tax on the sale of real estate. It doesn’t apply to many people, but it WILL apply to some people that have profit from the sale of their homes. Starting in 2013, those with incomes over $200,000 will have to pay a 3.8% tax on profit from the sale of their primary residence or investment properties. The exact amount will be based on a formula that includes the profit from the property and the income above $200,000. The tax is not an income tax, but rather it is a “payroll tax”… officially it is a Medicare Tax.
It does not just apply to real estate, but also applies to investment income and dividends.
The bottom line is that both groups are right… and both are wrong.
But…
It will drive another nail into the luxury real estate market. It has been in the doldrums for a while. Adding new taxes will not get it going again. And if you are thinking that this only affects ‘the wealthy’, think again. Those homes are not built by ‘the wealthy’. Those homes are not renovated by ‘the wealthy’. Those consumers are more likely to hire contractors to do improvements. And they are more likely to update more often… They are a driver in the housing sector. This added tax is NOT putting gas in the tank…
View CommentsWayback Wednesday… Don’t Hide in the Sand…
A couple of years ago I wrote about folks facing foreclosure. I would love to say that things have really changed in the last couple of years, but I can’t… They have actually gotten worse in many regards. But we might be seeing the light at the end of the tunnel… but it is just a pinprick of light…recent numbers are showing that the tide of foreclosures might be easing… if only slightly… from record levels.
View CommentsWayback Wednesday… It’s a no-brainer…
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… or maybe not so much.
Have you ever listened to the radio and heard the tagline, “the biggest no-brainer in the history of Earth”? I sure have… over and over. About half of the time I am saying things my kids shouldn’t hear by the time the commercial is over.
The ‘announcer’ starts by proclaiming something obvious, then he tries to connect it to his business model… But, it isn’t always a good connection, and certainly seldom as slam-dunk as it should be to be the biggest no-brainer in the history of Earth.”
Take a look at the original post and let me know what you think…
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