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Tag Archives: client protection

Wayback Wednesday… Set the Hook…

Wednesday, 10 November 2010 08:04
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Two years ago there were worries among sellers that buyers couldn’t obtain financing.  Those worries are back… but, then as now, money was available.

Of course, in the middle there were issues with getting loans funded.  But now, the loans are available.  Of course the credit restrictions are tighter and there are fewer loans available for those with weak credit.  But, many would be buyers think that getting a loan is all but impossible… that may be what they heard on TV or saw in the paper.

So, a great opportunity for sellers (and their agents) is to make sure that would be buyers KNOW that they can get a loan.  When I take listings, I call up one of my best mortgage guys and have him build out a few financing scenarios.  This lets prospective buyers know up front what their payment options might be… and if the property might be within their budget.

When I am working with buyers, if they haven’t already, I get them to get a pre-approval.  This allows them to deal with issues with which they might not have been aware, PRIOR to putting an offer in on a property.

Here are a couple of links for Ken Cook, one of my mortgage guys.  He has access to a LOT of programs for buyers (there is audio on this link) that might be on the edge, as well as tools to help those that might have credit challenges to overcome.

Let’s not forget the post from two years ago…

When selecting a listing agent, it helps to have one that also works with buyers.  A balanced agent has the resources and relationships to make it easier for a buyer to get your home.

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Wayback Wednesday… Median Price Comparison… Ouch!

Wednesday, 03 November 2010 08:12
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A couple of years ago I was looking at median house prices in the Atlanta area, via a map that the NAR (National Association of REALTORS®).  My friend Jay Thompson unearthed it… I think before the NAR was quite ready to release it.

The map is a fun little interactive tool, but the information is the real story here.  A couple of years ago, I noted that the Median Home Price in the Atlanta area was $158,300 for the 2nd Quarter of 2008, down 9.8% from the 1st Quarter of that year.

For the 2nd Quarter of 2010, we are sitting at $122,700… up 1.1% from last year.

If you were wondering how values have fared over the last couple of years, this was a pretty telling indicator… and it wasn’t good.  I honestly didn’t expect that the Atlanta market would go down by this much.  I expected a 10-15% decrease in values, but not something closer to 20% as we have seen.

Here is the link back to the original post… with the map.

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Flashback Friday… Bankrupt Subdivisions…

Friday, 03 September 2010 08:53
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This would be one of the posts that almost got me on the news.  A local TV station was doing a story on this very thing, and I was out of town on vacation when they needed someone on camera.  I might not have been pretty enough away…  ;^ )

To the post…

While the pace has slowed, there are still homes available in subdivisions that the builder abandoned, surrendered to the bank or defaulted on.  These represent danger and opportunity.  They are definitely  an option for some buyers, but not all… and there is NO blanket statement as to whether they are good or bad.  In fact, the only blanket statement I can come up with is the pay attention and don’t underestimate the risks or overestimate the rewards.

Take a look at the original post.

I’d love to hear what you think about this…

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Wayback Wednesday… Why the Hurry?

Wednesday, 25 August 2010 08:47
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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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Wayback Wednesday… Don’t be Dumb Like a Bank

Wednesday, 11 August 2010 08:43
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Sign of the times - Foreclosure
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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.

It is an interesting read…

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.

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