In October, I posted a question - Is NOW really the time to buy? Â Almost 450 answers later, we are still debating AND about 10 copycat questions have popped up on Trulia.
So for the agents - there was a good number of people that were saying it is absolutely the best time to buy. Â Some articulated their reasons why, others just said it was so. If that is the pitch, and/or if you truly feel that the market is ripe to buy a home, how do you justify having your clients sign a Market Conditions Advisory? THE MCA states that markets are cyclical and that it is impossible to predict the future market condition...
Your market department is declaring it the best time to buy.... Â Your legal department says you need to disclose that the buyer may lose money.
Do you just not have the clients sign the MCA since "it is only for down markets?" Â Aren't you contradicting yourself by telling your clients it is the time to buy and then asking them to sign the MCA?
2/2/2011 - We got approval from BofA on both loans a week ago, but the seller wouldn't let his agent put the deal into escrow. Â His agent is afraid to pressure him too much due to potential perception of coercion to make him short sale his home. Â Despite having no job, now being behind in payments by $100k, he told her today that the bank must work with him to modify his loan and he is keeping the house. Â Auction date is Feb. 23rd. Â Fortunately, I had prepped the buyers for this type of situation and they are fine. Â I actually was joking with them yesterday that he (the seller) comes with the house as part of the sale. Â He will definitely be holding out as long as possible after the home goes back to the bank.
I am representing a buyer who submitted an offer on a short sale. Â The bank had already approved a previous offer that walked so we submitted our offer with the intent of moving right along into the process. Â Upon receipt of our offer, the listing agent said she would run over to the seller's house, get the contract signed, and send it off to the bank. Â That was over 2 weeks ago.
A little background on the seller - he has no job and is $60k behind on his payments. Â He has a first and a second with BofA, and is scheduled for auction in 2 weeks. He purchased the home new in 2001 and has done a nice job keeping it up - very much pride of ownership....but he refinanced in 2006 with a first and a second to the tune of $727k. Â The accepted sale price from BofA is $460k. He is actually a real nice and sensitive person and has a lot of sentimental attachment tied up in his home.
The listing agent is now at her wits end. She has had this listing for about 5 months. The seller has had 3 attorneys advising him and telling him he can get a loan modification. Â She gave him my phone number and now he calls me directly to talk about signing the contract. Â The listing agent doesn't want to ask him for the sign contract anymore because she is concerned that he will turn around and claim she coerced him to sign.Â
While he is slowly realizing that his place will be sold out from under him unless he has an live offer on the table at the bank, I have advised my client that he may likely just continue to stall throughout the entire process. Â Fortunately, they are in no real hurry and are happy to continue looking elsewhere.
Are you finding yourself faced with similar short sale sellers? Â Are there pitfalls to avoid with stalling efforts on the part of the seller? Has anyone had to evict a seller once the house is sold? Â Any insights would be appreciated.
It's that time of year when you start figuring out next year and so I got this great idea that I needed to get the lead generation machine rolling. I got online and started looking into all sorts of ways to generate leads. Â I think part of this was inspired by all of the emails I am sure we all are getting about lead generation and Craigslist posting and Short Sale/REO listing riches.
While I have become smart enough not to bite on the first thing I see, the toughest part is sorting through all the sales pitches to get to the realty of what they are really providing. That is where places like Trulia are fantastic.
See, when I first started out, I wanted to have a great looking website. So I looked around and went with a company in the L.A. area...I spent good money for my vanity site, but in the end that was all it was. At varying times, I paid them for advertising, SEO, adwords, and have nothing to show for it. At $40/month, it was a waste and I recently cancelled them and got my own Wordpress site. As a quite aside, I love Wordpress and am having fun with all the control I have of my site unlike before.
When I looked that company up on Trulia, there were some not so nice things other agents had to say and if I had seen a post like I looked up, I would have never signed up with them in the first place.
Anyways, on my latest quest, I looked at Google campaign companies with back end lead capture for $299/month, Craigslist posting programs for 2 payments of $97, Shortsale programs for $497, and a bunch more - all assuring me that with my payment they would give me what I was after, LEADS!
Leads are something over the years that have been hard to come by for me because I work for a small independent broker who is pretty much retired. Â He doesn't advertise, has an extremely limited online presence with a do it yourself in 5 minutes home page. So, hearing this good news from these companies was like finally reaching the promised land I had been seeking for so long.
However, to make a long story short, I did a ton of research on these companies - because that is what I wished I had done with the website provider from LA. In the end, I had no choice but to conclude what was right in front of my face - lead generation has been elusive because I was looking in the wrong places. While these companies I looked at could perhaps provide modest success for a good amount of money, the lead generation machine I found to be the most effective at the best price was, of course, was me. It is within me to develop leads. My business, my leads, my success.
So this weekend is a planning weekend. I will make plans to make leads to make deals. I purge and organize my database and put it to work. I will plan each month so that I have a roadmap to follow. I will spend in a year less than what one of these companies would have charged me up front or per month and will have better leads for doing it myself. I will guarantee my own success, which is more than any of the pay for lead companies seem willing to do.Â