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Marina Solo's Blog

By Marina Solo | Agent in Fort Lauderdale, FL
  • United We Stand...Against Foreclosure!!

    Posted Under: Market Conditions in Green Bay, Home Selling in Green Bay, Foreclosure in Green Bay  |  March 21, 2012 8:58 AM  |  231 views  |  No comments

    United We Stand,
    Divided We Fall!

    by Company Magazine's Real Estate Expert Marina Solo

    That is my favorite slogan, and I try to live by it's principle. As we all know, it has been a big economic mess in our country with the housing market. There are a lot of different opinions on how we got there; however, I no longer want to talk about it. What I want to talk about is how we can recover and how it could happen faster… if we stand united! What is not helping us are FORECLOSURES. The saddest thing is that the home owner has many choices to avoid going into foreclosure. I witnessed a few ugly situations like that just recently. A house which used to be worth $220,000 now is $170,000. The homeowner did nothing to save it from foreclosure; the bank bought it back on Sheriff Sale and put it back for sale for $129,900! Later, it sold for $120,000! Now, what just happened? I can tell you that similar houses in the same zip code just depreciated from $170,000, well maybe not to $120,000, but probably to $150,000. A few of these types of sales and prices are even lower. If only this homeowner did a few steps to keep this from happening. Foreclosing on your house is totally unnecessary! The homeowner has choices!

    *A land contract*, for example, is a sale in which mostly investors will take over your monthly payments, real estate taxes and maintenance of the property. That is a good option if your property is “under water” by 10-15% and you are trying not to damage your credit. In a few years the investor will have to refinance the property and release you completely.

    A *short sale* is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. *Short sales* completed successfully on a daily basis gives the homeowner enough time to move out, saves their credit from severe damage and, most importantly, saves our housing market. Properties do sell for more.

    *A Deed in Lieu* of foreclosure (DIL) is a disposition option in which a homeowner voluntarily deeds the property in exchange for a release from all obligations under the mortgage. Some banks will even pay your moving expenses up to $5000. If your house does not go into foreclosure you have a better financial future! Most banks will lend money again to buy a house 24-36 months after a short sale (that, of course, if the rest of your bills are paid). Banks will even finance 96.5% of your next loan! Becoming a consumer/buyer again and being able to buy a house in 2-3 years is important for many people.

    Marina Solo is the owner of Peak Performance Real Estate.  To contact Marina please call (920)425-5555 or Email marina.v.solo@gmail.com

    Article to be published in Company Magazine.  For more information go to www.CompanyMag.com

  • 13 Things Your Real Estate Agent Won't Tell You

    Posted Under: Market Conditions in Green Bay, Home Buying in Green Bay, Home Selling in Green Bay  |  March 13, 2012 7:55 AM  |  334 views  |  No comments
    I came across this article in the current issue of Reader's Digest - thought I'd share!

    13 Things Your Real Estate Agent Won’t Tell You

    From hosting an open house to getting an estimate of your property's value, these real estate tips from the experts ought to help in today's tough market.

    by Michelle Crouch from Reader's Digest Magazine April 2012 | April 2012

    1. Your open house helps me more than it helps you.

      The majority of visitors aren’t buyers—they’re nosy neighbors—and that gives me an opportunity to hand out my card and possibly gain new clients.

    2. Plug-in air fresheners are a turnoff to a lot of people.

      If you want your house to smell good, bake cookies right before a showing.

    3. If you get a call saying that some buyers want to see your house in 15 minutes, let them in even if it’s a bit messy.

      Those last-minute types typically make impulsive decisions, and they just might decide to buy a house that day.

    4. In this kind of market, don’t be offended by a low-ball offer.

      You have a better chance of getting that person to pay than finding someone new.

    5. If I’m hugely successful, you may not get the benefit of my experience.

      A well-known agent may pass you off to a junior agent after you sign the contract. Ask me exactly who will be handling your phone calls, marketing your house, and taking you to look at homes before you sign to ensure you get exactly what you’re paying for.

    6. Make sure you read my listing or buyer’s contract carefully before signing it.

      There may be an extra “administrative fee” ranging from $250 to $1,500 on top of my standard commission, intended to cover my brokerage’s administrative costs. Similar to my commission, this fee is negotiable.

    7. Don’t skip the final walk-through.

      It’s your last chance to make sure that repairs were done properly, that the owner’s personal items have been removed, and that the items you agreed should stay are still there. I’ve seen stoves, washers and dryers, and beautiful chandeliers walk right out the door.

    8. Beware of seller’s agents who overestimate your house’s selling price.

      They’re hoping you’ll choose them over other agents who will price it more realistically. We call that “buying your listing,” and it guarantees your house will sit on the market for a very long time.

    9. Houses without furniture don’t look larger.

      Empty rooms may actually appear smaller because the buyers can’t get a sense of how much furniture will fit.

    10. My No. 1 selling tip: Clear off counter tops in the bathrooms and kitchen.

      Americans love that wide-open counter space.

    11. For an estimate of property values in certain states, check zillow.com, but don’t lock on to that number.

      Desktop appraisal systems assess how nearby homes with similar square footage have sold; they don’t consider home interior.

    12. If I’m new in the business, my references are likely to be relatives or good friends.

      So when you call, always ask how they found me. 

    13. I can’t share the economic standing or predominant ethnic background of the people in the area or the local crime rate.

      If I did, I would violate Fair Housing laws. So look them up yourself!  

    14. The commission is always negotiable upfront, before you sign a contract.

      You can even make it part of the transaction. If you and your buyer are $4,000 apart, for example, ask the agents if they are willing to reduce their commissions by $2,000 each to bring the deal together. 

    15. Yes, staging your home by getting rid of clutter and bringing in furniture or accessories can help it sell.

      But music, champagne glasses next to the bed and fake pies on the countertop? That’s going overboard, and it will turn some buyers off.  

    16. That big commission check doesn’t go straight into my pocket.

      First I divide it with my brokerage, and then most of us have to pay our own expenses, including the sign we put outside your house, your lockbox, access to the MLS, association membership and more. At the end of the day, out of that $6,000, I may really just be getting $2,500. 

    17. Even if I’ve had my license a few years, I may be a soccer coach moonlighting as a real estate agent, and yours may be the first home I’ve tried to sell in years.

      Ask how many transactions I completed last year, and Google my name to see if it comes up on real estate forums and websites. 

    18. It might make more sense for you to rent.

      It often costs less, gives you the flexibility to move at a moment’s notice and you won’t have to shell out a lot of cash for unexpected repairs.

    19. If your house is for sale and the lawn next door is starting to look overgrown, cut the dang grass for your neighbors.

      It’s a small thing, but it can make a huge difference. 

    20. As a rule, we don’t like people who roll out of bed, do a two-week course and all of a sudden they’re an agent.

      If I have an agent I have to teach on the other end of the table and someone else brings me an offer at the same time, I will encourage my clients to take the other offer.

    21. I’ve walked in on homeless people squatting, on couples having sex and more.

      As a real estate agent, our safety is compromised every time we walk into an empty house.

    22. I know it’s heart-breaking, but the fact that your house was worth a lot more a few years ago is simply not relevant.

      You’ve got to be realistic about today’s market.

    Sources: Licensed real estate agents Nicole Tucker in Dallas and Eric Bramlett in Austin, Texas; broker Karyn Anjali Glubis in Tampa, Florida; Rob Foley, a former real estate lawyer who now owns Vermont’s Flat Fee Real Estate; and a Realtor in Los Angeles.


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