http://www.trulia.com/voices/profile/Real_Estate_Pro-Oakland_County_MI-63164/The latest answers submitted by Fred Poehlman to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Agent2Agent/what_do_you_think_is_a_good_amount_to_spend_on_clo-177745Answer by Fred Poehlman: The best gift is hard work on negotiating prompt communication during the whole process and getting the deal closed. Do it right and the client will try to give you a closing gift. I stopped giving closing gifts a few years ago. Clients remember your work and results long after the wine, gift card or flowers are gone.Tue, 10 Nov 2009 21:31:26 PSThttp://www.trulia.com/voices/Agent2Agent/removed-175357Answer by Fred Poehlman: I closed three deals in the last month where the client told me the horror stories about the last agent they were working with. Then there are the agents who want you to do their work too. Am sure they sit back and laugh at how they made me do all the work to close the deal. Don't laugh too hard, your clients refer their friend to me afterwards. So take heart, most people recognise the agents who are working hard for them. I disagree that the problem is it is too easy to get into the business. The problem is bad agents with poor ethics and poor work habits. The brokers/managers turn their back to the problem because the agents bring in money and pay their bills to the office. The only way to change it is each person has to demand our respective offices at least uphold the REALTOR standards, and we need to remind ouselves what that means and lead by example. The office I just joined requires a majority vote of the partners to allow an agent to join, and they will be released if they don't act in a honest, ethical manor. Just remember, 98% of agents give the rest a bad name. Yes, just a joke, but it only takes a few bad ones to be tolerated by the rest of us to spoil our reputation. If you work hard and do a great job for someone they MAY tell someone about it. If you mess it up they will stop stranges on the street and tell them.Tue, 10 Nov 2009 21:18:40 PSThttp://www.trulia.com/voices/Home_Buying/How_is_the_forecast_between_Eastside_and_Westside_-175876Answer by Fred Poehlman: The entire area has been hit hard, homes in the "Pointes" and Birmingham included. The started higher, so they remain priced higher now, but still down about the same percentages. The market is showing signs of life, but that is in the low end foreclosed homes that are actually getting multiple offers. The prices in all areas may still decline, but are showing signs of leveling out. The best choice for you is to look at where you want to live based on your work, family and expected years of ownership. Call and interview different realtors to see who is a match for you. It requires team work to find the right home, your realtor must be able to listen to you, not show you what they want.Thu, 5 Nov 2009 13:39:33 PSThttp://www.trulia.com/voices/Home_Buying/how_can_aproperty_go_from_short_sell_to_sheriffs_s-164593Answer by Fred Poehlman: A short sale is simply a seller asking the bank to take less than is owed to satisfy the mortgage. You don't have to be in foreclosure to request a short sale. The sheriff's sale is at the front end of the foreclosure process, typically the owner still has 6 months to complete a short sale and keep from having the house foreclosed. The sheriff's sale price is the redemption price for the current owner. Have your agent check the sheriff's sale price and compare it to your offer. If it is lower than the offer (yes, that sometimes happens), you are on your way to being a home owner if the current seller accepts your offer. So, your bid may still be accepted. Hang on, this is quite a ride and very few are similar. Your patience can be rewarded by a nice house at a great price.Fri, 18 Sep 2009 17:10:46 PDThttp://www.trulia.com/voices/Financing/Does_this_sound_right_I_don_t_want_to_jump_int-164069Answer by Fred Poehlman: You should always shop aroung for rates and fees. The key is to ask for a good faith disclosure. That itemizes the closing costs for your comparision. Once you get your credit score, ask the rest of the mortgage brokers to base their response on it. You will have to allow the mortgage company to pull a credit report when you decide which one you are going to use, but no sense letting multiple companies keep pulling credit reports. Once you are comfortable with a mortgage agent, get your pre-approval. You are not locked in, but you should know who you will use by the end of your research. This eliminates the "imaginary" resons. You don't have to care the reason, just compare the results! Happy shopping!Fri, 18 Sep 2009 17:00:16 PDThttp://www.trulia.com/voices/Home_Buying/How_reluctantly_do_listing_agents_show_homes_-44905Answer by Fred Poehlman: My opinion is that it is the duty of the listing agent to show their listings to potential buyers, plain and simple. You have a duty to your client (seller) to sell their house, and as long as you make the buyer aware of your agency relationship it is ethical. I would help a buyer purchase my listing and help them sell their house at a lower rate to make both deals happen. Our company even has a "Buy this house, we'll buy yours" program in this area to help do just that. We need to be creative and flexible in this market to get things rolling again.Fri, 8 Aug 2008 15:44:07 PDThttp://www.trulia.com/voices/Home_Buying/How_reluctantly_do_listing_agents_show_homes_-44905Answer by Fred Poehlman: First the bad news. The listing agent is bound by ethics to bring only Ready, Willing and Able buyers to the listed house. You are not yet Ready, so you shouldn't be allowed in. That sounds rigid, but it is our duty to the seller. The good news. You should be able to find an agent to work as your buyer's agent that would be willing to set up an email search for you that automatically emails you information on houses as they hit the market. Don't go on a showing until your are ready to buy, but this will allow you to track the market when you are. If you don't want a buyer's agent, and you are not ready to buy, why would any agent want to spend their time and gas with you? Agents get paid commission, do you work for free at your job? Good Luck, FredMon, 7 Jul 2008 09:03:48 PDThttp://www.trulia.com/voices/Home_Buying/Discrepancy_in_interest_rate_and_APR_s_on_initial_-44077Answer by Fred Poehlman: The $1,000.00 should appear as a credit on your settlement statement. Your agent should be able to help you find where it is. I work with an in house lender and they are great. It lets your agent have better communications with the lender. She also does a great job with low closing costs, so the fact your agent and lender work at the same office should not be a major concern. Contact your agent, she should be able to help. If the agent and mortgage person do not return your calls or you do not like what they say, contact a lawyer on this one, too late for an outside Realtor to get involved. Many things could have happened, but it is better to check it out ASAP.Fri, 4 Jul 2008 13:28:45 PDThttp://www.trulia.com/voices/Home_Buying/Private_Mortgage_w_owner_realtor_Need_advise_ASAP-44415Answer by Fred Poehlman: You can go to the web site below and check for any complaints. Your research should have included the fact that a Realtor could have worked for you as a buyer's agent and it would not cost you anything, but the agent is paid out of the seller's commission. Your question, hopefully shows others why that is important. Hope this isn’t too late, sorry I didn’t see your post until today. https://www2.dleg.state.mi.us/colaLicVerify/Fri, 4 Jul 2008 13:15:17 PDThttp://www.trulia.com/voices/Home_Selling/I_currently_have_my_house_listed_for_sale_with_no_-44291Answer by Fred Poehlman: Sam, to answer your last question, just ask for it. You can visit my web site to check for simialr houses and what they are priced at for comparision. You don't have to register to search the MLS, go to "Property Search", then select the third option "Search for a property in your area". That might show you why you are not getting any showings. Good Luck, FredThu, 3 Jul 2008 08:11:00 PDThttp://www.trulia.com/voices/Home_Selling/I_currently_have_my_house_listed_for_sale_with_no_-44291Answer by Fred Poehlman: Hi Sam, I am dissapointed that 3 Realtors answered your question without even asking if you are still under contract with a Realtor. Good job Missy, your answer was both correct and highly ethical. Hope to be able to do business with you in the future. Sam, when you are not under contract with the agent who has/had your house listed, then interview agents to get several opinions about the best solution for your situation. Good Luck, FredWed, 2 Jul 2008 12:12:37 PDThttp://www.trulia.com/voices/Foreclosure/How_long_does_it_take_to_close_on_an_REO_property_-44283Answer by Fred Poehlman: Chris, Your real estate agent should be helping you through this process, maybe they could get help from their broker. There is a clause in most addendums that specifically address your issues. Normally the addendum says the seller does not have to clear the title liens, they can cancel the deal and return your earnest money deposit. Most will try to clear the lien, which brings you to the condition of property clause. Find what the contract/addendums say about this and that will guide you and your agent along the process. It would be wise to get help from a real estate attorney at this point, too. Good Luck, and I am sure you will get a positive resolution to this. Welcome to Wateford. FredWed, 2 Jul 2008 12:27:53 PDThttp://www.trulia.com/voices/Home_Buying/What_s_a_good_timeline_-40337Answer by Fred Poehlman: Hi again Halli, I don't know if you are still reading the answers, but just in case you are here are some things to know about. First, look at the area the realtor is from when answering. Tom has several designations, but is not in our area. So his answers are no doubt true in his area. We are in Michigan and 3 of the last 4 houses I have helped buyers buy in the last month have been bank owned. The offers were responded to within about 1 week, one took only 2 days. All closed within 45 days of the accepted offer, and one bank did some major plumbing repairs. The biggest problem right now, in this area, is that when the bank finally drops the price to a good figure we wind up getting in a multiple offer situation. I have had three of those and we were sucessful in two. The old real estate slogan about Location, location, location can be added to by Timing, timing, timing. You have to monitor the market and be ready to move when the right deal comes up. The best advice I can give you is to repeat some previous advice, find a Realtor to be your buyer's agent. Don't be affraid to ask them if they have worked with foreclosed homes and short sales. When you find the right agent, make them sign a buyer's agent contract with you which binds them to work for your best interests. Good Luck, Fred If you want to search the MLS you can go to my website. You do not have to register, unless you want to save the search. I will not hound you or add you to any email lists. Go to "Property Search", then the third option "Search for a property in your area"Wed, 2 Jul 2008 12:03:27 PDThttp://www.trulia.com/voices/Home_Buying/What_s_a_good_timeline_-40337Answer by Fred Poehlman: Halli, Lots of good advice below. The biggest delay in closing is your mortgage company, so you want a preapproval, not a prequalification. One thing about foreclosures, they usually need repair. Note that some are move in condition, you never know until you actually see them. Do not concentrate on foreclosures only. There are some sellers that are desparate and you may get a good deal without the repair cost and headache. Find an agent who you are comfortable with. You have a solid idea of what you want, they should listen to your input and not force their ideas on you. You are leaning to an FHA loan, that is great. There are several programs that can be used, and if you find a house that needs repair, the repairs can be rolled into the loan (FHA 203K). Like with everything there are rules and limitations. Make sure you find an agent and mortgage broker who can explain all your options to you, so you can make an intelligent decision. The time line with a bank owned is 30 days from acceptance of the offer. There is some give in that, but that is what they want. A short sale could take much longer, most of the extra time is the bank approving the short sale. A house listed by a "real person" is very negotiable and may allow you to move when you want. This is a buyer's market, so your agent should not be affraid to represent you aggressively, worst that can happen is the other side says no. Good luck, this is a great time to buy.Tue, 1 Jul 2008 19:30:35 PDThttp://www.trulia.com/voices/Home_Buying/Cash_back_from_buyer_s_agent-43196Answer by Fred Poehlman: Jack, You didn't offend anyone. It is just frustrating to be in the business and know what is going on, then see someone lured into a discount that winds up costing them more in the long run. Chris's analysis of the pitfalls of what you are doing is correct. but you are obviouslly convinced otherwise. Please don't be offended by the tone of some of the responses. Read the advice and follow it as close as you can. There are seller friendly PAs and buyer friendly PAs, there is a potential huge difference. Please use the advice you got from this forum, there are some serious holes in what was described. Thank you for being honest enough to not meet with an agent, use their skills and time and then try to submit the offer with a discount broker. Wish everyone was as straight forward as you.Mon, 30 Jun 2008 15:56:38 PDThttp://www.trulia.com/voices/Home_Buying/Cash_back_from_buyer_s_agent-43196Answer by Fred Poehlman: David is correct. Commissions are mandated to be negotiable. The amount of work on lower priced homes is the same as higher priced homes. The only question is where the price break is. I have agreed to lower my commission during a transaction to lower the purchase price for the home buyer that I represented. This is better for the buyer, the mortgage is lower, the recorded sale price is lower (which could affect the taxes) and closing costs based on the mortgage/purchase price are lower. This give a higher return for your dollar than a one time cash payment.Sat, 28 Jun 2008 12:46:30 PDThttp://www.trulia.com/voices/Home_Buying/Cash_back_from_buyer_s_agent-43196Answer by Fred Poehlman: A good buyer's agent should be able to negotiate a deal for you that saves you money, protects your interests, and provides you all the information for you to make an intelligent decision on the purchase of your next home. Buyer's Agency is much more than electronically submitting an offer, if that is all you want, then a 1/3 commission is all the agent is worth (and maybe not even that!). The problem good agents have is that they do most of the work out of sight. Negotiating with the seller’s agent, keeping the mortgage company moving, checking the title work to make sure there are no surprises, checking the HUD statement to make sure it accurately reflects the contract terms, checking the prorated taxes, checking that all liens are removed and easements are disclosed to you before closing and finally getting the deal closed. This has never been easy, but is very difficult right now.Sat, 28 Jun 2008 09:35:55 PDThttp://www.trulia.com/voices/Home_Buying/HOW_DO_YOU_FIND_A_REAL_ESTATE_AGENT_EXPERIENCED_IN-40739Answer by Fred Poehlman: Hi Gene. You have given some unusual advice. All homes are sold "AS IS" , at least in Michigan. Even homes owned and being sold by individuals. Foreclosures can close as fast as you can come up with the cash or mortgage, it is short sales that can drag on forever. Real Estate agency depends on the state, but the "buyers agent" that works for the lister should probably disclose as a "dual agent". I would find a buyers agent who does not work for the firm listing the property, but does work with foreclosures. I worry about the agent who worked for the bank, but helped you low ball his client. Each state has different laws. That is why it is dangerous to answer real estate questions from different states, but I hope the asset manager for the house you bought doesn't read your post.. They might get upset that their agents are undercutting their own listings. You are correct that bank owned does not mean they will not assist with closing costs, etc. They just care about the bottom line. The amount they are willing to accept depends on the time on market, actual payoff of the debt and a BPO (Broker Price Opinion) from a local agent. The problem is the BPO agent may have never been in the property. It really comes down to talking to the professional agents in the area you are looking at. Don't be affraid to interview them until you find someone you trust and is knowledgeable.Sat, 28 Jun 2008 22:02:23 PDThttp://www.trulia.com/voices/Home_Buying/How_to_make_offer_on_lease_option_home_Buyer_s_Age-39031Answer by Fred Poehlman: The ethical answer to your questions is, if you are under a buyer's agent contract, a realtor can not comment about your situation specifically. The only thing we can recommend is talking to the broker of the real estate office your agent works at. I did read your post that the agent has released you, so that is good. Just keep the above advice if this happens with your next agent. Makes sure to interview the agent before signing a contract to see their level of knowledge. You are correct that many agents don't have a clue about lease with option. That is sad, since that is the way many homes will have to be sold in this current market. Don gave some good advice, but as you can see from the responses, lease with option is very flexible. You and your agent can make it fit your needs and your specific situation. It just has to be presented to the home owner correctly. Best of luck with your new agent, you are now probably better prepared than most agents I have met! Wendy Patton's site is great, so is she. She recently joined our company and has taught several classes on lease with option.Sat, 28 Jun 2008 13:12:27 PDThttp://www.trulia.com/voices/Foreclosure/How_do_you_buy_a_foreclosing_home_with_mortgages_-43258Answer by Fred Poehlman: What you are looking to do is called a short sale. The level of difficulty depends on who the mortgage is with. Some operate like they don't realize the current housing situation. Some are realistic. You should get two sources for help on this. First is a real estate attorney, second is a real estate agent who knows enough to know what they don't know! So base on that here are some opinions of what you can do. You have to begin with request for a short sale from the current owners to each of the mortgage holders. The paperwork must be filled out correctly and an actual offer has to be made before they will respond. Part of the paper work is a letter explaining the reason for the request. There must be a compelling reason for them to grant the short sale. Again, depending on who the mortgage holders are; they may not respond, may respond in a few weeks, or may respond in a few months! Part of the offer and paperwork should include a "Mortgage to be recorded as satisfied, and mortgage and promissory note to be discharged". A real estate attorney could provide you with the actual language. The object of this clause is to protect the seller's credit to some extent and stops the mortgage holder from further action to recover the money not paid. Patience is the key work when trying to do a short sale. The answer to how much depends, again, on who the mortgage holders are. The second mortgage holder typically gets wiped out on foreclosure, so they will be very likely to take a small percent owed. The other thing to look at based on this is what the first mortgage pay off is. They may not consider a short sale if they feel they can sell the house for what is owed to just them. Lastly, if the house does get foreclosed on, watch for the sheriff's sale. That will determine the redemption amount the original owner must pay to recover the house. You may be able to pay the original owner a few thousand dollars and buy his right of redemption.Sat, 28 Jun 2008 09:09:20 PDThttp://www.trulia.com/voices/Foreclosure/Where_do_I_get_free_listing_of_government_tax_fore-43547Answer by Fred Poehlman: Go the the county office. They should have a list of the tax foreclosures there, however some counties charge for this. Some post them online at the county web site. Be very carefull. There is a redemption period that the original owner has to get the property back. You should have legal advice before you proceed with a tax sale. Ionia doesn't appear to have a complete web site at this time, try (616) 527-5320 to contact them directly.Sat, 28 Jun 2008 08:44:03 PDThttp://www.trulia.com/voices/General_Area/Our_county_assessor_reassessed_our_property_increa-43546Answer by Fred Poehlman: Not knowing your location makes a specific answer difficult, so here are some opinions based on Michigan practices. Contact the assessor's office and get their guidlines for an appeal. It may be necessary to hire an independent appraiser to give you a Market Value appraisal. That type of appraisal should include exact dimensions of your house, condition, materials used in construction and current market value using comparable homes in your area. Take the results of that to your county assessor office. I believe Turlia uses public record for their information, so if it is corrected on public record it should be reflected on all related web sites. Hope this give you some ideas.Sat, 28 Jun 2008 08:25:22 PDThttp://www.trulia.com/voices/Home_Selling/is_it_the_right_time_to_sell_in_michigan_-5832Answer by Fred Poehlman: It is the right time to sell if you are looking to move into a larger house or lakefront home. Everyone is taking a hit in market value right now. This is the first time in a long time that premium property, like lakefront, is feeling the slow down. I would wait out the market if you can, if you are looking to downsize.Fri, 13 Jul 2007 15:55:22 PDThttp://www.trulia.com/voices/General_Area/Empty_lots_-4953Answer by Fred Poehlman: Yes you can use my web site to search the MLS for free, no registration required and I will not contact you. You can feel free to contact me for help in buying, however. I do not charge buyers any fees, not even the "compliance fee" found on many purchase agreements today. Go to the web site below, click "Search Properties", then click the third choice down, "Search for any homes". Choose the county and city(s) you want and also select "Vacant Land". Happy hunting.Wed, 11 Jul 2007 15:35:56 PDThttp://www.trulia.com/voices/General_Area/Empty_lots_-4953Answer by Fred Poehlman: The web site below allows you to select "Vacant Land" and the area you want to look in, free. The other option is, this is going to sound like a commercial, but the easiest way is to contact a realtor. Ask, first of all, if there are any charges for buyer service. There should not be any, not even the famous "compliance fee"(not with me at least- there that is the commercial, ha ha). The realtor should be able to do a detailed search in the area you want and put you on an email notification system that sends you lists of what is available plus the changes.Mon, 18 Jun 2007 14:04:27 PDThttp://www.trulia.com/voices/Home_Selling/Is_this_property_still_on_the_market_and_if_so_wha-5377Answer by Fred Poehlman: Yes, it is still available as of 7/2/2007. You can use my web site to search the MLS yourself. You do not have to register or provide any information to use it. If you are currently working with an agent have them set up a showing for you, or you can contact me and I can set a showing up for you, or email you more information. This is not my listing, so I can be a buyer''s agent for you. . .I do not charge buyers any fees, not even the "compliance fee" found on many purchase agreements.Mon, 2 Jul 2007 20:13:15 PDThttp://www.trulia.com/voices/Home_Buying/Help_purchasing_home_from_family_member_need_to_-5393Answer by Fred Poehlman: A complete Comparative Market Analysis on the house should show the current owner enough examples to prove the current Market value of the house. This should include houses sold in the area, hopefully within the last 6 months. A realtor can do this for you, then they can act as a transaction coordinator to get the sale closed. The normal charge is about 1 to 2 percent of the sale price to get it closed, the Comparative Market Analysis should be free. Be prepared to explain to the current owner that the homes currently for sale are of little use in the analysis, the price being too high may be the reason they are "For Sale" not "Sold". You may consider buying one of the several homes on the market at a reasonable price if your relative refuses to listen to reason. It is a great time to buy, interest rates are still very low, and prices are low too!Mon, 2 Jul 2007 20:01:22 PDThttp://www.trulia.com/voices/Home_Buying/Is_there_a_way_to_search_the_Livonia_MLS_myself_-5362Answer by Fred Poehlman: Here is a generic site. You won't have to register or be bothered. Not sure why you don't want a professional to help you, there is no cost or obligation, but that is your choice. You can also search Realtor.com. You just have to ignore the "featured" listings. The only difference between the featured listings and the regular ones is the price the listing agent pays realtor.com. That is where the "recommended" agents come from also.Sun, 1 Jul 2007 23:31:57 PDThttp://www.trulia.com/voices/Curb_Appeal/What_are_some_quick_cheap_easy_ways_to_increase_-5086Answer by Fred Poehlman: There are many small things that help. First make sure the yard and flower beds are in good shape. Mow the yard, weed the flower beds. No flower beds? Add some large potted plants in front. Make sure any toys or yard tools are picked up and put away. Curb appeal is critical. Drive up to your house and look at it like you are going to buy it yourself, what would you like to see. Inside is the same, make sure it is clean and "picked up". Remove personal items like pictures from the walls. Keep kitchen counters free of small appliances. Yes, this is a pain, but try to think of it as you don't live there anymore, it belongs to the buyer. Those are the "Free" things. Call a local realtor and ask for a Comparative Market Analysis, if you haven't listed your house yet. This should be free! Part of this should include a list of "What you can do" to improve the chances of selling your home. Remember, selling a house is a partnership between you and your realtor. You both have important, but different roles. You can visit my web site and look for seller tips.Tue, 26 Jun 2007 22:12:11 PDThttp://www.trulia.com/voices/Home_Buying/If_you_bid_on_a_home_and_there_is_counter_offer_c-5216Answer by Fred Poehlman: Since your question reflects Oakland County Michigan the answer is two parts. If you are talking to the listing agent, they represent the seller, not you. Therfore they should not tell you what the other offer is, but tell you to submit your best offer. Remember their job is to get the best price for the seller. If the agent is working for you as a buyer's agent, they must tell you if they know. Their job is to get a house you want at the lowest possible price. They may not know because a good seller's agent would never tell them. Your best action is to have your agent show you what the current market value is on the home you are bidding on, then submit a bid that you would be happy with if it is accepted. Do not overpay for a house by getting caught up in the excitement or emotions of "bidding". Never buy a house that has a higher payment or is more money than you are comfortable paying.Tue, 26 Jun 2007 22:00:59 PDThttp://www.trulia.com/voices/Market_Conditions/What_Percentages_are_Investors_Looking_For_cen-5043Answer by Fred Poehlman: It depends on the type of investment. My advice to the people that work with me in Michigan is if they are looking to flip the house, don't buy in this market. Rentals are always the same, buy as low as possible, and calculate the CAP rate.Thu, 21 Jun 2007 12:56:39 PDT