Anna Niklarz

...ohhh, forgot....little real estate 101 - Dual Agent means that the seller's agent becames buyer's agent - get it? Double work! Double time! 2 clients instead of 1! - Sat Oct 18 2008, 15:24

Bill, there is no need for insults, those insults and remaining content of your postings only prove very minimal understanding of the real estate profession you have. I will gladly continue this discussion, but I would strongly suggest continuing after you spend that $250 for a real estate class, and have a year of hands on experience. Get back to me then...after 50K annual business expenses, working weekends and evenings, and answering calls at midnight. I will then send you few referrals so you can discount your commission to 2%, just make sure the office you pick has open commission policy and will allow you to take up their space for free.

Personally, I love voluanteer work, I do it planty. However, Real Estate is my work and like any other professional I do expect to get compensated for my time, knowledge, experience and investment. So let's pick this up in a year, should we .... unless you don't think you can pass the egzam. - Sat Oct 18 2008, 15:18

Bill, the first oil change you do on your own can get pretty messy, sometimes the second and third, but it’s only a little clean up or $25 at stake…we are discussing a purchase of a house, which is a much greater risk and investment of savings, and years of mortgage payments. As a person who handles so many sales, short sales and all, you might consider yourself an expert, and maybe you are, however for those who are not so familiar with the process dealing with a short sale might be an unpleasant surprise.
It sound like you previously had an unpleasant experience with a real estate agent, if so, I am truly sorry, but I assure you I do have a college degree, (3.98 GPA, honor student and a Presidential Scholar,) we all hope the agents you are referring to in your posting are long gone and done making a bad name for the rest of us, honest and hard working professionals! Or is it possible that you flip properties and don’t like the fact that there is such profession as real estate agent, one that might advise their buyer against a certain purchase, or price, against your hopes and your profit?!
I did not lie, everything I stated here is based on my experience and knowledge of our rules and regulations as well as listing agreements and contracts, let me quote one of my previous postings:
“Bill’s comment is somewhat true; however being realistic the seller’s agent would simply collect all the commission, regardless of your offer. Short sale is a lot of work and I do not know an agent that will represent you and not want to get paid for their time.”
A Dual Agent has the right to keep full commission, if the listing agreement says 5% - this is what they will be getting, as long as the bank approves. Dual Agent, Bill, means it’s an agent representing both, the seller and the buyer, which is a great responsibility as that agent is legally reliable for both parties, and needs to follow thru on all necessary points and communications during the transaction. Why would anyone want to do the work and take the responsibility without being compensated? It’s not only the money, it’s the risk, and Dual Agency is a risk for an agent as well as the buyer. So why not have your own buyer’s agent that can advise, not just guide. Not everyone has the buyer and seller experience as you do, and let’s face it; this is not as easy as you make it sound. - Fri Oct 17 2008, 12:13

When I have plumbing issues I call a plumber, when I have a car issue I take my car to a mechanic ... even though I could take care of some repairs on my own I trust that a professional will do a better job,most likely saving me money, time and frustration - not ripping me off.
I guess it's all about how confident we feel in our knowledge and how much time we have to invest into learning the process, ...and there is much to learn. As a Real Estate professional I learn everyday, especially in this market when changes are happening on daily basis. As a Real Estate professional I have to go tru extensive training and continuing education classes. My knowledge of the LOCAL market that I study everyday, plus looking at a property as an investment and it's future resale value has a tremendous benefit to any buyer, but especially a first time buyer who can not afford to learn on their mistakes.

As to the commission, banks do not pay out 3% to a single broker during a short sale transactions, unless it's a dual agency, the amount provided is incorrect. And as an agent who negotiated many short sales I can assure you that we are given the commission agreement upfront based on the banks policy. It will not make a difference if there is one or two agents involved. It might make a differnce if you are negotiating a short sale on property that is not currently listed with a broker, which I think is the situation (s) Bill is referring to. - Thu Oct 16 2008, 18:42

$550,000 is what the owners owe the bank on their current loan – in traditional sale this is the amount they would have to cover in order to sell their property. It’s listed at $500,000 since it’s a short sale, the pay off of the existing loan will be lesser than what the seller/owner owes, this is the part that needs to be negotiated with the lender, plus that lender will also cover all of the expenses for the seller’s closing cost, including Title Company, attorney, passed due property taxes etc. In many cases they will not provide the buyer with a survey, but that’s around $300.
Bill’s comment is somewhat true; however being realistic the seller’s agent would simply collect all the commission, regardless of your offer. Short sale is a lot of work and I do not know an agent that will represent you and not want to get paid for their time. The seller’s agent would have to advise you to inspect and spend their time with the inspector, that agent would need to guide you thru the loan process, keep in touch with your attorney, etc. The difference is in the type of representation in dual agency. You are always better off having your own agent as that agent is only working for you, and you are their main priority and obligation, not the seller!!!

If you would like I can meet with you at my office, 3215 Algonquin Rd, Rolling Meadows, just let me know what time. Or call (847) 738-0467.
Thanks, Anna - Thu Oct 16 2008, 12:28

Well, it takes a bit of research to answer your question… the pay off on this property is approximately $550,000, some would simply suggest to take 20% off and offer $440,000. And keep in mind, the banks are negotiating, so start a little lower so you have a chance to counter.
However, it is not that simple, to truly give you a recommendation for a purchase price and an acceptable offer I would need to do a market analysis for the area and subject property; I would find out loan type and financial institutions (they are not all the same when it comes to negotiations and their short sale process.) I would also need to know if there are or were any offers already submitted for an acceptance of a short sale already.
I would be happy to provide that service as your Agent.

If you need a recommendation for a mortgage consultant I can suggest two that I know work well and close the loans – this seems to be the biggest problem today!!!
Art LaValle, Platinum Home Mortgage (847) 797-9500 ext. 138, cell (847) 987-4356
Barbara Wojtach, Countrywide Home Loans (708) 457-8700 ext. 59, cell (847) 341-1216

Call anytime: (847) 255-1000, (847) 738-0467 or e-mail: aniklarz@remax.net
Anna - Thu Oct 16 2008, 10:11

Short Sales are very complex; it takes a lot of knowledge and skill from the Listing Agent and Attorney to finalize it successfully. If you are considering using the same agent that is representing the seller first you need to make sure that agent is experienced, ask for a list of closed transactions and check if any of them were short sales or foreclosures! It would be highly recommended to have your own agent representing you, someone with a lot of familiarity with foreclosures and pre-foreclosures. As a buyer you will benefit greatly by your own representation.
Few of the important factors when considering making an offer and the amount of the offer: Is this a conventional or FHA loan? Is it 100% financing with Mortgage Insurance? Is it 80/20? What is the current market value of the property? How many foreclosures and pre-foreclosures in the immediate area? … Having a knowledgeable Buyer’s Agent will help you gain the facts and feel comfortable with the lengthy process of a Short Sale. Also, a short sale should not be taken as a traditional transaction, you need to take different steps in regards to your financing and inspection, again, a knowledgeable agent will be able to guide you thru this process without any monetary loss and frustrations.
Personally I closed many transactions with buyers and sellers in short sale transactions, I am a Certified Foreclosure and Short-Sale Specialist. If you have any further questions please do not hesitate to contact me (847) 255-1000, or via e-mail aniklarz@remax.net I would love to help!
Anna - Thu Oct 16 2008, 09:16

HI Sue,
I would agree with Greg, also wanted let you know that if you are just looking for an idea of how much your property is worth you can go online and find sold properites in your subdivision.
If, however, you are looking to put your place on the market you should meet with few agents and interview them, at the same time you will get a good idea of the price you should market your property. If you need a reference for sold comps - just visit my website and you can search all sold properties there.
Don't hesitate to call or e-mail with any additional questins.
Anna
(847) 738-0467
aniklarz@remax.net - Sat Oct 18 2008, 14:57

This was a Relo property, sold 08/25/2008 for $525,000, original asking price was $595,900.
You can use my website (link below) to search sold propeties. - Thu Sep 25 2008, 12:41

Few additional questions to ask from the seller's agent:

Who is handling the negotiations with the lender? Is it the agent or the seller's attorney? Attorneys will not call as often as a GOOD Realtor, so it might take a longer time, however you know that it's being taking care off in a proper way.

There is no rule of how long a short sale takes, it depends on many variables. Not only the lender's procedure but also a type of loan, etc. Sometimes it's not as easy as the negotiator looking over the appraised value and market conditions...is it an FHA loan? does it have PMI? are there investors?

I represented many buyers and sellers in a short sale situation and if there is one thing I can advise is to make sure your Realtor and attorney stay in touch with the seller's side asking for updates on the process, best to ask for it in e-mail form and have it in writing. - Mon Sep 22 2008, 09:30