Shalu Thaman- Realtor-ePRO

Hi Tom,

There was so much passion in your post......the references you're making can be found here.

http://www.nydailynews.com/money/2008/10/23/2008-10-23_wall_…

I have clients in Merril Lynch, friends & family as well - Goldman Sachs & Bank Of America ---Chase...a lot of the Wall St. firms.
So far, all doing well...in secure jobs-- all in jobs that add revenue to the employer, though, I must add.

Layoffs are not a new thing. ( I was an executive recruiter ) ....the media reporting of it plays into the adding of unease & fear.

Your jumping onthe bandwagon of the 200000 layoffs ----that have yet to happen -is testament to the effectiveness of such reporting.

Merrill is a big employer in the Hopwell- Lawrence area - So is BMS.
Princeton has Goldman Sachs, Bank of America

The trumoil & the cost cutting may mean pink slips for a segment of its employees - we'll find out in the 1st quarter of 2009.
However, how it calls for rejoicing when someone loses their job , is totally beyond me.

If you understand the nature of American business, consolidation is part of it's culture & layoffs have been a recurring phenomenon in various guises.

Your rejoicing- it wasn't clear if you're happy about Wall Street's demise or the ending of the real estate boom.

The latter was ineviteable- the former - pray that housing stabliizes or elese the $700B+ bailout will be paid by all of us- including you.........if you remember, it was funded by taxpayer money.

The real estate markets in areas with a train connection to manhattan & top rated school districts, sufferred the lowest declines & that is a reality that is present in the levels of inventory, the days on market & list to sale price ratios....as well as the # of homes going under contract & making it to closing.

if one is in the market & servicing these buyers, one can only be aware of what is actualy happening.
.....I know it sounds hard to believe.

I do agree with you that this market has not been a good one for a lot of real estate agents.

The ones who entered this business with a get rich scheme - with little or no training or knowledge . Or ones who got by with misrepresentation or without having to get hands on- educating themselves & their client, keeping track of trends & dealing with the frustrations that this shifting market brought.

The good news is that a lot of such agents have left or are in the process of leaving.

A lot of people involved in this real estate business- the ones for the long haul, I think, understand that this was a & is a necessary cleansing process- we had to have this happen to get to a better , cleaner housing buying & selling process- It will mean a much smaller pool of buyers in 2009 , maybe a little bit bigger one in 2010.......but the improvements should hopefully return us to normal levels - prices, lending practices , a real estate proces that upholds integrity & keeps the client's satisfaction in mind, as the end goal.

For now, as someone said to me, we must go through it to get throught it. - Mon Oct 27 2008, 15:54

If you meant 200,000 layoffs in NJ........how & where are you getting these figures?

Do you know what industry / sector these 200,000 layoffs represent?
Are these all homeowners or tenants?
Are they alternatively employable individuals?


You are making so many assumptions that one really has to question the basis of your question.
And also question your own financial ability to buy a home, before you get too excited about someone losing their's.

In the areas of west windsor plainsboro princeton - the market is fast approaching stability- homes are selling & contracts are being written- the ones not making it to closing, belong to those buyers coming in with lower down payments or with some reason - for being denied financing.

Demographics play a role in stable home owership- and those areas where most homeowners bought without exotic loans or the 0% downs or the variable ARM's - and those with the skills & education to be professionally employable - are doing fine compared to other regions with a majority of the opposite.

All that said, where does your self- evaluation come into the picture?
Do you know what you can afford.?.......what your eligibility will be , with stricter mortgage standards becoming regulated?
My honest advice:-
Timing this market is a tricky thing esp without a plan- if you're still sitting on the sidelines, you don't have one.
So if you do want to step in, get your own gameplan. Don't wait to try & borrow someone else's. If it does not fit, you'll remain on the sidelines. - Sun Oct 26 2008, 22:08

Please ask your agent to provide a copy of the home inspecion report & review the home inspectors comments.
Your attorney should also have this report.
Review the comments & findings with the attorney.

While not knowing your situation, the problem could be improper installation or materials used.

I have had issues with a 3 yr old house where the builder had improperly nailed in the shingles & the paper underneath had bunched up , leading to the shingles in that section eventually lifting back , thus affecting the integrity of the roof.
It only takes one weak area on a roof to destroy the integrity of the roof , as these shingles are installed in overlapping 'lanes'

To avoid 'getting stuck' here......ask the buyers to select a roofer on their end & that you'll pay for the roofer to inspect the issue.
If that turns out to be the problem.........It may be possible just to replace those shingles making for a much less expensive solution ( if you know the brand & type/color) of shingles the buyers would really appreciate your attention to detail here.

This is the quickest & most painless way of avoiding a he said she said & having to pay an unreasonable amount as a credit...to the buyer.

More importantly you & the buyer have the satisfaction of buying/selling with no lurking issues- post sale.

Buyers will typically follow their home inspectors advice & in order to move forward with this transaction keeping things amenable & both parties from getting emotional or upset - this is the best way to settle this.

BTW, your agent is not qualified to make that kind of recommendation - only a professional contractor/roofer is . The liability alone should act as a deterrent for him/her telling you to replace the roof- It is outside the scope of our expertise.

My comment would be to tell my seller's to get a roofer to inspect & follow their recommendations.
Good luck - Fri Oct 3 2008, 05:49

Hi Manisha,
If you're still around, there are currently some excellent values on the market.

I have a sense of what communities/homes most buyers in Plainsboro with your requirements may like, so am posting this.
If you are still searching, please consider this a time-sensitive availability.
Homes that are well priced & in move in condition have been going under contract in Plainsboro , some under a week !
First step- Get preapproved from a reputable lender. If you need to know more, please contact me directly.
ShaluThaman@gmail.com - Thu Oct 2 2008, 06:25

Hi Manisha,

Plainsboro typically does not have a lot of inventory........a lot of course depends on your search criteria.

Aspects that may help get your search organized :-Price, if a basement is a must have, any must have features, age of home,Time frame for moving in.

Some communities are very desirable & homes that come available that are well priced & in move in condition sell pretty quickly.
The Plainsboro / West Windsor market this year has found a balance & we're stabilizing fast......with price declines slowed down in the wake of few listings on the market & a greater number of buyers.

I've been consistently working with buyers over the last year or so .............especially first time Buyers............I'm a local area specialist for West Windsor Plainsboro ...........and have been selling real estate in this area for the last 7 years or so.........lived in the greater princeton area for about 15 yrs.

You could also visit my site/blog for lots more buying related info.

Feel free to call or email if you had questions that help you get your search focussed. - Mon Sep 8 2008, 05:36

Hi Marc,
When you get down from your soapbox - ex politico- you may realize that as Director of relocation- you live day in & day out in a business that is only sustained by corporate relocation referrals - a very tight & close knit community of agents whose livelihood depends on accepting business that is basedon 30-35% referral comissions to the relocation company or the broker.
These 'easy' relocation leads are only given to a select few within this'community - on the surface the claim is made that the distribution of such leads is to top performers; but you know otherwise,don't you?

I've been a Centant mobility relocation specialist , when I was with Coldwell Banker- so I know how this works.
The corportate relocation thing - is ALL about 'protecting ones own".

And if you did 'give away' the referral to the agent in Hudson county, I'm sure your manager was OK with it too......After all how many agents just 'give away' business. Not too many.
Whatever your reasons, I'm sure thy were not at all in your own interest, not even to get something back from that agent in the future.

I am so glad that the model of real estate is changing & has been for a while.
With the collapse of Wall Street, many real estate agencies- corporately owned have been impacted - and agent are or will begin feeling the pinch.
Higher fees & lower agent shares on sales.

NAR lost 6 % of realtors this past year- that s 6% of agents who left the business.
It's only a matter of time before the lower agent shares on the highly nepotized & buddy-system based corporate relocation referrals, starts driving out the entrenched agents who never learnt to generate their own business sources.

BTW , that chip on your shoulder regarding buyer's agents- it really shows.

The ones who will have excelled in these last 2 years are mostly ones working with buyers - the skills they gained in these times already puts them ahead for times to come

BTW it is for the buyer to define' good'.....not 'we'.
This is ALL about the client.....not us.
Once you get that you may see it in the best interest of the client.

It is not in the interest of the buyer to work with multiple clients.........unless Bergen county agents follow a different set of real estate practices. - Thu Oct 2 2008, 06:14

OK, Marc,

Send me your buyers & following your rationale........I'll guarantee they will not come back to work with you ;-)
How's that for knowing self- worth?

That is if you're not afraid of a little competition yourself ;-)


I excel at what I do fo my clients & every prospect I meet or talk to can see that pretty much rightaway.
One does not need more than 1 or 2 conversations or meetings to know if a professional you want to hire can bring value to the relationship.

if you do not realize the worth of a good buyer's agent then how could you convey that to a client ?

If you do not instill that level of confidence in a prospect, maybe that is precisely why they are working with other agents of their choice----even if it out of your area of expertise.

If you bring value to the table, they would be trusting you....listening to you.....taking your advice---and going with an out of area agent YOU referred. period.

Don't mean to get personal, but your comments run against the ethical realm of this business & do not serve the best interest of a buyer in this market.

Believe it or not; there ARE other & better ways of verifying the qualifications of an agent.

Just my 2 cents. - Wed Oct 1 2008, 12:15

Hi KP.
It dilutes your efforts to work with multiple agents if looking in the same area- this could cover more than 1 city..
For eg. if you're looking in East Windsor - find out what area specialization does your current agent have & how - how many homes th sold as a listing agent - how many as a buyer's agent.
They could cover other townships nearby as well- so you really need to find out what their area of specialization is.

For your purpose & interest- it is important that you work with a LOCAL specialist.

To come out of this confusion ask them for recent client references & call those BUYER clients.

You must understand that potentail conflicts could arise with procuring cause.
Also, that that as a first time buyer you are not aware of the pitfalls of a transaction & not being upfront with an agent could cost you.
If the agent finds out that you are working with another agent - assuming that you are working with a good, knowldgeable agent- they will drop you cold- & you just lost a potentially valuable representation.

Good buyer's agents are worth their weight in gold & know their worth in any market.

You really need to ask yourself, why you need 2 agents?

Is 1 not working hard & honestly for you? .

Are they experts in different areas ?

Is my current agent not a LOCAL area expert in the area(s) I am interested in buying?

Just as a reminder- while you're on Trulia asking these questions & NOT having a conversation with your agent / interviewing buyer's agents --------interest rates are rising.- new levels were set effective Sep 30th.

Please follow the thought process described above - decide on 1 area- decide on 1 agent - and soon---an early decision may underline the difference between actually being able to buy a home within your time frame & within a price in your comfort zone. - Wed Oct 1 2008, 09:02

Hello again,

It appears you are on Trulia asking questions that your agent should realy be providing you info on proactively.

It only underlines the importance in this market being 'in the right hands' --ie. working with a really good buyer's agent, who understands the requiremenst & expectations of a first time home buyer.

To answer yur question.......I'll ask you one.

Did you sign a buyer's agreement with this agent?

Did he/she show you the home & follow up? .....being diligent in showing you every listing in your serach. criteria.
Did they explain buyer agency & keep all your price, terms & other criteria confidential.
Are they showing/have sown the same home to another potential buyer?

If they have been working with you earnestly for a while & sincerely trying to find you a suitable home & showing you ALL listings in your search range, then it is a matter of being fair in treating them with the same respect & loyalty they have shown you.

As a professional I would not want to have some other agent, desperate for business, try & steal away my clients.
If I ever sense an ambiguity, the 1st step is to explain the possible conflicts that can arise from seeing the same homes with multiple agents - procuring cause can apply if your agent showed you this home AND followed up- stayed in contact with you since the showing & put your interests at the forefront.
If theirefforts are measurable & quantifiable- you could end up in claims court with money owed to that agent's brokerage in paybale comissions.

This actually is my biggest peeve with buyers, who don't understand that ALL properties that are listed on the multiple listing system; are avilable for showing to any agent, licensedin NJ..............mostly those members of that particular MLS system, but other NJ agents as well.

An MLS listed property does not' belong' to just 1 agent or agency......it is open to any agent licensed to buy/sell real estate in NJ.

Re getting a mortgage- please play safe & work with an honest realtor who can provide at least 2-3 lender referrals- just remember that the representative works for the bank - not vice versa.

Mortage financing & banks etc. is one of my biggest strengths- I will not give away that info here- sorry.

To clarify, you are asking questions that no knowledgeable, smart & expereinced - no good agent will give away here.
The bad agents will not have answers to these questions - worse they may not even know what you are referring to.

Don't mean to sound condescending to anyone.

Please first clarify/ verify your relationship with the agent you are working with- if unhappy then explain honestly & terminate the relationship.
or demand that they come to par.

Either way, that is the right way to start your real estate experience & make for a sooth transaction going forward.
An agent's work only just begins with the selection of a home. - Mon Sep 29 2008, 18:22