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Agent2Agent in Dallas : Real Estate Advice

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Activity 79
Mon Aug 13, 2012
Jean answered:
Va loan and Vendee loan are different.. I deal with investors - anyone can get a vendee loan if they qualify.. and they can get as many as they qualify for.. the do not have to be a vet.. they have to have 5% DOWN AND THEY CAN GET BACK 3% - this is only for foreclosed VA houses.. the trick seems to be that Bank of America did a very bad job at this.. and so they are being replaced by Chase - so it seems.. not much information on that.. what I do know is you can't go to your normal mortgage person at the bank.. it is a separate group- or was a separate group at BofA... so now we are just waiting to see where and how Chase handles it.. ... more
0 votes 10 answers Share Flag
Fri May 25, 2012
Jay Narey answered:
I couldn't agree more with you Hunt.
A lot of people want to Lease, not Buy right now and I'm seeing properties in MLS for ridiculously low commissions. I won't even CONSIDER a property that offers less than 50% commission.
It's just not worth my time....so when I see these property owners put in 25 to 35% of 1 months' rent I just laugh at them. Do they honestly think I"m going to bring them a client ? NO WAY.
Further - many won't offer the same commission on a lease renewal.
So of course I advise my client to look for other properties when their lease is up.

Honestly - a good landlord is going to offer 75 to 100% of 1 month's rent.
These cheapos putting their listings into MLS for 25 to 35% crack me up.
Sure - someone will lease it - but it's not going to be MY client !!!
If you want me to work for you - you have to PAY ME.
Why is that so difficult for people to understand.
I'm bringing you a well qualified tenant - the LEAST you can do is offer me 1 month's rent.
... more
0 votes 5 answers Share Flag
Mon May 14, 2012
Bruce Lynn answered:
Blogs are one.... lots of places to blog.... Trulia, your company blog, Realtor.com, ActiveRain, your own blog. Blog not what you want to talk about, but what customers want to know about real estate. Establish yourself as the expert in different areas. Not only this, but you want a way to capture customer information when they get there.

We're having some training about this in our office tomorrow (Tuesday) about some of the free lead sources. If you would like to come let me know. 9am-12noon. This is with one of our master trainers.

One of our trainers also teaches at MetroTex about free lead sources and I highly recommend the class.

You might also google...free real estate lead sources and see what comes up.

Bruce Lynn
Keller Williams Realty
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0 votes 8 answers Share Flag
Tue May 1, 2012
James Ryan answered:
I am a fan of the old sayings....life give you lemons, make lemonade....or the glass is half full....

My suggestion, use it as a selling point. "Walk to beautiful restaurant", "walking distance to nightlife", heck, I would even make sure my flyers were in the bar too....maybe the bar owner commutes too far and would love to live next door. I just pre-qualified a restaurant owner for a purchase, his goal? Simply to move closer to his business. If you need a fast, free, no obligation pre-qual or pre-approval, let me know!
Best wishes, Jim
... more
0 votes 5 answers Share Flag
Thu Apr 12, 2012
Annette Lawrence answered:
Without these three you have nothing.
Motivation
Ability
Date

Without understanding ALL three you have, by default, a time hole. If a contact is unwilling to invest a little skin, (simply a meeting) you have all the information needed.

Now, the following question you presented, "What are some process that you are using to increase the chances of getting to the closing table with a new unknown prospect?" has way too many dimensions.

Even motivated, time sensitive buyers with the ability to buy encounter situations that are unforeseeable or were ignored by the financing institution from the very beginning. Appraisal, insurance, hidden liens, community litigation, the list goes on and on and on and on. There is no means to sort, identify or prevent these casualties.

When you do the analysis of leads to closing table ratio, the light will truly turn on regarding the business you are in. It may look something like
500 leads - 10 contacts
10 Contacts = 5 clients
5 clients = 1 closing table.

The one and five closing ratio has not changed in decades. Every now and then we experience a hot season where more than 20% make it to the closing table. Sometimes this is the result of choosing not to dwell on the loses, but on the positive aspect of the business.

Best of success to you.
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1 vote 8 answers Share Flag
Fri Jan 20, 2012
Shanetta Jones answered:
0 votes 1 answer Share Flag
Sat Nov 19, 2011
Corri Klebaum answered:
Vendee loans are offered only to purchase VA repos with no appraisal so any needed repairs would be left up to you after close. If the home is a VA repo then the Vendee could be an option. Otherwise you will have to make the repairs yourself, have the appraiser reinspect the property and sign off on those repairs so you can close. Either option you will negotiate not only a lower price but an extension of the close date. The other option is walk and start over this time a little wiser. I would not advise an FHA 203k streamline rehab loan for $2700 in repairs, much cheaper in this case to just to walk away.

See the link below for info on the Vendee...
... more
0 votes 6 answers Share Flag
Sun Oct 2, 2011
Chris Hutchinson answered:
I will start of with looking for clarification. You stated that she said she does not have her brokers license. You do not have to have a brokers license to manage property as long as you are working for a broker as a licensed real estate agent. So it is possible that she doesn't have a brokers license but her firm may be the broker and she could be a agent of that broker.

But if she is completly unlicensed the answer really depends on what capacity she is operating. Is it possible that the new management company has ownership interest in the property that is being managed? If so then there is no requirement for the employees to be licensed. But if she is working with the residents and writting leases for them with out being an direct employee of the apartment complex or owner of the apartment complex it is possible that the law is being violated.
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0 votes 2 answers Share Flag
Fri Sep 23, 2011
One Riot One Ranger answered:
I own one of the oldest real estate schools in Texas. Several years ago we went to online correspondence in partnership with Texas Tech One of the most common complaints I hear about classroom is that the instructor is more interested in recruiting than teaching. TREC made recruiting during class time illegal several years ago, If you get a good instructor then you get a good class. I developed the first broker/agent recruiting site many years ago. . http://www.agentwanted.net. Simple concept. Prospective agent sends their information then interested brokers contact the prospect for an interview. ... more
0 votes 15 answers Share Flag
Thu Jul 21, 2011
Ron Thomas answered:
Damon,
It seems like there are two kinds of people out there:

Those that believe that we have not reached the bottom yet,
And the rest of us poor, uninformed, plebeians.

The ironic thing is, if someone believes that the bottom has not yet arrived, they are absolutely correct: It is a self-fulfilling phylosophy.

I've had my head in the clouds for lo these many years, and I'm not going to change now.
... more
1 vote 2 answers Share Flag
Mon Jun 20, 2011
T.E. & Naima Sumner answered:
Kim,

It's hard to accuse a non-licensee of a TRELA violation without more details. The basic provision of the law is that taking action in anticipation of receiving compensation for a sale of property without an ownership interest or employment by the owner is prohibited without a license, but does consulting fit into that category? Ask the TAR hotline people.

Writing contracts is not a TRELA violation but rather practicing law without a license.

If the non-licensed person is preparing contracts using promulgated forms, then likely TREC would find this as prohibited.
I doubt giving contact information is a violation of anything.
A third party (not a principal) negotiating on behalf the actual owner or the actual buyer with the prospect of receiving compensation is most probably a violation of TRELA. Without an interest in the property, the flipper becomes a third party or broker. Unlicensed brokerage is prohibited.
The gray area is when a person holding an option or other contract and negotiates assignment or resale based on his contract with another party. Assignments of this type might fall outside of TRELA and TREC purview.
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0 votes 1 answer Share Flag
Tue May 24, 2011
Mike Linkenauger answered:
If there is a foreclosure sale date in the near future, it is VERY common to price a short sale property LOW to get a quick offer and stop the sale date. We have done this many times, and if the bank wants more $$$ and the buyer really wants the house, we have also seen them increase their offer many times. Either way, they pave the way for the next buyer in line to get a quick closing and a deal! ... more
0 votes 14 answers Share Flag
Wed Apr 27, 2011
Susie Reichley answered:
Call Scott Kring. He has a small company and attends to all details!972-567-1516.
0 votes 4 answers Share Flag
Thu Feb 10, 2011
Eastdallas99@yahoo.com answered:
A hidden jewel -- the ENCLAVE AT GROVE HILL is the only NEW GATED COMMUNITY that is INNER CITY. the community is 4 miles to downtown. DAVID WEEKLEY is the home builder and is well known in the Houston and Dallas market. This community can be found at the intersection of LAWNVIEWN @ GROVE HILL; you can build a brand new home or buy and existing home. This is a surprise to a lot of folks - even the Dallas Police stats for 2009 show this community experience's the least amount of crime compare to the rest of the City! Folks call this community THE NEW EAST DALLAS........i hope this helps you out? Most important, do your research. one more thing, i'm not an agent just and person involved in his community. ... more
0 votes 3 answers Share Flag
Sat Jan 8, 2011
T.E. & Naima Sumner answered:
You can be a member of any subscribing board, not just MetroTex. If your broker is a member of MetroTex and no other boards, then you're limited to his membership. However, there is no difference in charges.

MLS is a cooperative, not a monopoly. All cooperating brokers participate and they establish the rules for accessing the data. The budget for operating the database and providing access is divided among the participating members. The rest of us pay for the operating budget. I don't see the problem with requiring users with access to pay their share, including you.

Since active listings are mirrored on multiple sites, such as Realtor.com, you must want access to other data or non-active listings. You'll have to pay for that access or else violate ethical rules. It's not worth it if you're caught violating ethics.
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0 votes 6 answers Share Flag
Wed Oct 20, 2010
Alicia Autrey answered:
You can find a list of qualified professional home stagers nation wide through the Real Estate Staging Association (RESA) an industry trade association for home stagers and redesigners that offers continued education and accountability. ... more
0 votes 11 answers Share Flag
Fri Oct 8, 2010
Janine Love answered:
Res.net Hands Down. There is no comparasion. Haven't had anything on Equator in over a year. Am constantly on Res.net however....
1 vote 1 answer Share Flag
Thu Jun 24, 2010
T.E. & Naima Sumner answered:
Jackie, thanks for the contact, that's a very reasonable price. TU

Square footage is calculated from the outside of a home not from the inside walls. So measuring a room and just adding it to the tax rolls would be misleading.

Naima
... more
0 votes 16 answers Share Flag
Wed Jun 23, 2010
AV answered:
Call me if you want to meet up for lunch. We close loans in 17 days start to finish with the lowest closing costs available

www.HomeLoansInDFW.com
Amit 'AV' Vaghela
214-954-7566
Supreme Lending Mortgage Banker
... more
0 votes 7 answers Share Flag
Wed Jun 23, 2010
Jackie Rankin answered:
Kathy,

Try James Shands at 972-977-5469. I've never used him, but he is always busy with jobs so he must be doing something right...

Jackie
0 votes 1 answer Share Flag
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