Realtor/Coach/Trainer
I heard a story recently that is indicative of what is happening in the industry. A homeowner’s loan was resetting to a higher interest rate so he went to refinance. For easy numbers let’s say his loan was for $220,000 but the home was only worth $200,000. The bank wouldn’t do it because the value […]
Much larger map here.
I have been gone for a bit from blogging on this site. Working Short Sales and continuing bad real estate numbers really didn’t inspire me to write much. It seemed that day in and day out it my world was the trial and tribulations of short sales and foreclosures. I did get inspired to create […]
The Art Just recently I have talked a client out of offering more for a home so they didn’t overpay and talked another client into offering asking price instead of low-balling so they wouldn’t lose the house. There are finer details but that is the gist. It worked out for both. The first client was […]
Ever heard of feral homes? Above is a picture capturing what is happening to an estimated 33,500 abandoned homess in Detroit. Two years ago I posted a map of the foreclosure situation in Detroit – colorful but not pretty. Over the last few years I have heard about how bad it is from a house […]
Some will say that when you buy a house you will find a way to make it work. Recent foreclosure numbers might hint that isn’t enough. I have suggested to many buyers that they start immediately taking the difference between their rent and expected mortgage and put it in a savings account. For the very bold they […]
I have wanted to put this into words for a while and then I came across this book excerpt with pretty much encases the points I wanted to make. I found this author from this post. I was originally trying to find an article I had seen before where a study found that home maintenance […]
One Home Nine months Four buyers Bank silliness Mortgage Insurance confusion Equals Acceptance. Yay!!
We are only waiting on the President’s signature and there is no sign that he won’t. Below is a summary of the new modifications in the extension and expansion of the tax credit: 1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010. 2) A new $6,500 tax […]
There are still 100% loans out there though they are few and far between. For most, the least downpayment you can bring is 3.5%. You can still have the sellers pay for your closing costs so you only need about $7,000 to buy a $200,000 home. I still see people stretching themselves to take this […]
I wrote this in late December of 2007: The Wall Street Journal has a story on surveying economists and their guesses that there will be no recession. One of the biggest questions hanging over the economy remains: How far is the housing market from its bottom? Though many major markets are experiencing steep price declines, […]
HOA’s (Homeowner Associations) are a necessary evil for attached homes – row homes and condos. They make sure the homeowners follow the rules that they agreed to when they bought the house. They also keep up the standards for yards and exteriors which includes replacing the roof and siding when needed. Part of the issue […]
Trying to limit repair requests from the buyer doesn’t work for a couple of reasons; 1. If you say I will only pay $X towards repairs then you have already given up that much money. What if the repairs are $100 more or $500 more? Will you let the house go for that? I have […]
This is a tough question and I will soon have an answer for a current client. Part of the required short sale package of papers is a Hardship Letter. They want the homeowner to explain the circumstances that have caused them to ask for a short sale. <UPDATE: The bank approved for them to submit […]
It is counterintuitive that too many choices can cause problems with decision making but this has been shown in quite a few studies. In a longer video, Barry Schwartz talks about how too many retirement plan choices by an employer caused lower participation by employees effectively losing them an opportunity to earn money. This happens […]
I said a while back ago that I didn’t necessarily think the tax credit was a good idea, especially at the beginning of the time window. At first it is abstract idea to get a tax reduction that you didn’t feel until the next year, later it becomes real. Also if you were already buying, […]
