Most of us sell only a small number of homes in our lifetimes. With limited experience in real estate how are we to be capable of maximizing the profits from our home sale? Many home sellers make the critical mistake of thinking all Realtors are the same. They list with the first agent who comes along. Does it make good business sense to put the responsibility of selling your home with someone who has no plan or qualifications? This special report will educate you with valuable information that will help you make the best decision concerning: Which real estate agent should you list with?
Start by doing a few hours of research. Ask around... get to know who has the most signs, ads and marketing material in your neighborhood. Who’s the most active agent? Compile a list of agent names and use these questions to help you determine which agent is right for you.
1.Could you send me some information about yourself? - You can often get a good idea of which agents are the most professional by looking at their promotional materials. If their own materials aren’t professional, how well are they going to market your home? Track how long each agent takes to respond to your request and how quickly they follow up. If they don’t respond efficiently to your listing requests imagine how they’ll handle potential home buyers.
2.How many homes have you listed and how many homes have you sold in the last six months? - Look for an agent who has experience with homes similar to yours and is active in your area. If your home has special features look for an agent with experience in those areas. Your agent should have a good record of selling homes, not just listing them. After all, this is your ultimate goal.
3.What is your average length of time from listed to sold? - Don’t automatically assume the shorter time on the market the better. That could reflect selling homes quickly at lowball prices. Look at what the asking price was compared to the selling price. An agent who sells close to the asking price and quick is effective at helping clients determine the right price and helping them get it.
4.How long have you been in business and what professional organizations do you belong to? - The length of time a real estate agent has been licensed is not a sure fire sign that they’ve been an active seller. They may have been in business for 10 years but only part time, whereas an agent who’s been in business for 2 years may be a real top producer. So take into account what professional organizations they belong to. The minimum should be a licensed professional who’s a member of the local real estate board and multiple listing service as well as the state and National Association of Realtors. Local community groups and associations are also pluses in terms of networking and commitment.
5.Do you have an assistant or support staff? - By employing someone to handle the details of their business the agent can spend more time servicing your needs. However, make sure you know how much time an agent will spend and how much time their assistant will spend on the sale of your home. It may be fine if the assistant does most of the legwork as long as the agent is there at the most critical times of the transaction period.
6.How often will you hold open houses? Will they be public or by appointment only? - Simply putting a sign on your lawn and holding open houses every Sunday will not sell your home. Too frequently open houses make the property a target for low ball bidders. Look for an agent with a specific plan for each open house. The plan should be just one facet of a complete marketing plan.
7.What listing price do you recommend and what is that price based on? - Pricing is the most critical step to selling your home. Take great care in choosing an agent with the knowledge to price your home effectively. Keep in mind the selling price should attract prospective buyers to your home, get you top dollar in the current market and reflect the condition of your home. Be realistic and avoid ‘yes agents’, who will say ‘yes’ to any request or price while your home languishes on the market. Lowball agents will try to talk you into an artificial price simply to sell as fast as possible.
8. What does the listing agreement entail, what are the beginning and expiration dates, and what are the fee amounts I will be paying? - Have your agent go over every detail in the listing agreement with you until you understand it completely. Make sure the beginning and ending dates are on the agreement; a good standard for length is three months. Know exactly what fees you will be paying and remember that less is not always better. If the agent stands to make very little commission you can bet it will be reflected in the amount of time and effort that is spent marketing your home. If the agent reduces their commission to get the listing it may mean they intend to spend very little money promoting the property. The normal commission is between 5 and 7 percent.
9.What disclosure laws apply to me and what do I need to be aware of? - Make sure your agent helps you with locating professional inspectors for the various mandatory home inspections required in your area. Create a home marketing file including a property fact sheet, a property transfer disclosure statement, pest control report, applicable C.C.& R’s , applicable study zones report, structural engineering report, property profile from the title company, plans for alterations or additions, and special equipment report for pools, spas, sprinklers and alarm systems. Your agent should be able to handle this for you.
10.What types of things separate you from your competition and will you give me some feedback? - How effectively will they advertise? Do they have 24-hour advertising capability? Will all the leads be followed up on by your agent’s team or will they go to other agents who may have other listings they would prefer to show? Agents who are innovative and offer new methods of attracting home buyers will measurably outperform agents who rely on methods of the past. Marketing effectively in the 90’s and beyond requires progressive strategies that add value and service for both buyers and sellers!
Saturday, April 4, 2009
Wednesday, March 25, 2009
Think before you Purchase that Short Sale!
Below are a list of Reasons Why Buyers Might Not Want to Buy a Short Sale:
1) Sellers Paid Too Much.
If a home sold for $500,000 a few years ago and is now for sale at $400,000, that doesn't mean the buyer is picking up $100,000 of equity for free. It means the seller paid too much in a rising market and now the market has fallen. It means the seller has no equity.
2) Sellers Borrowed Too Much.
Banks that were eager to lend money in appreciating markets sometimes allowed borrowers to over-mortgage the home, meaning the borrower's loan balance exceeded the value of the property. Appraisals are subjective, and not all appraisers will place the same value on a home. Although against the law, some appraisers are pressured by banks to appraise at the amount the home owner wants to borrow.
3) Stringent Qualifications.
Inexperienced or unethical real estate agents might push a seller into considering a short sale when the seller does not qualify for a short sale. Sellers must prove a hardship and submit evidence of the hardship to the lender for approval. Some agents list homes as short sales without ever talking to the lenders or pre-qualifying the sellers.
4) Homes Sell at Market Value.
Lenders aren't naive or unaware of the value of a home. Lenders will insist on acomparative market analysis, known as a CMA, or broker price opinion, known as a BPO. If a lender believes a better price can be obtained by taking the property back in foreclosure over a short-sale offer, the lender may hold out for a higher price. That price will be close tomarket value. Lenders accept short sales when the home is worth the short-sale price, which means market value.
5) Homes Sell "As Is".
If a mortgage company agrees to a short sale, it is most likely also paying the closing costsin the transaction. Lenders ask buyers to purchase the home in its present condition. Lenders typically will refuse to pay for:
• Suggested repairs disclosed on a home inspection.
• Pest inspections or work necessary to issue a clear pest report.
• Roof certifications or roof repairs.
• Home protection plans for the buyer.
• Deferred maintenance.
6) Length of Time to Close.
Depending on when the Notice of Default was filed, the lender's back-log of foreclosures and how much paperwork the seller has already submitted, it could take anywhere from two weeks to two months to get a response on a purchase offer from a lender. In addition, if two lenders are involved because there are two loans secured to the property, it could take longer to satisfy the demands of the second lender.
7) Lenders Can Change Conditions.
Some lenders reserve the right to renegotiate the terms of the short sale at the last minute. If the market changes, new laws pass or new information crosses the lender's desk, the lender can attempt to change the terms of the contract. Lenders generally have lawyers at their disposal, and ordinary buyers do not.
8) Lenders Discount Commission.
I don't know of any lenders who are paying traditional real estate commissions to real estate agents. They will want a discount. Moreover, agents end up doing two to three times the work of a conventional transaction and don't appreciate getting paid less to do more work. If you have agreed to pay your agent a certain percentage under a buyer broker agreement, you could be liable for the difference between what the lender will pay and what your contract stipulates, if your agent refuses to waive the difference.
9) Higher Buyer Closing Costs.
Because lenders rarely will pay for any extras, like a seller would be willing to do, if you want any of those extras, you will pay for them yourself. Sometimes lenders will refuse to pay for standard seller closing costs such as transfer taxes, too. If you want specific inspections, you will probably pay for them out-of-pocket.
10) Lose Control of Transaction.
If you need to close escrow by a specific date, lots of luck with that. A short sale home closing process takes an indefinite amount of time. The seller's lender calls the shots, not the buyer nor the buyer's lender. If you are trying to close escrow concurrently with the sale of your home, it might not happen.
11) Little Seller Motivation.
When the seller discovers that the short sale effect on credit is identical to that of a foreclosure, there is little incentive for a seller to cooperate with a short sale. There is no benefit to a seller to consider a short sale and move out before the foreclosure is concluded, except for peace of mind that the nightmare is over.
So before you jump at that short sale that looks to good to pass up, do your homework firt.!
1) Sellers Paid Too Much.
If a home sold for $500,000 a few years ago and is now for sale at $400,000, that doesn't mean the buyer is picking up $100,000 of equity for free. It means the seller paid too much in a rising market and now the market has fallen. It means the seller has no equity.
2) Sellers Borrowed Too Much.
Banks that were eager to lend money in appreciating markets sometimes allowed borrowers to over-mortgage the home, meaning the borrower's loan balance exceeded the value of the property. Appraisals are subjective, and not all appraisers will place the same value on a home. Although against the law, some appraisers are pressured by banks to appraise at the amount the home owner wants to borrow.
3) Stringent Qualifications.
Inexperienced or unethical real estate agents might push a seller into considering a short sale when the seller does not qualify for a short sale. Sellers must prove a hardship and submit evidence of the hardship to the lender for approval. Some agents list homes as short sales without ever talking to the lenders or pre-qualifying the sellers.
4) Homes Sell at Market Value.
Lenders aren't naive or unaware of the value of a home. Lenders will insist on acomparative market analysis, known as a CMA, or broker price opinion, known as a BPO. If a lender believes a better price can be obtained by taking the property back in foreclosure over a short-sale offer, the lender may hold out for a higher price. That price will be close tomarket value. Lenders accept short sales when the home is worth the short-sale price, which means market value.
5) Homes Sell "As Is".
If a mortgage company agrees to a short sale, it is most likely also paying the closing costsin the transaction. Lenders ask buyers to purchase the home in its present condition. Lenders typically will refuse to pay for:
• Suggested repairs disclosed on a home inspection.
• Pest inspections or work necessary to issue a clear pest report.
• Roof certifications or roof repairs.
• Home protection plans for the buyer.
• Deferred maintenance.
6) Length of Time to Close.
Depending on when the Notice of Default was filed, the lender's back-log of foreclosures and how much paperwork the seller has already submitted, it could take anywhere from two weeks to two months to get a response on a purchase offer from a lender. In addition, if two lenders are involved because there are two loans secured to the property, it could take longer to satisfy the demands of the second lender.
7) Lenders Can Change Conditions.
Some lenders reserve the right to renegotiate the terms of the short sale at the last minute. If the market changes, new laws pass or new information crosses the lender's desk, the lender can attempt to change the terms of the contract. Lenders generally have lawyers at their disposal, and ordinary buyers do not.
8) Lenders Discount Commission.
I don't know of any lenders who are paying traditional real estate commissions to real estate agents. They will want a discount. Moreover, agents end up doing two to three times the work of a conventional transaction and don't appreciate getting paid less to do more work. If you have agreed to pay your agent a certain percentage under a buyer broker agreement, you could be liable for the difference between what the lender will pay and what your contract stipulates, if your agent refuses to waive the difference.
9) Higher Buyer Closing Costs.
Because lenders rarely will pay for any extras, like a seller would be willing to do, if you want any of those extras, you will pay for them yourself. Sometimes lenders will refuse to pay for standard seller closing costs such as transfer taxes, too. If you want specific inspections, you will probably pay for them out-of-pocket.
10) Lose Control of Transaction.
If you need to close escrow by a specific date, lots of luck with that. A short sale home closing process takes an indefinite amount of time. The seller's lender calls the shots, not the buyer nor the buyer's lender. If you are trying to close escrow concurrently with the sale of your home, it might not happen.
11) Little Seller Motivation.
When the seller discovers that the short sale effect on credit is identical to that of a foreclosure, there is little incentive for a seller to cooperate with a short sale. There is no benefit to a seller to consider a short sale and move out before the foreclosure is concluded, except for peace of mind that the nightmare is over.
So before you jump at that short sale that looks to good to pass up, do your homework firt.!
Wednesday, March 18, 2009
Things to Know Before You Buy A Short Sale
6 Things to Know Before You Buy That Short Sale House
The Wrong Short Sale House Might Not Ever Close
When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call your real estate agent. Your agent needs to research that short sale listing first.
In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn't mean it's really for sale (because it's subject to lender approval), nor does it mean it will sell at the advertised price. Here are 6 things you need to know before trying to buy that short sale.
Comparable Sales For That Short Sale House
The short sales I list in Sacramento are all priced below comparable sales, yet they are priced in line with pending sales. Why? Because short sales take anywhere from 2 to 4 months, on average, to close, and pending sales will become the comparable sales at closing. Some short sales are priced ridiculously low. So low that the sellers' bank will never accept them. These types of listings receive multiple offers. But all is not lost. To get your offer accepted, it will need to be priced near market value. If you're not prepared to pay above a superficial price on a lowball short-sale listing, then pass.
Mortgage Amounts, Number of Loans and Lenders
Ask your agent to research how much is owed against the home and find out the number of loans that are recorded. A second or third mortgage lender will receive peanuts as compared to the amount a senior lender in first position will get. Moreover, some lenders, deserving or not, get a reputation for being difficult to work with. If your agent is an experienced short sale agent, he or she will know who these lenders are and can advise you of the difficulty you may encounter. If your offer is 20% or 30% of the mortgaged amount, it is unlikely that your offer will see the light of day on the negotiator's desk.
Short Sale Listing Agent's Track Record
A listing agent who is advertising a short sale but has never closed a short sale is a risky proposition for you. That's because it's up to the listing agent to submit the short sale package to the lender and negotiate. Your buyer's agent can't talk to the bank.Some listing agents hire outside companies to do their job, and the results of those negotiations are sketchy at best. Ask yourself, do you want to risk rejection of your short sale purchase because the listing agent has no experience?
Short Sale Seller Qualifications
Find out if the listing agent has received a completed short sale package from the seller, and ask about the contents of that package. A complete short sale package consists, at minimum, of the following:
• Sellers' hardship letter
• Tax returns
• W-2s
• Payroll stubs
• Financial statement
• Bank statements
Some sellers do not want to cooperate and are slow to return these documents. Others have never been told by their agent that these documents are mandatory. You don't want your short sale purchase delayed because the listing agent doesn't have the required documents.
Number of Short Sale Offers Received
Homes priced under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you do want to know how many offers you are up against.
Here's how it generally works:
• When a short sale home first comes on the market, the first offer will most likely be a tad below list price.
• The second, at list price.
• The third offer will be slightly higher, maybe by a $1,000 or $2,000.
• The fourth offer will be significantly more.
You want to make an offer that will beat the competition yet still be below market, or don't waste your time.
The Wrong Short Sale House Might Not Ever Close
When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call your real estate agent. Your agent needs to research that short sale listing first.
In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn't mean it's really for sale (because it's subject to lender approval), nor does it mean it will sell at the advertised price. Here are 6 things you need to know before trying to buy that short sale.
Comparable Sales For That Short Sale House
The short sales I list in Sacramento are all priced below comparable sales, yet they are priced in line with pending sales. Why? Because short sales take anywhere from 2 to 4 months, on average, to close, and pending sales will become the comparable sales at closing. Some short sales are priced ridiculously low. So low that the sellers' bank will never accept them. These types of listings receive multiple offers. But all is not lost. To get your offer accepted, it will need to be priced near market value. If you're not prepared to pay above a superficial price on a lowball short-sale listing, then pass.
Mortgage Amounts, Number of Loans and Lenders
Ask your agent to research how much is owed against the home and find out the number of loans that are recorded. A second or third mortgage lender will receive peanuts as compared to the amount a senior lender in first position will get. Moreover, some lenders, deserving or not, get a reputation for being difficult to work with. If your agent is an experienced short sale agent, he or she will know who these lenders are and can advise you of the difficulty you may encounter. If your offer is 20% or 30% of the mortgaged amount, it is unlikely that your offer will see the light of day on the negotiator's desk.
Short Sale Listing Agent's Track Record
A listing agent who is advertising a short sale but has never closed a short sale is a risky proposition for you. That's because it's up to the listing agent to submit the short sale package to the lender and negotiate. Your buyer's agent can't talk to the bank.Some listing agents hire outside companies to do their job, and the results of those negotiations are sketchy at best. Ask yourself, do you want to risk rejection of your short sale purchase because the listing agent has no experience?
Short Sale Seller Qualifications
Find out if the listing agent has received a completed short sale package from the seller, and ask about the contents of that package. A complete short sale package consists, at minimum, of the following:
• Sellers' hardship letter
• Tax returns
• W-2s
• Payroll stubs
• Financial statement
• Bank statements
Some sellers do not want to cooperate and are slow to return these documents. Others have never been told by their agent that these documents are mandatory. You don't want your short sale purchase delayed because the listing agent doesn't have the required documents.
Number of Short Sale Offers Received
Homes priced under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you do want to know how many offers you are up against.
Here's how it generally works:
• When a short sale home first comes on the market, the first offer will most likely be a tad below list price.
• The second, at list price.
• The third offer will be slightly higher, maybe by a $1,000 or $2,000.
• The fourth offer will be significantly more.
You want to make an offer that will beat the competition yet still be below market, or don't waste your time.
Wednesday, March 11, 2009
LOAN MODIFICATION
Hello as promised this is the 2nd installment of the Mortgage Education Blog.
Lately the question that everyone is asking “what will my lender need from me if I want to do a loan modification”. Well before any lender can recommend the most appropriate workout option, it is important that they have a complete understanding of your current financial situation. As part of this process most lenders will require the following documentation:
1. Hardship letter (this letter needs to outline what has caused you to fall behind on your bills, loss of job, illness etc.)
2. Most recent tax returns (1040’s)
3. Most recent paystubs ( normally the last 2)
4. List of expenses
5. Most recent bank statement
6. Copy of your property tax bill
7. Copy of Homeowners Insurance Declarations Page
The most important thing is to contact your lender immediately!! Do not delay the sooner you contact them the sooner you can begin the process. Now with each lender there may be additional documentation needed but the above documents will start the process. As always if you have any further questions please visit www.financialstablity.gov or you can email me at yvonnel.long@gmail.com and I will be glad to help you!
Lately the question that everyone is asking “what will my lender need from me if I want to do a loan modification”. Well before any lender can recommend the most appropriate workout option, it is important that they have a complete understanding of your current financial situation. As part of this process most lenders will require the following documentation:
1. Hardship letter (this letter needs to outline what has caused you to fall behind on your bills, loss of job, illness etc.)
2. Most recent tax returns (1040’s)
3. Most recent paystubs ( normally the last 2)
4. List of expenses
5. Most recent bank statement
6. Copy of your property tax bill
7. Copy of Homeowners Insurance Declarations Page
The most important thing is to contact your lender immediately!! Do not delay the sooner you contact them the sooner you can begin the process. Now with each lender there may be additional documentation needed but the above documents will start the process. As always if you have any further questions please visit www.financialstablity.gov or you can email me at yvonnel.long@gmail.com and I will be glad to help you!
Wednesday, March 4, 2009
What is a Short Sale
With the mortgage industry receiving so much attention. I have been asked on numerous occasions what is a short sale? I have complied a list of information that I think may be helpful to anyone who has any questions on short sales.
What is a Short Sale?
A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.
Check the Public Records
Do your research before making an offer to purchase. Your agent can find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.
If there are two loans, you could have a problem. The first mortgage lender's position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $160,000 on the first and $40,000 on the second, offering $160,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.
Hire an Agent with Short Sale Experience
It's one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent.
An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.
Prepare the Seller for Lender Demands
A lender is not going to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans. Sellers need to provide a hardship letter to the lender. Sellers may also owe taxes on the amount of debt that is forgiven.
A seller I know once demanded that the buyer slip the seller $1,000 to be given the right to purchase the seller's property. We said no. This is fraud. The lender legally pursued that seller. Do not be lured by sellers who suggest this practice. In a short sale, the seller receives no money because the lender is losing money.
Submit Documentation & Purchase Offer to Lender
Once the seller has accepted your offer, send it to the lender for approval. You do not have a deal until the lender accepts. Also, send the lender a copy of your earnest money deposit. Do not be astonished if the lender asks you to increase it.
In addition, the lender will want to see that you have your own loan available and you are preapproved. Send a preapproval letter to the lender. It will help if your agent sends a list of comparable sales that support the price you are offering to pay for the home.
Give the Lender a Deadline
Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. If the lender is under no pressure to make a decision, the paperwork will sit on an underling's desk.
Some lenders submit short sales to committee, but most can make a decision within two to three weeks, providing you have submitted the offer to the individual in decision-making capacity. Get a name and phone number for the appropriate contact at the lender. Don't send an offer blindly to a department.
I hope this information helps if you have any further questions please feel free to email and I will respond as soon as possible!
What is a Short Sale?
A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.
Check the Public Records
Do your research before making an offer to purchase. Your agent can find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.
If there are two loans, you could have a problem. The first mortgage lender's position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $160,000 on the first and $40,000 on the second, offering $160,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.
Hire an Agent with Short Sale Experience
It's one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent.
An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.
Prepare the Seller for Lender Demands
A lender is not going to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans. Sellers need to provide a hardship letter to the lender. Sellers may also owe taxes on the amount of debt that is forgiven.
A seller I know once demanded that the buyer slip the seller $1,000 to be given the right to purchase the seller's property. We said no. This is fraud. The lender legally pursued that seller. Do not be lured by sellers who suggest this practice. In a short sale, the seller receives no money because the lender is losing money.
Submit Documentation & Purchase Offer to Lender
Once the seller has accepted your offer, send it to the lender for approval. You do not have a deal until the lender accepts. Also, send the lender a copy of your earnest money deposit. Do not be astonished if the lender asks you to increase it.
In addition, the lender will want to see that you have your own loan available and you are preapproved. Send a preapproval letter to the lender. It will help if your agent sends a list of comparable sales that support the price you are offering to pay for the home.
Give the Lender a Deadline
Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. If the lender is under no pressure to make a decision, the paperwork will sit on an underling's desk.
Some lenders submit short sales to committee, but most can make a decision within two to three weeks, providing you have submitted the offer to the individual in decision-making capacity. Get a name and phone number for the appropriate contact at the lender. Don't send an offer blindly to a department.
I hope this information helps if you have any further questions please feel free to email and I will respond as soon as possible!
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