va (41)

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Real estate is a highly demanding industry. Running an agency or even an independent practice can take a huge chunk of your time. From paperwork to renovations, open house, and promotions, running a realty company can be overwhelming. Why not focus efforts on enhancing your core competencies and leave the paper work to a real estate virtual assistant? Normally an independent online contractor, a VA serves as an administrative assistant via the Internet. Some of the top reasons why hiring one will be beneficial for you are the following:
Constant Update on Database
Connections, contacts, and informative data are important in running a real estate business. Your list can exponentially grow vis-à-vis your performance. Most realty agents require hundreds, if not thousands, of contacts to be regularly updated as their client list grows. A virtual assistant can manage your client and information database to ease your way in accessing significant information needed when selling or buying properties. Your VA, for example, can send out newsletters and other promotional paraphernalia whether online or offline.
Enhanced Online Presence
Technology is crucial in today’s real estate business. People no longer just rely on word-of-mouth recommendations. They troop online for information, and this is where real estate virtual assistants come handy. VAs can generate a website or blog site for your business, foster online presence for your business to generate much-needed traffic, and to provide timely updates. Your virtual assistant ensures that reliable content, whether for information or promotion, are kept up-to-date and useful to target audience. He will upload pictures and update old listings, place new properties for sale or lease, and so on through an online site.
Some virtual assistants also provide online press release and SEO service to their clients. Each time new properties are up for sale or for rent, they can create tech-savvy content that will capture searches online. With technology going more mobile and socially adept nowadays, these real estate virtual assistants ensure that apps and platforms are created to generate more interest on your realty business.
Assist on Administrative Duties
Selling, or even renting a place, is not a piece of cake. Contracts need to be formulated, updated, checked and rechecked to ensure its validity. Selling or buying, for instance, can be a rigorous procedure while the negotiations have not been closed. A virtual assistant keep track on inspection details, appraisals, and provide updates to client. She also arranges schedules for property visits, open house, and other notices related to closing a deal.
Cost-Efficient and Flexible Management

When it comes to labor costs, real estate virtual assistants prove to be very cost-effective. Most VAs are paid on a per project basis or as based on the actual job performed. A real estate agent can also choose which responsibilities he wishes to tackle on his own, and delegate to virtual assistant areas of concern beyond his clout. Virtual assistants can perform duties that maybe beyond your experience and comprehension, of which she has expertise and experience. 


If you are interested in procuring the services of a Real Estate Virtual Assistant, you can check out our website over at PAMsVAs so that we can answer questions about hiring a VA or if this option is something for you.
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Have you considered working with a VA? Are you looking for a way to effectively work with your real estate virtual assistant? Real estate is a highly demanding and volatile business. More than half of the bulk is focused on organizational and administrative tasks. As time is of essence in realty dealings, a virtual assistant can come handy to guarantee viability and efficiency from start to closing. Though most real estate agents know the significance of having virtual assistants in this age of online technology, knowing how to effectively work with one is another matter that needs close scrutiny. To give your labor cost the most incentive, here are great tips to realize the true power of your chosen VA:
Identify Duties to Delegate
There are a myriad of tasks involved when dealing real estate. Though essential, some of these tasks do not really need your expertise but still can get a huge chunk of your time and effort. Paperwork compilation, for instance, can be taxing yet, these are important to validate your dealings. To get the most of your labor cost, it is imperative to know what responsibilities and tasks can be delegated to your chosen virtual assistant. It is best to note that virtual assistants do more than just administrative tasks. They can also do market research, financial accounting, and write blogs and SEO-savvy content.
Elaborate on Scheduling and Training
Establish a process for your virtual assistant. Train them to give their best potential and let them familiarize how you do things around. Real estate can sometimes hold sensitive information, and laying down confidentiality clause must be done. Best of all, it is essential that you set ground rules on how reports and paper works must be handled.
Be Updated With Technology
Majority of virtual assistants are found online. Technology is one great help in connecting with them, and keeping yourself adept with such can help forge steady communication and collaboration. Use apps and software to delegate tasks and connect with your real estate virtual assistant. Backup data through cloud software is a common practice nowadays for easy access and security.
Keep Steady Communication Flow
Highly legal in nature, real estate dealings require focus and consistency. The need to connect on a daily basis is essential especially when trying to negotiate or close down a property deal. Make sure that you have the necessary platform and back-up communication. This is to guarantee efficiency of results and easy monitoring of progress. Keep in mind that you might be dealing with a real estate virtual assistant from as far as the Philippines or Australia. To guarantee results, enforce effective communication lines.

You can check us out at http://pamsvas.com/ for more information regarding real estate VAs.
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A huge boon is being enjoyed nowadays by real estate sales agent from REOs. Notwithstanding the current perks of a revived economy, the fact remains that more and more homes and properties are available for sale from financial establishments, lenders and mortgage companies. These companies normally send request to REO agents to conduct BPOs or broker price opinions. With the amount of time and the quality of information needed, REO agents can sometimes experience a quandary on how to address this demand with insufficient time at hand. Fortunately, today’s online development opened up a new avenue of virtual assistance that is meant to augment the reliability and efficiency of REO and BPO transactions.
Property Valuation Information Gathering
REOs usually require broker price opinion when valuing properties in its current market. This could be for refinancing or when foreclosure is imminent. A lender or mortgage company may require a full appraisal from a real estate agent specializing in REO and completing BPOs. Collation of important data to support this transaction can be performed by a virtual assistant. In foreclosure cases, BPO requests to real estate agents are often required by the lender to come up with a reliable estimate of current face value of the property vis-à-vis its mortgage balance. Solutions are then made after these valuations. Gathering of essential data can be delegated to a virtual assistant.
Lead Generation Support
We all know how cutthroat the competition can be in the real estate business whether REO or not. Real estate agencies and individual agents often have so much on their hands to handle inquiries and marketing tactics. REO/BPO virtual assistants offer reliable registration and asset management follow-up on various banks and lenders. This allows you to gather more sources of REOs for re-sale later on. To aid on these purported re-sales, these virtual assistants can generate lead generation services that usually include pulling or scrubbing of FSBOs, database importation and, most importantly, follow-up calls and setting up of appointments.
Virtual assistant BPO services, however, depend largely on the data provided. Some agents prefer supplying their own data gathered and have VAs provide results via specialized online tools designed to analyze these data. Some real estate agencies or agents also prefer VAs to do their own investigation on various data as provided by banks or lenders.
Managing and Coordination of Transactions
Another important function that real estate VAs with specialization on REO and BPO is in coordinating and managing of transactions involved. This could be in marketing via online avenues, arranging purchase agreements and collation of data during closing. Broker price opinions can vary according to transactions or circumstances involved with a particular property or properties. While a real estate agency or independent agent may recourse to focusing his attention to certain aspects of the business, a VA can effectively give a helping hand in using up-to-date tools for analyzing value of similar surrounding properties and current sales trend in the area. These professionals are also keen in coordinating repairs, clean-up and other arrangements with contractors when getting ready for a property sale.
There is no doubt that today’s REO business is work intensive. For real estate professionals to make it to the top, they must be more driven in terms of efforts and technology. With more and more banks and lenders using online platforms, it is only fitting and practical to make use of technology-driven virtual assistance services to successfully manage voluminous data needed to achieve your goals.

Photo Source: http://www.meridianreaz.com/
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What an REO Virtual Assistant Does!

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One of the most challenging tasks in real estate is REO's. Bank-owned homes or “real estate owned” properties are often due to foreclosures while some have been foreclosed for quite some time. One needs to be a tough salesman to be able to market REO’s successfully. REO agents are definitely more complicated and harried than “normal” real estate agents. More often than not they would need the help of an experienced virtual assistant knowledgeable on how to work with REO properties. To give you a clear understanding on the significance of REO VA's, here are the top 3 services that REO VA’s normally offer to real estate firms or private realtors.

Web-based Development
One important function of REO VA’s nowadays is the proper use of web-based resources to market the number of properties due for foreclosure from a bank or a mortgage lender. Unless your agency or your private company simply relies on reposting or individualized transactions, the need to have a formal website to showcase REO properties must be carefully designed. Today’s online audience seeking a good deal for their money no longer just rely on an enticing page alone and this is where knowledge on web-based development comes in handy from a virtual assistant. For an REO VA to be called reliable and timely, they must be equipped with the necessary skills to come up with an attractive website complete with logo, enticing layout and quality content to deliver more information to prospective property buyers.

Online Listings Management

Finding REO properties now can be quite easy with a virtual assistant that has experience acquiring listings from banks and mortgage investors. Though finding the listings can be quite a breeze, listing your discovery for resale later on can be quite tricky. This is even more so when most sales battles today are done online. You need to connect to reliable and dedicated REO listing websites to help increase awareness of potential property buyers in your area. You can also connect with trustworthy online realtor bigwigs to partner with you in marketing your REOs. When done accordingly, closing on REO property sales or rentals can be realized.
Managing Transactions
A good VA, whether for REO or otherwise, must always be reliable enough to manage transactions on behalf of the realtor albeit with close coordination from your company or from you. They should come equipped with necessary information on appropriate property preservation, valuation, and sales and marketing. Some VAs can coordinate with local contractors on your behalf to handle tasks like updates on security and alarm systems, interior design improvement, plumbing issues, and so on. Experienced REO VA’s are also skilled in transacting with banks, mortgage lenders, appraisers, and so on. Today, the “Automated Value Model” or AVMs are continually being used by a licensed real estate professional or company.
Proper Monitoring
Perhaps, one challenging task comes in monitoring REO properties. Virtual Assistants for real estate owned companies are often tasked to provide the realtor they are working for with monthly status reports of a property. They also help review offers and bargaining pleas as well as managing database updates. Monitoring impact of a website is also taken into mind to ensure getting your real estate sales pitch across.

Indeed, managing REOs can be quite a challenge. You are not only dealing with foreclosed properties but might also be dealing with a property that requires maximum attention. With the number of REOs on your plate, you simply cannot do it alone and this is where a reliable virtual assistant comes in handy.

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Busy business owners, executives and professionals sometimes have a hard time coping with their workload and get overwhelmed by all the tasks. There are times that they feel swamped and because of that feeling of helplessness, nothing gets done in the process. If this is the kind of feeling or atmosphere that you have, it might be time to hire an assistant or a virtual assistant to ease up on your busy schedule and for you to be more productive.

Now, finding the perfect assistant might seem easy at first glance seeing that there is an increase of virtual assistants in the web but it really is not as easy as you think. You will need to find one that fits your criteria and requirements and your budget as well.

Here are some helpful tips on how you can find the perfect VA for yourself or for your business:

1)    Figure out your budget and how many hours of work you need. It is very important to figure out how many hours of work done per week you need for a VA and how much you are prepared to pay. This ensures that you don’t go over budget and your VA can work on the amount you provide.

2)    Check what type of work you need done. You need to figure out what kind of work you need from the VA so that you can explain to your VA what tasks you want and therefore prevent wasting the VA’s time or yours for that matter.

3)    Gather as many candidates for VA as you can. Receive as many applications as you can and prepare a shortlist for your interview based on the VA’s qualifications and experience. Spend adequate time in recruitment for your VA since you want someone who can work with you well, so invest the time. Be sure that even if you have chosen the successful applicant that you also keep in mind 1 or 2 next to that applicant if in case the successful one does not work out well.

4)    Make sure that you and your VA agree on a trial period for work. Having a trial period ensures that you are really sure of the fit of the VA and your needs. Also this is sort of an adjustment period for the VA and you and will show or somehow predict the kind of work relationship you both will have.

5)    Agree on scope of work and specific terms of the VA’s contract. Agreeing on specific terms of employment and the scope of work will ensure that all needs are met and expectations are covered both on your side and the VA’s as well. This bodes well for everyone concerned and prevents miscommunication and disagreements for a better working relationship.

Sometimes finding the perfect VA is easy and sometimes it is not. The tips above are designed to be helpful in guiding you to meeting the VA that can satisfy your needs, if not exceed them. Sometimes also it could be a trial and error method. Different approaches work as well.

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VA Mortgage Program Has Good News for Veterans and Their Families


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Many years ago the United States decided it was a good idea to offer housing benefits for our veterans that were not attainable to other classes of people. The men and women who sacrificed time away from their families and risked their lives in defense of our country deserved the chance to buy a home with attractive features. As time has marched on and the needs of veterans have changed, the VA Mortgage program has made some changes to appeal to even more qualified borrowers.

Spouses of Deceased Veterans

Before the new law, spouses of deceased veterans could only apply for a VA mortgage if the veteran passed away during active duty defending our country or if the veteran passed away due to a disability sustained during duty. However, if the spouse can show that the veteran suffered from a disability sustained during duty for a minimum of 10 years prior to their death, the spouse can now apply for the VA mortgage.

Funding Fee for Certain VA Loans Waived

People in the military are no stranger to paper work. With every VA loan that is approved there is a fee associated with the loan. This funding fee provides money for the new crop of loans, avoiding the use of taxpayer's money.

If a veteran learns that they are eligible for disability pay due to their physical exam prior to discharge then they are allowed to waive the funding fee from the VA mortgage. Previously, a veteran had to receive actual disability pay on a regular basis before the fee could be removed.

Beyond Fixed Rate Loans

Fixed rate mortgages are great for people who are reasonably confident that they will stay in a certain home for many years. Having the mortgage payment set in stone offers stability for the homeowner. However, there are some people, such as veterans and active duty personnel, which may be on the move in a few years. For these people, getting an Adjustable Rate Mortgage (ARM) can make sense. They save money by getting a slightly lower interest rate that is fixed for 3 or 5 years. The new law makes it possible for eligible borrowers to apply for an ARM through the VA mortgage plan.

More Flexibility for Military Families and Individual Parents

For as long as the VA mortgage program has been around, one of the main requirements to the loan has been the veteran's occupancy. A VA loan states that the veteran must live in the home as their primary residence after the loan is completed. The veteran is given some time to move in to the new home, but the requirement is there. For military families in which both spouses are active duty, this can be impossible. Even harder for families that have only one parent who is serving in the military.

The Camp Lejeune act makes it possible for the children of the veteran to meet the requirement of occupancy. This means that dependents can live in the home purchased by their parent or parents through the VA mortgage while the parents sacrifice their time away from loved ones serving our country.

This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a lender directly to learn more about its mortgage products and your eligibility for such products.
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Buing a Foreclosure in Winchester, VA

Buying a Foreclosure in Winchester, VA 

If you're thinking about buying a foreclosure in Winchester VA, there are certain things you should know.  Foreclosures can be great buys, and many of them are listed at bargain prices.  But, and there is always a but, foreclosure purchases do have characteristics that aren't always like fair market sales.

  • A foreclosure becomes known as an REO (real estate owned) once the homeowner ar135612838754036.png?width=200has lost it and the lender has taken control of it. Most consumers don't know the difference, so "foreclosure" is often used to avoid confusion.
  • A foreclosure is typically sold "as-is".  That may mean that some repairs will NOT be made.  Lenders will usually take care of any problems that could be considered a hazard.  For instance, an electrical meter has been tampered with and someone could stick his hand inside of it and get electrocuted.  Water, air, mold, heating and structural issues also come to mind when considering repairs that are hazardous.  They may end up being negotiated.
  • Lenders really don't care who you are.  They will not discriminate against you for any reason.  They view you from data on a piece of paper as a potential buyer who they will never see, hear from or get to know.  All they want to know is, "Can you buy the property?"  If they seem like they are being hard to get along with, it's not personal.  When a bank's asset manager has 200 files sitting on his desk, he doesn't have time to discriminate. 
  • Banks who are trying to liquidate their REOs are not like a seller who has to sell.  You can't demand things from them.  Expecting the same level of response time, offerings of closing costs or just about anything else is more than likely going to frustrate you.  If you start demanding things during the negotiations, they will just say, Banker"Next." 
  • Threatening a bank with legal action because they are not responding to your demands will not win their favor, approval or respect.  Again, their response will be, "Next."
  • When you buy a foreclosure, you normally buy caveat emptor.  Buyer beware.  That doesn't mean that all foreclosures are dumps in terrible condition.  It can be quite the opposite.  A bank in California may not have a clue what a house in Winchester, VA looks like.  So, they can't afford to make any disclosures or promises about a property they will never see.  You buy at your own risk.
  • Some banks will work with you on closing costs and some will not.
  • Banks may charge you a daily per diem if for some reason you cannot close on time.  I've seen it go up to $150 a day.  It's best to have all of your paperwork ready, as well as your loan approval done on time.  Make sure you're ready to get busy once the bank agrees to your offer to purchase.  You should already be pre-qualified for a loan before you start.  It's better to be pre-approved. 
  • The less complicated your contract is, the better chance you have of getting the property.  Adding a bunch of contingencies or conditions only makes the next contract more attractive, and banks will gladly accept a pile of contracts before they make a decision.  Keep it simple.  Some things are unavoidable like a final loan approval, but you can skip some contingencies.  Talk to your Cornerstone agent. 

Don't give up on foreclosures because they're more work.  A foreclosure might be the buy of a lifetime.  It takes patience and understanding, and when you're ready to buy a Winchester VA foreclosure, give your Cornerstone agent a call.

Buying a foreclosure in Winchester, VA

What to look for when buying a foreclosure in Winchester, VA

 

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Qualifying for VA Mortgage

Qualifying for a VA LoanQualifying for VA Mortgage

For Wisconsin residents that have previously served our country in the armed forces or in the reserves, the VA mortgage is a great way to purchase a home.  This loan is offered to qualified veterans with no money down and no mortgage insurance, making it very affordable.  And the rules for determining who is eligible are quite liberal as well.

Minimum Service Times

People who have served in the Coast Guard, Navy, Marine Corps, Air Force or Army can be considered eligible for a VA loan if they have been discharged and met at least one of the following service times

  • At least 181 days of military service during peacetime
  • At least 90 days of military service during wartime.

This rule is slightly different for people that enlisted past September 7, 1980 as well as any officer whose service began past October 16, 1981.  For these people they must have completed 24 months of service.

Current Enlisted Military

People that are currently enlisted in full duty for one of the branches of the armed forces can also use the VA mortgage.  After the person has completed 90 days of active service they can apply for a loan.

Service Time for Reserves

Wisconsin residents who have served in the various reserve branches can also be eligible for a VA mortgage.  This applies to any of the Reserve components established with the Marine Corps, Army, Air Force, or Navy as well as the Air National Guard, Coast Guard Reserves and Army National Guard.  For these people they must serve at least 6 years in their chosen Reserve before they are eligible for the VA certificate.

Benefits for Spouses

The spouses of veterans who perished in wartime may also be eligible to apply for a VA mortgage loan. The person would have to meet the other requirements regarding credit and income in order to be approved for the mortgage.

Other Exceptions

There quite a few exceptions for veterans who were not able to complete the minimum service requirements.  If you fall in to one of these categories then you may also be eligible for a Wisconsin VA loan.

  • Any person that became disabled during service and received a discharge due to the disability
  • People who were discharged after completing only 20 months of a 2 year agreement may be eligible if their discharge was at the convenience of the federal government.
  • Discharged due to a personal hardship and have completed either the 181 days in peace or 90 days in war
  • Discharged due to a pre-existing medical issue and the person completed either the 181 days in peace or 90 days in war

As you can see from the previous listing, several different people that have served in the military can be eligible for a VA mortgage.  With rates so low, it is a great time to buy a home in Wisconsin and enjoy low payments for years to come.

This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a VA lender directly to learn more about its mortgage products and your eligibility for such products.

Original Post - Qualifying for VA Mortgage

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My client just bought a new home two years after we did a successful short sale on his previous home. He now has a mortgage at half the interest rate he was paying previously.  His new home is  approximately half the purchase price of his old home that he purchased in 2004, and his new payments are a third of the old payments. Icing on the cake is that the new home is larger, move in ready, with a two year warranty. More icing? His new payments are $315 a month lower that his small rental.  Yes, it really is less expensive to buy than rent.

How did we do this?  Of course timing is everything.  Prices in this area are 50-60% lower than they were in 2004. There is a good inventory of homes that are reduced accordingly.  When we completed the short sale on his first home, I told him to keep the rest of his credit clean, pay the rent on time, and he would be able to buy again.  It didn't hurt that he was a V.A. buyer.  V.A. buyers can buy a home again two years after a short sale. 

Unfortunately, many figure their credit is shot anyway, so they drown their sorrow in their credit card debt.  After going through the trauma of losing their home, they may think they will never buy again.  But after living in a rental house or worse yet - an apartment, they change their mind.  The desire for home ownership is very strong and everyday I am amazed at the lengths buyers will go to in order to have their very own home.

Every situation is different.  Did you sale your home or walk away?  What is your credit and employment like? What kind of loan are you looking for FHA, VA, or conventional?  See a good loan officer who can assess your situation and give you advise on how to find your way back to home ownership again. Don't wait too long; it may take time and who knows where interest rates will be this time next year.

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B PASHN8!

B PASHN8! 

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This license plate has been on my Volvo for the past 8 years.  I recently gave my car to my church, and the DMV wouldn't let them keep the tags.  So, I received them back as a souvenir.  Actually, I was thrilled that I got to keep them. 

I put these tags on my car because I wanted to plant an idea in the heads of everyone who looked at them.  Be Passionate!  If there is one word that best describes my life, it would be passion.  I have a lot of things I'm passionate about, and I love to share my passion with anyone and everyone who will come along with me. 

When I first put the tags on the car I found that a lot of people would sit in traffic and try to sound it out.  What fascinated me most was that women almost always got it right away.  Men?  Well, the guys weren't quite quick and they tended to get distracted by the whole spectrum of what passion could mean.  Guys tended to be a little more animal and primal in their interpretation, and the ladies tended to be a little more cerebral and task oriented.  

For me, passion is the driving force that won't let me stop thinking about a plan, a new vision, a method of creating something that I've only dreamed about, a challenge that is waiting to be overcome, a goal that I am determined to accomplish, a deal that is being negotiated, an idea that is looking for wings, a hurdle that needs to be cleared.  It's my fuel for success.  Most of the things I do in life are a direct result of my own personal passion

I've never had a guaranteed income as an adult.  I've almost always worked for myself, and I love it that way.  Why?  Because my passion will not allow me to sit on the sidelines.  I have never been a clock puncher.  There is nothing wrong with that, but it's not for me.  I once had a friend ask, "What will you do if this venture doesn't produce enough money?"  I said, "I'll create a second source of income."  That's what passion says.   It's a power that is hard stop.

My favorite bumper sticker says, "If you ain't the head dog the scenery never changes."  I know that gnawing feeling of needing to break out of the pack and do something bold.  I think a lot of Realtors enter the profession because they are just like that.  They love their freedom, and they love to have the ability to have unlimited income based upon their own efforts.  

Passion empowers you to do amazing things.  It gives you the courage to exceed your own expectations.  It pushes you to take on projects that over your head because you know that some how you will not only succeed, but you will succeed beyond your own imagination.  I am confident that those who are passionate can do anything

There are plenty of naysayers in the world.  But, people who swear something can't be done are nearly always run over by someone doing it.  So, my friends, be passionate.  Have a great weekend while your doing it.

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Close Your Eyes So You Can See

Close Your Eyes So You Can See 

I've always heard that when you lose one of your five senses that the other ones become more intense.  Recently I was resting my eyes (taking a nap), and I heard a commercial on the radio that has a TV counterpart.  When I heard it on the radio I recognizar130774297040606.jpged it right away.  Only this time, it was different.

This time, the sound was amplified, and I heard the emotion in the voice of the speaker.  Her voice was silky smooth on the radio.  It didn't seem that smooth on TV, but there were distractions on the TV ad that I couldn't see with the radio ad.  It was the same ad.  What was the difference?  Since I couldn't see her this time my hearing was making up for my lack of sight, and it was an amazing difference.  Wow!  I was so surprised.

What does that have to do with real estate?  A lot!  When you list a house ar130774305631776.jpgyou need to list it with a buyer's senses in mind.  I recently did a walk through of one of my own listings.  I made up my mind that I was going to walk into this house as if I had never seen it, and I was going to determine why it hadn't sold yet.  I exhanged my Realtor senses for a buyer's senses, and I found a lot of things that would keep me "the buyer" from buying the house. 

So, close your eyes and listen.  Listen to something that you're already familiar with.  What did you hear that you haven't noticed before?  Now carry that into one of your listings that is moving slowly.  What do you see that you didn't see at the initial listing?  Close your Realtor senses, and open your buyer senses.  You might be surprised.

 
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Sellers want to sell, and Realtors want to sell. So, what's the problem? 

Sellers want to sell, and Realtors want to sell. So, what's the problem? The problem is some sellers lie, and some Realtors lie (no offense to my colleagues embaressed_smile.gif), and it slows down the process. Yahoo Finance posted an article today called "The 5 Lies All Home Sellers Tell." Drop by and check out the article. We've all heard it before.

But what about Realtors? Most of my friends who are in this business are awesome. I am proud to call them friends, and we do business together constantly, but there is another group. Let me tell you about my day.

I just left a client's home. She has her property listed with another company. Actually, it has been listed for over a year. In that year's time, her Realtor has ar130756198194976.jpgnever been by except to have her sign documents. There isn't even a sign on the property. There have been three showings and zero offers. The sad part about this house is that it's a great house on 82 acres of beautiful rolling hills, but it's being handled by a Realtor who would say anything to get the listing.

Here's the irony. I did all of the CMA work, research on conservation easements and laid the ground work for her to sell two years ago. I never heard from her again, a la "Dear Customer - I have a favor to ask" by Karen Crowson. A local attorney in her area recommended a different Realtor, and here she is a year plus later with nothing. That Realtor promised the moon. He would market vigorously, he would send out fliers, he swore he had five clients right then who had cash and one of them would scoop the property up right away. Baloney!

Some Realtors will say anything to get a listing, and then what? If it turns out to be hollow promises, like this Realtor's promises, the client, who is in desperate neear130756230902144.jpgd, is left hanging and confused because she is holding on to the promises that had no substance. She believed in the recommended Realtor. She trusted his listing presentation, and he had a slick one. She was excited to get the property listed. Now, she is in financial trouble because she chose a Realtor who was only gathering listings to fluff his portfolio, and he didn't have a genuine plan for selling.

I once had a college professor who often said, "If you make a promise that something will happen you had better be prepared to make it happen." That's good advice for all of us. We should only promise what we know we can make happen because people trust us, and they need to know that we can do what we say we can do.


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Is That Coffee Coming Out of Your Nose?

Is That Coffee Coming Out of Your Nose?

Alright, it's Sunday morning and I'm supposed to be in Reston, VA, riding my bicycle at the annual Tour de Cure American Diabetes Association event. But, it's raining, and it's calling for rain on and off for the rest of the morning. The TDC is an annual event that I love to support with my funds and my time, but this year is going to be a bust.

I made a commitment a few years ago to stop riding in the rain. Besides that nasty skunk stripe you get up the back of your jersey when the rear wheel kicks up road water, it can be very dangerous. It's even more so if you're going to be in an area where automobile traffic is sharing the road. One good slip and you're down. Not pretty.

So, I'm using my time to catch up on my reading. Well, I stumbled upon Gwen Banta's ar130727284273895.jpgblog, "Homicide and the MLS (Are you killing your listings?)" post, and I found myself blowing coffee out of my nose. I'm not sure which is more enjoyable, blowing hot coffee out of my nose from laughing so hard or sliding down the asphalt on my back. Hmmmm? It's a tough call, but I think I'll go with the coffee. At least as long as it has vanilla creamer. Take a minute and read Gwen's blog, but do not, and I repeat, do not try to drink or eat anything in the process.

 
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The Sky is Falling! Get Your Bucket!!

The Sky is Falling! Get Your Bucket!! (edit/delete)

The sky is falling, the sky is falling! According to the Chase-shiller index we have ar130704423467847.jpgentered a double-dip economic recession. Clear Capital reported the same thing for the housing market nearly a month ago. Zillow added that home prices are dropping about 1% per month this year. The headline read, "First Quarter Brings More Dismal News For Housing Market." With that headline you can guess where the article went.

ar130704419772927.jpgThe sky is falling! Well, that's one way to look at it, or it could be the biggest buying opportunity in nearly two decades. A lot of people were priced out of the real estate boom of the early to mid-2000s. The escalating prices of available properties made it impossible for them to buy. So, they settled in and started renting. They have sat back, saved their money and now they have enough money saved to buy the house that alluded them five years ago and they have a nice down payment.

For a lot of these formerly sidelined buyers, this market is ripe for the picking. Many buyers overbought in the mid-2000s, and now the real estate landscape is littered with wonderful upscale short sales and foreclosures. It's a buyers dream.

So, for those Realtors who have been walking around with a sad depressed face, I say, "Take that sad face off, put your 'I'm going to be a top producer' face on and get outar130704416533473.jpg there and beat the bushes." First-time buyers and sidelined buyers have the potential to be a major force in this market turnaround.

There is another group evolving in this market. The people who were wiped out in 2008 are stabilizing and coming back into the market. This is a great group to get your investors involved with. If your investors would become short-term mortgage holders that would give this group a hand up. The real risk to the investor is the potential that the buyer may default, but many of these people were swept away by forces other than own fault. They are trying to do everything they can to get back on top of things. The worst case scenario for an investor is that he would have to foreclose. In that case, he would simply have the house he bought anyway. It's a win-win.

ar130704426097051.jpgSo, Realtors, put away that "sky is falling" umbrella, pick up a ar130704429252875.jpgbucket and catch the rain of re-positioned buyers. The clouds are full of opportunities and it's beginning to sprinkle. We can pull this country out of this hole one buyer at a time. So, everyone, heave-ho!

 
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"Virginia was here on this day."

"Virginia was here on this day." 

On this Memorial Day weekend, I would like to thank all of the men and women who have defended this country from its inception to the present day. It is not without great sacrifice and dedication that you have put your lives in harm's way for the promise of a peaceful return to a more simple life. Those of us who have benefited from your commitment salute you and humbly thank you for your selfless acts.

One of the greatest conversations transcribed during war came at the battle of Gettysburg between Colonel Arthur Freemantle and Brigadier General Lewis A. Armistead (a notable Virginian). That conversation is played out in the movie, "Gettysburg." Armistead reveals, in this short discourse, the very heart of Virginia. But, this dialog could have played out on a hundred battle fields since the Revolution. One of the reasons America is great is reflected in the great men and women who have sworn to defend her.

Col. Arthur Freemantle: I'm told you're descended from an illustrious military family.


Brigadier General Lewis A. Armistead: Who told you that? Kemper?


Col. Arthur Freemantle: He tells me it was your uncle who defended Fort McHenry during the War of 1812, and that he was therefore the guardian of the original "Star-Spangled Banner." I must say, I do appreciate the irony of it all.


Brigadier General Lewis A. Armistead: Colonel Freemantle... it does not begin or end with my uncle... or myself. We're all sons of Virginia here.

Brigadier General Lewis A. Armistead: That major out there, commanding the cannon... that's James Dearing. First in his class at West Point, before Virgina seceded. And the boy over there with the color guard...

Brigadier General Lewis A. Armistead: ... that's Private Robert Tyler Jones. His grandfather was President of the United States. The colonel behind me... that's Colonel William Aylett. Now, his great-grandfather was the Virginian, Patrick Henry. It was Patrick Henry who said to your King George III, "Give me liberty, or give me death." There are boys here from Norfolk... Portsmouth... small hamlets along the James River. From Charlottesville and Fredericksburg... and the Shenandoah Valley. Mostly, they're all veteran soldiers now; the cowards and shirkers are long gone. Every man here knows his duty. They would make this charge, even without an officer to lead them. They know the gravity of the situation, and the mettle of their foe. They know that this day's work will be desperate and deadly. They know, that for many of them, this will be their last charge. But not one of them needs to be told what is expected of him. They're all willing to make the supreme sacrifice... to achieve victory, here... the crowning victory... and the end of this war. We are all here, Colonel. You may tell them, when you return to your country... that all Virginia was here on this day.

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Unrealistic Seller Expectations

I loved Debe Maxwell's post "The Longer the Shelf Life, The Less Chance You Have of Selling Your Home".  I wish I could send it to a couple of my sellers (previous and present).  In that post she demonstrated how a seller can inadvertently derail his own sale by trying to stick to an unrealistic price.  I have that same client today. 
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Last year I listed a house that was what I call, "Basic Vanilla."  There wasn't anything special about the house.  It was in an average neighborhood.  It had basic features and no pizazz, but that's OK because there are a lot of people out there that can only afford a basic vanilla house.  No problem.

I receive a very generous offer in  the first 5 days, and I was elated!  The seller countered with a higher price and the buyer countered
ar130641708160531.jpgthat with a slightly lower price.  At this point, I'm yelling, "Take the money and run!"  My seller, for some unknown reason, decided he wanted an extra $500.  Deal over!

He called over the weekend asking me to go to the buyer and coach him back into the deal.  The buyer would have nothing to do with it.  He was so aggravated the just wanted to move on.  Deal over, dead, blah! 


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Now, 18 months later, he has another  opportunity.  This offer is 20% below the last one.  What will the end result be?  A year and a half has past with no offers.  Will history repeat itself, or will he realize that his rigid attempt to stick with his unrealistic asking price could derail another deal?  I'll let you know, but this time I'm going to be a little more emphatic about the deal. 

 

This might be his last best chance to get a decent offer.  The property value has dropped considerably in past year(20+%), and with the current market I don't see it increasing any time soon.   Take a minute and go back and read Debe Maxwell's post.  It should be a must read at every listing presentation!
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Will The New "Point of Contact" Plan Fix The Mortgage Mess?

Washington is at it again.  If you've ever worked with HAMP or HAFA, you already know that sometimes the cure may be worse than the disease.  Now, the U.S. Treasury is pushing a "single contact" initiative to the largest mortgage lenders using the HAMPHAFA and Up programs.  On the ar13062801336026.jpgsurface, it sounds like a good idea.  Once a borrower is in the process with the lender he is handled off to one person who handles his file throughout the process.  Borrowers are assigned to one person, one point of contact.  That point of contact makes sure the borrower has two methods of contact for him.  He explains all of the possibilities available to the borrower, and they work together to solve the borrowers mortgage issue.

At first glance, I thought, "This is great.  It will make things so much easier for both borrower and lender."  And then, reality settled in.  Wait a minute.  This is the same lender that loses your short sale file on 3 out of 4
ar130628199408057.JPGattempts to submit.   It's the same lender that pays the current contact $10 an hour to answer the phone, answer your questions from a script and transfer your call to the next person who is going to hear your story.  What could go wrong?

Think about it.  This point of contact will need to understand the mortgage process from loan commitment through loss mitigation.  He will need to know state laws concerning bankruptcy, foreclosure, short sales and deed in lieu of foreclosure.  Most of the current asset managers I deal with handle up to 300 files at one time.  This person will need to handle an insurmountable number of borrower files, as well as, be the one "expert" dealing each one of those borrowers.  He will need to be available throughout the business day to any and all borrowers on his current file list.  Call centers will need to be divided to accommodate this new division for these consenting lenders.  Most mortgage providers don't consolidate bankruptcy, loan modification, short sales, foreclosure or even delinquent borrowers in the same department. That will mean more hires, more equipment, more locations and more overhead. 

I certainly don't want to pour cold water on an att
ar130628073536739.gifempt to help with the mortgage mess we're in, but I'm not sure going back to the same people who already make problem loan issues miserable is a good fix.  I definitely agree that somewhere along the line a more streamlined process must be initiated, but is this it?  Beyond the challenges we already face with lenders, is their partner, the US government, who is on the verge of their own bankruptcy the best formulator of a sophisticated mortgage banking shift?  If they can't pay their own bills maybe they need a single point of contact in China.  I guess time will tell.

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Things Your Mother Said . . .

Things Your Mother Said . . .

Most of us have a list of things our mothers said to us when we were kids.  Some of those things came to pass and some didn't.  Here's a short list of the ones I've heard from my mother and the mothers of my childhood friends.

  • Don't go outside without your coat on.  You'll catch your death of cold.  Mom 0 / Kids 1  (Shivered a few times, but no death.)ar130624260544367.jpg
  • Don't climb that tree you'll fall and break your neck.  Mom 0 / Kids 1
  • If you fall out of that tree and break your leg don't come running to me.  Mom 0 / Kids 1
  • Don't run in the street, you'll get run over!  Mom 0 / Kids 1
  • Don't go outside with wet hair.  You'll catch pneumonia.  Mom 0 / Kids 1
  • Put that BB gun down.  You won't be happy until you shoot somebody's eye out.  (Well, I never shot anybody's eye out, but I was never really happy either.  Just kidding.Mom 0 / Kids 1
  • Don't make that face.  It'll freeze that way.  Mom 0 / Kid 1
  • If all your friends were jumping off a cliff, would you jump off a cliff?  (And bungee jumping was born.  Thanks, Mom) Mom 0 / Kids 1
  • ar130624264655725.jpgWait till your father gets home.  Mom 0 / Kids 1 (Whew!)
  • You've got enough dirt behind those ears to grow potatos. Mom 0 / Kids 1  (Not a single spud.)
  • When you grow up I hope you have kids just like you.  Mom .5 / Kids .5   (At least they've been entertaining.)
  • Close that door.  Were you born in a barn?  Mom 0 / Kids 1 (Weren't you there?)
  • If you swallow that watermelon seed you'll grow watermelons in your stomach.  Mom 0 / Kids 1   (And I thought I was just fat.)
  • If you keep playing with it, it will fall off!  Mom 0 / Kids 1 (I'm ar130624280648267.jpgnot really sure what "it" was, but I'm glad to report that I still have all my parts.)
  • Don't ever let me catch you doing that again!  Mom 0 / Kids 1 (Change in venue.)
  • You should go into Real Estate.  I think you would be good at it.  Mom 100 / Kids 0  Thanks, Mom!

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I didn't want to say it, but "Your baby is ugly!" 

We've all had that client who truly believes he can defy the market and list his home for 20-40% over a solid CMA value.  I get one (or more) every year who thinks there is something so extraordinary about his home that savvy buyers will simply ignore the obvious and pay too much.ar130609683135956.jpg

When negotiating with that client you've got to be honest and tell him that "his baby is ugly." Be easy.  I know, it's painful to hear, but it's true.  Then, while he is gasping for air you can give him a list of things that may not make up that 20-40% difference in CMA values, such as:

  • The love that went into the wall coverings.
  • The plants his aunt Sally planted out front before she passed.
  • The living room where the firstborn learned to walk.
  • All of the time he spent mowing, manicuring and improving the yard.
  • The pool.
  • A partially finished basement with convenient drop ceiling and fluroescent lighting.ar130609700765168.jpg
  • The dog kennel out back.
  • The bus stop at the end of the street.
  • The hot tub.
  • The neighbor who got his asking price just a short time ago (five years).
  • The friend who is an expert and is advising him on housing values.
  • Etc., etc., etc.

We all have our own list, but trying to convince an overpriced seller that his price is never going to bring a buyer is like getting a pacifier out of the mouth of a four year old.  It has the potential to be ugly, but it has to be done.  Be honest, even if it costs the listing.

 
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Language Makes All The Difference

Language Makes All The Difference 

I recently worked with a foreign couple, and we had moments where the language barrier between us brought everything to a crawl. It wasn't that we  were having problems with each other, but the differences in language and customs  caused us to have to take a much slower pace when communicating.

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Language is important in real estate. Actually, language is important in all affairs in life, but I wonder if we take our language for granted when speaking to people from other countries.  Let me give you a simple example.   Let's take the word "Time."ar130603342480548.jpg

 

We all know that we have limited time, but then again we say, "Don't worry, we have all the time in the world!" How much is that?  What about when your time is up?  Does that mean you're suspended in time?  Can time stand still?  If time stops, how can it speed up?  Or does time really fly? But, I've heard that time can slow to a crawl.  Is something really "only for a time?"  Or does it stand the test of time?  If so, who is doing the grading?  Is it possible for it to sit the test of time?  If we save time, can we use it later?  What about when we make up time?  Is that like 26 o'clock?

 

When we play sports we have time outs, but when that's over it's time in. We have time on the clock, but where else would it be?  Sports have time keepers.  Does that mean they get to take it home ar130603346357044.jpgwith them, and if so, do they get to keep it for a time?  Or do they have to give it back?  If they keep it, do they store it in a time capsule for a later date?  Or do they save time in a bottle?

 

We have daytime, but we also have nighttime. Somehow we have figured out how to have daylight savings time, but we haven't figured out how to have nightlight savings time.  Maybe that's because there is no light at night, and you need light to save time.  Is one time more important than another?  Because we have prime time.  Is that daytime or nighttime, or is it neither?  If it's neither, what is it? And, what ar130603355891424.jpgabout when we punch a time clock? Is that some sort of numerical schism between people and time.  I've also heard that time is money.  I thought time was time.  So, which is it?

 

It's easy to figure out what Summertime, Wintertime and Springtime are, but why don't we call the fourth season Fall-time? Is it because it sounds like an injury?  We all know when it's Christmas time, because it always follows the beginning of Wintertime.  But, Spring break doesn't always follow Springtime. There are time zones.  Does that mean there are zones without ar130603360392463.jpgtime, and if there is no time in some zones does that mean they have no time for you?  Is that a bad time?  Or is it a good time?

 

We're familiar with Father Time, but I've never heard of Mother Time. Is time sexist?  I know there is a delivery time which would correspond with ar130603366017596.jpgFather Time, so there must be a mother who doesn't know what time a baby is going to arrive, but she's happy just as long as the doctor is on time and not taking time off.

 

Well, you see the dilemma I sometimes face when dealing with foreign clientsar130603368934027.jpg who don't understand our use of language.  It can be real challenge.  I guess I'll stop wasting your time with this blog.  But, I hope you had a good time reading it. Hopefully, it has been time well spent, because time management is important!

 
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