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Heidi Engel BROKER/Realtor ADPR,SRES,CNE,FSSR 847-910-2001
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Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
Delete
Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
Edit
Delete
PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
Real Estate....Not a PEOPLE Business?
To all the Pre-mid 1990's Agents.....
I am curious how many of us out here are like me....someone...ANYONE?
Remember when....
You got calls from local sellers, because they knew you were the local real estate 'go-to' expert? They didn't find you online, they knew you and your reputation in the neighborhood.
Buyers would walk-in the office, or call off the sign to inquire about the home at 123 Main st. This was the ONLY way to find out ANY information on the home.
Marketing consisted of your own client list (not a data base-these people you actually had met,or at least spoke to b/4), open houses, a local print ad, and /or a mailing--by USPS. Prospecting was some cold calling, and mostly door knocking!
When you started working with new buyers, the only way for them to know which homes were for sale (other than driving up and down the streets) were to come in to the office and pick up the weekly published MLS books to look thru, or the list you left for them at the front desk.
Presenting an offer was gathering at the sellers kitchen table after dinner hour, 7-8pm at night, with the agent that was working with the buyers telling the sellers who they 'really are' making them 'real families' and sometimes not leaving until midnight or after (and sometimes fighting over a 15 year old harvest gold fridge, that became a sticking point even though the sellers really didn't want it anyway)!
After putting a deal together, delivering by hand, the contract to the attorney's office. In my area, fax machines were not used commonly used until ~ 1990 or after.
Don't get me wrong....those days have come and gone, I am not a dinosaur (that's the term we used to lovingly refer to the older agents as), I have changed with the times which was necessary to stay AHEAD and ON TOP of the real estate market, it's just nice to reflect back to simpler times once in a while.
Real estate was a 'people business' ....period. You needed people/social skills to be successful. You actually got to know and develop relationships with your clients---and you wanted to (hopefully this is one thing that hasn't changed)! I miss many of these 'hands on tasks'--some I don't, but I can tell you 1 thing for sure...I am so very grateful for experiencing and 'learning the ropes' in real estate at that time. Some things have changed, some things haven't, but MOST IMPORTANTLY Real Estate was and WILL ALWAYS BE (at least to me) a people business.
Heidi Engel
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
Comments (7)
Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
Edit
Delete
Loan Officers....They wouldn't lie, now....Would they??? (Members Only) (edit/delete)
Don't you hate when this happens?
You list a great property, at a great move-it-now price, with a great realistic seller that is motivated--cannot get any better than this...right? The property is being shown 3,4,5,7 times a day for the 1st couple of days, and then you start receiving offers---HOLY COW--how wonderful, you are proud, your seller is ecstatic...Life is good.
You and your seller client are discussing the pros and cons of each offer; price, dates, and of course financing. You do your due diligence and start calling the LO's that have 'pre approved' the buyers. I always start out with a few minor questions and get the 'same ole' canned responses-- 'they are golden' or 'no problem' or 'its a slam dunk'....Until of course you start with the deep major questions they are not so used to getting or maybe answering. (BTW I am writing this post due to a conversation I recently had with a newer agent, and thought it may be helpful to some more of you out there). Now I am not saying all LO's lie, or colour the picture a little more rosier than it actually is, or they forget to mention a snag that just may pop up down the line, but many do, and b/4 I catch to much slack---MANY ARE GREAT! Of course when the questions get more specific you may hear "I cannot divulge any of that information", in that case I would suggest getting the buyer's broker on the phone, explain that if your questions are not answered, the chances of getting this deal done is slim to nil. Have the agent explain to their buyers the situation, and let them give the permission to the LO. (Why wouldn't they...unless, you are not getting the whole picture)
Cheat Sheet for getting to the bottom of it
•· 1st make sure name or names on the contract match name or names on the pre approval. This one I see all the time, 2 names on the pre approval, 1 on the contract-or vice versa. You want to make sure if they are using 2 incomes for qualifying, 1 doesn't just happen to fall off. I hear ‘we really want to try with just the 1 income 1st because their spouses credit is lower and our interest rate will be higher'
•· 2nd Date of Pre-appl letter-another one I see all the time-it just so happens its 6 months old!
•· 3rd Job/Employment history---Do they still have one? What do they do? Is it salary, hourly, or dare to say...self employed? This next one is HUGE-how long have they been in their current position? (hopefully you won't hear they just started a new career 6 weeks ago, I have actually been told, they were just laid off but expect to be back to work b/4 the loan goes into underwriting!).
•· 4th Credit scores + More Important DEBT To Income Ratios-no, ‘not I believe its in the 700 range, and I think it is somewhere around 32% front end and 48% back'---I want to know what they actually are---or has credit even been pulled-and no, not just for the ‘stronger' buyer-but for both or everyone on the contract. When were they ran? I have been given great ratios in the past only to find out what I was given, wasn't even close!
•· 5th Have they gone thru automated underwriting, if not, how far has the LO ran with this pre appl? How well does he/she know these customers? If so, when did they go thru the auto underwriting?
•· 6th Is the down payment in their bank account now? If not where is it coming from and when? Are they getting a gift?
•· 7th What type of loan are they pre approved for? This is another one I get all the time-contract is conventional and the LO tells me ‘no, not conventional, but FHA, credit scores could be an issue if they go conventional'. The good ole FHA switch also can cause an appraisal problem if the property is not up to "FHA PAR'.
These are just some of the questions I ask, feel free to add if there is something I missed-I love playing 20 questions with LO's! Of course this is still no guarantee, but I have been contemplating putting this in a form that needs to be filled in and signed by the LO, the one from my MLS is way to vague.
In this market we wish and pray that our listings sell quick, for a good price---or even at all, so sometimes the extreme excitement of actually getting one under contract may have you lose sight of making sure you are not taking this property off the market just to put it back on in 4 weeks when financing falls thru---IT ISN'T WORTH IT-esp in this market!
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES, CNE
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
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Tell your Sellers of Short Sales to STAY PUT, ...or ELSE! (edit/delete)
I just read a great post Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This.... by Bob Hertzog which has fueled this post and is an example of another horror story with BOFA.
I have a BOFA short listed at the moment that is another type of horror story. My seller (brand new mom) was concerned on waiting to the very last moment to have to move out, due to her newborn addition to the family, she started to remove some of her furniture and belongings (unannounced to me). Keep in mind she is still paying gas, electricity, association fees(its a townhome) etc. and sometimes staying there, and sometimes not. I went to show the property, as I was walking towards the door, I noticed my lockbox looked different--the potential buyer is behind me--We are both trudging thru newly fallen knee-high snow and freezing temps---I am thinking am I crazy??--I am sure I used a SENTRI box on this property---I didn't even notice the good ole 'sticker posted on the window'. My sign is still up in the bedroom window, all the curtains are open, lights are on inside---a lot of the big furniture is gone, but very evident to the naked eye there is personal property in the unit.
I start calling her immediately to find out what the heck is going on? She is not EVEN CLOSE to the foreclosure date, so I am baffled. When I list short sales, one of the 1st things I mention is to NOT MOVE OUT, the bank will come in, take possession, and claim abandonment. There is still evidence of 'life' in this unit. We all know, or should know, when doing an occupancy check for the bank, we call utilities, water billing, HOA's etc. besides doing a visual inspection---so what has happened here? When I reach her, she has no idea what I am talking about---her curtains were closed, lights off, and she does have personal belongings in the house--she has been going back and forth, everything was fine a few days ago. The new baby was sick and in the hospital and she has been spending a lot of time there, and still working full time. I proceeded to call the number on the posted sticker on the window which is the basic number for BOFA---I get no where,.........and NOT fast!
She started calling BOFA and again like myself, got no where. Due to the circumstances, it takes her about a week to get to the property to see if she can get in. I told her to try her keys, the garage door opener, windows etc---As she is at her home, trying to get into her property, the police come by and ask what is going on. She explains what is happening, that she has not been foreclosed upon, and she cannot gain access to her property. They told her if she accesses the property they WILL arrest her (the sticker in the window states no trespassing). The next sentence is NOT the case but imagine that she just came home from the hospital with the new baby, and cannot get into her home---what then??? I am disgusted---I cannot imagine whoever did the occupancy check, didn't cover all the bases. I WILL find out and work on bringing charges with the real estate board---they could NOT see in the windows--they obviously did not call utilities, or the HOA, and had the rightful owner locked out of their own property.
As it stands, I cannot get in to show the property, she cannot get in to get her personal belongings, and the foreclosure inches closer and closer each day. We have both tried to get an attorney to take this on, but are still unsuccessful. The agent that did the occupancy check, will have forced this property into foreclosure---they were the beginning cause---you cannot sell something you cannot get into. But most of all, the reason for this post, make sure to tell your sellers, STAY PUT.......OR ELSE.
Heidi Engel
BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
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BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
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PRICING and our Crystal Balls! (edit/delete)
I have been seeing a lot of articles regarding price reductions lately, but 1 I read recently stood out....it wasn't geared towards the listing agents but rather, the sellers. What a great thought! I am going to include something like this in my pre-listing packets (I will work on that in a future blog). We all know how very difficult it is to bring up the conversation of reduction's when dealing with our sellers---especially when we priced the home, we priced it to sell, and we missed that 'magic number'! When sitting with sellers discussing pricing, potential reductions, and market reaction, I verbally go thru how we 'read' the market after the home is listed. Actually, this post started out on what I was going to include in writing, regarding a price reduction seller questionnaire in my listing presentation, but I will post that in the future--this seemed more important at the moment......or I just went off on another tangent. In my experience--in this declining market, we know where we are sitting in the 1st 3 weeks of market time----buyers, buyers brokers, and activity, DO NOT LIE---but rather, tell a very important story. I then discuss in more detail what could happen, what should happen, and that I do not have a crystal ball---but... more often than not, I can usually predict the outcome (keep in mind, this is only the case when the sellers have listened to pricing strategy and getting their home market ready). When the listing is fresh and new, we should get the most activity w/in the 1st week or 2 ---if there is a lack of showings, or no showings(OMG), the entire market has just rejected us. They could have gold walls, and platinum floors and it DOES NOT MATTER---we have priced ourselves right out of the market---buyers and buyers brokers do not even want to bother coming in to view. On the other hand, if we get a good amount of activity and/or an above average amount of showings, with no 2nd showings, or offers, they are basically rejecting the home personally---the MILLION DOLLAR QUESTION is why? The answer is Value in Comparison to Price---PERIOD. The specifics, unless it is something we can change, really do not matter. Is it location(busy intersection, airplane noise, commercial nearby etc), we cannot change that-ONLY PRICE. Is it condition(outdated kit and baths, home is dirty, basement floods etc), some of that we can change, but, are the sellers willing to change it, if not, PRICE AGAIN. Once we can pinpoint the 'Value to Pricing' magic number, the home will sell--its pretty simple. The only thing we need to remember is......and keep in the forefront of ours, and our sellers mind's, in a declining market with loads of competition and months of inventory, TIME IS OF THE ESSENCE--do not wait to make these imperatively important price changes---it will cost them much more in the end.
BROKER/Realtor
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/24/2010 08:39 AM
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Real Estate Reflection in the ActiveRain Channel
real estate business, real estate and people, real estate in the past, success in real estate
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BROKER/Realtor
ADPR, FSSR, SRES, CNE
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban IL Homes for over 20 Years!
Comments (88)
Questions to Ask the Buyers Loan Officer in the ActiveRain Channel
financing and real estate deals falling apart, new financing problems, mortgage problems, financing falling apart
Edit
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BROKER/Realtor
ADPR, FSSR, SRES (Accredited Foreclosure,
REO, + Short Sale Representative,
Senior Specialist)
RE/MAX Suburban
www.HeidiEngel.com
ofc 847-385-3327
cell 847-910-2001
fax 847-749-3708
Listing + Selling NW Suburban Homes for over 20 Years!
As Featured on Mt Prospect and Des Plaines Village Websites:
www.elocallink.tv/vp6/spon-fcsa_a.php?sponid=10865&activate=1
Please spay and neuter your pets -- 1000's of unwanted homeless animals are put to sleep every day--don't breed or buy--save a life!!!! find them here: http://www.petfinder.com
Learn why here (Caution Graphic): http://www.youtube.com/watch?v=PYBz2gjlEfA
FEED AN ANIMAL EVERYDAY FOR FREE BY CLICKING HERE: www.theanimalrescuesite.com
Posted by Heidi Engel BROKER/Realtor, ADPR, SRES, FSSR on 04/04/2010 07:21 AM
Comments (12)
BOFA Short Sale Nightmare in the ActiveRain Channel
short sales, short sale nightmare, bank of america short sale, boa and short sales
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