Do you get your client to initial all changes? Do you REALLY mark out all the previous counters?

I do!

Currently doing business with an agent who has a LARGE team (I can identify 5 members so far).

First, contract expressed that financing would be FHA/VA VHDA (alphabet soup) BUT conventional terms were checked. (and no there is NOT a built-in microwave, or a shed to convey with the property) I guess I have pet-peeves.

In the process of countering, I noticed that the AGENT initialed some of the cross hatches instead of her client.
Interesting.

I hope, for her sake, it never gets contested. If it does, she’d better have documentation to show that she was authorized to sign.

As the listing agent, I sure would feel better if I saw some sort of limited power of attorney or each of these authorizations from her client.

Keep your fingers crossed the purchaser is not just a figment of the selling agent’s imagination!

Just how much do you do to “help” the real estate agent for the “other” side?

My partner and I submitted an offer to purchase a foreclosure that was advertised as “the easiest way to buy a foreclosure. NOT AS-IS.”
That will be the last time they do that!

In our Northern Virginia offer to purchase it states quite specifically that all systems must be operational.

NOTE To the listing agent: That means you do have to turn ON all the utilities so we can verify! AND
NO the prospective purchaser will not set up the account in their name. (That would be premature and presumptuous, right?)

NOTE to agents who accept listings far from their “beaten path”: Don’t!
Purchasers’ agents do not enjoy meeting your contractors to fix the pump, flow meter, water filtration system, HVAC or any other one!

Just give the contractor the key (combo lockbox, of course!) and YOUR credit card information PLEASE.

Also, I will gladly proofread any offer submitted on our listings – for a fee!

Did you hear the one about the Maryland real estate agent who sent his client to see a listing with the listing agent (it was just too far for him to drive). Well, Maryland agent submitted contract on said listing, but WHOOPS, he had not earned sufficient Continuing Education credits in Virginia.
Alas, his Virginia License was not valid.

His proposed solution- he sent the listing agent a request for a referral fee in the amount of 50%!

AND there was a clause on the referral form “seller agrees to pay selling agent a bonus”.

Think about it! Good thing there were multiple offers.

We recently encountered an instance of how an outdated DATABASE of USPS ZIP code can affect a real estate transaction.

The evening prior to closing the MORTGAGE BROKER called to say underwriter was not able to approve FHA Loan for manufactured home in the ZIP code 22551.

We did a ZIP code check on usps.com and confirmed the 22551 ZIP, because the tax records and contract reflected ZIP 22553 associated with the home at the current address. Living in a “new” ZIP code (3 years old?) ourselves and never having heard of 22551, we suspected an out of date ZIP code database was the problem. (Three years later in 22556 we STILL have problems :-/

Quick call to Spotsylvania Courthouse revealed that the United States Postal Service had in fact recently (maybe 6 months ago) created the 22551 ZIP and the County is in the process of changing all their records to reflect the new ZIP.

It is not that the loan could not be approved for that particular type of home. Apparently, the system did not recognize the ZIP code and instead of reporting the error as INVALID ZIP Code or something equally as specific, it simply would not authorize the loan. :-/

Once Spotsy County changes its tax records to reflect the new 22551 ZIP Code, I can only hope that FHA and other lenders update their databases. If not, then I guess there will be quite a few questions then and not a trace of the previous 22553 ZIP code will be there to provide a clue as to why the loans can’t be approved.

Those of us who live in new ZIP codes respectfully request that cable, service companies, etc. update your ZIP code database quarterly. Please! (We real estate types would prefer it be sooner rather than later.)

NOTE: BTW – If you live in a new ZIP code and the company’s database has NOT been updated, you cannot request online service for cable company or appliance repair using my correct USPS ZIP.

Their systems say: No service is available. (There is no mention that the ZIP code is not recognized:-(

Questions for a Real Estate Salesperson (Commonwealth of Virginia)
Backup Contract

- Should you submit a backup contract – with Backup Contract Contingency addendum – on a property with primary contract that is “contingent, no kick out”?
Pros? Cons?

Should you check terms that apply to conventional financing on an offer to purchase in which the purchaser has indicated “FHA” financing will be obtained?

When approached about “inconsistencies” on paperwork you have submitted on your clients’ behalf, do you:
a) answer, “I have X years experience and have done it this way for X years.”
b) ASK your broker to review your paperwork and answer, “My broker and I have reviewed the paperwork and [proposed alternative]“

When the person STILL questions you about “inconsistencies”, do you:
a) rely on your gut feeling based on X years experience
b) ASK your broker to review your paperwork – again
c) ASK a local expert (perhaps recommended by your local association of Realtors)

Saving Money by Saving Energy

With rising gas, energy and food costs, I am taking steps to reduce our energy consumption.

Who would have thought that leaving your toothbrush, camera, cell phone and other chargers plugged in could cost so much money? Did you know that leaving your computer, monitor, television etc. in STANDBY mode (ready to come on as quickly as possible) could cost up to $200 more on your electric bill per year?

I bought and installed the new “smart” power strips. In addition to protecting your electronics from power surges, these power strips also turn off all accessories when the “main” appliance is turned off. In my case, I have the stereo tuner plugged in as the “main” device. When I turn it off (using the remote), it removes all electrical power from the main and all other devices…CD, DVD, Video, and TV. (I took our satellite box off the controlled outlets when I discovered it must go through the entire “transponder” thing each time it starts up.) It takes only slightly more time to wait for all the devices to come on.

Compact fluorescent bulbs and Solatubes have reduced the cost to light our home.

A thermal imaging scan targeted areas of energy loss in our home, so we sealed gaps. We also had additional inches of insulation blown into our attic to bring it up from code required R-25 to the recommended R-49. (BTW – you don’t want your home to be too “tight” – mold and mildew could grow more quickly.) Make sure you have a professional assess your home and blow in the insulation. You don’t want insulation in the eaves blocking attic air flow and you definitely don’t need to breathe the insulation.

My next steps:

- Buy, install (and program) programmable thermostats for each zone of my house

- Buy a plug-in Watt meter to measure my refrigerator’s energy consumption…seems like the compressor comes on a lot more than it should.

“Short sales” are homes on the market listed for a price lower than the amount needed to satisfy the lenders who hold the mortgage(s). 

If you MUST sell your home because you simply cannot afford the mortgage payment, be sure you find a short sale real estate expert. This real estate expert must be able to contact your lender on your behalf to make advance coordination for a short sale.

Many lenders to do not “pre-approve” a short sale price, but an experienced real estate agent will be able to guide you through the steps necessary to determine a fair market value.

Some real estate agents will also provide an appraisal to the lender to validate their or another Broker’s Price Opinion/Broker’s Market Analysis. (Most lenders will require an independent Broker’s Market Analysis to verify price once an offer has been made.)

In most states, purchase offers are ratified contracts once the seller signs off on the offer. The “third party” approval is treated as a “contingency” that is removed when the lender approves the contract.

The parties may be released from the contract in the event the lender does not approve.

DON’T contact these guys!
Road signs “We buy your house!”
Services offering to get you out of trouble/negotiate with your mortgage company on your behalf to avoid foreclosure.
BEWARE of those who “target” people of a specific ethnic group, or national origin. It is becoming all too common for unscrupulous individuals to scam those from their native country…legal and illegal immigrants. When confronted, these unscrupulous people will threaten those who they are trying to scam and tell them they are complicit and will also face legal charges if they are reported.

If you are working with someone who makes you uncomfortable, or the situation seems “too good to be true” -ask to have all the documents reviewed by a real estate attorney NOT associated with any of the parties involved.

Always ask your lender/mortgage broker how they “get paid”. Does it come from the lender they recommend to you? Do you pay it? How much do they anticipate earning if your transaction goes through?

Ethical mortgage professionals will tell you exactly how they earn their living.

CONTACT these HUD approved organizations -

• Homeowner’s Help – 888.995.HOPE
  http://995hope.org
• Neighborhood Assistance Corporation of American – 888.302.naca
  http://naca.com

TIPS to avoid CONS

• ONLY send your Mortgage payment to your LENDER
• Don’t sign anything unless it has been REVIEWED by YOUR trusted real estate attorney

IF you suspect you have been SCAMMED, report it to:

• Federal Trade Commission – http://FTC.gov
• Better Business Bureau – http://BBB.org
• state Attorney General – http://naag.org/attorneys

Custom Car Owner:

I have a car and I NEED to sell it.

I built it myself. If I had to compare it to anything, it would be a luxury SUV, but my car has many “custom” features.

I’ve polished it to keep it beautiful and its finish is flawless. It’s also in good running condition. Given its age, occasionally things do go wrong,  but I will provide a warranty.  

In exchange for your marketing my car and negotiating on my behalf, I will pay you 4-6% of the sales price.

I expect you to market my custom car using all possible media – Print, direct mailing, knock on doors, arrange special events and post notice of the sale and all events on several websites on the Internet. Of course, I also want you to be my tough negotiator and complete all the necessary paperwork.

You will be expected to pay for all marketing out of your pocket and be reimbursed from your percentage of the proceeds from the sale when the car is sold.

Prospective Custom Car Salesman:

Mr. Custom Car Owner, please be aware that of that 6% you will pay me upon the sale of your custom vehicle. In this area, it is customary to pay 2-3% to the broker the buyer hired to find such a “rare” custom vehicle. Of the remaining percentage, approximately 1% will be paid in taxes by my broker and me, approximately another 1% goes to my broker for all the relationships, assistance, supplies, etc. they provide. 
If I sell your car, I will gross what is left -1%?
From that, I must reimburse my business for the marketing of your custom car, pay for the “tools of my trade”, licensing, insurance and other overhead fees associated with the running my business. 

ALSO, I have researched and discovered that the manufacturer’s suggested retail on this type of luxury SUV is $44,000-54,000 NEW.
I have seen quite a few “custom built SUVs” on the market that are very similar to yours selling for 42-52k NEW and $32,000 slightly used. 
With the price of gas, very few people are buying luxury SUVs and the price of those vehicles is dropping by 6%-8% EVERY month. The longer you hold onto your car, the lower the eventual sales price will be.

Custom Car Owner:

I know, but I want you to market my car at $64,800.
That price is higher than what I will accept, but it takes into consideration that prospective buyers will try to negotiate the price and terms and I that will also have to pay 6% for YOUR services.
I don’t want to GIVE my car away!
(Psst – I’ve seen another used, custom-built car similar to mine at the local “AutoMaks” for $32,000 AND they are probably going to issue a recall on one of the smaller parts I used to build the car, so you must try to sell it before the recall.)

Please contact all publications and construct a marketing campaign to convince buyers to come and see my car and make an offer.

You will be more than compensated for your efforts and reimbursed your costs plus when the car sells at $64,800.

ANY BODY want to be a custom car salesman?

If you were a buyer, would you come to see this car when you saw the ads in publications and on the Internet?

If, by chance, you came to an event hosted by that salesperson for the FREE food and entertainment, would you offer to buy this car with all its custom features and exaggerated price?

Personally, AS a buyer, I would look at all the custom cars in my local area, make an offer on the one closest to the price I am willing to pay.
My offer would be slightly less than what I was willing to pay and stipulate terms and conditions in anticipation of a counter offer. (Those feint of heart can go to “AutoMaks” and fore go the negotiations.) 

Think about it!

Many people who are listing their homes in today’s market think like this custom car owner.

Ever dial a customer service number only to get an automated system and have to navigate your way through a complex system of “gates” only to be disconnected?

Frustrating! Next time all you really need to do is talk to a LIVE person try these tips:

• Push 0 (zero) —repeatedly, or say “operator” or agent.
• Try another number other than “customer service”. SALES and Investor relations are good numbers to call. Have them connect you to someone who can help resolve the issue.
• Select the “Spanish only” option. You will probably get a bilingual operator faster than an English-only agent.
• Call from a phone number NOT associated with your account. The company may recognize the number as a potential “new customer” and give priority to the call.
• Call the “International Customer Service” number …collect.

Visit www.GetHuman.com for more information and tips for reaching specific company’s customer service number fast.