http://narblog1.realtors.org/mvtype/theweeklybookscan/2007/10/book_review_finding_foreclosur.html
Click above to find out about buying foreclosed homes.
I believe in equal time. I have posted several links on how to avoid foreclosure. Now I have posted a link on how to buy properties that are or soon will be foreclosed upon. This information is not only for realtors but for the homeowners who are in this situation. The owner/seller needs to know what the potential buyer is doing to purchase their home. This article also helps the owner/seller know what their options are.
Whoever is trying to buy a foreclosed property, be they a realtor or a "regular" person, the owner needs to know that everybody out there isn't a shark that is circling the scent of fresh blood. Which is not to say that there aren't sharks out there. But whatever the motive, if the owner has a chance to sell before the sheriff bangs the gavel, by all means sell. Of course, if it actually gets to that point, then the owner's credit is already shredded and all the money that they have paid into that home is money thrown away.
So sell, sell, sell! Owners should do everything they can to keep the ball in their court.
Now to the buyers. Buy, buy, buy! Now is the time to invest in your community and to make a bit of money to boot. Buying a home and "flipping" it, which means to sell the home again in a short time, is the IN thing to do right now. But please, please, please, if you are going to flip, do some improvements, updates and add curb appeal to the home before you put it back on the market. Don't just shampoo the carpets and put a big price tag on your "efforts". This only encourages urban blight and does nothing to improve the community.
But although any neighborhood can have foreclosed homes, the unfortunate reality is that it happens more to the middle to lower income families who have stretched every dollar in order to realize the American Dream. And lower income familys tend to buy older homes in older neighborhoods which might not be in the best of shape.
Also, if you plan on flipping, do your homework. Make sure that once you put your money into updating it that the neighborhood will support the price you plan to ask. If you overimprove, that home that cost you a total of $150K will not sell for that if it sits in a neighborhood where the highest priced home is $89K.
With that said, let's all try to work and play nice. One man's ceiling is another man's floor. The concentration of wealth is shifting. Make sure that you don't end up on the bottom of the pile.
Wednesday, October 31, 2007
Tell Me What You See
Fun and games at Bennett Realty.
Never a dull moment. While in our costumes, the FedEx man came in. We asked him why he wasn't dressed up. He said that they weren't allowed to. My reply was, "Neither are we!" But that didn't stop my co-worker and me from doing it, obviously! I had to go out to put open house signs up in front of houses. Wonder what the home owners thought....
By the way, I am dressed as Captain Jack Sparrow's wife. (Oh how I wish). I have a string of black pearls around my neck. And you were wondering why he named his ship "The Black Pearl"!
Sunday, October 28, 2007
I Want to Hold Your Hand
It is a chilly October Sunday morning. I hesitate to turn on the antique beast that is in my basement that is only good at taking the chill off the house. So instead I have opted for a nice mug of raspberry tea. On the stereo is "Breakfast with The Beatles", a weekly slice of heaven for my ears. I have listened to the same Beatles songs for decades now and never tire of hearing them.
My regular readers may have noticed that every posting is the title of a Beatles song. Some familiar to most, some a bit more obscure. This aging and all too quickly passing musical phenomenon has been the backdrop to my entire life. Even my morning tea mug is emblazoned with their name and pictures.
Another ritual of my Sunday mornings is reading the latest issue of Realtor Magazine. Not the most invigorating reading some may think, but I find it most edifying. It helps to keep me on trend and focused in my chosen career. Not only does it give me fresh ideas and perspectives, but it also, sometimes almost eerily, gives credence to my already held beliefs and practices.
For example, in an article entitled "Creating Raving Fans", the suggestion for creating better customer service practices is the idea of giving customers more understanding of the home buying process. Let people know where they are in the process, from first making the offer, to negotiations to title searches to problems that may have arisen. This has always been my way of providing customer service. There is no advantage to keeping your clients in the dark. It only creates a climate of confusion and distrust. Although, in theory, it may seem comforting to let someone "take care of you", in practice I feel that knowledge is power. When dealing with what for most people is the biggest investment in their lives, whether the first or the last, knowing that they have a say in how that transpires gives them the satisfaction they deserve.
Also mentioned in the article is the element of surprise. At first, this sounded like a recipe for disaster. But upon further investigation the idea was actually focused on making a person's experience unique. The article goes on to relate a story about a hotel chain that offers each customer the option of having a goldfish in their room. Sound fishy? Not at all! It is a simple thing that makes the customer's stay a little more personal and makes that hotel chain stand out in their minds.
My own quest for making myself stand out and thus my services, has culminated in printing out my own personal business cards, each with a black and white photo of one of The Beatles. The pictures cover the entirety of the card, with my own photo playing a very minor part. These cards have fostered many conversations and some people request all four! Imagine someone actually asking for not one but four of your business cards!
And so, we get back to The Beatles.
Find your own backdrop to your life. Embrace it. It will give meaning and focus.
Imagine.
My regular readers may have noticed that every posting is the title of a Beatles song. Some familiar to most, some a bit more obscure. This aging and all too quickly passing musical phenomenon has been the backdrop to my entire life. Even my morning tea mug is emblazoned with their name and pictures.
Another ritual of my Sunday mornings is reading the latest issue of Realtor Magazine. Not the most invigorating reading some may think, but I find it most edifying. It helps to keep me on trend and focused in my chosen career. Not only does it give me fresh ideas and perspectives, but it also, sometimes almost eerily, gives credence to my already held beliefs and practices.
For example, in an article entitled "Creating Raving Fans", the suggestion for creating better customer service practices is the idea of giving customers more understanding of the home buying process. Let people know where they are in the process, from first making the offer, to negotiations to title searches to problems that may have arisen. This has always been my way of providing customer service. There is no advantage to keeping your clients in the dark. It only creates a climate of confusion and distrust. Although, in theory, it may seem comforting to let someone "take care of you", in practice I feel that knowledge is power. When dealing with what for most people is the biggest investment in their lives, whether the first or the last, knowing that they have a say in how that transpires gives them the satisfaction they deserve.
Also mentioned in the article is the element of surprise. At first, this sounded like a recipe for disaster. But upon further investigation the idea was actually focused on making a person's experience unique. The article goes on to relate a story about a hotel chain that offers each customer the option of having a goldfish in their room. Sound fishy? Not at all! It is a simple thing that makes the customer's stay a little more personal and makes that hotel chain stand out in their minds.
My own quest for making myself stand out and thus my services, has culminated in printing out my own personal business cards, each with a black and white photo of one of The Beatles. The pictures cover the entirety of the card, with my own photo playing a very minor part. These cards have fostered many conversations and some people request all four! Imagine someone actually asking for not one but four of your business cards!
And so, we get back to The Beatles.
Find your own backdrop to your life. Embrace it. It will give meaning and focus.
Imagine.
Thursday, October 25, 2007
Every Little Thing
Yes, Virginia, there is a Santa Claus.
And he came early this year for me. I just found out that one of my co-worker agents bought the house across the street from where I live. The link at the bottom of this posting will take you to the picture of this house and the accomanying post.
That house across the street has been an eyesore and a symbol of what inner city Wilmington is coming to. Old houses, usually owned by absentee landlords (Wilmington is 50% rentals), sit empty collecting cockroaches and squatters. They continue to deteriorate and sometimes sit there for years.
Then someone comes along (probably not from around here) and sees the potential in this diamond in the rough and makes the decision (from the heart and not the head) to renovate the home and bring it back to its glorious roots.
Another scenario is that someone comes along, buys it for a song because it is a piece of crap but essentially solid, puts a bit of money and sweat equity in it and becomes the next landlord to own it.
Yet another scenario is that someone buys it, moves into it as is and it remains an eyesore only this time with the added bonus of brightly colored toys strewn about the yard and punctuated by weekly shouting matches between significant others in the front yard. This is the worst case scenario. There is no landlord to complain to and the eyesore has just become an earsore also.
The last scenario is the one that has become my early Christmas present. Granted, it is not the optimum solution because the time for restoration has long since gone. But in this case it is the best that can be hoped for. The house will be torn down and a new, nice little ranch will replace it. Yes it will be rented but so are several others on the street that are owned by the same person.
So yes, Virginia, there are still some signs of life in this small town. It seems to have lost its way when it comes to a sense of pride in its appearance, but where there is life there is hope.
Merry Christmas and Happy Halloween.
http://housecents.blogspot.com/2007/09/being-for-benefit-of-mr-kite.html
Friday, October 19, 2007
Besame Mucho
Once more, I've let my emotions get the better of me. It has been pointed out to me that my last post had a cynical air about it. Sorry about that. If you have been with me from the beginning of my blogging career, you are aware of the ups and downs. And, being the passionate person that I am, my feelings seldom stay on my sleeve; they leap forth into the ether that is the internet.
The deal did fall through. After having the whole family look at the home, they withdrew their offer. Ce la vie. Que sera, sera. Whatever will be, will be. The future's not our's to see, que sera, sera. (It's easier to be philosophical about these things with the advent of time. However, at the time, I think I said a few dirty words in my head while understanding noises came out of my mouth.)
But we must move on.
I had a closing this week. One of my easier ones and with a couple of the nicest people. I hope to be able to keep in touch, but I always say that. My first encounter with them was the result of a "cold call" coming into the office to see a couple of condos. I set up the appointment and, since my foot was just recently out of a cast and I couldn't drive, the couple had to pick me up, tote me to the condos then deposit me back.
Sometimes its just the smallest things that can make a difference. When I got into the car with these perfect strangers I said, "Who is your favorite Beatle?" The woman looked at me with a puzzled expression and said, "I don't think I've ever had anyone ask me that before, but I guess it must be Paul. He's the cute one." At which time I reached into my purse and pulled a business card out with Paul's picture on it and handed it to the woman. I truly think that by doing this I stood out amongst the other realtors that they had looked at houses with. They called me back when it was time to look at something else and the rest is history.
Of course, sometimes my schtick backfires.
I met a young couple at a farmhouse in the country for a showing just recently. They got out of the van with a few kids in tow. I walked up to them, introduced myself and asked, "Who is your favorite Beatle?" Again the puzzled expression. After an uncomfortable silence had passed between us, I said, "You know. The Beatles? The singing group." "Ohhhh,"was the reply. "I thought you meant there was a bug on me."
Ce la vie.
The deal did fall through. After having the whole family look at the home, they withdrew their offer. Ce la vie. Que sera, sera. Whatever will be, will be. The future's not our's to see, que sera, sera. (It's easier to be philosophical about these things with the advent of time. However, at the time, I think I said a few dirty words in my head while understanding noises came out of my mouth.)
But we must move on.
I had a closing this week. One of my easier ones and with a couple of the nicest people. I hope to be able to keep in touch, but I always say that. My first encounter with them was the result of a "cold call" coming into the office to see a couple of condos. I set up the appointment and, since my foot was just recently out of a cast and I couldn't drive, the couple had to pick me up, tote me to the condos then deposit me back.
Sometimes its just the smallest things that can make a difference. When I got into the car with these perfect strangers I said, "Who is your favorite Beatle?" The woman looked at me with a puzzled expression and said, "I don't think I've ever had anyone ask me that before, but I guess it must be Paul. He's the cute one." At which time I reached into my purse and pulled a business card out with Paul's picture on it and handed it to the woman. I truly think that by doing this I stood out amongst the other realtors that they had looked at houses with. They called me back when it was time to look at something else and the rest is history.
Of course, sometimes my schtick backfires.
I met a young couple at a farmhouse in the country for a showing just recently. They got out of the van with a few kids in tow. I walked up to them, introduced myself and asked, "Who is your favorite Beatle?" Again the puzzled expression. After an uncomfortable silence had passed between us, I said, "You know. The Beatles? The singing group." "Ohhhh,"was the reply. "I thought you meant there was a bug on me."
Ce la vie.
Monday, October 15, 2007
Your Mother Should Know
I have experienced a few deal breakers in my career. Just when you think everbody is happy, boom, the hammer comes down. Sometimes you can get people calmed down, sometimes you can't. It must resemble getting cold feet right before the big wedding day. What if, what if, what if.
The biggest deal breaker, with contract negotiations as well as marriages, is family. Once the family gets involved its almost like the blind men and the elephant. Everybody has a different idea of what "it" is and, even though all may be right in their own way, all involved are also wrong. And the ones who should actually be making the decision feel obligated to listen to the wisdom of their elders, usually with disasterous consequences. Okay, maybe not so much with marriage, but sometimes we just have to make our own decisions.
It is natural for someone when making a life changing decision to want a second opinion. But speaking as a realtor, do not, and I repeat do not get the family involved. Yes, they do have your best interests at heart but no matter how much they love you, they are still your worst critic. The exception would be your Uncle George who is a retired contractor and you need to know if the uneven floors will be a problem in the future.
So be specific. Ask specific questions of specific people. Don't just say to Aunt Sally, "So, what do you think?" because I guarantee she will tell you, and I guarantee you will not like it.
Need another opinion concerning a home that you love and just can't make up your mind? Ask a friend. They will be straight with you but also affirming. They will hold your hand and be with you no matter what you decide.
If you love a house and it meets most of your requirements (a house cannot be everything to everybody) then just hold your nose and jump in.
Your family will always throw you a life preserver when you are drowning. But as you are looking over the edge into the pool, your family will be stuffing your bathing suit with bricks!
The biggest deal breaker, with contract negotiations as well as marriages, is family. Once the family gets involved its almost like the blind men and the elephant. Everybody has a different idea of what "it" is and, even though all may be right in their own way, all involved are also wrong. And the ones who should actually be making the decision feel obligated to listen to the wisdom of their elders, usually with disasterous consequences. Okay, maybe not so much with marriage, but sometimes we just have to make our own decisions.
It is natural for someone when making a life changing decision to want a second opinion. But speaking as a realtor, do not, and I repeat do not get the family involved. Yes, they do have your best interests at heart but no matter how much they love you, they are still your worst critic. The exception would be your Uncle George who is a retired contractor and you need to know if the uneven floors will be a problem in the future.
So be specific. Ask specific questions of specific people. Don't just say to Aunt Sally, "So, what do you think?" because I guarantee she will tell you, and I guarantee you will not like it.
Need another opinion concerning a home that you love and just can't make up your mind? Ask a friend. They will be straight with you but also affirming. They will hold your hand and be with you no matter what you decide.
If you love a house and it meets most of your requirements (a house cannot be everything to everybody) then just hold your nose and jump in.
Your family will always throw you a life preserver when you are drowning. But as you are looking over the edge into the pool, your family will be stuffing your bathing suit with bricks!
Tuesday, October 9, 2007
Wait
The day has started out right. Even though it is a little dreary outside and rain is forecasted, it is bright and sunny in my own little mind.
I got an email from my people who put in an offer on a nice home then split for their vacation. I have been reticent to call or email them just for the heck of it so I have been waiting for an opening. Even knowing that they want to bring their family through the home (always a scary proposition) when they return, you still never know if they will forget all about the house; out of sight out of mind.
But I got an email from them this morning. Yeah! They still want to see the house again this weekend. This gave me the opportunity I was looking for. I emailed them back that the showing is set up and that I should have an estimate soon for the siding on the home. This situation with the siding has me antsy because having a maintenance free home is high on their priority list. If the estimate that I have procurred for my people comes in too high, we might be in trouble.
This experience has been a "hurry up and wait" situation. The potential buyers wanted to put in a bid quickly to, in essence, save their place in line. Now the sellers are in limbo waiting to see how everything plays out. I think my people will come around to trusting me when I am able to give them a figure on the siding.
So many factors, so much time, so little known. I think I've talked myself into being in a bad mood after all.
Rats.
I got an email from my people who put in an offer on a nice home then split for their vacation. I have been reticent to call or email them just for the heck of it so I have been waiting for an opening. Even knowing that they want to bring their family through the home (always a scary proposition) when they return, you still never know if they will forget all about the house; out of sight out of mind.
But I got an email from them this morning. Yeah! They still want to see the house again this weekend. This gave me the opportunity I was looking for. I emailed them back that the showing is set up and that I should have an estimate soon for the siding on the home. This situation with the siding has me antsy because having a maintenance free home is high on their priority list. If the estimate that I have procurred for my people comes in too high, we might be in trouble.
This experience has been a "hurry up and wait" situation. The potential buyers wanted to put in a bid quickly to, in essence, save their place in line. Now the sellers are in limbo waiting to see how everything plays out. I think my people will come around to trusting me when I am able to give them a figure on the siding.
So many factors, so much time, so little known. I think I've talked myself into being in a bad mood after all.
Rats.
Monday, October 8, 2007
You Know My Name (Look up the Number)
Okay, you asked for it. Well, not really, but here it is anyway. My first "real" ukulele.
My actual first uke was purchased from ebay for a mere pitance. It lasted about as long as you would expect. Not very.
I came by this one by a happy accident. It is a 1950's Harmony in quite nice condition. I had been sick for about 3 years and was financially embarrassed when my ebay uke fell apart. I had no money to replace it. I was a frequent visitor of http://fleamarketmusic.com/ and had posted a few times. I asked if anyone knew of a way to fix my uke because I was unable to buy a new one. About a week later, a big box came in the mail. I had no idea what it could be. After pulling out a bunch of newspaper, I extracted the above vintage ukulele. I burst into tears. (For those musicians out there, you know how it feels to love an instrument and the joy it brings you to play.) Down in the bottom of the box was a note from the gift giver-a stranger from the Flea Market Music bulletin board. He swore me to secrecy and said that he did it just because he could. I have never forgotten that kindness and will always cherish my 1950's Harmony.
The old Harmony is retired now. But she has about 6 other ukuleles to keep her company.
I became a realtor(r) shortly after I was back up and healthy again. Hence the moniker "Ukulele Realtor". I always have a ukulele close by, even in my office just in case someone asks me to play. (No one ever has:>)
Whenever I do an open house, I take along my "go to" uke-a pink Flea. She's light weight and fun to play and keeps me company when no one shows up to visit my open house. Maybe I am scaring the customers away......
Always remember the kindness of strangers and pass it forward whenever possible.
Wednesday, October 3, 2007
Photograph
Sometimes, in my travels throughout the county, doing my own real estate stuff or that of my supervisor, I have the priviledge of coming upon the unexpected picturesque scene. And, being a bit of an amateur photographer as well as a ukulele player (I am so gifted), I pause to take a nap, I mean a SNAP!
This stark tree was at the corner of a strange property that consisted of a single wide mobile home that had been added on to, various tumbledown outbuildings and was smack dab in the middle of nowhere except for a highend subdivision right beside it. Huh? I thought someone would gobble it up for building sites but no. It was purchased as a home.
I haven't been by there for 2 years. The market was hot then and has long since cooled off. If that property had been purchased by a developer, boy, would he have been in for a rude awakening. Sometimes things do happen for a reason.
There Is a Place
A little known factoid about presenting an offer on a property on the behalf of your client is that it can suck.
Case in point. While on phone time last week I got a call from a couple wanting to see one of Bennett Realty's listings. I showed them the home on Saturday and they put in an offer on it on Tuesday, the day before they were to leave on vacation. We opted to get the offer put in as soon as possible just in case someone else should come along and want to make an offer. However, I was not overly concerned because the home had been on the market since May and there had not been much interest.
Guess what. Now someone else wants to show it.
Call me superstitious but I have always held to the notion that as soon as you want something, someone else is going to want the same thing.
The price of the property is not the big bug-a-boo. The problem lies in the contingencies and the fact that now my people are out of town. They want estimates for new siding so they can decide if the home can be made maintenance free at a price they are willing to budget for. I am responsible for setting up the appointments for the contractors to give estimates, no problem. But as we all know, these things do not happen overnight.
If this new showing should result in another offer, then we would be in a multiple offer situation. At that point, both parties would have the chance to give their best offer but cannot know the offer of the other party. I called and explained this to my clients and, as previously alluded to, they really do not know me and really have no reason to believe me.
And that is just the feeling I got when I got the response, "But how do we know there really is another offer." What do I say? "Trust me"? Yeah, right.
Stay tuned.
Case in point. While on phone time last week I got a call from a couple wanting to see one of Bennett Realty's listings. I showed them the home on Saturday and they put in an offer on it on Tuesday, the day before they were to leave on vacation. We opted to get the offer put in as soon as possible just in case someone else should come along and want to make an offer. However, I was not overly concerned because the home had been on the market since May and there had not been much interest.
Guess what. Now someone else wants to show it.
Call me superstitious but I have always held to the notion that as soon as you want something, someone else is going to want the same thing.
The price of the property is not the big bug-a-boo. The problem lies in the contingencies and the fact that now my people are out of town. They want estimates for new siding so they can decide if the home can be made maintenance free at a price they are willing to budget for. I am responsible for setting up the appointments for the contractors to give estimates, no problem. But as we all know, these things do not happen overnight.
If this new showing should result in another offer, then we would be in a multiple offer situation. At that point, both parties would have the chance to give their best offer but cannot know the offer of the other party. I called and explained this to my clients and, as previously alluded to, they really do not know me and really have no reason to believe me.
And that is just the feeling I got when I got the response, "But how do we know there really is another offer." What do I say? "Trust me"? Yeah, right.
Stay tuned.
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