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SD Realtor
ParticipantI have used Craigslist when advertising my rentals and have always had very strong responses. I recommend it to all of my clients and friends looking to rent properties.
SD Realtor
ParticipantPerryChase – When I look at the county recording information that is accessible from the MLS, when a home is sold both the selling and purchasing parties are listed. So here is an example. I represented buyers who purchased a foreclosure this summer. If you look at the recording information. On 5/10/06 there was Seller called Recontrust and the transfer was not a grant deed. It was Tenancy By Entireties. The buyer was Wells Fargo. Then on 7/10/06 my client purchased the home from Wells Fargo.
Now if you look at the MLS sold information, the foreclosure sale on 5/10/06 was not entered into the MLS because it was not a transaction performed by a Realtor. However the transaction on 7/10/06 was entered into the MLS. Realty Executives represented the Seller and I reprented the buyer. The home was 776 Turtle Point Way in San Marcos.
So to summarize, the county information is always updated whenever title changes hands. However the MLS database is only updated when the transaction is a MLS transaction. Thus if you did a FSBO that would never be seen in the MLS but it would be seen in the Realist printout.
Hope this helped.
ParticipantSpeeding Bullet you called it 100% correctly. Whenever you see bizarre price fluctations, 99% of the time it is due to the seller asking the Realtor to adjust.
ParticipantLindi I have two similar stories. Last year one of the people who wanted to rent one of my properties was a sales agent as well. She had overextended herself and was in the process of losing her condo in RB. Another mortgage broker I know just lost his home in PQ. These things amaze me.
SD Realtor
ParticipantIf you look at the resume of the investigative reporter he has broken several fraud cases. I don’t believe the guy is sensationalistic at all. He is no different then many investigative reporters, he has to get to people who DON’T WANT TO BE FOUND. He recently helped uncover a car sales fraud of a car sales office that would take trade ins and not pay off the originating loan. Prior to that, he also uncovered a health care scam. If you look at the tape Sulieman came up to the guy and attacked him. It is hard for me to believe some people actually think the reporter “indulged in the media coverage of violence”. How do you know that? Were you there?
I have been watching the Sulieman investigation from the first report and there have been many reports on it. None of them had been violent or confrontational, yet the media reported all of the stories in the investigation, in full entirety. The same is true for ALL of the investigative journalism that this guy does. Go all the way back to guys like David Horowitz, investigative journalism is quite helpful.
Both sides were not wrong.
ParticipantHi Chrispy, it is hard to say what happened in each transaction because the Fox news team didn’t go into the details.
So how did this happen? Well again, in all real estate transactions the buck stops with the broker. On the buyers side Sulieman was the broker. He handled both the financing and the real estate duties for the buyers.
I have stated before that I do real estate and only real estate. I believe that doing loans and real estate is conflicting, (although lucrative for the broker). Also I am not sure if sdrealtor would agree with me, but when the other broker in transactions I am involved with is a mortgage broker, I usually end up doing more work because in general they do not do diligent work. Frequently the representation they provide is poor at best. That is a topic for another post…
So Chrispy you asked about the other broker, the sellers broker. Well what do you propose that broker should have done? If all the paperwork was in place, and escrow proceeds smoothly what can be done? I have had transactions where I never met the other agents principals. Also it is not common practice for me as a listing agent to contact the buyers personally and verify that they indeed are buying the home. So if all the docs are in place, and things do not lag in escrow, this sort of stuff can happen.
Is there a higher power in place? Well yes there is the DRE however, again, this is fraud that was perpetrated, not a violation of DRE law. It is not any different then people stealing your identity and spending 20k on a shopping spree.
As you said though Chrispy, the people that got defrauded didn’t look like the sharpest tools in the shed.
ParticipantWaiting Hawk if you look in most classified ads there are sections for housing wanted. This is pretty much what you are proposing.
I would agree with SD Realtor about multiple offers. I am as bearish as anyone here. I also rent. Yet I do notice there is an animosity in many posts against alot of sellers. Look guys, I have many sellers who really really frustrate me, however it doesn’t do me any good to ridicule them. I tell them my thoughts, I am honest and up front, and it is a drag to watch some of them do the wrong thing. I almost pity them more then anything else.
As I have posted before I have several very prudent buyers. As a rule I do not submit multiple offers because it is not as productive as most all of you are proposing. As a Realtor if I have a client that is scatter brained enough to think that yeah any one of those five homes will do for me, then that tells me that this buyer is not a serious buyer. That more then likely even if one of the sellers accepts his offer, that my buyer will flake out because during the contingency period he will find that well, I got a good price but this house is not something I really love.
Yes the market will continue to deteriorate but some posting I see are so focussed on pricing and “getting back” at all these greedy sellers that they are loosing focus. Keep your eyes on the ball guys, don’t worry, these sellers that don’t get it will all get what they deserve. By the house you really love at the best price, not the home that is priced the best.
I believe simple logic is the best way to proceed when buying a home. As sdrealtor said, let your Realtor find out as much info about the seller as possible and then you can go as low as you want. Also whether I am sending or receiving a lowball, I am always cordial with the other party’s Realtor. It always pays off in the long run.
Finally if one of my listings received an offer and the buyers agent told me, hey we have 5 offers out, I would advise my seller that in my opinion, I would shy away from this offer because of the high probability of an escrow that will be a bust. I would continue to tell my seller that my advice would be to nicely tell the agent submitting the offer to let us know if any of the other four offers came in, and if none of them did, then we will consider responding to the offer. Even with that said, I would still advise my seller that if they were going to accept or to counter, that the likelihood is high that even if we strike an agreement, it would be likely that the buyer will bail out within the contingency period.
ParticipantMy experiences with lease options is that they are a good idea more often then not the person that is the buyer ends up on the shorter end of the stick in the long run. Everything is rosy and agreed to at the initial purchase. However if the market appreciates then the seller becomes reluctant to sell. If the market depreciates the buyer ends up not being able to finance because the property doesn’t appraise. In a LARGE percentage of these transaction the seller ends up walking away with the option money. My advice to you would be, why lock up any money in a purchase agreement in a declining market? Rent from him, and save up so when the market does bottom out, then buy… Finally, one of the most common things as a Realtor I hear is how hard it is for someone to find the ideal property. I think you would be able to find something suitable if you were able to rent for awhile. This downturn will provide you with ample opportunity.
ParticipantI have a couple of prudent clients who I work with who have submitted plenty of lowball offers. I usually call the listing agent prior to submitting it to give them a heads up on what is coming in. I also tell them the amount just as a courtesy. I cannot control whether the listing agent will submit the offer or not but absolutely it is a duty for the agent to present the offer unless the seller has given the agent instructions otherwise. There are cases where a seller may tell an agent to not even present offers under a certain price.
September 10, 2006 at 11:50 PM in reply to: Quick Poll: Year of trough & decline from peak to trough #34929ParticipantBy my tracking the peak for many of the housing types was March/April of 2004. I believe we have already seen up to 20% in many types of housing in various areas from that peak. Other zips continued to appreciate through 2005. My estimate is that we will bottom out in late 2008. I believe we will see 50% depreciation from the highs of 2004. Agreed with many statements that it will be hard to validate because of the way the raw data can be presented to the public.
Participantdalsik have you done the following?
1 – Had your realtor actually take you over to the competition? You need to go into the homes and look at them. As many of them as you can.
2 – Have you reviewed or looked at the condos that have gone pending that you would consider again to be competition?
I believe there is substantial value in being the most price competitive property amongst your peers. However I think alot of people overlook adding value in addition to lowering the price. If you are willing to slash your price by 10-20k each reduction then spend 10k on the granite counter tops and stainless steel appliances. Put in the nice tile instead of laminate, etc…
The main point here is that you may need to push your realtor to get more information about your competition. This may be more work then just having the realtor send you the latest actives and pendings, you should go and see them. If you are paying 2/5-3.0% to you realtor to sell the home then they should be having the open houses, putting it on brokers tours, the whole shebang. That is why you are paying the commission right?
Have you also analyzed the solds? What was different about them? Be proactive and go over to the homes, knock on the door and ask if you can take a quick look around…
This may sound lame but taking steps like this will give you a more concrete feeling of what you need to do as opposed to sitting on the computer and hearing all of us say lower the price, lower the price. I don’t mean that as an insult, just some words of advice.
Lowering the price is good, don’t get me wrong, but there is more you can do.
ParticipantCheck to make sure that you qualify for a Roth IRA. If you do qualify for one make every effort to fund it. You can invest your Roth IRA funds in the same manner as your IRA, it just depends where you establish it.
ParticipantNorth County Jim I am not a loan expert, just a Realtor and Engineer… However I have heard that lenders go to great lengths to avoid foreclosures including short sales and other mechanisms.
It would be interesting for someone from the lending industry to comment on this.
I recall having a conversation with a mortgage broker and he told me that having foreclosures on the books is the very last thing a lender wants. Perhaps he was wrong or I mistook his words.
ParticipantNo worries Brad Pitt, I think you will be okay by continuing to look and learn.
If your broker you are dealing with is as golden as he sounds, ask him for a couple of his clients numbers so you can call them and get some numbers from them on some of the deals he has worked out for them.
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