Barb Van Stensel

NEW OPTION for "Short Sale...", adjusted Sold Price

2008-03-27T16:31:00Z

I just got this from our MLS in Northern Illinois,

"At the February 20, 2008 Board of Directors meeting, a motion was passed to add the option to disclose that a property sold price has been adjusted due to "short sale, foreclosure, court/lender approval required, etc."

When doing a CMA, the SP will show "(S)" at the end of the SP. "

This becomes effective today.

So will the Title Companies also disclose on the HUD-1 that it was a short sale and hence - the assessment, due to purchase price, wouldn't apply for these type of properties?

Was I patient?

2008-03-25T20:40:00Z

I have been under the weather and a victim of an agent being sick in the office and so after four days in bed and I've still have a fever, I wanted to discuss ways in which we could better ourselves as Realtors.

For instance, I went to a broker's open today that if I didn't know the area, the directions were wrong. How many buyer's were lost as a result of poor instructions?

Another agent has a house on the MLS for one price but the internet flyer says it's $50,000 less! Which one is correct?

I went to preview a home and the listing stated that there was gas hot water heat when in truth, there was hot water steam!

The biggest frustration is that I can't get lenders to all my buyers on financing for the contracts that I want to write! Something is wrong here!!! I'm out shopping for new people as we speak.

I'm sitting here coughing like crazy even with the Vick's on my chest and throat lozenges in my mouth and my girlfriend sends me this video. Then I realize, get some patience Van!!!!

http://www.youtube.com/watch?v=USUvzKDroqM

A Different Approach to Revitalizing the Market

2008-03-21T22:15:00Z

The U.S. Federal Reserve has more rate cuts and a stimulus package, that isn't going help or teach the average consumer responsibility. Hindsight is 20/20 but nobody was able to predict when the housing crash would take place and no one is able to predict the recovery. There will be one but to whose liking and when?

The market was driven up by artificial influences and it is going to some some serious creativity to adjust to where we should have been in the first place. This housing crash is different then adjustments in the past as it is a credit crunch where the consumers have taken out from their equity (a/k/a as "their retirement nestegg") from their home to keep up with their lifestyles. The closing credits that buyers received from the closings on their homes was for maintenance and instead put down for their downpayment. When their home needed necessary repairs it went on their credit cards. Now their credit card interest rates will be up in the 20+%. No income verification was based upon a glorified job title and that created the consumer purchasing a home that they couldn't afford and it was more then likely put under a negative amortization loan which just added more monies owed on the backend of their loan! That's just a sample of the problems that created this crash.

Lenders are now being realistic by rolling back their underwriting policies and guidelines by 20 years. So what can we as Realtors do to make a difference?

Promote Responsible Homeownership. Homeownership in itself, is great because statistics show that a family that owns their home has fewer problems with their children, better schooling - more education, for example.

So, one good way is to hold seminars or small community meetings to discuss Responsible Homeownership. In these seminars emphasize responsible spending. Many people are struggling to make minimum payments on their credit cards and that's one reason why the interest rate on credit cards is skyrocketing. Promote contribution to a True Savings Plan whether it be a 401(k) from work (which many really do not understand the program) or an IRA.

People need to be taught about real world finance issues. Kids need to understand that a CD isn't just for music to their ears - get them on the bandwagon.

Everytime I meet with a perspective buyer, I talk to them about their whole entire retirement plan. Most don't even think about it. Others don't know where to begin. The Fed Rate could be cut to 0% and people still would be able to or qualify to purchase a home! These are challenging times for the local consumers that need real solutions and not the band-aids that Washington is applying.

What ideas do you have that would open the eyes to the people in your neighborhood that would encourage homeownership, a more successful financial lifestyle?

Moving 911

2007-11-13T01:50:00Z

So, I'm nearing the end of moving today - tomorrow I will be completed. Here's the question: The last time you moved, what couldn't you find that you needed that night or the very next day?

I can't find my charger for my cell phone!

Internet Marketing Nut?

2007-11-10T17:29:00Z

I'm not trying to repeat things here but I'm finishing up putting a listing in the system and I've posted to NLS, Craigslist, SinglePropertySites, ListingDomains, the MLS, the Keller Williams MLS, creating a VisualTour, - but how much is too much? Or is it not enough? No games here - serious. What do you do that drives the results or makes you feel comfortable whereby you have exposed your listings to where you are satisfied and not the consumer. You!

I'm not going crazy - just double checking.

Saga of a Short Sale

2007-11-04T17:04:00Z

THE STORY OF THE SAGA

In continuation with my previous blog, one of the listing agents has just told me that the bottom price that the lender will take is now increased by $4,000 for the month of November. That the original "bottom price" to this short sale was increased on November 1st and I was given the information on November 1st at 5:00 p.m.! I was told on Friday, November 2nd that the price would increase $100,000 on Monday, November 5th. One of them told me that they had until the 17th to get a deal but now on Sunday, November 4th, one of the listing agents told me that the price will go up $100K on the 17th!???

Where is the ethics here? Where is the fiduciary responsibility that these listing agents should have to the bank and their client? Truth? Would these agents know it if they even saw it?

A. I am thankful that I am reading "The Power of Focus" by Mark Hansen, et al.,

B I have taken all of your wonderful advice and am biting my tongue right now.

However, I feel like I am spinning wheels with this file even though I have a client interested in this property because of the lack of ethics. I have been told of a bottom line - which I am not focusing on - but these agents didn't talk to the bank until Friday morning when they knew that I had someone interested in the file. Cart before the horse?

Worst thing - within my company. How is the bank going to see through the smoke? Am I doing my client a disfavor and possibly referred it out? What will the bank think of with an offer within the same company?

Jana, you are up to bat here - please hit a home run on this one!

Short Sale

2007-11-03T22:10:00Z

I have written a contract on a short sale for a two flat here in Chicago. The questions that I have are:

The listing agent gave me the bottom line that the lender would take. However, there is a ton of work that needs to be done to bring this property up to snuff. It is obvious that the lender was ill advised on the value based on the repairs required. Have any of you written an offer below the lender's bottom line - or so they say?
This property is within the two week period after six months, Jana you have written about this before. Do I have to close within those two weeks?
I'm jumping around here a bit. Do you write a letter to the lender explaining to them the amount of work required to make it habitable with the costs?
Is it more advantageous for the lender to sell in short sale or wait till foreclosure?
Do lenders ever give counter offers on short sales?

Any help and guidance would be greatly appreciated.

Happyness

2007-10-17T23:37:00Z

Granted that is not the way correct spelling for happiness but I am hoping that people can post one thing that has made them happy today or in the last week and post it here. I'm about drained from the 885 viewings on purple and would really really like to see the smiles again. Cathy, Greg, Mary, Mike, Candice and of course, Dr. Phil plus the rest of Relib gang - I really enjoy your comments. Anybody out there with something really great that has happened to them in the last week or day?

For me, I'm extremely happy that my Dad is out of the hospital and a listing that I pulled off the market may go under contract within the week.

Fishing Question

2007-10-15T18:21:00Z

I have a messenger service deliver my flyers in my farm (4,000 - cost is about 5 cents a piece). I put the property photo on it with bullet highlights. At the bottom of the flyer and I have "For 24 hour Property Details and Current Pricing, please call (773) 564-4268".

Here's the fishing questions:

Do I put the same phone number on the for sale sign to be consistent?

Is there a software program to capture the visitors that view my listings? I had 2,341 views on one property last week alone with 27 serious views.

Any suggestions or comments.

Love they Neighbor?

2007-10-05T00:55:00Z

The City of Chicago has a Homeowners Program for renovation work on a home where the owner acts as his/her own General Contractor. I have clients that had purchased a two flat and are deconverting into a single family residence to live in this home for the next 15, 20, 25 years.

Even though fully permitted, the neighbor keeps calling the City and filing a complaint. Talks have been conducted with these neighbors. No brownies have been brought to the house though. About 8 plus inspections have been made on the house due to complaints. Today was no different. Every time a unjustified complaint is registered it ties up the City where they should be inspecting not justified. It will not stop because one of the neighbors works in legal with the City. The inspectors are fair and I respect that.

Right now, there are 6 houses being gutted, built or renovated within one block. There are about 20 homes in the area and that means alot of activity in this little area. The neighbors home will be one of the two eye sores in the area. Interestingly, they have made changes to their home but are exempt from inspection - because she is an employee of the City?

But when is enough, enough? Anybody have anything smilar or can make a suggestion on how to get a peace treaty with these unreasonable neighbors?

The Power of Focus

2007-09-19T03:48:00Z

I am reading "The Power of Focus" by Jack Canfield, Mark Victor Hansen and Les Hewitt and it's timing for me is perfect! Why? The market is down, listings are taking longer to sell and I had 18 offers on one house and my client turned them down. She just wasn't ready to sell even with a full price offer! I have been successful in selling my listings in the past but I could have sold more if I didn't spend so much time wasting trying to help someone who cannot help herself.

I bring this topic up because I truly believe that even with a slower market we could sell more with the "ifs" are all balanced, of course. But yet, when you read how your habits will determine your future - I am reminded that its about choices and how you respond to every situation.

Again, I had a client that I had done repeat business with over the last five years but his circumstances changed or so I thought. What I have discovered is that at times the client feels that they really know more than the agent. Maybe so at times - but its about consistency in our actions, personal discipline and lots of every every day to make things happen.

OK, right now I'm taking a commercial break to say "this isn't a book report"!!! What I discovered more in reading this book is that I need to develop rich, meaningful relationships (like the P2Agents) and having a balance between career and personal life. Today, was taxing beyond my wildest dreams. I listed this client's home and spend over $1,400 in the marketing of the home. What hindered the sale were missing permits for recent work done on the house, the fact that there was no exhaust for the hot water tank, simple things. He cancelled after every effort and went FSBO. His wife staged the property, they made every attempt to sell it and reduced the price by $40K and jumped the commission up to a nice tidy percentage sum and it still couldn't be sold. So the moral of this blog entry is that one can try and try to make things happen but if there is no connection with the client - then get out of there! My biggest mistake was trying to "please" instead of working on healthy excellent relationships with my clients, friends and time with family.

I don't know about the rest of you but breaking the habit of "pleasing my client" to where I sell myself short is on the list for change. Real estate is not easy and it can be extremely taxing in alot of ways. I believe that we as Realtors have short changed ourselves by limiting our expectations.

Clean your desk

2007-05-25T20:32:00Z

I was trying to go home to Michigan and take the train so I could work. I had four CMA's on my desk, one zoning appeal issue, 2 sets of plans for pickup, flyers for distribution, 3 appeal files to look at, one listing to complete and I am 43 minutes from catching a cab to the train to see my family and right there on the top of my files - "Barbie, please clean your desk. Thank you."

Know that I'm under stress, I took my time yesterday to help my broker with marketing materials for recruiting. Got information to another agent regarding zoning. Hooked up another agent for lawn mower service. I give all the time. I have no place for files to go. I sell and I build. I'm in the top 10 in production in my office. And my broker wants a clean desk - no paper work at all on it!

I ask him why? His response is we are to be happy. He wants me to quit. He knows what thorns to throw and I think he enjoys it. I have mentored agents in this office and there production is better than mine right now because I build as well. When people ask to have me mentor them - he tells them that I'm ecentric and different. Isn't there something wrong here?

I wanted to go home because I hadn't seen family, I just received news that I didn't have cancer and I wanted a break. There is no support in my office for me - only a kind word when they want something. It wears on you. Currently there is no place to go because I won't do a 50/50 split. What's a girl to do?

Deaf Agent would like to "hear" about The Secret

2007-02-15T02:06:00Z

Would you be kind enough to enlighten me and share with me what you have heard on the secret. My broker wanted me to watch it while he was a family reunion with KW but I've tried it and while it looks great - I'm frustrated because I can't hear even with every trick I have out there to put a couple of the words together but it just doesn't make sense. It's mumbled to me.

And yes, while I became deaf as an adult (same defective gene as MS) I am still greatful that I can see, breath and walk. I read lips and actually have a good time selling and am productive. So please guys - I need to hear from you. Will you share with me what you've learned from it? It is vitally important to me - especially right now. Thanks so much.

Barb Van