Ok my seller and I are on a conference call with the relo counselor and she wants to know how much offer was for before she tells seller how much 2 appraisals are for...my seller refuses - the relo lady calls me back after conference all ends and insists I tell her - I refuse based on client confidentiality and she threatens to call my relocation director to complain about me...

DO you think I did the right thing or not??

Just when you think you have heard everthing... Seller priced at 400K buyer offers 350K seller counters 395K buyer comes up to 370 K - after a few weeks while seller works on how they can come up with money - they owe 395 to bank - seller comes back with 375 Buyer tells Buyers agent that their spiritual advisor has told them this is not a good time to buy -

So if the sellers had come back with $200K would the spiritual advisor feel the same way - or is this a negotiating tactic???

It started out I had the Anti-Virus Virus - so Micro Center suggested I use ESET NOD32 - they said I was cured - I schlepped my computer home started using it and voila a threat alert popped up I can't clean it or delete it so back we go again - it was in the store for 2 days - they said I was fixed - Home again... and guess what I have this Threat alert again: Win32/Toolbar.mywebsearch application...

Does anyone have a clue??

Also - my address book does not seem to go A to Z - it is random - Any one have a clue how to fix this..

Go to www.MichelleLeonard.com and Click on "Out and About"

Generally when I am doing something fun or listed or Sold or physically showing an interesting house or entertaining people or being entertained ... I take photos - lots of photos of my friends , clients, famous people...

Frequently I use my camera phone which by the way is 3 pixels (and sometimes I use a camera) The benefit to using my camera phone is that I send the photos by phone to my web site and voila they appear on my web site within seconds! It is like magic! You can be in San Francisco and my home computer is in Wynnewood, PA

Sometimes I do it the "old fashionned way" and upload the photos using my computer.  

Check out this feature on my web site. It has been my favorite new gadget of 2008!!!

 

My clients have loved it because I can do this from the house I am showing and their spouse and can see the pictures in real time.

 

First I am not a lender but as a realtor I feel it is my job to help clients get the best deal 

Today's rate is 5.75% fixed with 0 points for a 15 year ARM.  That's a principle and interest payment fixed at 5.75% for 15 years with a 30 year repayment plan. 

Looking for customers with great credit and income.  Lender has certain criteria that includes:

Terms:          40 years on 3/1, 5/1, 7/1 ARMs and IO ARMs
                30 years on 10/1 ARM
                10 or 15 year Fixed

Min Score:      700 to $1,500,000
                740 over $1,500,000 or 2nd home

Debt Ratio:     33/38

Pmt. Shock:     2X existing housing payment if LTV/CLTV over 60%

LTV:            75% to $1,000,000
                70% to $1,500,000
                60% to $2,500,000

I listed a house for a past client and they have been transferred so I am dealing with the seller's relocation company. And yes I am paying the relo fee. I have this property listed for $400,000. They paid $410,200.  and added a 10 X 20 deck, tile backsplash in the kitchen, beautiful built-ins in the family room. not to mention window treatments etc... The house shows beautifully. We have had 2 offers but they were not close to the asking price and the sellers wanted to see what their buyout will be. There have been no resales in this community - so we are in uncharted terriotry. The sellers company will give him a buyout. When I spoke to the appraiser I felt that the apprasier is under pressure to low ball their number because the company does not want to get stuck - what are you experiencing in your neighborhood with relocation properties??

Buyer ONLY will put down $500

Buyer Refuses to Submit BFI or Proof Of Funds Letter (this was to be a cash offer)

Buyer Wrote Agreement as and/or her nominee - We asked if she planned to settle or wholesale property to other buyer

What would you do?

I had seller reuce price (not to number that they would agree to put in the right ball park. This happened a week ago - traffic has zoomed up but no takers (this is a handyman's special)

Yesterday I showed my listing priced at $400,000 even though the buyers 2 years earlier paid about $412,000. This home is 2600 square feet the sellers added a 10 X 20 Deck, builtin bookshelves and cabinets, baby proofed the kitchen cabinets (even I can't open them) , added a tile backsplash and added beautiful plantation shutters, drapes all after settlment. My sellers priced to sell.

The people I showed the house to want a deal - so I take them up the street to a builder who is offering $55,000 off the price up front no games. The house that is 2750 square feet is $459,000 and with the rebate is $404,000 and the house that is 2335 square feet is $439,000 minus $55,000 = $384,000

Buyers think EVERYONE in this market (just listen to the media is desparate) I have had 2 people give us verbal offers at $350,000, and one went up to $370,000.

Question: Is it better to price it correctly or price it high and give a great seller conccession? What do you do? And how is it working in your market?/

What have been your top syndicated Point 2 Agent sites for views? click thrus? or actual downloads? Personally I have had the greatest views from Craigslist.

Where do you market your Point 2 Sites that gets you the greatest traffic?

What is your favorite feature on your Point 2 Site? Mine is the attachments!

Do you use a service to follow up on your internet leads?

Other than Point 2 Agent, what sites do you post your listings to?

Earlier this year on a painful transaction, I learned...

1. On an FHA deal, the seller must own the property (be the owner of record as reported by the recorded date on public records, NOT the day that seller closed on  the house) for at least 90 days before he can sale the property to an FHA buyer (He can go to contract on day 91 of  seller ownership, not before.) The days start from date recorded for seller purchase to the start date on the buyers agreement of sale. (NOT closing date to closing date). If this is 90 days or less, the property is ineligible for FHA financing (unless you write your AOS with beginning date on 91st day).
2. If the seller owns the property between 91 & 180 days AND the new purchase price exceeds 100% of the seller's original cost seller paid to purchase it (as per public records recorded sale price) FHA requires the lender to obtain a separate second appraisal.  Loan amount will be based on the lower of three: AOS purchase price or lowest appraisal value.
3. 181 days or more: no problems with this rule. One appraisal as normal.
4. This is a hard and fast rule set down by FHA (and therefore applies to any lender). Exceptions to this rule apply on most Bank REO sales and HUD PDs (HUD sales).  Also, exceptions (with appropriate documentation) are usually granted on relocation sellers, estate sales, inherited properties, and nominal transfers (where the seller bought the house more than 1yr ago but added spouse to title/deed sometime within the last 180 days).
5. Realtors  can easily check for this upfront by checking the property in public records in trend (just look to see the recorded date for when the seller bought the property  (not the actual settlement date) and compare it to the start date on the AOS you are writing for the FHA buyer . If the time frame is more than 180 days, you don’t need to worry about this rule. If its less than 180 days, you'll want to take into account the above if you are dealing with an FHA buyer.

BUT I heard that this had gone away since earlier this year. What are the current rules??

Okay the mortgage rate in my market jumped on Monday from 5 7/8 to 6 1/8% The buyer wanted out of the deal due to the rising interest rate and the lender I had hooked the buyer up with would not budge. A different smart lender is doing the deal even though he is not making any money because he knows this will give him entree to future business from me.

Friday my buyer found a house online in the emails I send him from Trend. Saturday I called for an appointment - the listing agent told me NO appointments until Sunday - Saturday the buyer was driving by and saw the seller - they engaged in a conversation and the seller showed him thru - Question #1 Why did the seller let the buyer in and the agent put up a wall?!? The buyer came to see me - and asked me how much he should offer and I told him the comps - since I had not seen the home how could I help the buyer?? Than miraculously the seller called me directly - ethically I am not permitted to call another agents client -  After seeing the house and having the seller fill in the seller's disclosure - alot was missing- we typed up an agreement a full price offer - signed it and faxed it to the listing Agent BEFORE 6 pm - I also called her to give her a heads up that I had emailed it - Tick Tock Tick Tock I called the agent as I was driving to an 11 am Open House - Oh they hav e a few things - I said email me the list Tick Tock - List not sent until 4pm..Later I figured out why - they wanted to shop my offer at their open house 2 to 4 - Oh the games people play...I get home at 5:30 the phone was ring as I walked in - I said come on over. - We worked thru the list - I called the agent - and she sends over a list with more stuff... What is that saying the devil is in the details - well changes upon changes - the buyer knows he has offed top dollar - the highest sale has been $325,000 - we paid full price at $349,000 when is enough enough - is that agent"protecting her client" or is she killing the deal???

The news on the street is that as of October 1 - there are new FHA guidelines that are favorable to our buyers - meaning less or no MIP up front and less or no MIP monthly. I have been told if the client has a case number prior to October 1 they will not be eligible for this goodie factor. Who can shed more light on this new rule?

I am working with an out of town buyer in the $350,000 ballpark. He would like to settle in about 20 days. The buyer is well qualified. He is putting down 15% - and has ample reserves. When I ran the Market Absorption for Lower Merion there was over a year supply of homes so it is clearly a buyer's market. When I ran the supply demand ratios - it clearly showed that it is a buyers market.  Only 1 home sold last month and 1 home had gone under contract this month.

The Listing Agents are not encouraging about the buyer making an offer that is not full price or trying to encourage their sellers to move quickly. What are you experiencing in your neighborhood?

I showed a home for sale listed for sale with brand X - the asking Price was A - it offered a coop fee of F%. We made the offer 11 days ago. It was a "short" sale so we needed bank approval.

Today realtor tells me the agreement was accepted. BUT the bank will only pay 2F - .5% on A - 3%.

How much do you think I should be paid?

Is this legal or ethical to do this?