Stacey-Ann's Blog

I have written my sixth offer for a client and it's still a multiple bid situation.  Its quite possible that it will not be accepted and we will be on to offer #7.

I am curious, what the most offers you have ever written for a client before one got accepted (or they gave up)?  I'm sure when the market was in its hey day it was common to write many offers for each client before one worked out.  Those of us that came into real estate in slower times are just not used to this.

Many people avoid short-sales because they are frustrating.  This means that there is somewhat of a feeding frenzy around bank-owned properties.  Its important to know that these can be difficult transactions as well and make sure the buyer is prepared to handle it.  

Here are some of the things that are important to know in a foreclosure transaction.

1. Try to see the property as soon as it gets on the market because the more desirable properties may end up with multiple offers.
2. Some banks will not review the offers right away but will wait for the home to be on the market for a few days.
3. Make your highest and best offer because many banks will not accept escalation clauses.
4. Once the offer is accepted banks do not like to make changes and will make it very difficult (trust me, I learned this the hard way).
5. Homes are sold "As-Is".  Banks will rarely make repairs.
6. Many banks will make the buyers pay to have the home de-winterized for the inspection.
7. Make sure that the closing date you agree to is realistic because many banks will charge a per diem charge for every day after the originally agreed upon closing date.
8. Many banks will make it extremely difficult for the buyer to choose their own title company.

Foreclosures can be great deals.  However, you are not dealing with individual sellers but instead with a corporation that can make it also stressful and frustrating. 

Pack your patience and it can be incredibly worth-while in the end.

 

 

I love facebook and whenever I have a free moment I enjoy the chance to catch up on what's going on with my friends.

The last few days I have been feeling idle and I have been taking some of the many quizzes on facebook.  Here are some of my results. 

1. What country should I live in?  USA (I thought this was kinda boring, would have liked something more exotic).
2. What's my real age?  24 - apparently lifestyle factors knocked off 10 years, works for me.
3. What's my Dr. Phil Personality - lively center of attention - I'll take that.

And my personal favorite:

What sexy lady am I?

The answer:  Lucille Ball - all my friends got Marilyn Monroe or Grace Kelly and I get Lucille Ball!!!!  What's that about?

I was diagnosed with MS in 2006. It all started because I kept getting dizzy when I would exercise. The doctors ran every test in the book and came back with a possible diagnosis of Multiple Sclerosis. To say I was floored is putting it lightly. That had never even crossed my mind. Since then we have done several more tests and the doctors are in pretty good agreement that this is what I have.

I am one of the lucky ones. The biggest impacts on my life are a chronic fatigue (which can be quite debilitating) and occasional vertigo and dizziness. I am grateful for how I feel so far. However, I do live with the notion that my level of functioning can change at any time. There are many mornings when I wake up and think to myself before I get out of bed "Is this the day that my legs won't work?"

I registered for the MS Walk in Bowie, MD on April 26 because I want to raise awareness about the many people living with this unpredictable disorder. We are team Road Warriors and I would like to invite any local folk to join the team and walk with us.

The other reason for walking is to raise money to go towards research, treatment, and helping people living with MS. Please donate if you can and please feel free to send this link to anyone you think might be interested in walking with us and/or making a donation.

Thanks for your support and see you in April

Register for the Walk or Make a Donation

Its hard to get motivated to start the day when the beginning of the day is still the night.

When my alarm goes off between 6:15 and 6:30am I am not a happy woman.  A morning person I am not.  This week it has been really tough because I roll over and its pitch black outside!  Getting my daughter up and ready for school is a bear on a good day but now that its dark its downright impossible.  If she takes the bus she needs to be at the stop at 7:05am.  This week that is still almost completely dark.

Psychologically, I feel as though I am sleep deprived even though I go to bed at the same time as always and get up at the same time as always.  All i've lost is that one hour Saturday night but my body is not adjusting well. 

I don't mind daylight savings time when its really warm and you can take advantage of the longer evenings to take walks or play outside, but right now, its just throwing off my motivation.

I want my mornings back!

There has been a great deal of talk about the new plans to help home-owners in trouble with their mortgage.  It seems unfair to the millions of us who have been paying our mortgages on time every month.  I've heard several people say that they are going to stop paying their mortgage just so they can get their payments reduced too.

This is a short-sighted approach.  If your mortgage is unbearable then you need to speak to your lender.  However, if you are managing your mortgage but want a change on principle, please consider the repercussions.

If you stop paying your mortgage it will have a negative effect on your credit score.  These days credit is even more important than ever.  This will hamper your ability to apply for new credit, buy a car, and in some cases get a job.

The long-term preservation of your credit score is very important.  People undersetimate the impact that a poor credit score can have on you.  Even if you are not currently planning any purchases - the default of a mortgage or even several late or missed payments will negatively impact your score for years.

If you can, keep up with your mortgage, it will leave you in a better place financially in the long run.

I feel like this is becoming a familiar refrain with me.  When did listing agents stop caring about other agents?  Do they realize that when this foreclosure market changes - and it will, because all markets are cyclical - that they will have to work with other agents again?

I have been showing houses this week to a nice couple looking in Waldorf.  We looked at 8 houses, 4 were listed by the same agent.  My buyers highlighted 2 that they really liked and wanted to find out any available information on.  They were listed by this agent (we'll call him Agent X).  I put a call in to Agent X and left a message on Thursday evening.  I got an automatic feedback request from him and I filled it out indicating the buyers were considering an offer.  I got an instant email with the rules and conditions for the offer.  This is an indication that someone reads the emails.

My buyers are very excited and called me to find out if I had found out anything.  They especially want to know if there are any offers currently on the table.  I put in a call and an email on Friday.  No response.

I have another buyer that I took out yesterday in Fort Washington.  She wanted to look at one house that we had seen in the past, also listed by Agent X.  We looked at it in the morning and then she called me in the afternoon and asked if we could look at it again with her aunt so I took her in again.  She's really excited and let me know this morning that she wants to make an offer.  I call up the listing in the MLS to do the paperwork and it says "Contract".  Contract date is February 27 - as in Friday.  If this agent had changed the status immediately in the MLS and with the showing service I would not have wasted my buyer's time and gotten her hopes up.  So now I have to call her to tell her it was never available for us yesterday.  Also, if he had just returned my call or email I would have asked about this listing as well because I knew she had really liked it.

The first buyers and I are still waiting for a response about the 2 listings they are interested in.

When did this profession stop being about courtesy and respect?  I know you only represent your bank client but don't you owe my buyer some courtesy?  Without my buyer the bank won't get the listing sold.  Why have we gotten so far away from working together to get the job done well?