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Don’t Lose the Sale Over Repairs

by TeamForYOUrDreams

Real estate agents call negotiating repairs the second round of negotiations. After an agreement is reached, the seller’s mindset shifts from a position of questioning the original deal to supporting the completion of the agreement; as the seller releases his emotional attachment to the home and makes purchases and plans to move, the seller’s commitment to the completion of the deal strengthens.  On the other side of the transaction, the buyer frequently gets a case of “buyer’s remorse,” so the buyer’s commitment to the sale decreases.

This second round of negotiations is the most frustrating for real estate agents.  If you have a Team with a closing coordinator to handle the issues from the signing of the contract to the closing of the sale, you may want to teach them how to negotiate the repair issues.

In the book, Create A Great Deal, the items you can do for a seller are discussed. An inspection before putting the home on the market can eliminate repair issues, or it can give you a disclosure disaster. You need to know when to do it and when to avoid it.

Do you know how to set reasonable expectations for your buyers? Can you explain the difference between the standards that inspectors have to follow and the requirements for repairs in your contract? Do you know how to make your repair request sound smaller and more reasonable? When do you just let certain repairs go?

I have not had every repair issue possible come up over the last 29 years of selling real estate, just the vast majority of them. I would like to share what I have learned, so that your sales will close more often and more smoothly.

For a more detailed discussion on this topic, please go to http://createagreatdeal.com/featured/do-not-lose-the-sale-over-repairs/.

Do You Know Your Credit Score?

by TeamForYOUrDreams

Knowing your credit score is one of the easiest things you can do to help you buy your first home.  Credit scores are used by lenders to decide if you are likely to repay money they loan you.  Credit scores, or FICO scores, are assigned based on information in your credit report.  Everyone is entitled to one free credit report form each of the three major credit reporting agencies each year.  

Before you begin the home buying process, have your Realtor recommend a lender.  Meet with the lender to establish your purchasing power by getting preapproved for a loan.  As a part of this process, the lender will run your credit report and be able to discuss your credit score with you.  The lender cannot give you a copy of the credit report, but you can order your free one at that time.  Any score over 680 is generally a good score for mortgage purposes.  Lower scores may still be eligible for a first time homebuyer loan, but may be considered “sub prime” and charge a higher interest rate to offset the “risk” of a less then desirable credit history.

Knowing your score before you start can help you to avoid dissappointment when deciding to buy a home.  A low score can be raised with some time and corrective credit behaviours.  So, even if you have a problem with your credit score, if you find out about it early, you can work to improve it. 

Get started now investigating your credit score if you want to buy a home before the December 1, 2009 deadline for the $8,000 incentive that is given to first time homebuyers.

For a more detailed discussion of this topic, please go to http://solonglandlord.com/first-time-home-buyer-dos-and-donts/do-you-know-your-credit-score.

Don’t Represent Jerks in a Short Sale

by TeamForYOUrDreams

Even more than usual, you need to be able to rely on your seller in a short sale.  There is great deal of material that has to be gathered by the sellers for the short sale package.  It all has to be accurate, with no misrepresentations, in order for the mortgage lender to accept the short payment.

You need to pick good people to work with.  Short sales are difficult enough.  If the sellers are not truly fine people who deserve to be rescued, do not rescue them.   If you have a hard working family, take good care of them and they will treat you well; but do not sign up to be abused.

One of the reasons to do short sales is to get undying loyalty from clients and referrals of all their friends.  If the client is the “south end of a north bound horse”, most of their friends are probably jerks.  Do you want to spend your life working for people like that?  

Pick your clients wisely, rescue the good people and help save America from the financial crisis.  But, there are some people you should walk, no run, away from.

For a more detailed discussion of this topic, please go to http://shortsalesr.us/short-sale-dos-and-donts/dont-represent-jerks/.

Go Nowhere Without A Game Plan

by TeamForYOUrDreams

Many people think negotiations start when the first offer is signed and end when a contract is signed. It actually starts at the first point of contact with the client, and does not end with the closing of the sale. In most sales, there are at least two major points of negotiating: the first stage being to get a ratified contract and the second stage being to resolve any repair issues.

The unknown is scary. Most people do not know the entire process of buying and selling real estate. Walk your client through all the steps in the negotiation, tell them what to do and what not to do, and answer all their questions.

Before you start, figure out where you need to end up. Most people just jump in, and flail away. Instead, figure out where you are, then where you want to be. Do not just figure out one ending point, look at the range of acceptable results.  The party with the most alternatives in the negotiations has the most power.  As a part of this strategy, you can make a list of concessions that you are willing to make and ones that will never be made. This will help you decide what to concede first. It also helps to have a list of minor concessions, so that you will have something to throw in to give your counter part one last victory to put the deal together. In short, visualize most of your moves before you begin. 

For a more detailed discussion on this topic, please go to http://createagreatdeal.com/featured/go-nowhere-without-a-game-plan/

 

http://createagreatdeal.com/featured/go-nowhere-without-a-game-plan/

First Time Homebuyers and Open Houses

by TeamForYOUrDreams

Open houses can be fun to visit and get ideas, but attending open houses probably isn’t the best way to find the right house for you. 

You cannot always tell if a home meets your criteria by what you can see riding by, or by reading an ad.  Searching the computerized MLS for homes with the features you want, then looking at twelve pictures on the computer screen is a much more efficient way to pick the homes you want to see.

It just makes sense to work with a Buyers Agent, one with your best interests in mind and who can identify those homes that meet your criteria.  If you are already working with a broker, it is important to make that clear as you attend open houses.  If your real estate agent cannot attend the open house with you, take along a business card or otherwise let the agent at the house know, so that you will be given the proper respect for being properly represented.

For a more detailed discussion of this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/first-time-homebuyers-and-open-houses.

Negotiating Short Sales

by TeamForYOUrDreams

If you are trying to avoid foreclosure, you need an offer fast. Negotiate with the Realtors through the MLS by putting something like “submit all offers, we do not care about the selling price” in the MLS listing. You will probably get “less than wonderful” prices, but you will have an offer to submit.  Negotiate the price with the agent doing the Broker’s Price Opinion for the lender that is considering the short pay. Use the independent authority of comparable sales and the preparation of pictures of defects and bids for repairs to keep the price in line with reality.   Negotiate the time for review and the postponement of the foreclosure by using every form of persuasion possible.  Most of negotiating success in short sales comes from preparation. If you can convince the lender that they never want to own this house, the negotiations on the short sale go better.

Part of a Realtor’s education in negotiation is that once you get an acceptance from the lender, do a “nibble”, a negotiating technique that gets you the one last part of the deal that you need. Some people who provide Realtor training call this without recourse, but the real term is to be fully released from the balance of the debt.  If you do not get an approval from the lender that the buyer will accept, you still have accomplished getting a short sale file open and established a method of communication with the negotiator.  Even if you did not get a deal accepted by the buyer, hopefully you have a price from the lender that they will accept in another short sale. Getting an acceptable price greatly helps your negotiating with future buyers.

Negotiating an “as is” sale is difficult in a short sale. In most short sales, you can accomplish “as is” using gradual persuasion.  Tell the buyer’s agent that the lender will probably insist on an “as is” sale, but you will see what you can do.  If you get multiple offers on a short sale, a smart buyer’s agent will put the “as is” term in their offer to make it more acceptable to the lender. The buyer’s agent will know that the mortgage lender wants to deal with an agent who knows how to close the sale, and who will not “nickel and dime” them after the contract is approved for a short pay.  So, if you represent a buyer, make the terms of the contract as easy as possible for the lender to approve.

If you want to pick up all the tools of real estate negotiating, look for my book Create A Great Deal, the Art of Real Estate Negotiating. It will help you in every part of real estate, but especially in short sales.

For a more detailed discussion of this topic, please go to http://shortsalesr.us/short-sale-how-to/negotiating-short-sales/

 

 

 

Floyd Fandango Beer and Wine Festival

by TeamForYOUrDreams

 

Posted by Lisabeth Tunell:

I just came back from the festival in Virginia and it was fantastic!!! The weather could not have been better on Saturday, unfortunately it did rain on Sunday but that did not deter the festivities or the wineries or breweries from the tasting tent. It was held this past Saturday and Sunday from 11:00 a to 9:00 p at the beautiful festival venue, Blue Cow Pavilion in Floyd, VA. which is located at milepost 170.5 off the scenic Blue Ridge Parkway. 

New this year! The Floyd Fandango Beer & Wine Festival combines the best of both worlds. That's right, Wine Down the Music Trail as it was called the last several years and the infamous Floyd Fandango united forces for a stellar event. Featuring over 15 wineries from VA and 10 of your favorite micro brews along with amazing entertainment, this is sure to be a one-of-a-kind event for years to come!
Stay tuned for information on next years dates.....
 
Phone: (540) 745-3378
Age Suitability: All Ages

Displaying blog entries 1-7 of 7

Contact Information

Photo of Team For Your Dreams, Inc. Real Estate
Team For Your Dreams, Inc.
REMAX United
7721 Six Forks Road, Suite 110, Raleigh, NC 27615
Raleigh NC 27615
919-846-3272
919-812-5111
Fax: 310-347-4041