Dave Thurman's Real Estate Blog

Friday, August 14th, 2009 – Realty World Northern California & Nevada held our Annual Convention in Pleasanton. Wow, even in this tough market there was a full house with approximately 500 REALTY WORLD Agents and Brokers!

Scott Leforce, President welcomed the Realty World brokers promtly at 9:00 AM at the “Brokers Council” as we all got down to business. One of the most unique characteristics about Realty World is the fact that our company is helped run by our brokers through a Brokers’ Council.

I was very impressed by “Featured Keynote Speaker” Carole Rodoni, President of Bamboo Consulting  and a Real Estate Industry Expert and News Columnist. Her comments and understanding of the current real estate market and our nation’s economy were “right on”, in my opinion.

The agenda also included:

• Keynote Speeches & Panel Sessions
• Exhibitor Hall
• Free Lunch
• Professional Agent Photos & Videos
• Prize Giveaways

The Realty World Strategy For 2009…”Our goal by year’s end is to have the largest online presence by our associates of any real estate company in the United States.”

www.realtyworldnca.com

San Joaquin market appears to be recovering, experts say.

The San Joaquin County real estate market appears to be on the rebound, industry professionals said after a July sales report posted a significant gain in the median price…Read more from Recordnet.com Real Estate

With rising unemployment and 1.9 million foreclosure filings reported in the first half of the year; scammers are coming out of the woodwork in droves. Due to the recent credit crunch and less than careful lending practices by banks, more people are having trouble paying their mortgage. And because the housing market is in a slump, its harder for homeowners in financial distress to sell their home.

Don’t Lose Your Home to Foreclosure “Rescue” Scammers!

Equity Skimming

In this type of scam, a “buyer” approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The “buyer” may suggest that you move out quickly and deed the property to him or her. The “buyer” then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose.

The Balloon Payment

Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal – that is, the entire amount that you borrowed – is due in one lump sum called a balloon payment. If you can’t make the balloon payment or refinance, you face foreclosure and the loss of your home.

Signing Over Your Deed

If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another “lender” may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it’s a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through.

Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don’t own the home any more, you won’t get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your “rent” payments are late, you can be evicted from your home.

Phony Counseling Agencies

Some groups calling themselves “counseling agencies” may approach you and offer to perform certain services for a fee. These could well be services you could do for yourself for free, such as negotiating a new payment plan with your lender, or pursuing a pre-foreclosure sale.

The problem is that many homeowners, when faced with foreclosure, panic and think that paying a for-profit company will get them better and faster results. Unfortunately, that typically doesn’t happen.

Stay away form companies that:

• Ask you to pay a fee before the service is rendered.
• “Guarantee” they can stop the foreclosure proceedings.
• Tell you to stop paying the mortgage company.
• Tell you to make your mortgage payments to the “rescue” firm.
• Recommend that you cut off contact with your lender.

Almost every home I have listed in the last six months or so was priced properly according to the most recent real estate data (comps). But also, almost every home received one or more offers at and sometimes above the asking price! What does all this mean? Am I working harder and better than all the other Realtors? Is my marketing that much more superior than the other real estate companies? I would like to say yes, but most likely all of us in the business are having the same results. Properties are selling quickly, if priced correctly to the market place and there are plenty of  buyers who are ready, willing and able to buy.

Stockton CA Residential real estate inventory is low and we have lots of buyers who want to buy now!

The median price paid for a Bay Area home jumped in May as more expensive homes started to sell again. The overall number of homes sold increased for the ninth month in a row… full story

In my opinion… the worm has turned! What do you think?

Realty World – Dave Thurman

Maybe it is time to take our website back! It is a well known fact that REALTOR.com has more traffic than any other real estate website on the Internet, but where are all the leads going? Our own MLS listings are automatically uploaded to the site within 24 hours, but we have to pay an extra fee to add additional photos, edit or enhance each listing and also pay extra to add a virtual tour. Where did we REALTORS® loose control of our own business? Have you noticed the ridiculous looking advertisements on our website? All REALTORS® and contact information should be represented on the website equally without regards to how much is paid by a brokerage.

NAR, Local Associations and all REALTORS® need to take a good look at this website and start working to improve on our image to the public.

REALTOR.com

Dave Thurman

Realty World – Dave Thurman

Can you believe it? We are already 12 days into the new year! Happy new year to all…and boy am I glad 2008 is gone…let’s move on OK!!!

Did you write down your new years resolutions and goals for 2009? If not, don’t worry it is still not to late yet. My favorite short personal and business resolution for 2009 is “I need to be more positive and friendly to everyone.” Well, all of a sudden last Monday and all through the week it was crazy busy with new leads, new clients, new sales and new listings. Maybe it was just some sort of a wierd week or maybe reading and thinking about my resolutions and goals all day long did the trick. What do you think? Please tell me about your new years resolutions and goals for 2009. 

OK, I guess the government can take fast action and get something accomplished when it is absolutely necessary. But, will it clean up the mess? Getting the financial rescue through congress may have been the easy part. Now, John Q Public and small business is digging in for the recession that is actually already here! By the way, what ever happen to mortgage insurance in the last five to eight years? Oh well. maybe it is not necessary.

Hopefully, we’ll get through these hard times soon! Please buy new cars, buy new homes and take a vacation real soon.

Like most real estate brokers, I enjoy working with both the buyer and the seller and I usually make more money as a dual agent! The communication is easy, usually the transaction has relatively few problems regarding the closing and as a fair and honest person I find it quite simple to accept my fiduciary duty of the utmost care, integrity, honesty and loyalty in the dealings with either the Seller and the Buyer.

The point of this following true story is not about if we should have dual agency, but a reminder to agents to be very careful!!!

I was asked by a past client to list his business property which consisted of commercial building and his business which was a well known tavern. The price seemed a little high, but the seller was willing to pay a 10% commission and the seller was quite motivated. After a week or so, I was contacted by an interested buying prospect who wanted me to write an all cash, full price offer with a 30 day closing date. I explained to the buyer that I thought the closing would take much longer than 30 days due to the necessary steps involved with licensing approvals and etc., but the buyer insisted that I write the offer and present it to the seller. The seller immediately accepted the offer and started making future plans, knowing the funds were not verified yet and also knowing about the many approval steps involved prior to closing. Also, against my advice, the seller gave the buyer possession to operate the bar business.

Approximately six months later, after almost daily telephone calls, meetings and extension agreements they decided to close. Buyer states that the funds are not available, but he is willing to close. Seller agrees to carry back financing secured by first deed of trust and wants me to carry a second deed of trust for my commission. Both trust deeds are all due in six months after the close of escrow. If I do not agree to the trust deed, then both buyer and seller feel that the agent (me) did not carry out my obligation to them as a dual agent.

Approximately six more months later, the seller decides to foreclose and finally does get his money, but I am still not paid my commission. I did eventually collect on my note by taking another property in trade and a little cash.

Welcome to Dave Thurman’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Stockton.