Almost every buyer seems to be frustrated about the home buying process…well they certainly should be! The inventory of homes, active listings has been delayed for months, due to foreclosure moratoriums. Usually, the home has a sale pending or ten offers waiting for an answer which never comes. Well, another problem which many home buyers are not aware of is called Home Valuation Code of Conduct (HVCC).
The Home Valuation Code of Conduct (HVCC) establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. REALTORS® and mortgage brokers are prohibited from selecting appraisers. It was effective May 1, 2009, for any mortgage that will be sold to Fannie Mae or Freddie Mac.
All summer real estate transactions have been delayed, re-negotiated and cancelled. According to a July 2009 survey of REALTORS®, 76 percent of respondents said the length of time to obtain a completed appraisal report increased after May 1, 2009. More than one third of REALTORS® have lost at least one sale because of a delay in the appraisal process.
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
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
Staging Your Home Checklist
Remove all clutter from the house.
- Are countertops free and clear?
- Have you removed unnecessary furniture throughout the house?
- Remove the art gallery and coupon collection from the refrigerator.
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Check the bathrooms.
- Are the surfaces clean and clear?
- Are shower curtains and doors hung properly?
- Is the flooring clean and fresh?
- Are towels neatly hung?
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Check the walls.
- Is paint and wallpaper fresh and clean?
- Are the walls free from holes?
- Are there any colors or objects on the walls that need to be removed?
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Check the floors.
- Is the carpet clean and free from stains?
- Are hard surface floors clean and free from stains?
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Check windows and window coverings.
- Are all the windows clean?
- Are draperies and blinds clean?
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Pet check.
- Are there any signs that this is a pet’s home? Be sure to clean and remove kitty litter, pet toys and bedding.
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How’s the aroma?
- Try to air out the home prior to showings.
- If air freshener is necessary, use well before showings as a consideration to those with allergies.
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Set the mood prior to showings.
- Open draperies and blinds.
- Turn on the radio to a classical music station, set the volume on low.
- If you have time, cook a batch of cookies to have the warm, welcoming aroma permeating the home.
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The REALTOR® you work with can be one of your most valuable resources in the home buying process. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Here is what a REALTOR® can do for you:
- A REALTOR® can help you determine the price you can afford.
- A REALTOR® can often suggest ways to accrue a down payment and explain alternative financing methods.
- A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring when you apply for a loan.
- A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
- A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service (MLS) – even if you are relocating from another city.
- A REALTOR® can show you only those homes best suited to your needs: size, style, features, location, and accessibility to schools, transportation, shopping and other personal preferences.
- A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and that will improve its utility and value.
- A REALTOR® is sensitive to the importance you place on this major purchase and commitment that you are about to make.
- A REALTOR® can facilitate negotiation of a win-win agreement that will satisfy both you and the seller.
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.
Contrary to popular belief, buyers shop for homes all year round, including the holiday season. In fact, sellers who put their homes on the market during the holiday season (roughly between November and January) may have an advantage because there are fewer houses on the market so there’s less competition. There are several other reasons to consider putting your home on the market during the holidays:
1. Many home buyers have extra time off during the holiday season so they have more time to look for their new home.
2. Because of the limited supply of homes for sale, sellers may be able to receive a higher purchase offer than expected.
3. Buyers looking for homes during the holidays are usually highly motivated to buy before the end of the year so they can get extra itemized income-tax deductions for mortgage loan fees, interest and pro-rated property taxes.
4. Festive lights and holiday decorations can help a home “show better.”
5. Because January is traditionally the month for transfers, having a home on the market at the end of the year can capture the transferees who may not be able to wait until the Spring to buy a home.
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.
