Lanette Branch, - Bel Air, MD REALTOR

School is back in Session on Monday in Harford County and I'm feeling like I could star in a STAPLES commercial.

You know the one.

This year's first day of school is extra special for my family because of my soon-to-be Kindergartner -- and Kindergarten is FULL DAY.

Life is good.

REO - Remove Every Option?

I had to write about this one today.

Unless you've been living in a cave, you're well aware of the housing crisis in most parts of the country. Here in lovely Bel Air, Maryland and surrounds, many of the houses currently on the market are foreclosures/bank-owned properties or as we pros like to call ‘em -

Real Estate Owned (REO).

These are properties where the owners have defaulted on their loans and the bank has foreclosed. The bank now owns the home. However, lately, I've personally been calling them Remove Every Option(s).

Why, you ask?

Because I never cease to be amazed at the condition of bank-owned properties.

Don't get me wrong, an REO can translate into an amazing deal for a qualified buyer. However, for your average Buyer's Agent, showing these properties can be a true experience. It's like the former owners have gone out of their way to remove any and every thing of value or convenience. And if the former owner could not physically remove everything of importance from the property, they've done whatever's needed to destroy what gets left behind.

Case in point - last night, I showed a 3 year-old home that was missing (among many other things) a thermostat. Normally, this would have been something that generated a mere"...hmmm, that's interesting..." from me.

But not last night.

Last night that missing thermostat generated more of a,"Huh?...what the...?" reaction from me because this was the 5^h home I've shown in as many days that was missing a thermostat. What, pray tell, would the former owners need with the thermostat from their former home? Would this oh-so-important faceplate that controls the heating and air of their former home be of use in their new home?

Inquiring minds want to know.

I can understand why many REOs are missing

•· appliances. Perhaps sold for quick cash or removed for use in a future residence?

•· light fixtures and/or ceiling fans. Perhaps same as above?

What I don't understand is the missing thermostat.

•· Or the missing doors.

•· Or the missing switch plate and/or electrical socket covers.

•· Or the holes in the walls.

•· Or the fresh pet stains throughout.

•· Or the gouges in the wood floors.

In a 3-year old house? I don't understand.

I guess that's why they call it an REO.

And, in my world, that's not an acronym for Real Estate Owned.

If you're in the market (wink, wink) for a great REO deal, don't hesitate to drop me a line or give me a call. Just be sure to bring along a flashlight and an extra thermostat.

Regards,

Lanette

It's a beautiful day in the Neighborhood.

The Buyers are bountiful and the deals are beautiful.

What more can I say?

If you're looking to buy a house in beautiful Bel Air or surrounds, "Hello!" it's time. I'm a Real Estate Pro out there in the ranks negotiating fabulous deals for my Buyers each and every day and I'll tell you one thing (and I'll make it short and sweet)-

It's good to be a Buyer now.

About the Author - Lanette Branch is a [self-proclaimed] buxom, doe-eyed, beauty residing in Bel Air, Maryland where she has been negotiating-to-win for buyers and sellers of residential real estate in Central Maryland and its surrounding suburbs for over 14 years. She started as a mere babe. She loves Bel Air and she'll bet her last dollar that you'll love Bel Air, too. What's not to love?

I'm psychic -- my husband might say I'm psycho, but that's a whole different post.

I'm like, um, Carnac the Magnificent (am I dating myself, or what?) because I see yet another Addendum being added to our already overwhelming Residential Contract of Sale.

Let's see, we already have upwards of 30 plus pages (contract and assorted addendae) that we need to explain in detail to our deer-in-the-headlights-looking clients and now it'll be 30 plus plus.

Did you hear about the buyer that is suing the seller of an Arizona home the buyer bought nearly three years ago because the buyer felt the seller should have disclosed to him that the property was located next to a psycho? No, not a psychic -- like me (because that might be kinda nice, if you really think about it) but a psycho. Allegedly, the crazy neighbor likes to steal things from her fellow neighbors' yards and smash them in the street. She also is (allegedly) fond of standing in front of her own home and screaming obscenities at the top of her lungs. Additionally, she pelted the seller with potatoes (huh?) just 5 days before settlement! Somehow you knew it was a woman, huh? (Yep, you got it -- another post). Anyways, the nasty neighbor is making life unbearable for the buyer and the rest of the neighborhood and the buyer feels like he was taken advantage of.

It gets even better.

The buyer is a real estate agent. The buyer is suing the seller. The seller says he was confused at the time and specifically asked his agent if he should disclose the situation w/the neighbor. The seller says his agent told him not to disclose. The seller is suing the listing agent.

So...Carnac the Magnificent sees...hmmm (looking into crystal ball)...an additional numbered paragraph in the 11-page Contract followed by a detailed addendum that reduntantly spells out...(yes, that's it!) the required disclosure. The title of that addendum is coming through now; I think the addendum will be titled Notice to Buyer -- You May be Purchasing Next to a Psycho.

Bye for now; I'm off to disclose (disclose, disclose) to my clients that I am indeed a psychic.

So, how's the market?

I hear this question at least once a day and I'm happy to answer it each and every time.

Moreover, although it seems to be the obligatory question asked as soon as anyone knows I'm a REALTOR (and I have no idea how they find out since I tell everybody I meet w/in seconds of meeting them-HaHaHa!), it just never gets old (O.K., I'm stretching a little here).

So, how's the market? These days, I'm answering the question thusly--

The market's insane! If you're a buyer and you're still sitting on the fence, you'd better get the hell off; I'd hate to see you miss out on the opportunity to grab your dream home and have so much help (READ:$$$$!) to do it. Granted, I've been doing this for a while and we all know this is cyclical, but I don't have a crystal ball and I don't know when the "buyer's cycle" while be over. And, if you're a seller, you'd better align yourself with a seasoned pro who'll show you how to market your home and get it sold in this tough market (READ:FSBO? Hell NO!)

Soooo...how's the market?