Rosemary Brooks -Mother & Daughter (866)-750-8282

Now that I am focusing on buyers more, I am finding out some interesting and yet confusing stuff about buyers out there.

When you first meet the buyer they tell you what they are looking for and they sound and seem to have a good idea and have it all listed out for you.  

• You put together a "information sheet" on your buyers and begin your search for the specs that they provided. 
• You set your MLS to send daily report of the new listings to your buyer and you get a copy too.

You work on that report on a daily basis to see what showed up on the report and how it can match what your buyer is looking for.

• You have already covered your buyers on the differences between a REO and a short sale. 
• You have already covered the market condition with your buyers. ** may have to do this a few more times as you goout viewing house to house
  
• You already know if they are going to occupy the property or if they are investors
• You have either determined that your buyer is a good candidate for trying to get a short sale or that they should steer away from then and try for the REOs or traditional sales due to time restraints or they have already told you they don't have the patience for waiting on a short sale approval.

Once that second or third day comes around, your buyers are calling you to see when can they go out and see the properties that they have driven around the neighborhoods to find!! They may end up saying nothing about the available listings that was included in the report.

• NO!... they want you to look up what they found - vacant homes through the neighborhood!
• So you go on and look up the properties and give the buyer a full report on each.  Then you get set to go out and view the available properties.

After going to three or four properties and realize that this is going to be much longer than you thought, you put on your smile and check your list to see what else might fit your buyers.... and this goes on for weeks.

Most of your buyers want to put offers in on almost every house they see... and with the market as it is these days -this is not necessarily a bad idea.  You feel it is your obligation at this point to let the buyers know that usually the way it goes is you spend hours looking and putting offers and more .......you are almost ready to resolve that you are just not going to find a home that you can get the bank to accept your offer on... and then WHAM!

Then one day you finally get a call from the listing agent to say the seller is interested in your offer on a property.  You literally jump for joy.  Then you start you uphill climb all over again when you call your buyer and they just don't seem interested in that property at all.  All you hear is disappointment, no concern or interest in the property after all!  They actually turn down the seller's acceptance.

You scratch your head and get ready to start all over again.  And you wonder how many times will it happen like this.

Yet you love being a Buyer's Agent..... you really do!

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Homeowners do you really want your bank account(s) frozen? Do you need another hardship after short sale? Or will you have to hide your money under your mattress to keep it warm?

This is what can happen after the short sale and after you have signed a deficiency note that the bank used forceful words to get you to sign it or else. Take a deep breathe and think before you sign this note. It stands to reason that if you are in hardship now, it could happen again!

So what make the banks ask you to sign a deficiency note? Some banks have no reason, it seems. While some homeowners signed a note on the property and one being a personal note (this is usually what they will attack). But asking for the homeowner to sign a deficiency does not have to be associated with a personal note, it can just be the bank trying to get the homeowner to pay something back to them for their “loss”.

Usually this occurs with the second lien because they end up getting very little from the Short Sale and will not approve unless they force the homeowner to sign a deficiency note, BUT it is not limited to the second lien, first will do it too.

Again, if you are already in a hardship and you have experienced it once don’t do anything to bring it on again. Banks can freeze your accounts (especially when it is the same bank that you did the short sale with), but it is not limited to just that bank the way these bank end up buying out other banks and deficiency notes.

This can impact can affect more than the homeowner --> if the bank account has others on the account (ie. Co-signer).

If your bank request that you sign a deficiency note, make sure you put in writing that you cannot afford to sign this type of note (if you are in hardship this would be more than the truth) and if you do not want to find yourself in another bad situation…. Think it out and put it in writing to that bank.

Be careful what you sign, get advice on it before you sign it. Go to a professional to get that advice.

Call us at 866-543-0461

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CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com

EMAIL: info@motheranddaughterrealtyteam.net

Announcing a change... Change is good!

We are proud to announce that The Mother and Daughter Realty Team is now working under a new broker: Patrick Williams & Associates. Our service will continue and improve with our new move.

Patrick Williams & Associates is proud to announce its association with Rosemary Brooks & D'Adrea Davie - the Mother and Daughter Realty Team. An integral part of Patrick Williams & Associates' dedication to excellence is the collaboration of high caliber, capable professionals. Serving the real estate industry for 7 years, the Mother and Daughter Realty Team certainly fits that profile..

This Team brings a wealth of professional experience to their clients. The Mother and Daughter Team's trustworthiness, dependability and dedication to their clients are unparalleled. Their client needs are always put first. With their experience for over 7 years in the real estate industry and has successfully helped individuals and families just like you realize their real estate dreams.

When you work with the Mother and Daughter Realty Team you know your needs will be handled in the most professional manner. Their acute listening skills and attention to detail make Rosemary and D'Adrea a tremendous asset for any home seller or buyer. Rosemary & D'Adrea are always looking for the most cutting-edge technology to market their client's homes and looks for opportunities to continue their education and grow professionally. Being ahead of the curve is what both Rosemary and D'Adrea strive to accomplish.

When you work with this Team once, you'll want to call them again when your real estate needs change. They make a lasting impression on their clients.

Rosemary & D'Adrea clients describe them as very professional, diligent, straightforward and committed to their clients. They always put forth a tremendous effort and is very attentive. Both Rosemary & D'Adrea are forthright professionals with a heart of gold.

Then next time you're in the market to buy or sell a home be sure to call the Mother and Daughter Realty Team, you won't be disappointed.

Rosemary Brooks & D'Adrea Davie joins a group of distinguished real estate professionals who are all part of the most sophisticated and technologically advanced market firm, specializing in distinctive properties and estate. Patrick Williams & Associates is dedicated to excellence and our most recent association with Rosemary Brooks is a bright example.

So how many pre-approvals does one buyer really need?

One of the frustrations that agents and buyers experience is that while searching listings, you run into properties that require that the buyer get an additional pre-approval from that seller's preferred lender.

Now this does not sound like a big deal if you only had to do that with one other lender, HOWEVER.... This is not the case!  With the market condition (one of the highest hit foreclosurethe way it is - in the San Joaquin Central Valley and in the Alameda/Contra Costa counties of Northern California it is a lot of extra work, paperwork and time to get all of the pre-approvals before you can submit an offer on these bank owned properties.

Out of 10 new listings 5 had pre-approval requirements that included going to the seller's (Bank Owned Property's preferred lender for yet another pre-approval).  So which banks are asking for this?  Even if your buyer has a pre-approval from a direct lender - they still want this extra pre-approval!  These banks I have found to be more demanding of this extra pre-approval:

• Wells Fargo
• Bank of America
• Prime
• Prospect Mortgage
• OneWest Bank
• IndyMac
• Chase

 **HomePath but they do not require - yet!

It does work out better when your buyer's lender is willing to submit and request these pre-approvals for the buyer.  Now that is a good lender when they know that they can run the risk of loosing the buyer!  Terrie Nevis from Platinum Mortgage is direct lender that will work with the buyer to help them get these extra pre-approvals and I would like to add that Terrie and his team over at Platinum make sure their pre-approvals are solid.

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Every agent that represents a buyer should be able to explain to their buyer why they need a home inspection and that FHA appraisals are not a substitute for a home inspection.

While home inspections are for the buyers information and not of much interest to a seller... they should never be waived. Let me just say... the FHA Appraiser will not be seen climbing on top of the roof and sitting there inspecting that roof!

Here is some information on FHA appraisals:

1. FHA appraisal is for the benefit of the lender

2. It is not a home inspection, it does not take the place of a home inspection

3. FHA appraisers are checking to be sure the property is:

Save

Sound

in Sanitary condition

4. FHA appraisals are not even required for 203K streamline refinances

5. FHA apprisal does not guarantee that a home is without flaw, huge money drawing problems

6. FHA appraisal may find repair or replacements items that may affect the safe, sound and sanitary habitation of the house.

7. If FHA appraiser finds repairs or replacement during his evaluation, he will add an conditions addendum to the appraisal and buyers will get the appraisal conditions from the lender. Seller is usually responsible for the repairs and replacement that the Appraiser find at the property that are conditions to the property's appraisal value.

8. FHA appraiser will go out even if the utilities are not on, they will usually charge an additional fee if they have to make a revisit when the utilities get turned on.