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Jim Gatos

Can I do this? Demand a preapproval letter BEFORE Setting up showings?!

11-19-09
Jim Gatos

Last week, I had an interesting, but sadly, ALL TOO COMMON occurrence take place.

An agent made an appointment with the local showing service company we use here, MAPASS on one of my listings..

So. a couple of days later, the agent calls me and tells me, almost breathlessly, "I'm gonna get an offer on your listing today!".. You'd think I haven't seen an offer in over a year with the "enthusiasm" she had.

True enough, I get the offer.

Without a preapproval.

Come on, what the heck? Like I'm gonna get my seller and recommend they sign that offer. Yeah. ooookay...

Let me ask, in this day and age, what listing agent wouls recommend an offer to their listing clients from a buyer who doesn't submit a written preapproval from a reliable and "known" lender or mortgage institution?

Better yet, what showing/buyer agent even goes around with buyers like that?

if you are a buyer agent, and you get an offer from an unqualified buyer, and suppose for a moment, you are dealing with "Igor Idiot' real estate LISTING agent, who gets his sellers to sign the offer, you have just done a terrible disservice to the buyer!

So you all go through the motions. The buyers plunk down a couple of hundred dollars on a home inspection on a house they will never buy. They lose money and time, YOU as a buyer agent lose money and time, in short, everyone does..

Some agent YOU are!

Yet, this sort of thing happens ALL the time, believe me. I can't believe I have to even ask for a preapproval when I get some of these offers..

Just unbelievable..

Are the agents nervous about asking for one? Do they figure they can get "practice"? Practice in what? Burning gas? Wasting time? Looking like a "Realtor(R)"?

REALLY unbelievable...

So, the thought occurred to me, should I demand a preapproval letter or, for those "cash" buyers out there, proof of funds, FIRST, BEFORE THE SHOWING?

It may drive down showings. What I'm really worried about is, doing this may "offend" some buyers and their agents into NOT showing my listing.

But then on the other hand, it's okay to show my listing to totally unqualified buyers?

Something has to give, wouldn't you say?

I'm here, and I ain't going no place... What do YOU think?

http://www.massrealestateguy.com/2009/11/can-i-do-this-demand-a-preapproval-letter-on-a-buyer-before-my-listing-gets-shown.html

Is Activerain selling our phone numbers ? (I don't think they are)....

11-19-09
Jim Gatos

Yet I recieved another "telemarketing call today, this one from a company that says it "works" with Google, their phone number was 503-207-4123...

I can always use other free services.. Why did this company call? When I requested to be removed from the list and NOT CALLED ANYMORE, he told me it may be a good idea to remove my phone number from Activerain..

With a wise ass "remark" like that, you can be rest assured they'll NEVER get my business...

I didn't sign up with Activerain to deal with this ... I can get my own "help" from Google, thank you....

Unscientific Study: Most Foreclosures I see nowadays are Former Short Sales Mishandled…

06-06-09
Jim Gatos

I’ve been noticing this and here’s the situation; unless the lender “killed” the sale by potentially cashing out more on the foreclosure if the borrower had PMI (Private Mortgage Insurance) which gave the lender(s) more than what they would make with a short sale, a good amount of current foreclosures were previously listed, and at sometimes RIDUCULOUS prices, as either short sales or just badly overpriced listings.

Which means there is a responsibility that real estate agents who are Realtors® have to follow, and THAT is;

according to the 2009 Realtors ® Code of Ethics;

Standard of Practice 1-3

Realtors®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.

To go to someone’s house and list a property at an overpriced number because “the owner told me” is like allowing “Dr. Kevorkian” to prescribe medication because the patient simply has a bad day…

So, why does this sort of thing happen?

I suspect it has to do with one of the following…

1. The agent doesn’t know how to do a short sale and figures, “well, this is a hopeless case, anyway, so I’ll just list it and if the miracle of 2009 happens, great! If not, I don’t care anyway, or, at least I tried”…

2. The agent REALLY doesn’t know what they’re doing …

3. The Seller gets TOO selfish and says “Hey, if I don’t get anything outta this, let’em take the house.”…

What about the credit rating?

Honest to God, if a seller can sell at a Short Sale, and doesn’t, that is probably one of the dumbest things they do!

In many cases, You may not have to be behind in payments to do a short sale! You only have to prove “Hardship!”…

So many people get so much bad advice; so much confusion… It’s ridiculous!

Yes, short sales are tough! Yes, short sales are a pain! Yes, Yes Yes!

BUT..

If it’s the only way, it’s the only way…

I have done a good number of short sales. The process is pretty much the same. The work is brutal. BUT.. The reward is good, and believe me, I’m NOT talking financially speaking. I’m talking the knowledge I helped someone… A negotiated settlement is always better than a court judgment in most cases. At least you know what to expect.

Here I am; Back at Keller Williams!

01-27-09
Jim Gatos

This week, I left my Coldwell Banker office in Worcester to return to the Keller Williams office in Westborough, the first Keller Williams office in New England. The Keller Williams office I first joined back in 2004.

Coldwell Banker Worcester - Park Ave is a great office. everyone in that office are all super and they are true professionals. Having been both a Coldwell Banker and a Keller Williams agent, I wasn't intentionally comparing, but that's what happened. I just had to go back to Keller Williams.

What it is for me is philosophy. With Keller Williams, my business is mine, not the company's.

I couldn't take the feeling of "corporate" anymore...

I was affiliated with Coldwell Banker from 1997 through 2004, and then I changed to Keller Williams. I was with both the Westborough and Worcester office through 2006, changing back to Coldwell Banker in April 2006. I suppose you may say I've "been around"...

Keller Williams is THE MOST AGENT CENTRIC COMPANY I've ever seen. It's all about the agent, not the company. The agent is the one communicating with the buyers and sellers. The agent is the one doing all the running around, the driving, the work. The agent is the one taking care of the business.

The Keller Williams model understands that real estate is a local, people to people business. National ads don't matter to me. My clients are all local. I do my best to service them, not my company.

Simply put, the Keller Williams model is the only one I've actually experienced that an agent can enter into can come closest to running their own business without actually opening their own business, and STILL have the support of a major real estate franchise behind them. I'm sure their are others; but none have impressed me the way Keller Williams has.

I can run my business MY way, without having a "corporate" shadow behind me. That alone was a problem for me. There is a feeling of "togetherness" with Keller Williams I haven't seen elsewhere. It really is unique.

I read a book, "Small is the New Big", by Seth Godin. That book was a "revelation", and a "confirmation."

"Revelation" in the sense if it's "corporate", that doesn't necessarily mean it's right. "Revelation" in the sense that "corporate" at times may tend to think a little bit much too much of themselves.

The books are open at any Keller Williams office, The agents really do have a stake in the success of the company. I couldn't grasp that concept at first. It was just a mind boggling concept that I couldn't get into and had to leave and come back to appreciate. Knowing you are business partners with the agency you're affiliated with can have the potential to "bring:" you to a new level. The agents actually have a say in the management, the everyday operations, and the general direction of the company. Profit sharing may be available and although it shouldn't be depended on, it's a nice potential bonus. When agents recruit agents, they do it from their heart. When some agents take turns running training classes, they do it from their heart. At least they're supposed to. At least I always did.

Of course, "corporate" isn't normally keen on that...

I am an independent contractor. I like to "feel" that way. "Corporate" and "Independent Contractor" seem like a contradiction to me. They can't mix well, at least for me...

The support services from Keller Williams are the best I can find. Every company has it's unique features. So does Keller Willams. The training," oh my God!" At Keller Williams, there is SO much training available. On a daily basis. Free. Sure, you can also get advanced stuff like coaching and materials you may pay for, but believe me, most of it is free. In a market like this, training and support are necessities, not luxuries. Repetition is the key to success in learning. That's Keller Williams' strongest asset. The best way to learn and master a topic is by teaching it. I used to love public speaking, and I REALLY missed it. Nobody likes to be "muzzled" after a while.

How about the client's needs? Well, if you know me personally, you know how fanatical I can be about that.

The internet is the portal to market homes today. With "KWLS", a listing is added in all the important websites; ie., Googlebase, Trulia, Zillow, etc...

I get an "instant notification" via email from any website anywhere, including my website and other websites via my smart phone.

My own signs. All the calls go to me.

In March, Openhouse.com wil allow any agent or company to DIRECTLY input listings for open houses. Right now, it can be done, through an "FTP". The system will be infinitely easier in March. Don't let no Coldwell Banker or Realogy agent tell you OpenHouse.com is "exclusive", 'cause it isn't. It costs the agents NOTHING. Zip, Nada. Not a flat penny...

The internet is the place everything's happening.

So, what else was "the frosting on the cake"?

I bought and read a book by the the CEO of Keller Williams, named "Shift: How Top Real Estate Agents Tackle Tough Times"...

I haven't read any other book or been able to even find another book that comes even close to what this book does.

This book helped me because as a real estate agent in tough times, I needed a guidebook on what to know. For my clients, it explains to me and gives me the information I need to provide data to buyers and sellers about what they should know about today's market. You have NO idea how I felt after reading this book. This book was 100% information. I met Gary Keller and Dave Jenks a couple of years ago and I can tell you, they both are two of the most "down to earth" guys out there; they seem to truly care about their agents concerns and are only interested in helping everyone succeed. They left a lasting impression on THIS guy.

What else can I say? I want my past clients to know that I'm always there for them; that I will never change improving or "tweaking" what I can, and through my return to Keller Williams I am looking forward to providing the very best I can of myself. A couple of past clients just contacted me with nothing but praise. Thank you.

Primarily, I am at the Westborough office because through Westborough, I can be accessible to my Metrowest clientele through Route 9 and 495. I can be accessible to my Millbury - Grafton clientele through Route 20. I can go to Worcester through Route 9. Clinton through Route 135 to I-290 or "the back roads"... Hudson-Marlborough, and even Sterling - Lancaster are within driving distance. Of course, Auburn and Oxford - Webster - Dudley, Leicester, and Spencer are accessible too. The location is an added "plus"...

The services both the Worcester & Westborough offices give to their agents are top notch; I spoke to both the Worcester and the Westborough office but for my needs, Westborough won out. Both offices are great. Both have "super" "Team Leaders" and I can say from experience Kathleen Goneau, the Team Leader (manager and trainer) at my office is UNBELIEVABLE! I don't have the 5 plus hours of typing I need now to type how great she is! Maybe another time...

I also want to express a profound "thank you" to Skip Tebo, the Operating Principal of the Worcester office, for his patience, time, and advice. To David Shortsleeve, my former manager at Coldwell Banker, for his understanding and well wishes. To Jennifer Juliano, the KW Westborough "Cheerleader", for putting up with my "craziness!", and of course, my buddy John Miller, fellow KW agent, for so much help, advice, laughther, and patience, this guy should be elevated to "real estate sainthood!"

Of course, I finally want to thank my sweet, darling, understanding, and extremely supportive wife, Kathy. Words fail me.

Can't forget my little scottish doggie, Tula! The day doesn't end well if she doesn't greet me at the door, her tail wagging in anticipation and overwhelming joy!

So, here I am. And here I go!

Why are you waiting?

12-29-08
Jim Gatos

Seriously ...

For any buyer, savvy ones, first time buyers, "trade up" buyers (ESPECIALLY trade up buyers!) and "trade down" buyers, investors, etc, etc, etc, THIS IS A GREAT TIME TO BUY!

The interest rates alone at least warrant a good look at the market!

I suppose the bug concern with many buyers currently sitting on the fence is "how much lower will prices go?"

Have you been analyzing the prices? Have you ACTUALLY been compiling data? Or are you simply going by what's being said in the media?

No doubt about it, prices HAVE come down, but there is a point to which the downward trend begins slowing down, total stagnation occurs (a price "freeze", for lack of a better term, and then, as confidence starts coming back, the cycle reverses itself.

The process of reversing may be slow, at a medium pace, or fast and hard. No matter what, THAT's when you start kicking yourself in the butt and scream in despair, "I should've"...

I'm not making this up. I've seen people scream these three words right to my face! Some even blamed me for not pushing them!

Pardon me for not being pushy! Another stereotype squashed!.

"I should've," That hurts. It's not as bad as "I couldn't", or "I wasn't able" "I should've", means you didn't take that chance and now you regret it.

Sure, it's risky, but then again, is it as risky as the stock market? Gold? Other investments? What if you simply need a place to live? Is it better to pay rent? Have you checked this out? Could you in fact, be paying more in rent presently than a mortgage payment? Do you think things won't turn around? Ever?

In some areas, prices overall have remained stable and even appreciated, in spite of the "gloom and doom" you may be listening to in the news.

If anyone wants an absorption rate study of a certain town as a way to judge the "health" of the market, I tell you what; I want to earn your trust. Make an anonymous comment on this post and I will post the study for you and you can download it. Of course the absorption rate study will be "public"; anyone will be able to download it, but what do you care? No one will know who you are. If you'd rather be private all the way, then contact me here and I promise I will send you only the absorption rates by email and that's it!

I have a client who, through BuyWorcesterNow, was able to get 4.5% interest and he is buying a great property at a great price. Will YOU be able to likewise? I don't know. But It's worth a shot, I would say.

And I haven't even begun going through the tax advantages and the tax credit available.

Fear can be a great friend, or a bad enemy. Just ask THIS guy...
Don_knotts__