Joshua Matthews

Or "a good offense is the best defense" is a better phrase for the day. 2 weeks ago I had 5 closings set up for today (and I wasn't sure how I was going to be able to attend all of them), and as fortune would have it, at the moment only 1 will close (today). Out of my 5 deals, I had 2 short sale and 2 foreclosures. Had I not prepared all my clients 2 weeks ago that we may not close today, I'd be putting out fires instead of finding breathing room in my day.

Closing #1. (My Sellers Bank & Short-sale)An unprepared bank not fully staffed to handle the amount of foreclosures and short-sales on their doorstep just can't deliver. Fortunately I prepared the buyers agent for the possibility, and I employed the help of a lawyer to take it the final 10yards of the deal. The other agent understands the scenario and with good communication, everybody is OK with closing the deal next Thursday or Friday.

Closing #2. (My Buyer buying a Foreclosure) Bank again is unprepared to close today due to a huge delay in there response time. They have requested the closing be pushed back 25 days. My buyer is...annoyed, but willing to wait, he's getting a fantastic deal. I've been preparing him all along for the possibility.

Closing #3 (My Buyer buying a Foreclosure CASH SALE)Just found out at 11am that we won't be able to make the closing at 1pm because the bank can't get the deeds to us in time (closing moved to Monday). Another couple of issues we had-not only had the property been properly foreclosed on, the Notary who oversaw the paperwork was using an expired license. Both issues were only discovered Tuesday so I prepared my buyer it may not happen today anyway.

Closing #4 (My Buyer buying a Short-sale) Arguably the best deal in town in the last year, and we still don't have payoff numbers from the bank. I'm promised we will be able to close for 4pm but once again, I've taken the initiative and told my buyers to be prepared for a setback. The Sellers Lawyer shot us another addendum last night a 5:45pm which he needed signed to be able to close today (we've been under agreement 3.5 weeks.

Closing #5 (My Seller, Resale)We received the P&S 2.5 weeks ago with an aggressive closing date of today. I was pretty sure it wouldn't happen and made sure the Seller knew it when I was having him sign the contract. Fortunately, this is a second home and he doesn't need this sale for anything else so pushing it back 2 weeks isn't a problem.

I guess what I'm trying to point out (especially to new agents) in these 5 different scenarios is, have a good level of communication with your clients especially in this market, and especially if your buying/selling short-sales or foreclosures. Any number of things can come up and if you haven't prepared your buyer for the worst, get prepared to dig in because some will unleash on you with both barrels (or cannons depending on the scenario and need).

Wishing you all the best in life and business,

Joshua Matthews-Keller Williams Coastal Realty

Amid a flood of negative publicity about a downward market, possible recession and the worst winter in over a decade in the northeast, I find myself wrapping up my biggest month ever in over 5 years...BY DOUBLE. I know there are those who might say it's a fluke, but I'm already lining up next month to challenge my figures this month.

The majority of my business is coming from first time home buyers, and why shouldn't it? We are seeing 5 year low pricing on resale homes, there is a influx of short-sale and foreclosure properties, and the interest rates are still under 6%. I'm using every opportunity to talk to friends about what a fantastic market it is for either first time home buyers, or for those looking to buy up, that I'm actually calling people to action who hadn't even really considered purchasing. I've had the opportunity to pick up several investors looking both buy and flip and also those looking to start a portfolio.

We are definitely facing a challenging market right now and the months ahead, but I guess my question to you is, how do you view it? Do you see and follow the trend of doom and gloom or do you see it as the huge opportunity which it is?

Wishing you the best in life and business,

Joshua Matthews-Keller Williams Coastal Realty

I wrote a blog a few weeks ago titled cold snap = frozen pipes which sparked a lot of interest. I had a few comments posted by a few members who suggested frozen pipes wouldn't be an issue if the house was winterized.

I am currently representing several different buyers buying several different foreclosed properties and the issue I am running up against time and time again is banks are being inflexible when it comes to both home inspections & de-winterizing properties because the properties are being sold AS-IS. As a buyers agent we are trying to do home inspections for informational purposes only, but the banks aren't even permitting that. The banks have paid to have the properties winterized, but they not only make no representation or guaranty of the work that was done, they also will accept no responsibility for issues after closing and I have recently seen three times now broken pipes on a "winterized" home. So all of you buyers agents out there, prepare your clients that there may be an issue after closing if they are indeed to have the property delivered to them in AS-IS condition.

Please don't let me scare you away from foreclosures right now, because in my experience they are driving my business through the roof. There are just some phenomenal deals out there, some just too good to pass up. I personally have over $1,000,000 in foreclosures under agreement right now with the average sale equalling $150,000. Try to turn what the media is proclaiming a negative into a positive for you, your buyers, & investors-just educate them a little on what possible scenarios they might face on closing day.

Wishing you all the best in life and business,

Joshua Matthews-Keller Williams Coastal Realty

After sitting through a recent seminar on foreclosures and short sales, I picked up a little info I thought would benefit many agents and buyers in this current market.

When buying a foreclosed property AT AUCTION it's important for both agents and buyers to understand that in most states, the existing owner can contest his foreclosure up to a year after the fact. So potentially your buyer/investor could buy a property, spend 10's of thousands fixing it up, and 9 months down the road, the previous owner might be able to take it back. This was a huge fact that I had no idea about and I had actually brought buyers to several recent auctions (in NH agents can get paid by the auctioneer if they have previously registered those buyers before the auction). It's my fear that we open ourselves to liability as agents with issues like this.

During the course of this class I was also informed about evicted owners/tenants from foreclosed properties as well. In some circumstances, an occupant refuses to leave the premises even at the auction so whoever is the winning bidder gets to deal with the headache of eviction. Buyer Beware: if the occupant can show/prove a hardship such as a major illness-they can't be forced from the property. There was somebody in the audience which had actually suffered this exact case. He had purchased a property with an elderly couple who had refused to leave, during the course of the eviction (a 6 month process due to winter months) the husband had died and the wife suffered a minor stroke and he was still fighting to get her out 15 months later. He had essentially given her a free place to live for over a year. Nobody likes the thought of kicking a sick, old woman out on the street, but I like the idea of essentially paying somebody else's rent/mortgage even less.

I guess it all comes down to education. With the increase in both short sales and foreclosures on the rise, educate both yourselves and your clients to better insulate yourself from possible legal action.

joshua matthews-keller williams coastal realty

I know the majority of america is freaking out about our nations economy right now, and some of it is rightly deserved, but i think the majority of americans have some misunderstandings about what it actually means. A recession is when the economy has two quarters of downward growth in a row. Can this have some negative affects? Yes, but what you need to keep in mind is that recession doesnt mean depression. Since the great depression during World War II, there have been 10 recessions and although people have struggled, they have made it through rough times. Most importantly, the longest recession only lasted 15 months, so there should already be an end in sight if you look at how things have corrected themselves in the past. What does this mean? Much cheaper home prices across the board-both new construction home sales and resales which is perfect for first time home buyers. Another benefit first time home buyers are reaping right now is the lowest interest rates ever. If you know of somebody who is thinking about buying a home, get them in one today-i promise you five years down the road they will be thanking you for the little push. Dont follow the national doom and gloom portrayal of how the market is, look for the opportunity which has presented itself for all of us.

Joshua Matthews-Licensed Realtor in NH & ME