Ben and Renee Lampman

http://www.realtor.org/rmolaw_and_ethics/Articles/2010/1003_law_disclosure

The above link is to an article in Realtor magazine March 2010. It states that realtors are not supposed to present offer to the lander in a shortsale or communicate with them after an offer is recieved. Oh how I wish this were true. In Nebraska a large part of my job in a shortsale is to get the offer to the lender and keep the process moving so my client can avoid foreclosre. The article states that the "closer" should contact the lender. I do not know a title company closer in Nebraska who would do this.

I sent the following email to the author iof the above article:

Hi Stacey

Your article on shortsales (March 2010) is appreciated. I do however disagree with your statement that realtors turn over communication with the lender to the closer once an offer is made. In Nebraska there is not a closer that I know who will call and speak to a lender. Each call can take up to an hour on hold and in transfers. They do not have the time to do this. As a realtor I do not become liable for giving the lender an offer and helping to get them the documentation needed. Lenders either accept, counter or refuse to reply. I have clients sign a paper that states they need to consult with their attorney and CPA to make sure they understand what the shortsale means to them in the future. I am simply trying to help them avoid foreclosure. My job is to present offers to the lender and help the process along.

Thanks

Renee

Any thoughts out there?

Have a great week

Renee

I was recently at a seminar where the speaker was giving tips to more successful transactions. He spoke of prequalifying sellers as well as buyers. His steps included:

Ask what the sellers owe currently

Prepare a sellers net sheet so they know what they will potentially get

Do an ACCURATE market analysis

Do a preliminary title search to have all liens/issues discovered

Have the sellers do a home inspection

Explain radon and the costs involved if their house has high levels

Suggest an appraisal if their price is extremely high compared to the market analysis

My thoughts:

Five years ago I never asked a seller what they owed on their mortgage, now I ask all of them. Sometimes they decide right there and then not to sell saving them heartache and me time.

Five years ago I rarely prepared a sellers net sheet for a listing appointment, now I always do. This is a good idea in any market as money is always the most important thing to sellers.

I have always found market value two to three different ways to find an overlap value. Market value is harder to determine where prices are still falling but it is still possible to get an accurate range.

The prelininary title search sounds great in theory. I have yet to find a title company who will do a search on a property that may or may not sell and where the buyer may insist on a different title company. Title companies are too busy to do free work.

A pre inspection of the home is usually a good idea. We often reimburse sellers for the inspection at closing because it aviods unpleasant surprises after we get the contract and there is a big ticket item on the home inspection.

Radon is a huge issue here in Nebraska. Iowa and Eastern Nebraska have the highest levels in the country. I have had trouble with sellers saying radon is a scam and they won't pay for mitigation. I now address it up front and show them an article citing the EPA linking radon to lung cancer.

I always explain that if we price the home too high, even if that "magic buyer" comes along and offers close to asking, we still have to get a bank appraiser to agree on value. Sometimes having an independent appraiser come in and reiterate the value to the seller helps them accept it more easily.

I hope some of these ideas will help all of you in 2010 and beyond.

Please give me any of your thoughts and experiences.

Best Wishes

Renee

I am sure many of you are aware of a scam on craiglist and other sites. Scammers search for vacant listings, and then try to "rent" them to an unwitting renter. These people do not own the property and often don't even live in the state where the house is that they are supposedly trying to rent. I had a lady call me this week because someone had put one of my listings on craigslist and she saw my sign in the yard for sale as she drove by. She was certain it was for rent and I was completely sure it could not be rented as it is a shortsale preforeclosure property. She forwarded me the email from the "landlord" He even got a yahoo account with my intial and last name so he seemed legitimate. How do these people really get any money? They don't have a key to the property, they are asking someone to send them an application fee and deposit in promises that they will then mail a key. This just sounds like the most ridiculous scam because I can't believe someone would send a stranger money under such circumstances. I have changed all my vacant listings to occupied in the MLS and left them as vacant when agents call my showing service. Just another crazy real estate story...

20 Tips for a Positive New Year

•1. Take a 10-30 minute "Thank You" walk every day. While walking practice gratitude. It is the ultimate anti-depressant.

•2. Sit in silence for at least 10 minutes each day. Buy a lock if you have to.

•3. Buy a TIVO, tape your late night shows and get more sleep-it's the ultimate energizer.

•4. When you wake up in the morning complete the following statement: My purpose is to ________________ today.

•5. Live with the 3 E's. Energy, Enthusiasm, Empathy.

•6. Read more books than you did in 2009.

•7. Make time to practice meditation, yoga, tai chi, qigong and prayer. They provide us with daily fuel for our busy lives.

•8. Do the "one thing" you have always wanted to do.

•9. Dream more while you are awake.

•10. Eat more foods that grow on trees and plants and eat less foods that are manufactured in plants.

•11. Mentor someone and be mentored by someone.

•12. Engage in daily random acts of kindness.

•13. Clear your clutter from your house, your car, your desk and let new and flowing positive energy into your life.

•14. Don't waste your precious energy on gossip, energy vampires, issues of the past, negative thoughts or things you cannot control. Instead invest your energy in the positive present moment.

•15. Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class but the lessons you learn will last a lifetime.

•16. Eat breakfast like a king, lunch like a prince and dinner like a college kid with a maxed out charge card.

•17. Smile and laugh more. It will keep the energy vampires away.

•18. Each night before you go to bed complete the following statements:

I am thankful for ________________.

Today I accomplished _______________________________________.

•19. Remember that you are too blessed to be stressed.

•20. Enjoy the ride. You only have one ride through life so make the most of it and enjoy it.

Have an awesome 2010!

Renee

Attached is a link to a great little utube video about the tax credit. I plan to email it to my sphere and put it on facebook and twitter.

Hope everyone out there is having a great 2010 so far.

Best Wishes

Renee

http://www.youtube.com/watch?v=GkzB03uuGlg