Oklahoma City, OK

Let me say this plainly. This my 21st year of real estate and I love it more now than when I first started. I am a post war baby boomer who came to real estate after 16 years owning retail stores. The 1980's were tought times in Oklahoma, kind of like what people are experiencing now in places like Detroit, a total meltdown economically. Even with that, exhausted as I was from trying to suvive and finally giving it up, I entered real estate as something I had to do to pay bills. Not evactly like the kid I used to be who was excited at 8 about becoming a Doctor and saving lives. No, something else failed and here I was. That didn't last long because real estate was a hoot from the beginning. I sold HUD and VA repos, and did terrifically the first year and never looked back. I loved the business because I could set me own hours, nobody could tell me that I could only make so much money, and all I had to do is sell a house. No employees, no negotiating leases, no inventory buying, no bankers, no lawyers, and no having to pay 10 different taxes, or the big one, not having to clean the office toilet. Freedom.

Now I realize that real estate is not that simple but in a way it is, but only when you make it so. This leads me to the title of the post. if you don't love real estate what the h... are you doing here? If your favorite activity is going to the office, finding another Realtor so that you can play the game of who had the worst closing or the worst buyer, get out of the business. If you enjoy blogging, but your greatest thrill to to find another agent to criticize, then get out of the business. If everytime there is a major change, and you start wailing, gnashing your teeth, and say that the end of real estate is near, get out of the business. But here is the biggest one. If you wake up in the morning and you don't tell yourself how grateful you are to be in this business, then maybe digging ditches would be preferable, and you don't have to pay a personal trainer doing that.

Harsh judgment? I don't think so. Life is short as the cliche goes. In 2008 I had a life threatening illness. Yes I loved the business before that, but on January 1st of this year I started the year as a full time Realtor again for the first time since 2007. Now I can't wait to get to the computer, or show buyers, or rescue someone with a short sale listing. What we do everyday is to directly help people live their dreams, or in the case of distressed property, relieve them of a nightmare. What a privilege and what an honor. Many post here talk about marketing and they say you won't be good at something you hate to do. If by your actions and words you show your contempt for your career choice, then you will not only make yourself misearable, but you will transfer that attitude to others. Besides, what is not to love? Setting your own hours, check. Creating a business and marketing plan that works like a great piece of art, beautiful. Helping people fulfill their dreams, got it. Please stop and smell the roses. Even better, everyday you interact with someone, give them a gift. If it is the gift of your love for what you are doing, that is precious.

My team does a lot of short sales in the Oklahoma City area, and they number is growing. Yes, I have a designation as a distressed property expert, the CDPE, Certified Distressed Property Expert. It is the best education so far, and a great introduction to short sales but like getting your initial real estate license, it can also be enough to get you in trouble. Many things you may have to learn from experience. One on the job training issue is the BPO, the Broker Price Opinion. Once you have a contract, and you have sent in all of the sellers documentation, at some point of Phase One on a conventional loan, the lender will order the BPO.

Now there are BPO companies that service the industry. They put out an order to multiple agents in the area, and the first one that can hit the keyboard the quickest wins. The problem is you don't know what you are getting. so since no agent is being paid a sum that would be equal to the work required to do a professional job, it is up to you to do everything you can to insure that the BPO is a far evaluation of the property. last year I did not meet one agent on a short sale I had, and the seller paid for it with three more months of negotiations since the Realtor priced the 2005 home at a higher price than brand new homes by the same builder in the same neighborhood. Seems she didn't know the difference between the comparable approach and the cost approach.

You must meet the agent at the house, and come armed with information. The first thing you should present to the BPO agent is the listing history with the price drops. If a home has been on the market as a short sale for 140 days before contract, show that you tried for a higher price and could not get a buyer. Second, bring a showing history. I had one yesterday that had taken 101 days to sell, had three price reductions, and over 40 showings with just one contract offer. You also should point out any features of the property, like backing up to a busy street that may affect the desirability. I also had a home where the owners were using a downstairs living area as a master. The BPO agent was going to count it as a downstairs 4th bedroom and master but she overlooked the lack of closet or bathroom. That could have affected the value. Finally, bring an absorption rate analysis to show the market condition. Remember that it is your listing and you know more about it than they do.

Finally, be gentle and don't force the information down their throat, and be more of a collaborator than a trail attorney. Is had been my experience that BPO agents many times are also busy with their regualr real estate business, and giving them time saving information has typically been greeted with appreciation, when presented as you trying to help, not manipulate. A lot is at stake for your short sale client. Your diligence can save them from a disaster in their credit rating. I hope this helps other Realtors just deciding to pursue short sale listings. I will be posting other tips that I believe will help you.

Don’t let your rental property become a charity shelter. Oklahoma City, OK

I just read a blog by Donna in NM, who has had the most awful experience with a Section 8 renter. She wrote that she didn’t have Section 8 housing experience and her tenant had 10 years of experience scamming the system. No rent has been collected and now she has a squatter and is uncertain how to correct the situation. Several good remedies were written in response to her questions and I don’t want to repeat her options here. I can’t picture that this is an remote case. Most likely not your exact circumstances, but even so, many real estate investors, who are holding investment property are making costly mistakes.

Depressed real estate prices and the profusion of very good opportunities on distressed properties are attracting many new investors into real estate. The smart ones look for coaching or mentoring from others more experienced. The majority most likely feel they can figure most things out for themselves, and then there are areas that they are inexperienced in and can have a harmful effect on their net monthly income. Obtaining good counseling can save money and headaches.

With our method and transitional housing, our students and I have never had these troubles. If the rent is late by more than three days, I just make a phone call or two, change the locks and wait for the tenant’s family member or friend to arrange a time to pick up any personal belongings. I don’t return their damage deposit. Within a few hours or a few days, I have the room occupied by another tenant from my waiting list.

It’s just that simple. It doesn’t involve an expensive eviction process and a minimum to no loss of rent. Squatters are absolutely unheard of, there are no legal fees, no court fees, and no payment made to local law enforcement.

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Just when you thought it was going to get worse at BOA, a light comes shining at the end of the tunnel. First, we are about to close a home in Edmond, Oklahoma that was a BOA short sale that started in July, 2009. Yes, I agree with all of you that waiting over 6 months for an approval is ludicrous. Luckily I had a very patient buyer, and we were able to keep the home out of a sheriff sale. But now for the really good news, and I hope this becomes a trend.

BOA has done two things to make the process go faster. Not Olymplic gold medal speed but any improvement is welcome. First, they finally got the computer systems unified between BOA and their acquisition Countrywide. This allows for greater communication and the pooling of resources. Secondly, they brought in a software firm called Equator, formally known as REO Trans, to handle the uploading and processing of short sale information. Now the paperwork doesn't go to India, then two weeks later, getting acknowledged at the BOA short sale department saying yes we finally admit we have your documents. Now we can electronically upload all pertinent documents and save at least a month. One short sale we were processing under the earlier system was uploaded to the new system three weeks ago. Today, we got a counter offer to the original offer. If BOA can get us an answer in three weeks, or even 5 weeks since I am not an optimist yet, I will be satisfied.

One note of warning. Equator normally ask you short sale owner to upload. Don't let them. Be proactive and do it yourself. The worst thing that can happen in a short sale is to not have every bit of information that BOA requires upfront the first time. It still pays to use an experienced short sale agent to work the system. We still may dispute the counter based on the BPO, and we still have to work hard to keep formally patient buyers from becoming impatient. Let's hope that the light at the end of the tunnel becomes a bonfire.

Price: $1,750,000 FIZBER.com ID 14068737 Single Family with 5 bed, 5.0 bath, in 911 NW 15th Oklahoma city, OK, 73106 http://www.fizber.com/14068737/		911 NW 15th - For Sale By Owner Property Details: Type: Single Family Address: 911 NW 15th, Oklahoma city, OK, 73106 Sq footage: 9944.0 Floors: n/a Bathrooms: 5.0 Bedrooms: 5 Year built: 0
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Description: Single Family Property Status: Active County: Oklahoma Subdivision: Harndale Age: 82 year(s) old 5 total bedroom(s) 5 total bath(s) 4 total full bath(s) 2 total half bath(s) Approximately 9944 sq. ft. Two story Style: Traditional 4 or more fireplaces 3 car garage Heating features: Gas Lot is 15960 sq. ft. Elementary School: Wilson Interior Features Carpet, Dishwasher, Disposal, Fireplace(s), Security features, Wood flrs Exterior Features Guest house, Interior lot, Patio Listing Information Refreshed at 2:49 AM PT (5 hours ago) Added on Jan 23, 2010 (5 days ago)
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