About Frederick County, VA

We all have them . .lurking in our desk, hiding in the kitchen junk drawer.

Let's put our old cells to good use!!

Visit www.cellphonesforsoldiers.com to find easy instructions for sending your cell phone to a soldier to help them keep in contact with their families!

"A little Drama in the Rain . . .."

*Ring* *Ring*

List Agent:Hello, Brokerage XYZ, May I help you?

Buyer's Agent: Yes! I want the showing instructions for REO listing ABC street.

List Agent: I'm sorry that listing is no longer taking offers, we are waiting for final ratification from the bank.

Buyer's Agent: I would like the lock box combination so I can write a back-up offer.

List Agent: I can give you the combo, but the bank is not accepting anymore offers, we have two back ups.

Buyer's Agent: Well I'm going to go ahead and write an offer anyways and send it in.

List Agent:OK . . .(grrr)

How many times have you had this conversation? Sometimes I often wonder if I'm speaking a second language. Sorry but NO means NO guys! REO's have become so competitive (limited inventory) that agents seem to throw common sense out the window. Its a difficult market, but let's not forget our manners!

TIPS FOR WRITING A GREAT REO OFFER!

1.) ALWAYS CALL before showing! These properties can go quickly if they are priced well. Ask if any offers have been received or if there are any special addendum's required.

2.) LOCK DOWN THE MONEY! Asset managers will often consider the type of loan that the purchaser has in their decision to accept an offer. Make sure that your client has a rock-solid pre-approval letter or proof of funds letter to submit with your offer.

3.) DON'T WAIT! Tell your clients that if they want the house that they need to drop what they are doing and write NOW! Be honest and tell them that their chances may be better if the offer is written and submitted before the end of business.

3.) DON'T LOW BALL! If your clients are ready to write, there are 10 business cards on the kitchen counter beside the multiple offer disclosure form make sure that your clients know that now is not the time to be coy with their offer. If they want the house they will need to be BRAVE and willing to write above the asking price. ESPECIALLY if they need closing costs!

4.) FOLLOW UP! A fax confirmation is not enough! Follow up to make sure that the agent has your offer in hand. I don't know how many times an agent has said . . . didn't you get the fax?? The list agent did not even know to look for one without a phone call to prompt it.

5.) HURRY UP AND WAIT! Prepare your clients to be patient to hear back from the asset manager and to receive the additional documents. Unfortunately once you are accepted you will be working on the asset manager's time frame, not yours!

Remember to be kind and prepared to the REO agents in your area. Establish a relationship with the agents and you may be surprised of WHO will give you a call for a heads up on a hot new foreclosure.

For more insider on REOS, foreclosures and short sales visit my site www.equitynegotiations.com

Things are looking up!?

I cannot help but notice the difference in short sale negotiations in just the last 60 days. The process is still taking time, but it seems like the lenders are finally getting efficient systems in place to get the ball rolling. More lenders also seem ready to delay the foreclosure process in order to allow for more time for the short sale to be worked out.

What does this mean? It could mean two things.

1.) Short Sales will have a reduction in time ( BUT NOT THE 7 Days that are being pushed)

2.) We will see a significant reduction in foreclosures. Short Sales will be here to stay for several years as the market re corrects and family's struggle to overcome the equity that they lost in their homes.

The bright side is that the process seems to be improving and credit bureaus are reporting that credit can recover much more quickly (2-3 years) with the Short Sale Process. For more information on Short Sales and if you can qualify please visit www.equitynegotiations.com

If you are not already using google aps to organize your transactions and team communication IN ANY JOB that you are in (where allowed) you are missing the boat! Their user friendly aps work well with team projects, organizing calendars and tasks and even working on notes and spread sheets! Check it out at www.google.com and click on "business solutions" and did I mention that this was FREE!!! Take that outlook!

For more information on Short Sales, Foreclosures and REAL ESTATE in the Shenandoah Valley and Eastern Panhandle, Please visit: www.equitynegotiations.com

How to find A"Good" REALTOR??

There has been a great MEMBERS ONLYdebate on the rain today, but I though I would tone it down an bit and expose the public to the question at hand. As REALTORS we can be subject to law suits and local association board disciplinary action if we are found to be soliciting advice or opinions outside of our scope of training. Often legal matters do arise in real estate transactions and whether consciously or not we can and do offer opinions on these subjects to our clients. The debate is whether it is good customer service or a risk of a law suit to do so. We need to protect our clients, but at the same time is our opinion worth our license if things go wrong in the transaction? Disclosure protects everyone involved, and at the end of the day its important to remember that our licensing does have its boundaries! Professional legal and tax advice is not free, and if things go wrong you will definitely get what you pay for.

There is a clause in the contracts that REALTORS use in Northern VA that states (paraphrasing ) REALTORS are not attorneys, tax advisers, home inspectors, mold or air quality experts, etc. . . . . and at this point I stress to my clients that I can recommend great vendors that can obtain the professional opinions that they need,but they will not hear it from me. Basically as REALTORS we are supposed to give our clients the information that they need (or provide them with resources so that they can find it) to help them make educated decisions about purchasing or selling their home.

Real estate transactions should be black and white, and opinions can create a gray area. Black and white means providing sales statistics, disclosures and contracts, and safe access to properties on the market. REALTORS can offer guidance but I really do not think our opinions have a place in a transaction. If my client needs an opinion or an interpretation I would consult my managing BROKER first and then direct them to an attorney.

My Take on the Debate: If you have the "experience" behind your opinions and are worried that your client may be making a bad decision, by all means point it out and point them in the direction of an expert in that field to give them the best advice possible.