Category: Real Estate (page 198 of 266)

by Kris Berg

Realtor, Associate Broker

Author website

Do you know what the most common name in America, or perhaps the world, is? Undisclosed Recipient.

From another inductee into the Realtor&174; Hall of Shame, yesterday I received a most exciting offer. “Mr. Realtor”, as he calls himself, had this to say:

When I was in the trenches, I always tried VERY hard to spend at the MOST 3 hours with a buyer AND sell them a home. It didn’t work EVERY time, but it did work MOST of the time.

Now, this just impressed the socks off of me and made me proud as punch to call myself a Real Estate Professional. After all, my goal when assisting buyers is to sell them something in record time so that I can move on to my next victim sucker easy mark client.

I understood one fact…

I am suddenly riveted to my computer screen, as I sense the voice of authority coming my way.

The more houses a buyer sees, the more confused they get – and you along with them. Let’s be honest. After you show 10 homes, no one remembers much.

Amen, brother! I just get all those silly houses confused. I saw eight homes during the Broker Open House yesterday, and I’ll be darned if I can remember one from the next. Yet, I know all the words to the Green Acres theme song, and I managed to put my socks on the right feet this morning. Go figure.

Mr. Real Estate is shopping his book “Secrets of Selling a Home in 3 Hours or Less”. Wind-up, pitch:

You’ll discover how you can “program” the buyer in your office first. In the book you’ll see how they buyers were “pre-sold” in the office.

I have to wonder if “they buyers” knew they were being programmed. I also have to wonder how one sleeps nights promoting the showing of “less” houses in the name of making a fast buck.

The message from Mr. Real Estate got progressively more painful. It involved a P.S. (suggesting that you “sell” the buyer anything even if he can’t afford it, or someone else will), a P.P.S. (announcing the must-attend upcoming seminar), and a Read more

by Brian Brady

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I’m pleased with the first week’s run of my EZ Ads on Zillow; my hypotheses were mostly correct and I received a $500 loan commission from the ads. I’m making ten times the investment so that works for me.

From Zillow:

Let me walk you through my initial analysis:

1-I picked Long Beach, CA (first two ads) because I do business there. There aren’t a lot of posted listings and the price point isn’t that high. The OC Register suggested that higher price point neighborhoods attract higher users on Zillow . Long Beach has an active historical district so I need to ask Laurie Manny about the right zip codes.

2-Verrado is an upscale neighborhood in the suburban Phoenix city of Buckeye. I picked it because Tony Marriott lives and works there. It is not fully developed which accounts for the low impressions. I did receive an e-mail from a seller discussing lease options so one of the three was a real inquiry. There aren’t many posted listings there so this success is an anomoly to me. This neighborhood has promise because most professionals will forget it and it has a high price point.

3-F.Q. Story is an historical neighborhood in Central Phoenix where Greg and Cathleen market. I originally picked this zip code as a juvenile prank so my mug would show up next to Cathy’s listing; I wanted to needle Greg. What I didn’t count on is that the homeowners there are maniacal about real estate. FQ Story homeowners pour so much of their heart and money into their restored homes. They are well educated and tech savvy. FQ Story is the perfect target market for Zillow. I’m going to stay in this neighborhood and amend my ad to say “No Cost Historical Renovation Loans”. The homeowners have good credit, plenty of equity, and a need for a home equity line of credit for remodeling. It helps that Greg uploaded some 30-40 listings.

4-The final advertisement is targeted at zip codes near where I live. I uploaded 60-70 listings to Read more

by Jeff Brown

Real Estate Investments Broker

Author website

Jay Thompson hit a two iron to pin high today when he correctly said Greg Swann and Brian Brady won Majors with their many posts on the latest Zillow announcements. It wasn’t even close. Those two would have been hounding the 19th hole’s ATM for cash because they both had a couple holes in one. Their reporting and opinion pieces were not only astoundingly good, but apparently wildly popular too. They get this year’s first Bawldy awards.

Inman has the first part of a four part series reporting on the subprime to-do. It’s a read well worth your visit. Here’s an excerpt:

Although statistics are hard to come by, there’s plenty of anecdotal evidence that some lenders are working with borrowers to avoid foreclosure.

Captain Obvious predicted this long ago. Of course, since he’s the leader of the Duh! Brigade, nobody is surprised, right? I guess this might mean lenders don’t want a whole bunch of this goo on their books. Who woulda guessed?

John Lockwood had some solid and absolutely empirical evidence about how the real estate bubble is floating these days — at least in Sacramento. Some of the comments seem to say other places are experiencing similar numbers. Read this post. You won’t be sorry.

There’s an interview of yours truly at another blog. It’s not a real estate oriented blog, but one where bloggers are often interviewed. The decision was made to ask me one question a day this week. Every now and then I’m asked for an interview, which is a relatively new experience for me. I’m told an interview I gave to a new ezine targeting baby boomers looking to retire will be published around June or so.

At this point in the year I’m going to break out the famous and very cracked crystal ball. Those who invest in the correct regions this year, and there are more than a few, will be very happy campers on New Year’s Eve next year. There are simply too many things happening — and are staying under the radar. Things like new job growth, continued migration to the previously mentioned correct regions, Read more

by Kris Berg

Realtor, Associate Broker

Author website

Dear Industry Professional:

Kris Berg will be on vacation the week of April 2nd. Accordingly, any industry news of interest or import should be released during this time. We also advise that, where appropriate, you notify her in advance of any press releases (preferably while she is enroute to the airport for a four-hour flight) to ensure that she is fully informed yet unable to do a damn thing about it.

So it was that I knew about the Refin Consumer’s Bill of Rights and didn’t know about the Zillow changes. Either way, I spent the entire discussion somewhere between baggage claim and rental car hell. A week is a long time at the Bloodhound (about four pages) and, while I have so much I would like to say on both fronts, it has all been said. As my journalist-wannabe-daughter would put it, I’ve been scooped. Even Russell Shaw made sure he shared his secrets to getting the listing with everyone… but me. I was otherwise indisposed, discussing the fine art of cow tipping with my children in the middle of Missouri.

Don’t get me wrong; I am a trained professional. I schlepped my laptop through three airports and three hotels with the best of intentions. I foolishly envisioned quiet mornings reporting from the field (and I do mean “field”), but found myself lacking the necessary inspiration when seated in the Marriott Courtyard Business Center next to an eight-year-old playing “Dress Barbie” on her Internet connection.

Ah, Spring Break! Next year, it’s Cancun. This year, it was the frozen Tundra. Did you know that a professional baseball game can be canceled due to “cold”? It happened in Chicago. Did you know that it can be sunny, with not a cloud in the sky, and yet snow? Yep. The average Kris Berg Vacation Temperature was 200 degrees below zero. It was closer to 250 degrees below (not counting wind chill) when we found ourselves waiting on the street for what seemed like three months to gain admittance to the Art Institute of Chicago Museum. I saw American Gothic, but most importantly, it was WARM inside. Read more

by Morgan Brown

Mortgage Banker

Author website

The term “bait and switch” is a favorite amongst consumers when dealing with mortgages. It’s a refrain heard every day in our industry. Somehow uttering this term gives consumers personal strength and a sense of confidence. “I’m not going to fall for any ‘bait and switch'” is a chant designed to ward off the specter of the deed made famous by unsavory mortgage brokers and loan officers. I can’t blame consumers for doing it either, I do the same thing to car salesmen by saying “I’m not going to want the dealer warranty” before I even take two steps on the lot. Even if it isn’t the perfect elixir, it feels empowering, which is something. What most mortgage borrowers don’t realize however is that their old foe the ‘bait and switch’ has morphed, like any terrible virus, in to a new strain of deceit which is being exacerbated by the current market.

First, let’s recap what the “old,” unsophisticated bait and switch schemes consist of. The “bait and switch” consists of promising loan terms that are good enough to get the borrower committed (“off the street” in industry parlance) and then, after they put their time and energy in to the process, delivering significantly different terms on their loan documents at the signing table. The hope being that the customer is too exasperated or desperate to put up much of a fight, and they accept the new terms. This can take the form of any of the following (and more based on loan officers’ personal proclivities):

• A low rate that is suddenly higher
• Loan type is suddenly different (i.e. from a fixed rate to an ARM)
• Loan fees are suddenly significantly higher, much higher
• Prepayment penalties suddenly arise
• Significantly less cash returned to the borrower than anticipated

Luckily consumers can be vocal, and were in complaining about these unsavory practices; hence the “bait and switch” buzzword arose to describe this industry practice. However, while the “old” way of bait and switch was outed; a new, more subtle form has quietly arisen. The worst part? It is completely legitimate under existing laws; and very hard to prove.

The new Read more