Entries from Searchlight Crusade tagged with 'competition'

Realtor and Loan Officer Responsibility: Can the Client Afford The Property?

Every so often, I write about professional responsibility. Every month I get a couple of magazines because I'm a Realtor. There was a letter from someone who was proud of the fact that he had never asked someone if they...

Should Lenders Be Permitted to Sell Real Estate?

My answer is yes. National Association of Realtors is very proud of their sponsorship of legislation to keep lenders out of the business of real estate. They quote the legislation keeping banks out of the real estate business as being...

When Your Offer is Rejected

"overpriced house offer rejected what next" (Before I get started, I want to make it clear that I am using the same definition of worth found in this article) The first thing to consider is the seller obviously didn't feel...

Shopping For The Best Loan In The Changed Lending Environment

It shouldn't be any surprise to anyone with the headlines of the last few years that shopping for a mortgage loan has radically changed. Indeed, a lot of the regulatory changes seem directly aimed at what were the best...

Should Negative Amortization Loans Be Banned?

Having written several articles on Negative Amortization Loans, telling of the details of what is wrong with them, and even destroying the myth of Option ARM cash flow, I sometimes get asked if I would like to see them banned...

Competing Offers From The Same Agent For The Same Property

I wouldn't have believed this one if I hadn't been there when it happened. Another agent in my office had a listing where the property went into default. We just happened to find out about it; the seller tried to...

Loan Providers Offering to Pay For The Appraisal

This is one of those commercial gambits I keep seeing that has nothing intrinsically wrong with it, and yet it is most often a tactic employed by the more costly loan providers. In short, sharks and scam artists. The basic...

Buyer's Markets

One of the phenomena that I have encountered is fear of the market in buyers. They are concerned if prices are falling, and that they will lose some or all of their investment if they buy. Well, the first...

My Loan was Denied - What Fees Can I Recover?

"What mortgage fees can i recover after loan denial" was a search I got. The answer is basically, "None." The only thing that should be charged up front is a credit check, which costs about $20, and you should be...

Buyers: Stretching Your Budget Means Compromise

As a good buyer's agent, I love a challenge. When someone comes to me trying to make a budget stretch just a little bit further than it would usually go, that's the kind of client I love to have....

Why You Want A Buyers Agent To Deal With Developers

Not too long ago I got an email from an ex-prospect who decided to buy a developer's property without a buyer's agent. They persuaded her that she would get a better deal without them having to pay a buyer's agent...

"We'll Beat Any Quote" in Mortgage Loans

Just like "we'll beat any deal!" in any other competitive sales endeavor, this is a game. Actually, it's even more of a game for loans than it is anywhere else, used cars included. What they are hoping is that you'll...

Online Real Estate Photographs - You Have Heard of Photoshop?

When Israel invaded southern Lebanon a few years ago, this picture from Reuters ran worldwide The problem was that it was heavily photoshopped by a Palestinian stringer trying to make it appear like the Israelis were setting the entire...

You Must Be Willing To Act In Order to Get Any Benefit

On a very regular basis, pretty much every buyer's agent who's worth anything gets clients who have difficulty making a decision. Not too long ago, I found a solid property with great potential that nonetheless needed about $20,000 of cosmetic...

Whatever the New Trick in Loans is, It's an Always Attempt to Keep From Really Competing On Price

It seems every week I get asked about some new or revived trick that loan providers are pulling. The one thing they all have in common is that they are methods to avoid competing on price. What the basic terms...

I'm Sorry, Did You Think Your Good Faith Estimate (Or Mortgage Loan Disclosure Statement) Meant Anything?

Somebody asked, "What are my legal options when there's a change on a good faith estimate." Short answer: Sign the documents or don't. Same thing with a Mortgage Loan Disclosure Statement here in California. Neither one means anything binding; that's...

Special Restricted Loan Programs Means Potential For Special Problems

An e-mail I got from a single mother I spent two months working with before she found a special low income program for a property she wouldn't have been able to afford through me. The first paragraph is her addition...

Why It May Be Costly to Reject Paying Points

I hear it and read it all the time - advice that says to pre-emptively reject the possibility of paying points. People that talk to me about loan rates that tell me they will not consider any loan that...

Just Because Compensation for a Loan Isn't Disclosed Doesn't Mean It's Free

I am continually confirming that a large percentage of people can't handle negotiations like an adult. They focus in on garbage and ignore what's really important. I recently was going to deliver a loan that cost less, as well as...

There's No Real Way to Take The Complexity Out of Real Estate

Every so often I get e-mail asking why real estate transactions are so complex. Matter of fact, I have this discussion with most clients at some point. The answer is, "Because real estate transactions for a lot of money, and...