Entries from Searchlight Crusade tagged with 'buyers'

Investors Aren't The Only Ones Who Can Fix Ugly Properties

A couple years ago, I took a look at a lender owned property a few miles from my office. It was ugly. I mean ugly. The yard was a mess, there was a deck that was rotting. The facade looked...

The Seller Always Knows More About the Property Than the Buyer

Real Estate information is asymmetrical. One of the central facts of real estate transactions is that the seller always knows more than the buyer. They've lived in the property for years, and had to deal with any defects first hand....

The Measurement Unit For Desirability Is Dollars

I have been asked by more than one person how to measure desirability of real estate objectively. Fortunately, the Phoenicians did all the hard work for me three thousand years ago when they invented money. Precisely what that measurement unit...

Buying Real Estate Isn't Simple

And I don't know why people expect it to be. Cancel that. I do know why. Popular media. It's not all that common in popular media, but on those occasions I see someone buying a house in the movies...

Why the Real Estate Buyers Agent's Commission is Paid by the Seller

I have to admit I'm uncomfortable with it and don't like it. As a buyer's agent, here I am getting paid by someone who not only is not my client, but whose interests are aligned, in most issues, opposite to...

Restricted Sale Property: Very Difficult to Find A Loan (Even harder to find a good one)

This is a warning to those who purchase restricted sale property. I've gotten a couple of calls for refinancing these in the past couple months, and I've never covered this subject. A restricted sale property is one where the...

You Want an Agent That Can Pay ENOUGH Attention to YOU

A lot of advice gets given to choose a "top producing" agent. These highly corporate offices may have the name of an individual agent attached to them, but they are in fact transaction mills. They have done pretty well for...

Will Agents List My Property if I Owe More Than It's Worth?

The answer is yes. This situation is called a short sale. As with everything else pertaining to real estate, there are potential upsides and downsides. First of all, lenders in short sale situations often demand agents reduce their commission, so...

100% Financing or Low Down Payment or Low Equity: PMI May Be The Only Option

One of the casualties of the lending meltdown is the high loan to value second mortgage. With many properties locally having lost twenty percent or more of their value, a second mortgage on a property that ends up in default...

There's Nothing Sacred About Asking Price in Real Estate - Variable Range or Regular

A few days ago, I had an agent get angry at me about an offer below a range asking price. I had submitted the offer with extensive justification as to why it was an appropriate offer. Basically, this clown had...

Variable or Range Pricing of Real Estate

About half the listings around here do not have a single number asking price, but rather a range in which "offers will be considered". Even many agents have trouble understanding range pricing. I've seen and heard more than one agent...

Listing Agents and Pre-Approvals or Pre-Qualifications

It has become very trendy to ask for pre-approvals on loans, because so many escrows are falling through. Unfortunately, as I have explained in the past, Loan Pre-Approval Means Nothing, and prequalification means even less. Both are literally wasted paper....

Discovering an Unpermitted Addition After You Buy

I just came across your article on unpermitted additions. I am having a really difficult time. We own a home in DELETED that we bought in 2006. It was listed as a 3/2 1400 sqft. We are now trying...

Who Has An Interest That Should Be Protected In A Real Estate Transaction?

I've been answering this question for a long time. Whose interests do we need to be concerned about, in a "If they are harmed, we've got a problem" sort of way? Who has a primary stake in a real...

The Good Faith Deposit for Real Estate

A search I just noticed asked the question "Who gets the deposit if escrow falls through?" The theory of the deposit is that here is an amount of cash that the buyer is putting up as evidence of their ability...

Why Renting Really Is For Suckers (And What To Do About It)

(This article was originally written in August 2006. The market and loan rate figures have changed, but the basic information is the same, as is the conclusion) Okay, you might expect a Real Estate Agent to have a post with...

How Agents Should Respond To An Appraisal Below Purchase Price

It really helps my perspective in a lot of ways to be both a Realtor and a loan officer. Just the other day, I had a loan only client where they were already under contract to buy a property...

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...

The Home Valuation Code of Conduct (Appraisal Standards)

Since May 1, 2009, we've been having problems with appraisals like never before. It's an interesting case study how the attorney general of one state used threats to blackmail a nationwide industry, installed personal controls and opportunities for graft into...

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....