Entries from Searchlight Crusade tagged with 'value'

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...

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...

What Do Buyer's Agents Do?

Got this search: "should I get a buyer's agent if I've already found a house" The answer is almost certainly yes, but I am going to examine both the pros and cons. Full disclosure: This is what I do for...

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...

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...

Developers and Incentive Money to Use Their Lender

Good Evening! My name is DELETED and my wife and I recently signed papers to purchase a property from DELETED in DELETED, CA. After our options, their lot premium, and the elevation charge, the house is listed at 425,000....

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...

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....

Top Twelve Things That Help You Buy Property At A Bargain Price

Quite a while ago, I wrote Top Ten Reasons You Bought The Wrong House and Top Ten Reasons Your Home Isn't Selling. In that vein, I'm going to write a list of the most important things when you're shopping for...

Buyer's Appraisal versus Seller's Appraisal

My husband and I are currently in escrow with the sale of our home in California. Our buyers have been " difficult" to say the least. The buyers appraisal of our property came in $6,000 below the selling price...

Lipstick on a Pig: Selling the Property You Should Never Have Bought

Lots of properties have some kind of problem with them. Maybe you bought in full recognizance because of something else about the property, but probably not. Mostly it's directly a result of not spending the effort to find a good...

Reasons Why You Want A Buyer's Agent

There's an awful lot of nonsense out there that advises people to do without an agent. Quite often, first time buyers of real estate get seduced into not having an agent by this stuff before they get into the market,...

The Division of Labor Between Buyers and Their Agents

During the initial interview with prospects, I like to cover the division of the labor that goes into a purchase that makes the buyers happy. I have to know what's important to the buyers, how important it is, and what...

When The Appraisal Is Below The Purchase Price for Real Estate

what happens when house doesn't appraise? I presume this question meant "for the necessary value according to the lender's guidelines". Lenders base their evaluation of a property upon the standard accountant's "Lower of Cost or Market." This is intentionally...

There Is Always A Reason For A Low Asking Price

One thing prospective home buyers need to understand and don't is that there is always a reason for a low asking price. To emphasize: There is always a reason for a low asking price. Sometimes that reason is something you...

Builder Upgrades: Pro and Con

What I still am unclear on is the pool and how (in my opinion) it's crazy to finance $40,000 into a mortgage when you *plan* on refinancing in a few years. By *plan* I mean you take out a...

Refinancing When You Owe More Than The Home Is Worth

I've been looking around for an answer to this but my searches haven't returned anything useful. Say you buy a house and with that house you finance in a pool. House was $210,000 and pool is $40k. $250k mortgage....