Entries from Searchlight Crusade tagged with 'competition'

When The Buyer And Seller Can't Agree On A Price For Real Estate

"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 property is worth what the seller can actually get a...

Questions You Should Ask Prospective Loan Providers

Mortgage - Questions you must ask every provider about every loan when you are shopping. Permission is hereby granted to print this out and use it for non-commercial purposes so long as no alterations are made and copyright is preserved....

When Selling, ALWAYS Be Willing to Show Your Property

I went out looking at properties for clients. From the showing attitudes I got, you'd think it was still 2003 and sellers were lords of the earth, not in a buyer's market where competition for buyers is fierce. One wanted...

Builder's Incentives To Use Their Lender

One of the things I'm seeing more of in MLS listings and developer advertising, among other places, is the phrase "$X in closing cost credit (or "$X in free builder upgrades" given for using preferred lender" Sounds like a bargain,...

How to Effectively Shop For A Listing Agent (Part II)

Continued from Part I Interview lots of agents. Once again, my experience is that the agents at small independent brokerages tend to be sharper than the ones at large chains, but that's only true in the aggregate, and the large...

How To Effectively Shop for A Real Estate Mortgage Loan

This is a little harder than shopping for buyer's agents, so congress critters might not be able to do it. But it's nowhere near as tough as high school algebra, so even if you're a politician you can just get...

Advertising a Sold Property As Available on MLS

This really ticks me off. I just got done going around about this with a clueless Realtor. According to them, it's not available. It's simply pending contract signatures. But it's showing as "Active" in MLS. This is not a minor...

The Return of Portfolio Lending

Fannie and Freddie long had a policy that they would not fund investment property (non-owner occupied) beyond 10 loans for a given investor. Although it did impact a certain number of investors, for most folks that rule just never came...

How to Effectively Shop for a Buyer's Agent

This is easy. Much easier than effectively shopping for a loan or a listing agent. So easy that a congresscritter can do it. So easy that congressional leadership can do it. The only thing possibly moderately difficult to understand is...

Listings from Non-MLS Websites

About once a week, I get an email from a client or prospect asking about a property they found on a site not sourced from MLS. These properties are pretty universally non-existent, at least as far as being for...

Negotiation Requires More Than Dueling Ultimatums

Not too long ago, I started negotiating for a property. I did extensive research online, and and I and my clients visited several competing properties. We made an offer that was a little under 90% of the asking price, and...

What Do Loan Qualification Standards Accomplish?

If you don't know the answer to this, don't be embarrassed. Lots of alleged professionals forgot the answers to these questions for several years, if indeed, they ever knew. It seems like quite a few still don't know the answer...

Magical Thinking About Mortgage Loans

(This is an updated reprint of an article written in February 2007. The Era of Make Believe Loans that made it easier to qualify people for inflated loan amounts ended abruptly a few days later, but the sort of thinking...

Professional Referrals in Real Estate and Loans

People ask for referrals all the time, and many folks will stumble all over themselves to provide referrals. Some of the people referred really are excellent providers. Others are not so good, but the person providing the referral has an...

Pocket Listings: Out of Sight, Out of Mind

Every so often, you will see references to a "pocket" listing. These are usually bad for owners, and usually bad for buyers, but good for agents. A "pocket listing" is one where there agent keeps the listing "in his pocket"...

Fixed rate, Balloon, ARM and Hybrid Loans

One of the things that always seems to be aiming to confuse mortgage consumers is advertising based upon whether the loan is fixed rate, and for how long. First, I need to acquaint you with two concepts: amortization and term....

"All of the Good Properties Get Offers So Fast!"

That's way up there on the list of complaints buyer's agents get. Probably number one, definitely no lower than number three, and it's only going to get worse when the markets recover. There's really only one honest response: "Well,...

Exclusive versus Non-Exclusive Buyer's Agent Agreement

From an email: I was in the process of buying and selling the house when we saw a FSBO house we liked was for sale. But sale fell through, which is a good thing anyway because of contigency on our...

Don't Allow Yourself To Become A Victim of Bad Real Estate Practice

This woman made herself a victim stayed in a hotel for 7 weeks looking for my "Dream Home." And, when I found it, even though it wasn't in my price range, I knew I would do anything I could to...

Credit Reports: What They Are and How They Work

I went to a "direct from the providers" seminar on credit reports and credit scores. Some of this information has changed from previous information, and some of it will change in the future. Credit Reporting, FICO scores, and related items...