Entries from Searchlight Crusade tagged with 'competition'

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...

Desperation Mining: How a Buyer Hits Paydirt (and How Sellers Can Avoid it)

One of my favorite blogs ran a picture of a listing sign that included the caption "REDUCED But Not Stupid or Desperate". I beg to differ on the former. On the latter, time will tell. Most successful real estate investors...

Procuring Cause and Multiple Agents

Dear Mr. Melson, If you sign two or more non-exclusive buyer's agent agreements in your search for a home to buy, how do you avoid putting yourself at risk for a procuring cause situation from either agent, or even the...

Stupid Negotiating Tricks: Appeal to Pity (or Falling for Appeal to Pity)

A while ago, another agent in my office got an offer and brought it to me for feedback. The listing was range priced over a $30k range, and priced correctly, so there was a lot of activity on it. The...

What to Do When Your Loan is Declined

Loans are declined, or actually, the next thing to it, all the time. It is pretty rare for a loan to be outright rejected; I do not recall ever having had a loan outright rejected. That's a sign of a...

Did That Slap On The Back Leave a Knife?

One of the things the place I work does to attract clients is advertise foreclosure lists to our clients. Several times a week, people call and ask for the lists, and we say, "Great! Just come on down, fill out...