Entries from Searchlight Crusade tagged with 'sellers'

You've Got a Great Offer, But Can The Buyer Consummate It? (Cash to Close and Appraised Value)

As a seller, a purchase offer is not money in your pocket. As a matter of fact, accepting the wrong purchase offer can cost you tens of thousands of dollars if the buyers can't consummate. I recently dealt with...

Mortgage Fraud Is Still Happening - What To Do About It

You would think these nitwits would learn. You would think they'd all be out of the business. Sadly, that is not the case. It started innocently enough. It always starts innocently. This was an email I got (specifics redacted). Hi...

Misplaced Improvements in Real Estate

Every so often I'll say something about misplaced improvements. You may be wondering what a misplaced improvement is. Simply put, it's something that stands out above the surrounding properties so far that they pull it down. Like having a mansion...

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...

If You Need A Loan To Buy A Home, You Need A 60 Day Escrow

Minimum Time was, a few short years ago, when I could reliably do a purchase money loan in two and a half weeks. That has now changed. There are three separate delays of one to two weeks that have been...

Picking an Agent: Production Metrics versus Consumer Metrics

This is a reprint from an older article that talks about a very important distinction between an agent doing well for themselves versus doing well for their clients. It originally ran in August 2005. Every day I pass by another...

Beware Agendas in Your Financial Reading

Figures don't lie, but liars sure to figure - and filter, and slant, and just about anything else you can think of. Someone sent me a link to this article in the Wall Street Journal of all places. It...

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...

Buyers Should Never Pay to Repair A Property They Don't Own

I got a phone call from some out of state relatives looking to buy their first home. They want to buy a lender-owned property, but the only loan they have the down payment for is FHA. FHA has a few...

Offers Where The Buyer Knows About A Problem With Your Property

Every once in a while, a listing agent will get an offer in where the Buyer's Agent did their research, got lucky, or both, and the offer indicates that the buyer is aware of one or more problems that really...

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 Listing Agent (Part I)

This is the final article in this series, and the most difficult. The reason is very simple: Unlike shopping for buyer's agents or shopping for loans, you have to make a binding choice - it is in your best interest...

Altering the Terms of A Real Estate Purchase Contract

A search hit that I got: What is the reasonable amount of notice to give when changing contract terms in California Unfortunately for this person, a real estate contract is not something like Lando Calrissian's bargain with the Empire in...

Earnest Money: Copy of a Check or Proof Of Funds?

There's no question which I'd rather have. It has been traditional for a client to write a check to their broker's escrow account. Sometimes the check is actually deposited, but usually it's just held. It has recently become become a...

The Escrow Process and Reasons for Falling Out

There are all sorts of reasons why escrow falls through, but they fall into three main categories. They can best be described as failures of qualification, failures of the property itself, and failures of execution. Before I get into the...

Listing Agreements: Exclusive Right to Sell Versus Exclusive Agency

There are actually several different kinds of listing agreements. They get their names from the rights conferred when you sign the contract. The vast majority of agreements concluded are either Exclusive Right to Sell or Exclusive Agency. Exclusive Right To...

The Are No Schools That Teach What A Good Agent Needs to Know

I find it fascinating the number of people who will claim that because no college degree is required to become a real estate agent, that agents can't possibly be worth any significant amount of money. The reason no college...

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...

FSBO Horror and Failure to Disclose Property Defects

I keep getting search result hits for the string "fsbo horror." It's an amalgamation because I haven't done any postings on this specific subject. Both buyers and sellers have problems relating to For Sale By Owner issues. For sellers, the...

Rent to Own and Lease With Option to Buy

This has always been a portion of the market, but right now, more and more people are emphasizing it, or at least the ones who are able. Actual Rent to Own is rare these days, a sign that the...