Archive for the ‘Uncategorized’ Category
September 7, 2010
I began my insurance career on February 12, 1988, as a Claims Representative (aka Insurance Adjuster) for a major insurance company. Little did I know the situations encountered for the next 10 years of my life would shape me as an individual in ways beyond I could ever imagine. No other career path I can think of requires one to be a contractor, psychologist, attorney, expert negotiator and doctor all rolled into one. In one single day, it was not uncommon to inspect 4 different property claims involving all five of these fields. The job was never boring!
The schedule for any given day might look something like this:
9:00 AM – Take a recorded statement from the owner of a dog that bit a little girl in the face when she tried to go under a coffee table to retrieve the furry stuffed animal that happened to be alive. While there, take photos of the dog and where the incident took place.
10:30 AM – Inspect the home of an insured that accidentally set a grease fire in their kitchen. There is fire damage to the house along with smoke damage throughout. Take photos, diagram and measure each room so an estimate to repair and clean can be written, advise the insured to find a contractor they want to do the work and explain the process. (more…)
Tags:car insurance, claims representative, Glen Curry, home insurance, insurance adjuster, insurance claim, insurance policy, metro brokers insurance, tenant
Posted in Agents, Buyers, Sellers, Uncategorized | 5 Comments »
August 30, 2010
Homebuyers who are taking advantage of the great home values and historically low interest rates are finding the mortgage qualifying process much harder than ever before.
I’ve put together several stories based on real buyers from recent deals that were almost killed by the top “Closing Killers” in the market today. The names have been changed to protect the innocent.
Our first story is about a first time homebuyer couple who barely escaped the sneaky Closing Killer, “Unexplained Deposits” who is part of the Closing Killer gang led by “Opening New Credit”!
Harry and Sally were buying their first home. The house had originally sold for over $250,000. Harry and Sally were able to secure a signed contract for $134,500 with the seller paying all closing costs. They had applied for an FHA 30-year fixed rate loan, putting down only 3.5%. They only needed $4,700 for down payment and 2 months reserves of the PITI (principal, interest, taxes and insurance) payment to qualify for the loan. When they finally sent their current monthly bank statement to the mortgage processor, it showed a current balance of $16,000! Much more than what they needed to close! But wait… did this bank statement reveal a possible Closing Killer: Unexplained Deposits”? YES! (more…)
Tags:atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, closing, debt, Fannie Mae, FHA, Freddie Mac, georgia, Metro Brokers, Metro Brokers Financial, mortgages, Real Estate, real estate agent, VA
Posted in Agents, Buyers, Sellers, Uncategorized | 9 Comments »
August 23, 2010
If I am considering purchasing real estate, what are the pros and cons of selecting one agent to work with exclusively? Why not “play the field” and contact several (or even lots of) agents and have all of them scouting properties and deals for me? Why not just look around on my own? After all, I know what I’m looking for, right?
Let’s cut to the perceived “cons” of signing a Buyer Brokerage Agreement first, since they may seem obvious to most potential buyers:
- “If I can strike a deal working with the listing agent only, won’t I be able to save money since the seller won’t be paying a selling commission?”
- “If I have several non-exclusive agents out looking at deals for me, won’t I get more good properties to consider? And only the agent who brings the best property to me will be paid; that’s fair, right?”
- “I would be promising to ONLY look at properties with my exclusive agent. What if he/she isn’t available when I want to look?”
Will I really save money by dealing directly with the seller’s listing agent? Overwhelmingly, no. That listing agent realizes that he/she will earn every penny of both the listing AND selling commission since they will be solely responsible for seeing the entire deal through to closing. And I have absolutely no power or standing whatsoever to renegotiate the commission agreement already signed between the listing broker and the seller since I am not a party to that agreement. It’s none of my business and some listing agents may even tell me so. Unrepresented buyers like me, in addition to needing much more “hand-holding” than I ever believe I actually will, are also placing ourselves in a position of “spilling our guts” to the listing agent, only to find out later that the listing agent MUST report any pertinent information to his/her CLIENT, the seller. What I say can and will be used against me during the negotiations and at the closing table. Ouch! (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, buyer brokerage agreement, buyer's agent, Buyers, georgia, Metro Brokers, Real Estate, real estate agent, Realtor, Tips
Posted in Agents, Buyers, Uncategorized | 13 Comments »
August 16, 2010
If you listened to the last broadcast of The Real Estate Insider on BlogTalkRadio, we began a discussion on “self motivation”.
How do you push your own buttons? What do you do to motivate yourself?
So in the fashion of David Letterman’s Top 10… we’ll start with number #5 first.
5. “Change who you are first”. Have you ever caught yourself looking to change those around you… it never works (I thought I was going to change the world – not going to work).
4. “Crisis inspires our best efforts”. I’m sure you’ve watched 24 (starring Jack Bauer). I was watching an episode and heard a line in the show that summarizes this point… “Stress is the fertilizer for creativity”. (more…)
Tags:24, Aristotle, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Blog Talk Radio, BlogTalkRadio, business, Buyers, coaching, Jack Bauer, Metro Brokers, Michael McFadden, motivation, quotes, RE Insider, Real Estate, real estate agent, Real Estate Insider, self motivation, success, Tips
Posted in Agents, Buyers, Sellers, Uncategorized | 6 Comments »
August 9, 2010
Connie Stokes, a DeKalb County Commissioner AND a Georgia real estate licensee has proposed and gotten passed an ordinance called the “Foreclosed Registry Program” requiring that all VACANT FORECLOSED properties in DeKalb County be registered with the county at an annual fee of $155 (in the written copy of the ordinance I obtained) or $175 (as reported in the Atlanta Journal Constitution) beginning in 90 days (exact date not published, but the ordinance was passed on July 27, 2010).
Supposedly, this is to stress to owners of foreclosed properties (typically banks) the requirement to maintain and secure these vacant properties in order to “prevent blight, decreased property values and crime”. As desirable as these outcomes appear, this effort is extremely burdensome on Ms. Stokes’ fellow real estate agents, and will place real estate agents squarely in the line of fire from the public and code enforcement when banks won’t or don’t attend to their properties and will “stigmatize” otherwise normal properties. (more…)
Tags:ann bone, atlanta, atlanta real estate, bank owned, Better Homes and Gardens Real Estate Metro Brokers, Connie Stokes, Dekalb County, Foreclosed Registry Program, foreclosure, Foreclosures, georgia, listing, Metro Brokers, real estate agent, REO, seller, stigmatized properties, vacant
Posted in Agents, Buyers, Sellers, Uncategorized | 11 Comments »
August 2, 2010
Military personnel and federal employees who are “under water” with their mortgage can benefit from a program by the Department of Defense that is administered by the US Army Corps of Engineers under the Base Closure Act known as HAP (Homeowner’s Assistance Program). This program was extended under the American Recovery and Reinvestment Act of 2009. For full information, go to http://hap.usace.army.mil/
This program was originally designed to apply to members of the military or federal employees who owned a principal residence in an area where a base closure or realignment caused the values of the homes to decline. (more…)
Tags:American Recovery and Reinvestment Act, atlanta, atlanta real estate, Base Closure Act, Better Homes and Gardens Real Estate Metro Brokers, dana eskridge, Foreclosures, georgia, HAP, Metro Brokers, military, mortgages, Real Estate, short sales, Tips, US Army Corps of Engineers, veterans
Posted in Buyers, Sellers, Uncategorized | 5 Comments »
July 19, 2010
With the new LQI (Loan Quality Initiative), buyers better not make ANY purchases until after closing or there might not be a closing! Even after the mortgage loan is approved, lenders now do a final credit check to make sure nothing has changed.
This means that homebuyers could now find their closing stopped the day of closing if they make any new purchases or changes to their credit, income or assets after they make loan application. The LQI rules require lenders to re-check all of the borrower’s data to ensure that there have been NO changes since the loan application.
In the past, homebuyers were sometimes advised by their Realtor and Loan Officer not to make any purchases or open any new credit until AFTER the closing. Now with the new LQI lender re-verification of the borrower’s mortgage file within days prior to closing, homebuyers could stand to lose more than their loan approval. (more…)
Tags:atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, buyer, Fannie Mae, FHA, georgia, Judy Jones, loan quality initiative, Metro Brokers, Metro Brokers Financial, mortgages, Real Estate, real estate agent, seller
Posted in Agents, Buyers, Sellers, Uncategorized | 4 Comments »
July 9, 2010
Putting yourself in the right mindset to sell is essential. Once your house goes on the market, it’s no longer “Home Sweet Home”, but a product that will be seen by prospective buyers and their agents who have no attachments to the house. It’s the most difficult aspect of selling for most sellers.
Detaching yourself emotionally from your home is difficult. Clearing out years of clutter, depersonalizing your home by removing personal memorabilia and staging your home for sale can help you view the home as a product that needs to be sold rather than as your personal sanctuary. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, listing, Metro Brokers, pricing your home, Real Estate, real estate agent, seller
Posted in Sellers, Uncategorized | 7 Comments »
July 2, 2010
Many people know that I host a show on BlogTalkRadio for The Real Estate Insider. On a recent show, we spoke about 5 simple steps that you can implement into your business, to make it simple and a bit more fun.
- Exposure – Remember the saying “the right place at the right time”, today it needs to be “being in enough places, more than enough times”. that’s what it that’s today. Social media is taking over the world, which allows us to be in enough places. Facebook, Twitter, LinkedIn, blogs (like the one your reading now) allows you to be in those places. Take advantage and get your EXPOSURE on!
- Staging – Know the difference between “selling condition” and “living condition”. We all know that when a home is priced correctly, many people will “look” at the home. And when a home is in “living condition”, the offers will come in. Most buyers want to see themselves moving in the home asap, but if they can’t envision it, they’ll keep looking until they find a home in “living condition”. (more…)
Tags:atlanta, atlanta real estate, Blog Talk Radio, business, georgia, Metro Brokers, Michael McFadden, RE Insider, Real Estate, real estate agent, real estate career, Real Estate Insider, Social Networking
Posted in Agents, Uncategorized | 17 Comments »
June 28, 2010
If you are having difficulty making your mortgage payments because you have lost a job, had a reduction in income or had an increase in your payments, foreclosure may be avoided. Here are some steps to take:
1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Avoid foreclosure prevention companies. You don’t need to pay fees for foreclosure prevention help–use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender and a trained real estate professional will provide free.
(more…)
Tags:atlanta, atlanta real estate, dana eskridge, Foreclosures, georgia, Metro Brokers, mortgages, Real Estate, real estate agent, short sales, Tips
Posted in Sellers, Uncategorized | 16 Comments »
May 17, 2010
Last night I watched the season finale of Survivor: Heroes vs. Villains. It’s always interesting to see the dynamics and strategies of all the players. In case you missed it, Sandra won and the under-handed Russell lost.
It got me to thinking about how agents survive in a challenging market. Agents are always looking for ideas to increase their business, to market themselves, and to market their listings.
So what can you do to survive a challenging real estate market? Agents can learn a thing or two from the TV show Survivor…
(more…)
Tags:atlanta, challenging market, Real Estate, season finale, strategies to survive, Survivor, Tisha Gay, TV show
Posted in Agents, Uncategorized | 3 Comments »
May 10, 2010
Many people may not be aware of this, but the Homebuyer Tax Credit has been extended for the military and certain other federal employees. This was actually part of the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009.
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the Homebuyer Tax Credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011.
If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
(more…)
Tags:atlanta real estate mortgage, federal employees, homebuyer tax credit extended, Judy Jones, Metro Brokers Financial, military extension, military tax credit
Posted in Agents, Buyers, Sellers, Uncategorized | 7 Comments »
May 3, 2010
As if Short Sales weren’t complicated enough! After a deluge of complaints about the length of time needed to gain lender approval on Short Sales, deadlines are beginning to be imposed on lenders. As a result of these deadlines, some sellers’ lenders are now “requiring” (as a condition for seller’s lender’s written approval of the deal) that the Purchase and Sale Agreement be REDATED to show the current date as the offer date.
For example, you submitted an offer containing a Short Sale Contingency on January 10, 2010, the seller signed it on January 11, 2010 and it was sent to the seller’s lender(s) for approval. Today, the seller’s lender says they will approve the deal, but ONLY if you rewrite the offer with today’s date on it.
(more…)
Tags:ann bone, atlanta real estate, atlanta short sales, HAFA, Home Affordable Foreclosure Alternatives, redate purchase and sale agreement
Posted in Agents, Buyers, Sellers, Uncategorized | 12 Comments »
May 7, 2009
Let’s just say that working for Kevin Levent keeps every day interesting. Let’s take, for example, a comment from last week’s blog where he “accidentally” let the cat out of the bag about our new mobile website. Way to steal my thunder Kevin!
Well, today I get to announce OFFICIALLY that we launched a mobile version of the Metro Brokers website. I can’t tell you how excited all us techies are. It not only uses some cool new technology (ASP.Net MVC for those technically inclined), but it’s super fast and leverages the power of our one-0f-a-kind listing search engine.
I’ll list some highlights for you here, but make sure to check it out yourself. Go to www.metrobrokers.com from your mobile phone, or just hit m.metrobrokers.com from anywhere.
(more…)
Tags:Kevin Levent, Listing Search, metrobrokers.com, mobile phone, mobile website, Real Estate, website
Posted in Agents, Buyers, Sellers, Uncategorized | 37 Comments »
May 4, 2009
Are you thinking about selling your house? Before you put it on the market, you should try home staging.
Just watch almost any show on HGTV and you’ll see potential buyers walking through listings and cringing at the décor, paint color, clutter, etc. And most of the time, they can’t look past it.
Staging means to put your home in the best possible light and decorate it to make it more attractive to a prospective buyer. On average, staging can add 10 to 15 percent value to a home and help it sell quicker.
(more…)
Tags:HGTV, Real Estate, selling tips, staging
Posted in Agents, Sellers, Uncategorized | 8 Comments »
I began my insurance career on February 12, 1988, as a Claims Representative (aka Insurance Adjuster) for a major insurance company. Little did I know the situations encountered for the next 10 years of my life would shape me as an individual in ways beyond I could ever imagine. No other career path I can think of requires one to be a contractor, psychologist, attorney, expert negotiator and doctor all rolled into one. In one single day, it was not uncommon to inspect 4 different property claims involving all five of these fields. The job was never boring! 
