Posts Tagged ‘ann bone’
March 21, 2011
Continued from “D-I-V-O-R-C-E and Real Estate, Part 4”.
Previous segments of this blog have discussed the necessity of divorcing spouses doing sufficient Due Diligence regarding the real value, the current condition and the known and unknown risks of jointly owned real estate.
I’ve saved the biggest bombshell for last. Real estate practitioners are too well acquainted with this “problem”, because we deal with the repercussions every day. It’s the MORTGAGE HANGOVER.
Sadly, divorcing spouses actually believe their divorce decree. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, divorce, georgia, Metro Brokers, Real Estate, real estate agent, Realtor
Posted in Agents, Buyers, Sellers | 1 Comment »
March 7, 2011
Continued from “D-I-V-O-R-C-E and Real Estate, Part 3”.
Even a friendly, uncontested divorce can have nasty consequences at a later time. I’ve already blogged about being “too nice” and simply subtracting the (known) mortgage(s) from an appraised value of the family home to determine the value of the equity asset. Too little Due Diligence is usually done to determine all of the financial liens against the home and the true value of the home in its current condition.
I feel fairly certain that NO Due Diligence is done to determine how risky the marital home is. Risky? What does that mean? And why should the in-spouse or out-spouse be concerned? (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, C.L.U.E., clue report, divorce, georgia, Metro Brokers, mortgage, Real Estate, real estate agent, Realtor, seller
Posted in Agents, Sellers | 6 Comments »
February 21, 2011
Continued from “D-I-V-O-R-C-E and Real Estate, Part 2”.
Using the same Due Diligence while working out what’s to be done with jointly owned real estate during a divorce makes sense. How can the parties know how much the property is really worth or just how big the debt associated with the property really is?
I’ve already suggested searching the title to know exactly how encumbered a piece of real estate may be by adding up all the mortgages, home equity loans, secured debt liens, tax liens, judgments, HOA liens, mechanic’s and materialman’s liens and any other liens discovered in the title search. Even though it may seem blatantly unfair to saddle the family home with business or personal or lawsuit debt, it happens often. I have had the misfortune to be sitting at the table when one spouse finally has to confess to the other about the second mortgage or equity line taken out without the other’s knowledge or permission. Very sad. (more…)
Tags:ann bone, appraisals, appraiser, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, divorce, georgia, home inspector, home repairs, home value, Metro Brokers, Real Estate
Posted in Agents, Sellers | 11 Comments »
February 10, 2011
Continued from “D-I-V-O-R-C-E and Real Estate, Part 1”.
In order to protect themselves, their financial future and the financial future of any children, divorcing spouses desperately need to make sure they know what they owe (individually AND jointly), what they own (individually AND jointly), what each of them are getting into, what each of them are getting out of, and most importantly – what each of them may be getting stuck with… before it’s too late!
Note: In divorce, too late often comes early. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, divorce, georgia, Metro Brokers, quit claim deed, Real Estate, real estate agent, seller, seperation
Posted in Agents, Buyers, Sellers | 6 Comments »
February 7, 2011
Considering a divorce? Already involved in a divorce? Know anyone involved in or considering a divorce? Does the divorcing couple own a home or other real estate? If so, read on to learn about divorcing the house as well as the spouse.
In Georgia, the overwhelming majority of divorcing couples try to “settle” the division of property before going before the judge. Usually neither has an attorney, although they may have used the services of a mediator or “collaborative practitioner” to arrive at their agreement. The property agreement is ratified by the judge who has no choice but to believe that each of the parties know and understand what they have agreed to. In fact, the judge’s primary concern centers on any children involved in the divorce. Real estate and other property assets take a distant back seat to the welfare of children, and rightly so. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, divorce, georgia, Metro Brokers, quit claim deed, Real Estate, real estate agent, seller, seperation
Posted in Agents, Buyers, Sellers | 14 Comments »
January 24, 2011
Congratulations. You got a real estate license some time ago and became the CEO of your own “small business”. How’s business been lately? Bad? Worse than bad? Did you make enough money in 2010? Have you taken a “real job” to make ends meet?
What’s your plan to succeed in 2011?
The CEO of any business is in charge of hiring the right people to perform the services necessary to generate income. As the CEO of your own business, you “hired” yourself, didn’t you? Have you as CEO analyzed yourself as the sole provider of income to the company? Would you hire yourself again? (more…)
Tags:2011, ann bone, atlanta, atlanta real estate, average sales price, Better Homes and Gardens Real Estate Metro Brokers, business, business planning, CEO, closings, commission, georgia, Metro Brokers, prospecting, Real Estate, real estate agent, real estate career, Realtor, small business, success, Tips
Posted in Agents, Uncategorized | 8 Comments »
January 4, 2011
Have you ever driven by a property for sale and seen multiple “rider” attachments to the FOR SALE sign? Sometimes there are so many, they drag on the ground.
There may be a rider for the agent’s OTHER phone number, a rider for a special web site set up for the property, a rider that says, “Reduced”, one that says, “Must See Inside” and any number of other quick little messages to tempt potential buyers inside.
Over the years, I’ve compiled my own interpretations of what these various sign riders really mean when you decode the “agent-ese”. Here are some of mine, and feel free to add yours to the list: (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, georgia, listing, marketing, Metro Brokers, Real Estate, real estate agent, real estate sign, Realtor, seller, Sellers, sign rider
Posted in Agents, Buyers, Sellers | 7 Comments »
December 20, 2010
Realtors love showing homes on bright sunny days. Even not-so-beautiful properties seem to look better with the sun shining and the birds are tweeting. Dirty windows don’t block too much light and if the seller forgot to open the drapes all the way, that’s OK.
Homebuyers also seem to prefer looking at homes when the weather is nice. And home inspectors REALLY like to do their jobs when the weather is nice.
Boy, oh, boy, though, let the rain clouds move in and things can look very different. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, georgia, Metro Brokers, rain, rainy day, Real Estate, real estate agent, Realtor, showing homes
Posted in Agents, Buyers | 6 Comments »
November 8, 2010
I saw an article published by RISMedia (Real Estate Information Systems) last week which made me pause. It concerned the necessity and advisability of disclosing the dollar amounts of all liens filed on a listed property if those liens “may make it difficult to close escrow on a property or impede the transfer of free and clear title”.
The “necessity and advisability” comes as a result of a lawsuit in California (where else?), Holmes v. Summers (October, 2010) in which a court ruled that the Listing Broker could be liable and responsible for costs and damages incurred by a buyer in a failed deal when the existing liens on the property exceeded the sales price. The logic seems to be that buyers who spend money on inspections, appraisal and any other due diligence activity are damaged if the Listing Brokers fail to disclose that the property seller is “upside down”, “underwater” or other euphemisms for in a bad financial position and the sale fails to close because of the seller’s bad financial position. That makes sense to me. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, California lawsuit, Foreclosures, georgia, Holmes v. Summers, Metro Brokers, mortgage lien, mortgages, Real Estate, real estate agent, Realtor, rismedia, seller, short sales, tax lien
Posted in Agents, Buyers, Sellers | 4 Comments »
November 1, 2010
Hoooooooooo boy, here it comes. The day of reckoning for agents who don’t follow the FMLS rules of membership is at hand. As every real estate agent in the metro Atlanta area knows, FMLS is one of two major MLS systems providing information about listed properties. Member real estate companies pay a great deal of money to join FMLS and be able to provide access to its valuable information for the company’s affiliated agents.
FMLS has always had a unique method of charging for its services:
- Brokerages pay a percentage of the sales price after a successful closing. It’s .0012% of the sales price, or $120 on a $100,000 sale.
- One brokerage with both sides of the sale? One fee.
- Two cooperating brokerages on the deal? Two fees.
- No closing? No charge. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, fines, fmls, Metro Brokers, multiple listing service, Real Estate, real estate agent, Realtor
Posted in Agents, Uncategorized | 13 Comments »
October 18, 2010
Phones are ringing and emails loaded with links are flying! What does the latest foreclosure debacle, the fact that errors or omissions have been/are being discovered in previous residential foreclosures mean to homeowners being threatened with foreclosure, to bank sellers who have already foreclosed, to potential buyers, to mortgage lenders and to real estate professionals?
Many, many residential mortgages have not been retained and serviced by the lender who initially made the loan. Over the years, most mortgage debt instruments (mortgages, for short) have been sold, resold and resold again on the secondary financial market. Homeowners routinely received notices that their mortgage had been sold and that “the new mortgage servicing company is (insert name of new mortgage company here).” Payments were dutifully sent to the new company until the next notice arrived. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, clouded title, Foreclosures, georgia, listing, Metro Brokers, Real Estate, real estate agent, Realtor, title insurance
Posted in Agents, Buyers, Uncategorized | 5 Comments »
September 27, 2010
Condo Ownership is the perfect lifestyle for some, but not for others. If you’re thinking of buying a condominium, you must do your due diligence regarding the Condo CCR’s (Covenants, Conditions and Restrictions). Also important is the financial stability of the Condominium (Budget and amount in Reserve Account).
“Condominium” is a form of ownership, not a physical description. In Georgia, stacked flats, mid-rises and high-rises are almost always condominiums. However, town homes can be fee simple ownership or condominium ownership. In condominium ownership, the unit owner owns everything from the sheetrock in as well as from the floors up to the ceiling. The outer walls and roofs are commonly owned by and maintained by the HOA. The land is also commonly owned and maintained by the HOA. There have been cases where a contract is written up as fee simple, and at the last minute the closing attorney’s title report shows it as a condo, and the entire loan has to be redone, causing a long delay in the closing. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, CCR's, condo, condo ownership, condominium, covenants, down payment, fee simple ownership, FHA, first time homebuyers, georgia, high-rises, hoa, home ownership, homeowners association, insurance policy, Metro Brokers, mid-rises, mortgages, Real Estate, real estate agent, stacked flats
Posted in Agents, Buyers | 10 Comments »
September 13, 2010
Homebuyers are always asking me to find them a “great deal”. Today’s market makes that easier in some respects (prices are depressed and mortgage rates at a lifetime low) and tougher in some respects (there is SO much inventory to look at). Inevitably, though, the buyer’s definition of a “great deal” involves much, much more than just the price of the home. Here are some examples of truly GREAT DEALS:
Example 1
A young first-time buyer tried his best, but was declined by the mortgage lender for the financing he needed. He had a 5% down payment, but the lender wouldn’t lend him more than 90% of the home’s value. Fighting tears, he told me he was so embarrassed not to be able to complete the purchase. I asked the seller if he would be able to hold a note for the missing 5% for a year or two until the buyer could arrange other financing. He was happy to, since he could receive interest income on the note and hold a security interest in the property. The fact that the seller also respected the young man for his honesty and integrity probably played a part, too. This was a GREAT DEAL because of the financing terms. (more…)
Tags:ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, down payment, emotional attachment, frank sinatra, georgia, great deal, listing, low interest rates, low prices, Metro Brokers, mortgages, Real Estate, real estate agent, timing
Posted in Agents, Buyers, Uncategorized | 3 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 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 »
Continued from “D-I-V-O-R-C-E and Real Estate, Part 4”.
