Typically foreclosures – or real estate owned (REO) properties – are a very good buy. They’re priced to sell, and buyers are likely to get a great deal IF you and your real estate agent are knowledgeable about the procedures and pitfalls you’re likely to face.
It happens all too often. Buyers aren’t aware of how different REO’s are from typical homeowner re-sales. Here are some things to keep in mind: (more…)
Continued from “Buying a Small Business in 2012, Part One”.
You’ve now identified a business opportunity and completed a tour of the business facility. The seller’s answered your initial questions and provided you with business financial information. Once you review the income statements, balance sheets and tax returns, you can decide if you want to make an offer. There are two ways to communicate the offer to purchase the business. You could choose to utilize a contract or binding agreement or you could utilize a Letter of Intent or non-binding agreement. A contract must be written by an attorney and immediately binds you and the seller, and will require submission of earnest money. You’ll include certain contingencies in the contract that must be satisfied and the contract’s highly definitive. (more…)
My heart goes out to the good folks in the mortgage business these days. Business is TOUGH!
A significant percentage of buyers come equipped with enough bad credit baggage to fill a truck, what with having done a recent short sale or having a recent foreclosure or deed in lieu of foreclosure (same as a regular foreclosure, but it sounds nicer) or strategic foreclosure (a purposeful decision to walk away from a debt they CAN pay but don’t WANT to pay – don’t get me started on these).
Combine that with the over-reaction of underwriters making it nearly impossible to qualify for a loan if the buyer has to put gas in the SUV on the way to the closing (“Oops, sorry, that gas charge 15 minutes ago just bumped your debt ratio out of whack”) or if part of the buyer’s down payment is the gift money received from Grandma for graduation and Grandma made the money having a garage sale or the buyer’s publicly traded employer has recently filed a negative outlook report with Wall Street or any number of other scenarios.
Add in the burden of complex Good Faith Estimates which have to be redone every time anyone sneezes and you have a frustrating mix. (more…)
You may be wondering if 2012 will be a good year to purchase a small business. Can small businesses generate profit in a difficult economy? These are fair concerns and certainly require the small business buyer to move forward with adequate caution. If you’re determined to own a business, you can find what you’re looking for by establishing specific search parameters and purchase criteria.
1. Research Well Performing Businesses
First, complete the necessary research to identify a short list of business types that perform well in a weak economy. Determine if franchise opportunities provide a greater chance of success. Franchises historically have a higher start-up success rate and give you a proven business system, training and name recognition. You’ll have to decide if you want to start a business from the ground up or purchase an established business. The established business will cost more however, you get to avoid the painful start-up period and you can see current and past performance. (more…)
When entering the New Year, it’s common to set goals for yourself. In real estate, those goals are translated into more clients, more listings and, most importantly, more closings. Just remember to not go overboard.
Sometimes, I hear agents say that their goal is 50 or even 100 transactions. Even a team of agents would have trouble meeting these numbers, and I hear this from a single real estate agent. If that wasn’t bad enough, they only completed 10 transactions the prior year.
Setting lofty goals is a good practice, but it’s also important to set goals that can be reached. When your ambition is too high, it can begin to look daunting and unattainable, which could end up setting you back.
Here are some realistic goals that will help you get on the right track in 2012: (more…)
When I became licensed as a real estate agent years ago, I am embarrassed to admit that I actually worried that I would need an elegant wardrobe and expensive shoes to fit the image of the “ladies who play tennis in the morning and play real estate in the afternoon”. I didn’t and still don’t play tennis. I entered the real estate business as a full-time professional. BUT… after having a Ferragamo sucked off in the mud at a new construction site, getting countless stiletto heels caught and skinned on hundreds of wooden decks, and watching my leather shoes crack from repeatedly getting wet, I learned that practical footwear rules!
The ideal female real estate shoe wardrobe, all of which should be kept in the trunk of an agent’s car at all times for instant access and use would include: (more…)
BHGRE Metro Brokers and CBC Metro Brokers enjoy a wonderful relationship with the Georgia Real Estate Commission (GREC), primarily due to our excellent training, readily available Broker Support and the integrity of our agents. That’s not to say we’re perfect, by any means! What are the most frequent complaints filed with the GREC by the public and other licensees which result in citations, sanctions, suspensions and revocations? The top ten complaints follow with some suggestions as to how to avoid mistakes which may lead to complaints. (more…)
Sometimes we all trip up and pull a Rick Perry. Regardless of the fact that it was just a slip up, we should never forget that perception is everything. That is true especially in our business where our primary contact is with the public. There are many ways that our customers and clients can become offended by what we say, wear, write, and display. Here are some examples of behaviors that you should avoid if you want your customers and clients to take you seriously.
I am going to start with something I did to offend. Several years ago I had a bumper sticker that said “God BlessAmerica”. Innocuous right? Wrong, I actually had another driver pull up beside me and Say “What do you mean? Why don’t you have a sticker that says God BlessFrance?” I swear that is exactly what he said and he shouted it at me. I no longer have any bumper stickers on my car AND neither should you. It’s not professional.
Have you heard the news that, beginning January 1, 2012, real estate licensees who are not Realtors® (not members of a Board or Association of Realtors®) will no longer have free access to GAR Forms? All agents affiliated with BHGRE Metro Brokers and CBC Metro Brokers are required to be Realtors and will have access to GAR Forms, but this will be a big change for some other companies that don’t require membership.
Once 2012 begins, non-Realtors® will have to pay a $199 annual licensing fee for access to GAR Forms. The GAR Forms will recognize the NRDS numbers of Realtors®. When non-Realtors® try to access the GAR Forms and cannot provide a NRDS number, they will be offered the opportunity to pay the annual licensing fee online. No fee payment, no GAR Forms access. (more…)
There’s a great old comic strip about real estate closings. It shows a long narrow boat, like the crew boats you see pictures of rowing up and down the Charles River in front of Harvard and MIT in Boston. In the comic strip, there are at least 8 rowers (sometimes 10 or 12), but they’re dressed in business suits and “business casual” attire. In addition to their oars, they have briefcases and computers with them, along with 6’ levels and several file folders. The “coxswain” (the guy facing backward at the front of the boat with the megaphone) announces, “PREPARE TO CLOSE!” The rowers count off with military precision, (more…)
The kitchen is used more than any other room in the house, which makes it the most important room to stage in your home. Potential home buyers are looking for a kitchen that is as beautiful as it is functional.
Buyers want to view it without any unnecessary countertop appliances and clutter. By showcasing your kitchen in the best possible light, you can potentially sell your home faster and; increase the closing price. Even in a slow real estate market, making your kitchen attractive to a buyer could make the difference. (more…)
There are so many things that Realtors and their customers need to be aware of when dealing with HUD properties. And if your buyer is purchasing a HUD property and utilizing FHA financing, there’s even more to consider. The following tips will help you get to a successful closing.
Be sure to check out the HUD class we’re offering that discusses all of the changes that went into effect in October. The class is tomorrow (Oct. 11) at 10am inAtlantaor you can take it on Friday (Oct. 12) inWoodstockat 10am. Use the promo code “HUD“ to take the class for free. See details below. (more…)
Wow! Facebook has made a lot of changes and many people don’t like it. Facebook doesn’t look anything like it did a month ago in terms of design and functionality.
But remember, most people don’t like change (at first). They have to warm up to it.
Many of Facebook’s changes are good. They didn’t take away any features you used to have. Instead, they’ve given you more options, helped organize your friends, allowed you to see what friends are posting in real time and have helped eliminate some of the spam you receive.
Personally, I like most of the changes. However, since so many people are still trying to figure it out, I thought I’d write a blog about all of these modifications. Let me know what you think. (more…)
Homeowners who choose to go the “green” route with their homes are starting to reap the benefits. Where green building was once a seldom heard term, it is now common place for homeowners to use these techniques to improve their home’s efficiency.
If you are thinking of adding green technology to your home, make sure to check into the many tax credits that are available to both home owners and buyers. The two main green building tax credits currently available are: (more…)
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Ann Bone (bio) Offering advice, one question at a time. |
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Glen Curry (bio) Your go to guy for insurance. |
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Dana Eskridge (bio) Relocation and foreclosure specialist. |
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Tisha Gay (bio) Delivering the hottest marketing trends and ideas to help you. |
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Dan Hinson (bio) Your business and commercial brokerage specialist. |
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Judy Jones (bio) Metro Brokers' own mortgage guru. |
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Eddie Krebs (bio) Providing advice on the latest real estate tech. |
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Kevin Levent (bio) Providing insight into industry trends. |
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Fran Stiakakis (bio) Dedicated to agents getting the most from their broker. |
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Brenda Waters (bio) Guiding agents through their real estate careers. |
What Are We REALLY Saying About Our Listings? (Puffery de-Puffed)
September 26, 2011Humor? Yes, whether they realize it or not, agents repeatedly use certain words or phrases to present their listings in the best possible light. We call that “puffing”. Puffing is legal and useful. Have you learned the true meaning of “puff” words? Below are some of my favorites, along with my interpretation of what those terms really mean. Add your favorites to the list! (more…)
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