Archive for August, 2011

Preventing Closings From Failing Due to IRS’s 4506-T

August 22, 2011

Most agents and homebuyers are not aware that the IRS is often one of the major delays to be able to meet the closing date on time. You may be asking, “How does the IRS delay the mortgage process?” Well, every mortgage lender in the U.S. today must obtain the IRS transcripts for the homebuyer’s last 2 years of filed federal tax returns.

These transcripts are provided by the IRS once the mortgage lender sends in the signed 4506-T form that allows the release of the homebuyer/borrower’s filed tax records.

The Mortgage Lenders must obtain a “Clear 4506-T Result” from the IRS before they can move the loan file forward and on to closing. There are many reasons for a FAIL result on a 4506-T request, but in 80% of the cases it is because of an “Invalid Address”. (more…)

When Ethics Come Into Question

August 15, 2011

“We start out wanting to do good and wind up wanting to do well” – Michael Josephson.

Real estate is a complex business at its best. Meeting and cultivating prospective clients takes time, creativity, patience and stamina. Showing properties to prospective buyers or attracting prospective buyers to listed properties takes research, persistence and a LOT of energy. Overcoming objections to making an offer or negotiating an offer could try the patience of any of us. All this for a commission, IF the deal gets to the closing table.

The temptation to “help” this process along by either embellishing information (“This property will appreciate greatly within the next couple of years; there’s a big box store going in on the next corner.”) or withholding information (“No, the roof doesn’t leak; that’s just where someone spilled a lot of water.”) can be great. So great, in fact, that both the Georgia Real Estate Commission and the National Association of Realtors® Code of Ethics are founded upon “protecting the public”. (more…)

Bad MLS Photos – Why can’t my house sell?

August 8, 2011

It’s been a while since I’ve written a blog about Bad MLS Photos. Here are several photos that may give you a few laughs and make you wonder how they represent a house in the best possible light.

If you come across a bad MLS photo, let me know and it may be featured on this blog in the future. Email your name and a link to blog@metrobrokers.com. If you know the city where the listing is located and/or the MLS number, please include it.

Feel free to make up your own captions in the comments below. (more…)

Tradeshows are a Great Source of Info for Agents

August 1, 2011

I’ve attended quite a few conferences and trade shows in my time, and I think it’s important for agents to regularly attend these local events. There are several benefits of attending – first and foremost being the opportunity to get a leg up on your competition by keeping up with the latest trends in the business. It’s also a great time to network with other agents to find out what’s working (and not working) for them.

Trade shows are a particularly effective way to meet vendors whose products/services may benefit you. And let’s not forget all of the freebies and prize drawings! At the very least you’ll probably walk out with a reusable bag full of desktop trinkets, and you may even be the lucky winner of a gift card or electronic device! (more…)