New Homes in Loudoun County, Virginia, Buyer REBATE

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HOW DOES THE NATIONAL ASSOCIATION OF REALTORS® HELP US?? LET ME COUNT THE WAYS.

O.K.  I will admit a Love/Hate relationship with the NAR®.  Perhaps Love/Hate is a tad extreme, but you get the point.   There have been a few posts and comments of late by ActiveRain members who don't believe that the NAR is important to our job.  I disagree.  I have always been thankful for the organization managed by the NAR to help us become effecient real estate agents or brokers.

"NAR" as referenced in this article includes state and local associations.

"NAR" as referenced in this article includes state and local associations.

THINGS I LOVE ABOUT THE NAR. 

IN THE BEGINNING, THERE WAS NO INTERNET!!  When I started my real estate adventure, we didn't have the Internet.  There was no web based MLS.  There was no web based tax record.  Just think of how quickly and easily we can now, 

  • search for listings
  • access tax records
  • produce CMAs from a quick search
  • search listing by any number of criteria
  • format listing reports for consumers and agents
  • produce quick market reports

When I was first licensed, we couldn't search listings, enter listings for more than one small corner of my market area.  Since I have always been inclined to "spread my wings" and develop market information about many areas, not only did I have to be licensed in Maryland and Virginia, I also had to join several Boards of Realtors.  At one time, I belonged to seven Boards of Realtors® (Associations in my area) and one in Northern Virginia.  Can you imagine what my membership fees were for all of those boards.  Even at the modest $350-$400 charged in those days, and even with "associate" memberships, my board fees were more than $1500 a year, plus the fees for key box access.  However, to do business in the areas where I was getting referrals, I couldn't access the key boxes without individual memberships for a number of boards. 

HOW WAS THE STRUCTURE DEVELOPED FOR ME TO ENJOY THE FLEXIBILITY OF A WIDE MARKET AREA???  The National Association of Realtors® was an integral part of the development of the MLS in my area.  Oh, don't think it was anything like we have today with Internet access, color photos, easily edited data, quick printing, personalized customer listing reports, easily produced brochures, quick CMAs and more, so much more.

THE LISTING CARD FILE.  What we did have in those days was a 5 X 8 card file box at the front desk with a listing description of every office listing.   Consumer contacts were from consumers who walked through the front door or telephoned.  The contacts often came from yard signs.  If you wanted tax information for a property, it was available on microfiche, one property at a time.  Listings were entered into the MLS system through a terminal at about 300 BAUD.  With each newly distributed MLS equipment made available, the speed increased.  It was a banner day when we went to about 1200 BAUD speed.  WOW!  Sadly, that terminal had a way of disconnecting us after about an hour into a listing input that generally took about 90 minutes.  No photos either. Training and Education

SOUNDS PRIMATIVE DOESN'T IT??  IT WAS.  But, it worked.  A trip to the local Association of Realtors® in my area provided the initial membership processing, access to key box access, forms not stocked by my office, and the most important thing  . . . . .

TRAINING and CONTINUING EDUCATION.  Classes were designed and conducted by NAR trained agent or broker trainers/teachers.  For license renewal, continuing education is a must and required by the states in which I am licensed.  The nice thing about NAR® designed and implemented training is that it is consistant with the license renewal "hours", can be obtained and "saved" until needed.  Or, if you are like I was, available throughout the year for nothing less than the  pleasure of learning more about this exciting new adventure of being a "Real Estate Salesperson", my MD title.

FORMS.  You can't sell it if you can't write it.  The development of the real estate forms made available to brokers and agents are written and distributed by our local and state real estate attorneys in cooperation with experienced agents and brokers.  It's a grueling process and one for which I am grateful.  While many agents and brokers practice in states where attorneys manage the contract phase of the Contract of Sale, in my area, agent fill in the blanks of very complicated, yet easy to read and understand real estate contract forms.  All managed by the state and local Association of Realtors®. 

"NAR" as referenced in this article includes state and local associations.

 

Lenn Harley 

THE STORE.  Go to your local Association of Realtors® store and enjoy the easy with which we can obtain sign riders, books about real estate, maps, gifts, calendars, software, forms, and more.  Without easy access to these supplies, our job would be a lot more challenging. 

I, FOR ONE, WOULD NOT WANT TO GO WITHOUT ANY OF THE ABOVE.  I have always considered the STRUCTURE made possible by the National Association of Realtors® for managing the development of such a workable system of delivering my real estate services to the nice folks who wish to buy or sell a home. 

Courtesy, Lenn Harley, Broker, Realtor® Homefinders.com, 800-711-7988.


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92 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 29 2010 06:13PM

Why Every Listing Should be Priced at $1

SMART BUYERS WILL BASE THEIR DECISIONS ON INFORMATION RECEIVED FROM AN EXPERIENCED BUYERS AGENT. 

Experienced Buyers Agents do a thorough market analysis of the price comparisons for any home in which the buyer shows an interest.

If the information shows that the house is priced within a realistic range for market value, the consumer has a guide for making offers.

If the information shows that the house had been under priced based on comps for the area, a smart buyer will quickly get that offer written and often, in my experience, for a bit OVER the list price, if for no other reason than to get rid of the competition.  When a buyer has confidence in the information they receive from their agent, they will consider offering over list, even in today's market.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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Via Roger Johnson, Realtor - Hickory NC Real Estate (CENTURY 21 American Homes):

This is a follow-up to my post, There is No Such Thing as an Under-Priced House.  While reading through various posts on the topic of under pricing, on comment really caught my eye.  Basically, the commenter said something to effect that if the goal of under pricing was to simply get the highest bid, then every property should be priced at a dollar.  Here's why I think that's a GREAT IDEA!

As a listing agent

There would no longer be any reason to have to 'prove' your pricing range based off your market analysis.  The market (as it always does anyway) will determine that value by the prices that come in on the offers.  Yes, you'd still have to do a CMA (sorry) because it would still be nice to know where the actual sales price should be, but now, with one dollar pricing, condition and show-ability (staging anyone?) take a front seat to pricing.  Now you'll know that your property needs work (if it does) and the pricing will reflect that, and you'll know in days, not months or years.

Marketing becomes primary to the listing agent.  Not the BS about listing on MLS/websites, etc but true marketing, as in "how you can market the home to the most people in the shortest amount of time and get the most people in the home making offers" type marketing.  You truly do have to be better than the next agent, and if you are, you now have the real ability to charge differently than the next agent, as well.

As a buyer's agent

Gone will be the lackluster buyer's agent.  No more glorified chauffeur service.  Buyer's agency will now have true value for the masses!  The buyer's agents can no longer simply say, "well, it's priced at X, what to you want to offer?"  Nope, now, as a buyer's agent, your client is looking to you to do a market analysis on the home and help guide them in making an offer that will both get them a deal AND get them the home!  It's all on you buddy, but it's all good, too.  See, with one dollar pricing, it's the buyer's agent that is now the most important agent in the transaction.  Upfront fees will be standard practice, and if you're a successful buyer's agent, one that gets their clients into properties, then, like the listing agent, you can realistically charge...and get...more for your services than the so-so agent.

Will this actually happen?  Probably not in my life-time.  But for those agents that always argue for a "Higher Standard" for real estate agents, it's not in increased education, higher fees and other methods that have been mentioned.  It's one dollar pricing on all listings.  That's where the cream of the crop will rise and the others will settle at the bottom.

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Hickory Home SearchForeclosure Hunter

Roger Johnson is a Realtor with CENTURY 21 American Homes in Hickory, NC.

I service the Catawba and surrounding counties, and the Hickory, Newton, Conover, Taylorsville, Claremont, Statesville and Charlotte, NC real estate markets.

Visit us on the web at: www.HickoryNCHomeSearch.com

You can contact me via Email or give me a call at 828-381-9245 or 828-568-2121 ext 310

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8 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 27 2010 07:41AM

10 Days of Pain for 1 Day of Closing.

OR, one can practice PULL advertising and operate a business model that SERVES and SOLVES THE CONSUMER'S PROBLEMS rather than PUSHING your services down their throat when YOU think that they need you, whether or not they do. 

OR, enjoy the pleasure of responding to requests for help and solving consumers' problems in at atmosphere of quality and meaningful communication and not

10 calls. . . .

10 days of . . . .

10 times 10 . . . . . .

Courtesy of Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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Via Matt Stigliano (RE/MAX Access (210) 646-HOME):

A man in obvious pain.Excruciating Pain.

I have yet to meet a real estate agent that is willing to state, "I love lead generation."  It's the one thing we all seem to hate.  Whether we dislike the rejection, the awkward silence on the other end of the phone, or just feel uncomfortable intruding; we all go through periods where getting us to call and convert leads (for the record, I hate that word) is akin to having root canal surgery with a rusty spoon and no Novocaine.

In Chapter 8, "Social Media and Lead Conversion", of Ben Kinney's ebook Soci@l (which you can download for free at the RainCamp page on ActiveRain), Ben discusses his aptly titled 10 days of pain.  When I first read the book, I chuckled over the title of this and thought of how many times I sat in front of the phone about to call a new lead.  Picking up that phone is like lifting a few thousand pounds on that first call.  It's painful.  Every time though, as the conversation begins, I find myself thinking, "why was this so hard to do?"  Conversing with people is something I can do.  It seems picking up the phone is the hard part.  The actual act of lifting the receiver is where the pain is.

The 10 days of pain campaign that Ben Kinney has developed gave me three things to think about - 1) how am I at converting leads, 2) a funny way to describe it (a little humor makes everything slightly less painful), and 3) actionable steps that I can implement (often I find there's a lot of talk about how to convert, but not enough substance in the form of a simple how-to).  While I won't attempt to summarize the 10 days of pain here (you can read about it for yourself), I do think this is something I can personally implement.  One of my goals this year is to really buckle down and get the conversion part of the business a bit more refined.

How much are you willing to give?

Ten days sounds like a lot at first.  That's more than a week!  Immediately after reading the chapter, I thought about it for a few minutes.  Am I willing to through 10 days of pain to get one day of closing?  The answer is obvious?  Of course!  Ten days of pain beats thirty days of pain because I have not closed a transaction.  In my recent time away from real estate, I had the ability to truly look at my real estate business and analyze what I liked, what I didn't like, as well as what was working and what wasn't working.  I was able to step back and look at my business from a new angle - one which didn't require me to deal with the daily work of being an agent (it's easy to get distracted from the tough questions when you're working hard).

Once I compared the ten days of pain to one day of closing, I began to think of it in a different light.  Ten days suddenly seems a little easier to swallow.  We all want more closings, yet we all struggle to do the things necessary to get the leads turned to clients that will get us to those closings.  Tom Ferry and I have been building a plan for the year for myself (thanks to the free coaching calls I received via ActiveRain) and I can already see how implementing Ben Kinney's 10 days of pain will help me implement some of the work that Tom and I are discussing (more on that later).

Looks like I'll be experiencing a painful year and somehow, that's exactly what I want.

photo courtesy of Racchio

 

 

This blog post is a review of Soci@l: Attract Friends, Followers and Connections to Your Business. Soci@l is a free download written by Ben Kinney in conjunction with ActiveRain and Jay Papasan. In exchange for downloading the free copy of Soci@l and writing this review, I have a chance to win a free iPad and I'm getting 2000 ActiveRain points.

Download a free copy of Social here and find out how you can have a chance to win an iPad and be guaranteed 2000 ActiveRain points.

All content ©2008-2010 by Matt Stigliano unless otherwise noted.

 Matt Stigliano, Realtor® | (210) 646-HOME | www.RErockstar.com

"Your all access pass to San Antonio real estate."

Connect with me on Twitter and Facebook.

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13 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 25 2010 12:05PM

I have BLOWN a gasket in Real Estate !!! Using FHA loans & being upside down ?

Why not reply to a simple question with a simple answer?  The question was not whether or not to buy, it was a simple question about two different loan sources.

Dear buyer.  Have the lenders prepare a 5 year amortization report for you for each loan, 3% vs. 3.5% and the relative costs associated with each.  That should help you answer the question.

If you qualify for the 3% loan, go for it and good luck.  In the coming years, your enjoyment of your home and the many benefits of home ownership will be your reward. 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

 

"HOUSTON, we have a major problem with all of these homes upside down"  "People need to put more money down!!!"

 

homes that are up side down - mortgages that are upside down

Just the other day, a borrower asked this question on Trulia.

What is the difference/advantages between other FHA loan lenders and the lenders approved for the NJ First-Time Homebuyer Program ?

Response by a realtor : "it is probably not wise to buy a house with 3% down anyway. In my opinion, putting 3.5% down is akin to no down payment at all, and that is what got the housing market into trouble in the first place, among other things. Putting 3% down in a declining market will leave you upside down in a few months."  

STOP - It's an opinion, but I think it's a horrible opinion.

 

 

save your home with a FHA loan 10% down payment

 

So Mr. Realtor, you are saying if I put 10% down, then it would have saved many homes from being upside down and possibly many foreclosures?  Or even 20% down? A home buyer then came in and commented. She said :

"That's ridiculous. It’s quite possible for a buyer to have enough resources to handle any major repairs that may arise but still not have enough for a “serious” (I’m assuming you mean 20%) downpayment.

On a $350,000 home a “serious” downpayment would be $70,000.

Even if the buyer had the worst home inspection in the world and had to replace the roof ($20K), the furnace ($6k) and the water heater ($3K) within the first year. The cost of all of those repairs plus the 3.5% downpayment would be around $41,000 which is almost $30K less than the 20% downpayment."

 

My opinion on the borrowers statements?  There is some truth to this comment.  Read further.

 

 

I replied to this realtor and to the home buyer's comment.  Here is what the realtor then said.

 

fha loans down payments

 

 

 

 

 

 

 

 

 

 

 

 

My Opinion : I don't have a problem with opinions, but it's the opinions often given in the real estate sector that are just thrown out there because you want to be made as the savior of the end to all real estate crap that has taken place in the last 2 to 3 years.

 

 

My Take on this ongoing issue of upside mortgages and adequate down payments when it comes to FHA loans. (please read my two articles below, because they will give you details and good opinions expressed by some very good real estate professionals)

  • The real estate mess in the last 2 years was not due to those that used FHA loans and put 3.5% down or even 2.25% down as a down payment.
  • Bad economy overall - sorry to sound negative, but many people have lost jobs, it's a fact, and this has caused many of the foreclosures.
  • What about those bad loans, such as the stated loans aka liar loans, when not verifying income? Did many of these foreclose?
  • Equity position - The argument by this one real estate agent is that if you use a FHA mortgage and put the minimum down, you will be underwater very soon.  Okay, that could be true depending on your appraised value, but let me ask you this.  Why are you buying the home in the first place.  And many people will live in their home for at least 6 years. Food for thought... If you put 10% down and had to sell in 2 years, you will be close to breaking even anyhow, because you normally will be paying a real estate commission of 6%. Again, focus on why you are buying a home.
  • Down payment monies - You can get monies in the form of gifts from family members and or grants from the state or counties. It's out there.

 


Summary :  Overall, if you are in the market for a home, you feel secure about a specific mortgage payment, and have spoken to a qualified professional loan officer that has gone over your assets and has explained the process to you, then you should be fine. I have a set of questions to ask a borrower, including their goals. One of my main concerns outside of your mortgage payment is to make sure that you have some reserves left over. I would rather have you put less down and keep more money in your pocket, even if you have 10% down. Sorry, but this makes more sense, even when using FHA loans with 3.5% down. Please just don't be scared of comments such as the ones above. Please read :

  • Cash is KING - A larger down payment might not always be your best solution.

 

 

The Government at one time last year was pushing that all FHA loans have a mandatory 5% down. I wrote a series of articles on this :

 

 

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

HUD

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc


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9 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 25 2010 10:50AM

Texas adds jobs in May, leading the nation in employment

U.S. TAKE A LOOK AND LEARN.

What is Texas doing to maintain a low unemployment rate?? 

Then I looked at the latest unemployment figures for the county in VA where I live. 

Yippee!!!

Take a look at the most recent economic report for the county in Virginia where I live.

"Several economic indicators began to improve in 2009, including air travel and automobile sales.  Unemployment in Loudoun County, which peaked at 5.3% in June 2009, had declined to 4.4% by November, compared to November unemployment figures of 4.7% in Northern Virginia and 9.4% nationally."

Those states may account for the vigorous new home market we enjoy and the fact that a well priced resale home will not be on the market for very long.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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Via Robin Rogers, Silverbridge Realty, San Antonio, Texas:

Longhorn bull stands in a field in McQueeney, TexasTexas leads the US in the projected economic recovery, according to the Texas A&M Real Estate Center's analysis.

Annual employment growth rate turned the corner in May, posting an annual employment growth rate of 0.2%.  The rate of job losses slowed from 5% in August of 2009 to 0.4% in May 2010 for the nation as a whole.

Unemployment in Texas had gone from 7.5% in May 2009 to 8.3% a year later, during which time the national rate went up slightly, to 9.7%. The state had been losing jobs for 16 months in a row.

Texas had five main industries to thank for the growth in employment. They include education and health services, mining and logging, a mixture of other services, leisure and hospitality, professional and business services. The government sector also grew during the year, while six other industries lost jobs.

Can you tell I'm bullish on the Texas economy?

Check out the job growth in San Antonio.

 

Robin Rogers, Realtor, Broker-owner, ABR, TRC, CRS

Also Cat Owner, Smartass, Aspiring Drummer but with no time to practice

Silverbridge Realty Hey, why not subscribe to this lovely blog?


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8 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 25 2010 10:26AM

IF YOU'RE GOING TO CALL YOURSELF A "BUYER'S AGENT" YOU MUST WALK THE WALK AND TALK THE TALK.

* * * *   WARNING!!  HARD CORE REAL ESTATE TALK * * * *

IF YOU'RE GOING TO CALL YOUSELF A "BUYER'S AGENT" YOU MUST WALK THE WALK AND TALK THE TALK. 

BUYERS AGENCY IS NOT

  • Not attending home inspections
  • Not attending settlements
  • Not NOT doing anything to further the interests of the buyer one purports to represent.
  • Not calling oneself a "buyers agent" when it is in name only and the agent is little more than a scribe.

BUYERS AGENCY IS

Assisting the buyer in finding the best property for their location of choice and price range.

Advising the buyer on price based on competitive market analysis for "like" properties in the area based on the terms of the contract and property condition.

Advising the buyer on matters of defects that could affect the future costs and safety.

Attending the home inspection and understanding how any defects affect the value, future costs and safety.

Understanding that a advocacy for a buyer involves far more than "what is the norm for an area".  True advocacy relates to one buyer, one seller and one contract. 

BUYERS AGENCY IS FAR MORE THAN THE ABOVE and licensees who use the title BUYER'S AGENT or BUYERS' BROKER should understand that they do WHAT IS IN THE BUYER CLIENT'S BEST INTEREST and AT THE BUYER CLIENT'S DIRECTION.  It is not "what is customary for the area" and certainly not "what is fair".

What is the alternative? 

Be honest.  Use the title SUB-AGENT, TRANSACTION AGENT, INTER-COMPANY AGENT, etc.  DON'T CALL YOURSELF A BUYER'S AGENT UNLESS YOU ARE WILLING AND ABLE (by broker policies and procedures) to: 

If a so called "buyers agent" isn't going to advocate for the buyer, just give them a photo of yourself and advise them to carry it to the home inspection and you'll "be there".

WALK THE WALK AND TALK THE TALK.

                                            Buyer's Agent

"SIGN HERE MR AND MRS. BUYER AND I'LL BE YOUR BUYER'S AGENT. . . .  As long as you don't want me to do anything that would upset the seller, the listing agent or the contract."

"Here's my photo so you'll know that I'm always with you".


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88 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 25 2010 06:45AM

NEW HOME SALES DOWN 33% FOR THE MONTH OF MAY??? NOT IN MY MARKET!!

NEW HOME SALES DOWN 33% FOR THE MONTH OF MAY???  NOT IN MY MARKET!!

The only word to describe the new homes market in my area is DYNAMIC.  New homes in Loudoun County, Virginia has led the area in new home sales for over 15 years and will probably continue to do so. 

We have the benefit of

  • low unemployment,
  • high income averages
  • many popular employment centers,
  • Dulles International Airport,
  • great shopping,
  • transportation alternatives,
  • popular national builders and a
  • highly ranked public school system.

When I first heard the news of a 33% decline in new home sales yesterday, my first thought was, WHERE?  Not here.  I specialize in new home sales.  I love new home sales.  I love new homes.  Fortunately, I'm in a market, Northern Virginia where new home sales have not declined as they have in other markets across the country.  Which is, of course, the problem with national home sales reports, they are MEANINGLESS to any local new home market. 

The average income for a family in Loudoun County is about $120,000 a year.  That income will qualify most home buyers for a mortgage loan in the $500,000 range.  There are many homes for sale in the $500,000 price range.  We recently closed a lovely home in Brambleton that sold for $492,000 (below).

                              New HOme in Ashburn

In fact, I was inspired to drop by a builder in Brambleton, a community in Ashburn, Virginia where new home construction is hot and heavy.  Buyers are buying, builders are selling, lenders are lending and homes are SELLING.

In the community where I closed on a new home on June 28, they had 4 sales in May, 5 in April and so far, 2 in June.  This is the rate at which a builder is profitable and the community will remain viable.  Over the years that I've sold new homes in Northern Virginia and Maryland, 4-5 home sales is often the builder's goal for spring months.  More is better, but 4-5 will keep construction going and help maintain appraisals.

NEW HOME SALES DOWN 33%???  NOT IN MY AREA!

WHAT'S HAPPENING IN BRAMBLETON, ASHBURN, LOUDOUN COUNTY, VIRGINIA???

TAKE A LOOK AT THE NEW HOME MARKET IN MY AREA OF LOUDOUN COUNTY, VIRGINIA.

                  Ashburn New Homes

Builders are constructing multiple units of condos, town homes and detached homes in Ashburn, VA.

             New Home Ashburn

Luxury homes are offered in great price ranges and are selling.  The home above is about 4,500 square feet and sells for in the $700s.

                         New Homes Ashburn

There is ongoing new home construction in Ashburn Virginia in the Brambleton area.  The homes above are offered for $450,000 to about $550,000.  There are few options to drive prices up and the homes, from contract to settlement, are delivered in about 5-6 months.  This is a busy place.

Lenn Harley                             Map Ashburn VA

Lenn Harley

Ashburn is just one community in Loudoun County VA.  New homes are selling throughout the county in Aldie, Ashburn (Brambleton), Chantilly, Leesburg, Middleburg, South Riding, Sterling, and throughout Loudoun County, Virginia.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, new home specialists for Loudoun County, Virginia.  Ask about the Homefinders.com, NEW HOME BUYER'S CREDIT, 1% of the price of your new home CASH BACK  to YOU.

Search all homes for sale in Loudoun County, VA. 

Map of Loudoun County, VA

Loudoun County VA


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24 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 24 2010 10:45AM

STICK WITH LENDERS WHO KNOW THE FILE AND TAKE RESPONSIBILITY.

CLOSE ON TIME???  YOU BET!!

Fred Collins wants to know, "WHY DO LENDERS WAIT TILL THE LAST MINUTE?"

BECAUSE THEY CAN!

HOWEVER, MANY DO NOT AND THEY ARE THE PROS THAT DESERVE OUR BUSINESS.Lenn Harley

ONE THING I HAVE FOUND EFFECTIVE IS to be a "pain in the butt", require status reports on a weekly basis or more if necessary, get copies or action requests (appraisal), etc. 

DO NOT communicate with processors.  The loan officer is the person who took the loan application, the person responsible for reviewing the contract and making sure that the processor is "processing" timely and not "tickling" activities for future dates. If the loan officer insists the you get status from a processor, make that the last loan you refer to that loan officer. 

KNOW YOUR LOAN OFFICER AND REFER BUSINESS ONLY TO ONES THAT CLOSE ON TIME AND HAVE THE FILE READY EARLY.  Just because closing is scheduled for the 28th day of the month, there is no reason the file can't be ready by the 20th of the month. 

If the buyers comes to you already connected at the hip (PRE-APPROVED) to a loan officer or lender, communicate with them early and often.  Ask for status, early on and repeat often.  Of course, it also helps to always BE NICE.  Nasty or whining isn't going to encourage a loan officer to expedite your file.  They'll just dread and perhaps even avoid speaking with you.  I rarely telephone folks. I send a lot of e-mail or fax messages. 

A HANDS ON AGENTS WILL ENCOURAGE A HANDS ON LOAN OFFICER.  Your first discussion with a loan officer about a prospective home buyer should show that you know the buyer's profile.  If you know the buyer and the loan officer knows that you know the buyer, they'll be more likely to discuss the buyer's progress with you.  That home buyers is relying on YOU to get them to the closing table on time.  DO IT!!

BTW, my favorite loan officers answer their phone when at all possible, as do I. 

TAKE CONTROL OF YOUR BUYER/CLIENT'S FINANCING and make sure all deadlines and contingencies are met. 

Otherwise, don't complain.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.


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19 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 24 2010 09:13AM

NEW HOMES SALE PLUMMET 33% FOR MAY 2010. . . . DID ANYONE EXPECT ANYTHING DIFFERENT???

IT'S ALL OVER THE NEWS, NEW HOME SALES ARE DOWN 33% IN MAY compared to . . . HA! compared to just about any statistic you wish to consider.  

See:   NEW YORK (CNNMoney.com) -- New home sales plummetedto a record low in May, the first month following the expiration of the homebuyer tax credit. This snapped a two-month streak of gains . . . MORE.

ACTIVERAIN MEMBERS ARE SMARTER THAN MOST REAL ESTATE INDUSTRY JOURNALISTS and many of us not only predicted this decline in sales for May, but we also fully expected to see this decline.  It doesn't take a Rhodes Scholar to know that when incentives are dated limited, the time following will show a decline.  For new homes, the subject of the Money article, not only did the home buyer have to go to contract by April 30, 2010, they guidelines (at the time) required that the purchase close by June 30, 2010.  New homes to-be-built are rarely delivered in less than 60 days start to finish.  The exceptions would be modular homes, builders' inventory and small homes that where the builder already had secured a building permit. 

HOME BUYERS CONTRACTED BY APRIL 30 COULD QUALIFY FOR AN $8,000 TAX CREDIT.  Why not??  If a home buyer were already considering buying any time soon, why not concentrate on finding a home and going to contract by April 30??? 

SO THEY DID.  Buyers who might otherwise have gone to contract by May 31, June 30 or perhaps July 31 went to contract by April 30 to qualify. 

IS IT ANY WONDER THAT NEW HOME SALES REPORTS WERE DOWN FOR MAY??? 

many ActiveRain folks were not at all surprised.  We predicted it.  In fact, many of us are of the opinion that the high sales reports for new homes in March and April were folks who were going to buy anyway, and simply accelerated their purchase decision to qualify for an $8,000 gift. 

WHY NOT??

 

Lenn Harley New Home

BUY NOW AND QUALIFY FOR AN $8,000 TAX CREDIT.  WHY NOT???

WHY BUY NEW?  Because INCENTIVES SELL HOMES.  New home builders understand that incentives sell homes.  What are some of the incentives that new home builders offer buyers to encourage them to buy a new home rather than by a resale home??

Closing Cost Creditis the most popular because it reduces the cash needed to close.  Also pupular incentives include:

  • FREE Upgraded floorings
  • FREE Gourmet Kitchen Upgrades
  • FREE Garden Bath Upgrades
  • FREE Sun Rooms
  • FREE Finished Basements
  • FREE Brick Front or Porch

It's difficult for exisiting home owner sellers to compete with new home builders.  SO. . . . .

NEW HOME SALES SOARED IN MAY 2010.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. 


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15 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 24 2010 06:58AM

Power Tool: Forbes US Migration Map

Lenn Harley

MOST FUN TOY I'VE SEEN IN AGES!!

The interesting thing about the information reflected herein is that it accurately reflects my experience with relocating home buyers over the years.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

 

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Via Mike Calhoun (RealtyInfusion):

I found something I thought was awesome .. and everyone I shared it with so far agreed .. so I think it's a "no-brainer" to share it here!!

Remember the eye-opening video I shared here few week, "Follow the Money," that let you visualize the flow of money across a map of the US? Well, here's a new twist that's even more useful for Realtors and investors.

Forbes has set up an interactive "US Migration Map" that lets you choose any county in the 50 states and see where people are moving from and to. For local Realtors, the benefits are immediately obvious .. for investors, the applications are even more wide open!! This is intel you can use to fine-tune a PPC campaign, target your online networking and social media outreach .. and for anyone with an automated Craigslist strategy, this is a goldmine!!

The best part about this map is the level of information it gives you once you've gotten it set up. Check out this screenshot for an example of the data it will give you for every county in the country...

By the way: when you zoom in, you might find you're no longer seeing the whole map. If this happens, just click and drag in the direction you want the map to go, and wait a second...it will refresh and give you a new view. You can scan the whole US and look for the patterns that matter, and besides .. it's much easier to make out the individual migration lines when you zoom in!!

Here's the link again: FORBES INTERACTIVE MIGRATION MAP

Leave a comment if you thought this was useful .. or even just cool.

And oh yeah!! Have you connected with me on Facebook?? I've been getting into the hang of it this summer and boy .. it lives up to the hype, huh? One of the most powerful networking tools online .. get in touch if you're on there!!


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9 comments • Lenn Harley, Real Estate Broker, Virginia & Maryland • June 23 2010 09:57AM