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Big-name lenders come tumbling down

By Tom Kelly, Wednesday, December 31, 2008.

What is the top real estate story of 2008? Fannie Mae? Lehman Brothers? Washington Mutual?

A year ago, we discussed how the excessive extension of credit that led to defaults, foreclosures, home prices and more expensive mortgage money was the most talked-about story of 2007.

Everyone in the home buying and refinancing process was complicit, including brokers, bankers, securitizers on Wall Street, wide-eyed consumers and real estate agents.  more...

Use your network as a support net

By Teresa Boardman, Wednesday, December 31, 2008.
Flickr photo by <a href="http://flickr.com/photos/valeriebb/749066382/in/set-72157600703447280/">Valerie Everett</a>.

Business slows down a bit over the holidays but it usually picks up fairly quickly at the beginning of the year. I am already getting calls from people who want to put their homes on the market after the holidays and will be very busy this January.

During the holidays I have had a little extra time to network and to connect with people. I have rediscovered the value of networking. Most of my networking starts on the Internet, but it doesn't end there.  more...

Settlement cracks concealed by sellers

By Barry Stone, Tuesday, December 30, 2008.

DEAR BARRY: Since purchasing our home, numerous cracks have appeared in the walls. Some are as wide as half an inch. We've also noticed that patching has been done at many of these cracks, indicating that the sellers of the home were aware of the problem but had attempted to hide it. None of this was reported by our home inspector when we were in escrow. How serious do you think this problem is, and what should we do about it? --Thomas  more...

Pollyanna and the rosemary plant

By Alison Rogers, Tuesday, December 30, 2008.
Flickr photo by <a href="http://flickr.com/photos/chichacha/2473930145/">chichacha</a>.

Last year I was full of optimism. My New Year’s resolution for 2008 was to relax more and work less, and yet I was sure I would have a good year.

My prediction came true, and I worked smarter, and some deep relationships paid off, and I had my best year in the business ever.  more...

Welcome advice for open houses Premium Content

By Bernice Ross, Monday, December 29, 2008.
Flickr photo by <a href="http://flickr.com/photos/71217725@N00/126070445/">scubadive67</a>.

Are you interested in having open houses that actually appeal to potential buyers?

Steve Kantor of BestAgentBusiness.com has been conducting regular studies of what consumers want from their real estate buying and/or selling experience. His past consumer surveys show that agents should dump their pictures from their mailers (Who do agents think they are -- movie stars?) and that virtually everyone detests receiving cold calls.  more...

Should seniors pay off mortgage?

By Jack Guttentag, Monday, December 29, 2008.

The financial crisis has torpedoed the retirement planning of many seniors. Those foolish enough to have followed the advice of investment advisors who preached that homeowners should convert all their home equity into investments, now find that their home equity is negative because of declining home prices. At the same time, the value of any common stock they purchased by mortgaging their houses up to the hilt is probably way down because of the sharp decline in stock prices.  more...

Surprise loan irks condo buyer

By Benny Kass, Monday, December 29, 2008.

DEAR BENNY: I bought a condo just over a year ago. It was difficult to get a certificate for the sale, because there was no operating HOA. However, when the Realtor finally got it from an interim property manager, everything was clear; there were no encumbrances on the property.  more...

Multiple offers making a comeback

By Dian Hymer, Monday, December 29, 2008.

In the current home sale market, it might seem ludicrous to make an offer on a listing if it means competing with another buyer. However, multiple offers are on the rise in some markets. But, it doesn't always mean that you need to pay a lot more than the asking price.

Sellers are ever hopeful of receiving multiple offers. These days, this is usually an unrealistic expectation. That is, unless the listing is a prime property in a high-demand neighborhood where few homes are being offered for sale.  more...

Vacation? I'm working on it Premium Content

By Kris Berg, Friday, December 26, 2008.
Flickr photo by <a href=http://flickr.com/photos/officenow/2631530678/ target=blank>Office Now</a>.

It was vacation minus one, and as I navigated between the nine homes on our home tour this day, I tried to field the "What are you doing for the holidays?" question. This is where I found myself explaining the realities of a glamorous real estate career to my clients with real jobs. "Well, we sort of take the week off. We pack stuff, and we drive away with it to someplace else. But, don't worry! I will have my laptop and my cell phone and will be checking my e-mail. You won't even know I'm gone."

And that's the problem.  more...

Military tenant not off the hook for rent

By Janet Portman, Friday, December 26, 2008.

Q: I am a landlord and had a tenant who is in the Army Reserves. He received mobilization orders in February, directing him to appear in June, several months away. My tenant just gave me a verbal notice seven days before he left. He claims he is entitled to a full refund of his deposit because the Army gives some rights to their personnel when they have to be mobilized. I would like to know if this is true and what my options are. --Robert S.  more...

Cool tools under $200

By Paul Bianchina, Friday, December 26, 2008.

The holidays are an ideal time to give the home handyman or handywoman on your list a cool new tool or two. Here, in order of price, are a few worth considering, and all are under $200 -- many of them way under! Most are available at local home centers and hardware stores, or check out their Web sites for more information.  more...

Creating an Internet identity

By Teresa Boardman, Friday, December 26, 2008.
Flickr image by <a href="http://flickr.com/photos/sidelong/2945717204/" target=blank>SideLong</a>.

People seem to believe what they see on the Internet. In the Web 2.0, where everyone has a say, the Internet can work for us or against us. My sense is that in 2009 we will all need to make sure it is working for us and we will need to take charge of it.

When it comes to personal marketing, we are no longer in control of the message. Consumers can rate Realtors on Web sites and they don't even need to tell us who they are.  more...

Telltale signs water heater, furnace will soon die

By Bill and Kevin Burnett, Wednesday, December 24, 2008.

Q: After reading your column on noisy water heaters I was left with a question that has been worrying me since I was widowed and no longer able to depend on my husband to know such things. The issue that sparked my attention was your estimated life span of water heaters as determined by their warranties.  more...

Future of mortgage finance

By Tom Kelly, Wednesday, December 24, 2008.

Will the lessons learned from the real estate slowdown spark genuine creativity in marketing and lending to push more sales?

What are the chances that the residential mortgages bought and sold in the secondary markets will revert to the conservative portfolio business that existed before the first securitizations in the early 1980s?

The real estate industry will recover, but it will be different.  more...

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