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'Think outside the hammock'

By Tara-Nicholle Nelson, Tuesday, June 30, 2009.

As one of the few other real estate broker/writers on the scene, I've consumed much of what Barbara Corcoran has written since I laid eyes on the mere title of her first book, "If You Don't Have Big Breasts, Put Ribbons on Your Pigtails" (Portfolio Trade, 2003), full of the homespun wisdom she used to create one of the country's most profitable real estate firms (located, counterintuitively perhaps, in New York City).

Years before she became the "Today" show's resident real estate guru, Corcoran grew to believe that the "real measure of (her) success … was (her) innate ability to match up the right person with the right place based on his or her unique needs and personality."  more...

Alternatives to traditional financing

By Bernice Ross, Tuesday, June 30, 2009.

Despite all the information in the press about a thaw in the availability of mortgages, many highly qualified borrowers are still having a difficult time obtaining financing. This is especially true if you own a more expensive home. What can you do when either you or your house is not a good fit for "traditional" financing?

Because of the tight credit market, a host of new alternatives to traditional financing are starting to emerge. If you are having trouble locating the right loan for your situation, here are just a few of the resources to consider:  more...

Homeowners smug no more

By Marcie Geffner, Tuesday, June 30, 2009.

To be honest, maybe we were just a little too smug.

After all, we were the nation's homeowners, and we believed we deserved the riches and comforts that came with the title.

We didn't sit on our hands in our rented apartments while our friends and family turned no down payment into undreamt-of riches. No, we ran the numbers, figured out the leverage and realized that homeownership was a can't-lose deal. So we applied for mortgages, and lenders let us borrow huge sums of money.  more...

Black crud invades whirlpool bath

By Barry Stone, Tuesday, June 30, 2009.

DEAR BARRY: We just purchased a home and hired a home inspector before closing. He reported no problems with the whirlpool bathtub. But the first time we turned it on, the bath water became filled with black specks. There is some kind of mold or mildew in the pipes, and we haven't been able to remove all of it, not even with bleach. When we called our home inspector, he said that he checks only the working ability of the tub jets and nothing else. If he checked the jets, he must have filled the tub, so how could he have missed the problem? --Annie

DEAR ANNIE: The mold or mildew problem in your whirlpool tub is a common one because the pipes in most whirlpool tubs do not drain very well. When the tub is emptied, water remains in the pipes and becomes stagnant. When this foul brew evaporates, a black residue is left in the lines. Then, when the tub is filled again, the crud is loosened by the water flow, and black particles are washed into the bath water.  more...

CoTweet: teaming up on Twitter Premium Content

By Gahlord Dewald, Tuesday, June 30, 2009.

OK, so you've jumped on the Twitter bandwagon full force. You're scheduling tweets. You're pushing your listings with tweets. You're engaging your audience, tweet by tweet. You've got multiple twitter accounts for you, your company and your blog. And managing it all is a pain. Enter CoTweet.

CoTweet is a service, currently in invitational beta, that helps multiple people manage multiple Twitter accounts. For example, if there are two or three of you at your brokerage who monitor the company Twitter account, CoTweet helps you coordinate responses via Twitter and e-mail.

   more...

New brokerage model: from bust to boom Premium Content

By Marc Davison, Tuesday, June 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/jm3/42371322/in/photostream/">jm3</a>.

The corridors of real estate echo with the anxious cacophony of futuristic business model chatter.

Environmental branding, virtual space, marketing, social media and stemming the ooze of profitability caused by the open gash of lopsided splits are now on the gurney as the present model heads for open-heart surgery.

Stat.  more...

New school of real estate marketing Premium Content

By Bernice Ross, Monday, June 29, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/editor/71486347/" target=blank>Editor B</a>.

Are you still relying on old-school marketing tactics that don't work well in today's Web 2.0 environment? If so, now is the best time ever to say, "Out with the old and in with the new!"

How much have you spent in the last 12 months on newspaper ads, print magazines, postage and other mailing pieces? How many hours have you spent calling people who don't want to hear from you? How many weeks (years) of your life have you spent doing floor or opportunity time? As an increasing number of consumers rely more heavily on the Web, old marketing strategies are rapidly giving way to an entirely new approach.  more...

Getting a feel for sensory homebuyers

By Tara-Nicholle Nelson, Monday, June 29, 2009.

Between my husband and my son, I'm outnumbered by boys at home. What that means in terms of my daily living experience is that often I'll wake up, stumble to the espresso machine, and realize that every single kitchen cabinet, half the drawers and sometimes even the fridge and freezer doors are standing wide open -- even though no one is in the kitchen! My family knows that about that time is when I yell, "What is this -- the Sixth Sense?!"

(In the Bruce Willis film, the young Haley Joel Osment, who "sees dead people" sits down to breakfast and, in the seconds it takes his mom to leave and return to the kitchen, Haley Joel's deceased cronies manage to leave every kitchen door gaping wide, prompting the boy's mom to have an "a-ha" realization that perhaps things ain't as they seem.)  more...

Refi hit with title insurance 'junk fee'

By Benny Kass, Monday, June 29, 2009.

DEAR BENNY: We are in the final steps of completing a refinance of our barely year-old $410,000 mortgage. We were pleased with the interest-rate drop, and our local bank was generous in dropping many of the so-called "junk fees" associated with a refinance. However, we are being charged $1,007 for title insurance. When I asked our banker about this, the response was basically, "Well, yes, it is a rip-off but there is nothing we can do about it."

My question for you is what do we get for this $1,007? And if we refinance again in a year (you never know), I assume we will have to pay this again? --Shelley  more...

Contingencies frustrate buyers, sellers

By Dian Hymer, Monday, June 29, 2009.

There are many frustrating aspects associated with buying or selling a home today. One is that contract contingencies -- such as inspections, financing or the sale of another property -- often aren't removed on time. It's not uncommon for closings to be delayed, usually due to the buyer's lender.

Your purchase contract should include a provision to deal with deadlines that are not met on time. For example, in the home purchase contract used by many Realtors in California, sellers can give buyers a 24-hour notice to perform. If the buyers don't meet this deadline, the sellers can cancel the contract. This notice can't be delivered earlier than 24 hours before the contingency is due.  more...

Secrets to saving money on mortgages

By Jack Guttentag, Monday, June 29, 2009.

Some of the most difficult questions I receive from readers concern the relationship between making extra payments and refinancing. I have never been very happy with my answers, and recently took a harder look at how making extra payments and refinancing are related. The hope was that if I understood it better, I could answer the questions better. This article reflects my current understanding, followed by new answers to some common questions.

Extra-payment decisions and refinance decisions should be made independently because they are based on very different factors. Yet each may affect the other, which is why it is easy to become confused.  more...

Low rates: Good news, bad news

By Lou Barnes, Friday, June 26, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/cygnus921/2354592701/" target=blank>cygnus921</a>.

Long-term interest rates have fallen in dramatic fashion in the last 24 hours, the 10-year Treasury-note to 3.51 percent and low-fee mortgages to 5.25 percent.

Inflation freaks and dollar bears caved in, as no data supported their theories. "Green shooters" were confounded by a rise in new claims for unemployment insurance to 627,000, halfway back to the April peak, and their hopes do not square with Warren Buffet's description of the economy as "a wreck."  more...

Lowball offers fail buyers

By Tara-Nicholle Nelson, Friday, June 26, 2009.

Q: My wife and I are getting frustrated by sellers who seem like they don't really want to sell their homes -- even in this market!

This scenario has happened several times: We see a place we like listed at $499,000. We write an offer at $445,000. The seller doesn't even respond. Then, six weeks later, the place is still on the market and the price is reduced to $449,000 -- if they had issued us a counteroffer at $449,000, we'd have bought it back then. We're still interested, but we're not paying the full price, so we offer $425,000 -- and they still don't even respond. We've done this on several houses, over the last four months, and ALL of those houses are still on the market! We think these sellers are just crazy.  more...

Decking choices abound

By Paul Bianchina, Friday, June 26, 2009.

If you're thinking of a new deck or perhaps rehabbing your old one by replacing those worn deck boards, you have no doubt noticed that you have a whole lot of choices these days. Natural wood, treated wood and synthetics abound, with some pros and cons to each choice. So here's a basic rundown on some of things you might want to consider when making your selection.

Also, remember to ask about fasteners when you make your decking choice. Some types of both natural and synthetic decking materials require specific fasteners to prevent staining, "mushrooming" around the screw head, and other possible problems, so be sure to select the right fastener for the job.  more...

The great condo collapse

By Steve Bergsman, Friday, June 26, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/carolyncoles/2584260378/in/photostream/">Carolyn Coles</a>.

In early May, Opus West Corp. filed for Chapter 11 reorganization for one of its developments. The Phoenix-based commercial developer, according to press reports, owed $160 million to a group of banks on a shopping center development in Texas. The news was of interest to a close friend of mine who lived in a condominium complex in Irvine, Calif.; his development is owned by Opus West.

When I talked to him about the bankruptcy, he didn't appear concerned. With the average condo price in his building at $1.4 million, this was a fairly upscale development and all the glorious amenities that were an inducement to move there were still intact, all services operational and there had been no additional calls for re-assessments of condo fees.  more...

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