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Tech playing key role in real estate deals

By Dian Hymer, Monday, August 31, 2009.

Invariably, buyers or sellers are faced with important decisions at the most inconvenient times. They may be on vacation or on a business trip. Even if you're in town, you may be tied up in meetings and unable to take time to drive to your real estate agent's office.

There are ways to deal with this that will minimize the hassle and enable you to respond in a timely fashion. Timing is essential in the home-sale business. If sellers have to wait too long for a response, their enthusiasm might wane. Buyers, on the other hand, could find themselves bidding against another buyer if they make an offer on a hot new listing and can't respond to a counteroffer in time.  more...

Hyperlocalism lives up to hype Premium Content

By Bernice Ross, Monday, August 31, 2009.

How can you get to the top of the search engines in your area? The answer may be cheaper and easier than you think.

Achieving top placement on Google or any other search engine can be both difficult and expensive. Even in small towns, you still may be competing for search-engine placement with your national firm, your local office, plus any other real estate companies who serve your area. You also compete against your local multiple listing service as well as Realtor.com.

To gain better exposure, you could use pay-per-click (PPC) ads.  more...

Buyers need dose of real estate 1.5

By Tara-Nicholle Nelson, Monday, August 31, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/trekkyandy/309494981/" target=blank>trekkyandy</a>.

Over the last few weeks, I've had several buyers walk in my office doors suffering from Real Estate Agent PTSD: Post-Traumatic Stress Disorder. They've worked with other agents who were, shall we say, a poor fit for them -- let's just leave it at that. And most of them were apparently very introspective about why exactly the relationship didn't work, leading them to apologize in advance for some personality flaw of their own that they believed might have been the deal-killer to their previous Realtor relationship:  more...

  • "I'm sorry -- I think I must be too picky."
  • "I have to tell you up front, I really don't like to be stood up. It's just a pet peeve. Sorry!"
  • "I'm very nervous about making such a big decision. I think my nerves must have run her off."

The argument against reverse mortgages

By Benny Kass, Monday, August 31, 2009.

DEAR BENNY: I hope you enjoy a good discussion as much as I do, as I'm going to try to convince you that a reverse mortgage is more than a last resort. Let's look at a 70-year-old who has been very comfortable in his retirement, collecting Social Security and withdrawing 4 percent from his $500,000 portfolio.

Unfortunately, his portfolio has lost 40 percent of its value, is now worth $300,000, and in order to maintain his income he now has to withdraw 7 percent. We both know that by withdrawing 7 percent that $300,000 will go fast. Why not enter into a reverse mortgage, leave the portfolio alone so it can have a chance to recover, and use the equity in the home (tax-free dollars) to make up the income from the portfolio? When the portfolio has recovered a bit, stop using the equity and return to the portfolio, keeping in mind the equity not used in the reverse mortgage is in a growing line of credit that is available at anytime for any reason. --Stephen  more...

Lender policy key to mortgage shopping

By Jack Guttentag, Monday, August 31, 2009.

Among the more interesting of the Federal Reserve proposals for amending the Truth in Lending Act (TILA) is one to expand the disclosures required at application. The purpose is to encourage mortgage borrowers to shop before they commit themselves.

The major new disclosure is one called "Key Questions to Ask About Your Mortgage." The heading atop the list of key questions states, "The only way to make sure you get the best possible loan terms is to talk to several lenders: Shop, Compare, Negotiate."  more...

Positive signs amid warning signs Premium Content

By Lou Barnes, Friday, August 28, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/yorkjason/162041457/" target=blank>Napalm filled tires</a>.

In this last, drowsy week of summer, long-term rates were unchanged: the 10-year T-note held under 3.5 percent, lowest-fee mortgages about 5.25 percent.

Summer has another three weeks to run to solstice, but it's all hands on deck next week before a late Labor Day to deal with the first August data, especially Friday's employment report. The change in payrolls announced that morning will clarify the dispute among the recovery camp, the stabilizing crowd, and the double-dippers.  more...

Buyer's big mistake with agent, repairs

By Tara-Nicholle Nelson, Friday, August 28, 2009.

Q: I heard that the best way to choose my real estate agent was by getting a reference. So I asked around, and got a referral to a friend of a friend. He's been a great guy to hang around with, but something is wrong. He's late all the time, and one time he even called me at the exact time we were supposed to meet, to say he was sitting down to get his hair cut, so he'd be a couple of hours late! Also, he's showed me a couple of places I like, but for the most part, the homes he shows me have none of the features I asked for.

The last straw was when I got into contract on this house, and after I paid for $5,000 of repairs that the city required to be done before letting us close the deal, he told me my loan "fell through." I don't even really know what that means, but after a year of house hunting, I'm moving on to another agent. What did I do wrong here?  more...

Lofty ideal lost on developers

By Arrol Gellner, Friday, August 28, 2009.

A while back, I got a solicitation from a local real estate agent whose client was ostensibly in the market for a "loft." The agent described her buyer's ideal loft -- apparently without irony -- as having "at least two bedrooms, two baths, (and) 1,500-plus square feet."

I wondered why the agent bothered using the term "loft" when it sounded more like her client was really in the market for a huge condo apartment, if not a fair-sized house.

Webster defines loft as "an upper room or floor" or "one of the upper floors of a warehouse or business building, especially when not partitioned."  more...

Attic conversion done right

By Paul Bianchina, Friday, August 28, 2009.

With a tough real estate market, many people are choosing to stay in their homes and remodel to suit their needs, rather than move. A good remodeling can create customized space and increase resale value, while allowing you to stay in your current neighborhood and not have to uproot the kids from school.

One possibility when looking for additional living space might be lurking right above your head: your attic.

Attic conversions can offer several advantages over conventional room additions.  more...

First-time investors key in on location Premium Content

By Steve Bergsman, Friday, August 28, 2009.

Alan Langston remembers his first rental investment: It was a Florida condominium located about 45 minutes from his home -- close enough to check up on the property if something went wrong.

A few years later, Langston transferred to the West Coast and after some consideration decided to keep the property, although it was, obviously, no longer going to be within driving distance. That old "Hey honey, let's go drive by our condo and see if it's being taken care of" wasn't going to happen anymore.  more...

Sellers face conversion of illegal unit

By Bernice Ross, Thursday, August 27, 2009.

DEAR BERNICE: We purchased our home a number of years ago. The previous owner converted the garage to mother-in-law quarters without a permit. It has a stove, refrigerator and a separate bath. Our agent is telling us that we have to convert it back to a garage. Is this really necessary? --Wanda B.

DEAR WANDA: This is a very difficult situation. The answer to your question is "maybe." Please investigate the following issues.  more...

Riding the real estate roller-coaster

By Teresa Boardman, Thursday, August 27, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/tboard/2262011895/in/set-72157603889437850/" target=blank>tboard</a>.

Just when I thought the worst was over ... things got worse. Our local market started to tank in late 2006. I have worked through waves of foreclosures and short sales and survived.

Business has picked up; I have more listings; and those listings are getting offers. Sadly, I don't have as many closings as I would like.

It looks like the worst isn't really over, it just changed a little.  more...

Landlord gets 'F' in mailbox security

By Robert Griswold, Thursday, August 27, 2009.

Q: I live in a 500-unit apartment community comprised of nearly 20 buildings. My problem is that the mailboxes to the individual units are not secure. The mailboxes are centrally located in each building with four rows of six mailboxes in a single "bank" per building.

Shortly after moving in I inadvertently started to open the wrong mailbox and discovered that my mailbox key worked on someone else's mailbox. A little more research led me to realize that my mailbox key works on each and every one of these 24 mailboxes! After talking to my neighbor across the way, I have learned that any mailbox key will work on all of the mailboxes. I found that my key even works on the mailboxes at other buildings!  more...

Trust agent advice on inspections

By Tara-Nicholle Nelson, Thursday, August 27, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/hansvanrijnberk/2598234846/" target=blank>LiveFromAmsterdam</a>.

As I mentioned last week, there is a pervasive myth afloat that real estate agents are in cahoots with a stable of service providers like mortgage brokers and inspectors. The aim? To bilk unwary buyers out of their hard-earned dollars and dupe them into buying lemon homes and taking lemon loans.

Has such a thing ever happened in real life? I'm sure it has. But I'm also highly certain that these sorts of unholy alliances are the extreme exception rather than the rule.

What's true is that we agents do have a set of professionals we prefer our clients to work with.  more...

Negotiating a lease buyout

By Janet Portman, Thursday, August 27, 2009.

Q: One of my tenants would like to get out of his yearlong lease, which has eight months left. I understand that he remains liable for the whole rent until I re-rent the unit, but he's approached me with a different proposition. He wants to negotiate a buyout, right now, so that he won't be left wondering how many months' worth of rent he'll be responsible for. Is there anything illegal about this? –Harry H.

A: Let's back up for a moment to your assumption that you have to re-rent and subtract the rent you receive from the new tenant from what your tenant owes on the lease. While many states do impose this requirement (called mitigation of damages), it's not true universally.  more...

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