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When banks won't lend: seller financing

By Bernice Ross, Tuesday, November 24, 2009.

DEAR BERNICE: I live in Colorado. I was talking to one of my friends who lives in California. He has been hearing about "private" sales out there, especially in the higher price ranges where financing is hard to obtain. What is a "private" sale and are these legal? --Bill A. more...

7 reasons to be optimistic about housing

By Bernice Ross, Monday, November 23, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/valeriebb/3164526591/in/photostream/" target=blank>Valerie Everett</a>.

Let's face it, 2009 has been a tough year for almost everyone in the real estate industry. When times are tough and negative news floods the media, it can be hard to stay positive. Today's column looks at seven reasons to give thanks, no matter how tough your market is.

1. Marketing no longer requires big bucks
While the pace of technological change can be frustrating, technology changes have dramatically cut the cost of marketing. To obtain a foothold in a new market 10 years ago, you had to door-knock, spend thousands of dollars on print marketing, and regularly hold open houses. more...

2 homes, 2 mortgages, 2 much?

By Bernice Ross, Friday, November 20, 2009.

Editor's note: This article incorrectly stated the typical depreciation schedule used by investors for a rental property. Under the Modified Accelerated Cost Recovery System, generally the depreciation schedule is 27.5 years for a residential rental property placed into service after 1986.

DEAR BERNICE: My husband and I just relocated from Los Angeles to Arizona. I rented my condominium in Los Angeles and it's currently costing me about $500 per month over what the tenants are paying me. I bought it back in 2002 and still have equity in it, despite the downturn.

We found a really good deal on a house here in Arizona. The challenge is that it's really hard making the payments on both because my husband is still in school. He will be graduating in May and our income will go up then. I'm wondering if it would be smart to sell my condominium in Los Angeles to make it easier for us to make the house payments. --Liz W. more...

Attack of the 'pushy' agent

By Bernice Ross, Tuesday, November 17, 2009.

DEAR BERNICE: I just listed my condominium for sale. An agent who lives in my building knocked on my door and yelled at me for not listing with her, saying she knows the building better than anyone else. She also claimed that my listing agent has so many listings that he will have no time for me now that the contract is signed.

So far, we have had only two showings in the last week. I'm beginning to wonder if the agent in my building is right.

On the other hand, she is so pushy I can't imagine having to go through a transaction with her. She actually tried to push her way into my home even though I was standing in the doorway blocking her. I signed a six-month listing. Should I just wait and see what happens? --Paula W. more...

Watch for 'buying signs'

By Bernice Ross, Monday, November 16, 2009.

What's old is new again. Old-fashioned sales skills are not only desirable in today's market -- they're a necessity.

Last week's column examined six basics you need to survive in 2010. Today's column examines five additional sales skills that you need to thrive in any market.

1. Force appraisers to meet you at the property
Ten years ago, it was routine to meet the appraiser at the property. As the listing agent, you made sure the appraiser had all the recent comparable sales plus as much detail as possible about each of the comps. more...

Buyer $5,000 short: How to close the gap

By Bernice Ross, Thursday, November 12, 2009.

DEAR BERNICE: We need $237,900 to pay off our first mortgage and to cover closing costs. We have an offer from some buyers who qualify for a total purchase price of $233,000. We have to move because of my job change. We have the money for the downpayment on our next house. If we take this offer we will have to use part of our downpayment money to close the deal. That will probably put us short on our next house. Our agent says we should be thankful we have a preapproved buyer who can actually close the deal. Do you have any suggestions? --Mark L.

DEAR MARK: First, if you have a preapproved buyer who can definitely close the transaction, it would be very smart to take the offer, even if it's $4,900 less than what you need to pay off the loans and closing costs. more...

Timing a holiday home sale

By Bernice Ross, Tuesday, November 10, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/fauxen/337884210/in/set-72157594447727252/" target=blank>Fauxen</a>.

DEAR BERNICE: My husband just received a job promotion that will require us to move from Virginia to South Carolina. He starts his new position in January. Our girls are ages 2 and 4, so we don't have to worry about when we sell in terms of their preschool.

I was wondering if it would be smart to list our home over the holidays or to wait until after the first of the year. We have owned our home for 10 years. It's in a good school district. There are not many houses for sale in our area, so we're thinking it might be smart to sell sooner rather than later. What's your opinion? --Cheryl S. more...

Hyperlocalism, face time and dollar signs

By Bernice Ross, Monday, November 9, 2009.

Facebook, Twitter, LinkedIn, blogging -- somehow if you're not online, you're hopelessly outdated. To succeed in today's highly competitive market, you need Web 2.0 skills, but they must also be coupled with good old-fashioned basic sales skills.

What's old is new once again. Good old-fashioned sales skills are more important than ever. Where do you stack up on these basics that are critical for success in 2010? more...

5 things to never tell a buyer

By Bernice Ross, Thursday, November 5, 2009.

A buyer is looking at your home and asks a question. Be careful what you say, as it can cost you much more than you realize.

As a seller, you may find yourself at home when a buyer is looking at your home. In most cases, it's smart to leave during the showing. If you are at home and the buyer or his/her agent asks a question, tread carefully. Here are five things to never tell a buyer.

1. Where is the property line?
It's easy to point to the fence and say that's where the property line is. The correct answer to this question is, "I don't know where the exact property line is. If you want the exact location, you will need a survey." more...

Commission shoppers beware

By Bernice Ross, Wednesday, November 4, 2009.

How will you decide who is the best person to market your property? If you're shopping exclusively based upon commission, you could be making a very costly mistake.

Recently I was speaking with the CEO of a well-known real estate firm. He shared his frustration about what he was hearing from many of his broker-owners. Apparently, a large percentage of buyers are calling various real estate offices and asking, "How much is your commission?" If the person answering the call says, "Six percent," the caller hangs up. Another version of the same scenario sounds like this, "We just talked to Joe Agent who works for the same firm you do, but he was willing to take our listing for 5 percent. We really like you, but unless you cut your commission to 5 percent, we're going to list with Joe." more...

Real estate celebrity is dead

By Bernice Ross, Monday, November 2, 2009.

If you're still marketing your services with the "I'm the best agent in today's market" (even if you are), it's time to stop being the celebrity and to start asking, "How can I be of service?"

For years we trained agents to promote themselves and their companies: "You should hire me because I sell more houses than anyone else in this area," or "You should hire us because we are the No. 1 company with the No. 1 market share in this area." These types of marketing messages worked back in the 1980s and '90s. Most sellers wanted the best because they believed they would sell their home more quickly and at a higher price. In many cases, celebrity brokers were held in awe. more...

Beating out multiple bids

By Bernice Ross, Friday, October 30, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/soschilds/790808573/" target=blank>A. www.viajar24h.com</a>.

DEAR BERNICE: I can't speak for anywhere else in the country, but there are just no decent houses for sale in our area. We wrote a good offer on one house and discovered there were four other offers on the property. The owner wrote a counteroffer that was higher than the original asking price. We didn't think we would have to pay more than the asking price to get the property. I've heard of people bidding up properties, but I didn't think it was happening in today's market. If we end up in another multiple-offer competition what can we do to make sure we get the property without overpaying? --Jeanette H.

DEAR JEANETTE: Many places in the country are reporting one to three months of inventory in the first-time-buyer price ranges. more...

House of horrors

By Bernice Ross, Wednesday, October 28, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/barelyfitz/28626934/">BarelyFitz</a>.

When you're in the real estate business, sooner or later there will be a house that someone says is haunted. The story below is true. Were these events just coincidence or were they something else?

When I was working on my doctorate, my closest friend and study partner was living in a new house in Orange County, Calif. She was in the antique business. Her home was like a showcase, every last inch of it beautifully decorated. When I met her, she was in the process of getting a divorce. more...

Real estate top performers' tips

By Bernice Ross, Monday, October 26, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/london/44070187" target=blank>jonrawlinson</a>.

In real estate, there is no single recipe for success. Nevertheless, if you examine the characteristics of top-producing agents, there is a consistent pattern linked to their success.

Do you know the secret recipes that are associated with success in virtually every type of sale? If not, here's what most top performers know that can help you in your business.

1. Write down your goals
Do you have a written business plan with specific goals? If so, you are part of a select group of about 3 percent of all salespeople. more...

Sellers, don't fret over repairs

By Bernice Ross, Thursday, October 22, 2009.

DEAR BERNICE: My husband used to work in the construction industry before he earned his college degree. He's pretty handy and can fix most things around the house. We recently listed our house and received an offer. When the buyers did their physical inspection they came back with a laundry list of things for us to fix. My husband can handle most of the work, but our Realtor was really against it. She recommended giving the buyers a credit and letting them do the work. She also recommended that we pay for a home warranty for the buyers. My husband isn't thrilled about her ideas. What do you recommend? --Cathy Y.

DEAR CATHY: It's your house and your decision about how you handle this. However, I'm inclined to agree with your agent on both accounts. A number of years ago I had an attorney client who purchased a home. The roof was leaking and needed repair. The seller provided us with receipts stating that the roof had been repaired, and we closed the transaction. more...

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