theory and practice: Real Estate Practice : Lesson 3535 - 07/21/14 06:08 AM

The basis for this school of thought surrounding 'expecting to sell' is the premise that every sale is taken for granted.
Do you believe, when you go in to your presentation, that there is absolutely no other thought in your buyer's mind other than buying the house?
We know that the buyer's emotional condition, his or her mental postulation, at closing could be abnormal.
If you argue, wander from the matter at hand, impose lots of inquiry, demonstrate doubts, question motives or appear negative, so will your buyer.
You have to demonstrate, to your buyer, that you're positive and assertive, that your beliefs are … (2 comments)

theory and practice: Real Estate Practice : Lesson 3534 - 07/21/14 06:05 AM

What's the buyer thinking and why is the buyer afraid?
I think I might have a line on what's on their mind:
1. Am I going to get my money's worth when I plop my bucks down for this pad?
2. Am I making a mistake in talking to this agent?
3. Is it a mistake to live in this neighborhood?
4. Should I wait a while because of this lousy real estate market?
5. Am I acting impulsively?
6. Is the seller honest?
7. Should I just hang on to my money and keep what I've got?
8. Should I … (0 comments)

theory and practice: Real Estate Practice : Lesson 3533 - 07/21/14 06:03 AM

I put together a list of a few things I consider classic closer killers.
1. Diarrhea of the mouth.
2. Phony enthusiasm or having an overly eager appearance to deal with your customer.
3. Crappy presentations and being poorly prepared.
4. Crowding the buyer with a bunch of high pressure garbage.
5. Negativism.
What are some closer killers that make you go bananas?
In this day and age it makes sense to demonstrate all of the integrity and honesty you can bring into the process. One real estate agents negligence can and will reflect negatively upon the professional community at large.
(0 comments)

theory and practice: Real Estate Practice : Lesson 3532 - 07/21/14 06:01 AM

I've always believed that enthusiasm is an indispensible quality that you've got to have to be a real estate pofessional.
You need it to close a deal.
I like being around agents that believe in themselves, believe in their customers, believe in their clients, believe in their products, believe in their company and believe that better days are here. 
They've been kicked when their down, driven back, told to go away, kicked out of homes and offices and their enthusiasm is stronger than ever.
I know agents with so much enthusiasm that they could sell an air conditioner to an eskimo for the igloo in sub zero … (0 comments)

theory and practice: Real Estate Practice : Lesson 3531 - 07/21/14 06:00 AM
  
In order to be a good closer isn't it important to know when to shut up?
A good closer knows when to eliminate useless banter or other needless interjections.
Good closers are great judges of just how long they should talk.
Sadly, many realtors lack this judgement.
I've seen realtors talk their buyers into a deal and then blab on until they've killed it.
Is it true that the fewer words said the better?
My high school band director, the late, great Darryl Wayne Vinson, once told me, "David, it's better to keep quiet and be thought of as a fool than … (0 comments)

theory and practice: Real Estate Practice : Lesson 3530 - 07/21/14 05:58 AM
It takes a lot of muscle, men and machines to process the loans.
What do you think that it takes to handle a massive electronic network that handles thousands of loan applications every business day?
How can I link my real estate brokerage to the computers of five different lenders?
If I'm the broker how can I satisfy my clients with the choices I have through my brokerage?
I want to insure that my clients will have the best financing options available to them so I want them to know that the choices that are provided to them that are available through any … (0 comments)

theory and practice: Real Estate Practice : Lesson 3529 - 07/21/14 05:56 AM
If you let your buyer move into the home without disclosing that poison ivy plants ( Rhus radicans ) surround the fence, you might have some problems later. What kind of problems do you think that a seller could have for not disclosing that there are poison ivy plants surrounding the fence?
Would it be covered in an errors and omissions poilcy before your buyer or their children got covered with a rash?
If not, who would insure against the nondisclosure of poison ivy to the buyer at settlement if the buyer were injured by the poison ivy plants after they took … (0 comments)

theory and practice: Real Estate Practice : Lesson 3528 - 07/21/14 05:54 AM
Six Risks of Buying Foreclosures Part 6.   Events that are going to take place in the future.   We keep building and waiting for whatever it is that we've planned to happen finally happen.   The future is where all of our rewards are. It's the creme filled center of the cookie; it's the twin moons of Saturn. … (0 comments)

theory and practice: Real Estate Practice : Lesson 3527 - 07/21/14 05:49 AM
Six Risks of Buying Foreclosures Part 5.         Whether or not the property is marketable and has liquidity.         As mentioned earlier, dead pit bull dogs in front of the house would make it real hard to sell.     Ask anyone that's had to deal with that problem and they'll confirm it that it's very hard to sell a home with a dead pit bull dog in the driveway.     At times, dead pit bull dogs have been seen near school grounds, senior citizen centers and neighborhood picnic grounds, further dampening sales.   … (0 comments)

theory and practice: Real Estate Practice : Lesson 3526 - 07/21/14 05:47 AM
Six Risks of Buying Foreclosures Part 4.   The rental rates you have to worry about charging your tenants.     It's a shame that all of those property tax increases have to get passed on to people who rent.     That's why it's up to the people who rent to try and find all of the ways that they can to keep the government from raising taxes.     Renter's Assciations should be formed and political action committees should work together inside the Renter's Associations to find ways to keep the taxes as low as possible.     The landlord … (0 comments)

theory and practice: Real Estate Practice : Lesson 3525 - 07/21/14 05:44 AM

 
 Six Risks of Buying Foreclosures Part 3. The interests rates that you have to pay for your loan.                     
 
Oh boy !
 
We all know that the interest rate on the loan can trigger some interest in a new loan for any old financing project.
 
It's been said that interest rates on investment properties are usually higher than the rates given to an owner operator in a commercial transaction or a homebuyer who intends to assume residency on the property of which they're trying to secure the loan.
 
If the business owner of the commercial property secures the loan … (0 comments)

theory and practice: Real Estate Practice : Lesson 3524 - 07/21/14 05:43 AM
         
Six Risks Part 2.The Future Value of the Neighborhood
What good is the neighborhood if dead pit bull dogs are all over the place?
It's very important that the neighborhood be kept clean and sanitary.
Memphis was voted the cleanest city in the nation by area civic organization many times until the garbage strike of 1968.
But the real estate values have remained constant.
Citizens have never had better trash collections in 40 years.
I've always been in favor of equipping the city with garbage trucks that have floral designs decorating the cab and the utility … (0 comments)

theory and practice: Real Estate Practice : Lesson 3523 - 07/21/14 05:41 AM
                   
Part 1.The Physical Condition
Why wouldn't you want to know if there was something wrong with the property?
It's up to you to find out if there are termites in the floors or if the backyard is covered with poison ivy before you start raising your fan with your auction number printed on it.
Know the condition of the property well ahead of the auction schedule.
 
stay tuned for part 2
(0 comments)

theory and practice: Real Estate Practice : Lesson 3522 - 07/21/14 05:39 AM

There are six risks:
1. The physical condition of the property.
2. The future value of the neighborhood.
3. The interests rates that you have to pay for your loan.
4. The rental rates you have to worry about charging your tenants.
5. Whether of not the property is marketable and has liquidity.
6. Events that are going to take place in the future.
There's a second part to this post coming right up !
(0 comments)

theory and practice: Real Estate Practice : Lesson 3521 - 07/21/14 05:37 AM
               
Mold is everywhere.
It grows on everything.
It can destroy everything, too.
Mold can make you puke.
Mold reeks.
It can make you mad with nausea.
It causes allergic reactions and can make it hard to breathe for many.
It can release gases and toxins and causes irritation.
In the last few years thousands of claims have been filed because of mold hazards.
Have you had to deal with this problem ?
What measures were taken to correct it ?
(0 comments)

theory and practice: Real Estate Practice : Lesson 3520 - 07/21/14 05:35 AM
                                              
We produce so much garbage in America everyday it defies reality, myself included; take my desk for example. (about like the pic)
Recycling is so important, especially during these days of economic crunch. Paint, diapers, toxic stuff, tires, food, paper, etc..; we have to find places for all this junk.
We're beginning to see more garbage dumps on rural properties these days, and even the aquisition of land specifically placed aside for these purposes. How will it impact our land in the future ?
What experiences have you had with the elimination of waste in your community ? 
Have you had … (0 comments)

theory and practice: Real Estate Practice : Lesson 3519 - 07/21/14 05:34 AM
 
CERCLA is the Comprehensive Environmental Response, Compensation and Liability Act.
CERCLA was created in 1980 with a startup fund of 9 Billion Dollars (whew) called the SUPERFUND (I wonder why?) to clean up hazardous waste that was left behind by some villain...er...uh...potentially responsible party know in the industry as the PRP or the perp.
CERCLA swoops down on them with their talons and orders the PRP to clean up the mess.
Any landowner could be held liable under CERCLA when hazardous or toxic substances are released into ground or water areas and threaten the quality of life.
CERCLA is … (0 comments)

theory and practice: Real Estate Practice : Lesson 3518 - 07/21/14 05:32 AM
 
Buyers always want to make sure that the property their signing their life away for is in the condition it was promised before they assume occupancy.
The buyer wants to know about these things:
* The Seller's Deed
* The Survey
* Any Leases If Tenants Reside on the Property
* Results of All the Inspections Such as General Home Inspections, TERMITE Inspections, etc.
* Evidence of Title
* Documents Proving That Liens or Encumberances Have Been Removed
* Have the Required Repairs Been Made ?
Can you think of anything else ?
Thanks for your time.
(0 comments)

theory and practice: Real Estate Practice : Lesson 3517 - 07/21/14 05:31 AM
   
When do real estate closings have to be reported to the IRS ( Internal Revenue Service ) and how are they reported?
The form used to report real estate closings is IRS form 1099-S. Properties that have to be reported include:
1. Condominium Units, common elements, land and fixtures.
2. Improved or unimproved land which includes the space above it, or what is commonly referred to as air space.
3. Any stock in consequence of your ownership of or retention of shares in a cooperative housing corporation.
4. Commercial, residential or industrial structures deemed permanent.
What else does the 1099-S require ?
(0 comments)

theory and practice: Real Estate Practice : Lesson 3516 - 07/21/14 05:29 AM
                                                                                                                      
If a real estate tax is levied for a current calendar year payable during that year or in the coming year, the period from January 1st to the date of closing, or the day before closing if you're in a state which excludes the sale date, we're dealing with what is known as the accrued portion.
Just what is the accrued portion and how do we deal with the math?
If the current tax bill "ain't in the mail" the parties at closing have to agree on a fiqure which is estimated based on last years bill. That doesn't relieve you … (0 comments)

 
David Saks, Memphis, Tennessee (The Real Estate Mart of Tennessee, Inc.) Rainmaker large

David Saks

Memphis, Tennessee

Memphis, TN

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The Real Estate Mart of Tennessee, Inc.

Address: 4040 North Watkins, Suite #4, Memphis, TN, 38127

Office: (901) 872-8888

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