theory and practice: Real Estate Practice : Lesson 3635 (Local Schmocal)
- 08/25/14 07:09 AM
I've got a few questions for you.
1. What was the percentage of listings that you sold last year ?
2. What was the average price of the home you sold last year ?
3. What was the average discount offered the buyer ?
4. What was the average number of days you saw your homes (or homes in your area) listed prior to sale ?
5. What kinds of appreciation are you currently seeing in your market area, if any ?
6. Is there substantial depreciation and decline in your market area ?
theory and practice: Real Estate Practice : Lesson 3634 (ActiveRain a Waste of Time ?)
- 08/25/14 07:02 AM
A comment on an earlier blog suggested that one should,
"...investigate, do...due diligence, and interview"
prior to selecting an agent.
But what about a cornucopia of great content, great testimonials from associates, blog content which manifests the quality of the material in fine order and is extremely abundant, fertile with good advice and the mutual cooperation your colleagues?
I've yet to discover the obloquy, any false accusation of an offense or a malicious misrepresentation of someone's words or actions in Active Rain.
There may be misrepresentations, but they scarcely and rarely qualify as intentional.
theory and practice: Real Estate Practice : Lesson 3633 (Is An Attorney Necessary ?)
- 08/25/14 06:42 AM
Do you absolutely have to have an attorney to close the deal?
There's not a state in the Union that would require a buyer or seller to have an attorney to close the deal.
Do you know of one?
Let me know if you do.
On the other hand, how do you feel about relying on a real estate broker or title company to handle the deal?
Would it be ethical to discourage the use of an attorney for closing?
I think that just about everybody I know in the business recommends that an attorney be used at closing.
theory and practice: Real Estate Practice : Lesson 3632 (The Death of Sarah Walker)
- 08/25/14 06:25 AM
Sarah Walker was beautiful.
She was the mother of two children.
She sold homes for a living.
Everyone loved her.
She was at work in her office in a model home in a beautiful new subdivision in McKinney, Texas at 5700 Conch Train.
A couple visiting the model home came by at 1:23 p.m. on July 8, 2006, and found Sarah.
She was dead, on the floor of the kitchen in the model home, stabbed more than 33 times.
She was killed by a piece of trash, garbage, a scumbag, a worthless slimeball, a reprehensible piece
theory and practice: Real Estate Practice : Lesson 3631 (Did FHA Screw Up ?)
- 08/25/14 06:17 AM
Was this a good idea?
Did somebody make a mistake?
Was the flood gate wide open for bad deals?
The FHA 90-day waiting period, created in 2003 to retort predatory lending and house flipping was given a reprieve, on the heels of the worst housing crises since Moses and the Hebrews had to flee Egypt and wandered in the wilderness for forty years without a home !!!
The original ruling , "FR-4615" Prohibition of Property Flipping in HUD's Single Family Mortgage Insurance Programs," also required lenders to obtain a second appraisal on properties that they flipped or resold within 91 and 180 days
theory and practice: Real Estate Practice : Lesson 3630 (Breach of Contract)
- 08/25/14 05:59 AM
Just what in the heck does it mean when somebody says that your in violation of a breach of contract ???
Well, kind of in a nutshell, it means that it's the kind of contract that's been terminated, canned, axed, or blown off if the contract has been violated or broken without any legitimate reason.
If any of the conditions of the contract have been broken, and there's no logical, lawful, reasonable explanation for it, and it's illegal because there's no legitimate reason for it, then we've got a nasty little situation that we refer to as a breach of contract.
theory and practice: Real Estate Practice : Lesson 3629 (Depreciation)
- 08/25/14 05:50 AM
When we think of depreciation we usually think of three types of depreciation:
physical depreciation, functional obsolescence external obsolescence which might even be taken a step further and referred to as local obsolescence or economic obsolescence.
If you can make a situation involving depreciation better, then we refer to that quality of depreciation as curable.
On the other hand, if nothing can be done about the depreciation,
in other words,
there ain't nothin' we can do for that house Virginia,
we call that incurable depreciation.
What about physical deterioration?
Usually this is caused by damage to the house in
theory and practice: Real Estate Practice : Lesson 3628 (PUD, Not the Dog)
- 08/25/14 05:42 AM
A PUD is a Planned Unit Development.
This is a type of subdivision that will allow a developer to exceed the normal zoning density because the developer is willing to set aside a big piece of land for everybody to enjoy.
PUD homes and lots, which include single family residential properties, townhouses and condominiums are usually fee simple owned properties.
All of the open space provided by the developer is basically area that's been allocated for the community, owned in common and regulated by a home owners association or HOA.
PUD's may also have parks and recreational areas that are
theory and practice: Real Estate Practice : Lesson 3627 (Split Level ?)
- 08/25/14 05:35 AM
What in the heck is a split-level house ?
Well, these unique homes are basically constructed in such a manner so that they have several levels that are floundered in such a way so that each level is separated from the next level by a smal flight of stairs.
These homes can normally have three or four levels that are arranged in such a manner.
Usually the bathrooms and bedrooms end up in the top level of the split level house.
Just below the top of the home is a living room, the kitchen, the dining room and the main
theory and practice: Real Estate Practice : Lesson 3625 (The Bogus Real Estate Coach)
- 08/25/14 05:19 AM
I got this trash in the mail:
"Short Sale Training • In &*&*^%$# weekend
Attend One or Both Days
Reserve your seat and watch a professionally produced 3-minute video.
Short Sale Success Secret start making real money in short sales now, while providing a valuable service to your buyers and sellers
Know When to Hold em' and Know When to Fold em'
for this fabulous event and your personal trainer available for a full year !!!"
I would have enclosed the actual link but I don't want to risk the creation of an Active Rain Posse Comitatus.
theory and practice: Real Estate Practice : Lesson 3624 (Keep the File)
- 08/25/14 05:06 AM
Just in case of an audit, or the need to keep track of documents, here's a short list of stuff you need to keep in the transaction file to stay on the safe side.
If you can think of anything else, add it below.
We can help each other take charge and keep good records.
I've heard that the fines can be pretty doggone stiff for not keeping records properly in some states.
I'd want to hear your comments.
1. The Listing Agreement.
2. The Comparable Market Analysis.
3. Property Condition Disclosure Forms.
4. All of the materials
theory and practice: Real Estate Practice : Lesson 3623 (This'll Interest You)
- 08/25/14 05:01 AM
Interest is a tough concept to grasp for many. Especially the unsophisticated borrower. It doesn't make any difference if your paying the interest or receiving it, it's still tough for some to understand what interest is.
Interest is plain and simply a fee you pay to "rent the money" you borrow. The better you understand this concept the better off you'll be before you sign for a loan.
Usually, when we calculate simple interest, it's going to be expressed as a yearly percentage, and the lender will calculate it once during the year that the interest is due.
theory and practice: Real Estate Practice : Lesson 3622 (Slimy Slugs)
- 08/25/14 04:55 AM
Slugs are creepy.
They're covered with slime, sticky, gooey, vile, slippery and real ugly.
When you place you dog or cat food outside, the bowls become a target for slugs, especially in warm weather; big slugs, little slugs, and all sizes in between, and they leave slimy trails around the areas they invade.
They get into the water bowls because water is what keeps them mobile and slippery.
This is where we get ugly with those pests.
What kills a slug?
Dehydration (or squashing it, but that's extreme and real nasty).
So how do we dehydrate a
theory and practice: Real Estate Practice : Lesson 3621 (Short History of the Internet)
- 08/25/14 04:53 AM
Aerial View of CERN and the Particle Accelerator
It really hasn't been around for long, although it seems like forever, and for some, well, they can't live without it.
It's the World Wide Web, Cyberspace, the Internet.
It's come a long way even though it actually is someting relegated to fairly recent times.
Look at how it's evolved, the millions of bucks made from the marketing efforts on the web, and wouldn't you know it, but the web wasn't created with the intention of becoming a marketing tool.
theory and practice: Real Estate Practice : Lesson 3620 (Property Tax Liens)
- 08/25/14 04:47 AM
If you don't pay your property taxes the city or county government can take your house away from you.
Most of us know that simple bit of information to be true and if you don't believe me, head over to the courthouse and ask the clerk to show you how many parcels of land, homes and commercial zoned properties are about to be sold for the cost of the delinquent taxes, including any interest and penalties that might be applied to the bill.
If you don't pay the lien in two or three years or so after the taxes pass the due date the tax collector
theory and practice: Real Estate Practice : Lesson 3619 (Liens)
- 08/25/14 04:38 AM
A lien is another name for the spleen, but we're not talking spleens here.
Have you ever wondered what we mean when we say the lien is "statutory" ? Statutory liens are the types of liens that creditors will use get their hands on a security interest in your property which can satisfy your debt as allowed by state or federal laws. We have two very common statutory liens :
1. The Mechanic's Lien
2. The Tax Lien
When you try to sell any property which has a statutory lien placed on it, the creditor who filed the lien has
theory and practice: Real Estate Practice : Lesson 3618 (Detecting Mortgage Fraud)
- 08/25/14 04:34 AM
Watch Out For These Things When You Suspect Mortgage Fraud Is In the Air :
1 Huge price adjustments that don't click with
comparable market data with a request to alter the list
price so that it reflects an appraised value.
2 Some party to the transaction requires the use of a
3 Down payment assistance programs that charge
excessive fees and attempt to limit how their
participation shows up on the contract and the HUD-1.
4 Huge seller contributions disguised as large
decorator or improvement allowances.
5 Mortgage brokers who refer pre-qualified buyers to
theory and practice: Real Estate Practice : Lesson 3617 (Fraud for Profit)
- 08/25/14 04:29 AM
Map Source : FBI - Areas in red are the nations fraud hotspots.
There is another nasty scheme we call "Fraud for Profit" which is sometimes referred to as "industry insider fraud" because it requires the cooperation of an appraiser, real estate broker, mortgage broker or other real estate professional.
Can you believe it ?
Our own kind would work hand in hand to perpetrate incalculable damage on a client.
They do, and they're being carted off to prison by the busloads for doing so.
Just check out Http://www.MortgageFraudBlog.Com and your jaw will drop.
And click this red button.
theory and practice: Real Estate Practice : Lesson 3616 (Mortgage Fraud)
- 08/25/14 04:24 AM
Here it comes....
I know your sick of it....but hang on...it's refresher time just to keep you vigilant.
Financial crimes are growing like poison ivy in Tarzan's backyard.
Criminal activity in the United States is staggering in this arena and is still one of the fastest growing crimes in America, outpacing the drug dealers.
Fraud involves two parties basically:
one creep makes a false statement of fact material to the business involved and the other party relies on that statement to their detriment and loses their shirt. In mortgage fraud false or inaccurate information presented with a mortgage application
theory and practice: Real Estate Practice : Lesson 3615 (Be Kind to Your Pets)
- 08/18/14 10:00 AM
(reposted in response to the Postal Service commemorative stamps honoring the Humane Society)
Mr. Max Mewsic is my boy.
It's wonderful to have a cat (he doesn't know he's a cat) that can carry on an intelligent conversation with you.
He wakes me up at sunrise, says 'I love you' (mawwooovyooo), can ask for milk (maaaallkk), cookies (mwoooookeeee) and cheese (meeeesshhh), tells me to open (mawpeen) the door so he can look for his girlfriend Lucy, and he plays the piano.
When I'm looking at contracts, answering the phone, consulting with the office about one thing or another, fixing supper, listening to the Beatles, taking