Comments on: A Rush and A Push and The Land Is Ours… http://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/ Real Professionalism in Real Estate Tue, 15 May 2012 13:49:37 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Todd Wallerhttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-193 Todd Waller Tue, 30 Mar 2010 21:10:55 +0000 http://p1fran.com/?p=2559#comment-193 Thank YOU for the suggestion! When I read the comment as I was mobile, I slapped my forehead pretty hard...Can't believe I forgot that feature...RE: Disclosing short sale or "near-ness" to it - It all circles back to, "How would I like to be treated if the shoe was on the other foot?"Good to find another kindred, customer service oriented, spirit! Thank YOU for the suggestion! When I read the comment as I was mobile, I slapped my forehead pretty hard…Can’t believe I forgot that feature…

RE: Disclosing short sale or “near-ness” to it – It all circles back to, “How would I like to be treated if the shoe was on the other foot?”

Good to find another kindred, customer service oriented, spirit!

]]> By: James Malanowskihttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-192 James Malanowski Tue, 30 Mar 2010 21:05:16 +0000 http://p1fran.com/?p=2559#comment-192 Sounds like you've got the same issues there as we do in my market. Don't know if it's a requirement for you, but we have to disclose that the listing is subject to a short-sale approval (and why wouldn't you want to even if it wasn't?!).Regardless, if the contract was really that close to being short the LA should have disclosed ... or at least warned that it may be tight. Just one more story for the short bus, I guess.BTW, thanks for the comment subscription feature! .-= James Malanowski´s last blog ..<a href="http://feedproxy.google.com/~r/TheJEMGroup/~3/WGnEKo2Rr_I/" rel="nofollow">THE RISE AND FALL OF THE BIG-BOX BROKERAGE</a> =-. Sounds like you’ve got the same issues there as we do in my market. Don’t know if it’s a requirement for you, but we have to disclose that the listing is subject to a short-sale approval (and why wouldn’t you want to even if it wasn’t?!).

Regardless, if the contract was really that close to being short the LA should have disclosed … or at least warned that it may be tight. Just one more story for the short bus, I guess.

BTW, thanks for the comment subscription feature!
.-= James Malanowski´s last blog ..THE RISE AND FALL OF THE BIG-BOX BROKERAGE =-.

]]> By: Todd Wallerhttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-191 Todd Waller Tue, 30 Mar 2010 20:51:54 +0000 http://p1fran.com/?p=2559#comment-191 James,You are dead nuts right about the buyer's agent responsibilities complicit in this debacle!Here in Michigan, appraisals are... challenging... at best. Even when your own market analysis shows you are right on the money for the price and value matrix, an out of area appraiser waltzes in, drops their "knowledge" on a report and all of a sudden you are 10k off in contract price and appraisal.The reason I will rail harder on the LA, in this instance, is that they were the one that allowed the false hope in the first place. If the property had never been listed, the "Smiths" never would have been put in the position of wanting to buy a house that really wasn't for sale.And to be perfectly frank, I've submitted offers on homes only to find out after submission that the home is really in a short position. And it's not through any lack of research, fact finding and question asking... James,

You are dead nuts right about the buyer’s agent responsibilities complicit in this debacle!

Here in Michigan, appraisals are… challenging… at best. Even when your own market analysis shows you are right on the money for the price and value matrix, an out of area appraiser waltzes in, drops their “knowledge” on a report and all of a sudden you are 10k off in contract price and appraisal.

The reason I will rail harder on the LA, in this instance, is that they were the one that allowed the false hope in the first place. If the property had never been listed, the “Smiths” never would have been put in the position of wanting to buy a house that really wasn’t for sale.

And to be perfectly frank, I’ve submitted offers on homes only to find out after submission that the home is really in a short position. And it’s not through any lack of research, fact finding and question asking…

]]> By: James Malanowskihttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-190 James Malanowski Tue, 30 Mar 2010 19:44:02 +0000 http://p1fran.com/?p=2559#comment-190 Not to discount your point about the LA's responsibility to know the mortgage balances, etc. but it is the LA's duty to know the market and price it properly AND it is the buyer's agent's duty to know the market and advise against offering more than the property will appraise for.As a listing agent (primarily), I have called buyer agents and questioned them about offers they submit when I *know* the property won't appraise for the offer price. I also have to advise my sellers that, when multiple offers are submitted, an over-list offer sounds great, but you'll end up pissed off when the buyer asks for a SP reduction due to a low appraisal.Sometimes the highest offer is not the best offer. It is our job to know the market and advise our clients accordingly ... No matter which side of the table we are sitting at. .-= James Malanowski´s last blog ..<a href="http://feedproxy.google.com/~r/TheJEMGroup/~3/WGnEKo2Rr_I/" rel="nofollow">THE RISE AND FALL OF THE BIG-BOX BROKERAGE</a> =-. Not to discount your point about the LA’s responsibility to know the mortgage balances, etc. but it is the LA’s duty to know the market and price it properly AND it is the buyer’s agent’s duty to know the market and advise against offering more than the property will appraise for.

As a listing agent (primarily), I have called buyer agents and questioned them about offers they submit when I *know* the property won’t appraise for the offer price. I also have to advise my sellers that, when multiple offers are submitted, an over-list offer sounds great, but you’ll end up pissed off when the buyer asks for a SP reduction due to a low appraisal.

Sometimes the highest offer is not the best offer. It is our job to know the market and advise our clients accordingly … No matter which side of the table we are sitting at.
.-= James Malanowski´s last blog ..THE RISE AND FALL OF THE BIG-BOX BROKERAGE =-.

]]> By: uberVU - social commentshttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-189 uberVU - social comments Mon, 01 Mar 2010 21:01:11 +0000 http://p1fran.com/?p=2559#comment-189 <strong>Social comments and analytics for this post...</strong>This post was mentioned on Twitter by toddwaller: New at P1Fran.com | A Rush and A Push... http://budurl.com/jnzz... Social comments and analytics for this post…

This post was mentioned on Twitter by toddwaller: New at P1Fran.com | A Rush and A Push… http://budurl.com/jnzz...

]]> By: Todd Wallerhttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-188 Todd Waller Sat, 27 Feb 2010 03:39:48 +0000 http://p1fran.com/?p=2559#comment-188 Mayor,I hear you...My heart breaks for "the Smiths" as they scramble this weekend to find a home they can actually purchase. They are lined up to see about two dozen homes this Saturday and Sunday.My hope is that they find one they can actually purchase! Mayor,

I hear you…

My heart breaks for “the Smiths” as they scramble this weekend to find a home they can actually purchase. They are lined up to see about two dozen homes this Saturday and Sunday.

My hope is that they find one they can actually purchase!

]]> By: The Mayorhttp://p1fran.com/2010/02/a-rush-and-a-push-and-the-land-is-ours/#comment-187 The Mayor Sat, 27 Feb 2010 00:14:35 +0000 http://p1fran.com/?p=2559#comment-187 When is a buyers market not really a buyers market? When the majority of houses available are bank owned, short sales, or worse the covert short sale...."What do you mean the listing price is only $3 more than what is owed on the mortgage? Imagine that." .-= The Mayor´s last blog ..<a href="http://www.sasstown.com/blog/2010/2/26/right-back-where-we-left-off.html" rel="nofollow">Right Back Where We Left Off</a> =-. When is a buyers market not really a buyers market?
When the majority of houses available are bank owned, short sales, or worse the covert short sale….

“What do you mean the listing price is only $3 more than what is owed on the mortgage? Imagine that.”
.-= The Mayor´s last blog ..Right Back Where We Left Off =-.

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