Jacksonville Real Estate News by Magnolia Properties » Eileen’s Desk

FHA Changes

eileen — Thu, 22 Jul 2010 21:41:16 +0000

Well we all know the “flipping rule” is gone (not that it was enforced – forgive the bitter tone)….
but do you know that seller concessions are probably going to decrease from 6% yo 3% and downpayment increases to 5% from 3.5?
On a 200,000 home that is $3,000 more dollars!
Walter Bianchi spoke to us on Tuesday and gave us the impact of these changes on a 200,000 loan…
Seller concession chaneg means there is $6,000 less available.
Monthly MIP increases from .55% to .85% – 48.25 per month!…
Walter is in the know….thanks Walter! well…maybe not “thanks” other than for the info …certainly not thankful for the changes I guess….lol

Interesting questions today…

eileen — Thu, 22 Jul 2010 16:16:23 +0000

I just thought I would send out some thoughts… I have had some interesting comments from a couple of closing agents offices….and I just wanted to remind all of us…
Binders have to be collected and returned to the office of the escrow holder by the agent immediately…
not after everything is “accepted”…. unless specified that way.
I have been told by a closing agent holding binders that binders dont need to be delivered to them by the agents until everything is signed….”NOT”>>>>!!!!!
If the contract states that a check has been collected but will not be presented for deposit until acceptance by all parties with some sort of time limit…say within 24 hours of acceptance…
okay…but….I hope agents are not assuming that binders dont need to be turned in until acceptance because the escrow agent told them so….
came up twice in the last two days…
Just sharing…or maybe venting…or LOL a little of both!
Have a beautiful day!

Listening versus hearing

eileen — Tue, 20 Jul 2010 16:56:38 +0000

Who do you listen to? It is a good reminder that what we hear, even if we do not agree, remains in our mind and thinking, our history so to speak. That old saying “You are known by the company you keep”
also is reflected in all things we expose ourselves to. Our mood, attitude and all affected by the things, people and sounds we surround ourselves with.
Why do you listen? because you have to as in hearing something from someone with authority over you. Because you want to learn about something being said. Just curiosity. Think of this…with the intent to argue…. listening…an interesting sense with very large implications.
What do you want to hear? What do you want others to hear? Everyone wants to be heard.
Jeff Gitomer wrote an artile on listening and he said…the best way to listen is by taking notes. Think about it. Wouldnt each of the clients or customers, agents or other resources, be impressed if you took notes when you talked. Wouldn’t you be impressed if someone you wanted to express yourself to, your needs, thoughts or ideas, wrote them down!
I thought I would share this idea. Listening and taking notes makes it very difficult to not understand or be understood.
Ever been confused with the importance of the elements in a conversation. Unsure of what someone was trying to tell you or express. Boy, I have.
I think I will try this today. I think it would help me understand what someone is really telling me rather than my own interpretation of their thoughts.
Now…let me get my pen and a piece of paper…what do you think?

Mod Squad

eileen — Sat, 10 Jul 2010 19:13:08 +0000

We have our own version of the “Mod Squad” at Magnolia Properties…. only we call them the HUD Squad.
Our three, Ricky, Steve and Bubbles (yes, Bubbles) handle the Hud owned home listings and they do a great job. Teresa (anyone who doesnot know Teresa should get to know her…she is the most amazing, best manager in the world!)…said they reminded her of the Mod Squad, so we have nicknamed them
the Hud Squad. She and I thought that was so funny…until we realized that two of the three had no idea who or what the Mod Squad was…
Teresa said, sort of like Charlie’s Angels… they (except Bubbles!) did not even know what Charlies Angels were….
oh my…. boy did I feel old… but not for long! I am just young in the legend in my own mind…lol!
e
PS…anyone wants help with a HUD buyer, just call our office and ask for one of our Hud Squad members!
we will gladly help!

Innovation is the foundation of success

eileen — Thu, 08 Jul 2010 20:40:37 +0000

I had the privilege in participating in a phone seminar called “THE iNNOVATORS”. Spectacular idea,
great information, and on to the social event at Sahara’s…..hope there will be a good turn out.
Jeff Marks, as usual, shared not only great info but answered questions. How many lawyers will give you that kind of time and benefit of such extensive experience! Who ever are the brainiacs behind this….Thank you. I am going to push this wonderful program to all agents I know and I hope anyone who has not attended by phone (we wouldnt know if you were still in your pj’s or in a bathing suit)…please note the next one and attend. You will be very happy with the return on your time investment.
I am out the door to Saharas!

Let’s keep working!

eileen — Mon, 05 Jul 2010 12:47:57 +0000

I am sure, that you are asked constantly, as I am, how is the market? is it improving? do you see improvements? Everyone, everywhere, are anxious to hear good news. Isnt it interesting that all eyes are on our industry, what we do, what we think. The entire economy revolves around real estate.

We are in a constant struggle. Struggle of sellers who still care about their property and what it is worth.
Lenders who really dont seem to want to lend, really. Short sales are the most popular loss mitigation tool, really. A Shame. Because as we, as realtors, continually lose patience and drive down the pricing, those prices come back to haunt us the next go round…because they are our comps. They impact refinances, loan modifications and most importantly sales. I know that bank foreclosures are up 44% over last year and as lenders are trying to carefully regulate the foreclosures on the market – by managing the number of homes foreclosed on….the short sales, in my opinion, dont help the values in the market, and most probably, hinder it.

I hear agents say all the time, I hate shortsales!… dont we all, for so many reasons. But we have to work through this to get to the other side. The best thing we can do is work for the best possible scenario within the framework of successfully selling the short sale and move on to the next one.

Lets take the pledge; To honor our industry, to honor each other. To faithfully work toward fair pricing, not
pricing just to make a sale. To truly find comps of value and do our best to protect our market.
Lets work together to return some semblance of sanity to the marketplace. God Bless our country, our neighborhoods, our families struggling financially.
God Bless us as realtors, trying to find the best scenario….to assist our sellers and our cooperating agents, to do the best job we can.
Amen!

New Condo Rules among other things

eileen — Thu, 01 Jul 2010 20:03:44 +0000

New Condo legislation takes effect. Several major changes of interest. There is a “bulk buyer” provision (dont we wish we had one of those?) allows investors to purchase condo units in bulk without incurring the developers debt or obligations. The hazard insurance provision removes the requirement to provide proof of insurance every year. Associations may deny owners or occupants the use of common areas if the owner is 90 days or more delinquent.

Hey! Doc stamps are now based on the actual price and not the debt.

Home Inspectors must now licensed by the state effective July 1. (But…DPBR says wont enforce it until July 1, 2011 – great!)

Florida realtors . org has lots more info today…goes to the News section. Now …where are those “bulk” buyers!

End of the month..

eileen — Wed, 30 Jun 2010 15:42:08 +0000

I cant believe July is here…where is the summer going?!?! Waiting on the final approval for the tax credit deadline…I know everyone is waiting to hear.
HUD owned homes: Currently 5% and submitting a contract on line is easy and no worries about offer presentation…check them out! Not just for investors.
We had a great program on Monday to learn about the “Hud Secrets for successful offers”…Did any go…I could not be there, unfortunately and would love some feedback.
Was it helpful? Should we have a repeat?
Love to know.
E

A day in the life of a Realtor…

eileen — Fri, 25 Jun 2010 19:49:01 +0000

Well, Friday is here and most of us are hoping our work week is just starting. Times are tough out there.
Agents are fighting for every dollar and sometimes, at others expense. As a broker, I get the problems – that is my job or at least, a big part of it.
One of my agents – a woman of great integrity, wrote an offer on a property that was a short sale…and this short sale was over $1M (the offer that she wrote). The offer was not presented. The listing agent told her that the home was now sold. Interestingly, the listing agent is the selling agent (I know you are VERY surprised by that!), but we know the offer that was presented was less than the one that we wrote. We know that because the seller and the purchaser with the accepted offer are friends of our purchaser (what a fluke!).
Looks like we have a fight on our hands….again … love to know….
have you come across this situation?mmmm?

Thursday – is Thursday the beginning of the Realtor work week?

eileen — Thu, 24 Jun 2010 15:12:33 +0000

Don’t we always hear “the weekend is almost here”… “Have a Good Weekend”…
Thinking about that last weekend while sitting on the porch in North Carolina – I realized that a good weekend for a realtor is working, really. (I should say “Selling”). Not to say I don’t enjoy a weekend with my husband and family, but we should consider planning our weekends just as we do the time off weekends.
Right?
How to do this? Do you have a prospect list, prospects who are perhaps long term? Give them a call, tell them you know they are not quite ready to buy but you want to preview some homes and realized that these homes might be some they would enjoy seeing – and maybe they also know someone else who would like to look in that price range – area…whatever…
Or perhaps an open house, planned and organized, to “pick up” some buyers. Most Realtors have great personalities – which is why we are in real estate – so what better way to meet people that are somehow interested in property than in an open house!
How do you plan an open house? Well, on short notice – I put up signs early in the day on major intersections or nearby traffic areas that say Open Today 1-4 …put them up early with an address or just the street name…or community name…bold bright and attention getting signs. Even posterboard…homemade looks even more intriguing and perhaps less threatening. Bring a list of listings to hand out with your card…say a line list of a picture, address, price and sf…or perhaps no address just the rest of the info. I also group the list by price…say 20% below the asking price of the home you are in… another group 10%…etc…
I don’t know about you but most visitors to open houses seem to be below the price of the one they are visiting. Do you find that true?
Of course, a lap top…so you can find out what someone really might be interested in and encourage them to…”lets just check MLS and see what there is…”…while walking over to the computer and just doing it…
After all, the goal of the open house is to find buyers to work with. Its great to find someone interested in the property but that would be rare – Open houses are the best of all vehicles to find people that want to buy.
Anyway…more for another day on Open Houses…but today would be a good day to plan your real work week…. the weekend!
E