Monthly Archives: July 2011

Bedford Hils NY Real Estate | Riding out a tough real estate market | Inman News

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Riding out a tough real estate market

Cycling gives agent a fresh perspective on daily work

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It all started off with a small announcement in the community activities paper: “First Annual Fondo.”

“A scenic journey through pine trees, mountain landscape and luscious lake country. Recreational bicyclists and professionals alike will enjoy this fun 85-mile ride through some of the most beautiful country Oregon has to offer.” I was intrigued. I love to bike! My 1988 Schwinn emerald-green-with-black-splatter-paint mountain bike has taken me lots of fun places: the video rental place, the coffee shop, the park. Why not majestic, scenic beauty?

Trending: The best mountain bike under 500.I imagined myself cruising past a clear blue lake and waving at the kids with fishing poles. I casually told my husband this Fondo thing would be a great adventure — like hang gliding or hiking K2. But he agreed with me. “Oh, but it’s next month,” I read. “We’d have to train pretty hard.” He agreed again. What? I was not actually expecting agreement, so this meant I better up-the-ante.

“If we are really going to ride in a bicycle rally we should ride a tandem!” Well … he agreed again! His friend has a tandem we could use. Oh my gosh.

Five hundred and fifty dollars later, I was a dedicated cyclist with a helmet, padded knickers, a “don’t kill me” neon-yellow jersey, and a tandem bicycle with new brakes and tires.

It is a far cry from my Schwinn; it has tiny tires and hooked handle bars because it is a genuine racing tandem. Who knew there was such a thing?

My daughters’ pediatrician heard that we signed up for the 85-mile Fondo on a tandem and his face spread into a wide grin, “This, my friends, will be epic. This is really going to test your marriage.” Ha-ha! Great.

But if anything, we are positive people. We’ve been riding bikes since we were babies. No big deal. I was sold. And this tandem, I thought, would be really fun! So who cares that I just had a baby six months ago? Or that my husband is three times heavier than Lance Armstrong?

This would be an adventure we can talk about for years, plus we’ll get in shape — immediately. And anyway, 85 miles isn’t that far. You just take them one at a time.

Training … our first day was dedicated to getting comfortable on the bike. With that in mind, we took our tandem racing bike, our new helmets, and padded shorts up a mountain and decided to ride around it — 20 miles.

Don’t ask me how we conceptualized going from zero experience to 20 miles on our first day. That would just take the fun out of it.

Well, we got on that bike and started rolling downhill, and let me tell you — you start communicating really fast once you realize you’re going 45 miles an hour and keeping pace with that Isuzu Trooper you thought was passing. And that’s going down a hill! Wait for the incline!

As the bike nosed up into the hills we were like two marshmallows, huffing, puffing and gasping up the highway. Where did all the oxygen go? We clicked through the gears, and cranked those peddles around in such a blur you couldn’t even see our feet!

And for all that energy, we moved about a foot every seven seconds. At that point I was sucking down water while the sweat poured down my face, across my back and into my adult diaper … I mean, through those nice new professional padded knickers.

But we made it! Yes, we did! And so today, I am writing this article standing up.

And yet, I feel really good. Encouraged. Bring it on — all 85 miles! So what if I don’t sit for a month? Ha! I’ve been there with childbirth!

I am learning to ride a tandem bicycle with my husband.

And with that in mind: Listing presentation? Ea-sy. Follow-up calls? Vanilla. Buyers want to see that house again? OK. Drop-bys? Maybe drop-bys ain’t that bad after all.

Alisha Alway Braatz is a buyer’s broker for Coldwell Banker Advantage One Properties in Eugene, Ore., and a real estate humorist.

via inman.com

Bedford NY Real Estate | New short-sale scams on the rise | Inman News

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New short-sale scams on the rise

Lenders, seniors losing money on ‘back-to-back’ closings

Crooks always look for a new wrinkle, and short-sale scams are quickly moving to the top of the fraud world.

According to a new study just released by CoreLogic, short-sale fraud is expected to rise 25 percent in 2011 with lenders and servers incurring losses in excess of $375 million. The primary states of concern are California, Arizona, Colorado and Florida.

However, short-sale fraud is also popping up in other states. Deb Bortner, director of consumer services for the Washington State Department of Financial Institutions, was one of many state officials to say there was anecdotal evidence that short-sale fraud is on the rise.

A short sale is a real estate transaction in which the borrower, being unable to pay the mortgage on the property, is permitted by the lender to sell the property “short of” — or less than — the total amount due. Hence, the lender accepts a loss.

One of the more glaring results of the CoreLogic study was that short sales resold on the same day had an average of a 34 percent gain ($56,947) between the sale prices.

How is this possible?

According to CoreLogic, the same-day turnaround of a short sale can be achieved by what is known as a “back-to-back” closing. In such, the investor has two separate contracts: a purchase contract with the short-sale lender as well as a sale contract with a third party.

The transactions are choreographed and presented to a title company on the same day. The purchase transaction is first executed, followed immediately by the sale contract.

“Reasonably, an investor may buy a short-sale property, perform verifiable improvements to the home over a period of time, and resell the property for a legitimate financial gain,” the CoreLogic authors wrote. “Nearly one in six (16 percent) ‘suspicious’ short sales is resold on the same day, making legitimate increases in value doubtful.”

One method investors use to obtain profits without improvements or repairs is to list a property they do not have authority to list at a price less than a lender is willing to accept via a short sale.

This is done in the hopes of generating a bidding war from multiple interested buyers. The investor would then choose the highest price, negotiate the lowest sales price possible with the lender, and execute the back-to-back closings on the same day.

This also has occurred to homeowners (typically elderly) who own their homes free and clear but are forced to sell to move into a nursing facility. The scammers list the property at a low price, take the highest offer, negotiate a deal with the senior, and stage a simultaneous closing. The investor pockets the difference.

According to the study, “suspicious” transactions are short sales that may have caused the lender to incur unnecessary losses. “Suspicious” short sales are defined as:

  • A new transaction less than one month after the short sale where the new sale price is at least 10 percent higher than the short-sale price;
  • A new transaction less than three months after the short sale where the new sale price is at least 20 percent higher than the short-sale price;
  • A new transaction less than six months after the short sale where the new sale price is at least 40 percent higher than the short-sale price.

The study examined more than 450,000 short sales of single-family homes in the past three years. It noted that some legitimate property rehabilitation and “flips” — where repairs and improvements were made — have occurred within the “suspicious” time frame.

Neither the lender nor the homeowner wants to go through the foreclosure process. It is time-consuming and expensive for both, and the credit damage a foreclosure can do is significant. While both sides also lose in a short sale, it is viewed as the lesser of two evils.

And, where there is anxiety and loss, there always seems to be someone there to make things worse.

Tom Kelly’s book “Cashing In on a Second Home in Central America: How to Buy, Rent and Profit in the World’s Bargain Zone” was written with Mitch Creekmore,  senior vice president of Stewart International, and Jeff Hornberger, the National Association of Realtors’ international market development manager. The book is available in retail stores, on Amazon.com and on tomkelly.com.

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Pound Ridge NY Real Estate | Home improvement apps for iPhone | Inman News

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Home improvement apps for iPhone

Free and paid mobile downloads

Editor’s note: The following is a list of free and paid home improvement apps for iPhone, based on a keyword search of the phrase “home improvement” at TopAppCharts.com, an app-ranking site.


Source: TopAppCharts.co

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Bedford Corners NY Real Estate | Oodle offers Facebook recommendations app | Inman News

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Oodle offers Facebook recommendations app

Client testimonials appear alongside paid subscribers’ ‘Marketplace’ listings

Online classified ad service Oodle has launched a Facebook “recommendations” app that allows real estate brokers and agents and other businesses with Facebook pages to solicit testimonials from clients.

Recommendations are shared with the reviewer’s friends in their Facebook news feed, posted on the agent’s wall, and in the recommendations tab hosted on their page.

For Oodle Pro subscribers, recommendations can also be added to listings displayed within Marketplace, Oodle’s “social classifieds” on Facebook, and Oodle.com. Oodle says Marketplace has more than 14 million monthly users, and is available on iPhone and Android phones.

The app allows users to share information on new listings, and when agents have email addresses for clients or prospects they can recruit them to become a fan and leave a recommendation.

Users can set up the Oodle recommendations app by entering an email address and allowing for notification and moderation of new recommendations. The agent has the choice to thank the reviewer, respond if a portion of the review needs to be addressed, or remove it if the agent deems it inappropriate.


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Chappaqua NY Real Estate | Talking about a real estate revolution | Inman News

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Talking about a real estate revolution

Could discontent lead brokers to break away from MLS?

SAN FRANCISCO — A broker revolt over multiple listing service policies could become a reality if the playing field among brokerages is perceived to be uneven, and some participants in a two-day Data Summit event also suggested that a new national entity be established to help the industry manage its data.

In referencing a controversial franchisor IDX (Internet Data Exchange) policy that was approved by the National Association of Realtors in November 2010 and amended in May 2011, Robert Moline, president and chief operating officer for Home Services of America, said that “each and every broker has always had their own choice on where their data went,” while the controversial policy — still under review — could dictate “where your data is going to go.”

He added, “If it gets to the point that brokers are paying the cost, and getting very little … (they) are going to move. Not all brokers will agree, but enough will that I think you’ll see some major changes for MLSs.

“If they’re pushed far enough, some brokers will show leadership,” Moline said. “A lot of things will change, at the end of the day.”

The controversial NAR policy, which allowed franchisors to index and display Internet Data Exchange listings in any market where they had received permission from their own franchisees, is under review by a work group that will prepare a report for consideration at NAR’s upcoming annual meeting in November.

The amended policy gives brokers the choice, by opt-in, whether their listings will be displayed on franchisors’ national websites.

Ira Luntz, vice president of data products for LPS Real Estate Group, said during a separate session at the conference that Moline “is at the center of a firestorm that’s potentially brewing — I think there could be a concerted dismantling of cooperation” depending on the outcome of the franchisor IDX issue.

“If we don’t think about it and make some changes, my personal opinion is that the brokers are going to step up — that you’ll see brokerages pull listings from the MLS.”

And he suggested that brokerages could potentially set up their own listings cooperative as an alternative to a traditional MLS.

“There’s nothing to say that a bunch of brokers in a given community couldn’t put listings up, share them, and there you go,” Luntz said.

Jay Thompson, a Phoenix real estate broker who participated in an MLS committee workgroup that reviewed the franchisor IDX policy, said he is skeptical that the issue will be resolved soon.

While Thompson said that “IDX allows me to eat. That’s my entire brokerage. It’s my livelihood — I have to have it,” he also said, “I don’t think (the franchisor IDX issue) is going to get resolved at the November meetings.”

Luntz said he has a vision for a new framework for sharing listings: “Maybe the time has come to … stop IDX completely.”

He proposed a system for “single-source syndication” — an entity to manage licensing and distribution of “the massive quantity of information” generated by the real estate industry.

The entity could offer up industry data under certain terms and conditions. “If we don’t come to an understanding for a national vehicle to deliver data, that everyone can trust and everyone can agree to … if we don’t do that, we have a disassociated marketplace,” he said.

He said the industry is doomed to the same circular data conversations it’s been wrapped up in for more than a decade if it can’t establish “an entity or group or some sort of definition for this” data pool.

“We have this quandary of different syndication models, the inaccuracy of data. We have to move ourselves away from that.”

John Heithaus, chief marketing officer for MRIS, a mid-Atlantic regional MLS that is the nation’s largest MLS, said the Nasdaq and New York Stock Exchange and Carfax vehicle history reports provide models for what an MLS system could be.

“I think we need to rethink the whole context (of the MLS). We are fighting today’s battles with yesterday’s tools,” he said, and suggested that open-source solutions could power a wave of innovation for MLSs.

Luntz said, “If you don’t speak up, don’t speak the vision, it’s never going to happen.”

Mike Myers, co-founder of MLS Data Marketing, said he is already working on a plan to bring more than a dozen MLSs together in a common goal to improve listings syndication and data quality. The project, which he has embarked on with industry veteran Bud Fogel, is known as the MLS Internet Data Cooperative.


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Armonk NY Real Estate | The rise of consumer-centric real estate | Inman News

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The rise of consumer-centric real estate

Keep clients top of mind when it comes to tech

SAN FRANCISCO — Reluctant to engage in social media? Wary of sharing too much of your real estate data? Camera-shy? Get over it — a successful real estate business plan puts the consumer, not the agent, at the center, said several speakers at this week’s Agent Reboot event in San Francisco.

“The consumer does not care how many awards you have on your business card. They couldn’t care less that you’re No. 1 since 1987 in your service area. They care about the service you’re going to provide. It’s a consumer-centric era,” said Sherry Chris, CEO of Better Homes and Gardens Real Estate.

“The consumer is king. Case closed. Period. There is no going back.”

When Chris first started in real estate 30 years ago, the industry was “very broker-controlled” and then shifted to focus on the agent, she said.

“We told the consumers what they were going to look at. We were trained to show them only three or four houses and then pressured them to make a decision,” Chris said.

Now consumers come to agents with a list of homes they want to see and a plethora of information they’ve gleaned from the Internet. That puts consumers in the driver’s seat.

“Our role as a real estate agent has changed. We used to be the gatekeepers of information, and now we’re the collaborators,” Chris said.

Echo boomers, the 73 million-strong children of baby boomers, have changed how the world communicates — they share everything, she said. “We’re in a collaborative environment now. There cannot be any more secrets in our industry.”

That trend applies to various aspects of real estate, from social media marketing to video to real estate websites.

Because of the explosion of social networks in the past several years, a social media presence is a must for any agent that wants to be “part of the conversation,” said Nicole Nicolay, host of Agent Reboot and co-founder and chief creative officer at Agent Evolution, a company that offers social media training and WordPress Web design.

“Who is not part of the conversation? That’s a broadcaster,” Nicolay said. A broadcaster is someone she described as expecting clients to come to them, on their terms.

That’s “someone who is agent-centric, not client-centric,” she added.

The same applies to video. While the vast majority of homeowners say they are more likely to list with an agent who uses video to market properties, less than 1 percent of agents actually do so, said Darin Persinger, founder of ProductivityJunkies.com, a real estate training company.

Why? Agents say they’re overwhelmed by the technology, don’t know where to start, are afraid the video will look amateurish, or they’re camera-shy, among other reasons, Persinger said.

To that, he responded, “It’s not about you. It’s about you providing better solutions to your clients so they make better housing decisions.”

A Web page with video has a 50 times better chance of ranking on page one of Google, Persinger said, and YouTube gets more than 2 billion page views a day —  nearly double the prime-time audience of all three major networks combined.

He recommended agents film short (two minutes or less) videos featuring subjects consumers are interested in: property tours, tours of the local community, local real estate market data, and client testimonials.

One attendee, Soledad Garcia, an agent at Keller Williams Tri Valley Realty in Pleasanton, Calif., said Persinger had inspired her to get over her reluctance with putting herself in front of the camera.

“It doesn’t matter what you look like, but what are you delivering to the people out there,” she said.

Agents thinking of adopting technology tools also need to keep consumers in mind. Forty percent of email, for example, is read on a mobile phone, said Chris Smith, Inman News’ chief evangelist, in a session about mobile tools.

“Email needs to be mobile-optimized,” Smith said, especially when used as part of a marketing strategy.

Tools such as mobile applications are available to consumers and agents alike, so “please don’t let consumers have more information than you,” Smith added.

At the same time, some consumers are not as tech-savvy as others. Attendee Denise Dilbey, a broker at Royal LePage Meadowtowne Realty in Ontario, Canada, said most of her clients are over the age of 50 and wouldn’t know where to look for her if she started blogging or marketing on social media.

“Some clients aren’t quite there yet as far as (being) comfortable with technology,” Dilbey said.

The most “techie” thing she does now is plug her recently acquired BlackBerry into her laptop to get Internet access while she’s out in the field with her clients.

“That’s more important for right now. It will change,” Dilbey said.

On the other hand, fellow attendee Garcia has found electronic signatures a hit with her clients. She recently started using zipLogix Digital Ink, offered as a free member benefit through the California Association of Realtors.

“It’s very useful for me to use with my clients because they work all day and just want to get (the paperwork) signed. They don’t want me to go to their house,” Garcia said.

Brad Andersohn, industry outreach manger for property search and valuation site Zillow, offered 15 widgets to “pump up” real estate websites with information most relevant to consumers.

Top 5 content widgets:

1. Local news: twitter.com/about/resources/widgets

2. Photo and video collections: www.cooliris.com/yoursite/

3. Walkability scores: walkscore.com/services

4. Weather.com: weather.com/services/weather-gadgets

5. Translate into 50 languages: translate.google.com/translate_tools

Top 5 social widgets:

1. Share Facebook information: Facebook.com/Badges

2. Go viral: Sharethis.com

3. Combine multiple RSS feeds in a single stream. Include content from your lender, title company, appraiser, stager, home warranty person, etc.: Rssmix.com

4. Share your Web activity: friendfeed.com

5. Allow people to come to your site and subscribe to your content: Feedburner.com

Top 5 contact widgets:

1. Online calling: Google Voice

2. Text messaging: RETechBlog.com

3. Free calling: Jaxtr.com

4. Free contact form: Zillow.com/Webtools

5. Free chatting: Zopim.com

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Waccabuc NY Real Estate | Walt Disney’s Custom Estate for Sale

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Source: IMDb

While it’s easy to imagine Walt Disney simply living in Disneyland, perhaps in one of the houses that dot Disneyland’s Main Street, the man behind Mickey Mouse actually built a custom estate in Los Angeles, about a half-hour drive from the “Happiest Place on Earth.”

Walt Disney’s home is listed for sale for $3,650,000. The French-Mediterranean style house was built in 1932 on a double lot in prestigious Los Feliz. Median Los Feliz home values are currently $835,900. “Wizard of Oz” actress Judy Garland once called Los Feliz home and currently, Natalie Portman as well as Jack Black. also reside there.  According to property records, the home was last sold in 1977 for $207,002.

A gifted cartoonist and entrepreneur, Disney moved to Hollywood in 1923 to start a Hollywood studio with his brother. Within 10 years, Disney was famous for the creation of his new character, Mickey Mouse, and was working on a full-length animated film called “Snow White and the Seven Dwarfs.” He was also beginning to dream up an elaborate amusement park.

Disney’s gated home in Los Feliz was home to the cartoonist, his wife, Lillian, and two daughters Diane and Sharon until 1945, when he moved into another home in Holmby Hills. The home features a Mediterranean-style entry in a circular rotunda and painted ceilings in the foyer and dining room as well as vaulted beamed ceilings throughout the rest of the house. According to a listing photo, the Disney home was featured in the January 1940 issue of Better Homes and Gardens.

Additionally, the 4-bedroom, 5-bath home has 6,388 square feet of living space with views of downtown L.A. throughout. Other original aspects of the home include stained leaded glass windows, a Juliet balcony, billiards room with sleeping porch, and a projection and screening room where Disney used to watch productions. Outside, the property still has the playhouse built for Disney’s daughters.

The listing is held by Patricia Ruben of Sotheby’s International Realty.

via zillow.com

South Salem NY Real Estate | Seller’s Guide to Understanding Today’s Buyer

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That’s right— it’s not 2006 anymore.

Five years ago, it was a seller’s market in many metro areas. Buyers would go to extraordinary lengths to get the home they wanted and a real estate purchase was top priority. They’d constantly monitor new homes for sale. They’d tirelessly tour open houses. Bid well over the asking price. Swallow the roof repair costs. Allow the seller to continue living in the home for two months after closing. All of that was no problem — it was all part of getting into the market.

After the real estate market upheaval of the past few years, those buyers are long gone. Some became renters. Many who would be ready to “trade up” to a larger or renovated home have decided to make appropriate fixes to their current home instead. Some are stuck in their homes due to poor equity. Others are on the sidelines waiting for home prices to bottom, or the economy to rebound.

Who does that leave in the pool of buyers today? The Home Stealer, the Market Feeler, and the Real Dealer. Unlike buyers five years ago, they’re far more cautious — sometimes to the point of inaction. Knowing the type of buyer you’re dealing with can help you avoid a lot of pain and wasted time and might help you get a better deal.

The Home Stealer

In the game of baseball, a Home Stealer scores points for his team. In the game of real estate, a Home Stealer is a strikeout, at least for the seller.

A seasoned Realtor can usually spot Home Stealers. They’re not terribly experienced in the local real estate market and in most cases, they have little or no relationship with a real estate agent. They’re likely not pre-approved for a mortgage but will say that they are. They’ll withhold information, thinking that staying coy helps them in negotiations. Finally, without solid knowledge of the offer-writing process, local market customs, or the advice of a local Realtor, they may make outrageous requests from the seller. I’ve seen Home Stealers ask the seller to make major modifications to a room or ask a neighbor to cut down a tree.

In short, they’re not real buyers. They may be in a few years. For now, they like the attention. By writing offers and acting important, they get their egos stroked while wasting everyone else’s time. Their goal is to “steal” a home by making a really low offer and/or squeezing as many concessions out of the seller as possible, sometimes after having only visited the property once.

Advice to sellers: If the buyer can’t or won’t answer legitimate questions about themselves, their finances or experience in the market, they’re not serious. Don’t waste your time; Home Stealers are opportunists. Ultimately, your property represents just another opportunity to them, rather than the home of their dreams. If you’re inclined to take less than your list price, say no to the Home Stealer, reduce your price and give the rest of the market a shot at it. You might end up with a Real Dealer (more on them in a minute).

The Market Feeler

Market Feelers have just entered the market and are “feelingit out. There’s no urgency for them, and buying a new home might actually be optional. They may fall in love with your home, but they want to take their time deciding. They might come across as a Home Stealer by the type of offer they make or as a Real Dealer by their interest in the property. They’re tough to spot, but a good listing agent will ask all the right questions.

Because they’ve just jumped into the fray, Market Feelers may give you a low-ball offer. It’s not because they’re trying to “steal” your home. It’s usually because psychologically, they’re not quite ready to dive in. Low-balling is a comfortable way of sticking a toe into the water.

Unlike Home Stealers, Market Feelers are more likely to disclose their financial situation to their seasoned agent. They probably have a pre-approval letter from a lender, too. They’re likely represented by a local agent and seem to be well-versed on local market and conditions. They may even come for multiple showings. But when it comes down to it, their offer is too low.

Advice for sellers: Try to work with them at first. Respectfully move on from the low-ball offer but with the realization that the buyer might return with a reasonable offer later. Market Feelers are often on their way toward becoming Real Dealers, once they can get beyond their inexperience and overly cautious approach. Unfortunately, that transformation might take months.

The Real Dealer

These buyers are “the real deal.” They’re working with experienced agents and brokers, with whom they have good relationships. They’re experienced in your local real estate market. They’ll spend a lot of time in your home. They ask a lot of questions because they’re seriously interested and want to know as much as possible. Don’t be insulted or bothered by their questions; be sure to answer them. Once they’ve visited a few times, they bring friends, co-workers, family members, a trusted contractor, and probably a tape measure on return visits. They might ask your Realtor to see the attic or the sub-basement.

When it’s time to write an offer, the contract comes with a local bank or mortgage broker pre-approval letter. Real Dealers (through their agents) will often submit a letter of introduction to the sellers, giving information about themselves while also spelling out the terms of the offer. Their offers are usually within striking distance of the asking price.

Advice to sellers: This is what you’ve been waiting for. Be responsive, act quickly, and make yourself available to Real Dealers.

How to Spot The Buyer

These days, the listing agent has such an important role in negotiating the transaction.  They are the only ones that interact with all parties of the transaction. With your agent’s help and bird’s-eye view of the deal, find out everything you can about potential buyers. Why are they buying? What do they do for work? Where is their office?  What is their motivation for purchasing? Did they just get a new job or have a new baby? How long have they been looking at real estate? How many offers have they already written? You can understand a lot about who you are dealing with, which will ultimately help you in your negotiations.

Depending on your area of the country, it’s still a buyer’s market and will continue to be for some time. Knowing as much as you can about potential buyers helps to tip the balance of power a little bit back in your favor. At a minimum, by being well informed, you’ll avoid wasting time with Home Stealers and early-stage Market Feelers.

Buying a home? See Buyer’s Guide to Understanding Today’s Seller.

Brendon DeSimone is a Realtor and real estate expert based in San Francisco and New York. He is a contributor to Zillow Blog, has collaborated on multiple real estate books and is often quoted by major media outlets.

via zillow.com