Tag Archives: Cross River NY Real Estate

InmanNext | Social media: Are you in or are you out? Either way, I still love you | Cross River Real Estate

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Social Media blocks

Are you in or are you out?

What should I do with my Facebook page? Do I need to be on Twitter? Should I care about Instagram? All questions I get asked, a lot. I don’t mind; I just wish I had an easy answer.

I like to talk about new apps, technology, and of course my beloved Evernote and as much as my life – work and personal – revolves around Google+, Facebook, Twitter, Pinterest and Instagram (oh and don’t forget Untappd! craft beer anyone?) that doesn’t mean it’s for everyone. In my eyes that should be a beautiful thing but it can lead to confusion and frustration. Understandably so.

The world of social media is one that I think about a lot. What does it mean now? What will it look like in a couple of years? How will it change and in what new forms will it appear? So many questions to ask and only you can answer them for yourself. I wholeheartedly believe what you get out of something has to do with what you put into it.

Here are three things I want you to chew on:

What is your business plan and where, if at all, does social media fit into that?
Facebook business page or not, I leave that up to you. What kind of time do you have and what are you comfortable putting into it? I’ve talked about going on a vacation from Facebook, but I know people that have gotten rid of it all together. If it doesn’t make sense for you and your business plan, then get rid of it.

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Twitter Egg

Is this what you look like in real life?

Twitter is amazing for engagement and conversations with people from all over the world that you may have never met otherwise.

But, if you’re sitting on the sidelines with that funny egg shape as your profile picture that’s not exactly screaming engagement or even that you care. If you don’t take the time to put in a headshot of your handsome/pretty self and fill out your profile and contact information, it’s time to move on, and that’s okay. I’m not here to judge.

Honestly, I love when I meet an agent or broker that knows Twitter is not for them. They got their feet wet and gave it a go. Maybe they even found 15 minutes in the day to do Twitter,  but it just wasn’t worth their time. You won’t know until you honestly try.

For some, it’s more of a time suck. Don’t be afraid to go against the flow. Only you will know what your goals and strategies are for you and your business.

How much time do you have to spend on engagement and conversations?
Maybe answering this will allow you to know which pieces of the social media puzzle fit into your life. If you’re not able to respond and pay attention to those around you, Twitter, Facebook, etc. may not be it for you.

Is it fun for you? Are you showing people the real you?
Pictures can be worth so much more than the 140 character limit on Twitter. A lot of great people in real estate are using Instagram beautifully. Check out three of my favorites:
1. Greg Fischer, @fischrealestate has a consistent aesthetic behind all things Fort Worth that he shares.
2. Jennifer Kjellgren, @intownexpert shows us who she is as a person and an experienced agent in Atlanta’s Intown neighborhood
3. Brooke Derby, @bderby is another great example showcasing life in beautiful Hawaii.

People want to see more to you than just that house you’re trying to sell. Be real! New apps and technologies will continue to come out of the woodwork. Take the time to educate yourself and figure out what works for you. How does all of this relate to your personal goals and strategies for your business?

Find me on Facebook, Twitter, Pinterest, Instagram

via next.inman.com

Why Do Short Sales Take So Long? | Cross River NY Homes

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Short Sale Home For Sale Real Estate Sign and House - Right Side.

It’s a question many real estate agents hear from clients: Why do short sales take so long?

Despite improving real estate markets, short sales and foreclosure sales will be with us for the foreseeable future. Many homeowners are still underwater, and at any time in the coming years, these folks may face a situation, such as a job transfer or divorce, requiring them to sell at a loss.

Short sales happen because the loan on the property is larger than the sale price minus all the sale expenses. With a short sale, the seller is asking the bank to take less than the amount owed.

Even if you’ve made an offer and the seller has accepted it, it’s not a done deal. The seller’s bank must approve the sale, and this is where the big delays can happen. Banks are losing money in a short sale and aren’t too keen on it. It’s understandable. Imagine that you loaned a friend $100, and he came to you later saying he could only pay you back $75. Would you cave in easily? Probably not.

It’s important to know that a buyer and their agent have no control over the process. The success of a short sale — and how long a short sale takes — relies heavily on a listing agent.  If the listing agent isn’t experienced with short sales, you’re likely wasting your time. A good short sale listing agent will properly advise the seller and have a thorough knowledge of the bank and its process before your offer is accepted.

Here’s a look at why short sales can take so long, along with tips for what you can do about it.

The seller’s bank must review the short sale package

In order to approve the sale, the lender requests a complete short sale “package” from the seller. Much like the package you must submit to get a loan, the seller must submit their finances. The lender will want to see the seller’s debts and assets, review their credit score and the contract to purchase the home. After all, why would a bank approve a short sale if the seller had $1 million sitting in the bank?

What you can do: A good listing agent will have the short sale package in hand and even completed upfront. Once an offer is accepted, the agent can simply add the contract and buyer’s information and submit it.

Documents get lost, pages go missing, signatures are left blank

Most banks require hundreds of pages in the short sale package, and many of those pages require signatures from buyers, sellers and agents. If one page is missing or one signature left blank, the document doesn’t get processed. Often, the listing agent will fax in 100 pages and just wait. Sometimes it will take a month to get a response from the bank, informing the agent that things are missing.

What you can do: Be proactive. The listing agent should call the bank after submitting the short sale package, especially if sent by fax. Confirm that all documents have been received. Make sure to get the name and phone number of the person you speak to.

Some documents quickly become outdated

It could be weeks between the time the documents get “processed” and when the information hits the desk of a negotiator, who actually reviews and negotiates. Does one bank statement come at the beginning of the month while all the others come at the end? That one bank statement may soon be outdated, and the bank will require an updated one. If that’s the case, it could take the lender weeks to realize this and another week to contact the seller or their agent.

What you can do: Review the statement date on each credit card and bank statement so you’ll know if a new one will arrive soon. If so, send it over right away.

The lender wants more information

The lender may ask to see the buyer’s proof of funds, review the preliminary title report or request more verification of the seller’s hardship (job loss, divorce, job transfer). The negotiator could request just about any additional information.

What you can do: The seller and agent should be ready to respond, because a delay could add a few more weeks to the process. Try to imagine yourself as the bank and think of everything that might be asked for. Provide as much information as you can upfront.

2 loans complicate everything

The short sale process is difficult enough with one bank. Imagine two banks, each with its own processes, that don’t cooperate? It could set everyone back months. The second lender may request more information before approval. Or, the second lender may issue an approval good for 30 days. If lender No. 1 approves on day 31, the seller must go back to the first lender to get re-approved.

What you can do: Understand the approval timelines for each bank and anticipate deadlines.

The deal could die at the last minute

Once the bank has a complete package and you get a negotiator on the phone, there is light at the end of the tunnel. After all this time, the negotiator may counter the buyer on price. Or they may only approve the sale if the seller contributes money. They could always ask for the commission to be lowered. No matter what they say, the bank’s request could kill a deal in the moment. And there’s no way to anticipate exactly what they will come back with.

What you can do: Don’t think the bank will simply approve a low offer. If the seller has money in the bank, they need to be prepared to contribute or you may have to come up with more money. Sometimes the bank is just looking at its bottom line and doesn’t care how everyone gets there. Buyers, sellers and agents must work together to make the deal work.

Foreclosure trumps everything

Time and again, all parties wait and wait and follow along the process — only to see the sale denied. What’s worse is that sometimes the foreclosure department at the same bank does not work in conjunction with the short sale department. A good offer for a short sale may be on the table, but the seller may be six months behind on payments, causing the foreclosure process to kick in. And the foreclosure process can trump everything. When this happens, the buyer no longer has a deal on the table because the seller, forced into foreclosure, is no longer the seller. In a foreclosure, the home belongs to the bank.

How to speed up a short sale

The best way to expedite a short sale approval, and therefore your escrow, is to be certain the seller’s real estate agent is experienced with short sales. The seller’s agent interfaces with the bank 24/7. If the agent isn’t experienced in short sales, chances are this process will drag on and on.

An experienced short sale agent will know how certain banks work, what to anticipate and how to best work through the bureaucratic process. But even the most experienced short sale agent can come up against brick walls or challenges they just can’t overcome. If you see a short sale home you love but don’t have much confidence in the listing agent, try not to fall too deeply in love with it. You’ll only be disappointed if the sale doesn’t go through.

Related:

Brendon DeSimone is a Realtor & HGTV real estate expert. He has collaborated on multiple real estate books and his expert advice is regularly sought out by print, online and television media outlets like FOX News, CNBC and Forbes. An avid investor, Brendon owns real estate around the US and abroad and is licensed to sell in two states. You can find Brendon online or follow him on Facebook or Twitter.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

via zillowblog.com

The Cost of Recovery: FSBOs are BAAAACK | Cross River Real Estate

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In the hottest markets around the nation, “for sale by owner” signs are popping up in yards as penurious owners try their hands at selling their own homes.  It’s another sign of recovery that’s raising echoes of the real estate boom seven years ago.

“In Silicon Valley we have returned to the market conditions where nearly everything sells as soon as it hits the MLS.  This seems to cause two things to happen; the return of “quick buck agents” and FSBOs.  The “quick buck agents” are those who get their license in a hot market hoping to make a few dollars off friends and family.  They’re the ones who come and go with every boom market.  The bigger concern is the FSBO,” blogged Los Altos broker  Bryan Robertson on the Active Rain site two days ago.

Within hours several dozen Realtors chimed in.

“We are seeing a new wave of FSBO signs in 2013.  With the return of the strong seller’s market, it’s just a fact.  It’s just something new to work with again, when they had virtually disappeared in the past few years,” agreed Realtor Michelle Francis of Buckhead Atlanta.

“FSBO’s have made a comeback here in the Phoenix metro area, especially in the lower priced home market.  When homes were bought at the bottom of the market and now want to be sold, some people can only sell for a small margin.  Our market has not recovered in some areas enough to pay all the real estate costs for the seller.  Therefore, he does a FSBO,” reports Associate Broker Barb Merrill.

“Bryan, I haven’t started seeing lots of them yet, but I expect to!” said Connie Harvey, a Nashville Realtor.

“It is much easier to sell a home on your own now…at one time Realtors pre-qualified the buyer now banks give them a letter of prequalification….with homes selling fast you can anticipate more and more FSBOs Of course once the negotiating starts the sellers lose their stomach for it in many cases, ” said Edward Gilmartin of Boston Homes.

“Had a FSBO call me today saying he was using the comps I GAVE HIM and go it alone.  But.. Understand he would pay me 3% if I brought him a buyer.  Imagine that……” said John McCormack of

Realtors report their strongest defense against sellers who go it alone are legal requirements that sellers disclose problems with their homes in writing or risk liability.  “The number one thing sellers forget to do is provide proper disclosures.  Even with all the advice out there, it’s unlikely a seller will prepare the documents to cover all the disclosures necessary.  They might even be hiding something.  This is one of many reasons why you need an agent,” said one.  ” If you get sued for not disclosing something, you’re likely to lose out on any savings you might have achieved.  It’s not worth the risk,” agreed another.

For sale by owner transactions, or FSBSs, reached an all-time low of 9 percent last year and in more than half of those, the seller already knew the buyer so a great deal of marketing was not necessary.  In the seven year buyer’s market since the real estate crash in 2007, FSBOs have dropped like a rock, from a high of 14 percent of all transactions in 2004.  Now however, reports from the across the nation suggest that there may be more FSBO yards displayed this spring buying season than in nearly a decade.

One way sellers can save on commissions today is to use a flat fee broker, who charges by the service provided rather than a percentage of the transaction.

According to the National Association of Realtors (NAR), more sellers are choosing to discounted agent services. The percentage of homes sold on a flat-fee basis rather than a commission grew from one to three percent.  For the past few years, 20 percent of homes were sold by agencies that provided limited services such as listing on the MLS.  The growth in flat-fee listings is coming from sellers need to go through brokers who are members of multiple listing services to get listed, but want to save on commissions by doing their own marketing.

On RealtyTrac last week, OurBroker Columnist Peter Miller argues that brokers are more important now than ever, even for the buy side of a transaction.

“When I first started in real estate, do-it-yourself transactions actually made some sense. Contract agreements ran one or two pages and real estate brokers did not have much training beyond what a reasonably informed member of the public might have. In fact, when I first began looking into real estate, I found it was possible to get a six-month temporary brokerage license, meaning you could buy and sell property for others with no training and no testing at all.

“Long ago the idea of buying and selling without a broker was both attractive and doable. That’s just not the recommendation I would make today. I now tell owners to list houses with successful professionals and I tell purchasers to find an experienced buyer broker as well as a good home inspector. With something as important as a home purchase getting such help in today’s world simply makes sense,” he wrote.

via realestateeconomywatch.com