Posts Tagged ‘ Orange County ’

Short Sales? Don’t You Mean Long Sales?

The term “short sale” was hardly even heard of 4 years ago.  The name alone is so ironic in that it usually takes 3 months to a year to close.

Most Realtors® won’t even show them as now a days you are lucky if they close at all. They are without a doubt the most frustrating of all sales. Still I guess we will be forced to live with them until someone let’s the lawmakers know that enough is enough.  We need regulations and rules.  Realtors are either getting rich or running for the poor house.

Fannie Mae recently passed a regulation that prohibits banks from negotiating the buyers commission or reducing them. A small but great victory for buyer’s agents who are at the mercy of the listing agent.  Most of the time they offer 2.5% – 3% and state on the MLS that if commissions are reduced they are split 50/50.

Well I guess we have to take the word of the listing agent and their escrow officers on this.

I recently had a listing agent tell me that they reduced the total commission to 3% and I was to settle for 1.5%. She then accidentally forwarded me an email from the bank negotiator, who allowed a 7% total commission.  Talk about dishonesty and greed.  Unfortunately it is very prevalent in this market.  I did manage to get my 3% but with a lot of Broker to Broker combat.

How I long for the old days. Continue reading this post

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Posted by: Peggy Aldinger on September 27th, 2010 under Short Sales and Foreclosures

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Foreclosures, Short Sales, and REO’s, OH MY!

ORANGE COUNTY, CALIFORNIA FORECLOSURE UPDATE:

The Orange County real estate market now consists of mostly bank owned properties for sale.

The banks are scrambling to rid themselves of this massive inventory. Listing agents are presently allowed to list at whatever price they want and a lot of them are listing way below market value.

This doesn’t mean the banks will take this low offer. In fact, I can almost guarantee they won’t. Unscrupulous agents are doing this just to get offers in and scoop up buyers (new clients).

I am seeing multiple offers on REO’s to be the norm right now, any where from 90 to 180 days or more for the banks to get back to the offerers.

What does that mean? Continue reading this post

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Posted by: Peggy Aldinger on March 14th, 2008 under Market Trends, Regional, Short Sales and Foreclosures

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Urban Myths about Real Estate Blogging

Since I speak in front of many real estate agents who don’t know a thing about blogs, I hear the same urban myths associated with blogs.

These myths seem to be circulating among real estate agents as a way to halt the spread of blogging in the real estate industry. Why? Some real estate agents who don’t believe they can blog, or just don’t want to see bloggers as their competition, are threatened by the success stories and buzz associated with blogging.

The urban myths get started in part as a way to preserve the status quo.

I admire and congratulate Louis, Jessica and their team for developing a blog forum on HomeGain, particularly when blogging (for lead generation) is perceived to be directly competitive to HomeGain’s business model of selling leads. And Louis knows it… Louis’ post, The Case Against Blogging is a direct poke… he defines by exclusion some of the obvious qualifications needed to Continue reading this post

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Posted by: Pat Kitano on February 19th, 2008 under Blogging and Social Networking, Guest Bloggers

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