From the Trenches

Bidding Wars and Balls

Buyer Help

Don’t know whether this is a memory from real life or a movie**, but go with me on this. Imagine a scene with a politician at a podium taking questions  from reporters. Let’s call one of the reporters James and pretend he’s a notorious philanderer, because it makes my story better. Reporter James lobs a [...]

3 March 2010 Read the full article →

More on the new GFE

Mortgages

This is a pile-on to Chris’ recent post explaining the new Good Faith Estimate form . . . .  I just received an email from a Loan Officer (“LO”) friend reviewing some rule clarifications issued by HUD after a February 18, 2010 meeting with a bunch of FHA mortgage investors. LO Question: “When are consumers [...]

2 March 2010 Read the full article →

Lenders Behaving Madly

Buyer Help

An illustration of just how ridiculous lender requirements have become, direct from an email written by a loan officer and sent to loan specialist Rob Chrisman: “Rob – The following is an actual underwriting condition from a large wholesale lender which is known for having the best wholesale pricing for conforming loans. (As background, the [...]

27 February 2010 Read the full article →

Banks Pull More Nonsense

Op Ed

This doesn’t top some of the other nonsense we’ve discovered banks pulling, but it’s pretty nasty. The bank selling the house our buyer fell in love with requires that the buyer’s Realtor reduce their commission (i.e. take a pay cut) if the buyer wants the seller to help pay his/her closing costs or make repairs [...]

2 February 2010 Read the full article →

I’m here to serve you (but not if “you” is another agent)

Op Ed

I received an email from an agent last night which I want to share.  But first a quick set up of the scenario (I’m keeping the percentages & relationships the same, but changing the actual numbers.) We put a new listing into MLS last week: The agent in question submitted an offer on behalf of [...]

4 January 2010 Read the full article →

Personality goes a long way

Buyer Help

A conversation between Jules Winnfield and Vincent Vega, from the movie Pulp Fiction: Jules: Pigs are filthy animals.  I don’t eat filthy animals. Vincent: Yeah, but bacon tastes good.  Pork chops taste good. Jules:  Hey, sewer rat may taste like pumpkin pie, but I’d never know ‘cause I wouldn’t eat the filthy mother-fu**ers.  Pigs sleep [...]

1 December 2009 Read the full article →

FHA and Fix ‘n Flip Do Not Mix

First Time Buyers

This is a phrase you’re seeing a lot lately in the MLS listings on entry-level housing in metro Phoenix: This is a property acquired at trustee sale in the past 30 days and will not qualify for FHA due to the cure period requirements. Will qualify for VA or conventional. Well, actually what you typically [...]

29 November 2009 Read the full article →

Buyers Overcome Adversity

Market Analysis & Stats

*** Quick side note – I wrote about feedreaders yesterday.  If you’re seeing this post on our site but did not see it in your feedreader, please take a minute to re-subscribe.  Thanks! *** We’re inching our way towards the end, possibly, of the $8,000 tax credit later this month.  Once the credit expires we’ll [...]

3 November 2009 Read the full article →

Loans Are Hard

Mortgages

If you’re thinking about buying a home, this might be a useful warning. Not to warn you off buying a home of course, but just because “forewarned is forearmed”. It might prepare you for what’s likely to happen to slow down the approval of your loan. If you’re currently buying a home and having trouble [...]

9 October 2009 Read the full article →

I’m On My Soapbox Again

Op Ed

I have a short sale listing. Back in March we got 5 offers, all above list price, and I sent them to the lenders. Lender Number One approved the short sale in May and offered $2,342 to Lender Number Two, a.k.a. Chase Mortgage. Chase has been dithering about the deal since Spring but emailed me [...]

5 October 2009 Read the full article →

Right-Pricing: List Price vs Sales Price

Seller Help

Yesterday our colleague and good friend Dru Bloomfield wrote a terrific post comparing sales prices with list prices, and what can happen to sellers employing various pricing strategies. A couple of highlights: “On September 25 the percentage for all areas & types within the ARMLS database hit 97.01%, exceeding 97% for the first time since [...]

29 September 2009 Read the full article →