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124 N Depot Street, Waverly, KY
5 comments • Kathy Jackson, CDPE Henderson Kentucky Homes for Sale • October 26 2009 03:33PMSins of the Seller or Sins of the REALTOR?? Maybe Both!!
A while back, I read a great blog by Clint Miller called The Sins of the Seller. It was a great post that really highlighted how a home is viewed from the buyer's perspective. However, I keep thinking about that blog. Was it really the seller's fault their home showed so poorly? Or could it have been the a
gents fault? Or was it both? So, I put together my own list of Sins: Sins of the REALTOR!
1. Not preparing a detailed CMA-also call GUESS-TIMATING MARKET VALUE! Part of our job is education of our potential clients. I believe this includes completing a detailed CMA that shows the seller what similar homes are selling for in their area. If similar homes are comping between $100,000 and $110,000, then it is a waste of the seller's time to list the home for $125,000.
2. Not advising seller's how to prepare their home for showing. As agents, we go into all kinds of homes and we see first hand what buyer's are looking for in a home. Having a clean, uncluttered home shows much better than a dirty, smelly, congested home. We need to tactfully let potential clients know what can affect the sale of their home. As an agent, if you don't have an eye for 
staging, suggest that your client hire a stager to make their home show ready.
3. Not advising clients to remove pets during showings. This is not only a good idea for the best showing, but for the safety of both the pet and potential buyers. How would you feel if Fluffy the cat escaped through the door during showing? Or if cute little Sparky bit a potential buyer? Not only could your client be looking at potentially expensive hospital bills, but also the loss of their beloved pet. I've also had several clients who are extremely allergic to pets and started swelling up the second we entered the home. Little Zena-Weiner on left is so cute, but not for everyone!
4. Not suggesting the client have a home inspection before listing the home. Yes, this costs money, but the long term benefits are worth it. With a pre-listing home inspection, the seller will know of any potential problem areas and can address them before it scares off a buyer.
5. Following the 3 P's. The 3 P's are Place an ad in the paper, Put a sign in the yard and Pray. Marketing a home has changed so much in the last few years, let alone the last decade. Agents must keep up-to-date on the latest means of reaching potential buyers. This has to include Social Networking sites, blogging, websites, email, texting, etc. The days of the 3 P's being the only way to market a property are gone.
6. Don't bother communicating with your sellers! Seriously, I have heard many tales from my clients how they listed their home with Suzy Realtor and once the sign was in their yard-never heard from her until the listing was going to expire!! Then Suzy showed up at their home with an extension in hand with a laundry list of ideas on how to get their home sold. I always make it a piont to keep in touch with my clients at least twice a month, sometimes much, much more!
7. Ignore the "traditional" methods of advertising. Yes, I know what I said in #5 above, but there are some markets where some of the traditional methods still work better than Web 2.0. There is one community here in my neck of the woods that I have to run an ad in the local paper and include my listings in the Catalog Book. All of the internet contact I have received for one of those properties has been from a potential buyer that is out of state! So, make sure you don't discount something that does work and add to it with other methods too.
8. Don't bother updating the CMA. In my area, it's not uncommon for a property to
be on the market for 100+ days. It's important to update the CMA to make sure that the pricing is still on target for the home.
9. Video-hah! Clear pictures? Seriously one of my big pet peeves is when I see a listing with no Virtual Tour, one or two photos and they are blurry to boot. I really just want to find the nearest wall and beat my head against it!! Take the time to look at your pics & video on the mls or website. Sometimes, what looks good on the camera does not translate well to the internet!
10. Hello, you've reached Suzy Realtor and I'm just too darn busy to answer or return your call! I know we can't answer our phones every time it rings, but I have know several agents that never answer their call. As I'm dialing their number I am rehearsing the message I'm about to leave. I also know that I will probably be calling them back later in the day because they are too busy to call me. See above for instructions on beating your head on the wall!
Well folks, there's my ten Sins of the REALTOR. I hope you enjoyed it. I plan to be "sin-free" long into my career! If you are looking for a sinless REALTOR, please feel free to call me-I will answer my phone!
14 comments • Kathy Jackson, CDPE Henderson Kentucky Homes for Sale • October 26 2009 02:53PM2342 State Route 360, Morganfield, KY
Welcome to Country Living! Sitting on almost 1 acre just outside Morganfield, this country home is ready for you! Well-maintained 3 bedroom 2 bath home has a large country kitchen, generous bedrooms and an in-house vacuum system! What more could you ask for? How about a detached garage/shop with 200 amp electric service!? Mature trees, landscaping and a patio begging for you to enjoy-don't wait!
Large eat-in kitchen
Great for outdoor entertaining!
Garage/Shop w/200 amp service
2 comments • Kathy Jackson, CDPE Henderson Kentucky Homes for Sale • October 26 2009 01:54PM5908 State Route 130 N, Uniontown, KY
This remodeled home is on the southern edge of Uniontown, just a short drive from Morganfield. The sellers have updated the plumbing, electrical and all flooring. New appliances and a great open concept make this 3 bedroom home a winner! This home will also qualify for USDA 100% financing. A great buy!
5908 SR 130 N, Uniontown, KY
High ceilings in Living Room!
Dining Room
Large Back Yard!
7 comments • Kathy Jackson, CDPE Henderson Kentucky Homes for Sale • October 26 2009 01:39PMMore skin in the game-what if you have no skin?
I came across the blog below from Jeff Belonger and wanted to share it with all of you.
I also don't think that requiring borrowers to put more money down is really going to keep them from defaulting in the future. I believe that a huge part of the solution to our economy is getting people to work and stop rewarding companies who send jobs out of the country! No work=no $=no buying=closing businesses=more people w/o jobs=no $ (see where I'm going with this!) What do you think?
Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):
Give it to me all..... the more that you have down, the more things will work out, that you won't leave your home. And as an investor, I will feel much better. Give it to me, every dime.
Here is my point. There have been a few articles written in the last week or so and several of the comments are screaming for more skin in the game. These comments aren't just coming from realtors and loan officers, thinking that this will help correct the foreclosure market and the housing market, but this is also coming from the government.
There was an article written last week titled : Proposal would boost FHA Down-payment requirement. Some Congressman wanted to raise the FHA downpayment to 5%, adding 1.5%. Hence what propelled me to write : FHA loans to 5% down?
Now, do we really think that an extra 1.5% down will correct and or help the foreclosures? In my opinion, I don't think so. Lenn Harley gave a good comment in my FHA 5% down article. Here is a snap shot of what she stated...
"ZERO down payment loans are no riskier than 20% down loans IF THE MORTGAGE COMPANY HAS FULLY DOCUMENTED THE BORROWERS INFORMATION AND DETERMINED THEIR ABILITY TO REPAY. - Ability to repay. What a concept."
Bingo... and here is what angers me with those on Capital Hill that apparently have no clue and or just don't do their research. Did anyone read this article by Kenneth R. Harney. Who's most likely to walk away from their mortgage? -
Wow, someone actually did some research that might blow your socks off per se. Yes, common sense says that more skin in the game would be best, more practical. I don't mind opinions, but assumptions without doing your research and or putting 1 and 1 together does get my blood boiling. Besides, here is a hint to who might walk away: "It's probably not who you think."
Let's take it a step further. Howard Sumner wrote : deliquency and foreclosure study. In this article they talk about the different types of real estate markets and where they see foreclosures most.
Real Estate SOLUTIONS ???
So how can we help correct this real estate market and keep foreclosures from happening? There will be many that will say more money down, because that is how it was done 20-30 years ago. 2 things on that blind statement. First off, this is 2009, not 1970 or even 1990. The cost of living is more expensive now. Secondly, FHA still allowed for less money down than your conventional loans in the 70's and 80's. So how come there weren't tons of foreclosures then? Is it the down payment? I don't think so, just an excuse.
Solutions?
-- Maybe lower debt to income ratios a little?
-- Possibly qualify borrowers just as we do for VA loans? In the calculations, we have to find out family size and to use utility/electric costs also.
-- Esko Kiuru wrote this article : Mortgage Lenders now more inclined to lower principal. Please read this, because this can be a good solution.
-- Claudette Millette shares this article with us : New Housing bill will force loan modifications. At least the lenders will have to explain specific options. Claudette states - "All lenders will be required to perform what the bill terms as a "net present value" test for all seriously delinquent borrowers." - Bravo... it's a start.
-- I wrote this article 3 months ago, Call To Action - We must fix this real estate market ourselves. I made a pledge and I am still working on this. We need to put our heads together and make the gov't realize more issues and not the common sense approaches.
Food for thought to a main solution….
Did we ever come to realization that a lot of these messes are because of unemployment? The loss of jobs and income? Our government spending habits? And that we need to focus on small businesses, which are a large part of America's work force.... Besides, if we ask for 1.5% more upfront, doesn't that deplete the savings of a borrower that could use that extra money for fixing up the house? For moving? For emergencies?
My main reason for writing this blog? Please read this, which was mentioned above : Who's most likely to walk away from their mortgage?
All pictures from www.istockphoto.com
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For more information on FHA loans, please go to this link. The FHA Expert
For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!
Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc
7 comments • Kathy Jackson, CDPE Henderson Kentucky Homes for Sale • October 08 2009 12:55PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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