2014: Year of the “Boomerang Buyer”?? If you didn’t know, a “baby boomeranger” is the adult offspring of a Baby Boomer who’s grown up, graduated from college . . . and moved back home with their parents (presumably unemployed — or at least underemployed). That’s bad for the housing market. Replenished Buyer Pool So, what’s...Read More
As Opposed to “Abnormal” Sales?? In the course of checking MLS for new listings a couple times daily, it sure seems (at least to me) that there’s been an increase in the number of “normal” sales lately. What’s that about? Instead of using “traditional sale” — the accepted term for a sale that isn’t a short sale or...Read More
Pre-Negotiating a Short Sale on MLS “Short sale professionally negotiated. Earnest money to be deposited and inspection contingency to be removed BEFORE the offer will be submitted to the lender for approval.” –“Agent Remarks”; MLS What’s the listing agent telling Buyers’ agents with the above language? (note: unlike “Public Remarks,” “Agent Remarks” are only intended...Read More
Not-So-High Pressure Sales The mantra for many Realtors (and salespeople generally) is “Always Be Closing” (“A-B-C”). While closing — pushing things ahead, narrowing down issues, getting signatures/assent, etc. — is certainly a necessary skill in real estate, I actually try to live by a variation of that. Namely, “Always be Qualifying” (“A-B-Q”). What’s the distinction?...Read More
Credit Convalescence I know don’t know that there’s a firm rule of thumb out there — ultimately, individual lenders decide to make a loan or not based on individual circumstances — but there are some conventions as to how long it takes a would-be borrower to rehabilitate their credit after a short sale. The consensus?...Read More
Short Sale Hurdles “Believe me, it’s not what it is.” –What the cheating husband says to his wife when he’s caught in the act; New Yorker cartoon Short sales have a (very deserved) reputation for presenting Buyers (and their agents) with multiple, patience-testing hurdles. Because the owner owes more than their home is currently worth —...Read More
