...we simply won't give you the loan. Nope, sorry. YES, you make more than enough money. YES, your credit score is over 800+. YES you have supported all the documentation and you have been approved with one, tiny, itty, bitty, teenie, weenie, DISPUTE THAT IS STILL ON YOUR CREDIT REPORT!!!!

SORRY CHARLIE~

Anyone else find this problem? I absolutely do not blame the lenders for requiring NO DISPUTES since once upon a time people would dispute tons of items on their reports, buy a home since no one looked at them and then defaulted on their home loan as they did everything else!

I've run across a brand spankin' new glitch which has rared its ugly head. Very, very ugly head. I am lucky to work with a Mortgage Broker who is "hands-on", involved and diligent beyond the call of duty.

After requesting that a PAID SIX YEAR OLD DISPUTE BE SHOWN AS NO LONGER A DISPUTE one of the wonderful collection agencies simply SHRUGGED. "SORRY", THEY SAY. WE DO NOT SUBMIT A LETTER OF RECONCILED DISPUTE TO THE CREDIT AGENCIES. WE JUST DON'T.

Bottom line, the clients were told that if they had the CREDIT BUREAU physically contact them that they would verbally say, "it is no longer a dispute."

What are the odds of that? And, if it IS NO LONGER A DISPUTE WHY NOT PUT IT INTO WRITING?

Credit Bureaus are now becoming flooded with calls such as ours. The Bureaus can do nothing but report what any given CREDITOR reports. We basically have no recourse if we cannot get the Agency to report dropping any DISPUTE and there goes your chances of ever purchasing a home. NO MATTER HOW GOOD YOUR CREDIT IS OR YOUR JOB OR YOUR HISTORY OR WHETHER OR NOT YOU HAVE PAID THE AMOUNT DUE OR WHETHER OR NOT YOU EVEN EVER OWED THAT AMOUNT OF MONEY LEGALLY...SORRY CHARLIE.  

Have any of you experienced this before? When we began there were two disputes. Because BOTH were paid it seemed easy enough to get them off the report. One dropped off right away. The other? Who knows? My clients moved out of their home expecting a sale...a closing. Sad and I am one of many trying to clean up this mess. Any advice from you is welcomed.

Thank you my blogging friends.

Advice from the experienced...Review these facts with your potential Buyers!

Disclaimer: My writings are based upon life experience and I do not claim to be an expert at any of your professions...just mine.  

 

 

Brooks Prime Properties

Specializing in Lake Properties

Lake Livingston Texas

936-295-0005

One of my homesellers came home to find two strange cars in the driveway. They quickly understood that the cars belonged to an agent and the agent’s buyers, however ...

No appointment was ever made.

Surprise, surprise. Strangers in the house, and no one expected them.

When the homesellers opened their garage door, the agent and homebuyers came out.

The agent became apologetic. He said he called the listing agent’s office (that’s me). As I was out when he called my office number ... about 1 hour before he planned to ‘drop by’ ... I didn’t get a chance to return his call.

The agent also said he called my cell phone but reached a fax beep. When he showed the homesellers my cell phone number, they knew immediately that the agent had the wrong number.

Having tried to reach me, the buyer’s agent assumed he could just show up. He said he rang the doorbell and knocked, then gained access via the electronic lockbox.

He missed the point. He was instructed to ‘Make Appointment with Listing Agent’. No such appointment was made. And the homeowners were caught off-guard and slightly incensed. Did I say ‘slightly’ incensed? I meant ‘a lot incensed’.

The homesellers held in their anger and invited the homebuyers to, “By all means, tour the house.” Even so, feeling uncomfortable, the agent and his buyers immediately left.

The result of not reading instructions and assuming a voice message was the same as making an appointment ...?

Potential homebuyers down the drain ... irate homeowners ... and embarrassed listing agent ... all because the buyer’s agent did not understand the meaning of —

“Make appointment with listing agent.”

Photo from Flickr, Courtesy of FriaLOve Donika Sadiku

*  *  *  *

JUDY CHAPMAN | “It’s Your House and Your Future ... but My Job”

Oviedo · Winter Springs · Winter Park

Baldwin Park · East Orlando

 

Coldwell Banker Residential | 521 E Mitchell Hammock Rd | Oviedo FL 32765 | Judy@JudyChapman.net | (407) 227-7763           

© 2007-2010 www.activerain.com/blogs/OrlandoforSale by Judy Chapman ALL RIGHTS RESERVED. Portions of this content may be used with attribution. Listings on this blog may not be used anywhere else or linked back to this blog.

Housing and Economic Predictions for 2011 and Beyond:

Perhaps I should be pleased that my predictions for 2010 proved more accurate than those of many of the so-called experts, but gloating has little appeal when most of the country continues to suffer the effects of the worst recession in decades. And although those same “experts” have announced that the recession ended more than a year ago, that seems little consolation to the millions of unemployed or millions more who have lost their homes. These are indeed troubling times, and our troubles are far from over. But since this is a longer post than last year, I’ll jump right in.

 

● Interest rates: There are no surprises. Interest rates will remain low throughout 2011, with mortgages probably remaining close to 5% and 10 year Treasuries around 3.5%. The government/Fed will continue to keep rates at near historic rates, for doing otherwise would put the brakes on an economy that is stuck in first gear. Inflation still seems a possibility, but at this point, only a distant one.

 

● Home prices: While many had predicted home prices to stabilize by the end of 2009, that didn’t happen. Through July of this year, prices have declined another 3.3% year over year. There has been no stabilization. Although home prices are down about 35% from the peak, they’re still about 10-15% above the trend line of the past 100 years. In addition, there’s still an incredible overhang of potential foreclosures and short-sales, and the market must absorb those before we achieve stabilization.

In 2009, the “cure rate” for delinquent mortgages fell off a cliff, and if anything, that trend has only worsened. Only a small fraction of loans in default are self-curing today, providing a “shadow inventory” of up to 7 million homes. Prices will remain under pressure until those homes are absorbed. And, adjusted for inflation, home prices will NEVER recoup the losses of the past 3 years.

 

● Foreclosures and short-sales: Distress sales, now at the highest rate since the beginning of the recession, will remain a huge portion of home sales, hovering near 35-40% throughout 2011 and comprising as much as one-third of sales in 2012.

A new concern for some is the possibility that the government is considering allowing the housing market to collapse, especially since none of their efforts to salvage it have been successful. While I don’t think that will happen in the near-term—prices would fall dramatically, endangering both banking and the overall economy—I do expect to see a prolonged effort to withdraw government support from the housing and mortgage markets. Loss of government support will ultimately make homes more expensive and more difficult to finance—but that’s a 3-5 year scenario.

 

Housing Tax Credit: While there has been some mention of extending another Homebuyer Tax Credit, the administration seems to have little appetite and no funds for doing so. With no support from NAR or NAHB, and with only marginal results from previous credits, it seems unlikely that we’ll see another in 2011.

 

● Employment: The key to a sustainable recovery is the creation of millions of new jobs, and that’s just not going to happen this year or the next. Unemployment throughout 2011 should remain above 9%. With 20 million currently unemployed, underemployed, or out of work self-employed, some are now resigned to the prospect of never working again. Millions of jobs have been lost forever, and the economy will have to remake itself in order to employ all those who need/desire employment. Creating new job opportunities in new industries will take years, resulting in prolonged uncertainty in an economy whose lifeblood is consumer confidence and spending.

 

● New Construction: The current recovery has seen the slowest rebound in residential construction in more than fifty years; and with the administration publicly pushing affordable rentals over the concept of home ownership, homebuilders will see little relief from Uncle Sam. Additionally, changing demographics, tightened lending restrictions, and a market exercising extreme caution, will cause some to remain renters for longer periods than we’ve seen in the past.

 

In my 2009 post I predicted an ugly mid-term election, and that seems to be coming to pass. Both political parties have sent out their “attack dogs” and are filling the airwaves with both distortions and impossible promises, yet neither has presented a viable plan for recovery. And that’s because there is none—at least none that will satisfy the American voter who demands instant improvement, yet who is unwilling to forgo any portion of their “entitlements.” And the prospects are even more dismal for the coming year, as both parties begin posturing for the presidential election and are carrying partisan politics to the extreme.

 

Finally, while the economy will continue to grow, it will do so at a rate insufficient to rapidly absorb the millions of unemployed or to stimulate growth in troubled sectors. Crippled by continued high unemployment and weak consumer confidence, the growth will be obscured by the dark clouds of uncertainty. And while some may feel my analysis too negative, the facts are what they are. Of course it is possible that some unforeseen action could inexplicably restore our economy—possible, but most unlikely.

 

(It could be worse) The above is contingent upon our avoiding other global catastrophes. Should there be any sort of mid-east conflict, a spike in oil prices, economic collapse in Europe, or a significant terrorist attack, all bets are off. And while we will probably avoid such calamities, in today’s world, little is certain.

 

The Housing Guru: The expert source for all your housing questions

The Naked Truth about Listings!

As exclusive buyer agents, we get many calls and emails regarding properties and wondering why a listing is worded a certain way; or perhaps why certain key information seems to be left out. In general, if a key component of the home seems to be missing, it may be a detractor. Here are a few instances of red flags when Sarasota real estate listings are exposed:

* Listings with gorgeous interior photos, but not one shot of the backyard. Understand that if there is an expansive lake view, or a very private large yard, there will likely be a photo of it. That would be a strong selling point.

* Just the opposite- photos of the exterior, yard and community amenities, but nothing of the interior. Condition of the home may be worrisome.

* Only a few photos of the interior, and of seemingly random rooms – if the kitchen is upgraded and beautiful, there will be a photo of it – same with bathrooms. A listing agent will not leave out a gourmet kitchen, if it exists.

* “Cozy” and “well-loved” homes are usually small and probably in their original condition (no upgrades). This is not always bad, but just be aware.

* Exclamation points and capital letters do not ensure accuracy. If a listing proclaims “BEST DEAL IN SARASOTA!!!” it is not necessarily true. Same thing with “PRICED $100K UNDER APPRAISAL!!” If that is true, I can almost guarantee the appraisal was from 2005.

Sarasota Real Estate

William C. True, Broker
ABR, ABRM, AHWD, BS, CIPS, CRB, CRS, e-PRO, GREEN, GRI, RSPS, SRES, TRC
Licensed Real Estate Broker
Licensed Mortgage Broker
Notary Public
True Real Estate
"Sarasota's Exclusive Buyer Agents"
Tel (941) 918-1956
Fax (941) 918-0416
william@truesarasota.com
www.TrueSarasota.com
Check out www.SeeSarasotaLive.com - Live streaming webcam of Sarasota Bay and downtown Sarasota from Siesta Key

 

What do these two vehicles have in common?

Yes, they both have four wheels, motors and can transport people, but what the 1971 Oldsmobile Toronado and the 1966 Imperial also have in common is that they both are vehicles produced by brands that no longer produce vehicles.  They both became unprofitable, redundant in purpose and produced products that were perceived to be less relevant in the minds of many consumers, until their corporate parents "pulled the plug" on them.

There are many parallels that can be drawn between the fates of these brands and many real estate companies and careers. Heed the warning signs!  We all know that profitability is a challenge these days. Fiscal control of our businesses is important and creates many difficult challenges, but what about your purpose?  

Are you or is your company becoming redundant in purpose like these brands did?  Are you sufficiently differentiated from your competitors?  Do you and your brand make a difference in the real estate world, or do you simply exist to skim a little bit off the top of the pool of business... another "also" at the bottom of the list of companies or agents that people think of when they think of real estate.

How about your relevancy?  Are you really relevant?  Would the industry or your local marketplace feel an impact if you were no longer a part of it?  Do consumers think of you or your brokerage as innovative, current and forward thinking?  Or are you perceived as offering a product that is dated, boring or something that they can get at any number of other brokerages?

There are incredible opportunities available to real estate professionals.  Even in challenging market circumstances, locally we have sen the establishment of new brokerages doing innovative things in the areas of marketing and technology.  We have also seen consolidation of brokerages and rebranding efforts, sometimes creating the perception of a combination of strengths to better serve clients.

Ask yourself this, "What are you and your brokerage doing to be considered relevant and innovative in the minds of the public?"  If your answer is "Nothing" or "I don't know", then ask yourself this follow up question: "Did the people who built their careers at Oldsmobile, Imperial, Pontiac, Plymouth, Saturn, Hummer, Mercury, American Motors, etc. have the same answer about their businesses and companies before they ceased to exist?"  

Some of those companies were viewed as highly innovative at one point in their long histories... but remember, innovation and relevancy are measured continuously... you can be relevant one day and redundant the next!