I am mentoring another agent. Her client is trying to build a new home from CBH homes. They walked into the office and worked out the contract with the CBH agent the terms of the contract. The sellers agent wrote the contract up with $1500 in the design studio (for upgrades). We never had a chance to set the terms of the offer since it was complete and our clients had agreed to those terms. Our clients signed the offer and they countered taking away this money. This seems to me to be bait and switch. If we had asked for this it would have been fine for them to counter but they wrote the contract not us. I am advising that we counter with that money in. The kids are afraid of losing the contract but they really could use the money so they can have things a house SHOULD have standard… Like a non shallow sink…. A closet door…. A 6 lb carpet pad….
Posted in American Dream, Boise, boise Homes, Boise Real Estate, Boise real estate market, Buyers, clients, first time homebuyer, Real Estate, Sellers
Tagged bait and switch, cbh homes, contract, counteroffer, design studio, mentor, sellers agent, standards, upgrades
For the first time in my 6 .5 years as a real estate agent I helped a couple write an offer on a build job. It was sort of interesting on many counts.
1) I am helping a brand new agent out (who I am partnering with) and so technically I just referred it to her…. Well actually she got the client but it is a way to pay me for my expertise…
2) I spent a lot of time researching CBH homes and reading a new type of contract….
3) The biggest problem that buyers seems to run into is that they make the contract and that seems to be a base price. Then you go to the design studio and pick your colors and upgrades… This can add to the price of the final home. The couple had already picked some upgrades…We encouraged the couple to go the design studio in the next day or so before they were well underway…
4) Being me I started to worry that they might get a very basic home because they wouldn’t be able to afford the upgrades that they wanted… I am a bit reassured but when we went house hunting they seemed to love vaulted ceilings and that is an upgrade… I think that it might even be one worth paying for…
5) I never have actually partnered with another agent officially. This will hopefully be the first of many deals we do together…
6) The couple like the idea of picking everything… This is the obvious good part of buying a new home…
Hopefully everything will go smoothly. I made sure the couple knew that we were looking out for their best interest.. The other agent works for the builder and represents the builder. Going totally with the builders agent is like letting your husbands divorce attorney write your paperwork….
These are Debbie”s thoughts for the day..
Posted in American Dream, Boise, boise Homes, Boise Real Estate, Boise real estate market, Buyers, clients, first time homebuyer, partners, Real Estate
Tagged boise real estate, build jobs, builder, cbh homes, couple, debbiehomesnet, design studio, partner, referral, upgrades
I just closed a deal on 1430 Leadville in Boise, Idaho. This deal was interesting for several reasons. The buyers daughter called me from an internet website. She was looking for a home for her parents to buy as an … Continue reading
At our last meeting one of my colleagues asked if anyone had a listing he could open…. At first I looked at him funny….Why would one want to sit in someone Else’s listing? I got over that when our agency had the new development…. After a while I sort of realized it would be dumb luck if I ever got any money… It ruined my weekends…Well I did have a beautiful brand new home in a great setting to spend my afternoon in. But no buyers….If they had an agent no pay…If they came back and didn’t explain that they met that really nice agent at the open house, no pay…..I sat anyway because I said I would…I hoped maybe to pick a buyer…I didn’t…..We lost the listing (they were overpriced and far from town on little lots)….
I realize that my colleague (friend) had no listings and no solid buyers…. I also realized I had two listings I wanted open and didn’t want to sit open houses on both weekend days….. I thought about it through the rest of the meeting…. After the meeting I told him he could pick which of my listings he wants to open and I would handle the other one….
Wait you say….Don’t you want to represent both sides? Don’t I want to pick up the buyer? Well yes of course but I wasn’t going to open both houses…It is very wearing and I have things to do….buyers to service…I want my listing sold. History tells me somebody else will bring my buyer…It might as well be my colleague and friend. He picked 105 Bridgewater and I have 722 Pearl.
He called me yesterday. He went to see the home….He is very excited….This is not a new agent…He is an older man with 20 plus years in the business… I hope he is successful….It would help both of us if he brings me an offer….I hope he also picks up a buyer…
Open Saturday 1-4 PM
For me I will sit Pearl…. A very nice home about 1/4 of mile from mine….It is on the Boise Bench…A wonderful older neighborhood close to everything with a lot of spirit and class.
Open Sunday 1-4 PM
Sometimes helping another person is a win-win situation. My friend has something to do today and I have both homes open…Maybe we will both be successful to help us end 2011. Wish us well….
Today as I try to get ready I wish I had a partner…. The only problem is I don’t take in enough for me so how can I take on another agent? I have had a scary few weeks and my step mom is still in the hospital. Meanwhile I am preparing for my full nest to become empty. My middle chick takes off on Thursday…. Another goes to China at the end of the month…The youngest goes to college…
Meanwhile back at the ranch I still have a pending going slowly (buyers aren’t sure they the home. I have a new listing and another one on the way. I have a couple of buyers that I seem to be putting off….. Pictures tomorrow…. Landscaping today…. My mother in law arrived last night…. I am not sure which way to turn…..
Some of my friends seem to have partners….I sort of wonder how well it works? I have a team of lenders, title officers, inspectors and repair people. I am wondering if I would feel less stressed if I had a team-mate who also sold houses…. Do you split the comissions 50-50? How do people with partners work it out?
My dad used to be in a solo private practice and he almost always on duty…. Eventually he had a heart attack and became a VA doc (which he loved) because he was a flight surgeon. The veterans liked him and he liked the veterans and he didn’t have to deal with the buisness aspect.
I wonder if two of us could follow up on leads better? We could discuss our clients needs and listing and perhaps come up with better solutions…. These are random thoughts as I prepare for the day….
I suppose if nothing else happens my nest will be empty in 2 weeks and I will have too much time on my hands….
722 S. Pearl St., Boise, ID 83705 , MLS number 98475211
- 722 S. Pearl St., Boise, ID 83705
Come home to your beautiful home on the bench. Gorgeous hardwood floors and tons of natural light. Updated tiled bathrooms with a great shower in master bathroom. Lots of storage and built-ins, Pella windows and newer AC. Delightful family room to play, relax or watch TV. Two bonus rooms downstairs. Wonderful covered patio with park like setting with unique fence and two Stor-Mor storage sheds. Walk to Boise State, downtown, shopping and restaurants! Close to schools, public pool, freeway, parks and airport. Normal sale! Make sure you find the Egyptian room in the basement. NOT REO NOT SHORTSALE!!! Easy close. BTVA
This home has 1565 sq ft on the main level. There are three bedrooms and 2 baths on the main level. There is also 728 sq ft of basement space This is a gem with North End charm in a charming area of the Bench.
Call Debbie to see this beautiful home at 761-2551,Email 208-761-2551
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Yesterday we funded and closed on the home with the cut down rose bushes. At the signing the title officer said something that made me nervous so I went and got the keys the day before we were supposed to fund. I DID NOT GIVE THEM TO THE CLIENT. I found out at 1:30PM that the deal was recorded. I gave the keys to my client around 3:00 PM. While we were still on the properpty the listing agent came for his lockbox, sign and keys. I told him my client needed the keys because the locks hadn’t been changed yet. He said it is a new rule from either HUD or the asset manager that they need to collect the keys. I asked if he could wait until Monday to collect the keys so that my client could have the locks changed. At first he didn’t want to do that but I pointed out without the keys my client had no way to secure the property and her son-in-law would not have time to change the locks until the weekend. The family has a huge amount of repairs to make (including a new electrical box and pole) before they can live in the place.
I understand why they don’t want the keys out but if I hadn’t collected the keys the night before my client might have had to break into her new home. That is ridiculous. No one called me to see if my client was in yet. Would he have come out to unlock the home if my client hadn’t been in. I should have tried to make him change the locks since he wanted the keys so badly.
Next time I close a HUD deal I will ask the listing agent to pick up the keys a day after closing.
Over the years I have been the buyers agent for several homes in the Treasure Valley. The first thing you want to do is make sure your broker has signed the agency up to sell HUD homes. The first time I sold a HUD home I had to refer my client out and lose a significant portion of my commission check. It also makes the deal stranger since you know all the in and outs of the deal and the other agent doesn’t. Talk to your broker or the office manager and ask for the HUD number and check to make sure it is active. It needs to be renewed every year. Being the government your brokerage will not get any notice when it needs to be done….
HUD homes are government owned homes that have been foreclosed on but the government has insured them when to original loan was taken out.. OH no ! Unfortunately I just broke some rules about selling or talking about HUD homes. We are not allowed to use the words repossessed, REO, distressed, foreclosed when describing these homes because HUD feels that these words have negative connotations . We now have to use the words HUD owned. This also means that the Intermountain multiple listing service had to add a separate category called HUD homes. This is very annoying because it one more parameter you have to search for.
Now those of you who no me know that I am a rare breed. I am a Democrat in Idaho who has run for Congress. If anything ever turns me into a person who thinks the government is malevolent it will be selling HUD homes. HUD makes the rules for everyone else but does not seem to feel the need to follow them. Someday I will blog about this….. They will not fix things (even things to inspect the property). They set their own timelines that are difficult for the loan officers. They make you rush for brokers signatures and make you send docs in expensive Fedex packages. When you make a mistake they threaten to cancel the contract. The mistake can be forgetting to get an initial. I must admit to being paranoid by now. To my credit the contract that I have pending was perfect the first time. You have to be on top of things and be your buyers advocate.
So obviously I do not like HUD or selling HUD homes…. Why do I do it? Because it gives my buyers a chance to get into the housing market with FHA loans. Also HUD, Fannie Mae and Freddie Mac all have a home owner first look programs. That means that my buyers are only competing against fellow owner occupants and not investors. This is a huge advantage to first time home buyers. HUD homes are also often competitively priced with FHA financing (for insurable property). HUD bidding is easy and everything else will seem harder then it needs. I work for my buyers and not my comfort. It is important to me that my buyers get a home that works for them and I am willing to work hard and make my loan officers to work hard to make this happen.
I truly believe that part of the American Dream is to own your own home. It makes us as individuals, the community and our country stronger. Part of helping my clients achieve this dream is to offer them as many homes available in my community.
Posted in American Dream, bidding, Boise Real Estate, Buyers, clients, community, distressed, Fannie Mae, financing, foreclosed, Freddie Mac, HUD, loan officer, Personal, reo, reposessed, Sellers