Keith Nichols's Discussions

We need to create an entity like the RTC to handle this. By the time they wrapped things up, the lose was much smaller than it would have been w/o the RTC.

There are a few known facts:1) Fear drives markets2) Greed drives decisions3) Ethics can be compromisedWhen the savings & loan fiasco went down, many investments that were sound investments went down. As the RTC got rid of the bad investments and repackaged the good investments it made for a much smaller loss.Was there greed beyond belief? You bet. Was it only from the top? Hell no! From the loan rep at the bottom of a lender driving a $100,000 car & living in a $1,000,000 home all the way up to the boss. And from the homeowner that acted like real estate could never go down! Did nobody remember the 1990's? There are many people that can afford their homes, however since it is worth less than they owe, they walk. How corrupt is that? People use their home like an ATM then walk & leave the bank holding the bag!Let us remember that a home here in Orange County bought in 1999 or 2000 is still worth twice what it was then. Now how many other investments can you say that about?

It is our responsibility to inform our clients, both buyers & sellers, on what to expect from a short sale. If our client has the patience, then we must spend the time. Though I have found they usually find something else! Most of the short sales I have been involved with have taken 4 to 5 months. As for Countrywide, OMG, they are slow. If you know there is a property that is a short sale & not properly labeled as so in the MLS, report it. As a Realtor we need to keep the integrity of the MLS intact.

Mistake #1: Selling any property that I have owned. Buy, do not sell. Over time the price goes up. Here in So Call prices are still double of what they were in late 1999. Damn I wish I hadn't sold those condos!!

PLEASE NOTE: It is NOT 2 out of the last 5 years to escape capital gains, it is 24 months out of the last 60 months. There is a difference. Also a lease "runs with the land." This means that the new owner has to except the tenants rights. This usually lowers the value. Can your tenants buy it? Many Realtors will work for you w/ a reduced fee to insure you cover your disclosure obligations when your tenant buys the property. As stated by others you will still have to re-coup your depreciation.

If you are not comfortable asking your agent, find a Realtor that works w/ investment property. I am in So Cal, I can't help you, I can help you find a realtor that can actually work for YOU at no cost to you!

As a business owner I would hire Obama as our company cheerleader, I WOULD NOT allow him in the boardroom. While all this crap has happened w/ Bush in the hot seat, who has been running Congress? Both sides are screwed up. I personally want McCain, however neither one is going to do what we NEED. The public "Just can't handle the truth" and can not accept the sacrifices that need to be done to bring us back in line.

Wow, WTF, now the poor guy is going to be even more confused! I have owned property in the Palm Springs area in the past; I do not sell real estate out there however. I would find a Realtor that has been in the business a minimum of 15 years. This way they have seen the ups & downs. Go over the comps for this year & you will see a trend. From there you can make a decision of where the market has been. Remember you are moving into the selling season out there. While looking at REO properties is a good idea, don't focus only on those. There are people that have owned property for many years who now need to sell. They will still make money regardless of the sells price. Where a bank still has to attempt to recoup the most they can.I always like to remind people that real estate is a great LONG term investment. Over time it creates wealth. It is NOT an ATM machine in which to support extravagant lifestyles.

Since you are in Huntington Beach, come by our meeting Friday at the Lamppost Pizza at Goldenwest & Warner at 8:00 AM. We meet there every Friday morning. I am sure you will meet someone who would be happy to hold it for you at no cost. I have a couple agents that are "waiting out" the market. By having their license current, they can legally discuss real estate items & refer to full time brokers. That is a win-win.

Find another agent. After 19 years as a Full Time Realtor, I can count the agents I trust. That is not good. Then again after 48 years on this earth I can count the number of doctors & attorneys I trust and still only need one hand. My point being, as a consumer you vote with your wallet.If someone is not doing their job by looking out for your best interest, fire them. I would much rather make a smaller commission & do right by you then make a big wad of cash & never hear from you or your friends again.When you are in sales, service matters. In a market like this you take the comps adjust down & make an offer. If I feel your offer is ridiculous, I will show you why. Then if you still want to submit it, you bet I will submit it with all the gusto of a full price offer. An agent’s job is to inform you & give you the information you need to make an educated decision. Then support you with that decision as best as possible.Good luck, when you find a great agent you will know it. They WILL work for YOU!