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Terry Osburn's Advice

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  • 82 Contributions
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  • 15 Helpful

Terry Osburn wrote:

Can real estate agent let buyer's child change your security camera system controls?

Answer
This is a pet peeve of mine.... 1-Buyers SHOULD NEVER allow their children to run amok in someone elses home....  2-LISTING Agent SHOULD have been very clear to the  buyers to keep children under control at all times I have had to ask some parents to leave on a few occasions..I have stopped kids running....I have told them NOT to touch the sellers property or open drawers.I had a buyers agent bring her child along with the buyers child to an inspection and I happened to stop in to pick something up and saw the kids running havoc all over the house and I lit into the buyers agent who promptly removed the kids to the  outside.There appears to be a total lack of respect of boundaries.....There is the attitude what is someone else's is ok for my kids to play with because it is open house......I have had parents defy me and I almost had to call the police on one occasion to have them removed but they ended up leaving as another potential buyer came in  and they decided not to ignore me anymore.It is not always the agents fault but in this case it would almost appear agent did not want to piss off buyers as they wanted the buyers  listing....... poor judgment...... I agree agent should pick up the tab and pay to have  system restored.
June 23
(3)

Possible job change before closing

Answer
I remember a few years back a comrade had a buyer, it was the day before closing......the lender did another check to verify employment and found out buyer had changed jobs. Was higher pay but because the buyer did not tell the lender  nor was approved by the lender the loan was immediately pulled and escrow delayed as buyer had to find another loan.......in the end I believe it worked out but buyer had higher interest to pay and had to resubmit the entire loan package again to another lender. Fortunately for this buyer the seller allowed for time to get another loan......BUT that is a big risk too take for a buyer.... ALWAYS tell your loan officer and lender of any major job changes.... ASAP to avoid the risk of your loan being pulled or denied.
April 10
(0)

Foreclosure Defaults Are Dropping So Why Are Repossessions Rising?

Answer
Dunes the exiled I believe has given a truer picture as to what is going on in the market.Government intervention also forced the delay of foreclosures forcing the lenders to at least try to "short sale", do loan modification , fore bearance or deed in lieu.We know of many properties not on mls or up for sale that are vacant and bank held in various communities.Until the jobs come back we will remain in crisis....we still have homeowners losing jobs everyday and/or loss of income and benefits.
September 19 2010
(1)

Zillow is insane

Response
I always cringe when either a buyer and/or a seller contacts me and tells me zillow estimate states we should pay this and/or sell for that.In particular our area and dynamics there is no rhyme or reason to pricing.Zillow has a lot of good information and advice but the values they place on the current market value can either be way too high and/or way too low in most cases.Best to check with your local realtor for recent like sales of homes as yours in your neighborhood. 
September 19 2010
(0)

i'm intrested in finding out a little more on buying mobile homes

Answer
In California, Mobile homes are either sold by Realtors and/or those who have a specific license to sell mobile homes only under HCD(Housing and Community Development) Brand New Manufactured homes you must have a dealers license.You can sell brand new manufactured homes if the registered owner  has hired you to resale it  and/or you are an employee of and  licensed under a new dealers license.Just like regular homes, a homeowner can sell their own .Mobile and /or manufactured homes can be a viable option for many.IT IS NOT an investment per se..Was never meant to be...Depending on the market at time of sale will determine if profit and/or loss is made.   However in past years some mobile homes did make a profit when they sold.Mobile homes are another alternative of living no different than if you chose an apartment etc. If maintained properly will last for years and years...There are caveats and issues you need to be aware of and you definitely NEED TO HAVE AN INSPECTION before completing a purchase.In Contra Costa County some are located in rent control parks and others are not. You have to be pre approved by park management before purchasing a mobile home. Most allow pets with number and size restrictions.Many seniors love the parks and the homes as it gives them independence yet interaction with the activities. Has more space than most apartments and houses. Typically you will find the parks located conveniently near shopping and freeway access.Families that cannot afford traditional housing have found the space provided a major plus and a better alternative in monthly payments to housing and apartments and brings them nearer to their jobs thus cutting commute time.You will either love them or hate them. But they do serve a useful purpose.
September 19 2010
(0)

Short Sale Discussion board

Response
Hi Blairyes the market is changing. If only the rest of the banks would take Wachovia's lead it would lessen the stress for those homeowners in distress.Just as progressive as Wachovia has been there is still issues with many of the other banks.One of the things BofA(Countrywide) is now doing is moving all of their short sale listing to what used to be REOTrans(Now called Equator)They still have alot of bugs to be worked out.What I find interesting is they are really clamping down on any family members or relatives purchasing. They are asking more questions, requiring more data from the buyers so they can research them in order to see if there is any relationship.Many of the banks are now wise to what the investors have been doing and are closely monitoring this as well.Short sales will be around for at least 2 more years at the very least.We will see more bank owned come on the market as well this next year.It will be interesting to see what does happen over the next year in terms of values in various areas and if the length of waiting for short sales does lessen......We can only hope...
December 26 2009
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Has anyone worked with First American Title Company?

Answer
I concur with the others. Sounds like a fluke. Too bad  you had such an experience.  Many times if docs are redrawn it is a lender issue, not Title but the Title company gets blamed.I hope the end result at least met your expectations.
October 02 2009
(0)

Can I offer less than the asking price for a short sale?

Answer
Just make sure your agent has performed their due diligence on any offers you make. Typically if a listing agent has done their duty they will usually list the home within 10-20% of recent comparable sales to allow for the 3-6 month time it takes to receive a short sale approval and to allow for any depreciating market conditions.REMEMBER= Just as Buyers Lender will require appraisal so will the sellers lender to evaluate whether or not the offer presented is within the realm of approval. Sometimes either party will use appraisers out of the area and the appraisals can go either way. We have on several occasions protested appraisals and had them redone to where our clients were able to move forward. Unfortunately it adds more time to the process.The banks philosophy on short sales is they are doing favors. Most believe they have a greater write off with foreclosure. Having stated that many are streamlining the process to move these homes faster. B of A is not one of them at this time that I am aware of . They are hard nosed and they have refused for the most part to remove language in the short sale approval letters that leave sellers at risk thereby forcing seller into foreclosure.So this brings us to another step-IF you are a buyer make sure your agent has specifically asked the listing agent  if the seller has met with legal counsel in re: to the verbiage in the short sale letter and will they proceed or not if approved.....If the listing agent dances around it then I would move on..
September 20 2009
(0)

Foreclosures : Do they smell that bad as they look good ?

Answer
Also make sure the prices you are viewing are not just the 2nd loans only.Many of the foreclosure sites that list defaults neglect to tell you it is the 2nd loan in default and the first has not defaulted yet.There have been reports of buyers thinking they found a great bargain at auctions and bought the note only to find out after they moved in the house was being foreclosed by the first lender.
August 18 2009
(0)

What are the pros and cons of FHA 203k loans?

Answer
The FHA 203K loan is actually a good program for those agents who are knowledgable about the process. It does require a FHA approved inspector to inspect the home . It does require an FHA approved appraiser.It will take about 45 days or so to close due to the process.There are two versions, the streamline under $35000 for repairs and upgrades and the regular version where the repairs are over $35000.The standard version, repairs over $35000 usually requires the inspector to be in oversight of the entire project.I am presently working with buyer on the streamline version. The buyers can either do the oversight of the work themselves and/or hire a contractor to oversee the project(s) and the repairs must be performed within a certain time period after the close of escrow(including any section one pest clearance).  By the way, this is a short sale. I am not the listing agent.I take exception to the "professional investor" from Fairfield and their remarks to use listing agent on both sides of the deal in order to successfully bid on a home with an FHA rehab loan.I know of many homeowners and investors today who thought they did just great with dual agency who have lost their homes and /or realized their interests were not protected.It is not saying that there are agents who cannot handle dual agency in a responsible fashion. I have met many who can. I have done dual agency but do not aspire to such and will shy away from rather than partake when possible.  Dual agents walk a very thin line.I realize there are agents whose bottom line is only commission no matter what the cost to their clients. It is unfortunate.I do realize that most REO's will take cash over loan and want faster closings(less than 30 days) vs longer terms.  But there are some who will work with you. It is all in how it is presented and the substantiating docs provided.I have been contacted on many occasions when I have listed properties by buyers who thought they would get the best deal if they worked thru me.As a listing agent my fiduciary is to the seller. More often than not, the greater profit to my seller is through another agent. That is my goal to bring as much profit as I can as well as protect the interests of my client and as stated above more often happens with broker cooperation not dual agency.
August 18 2009
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