Brooke & Aaron Hefte's Discussions

Scott,Any suggestions from you or others would be much appreciated! Here is my situation. I have a listing that was appraised by the bank for $242,000. I don't know how!!! I have been reducing the price and finally at $189,900 we started getting activity and a few offers--the best of which we submitted to the bank "negotiator", which he will not accept. This offer is $40,000 better than the highest of 4 previous offers. I could go on and on--but let's just say-this guy is very difficult. He is actually teling me that being on a busy (4 lane) road adds value! I have sent comps, current listings, ... and truely think we have a top dollar offer. Any suggestions on how to get through to the bank? My seller and I are at our wits end!

Brooke Hefte, ABRRe/Max Action FirstSt. Petersburg, FL (Tampa Bay)Buyers Market!!! But still active.

Randy,Thank you for sharing the point system! I love it, too! What a great way to stay on track!--My husband's Grandfather lives outside of Springfeild and someday we would love to get a little place up there--we'll call ya when we are ready. On the days when I am the most discouraged--I force myself to go knock on FSBO doors. I know it will lead to a listing or two and even if not, it is always nice to meet people, try to be helpful, and get moving!

Don't give up! Knock on FSBO doors and wear your name badge everywhere. Talk to everyone--your cashier, servers, people in line...I've gotten listings making copies of keys...It can be intimidating at first, but 9 out of 10 people are usually freindly. Learn everything you can while you have the time-read-go to classes-networking sessions... This business is tough, but get up everyday and say--I can do it! People do-why not me? Be honest and work HARD!

In my experience--the bank will require documentation of all assests and debts prior to considering a short sale. Your friend should talk to a Lawyer and a CPA. At the least start by talking to a local Realtor with experience.

Using Publisher or Word, Avery Address labels, and cheap folders, I create "Buyer Information Packets" to hand out at open houses. I make labels that have my info on them and stick them on the front and inside pockets. I provide an info sheet of the listing, local important numbers, a vendor list,...useful buyer info and a handy folder with all my information that they can store all the days flyers.

Talk to local Realtors and Bankers. Bank of America has an awesome program in my area of Florida (not sure if it is local or National) called the "Acorn" program. I have had several buyers go through this program and their interest rates where actually .25 lower than the best rates my "A" credit buyers where getting. Find professionals that truely work with and know about the "first time" buyer programs-there are a lot-and getting on the right track now can make a huge difference when you are ready. Some programs require you take classes, have no late payments for a time period, document rent(cash and money orders have caused me many a headache!)...The long and short of it--talk to the professionals-go to open houses or call around- talk to many and pick one with knowledge and pateince (this make take awhile!)-but it is not too early to start-even if you are year or two out.

These last few years were tough on buyers. I have worked with may first time buyers that were using VA or FHA loans and they got beat out by 100% loans because the inspection hassels- and fees were lower for sellers. One couple I worked with put in 3 full price offers and lost out! So in that respect, it it nice to see buyers able to negotiate price and terms-not to feel pressured to rush and put in offer, compromise on repairs,...Compared to the last few years-it is a great time to be a buyer! Please note I said it is a great time to be a buyer-not it is a great time to buy. Investors and such can debate the market and trends to decide if now is a great time to buy. Potential home buyers-the time is right when you have a down payment, decent credit, and the desire to be a homeowner. Learn as much as you can and find people you trust to help you make the biggest financial commitment of your life. The best time to buy is when it is best for you-there are deals in every market.

Back to the original question--fsconsult-your response to me is exactly what happened in this market. A lot- a very lot of "investors" thought they could get rich quick by buying a house and "flipping" very short term. The market was driven up by many factors-but speculators were a big part of it. On an almost daily basis I had people that had absolutely no idea about Real Estate 101, wanting to flip properties--my advise always--educate yourself, plan on hanging on to your investment for 2 years, be willing to hang on for 5 years. And ya know-most of them did not want to work with me-because they did not like what I had to say. Trying to make short term gains in Real Estate is a very risky business. My comments are directed at people trying to buy a home to live-I won't take the 6 month challenge and I would never lead any client to believe their home will be worth more in 6 months!

Points well taken. Should not have used the word deal. The last part of my previous post should read "The best time to buy is when it is best for you." A home can be a great investment and a forced savings account, but there are a lot of cons to this type of investment-not the least of which is liquidity, maintenance, holding costs...educating yourself is the key. No one has a cystal ball-markets go up and down. I would not advise a buyer to buy for a 6 month gain and I would not advise to wait for 6 month losses. Get educated and make an informed decision that works for you and your financial/emotional well being.