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Todd Akes & Associates's Advice

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  • 27 Contributions
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  • 4 Helpful

Todd Akes & Associates wrote:

if i sell my house with you, what percent do you charge?

Answer
I agree with many of the responses that focus on value. How your property is marketed and contract negotiated can far exceed the difference in commission cost. I'm certainly not saying an agent that charges less for their service can't provide the same results. I'm simply saying that it's a good idea to interview a few agents and see who you feel will provide the best results. The right agent can make a huge difference from customer service to your bottom line. Good luck....
February 05
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What can I do to assure progress and status of my offer on approved short sale?

Answer
For it to be a pre-approved short sale with Fannie Mae, the seller will have a document disclosing they have been accepted into the HAFA program. There will be a mandatory list price and any offers will still need approved by the negotiator, then Fannie Mae. I'd confirm that it is indeed a pre-approved short sale and request the document. If it turns out not to be pre-approved, Fannie has been known to counter at a purchase price above fair market value. They will negotiate off their original offer. Good luck!
November 13 2013
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Without commiting to a contract,trying to weight options; How can I get an honest appraisal of the

Answer
With most MLS systems, Realtor's or Property Managers are able to compare your home to recent leased homes in your area. They should be able to provide you with average square footage, listed vs. rent price, lease terms, and days on the market. An appraiser can put together a rent schedule but the information will be similar at a cost to you. Unless you need it to obtain financing, I'd contact two Property Managers in your area for an opinion.
November 13 2013
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Responses to for sale by owner

Answer
It's common practice for agents to prospect for sale by owner's for potential business. It's never been my business model but statistics show that a majority end up listing their home with a broker. I certainly have no problem with a seller attempting a private sale. After all, it's your home and if you feel that is in your best interest, give it your best shot.I do recommend you interview a minimum of two agents in your area to establish fair market value. This will help you determine if an offer procured on your own is satisfactory.
November 13 2013
(1)

Go with a set-fee broker in a hot market?

Answer
In a market with multiple offers and escalating prices, there are more variables than simply sales price. While I'm confident in my experience to achieve the highest sales price possible through marketing and working agents/buyers against each other, it doesn't matter if it's a sloppy deal. My job as your agent is to represent your best interest. Doing so means that I'm anticipating any potential challenges that will kill your deal before it closes. It could be a waiver of an appraisal contingency, cash difference above appraised value, representing you by meeting the appraiser and fighting for a realistic appraisal, a larger earnest deposit to ensure performance, verifying they have the funds liquid to close, grilling their loan office and finding out their true financial leverage, making it an as-is sale, managing the transaction and removing contingencies asap, etc... There is an art to achieving a high sales price, that closes, and is handled professionally. I'd urge you to meet with a few agents including the flat fee broker and make an educated decision. Good luck....
June 20 2013
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If I find a home that is worth $134K and it is a short sale for $110K - can I use the equity to get

Answer
The two main questions I've received over my career when the purchase price is lower than the appraisal are as follows:1. May the equity be used to increase my loan to value and eliminate PMI?2. May I receive cash at close for repairs? The answer to both questions is no. Private mortgage insurance is based on the down payment, not purchase price vs. appraised value. It does give you a head start towards removing PMI down the road. In the distant past, home equity loans with cash available were part of some closings. Those incentives went away with the crash of the market in 2006. Lending guidelines have changed dramatically. A higher sales price in this situation and the maximum closing cost contribution would be your best bet for your lowest out of pocket expense at closing. However, in general and especially in a short sale, I wouldn't tip off the seller and lien holder that the property is being sold below fair market value. That could open a can of worms. Now, if the short sale has not been formally approved in writing, the lien holder may request the buyer pay closer or fair market value. If it has been approved formally, you got a great deal. Congratulations......Good luck,Todd Akes
April 12 2013
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Can a person short sell a house just because the feel they are too upside down

Answer
It depends.....on many factors.I've recieved many strategic default short sale approvals in Nevada. Is the seller in default?Has the agent advised them with reasonable expectations? (They will likely need to pay a cash contribution to settle the debt)The cash contribution is dictated by their finanical position.How much liquidity in their checking and savings?Have they protected their assets in ethical ways such as an annuity?Is the sales price at fair market value?Negative equity certainly isn't grounds for a hardship. However, the banks are realistic about the situation as well. I have a seller that put down 100k when they purchased in 2005 and they are still over 100k in the hole today. They are losing money every month with the propert leased. The light is pretty dim at the end of the tunnel for this particular seller. I certainly can't blame them for asking for a short sale.
November 26 2012
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Seller will not sign an amendment extedning the contract!

Answer
Did the seller keep the appraiser from gaining access to the property? Did the seller hold up the deal in any other way? My first conversation would be with your Broker. Then I would advise the buyer to seek legal counsel to get a solid feel for the law and past judgements. It sounds like the lender likely held up the deal which is usually the case. That could certainly be gray area. Good luck!
November 26 2012
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Why would a bank Counter higher than their BPO?

Answer
It's increasingly happening especially with Fannie Mae backed mortgages. They have a Homepath program that allows their REO's to be purchased with low down payments and NO appraisal. At the end of the day, it's a debt negotiation between the owner and lien holder. There are a few angles: 1. I've had success with price disputes that I've put together myself. 2. You could also agree to their terms and use the appraisal required for your loan for a price reduction if you feel the appraisal will come in low. (You would risk your appraisal money and you need to verify your agreement is subject to financing) 3. The seller could pay the difference out of their pocket. 4. In Nevada I advise my clients to apply for the mediation option upon Notice of Default. A mediation would be worst case scenario.Clearly there are many variables that I'm not aware of in your transaction. Hope my ideas help.
November 15 2012
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how do you find out the statistics of a realtor in your area? who sold the most homes?

Answer
I wouldn't use the volume of sales as a barometer. That may mean that they run a well oiled machine for a business with a great staff OR that they spend a gazillion dollars a year on marketing and treat their clients unprofessionally to take on the volume. Hire an agent with a solid track record that has a grasp on todays market. Get some references from RECENT past clients. I like the title company idea. Call and escrow officer and ask her who she recommends. They normally deal with 50 agents at one time. I've recently recieved some referrals from my escrow officer and it's quite a compliment. Look at their listings, how are they presented? If all the puzzle pieces fit, that's your agent.
December 06 2011
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