Profile picture for Tommy Gilley

Tommy Gilley

Agent

Realtor (19 years experience)

1 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure

Advice

  • (11 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

CSS now charging Buyers Agents

Response

You are correct sir. It is a broker level item, and I misread the email to mean all realtors that were a member of Metrotex. My apologies for the confusion.

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CSS now charging Buyers Agents

I found out today that everybody who is a member of Metrotex is going to be billed for CSS services. I find that unbelievable. Most of my business is as a buyers agent, and when I have a listing I prefer to speak to the agent setting the appointment. If CSS needs more income, then charge the people who actually derive a benefit from their services - the listing agent. It's a convienence for the listing agent; I can schedule an appointment with the agent directly just as easily as I can through CSS. Considering how many times I've shown up at a house expecting a supra and finding a lockbox, I think I'd rather talk to the listing agent anyway.Does anyone else feel that charging $276 a year for a service you don't use (just to defuse this argument I will not be scheduling appointments through CSS anymore) is reasonable?

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Realtor Tablets

I'm going to buy a tablet for my practice. Obviously, the Ipad is the killer tech, but I'm not fond of the grip apple keeps on their products. Is anyone using an android tablet on a netreis/innovia based MLS system? Would you recommend an android tablet? 

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Looking for a broker

I found out a couple of days ago that my broker is ceasing operations next week. I haven't looked for a broker in quite some time, and the fees out there are really taking me aback.I've done my fair share of transactions, and I generate my own leads. My production last year wasn't that hot, but I'm pacing about 55k on my current 70/30 split with no desk fees. Training isn't important, but it would be nice to have a broker who I could bounce the dillemas on now and again. I have my own technology.Any suggestions?

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Texas Property Taxes

I'm not an property tax attorney, but I'm fairly confident that the property tax laws have changed this year to make local taxing authorities have to take into account foreclosures when determining the tax value of a property. This is huge. I know personally my home is valued about 20k more than it would be if you accounted for foreclosures.If I'm wrong, let me know. If I'm right, everyone needs to protest their property taxes this year. I know I'm letting my clients know about this change.

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How much off of the asking price should you offer when paying cash?

Answer

Cash speaks to a seller mainly because it's quick and there isn't 4 weeks of waiting for the buyers financing to come together. At the closing table, cash and a loan from Chase look pretty much the same on the HUD-1 (mortgage fees excluded of course).

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Upside down

Answer

This site can provide all the paperwork you need to get the process rolling:http://www.makinghomeaffordable.gov/get-assistance/request-modification/Pages/default.aspxYou can check the website for the bank servicing your mortgage, but it may or may not be helpful.Get all the paperwork to your bank, and keep diligent records. Call at least once a week to follow up on the app. Be prepared for the fact that you will send them the paperwork at least three times, and you have to update the income, bank statement, and sometimes expenses documentation every month. Underwriters have to have statements from the last thirty days. If you call to check on your app, you will be told something different the next time you call.Consider this procedure so that you can keep what you're told straight:1) Sign up for google voice.2) Use GV to call from Phone 1 to Phone 2. Put phone 1 on mute.3) Phone 2 calls the servicer, and GV is set to record on Phone 1.You won't be able to use these recordings in court but they can be helpful to remember all the different things you're going to be told. Don't feel bad about recording either; They're recording you.Every time you call ask these questions:1) Are you an FHA loan customer service rep (if you have an FHA loan only talk to an FHA loan customer service rep)2) What is the current payment arrangement I have with you?3) What is the current status of my application? What needs to be done to move forward?When you hit a roadblock, call HOPE at 888.995.4673 and get connected to a counselor. They work for free and they can access the systems used by the bank reps to see what's happening with your file.Good Luck. 

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Are bank foreclcosures a good deal?

Answer

As a whole, I don't believe foreclosures are the deals they're cracked up to be. 9 times out of 10, the amount you bought the home less than it's normal market value is generally about equal to the amount you are going to have spend to get that home back into shape. Factor in the unknown, minor deficiencies that are ticking bombs to a future issue, and very quickly your 'purchase equity' is swallowed up.Keep this in mind too: Hometelos (HUD) is not the buyer's friend. The person making the selling decision's on the home don't have an emotional interest in the home or the deal being negotiated. They go home at 5:00, and the house means nothing to them. Most of the employees of Hometelos (HUD) are more than willing to jump behind the aegis of 'policy and procedure'. Their timeframes are ridiculous, and putting a family through their machinations - especially a first time buyer - is downright wrong. Fannie and Freddie are a bit easier to deal with as a rule, but they still work for themselves, not for the deal. The prime buyer for a foreclosure is an investor/rehabber with a cash offer and work crews who can get the property into shape without sinking a ridiculous amount of money into the home. Think of it this way: A traditional home sale has a buyer who has many memories in that home, and it's in their best interest to sell the house. A short seller has an even greater interest in keeping the home in good shape. The last 9 months a family is in a home going into foreclosure are hard times, and that shows in the homes. Maintenance is deferred, short cuts are reached, and I've seen where families even begin to resent their home heading into foreclosure.

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