Buyers Prepare For Short Sale- Hurry Up And Wait!

HIBERNATE…is the word that comes to my mind when a Buyer is looking for a short sale. The process of a short sale is long. There is a LOT of waiting for the Buyer. The Seller is supplying endless documents.

Sure there are some good deals out there but you MUST be prepared to wait for a minimum of 90 days and some can take  a year to close. I like to inform Buyers that you have to be patient and be fair to the Seller. The Seller is taking their property off the open market and nobody else is viewing this home while the process of the short sale is moving at a snails pace. If the Buyer backs out though no fault of the Seller, that is hurtful to the Seller. If you can not wait and must move in 60 days or less don’t look at short sales. Buyers Agents should be very clear in explaining this to their customers.

It is not the Seller or the Agents that are creating such long wait times. Imagine a living room with files stacked from floor to ceiling and not a space to even turn around…that’s how many short sale files these banks/lenders are working with on a daily basis. It is not a fast process.

Once a Buyer makes an offer the lender now will begin the process. The bank/lender will begin to request documents from the Seller like 2 years of Tax Returns, recent bank statements, pay stubs, letters as to why they have not been paying the mortgage, financial statements, and more! This must all be gathered then uploaded into a software program that the bank/lender uses – they don’t all use the same system. None of the information is simply sent as an Email attachment. You are not allowed to send information before it is requested….even though we know the lender will be wanting  specific documents  we can only send the documents as they are requested.

The lender will review the paperwork, and keep in mind they have stacks and stacks of files they are working through. Sometimes the Seller can’t find information being requested and some banks requires documents be sent within a certain number of days…if that Seller is out of town or can’t locate the papers being requested that file can and is sent to the bottom of the stack. Meanwhile the Buyer is thinking “What’s taking so long?” Sometimes the lender will ask for the same documents over and over again. Different people in different departments are looking at the various documents.

Eventually the lender will send a real estate professional to the house to inspect it and appraise the house.  They continue to request new documentation from the Seller. And the Buyer is now getting antsy….thinking “what’s going on”. Remember I mentioned “hibernate” that’s what the Buyers MUST do.

Eventually, there will be a request for the Buyers Offer and eventually a Counter Offer or “Approval Letter” will appear from the lender. Then there is the request for a HUD Settlement paper. This Settlement Document is sent to the Buyer and Seller to review. This shows what each party is paying for like the property taxes, realtor fees, insurance, survey, etc. Once approved you get to come out of hibernation and close the deal.

When you begin your search if you want to purchase a house that is being sold as a short sale…remember the only thing short is the amount of money the bank/lender receives from that seller- everything else about this type of transaction is LONG.

Zelda Greenberg, Realtor

Jacksonville and Surrounding Communities

904-524-5053

How’s Your Customer Service?

To survive in our technical savvy world, good customer service is essential for survival. When you don’t deliver great customer service it only takes a split second for someone to tap on a smart phone or other technical device to tell millions of people about their poor experience.

Over this past week I witnessed  some shabby service by another Realtor of a different firm. This other Realtor typically only sells homes and does not venture into the rental  market. However, he told me he was helping this former customer out because it was pricey waterfront real estate.

My customer was a new executive to Jacksonville and needed to find a nice home to rent quickly. His wife was back on the west coast packing and could not be in Jacksonville to help look for the house. After a week of searching he found a house he loved and was pretty sure his wife would like it too. As with most important financial decisions he wanted to discuss this with his wife and take the night to sleep on it before making a final commitment.

The other Realtor was frustrated because my customer was not making a hasty decision. Once the decision was made there was an application process to go through. The other Realtor complained about the fact that my customers spouse was not here to complete her part of the application. To accommodate my busy customer I offered to pick up his application and deliver to the other Realtors office along with the application fee. The other Realtor would not accept the cash my customer gave to me nor my personal check for the application.  So at 8:00 PM off I drove to the gas station to purchase a Money Order to accommodate the Realtor.

Then there was the matter of a Lease. This Realtor told us an attorney was writing the lease and it is a “custom” lease. It was explained to the other Realtor that both her home owner and my renter were both leaving town in 2 days and needed to be able to look over the custom lease. When the lease arrived it was not custom – it was a boiler plate lease filled with things that had no bearing on this house and it had plenty of typos. Both the owner and my customer waited for the correct lease.  The Realtor kept telling me it was my customers fault the lease was taking so long – because he took too long to decide to rent the house. I believe the Realtor forgot the original lease came back with too many errors.

Once the ink was dry on the lease, the Realtor approached my customer to say if he decided in the future to purchase that house then he was entitled to a real estate commission. When I heard this I was flabbergasted…this remark was inappropriate.  That matter would be between the home owner and the Realtor, not my customer.

Complain, complain, complain, was all I got from this other Realtor. My customer was making a very expensive and legally binding decision to rent a house for 12 months and without his wife’s presence.  He absolutely needed to take his time in deciding.

I know that I treat all my customers with respect – even the ones that rent a small inexpensive home. When you are in customer service you need to treat all your customers as if they are your best customer.

I found it funny that the other Realtor says he was voted Best in Customer Service….who voted?

Today there is facebook, twitter, linkedin, blogs, smartphones, etc. so you can’t afford to be rude. When you are discourteous it can be posted over the Internet in seconds. We all have an occasional bad day but you don’t continue to complain every day and blame others with things are not going smoothly.  You have to remember that social media is fast and people have no problem posting complaints-quickly.  When enough people see those complaints your phone is going to decrease in ringing….and your competitors phone will start to ring a lot more!

How’s your Customer Service?

Optimistic Future

It’s midnight, can’t sleep…ever have those nights?

Today I closed on a house I had listed. It sure feels good to help people….the Seller of the house was in a difficult situation when I met her. She had a good job but like many others she was in a house that  had seen its value decline drastically. She was angry and depressed when I met her. She didn’t like the fact she was behind on her mortgage and facing foreclosure.

At first it was difficult to get her to return calls, confirm appointments to show her house, you name it – life was miserable. Within a few months an acceptable offer came through. Next was a long process of waiting for the bank to approve what is called a Short Sale. The only thing short in this type of sale is the amount of money that the bank gets shorted! The process of a Short Sale is long!

As the day to close on the house moved closer, I helped the Seller find a pretty home to rent. That’s when a definite shift in her personality happened. She called me one day to thank me for helping her, she said she was EXCITED about moving on with her life and not looking back.

It’s a great feeling when you help someone- as I often tell people when one door closes another opens – and who knows what wonderful things are in store for us when we let go of the things that hold us back – and take that risk of faith to an optimistic future.

Life has no guarantees. Next time life tosses you a curve ball stay focused on the doors that open and new opportunities that come your way..because they will be there if you just open your eyes and look for them.  You have a bright future ahead.

Curb Appeal In The Fall

We all hear how important curb appeal is when selling a house, and it’s true! It’s those first impressions that set the tone for the prospective buyer or renter.  Here are a few simple and inexpensive tips for sprucing up the entrance to your house that will add appeal.

1. Lighting. Be sure there is lots of lighting to illuminate the entrance. Add a few lights that light up the walk way and show off the pretty shrubs and plants.

2. Front Door. Is the door dingy? A fresh coat of paint in a color that POPS will excite the prospect and have them wondering whats inside.

3. Plants. The garden centers have winter hearty plants available. Select a few plants in nice containers to place at the front door and entrance. Plants make the home feel warm and inviting.

Just a few nice touches give your house that WOW impact to have those prospects saying yours is the house they want! So start now and add that curb appeal today.

http://www.GoZelda.com

 

Important Tips For Renters

It’s time to move…a stressful time or an exciting time? The answer depends on how prepared you are! The more knowledgeable you are the better the experience. You need to understand that the summer months are the busiest months for rentals. People want to be settled into their new homes or apartments before the fall school season begins. This all translate to increased rental prices and fewer rentals available.

You need to gain a competitive edge…especially if you are looking to rent  from a private home or condo owner. Be prepared! Make an impression! In addition to your application attach any letters of reference from previous landlords nd your employer. Most property management companies will run a credit report check but if you are not going through a real estate company or locator service bring a copy of your credit report. Most renters dread this part of the application process-it’s normal. Realistically, most people today do not have stellar credit. As long as you have paid your electric bills, and rent in the past many landlords will over look late payments on credit cards and medical debts.  Just be able to explain your particular circumstances.

You are able to order a FREE copy of your credit report annually. There are three credit-reporting agencies – contact them on-line.:     * Experian     *Equifax     *TransUnion

Understand that a lease is a legally binding contract. The lease is the foundation that govern the relationship between the landlord and the tenant.  Before you enter an agreement be certain that you understand all the terms of the lease. If you do not understand something –don’t be afraid to ask questions.

Most leases are for a year but sometimes things happen and you need to vacate earlier.  Unless your landlord releases you from the contract (in writing) you are obligated to complete the terms of your lease. This does not mean you can sublet the property to anyone else. The only people allowed to live in the home or apartment are those people that are on the lease..

Remember once the lease is signed it is enforceable, even if the renter never moves in. So read and know what you are signing.  The best way to do that is to request a copy of the lease to read over  before you sign.  You want no misunderstandings. If there are promises made  by the landlord be sure to get it in writing. Know your rights – and the best way is to know those is to understand the lease and the responsibilities of all parties.

3 Tips To Save on Your Utility Bill

Zelda Greenberg

I’m certain it is no surprise that heating and air conditioning a home is going to take the biggest chunk of an energy bill – not the water consumption. Some statistics state  heating a home takes a staggering 55% of your energy bill.

Let’s face it living in Florida we are spoiled. We love our AC almost year round and for those few weeks or months when it’s cold we Floridians turn up the heat. So what can one do to help lower that utility bill?

> Maintain appliances like the HAVAC System & the Water Heater. Put a timer on that Hot Water Heater and be sure to read the owners manual for maintenance instructions to keep it at optimum working condition.

> Look for small cracks or holes in the walls, around doors, windows, and even electrical outlets. These can cause leaks of heat and air conditioning.

> Reduce the need for so much lighting by installing light sensors, dimmer switches and timers.

Just doing a few simple tweaks can help lower your utility bill. You can even request a home audit for a small fee. The energy expert will help you determine if your home is energy efficient. They analyze and make recommendations that help lower that monthly bill. They come armed with infrared cameras and surface thermometers to find those tiny leaks that cause bills to soar. Then give you the recommendations to stop the leak.

Before you get that next utility bill in the mail give your home an energy check and keep more of your hard earned dollars in YOUR pocket!

Zelda Greenberg is a Property Manager, licensed Community Association Manager, Notary, and Published Author, “The Art of Bouncing Back” http://www.jacksonvilleHouseRentals.com

Making Your Move

Sometimes things just fall into place. I love meeting people and learning what they are all about. So stumbling into the real estate industry is the perfect fit. Helping people figure out if they should sell, buy, or even rent is a fulfilling career.

Over the past few months I’ve been concentrating on Property Management. Most people in Real Estate think Yuck..they don’t want to deal with this side of the real estate industry. Not me…I’m loving it! I am meeting people from all walks of life…hearing their real life stories. Some lost their homes of 20 years due to a job lay off. One had purchased a home while the sell of her 1st home was going through the sales process only to have the deal fall thru and getting stuck with 2 mortgages so now both houses are in foreclosure.  And another was in a rental home and discovered the owner wasn’t paying the mortgage. You read about the horror stories and I hear them.

It gives me tremendous pleasure to be able to help people find  their new home – either permanent or temporary. When I hand them the key and see the excitement on their face I know I’ve accomplished the goal.

IF you or someone you know will be relocating soon find an agent that really listens to you. Tell them what neighborhood you want – discuss the budget and your particular financial situation. Keep an open mind and try to be flexible…as some of the things on that wish list might not be possible in the area or price range you desire. Remember to ask yourself is it a “need” or a “want”. Be open to ideas and be open and honest with your real estate agent – it’s the best way to get the home you want.

If you lost a job,  or had to leave your family home remember whatever the situation might be things can change tomorrow. Don’t dwell on the past and the situations that put you in an uncomfortable position . Rather look toward the future as a new adventure with great things about to happen. It’s now a fresh start in a fresh new temporary or forever home.

The Journey Into Real Estate

How many times does one bounce back? The answer…you keep bouncing until it’s a good fit!  For those that follow my blogs you know I’ve tried a few careers in my days and once I find the “right” fit I tend to stick around a good ten years or more. My latest career is the one I believe to be my new 10 year plan. You’re going to think “Is she nuts? She’s doing THAT in THIS economy!”

A year ago I knew I needed to find a long term career path – one that would allow me to earn a good living, recoup the money I lost in the stock market, help my kids, and bounce back. I chose Real Estate. I know what you are thinking…sure the market is down but there are so many great deals out there for  the investor, those looking to make a move, and for people that have lost a home due to these economic times and are now looking to rent a house.

I started off studying for my CAM License. I began managing a portfolio of home owner associations. Being an Association Manager reminded me of my old days in the family wholesale food business….putting out fires/solving problems.  A CAM handles all those neighbor complaints.  I waited for new opportunities to come knocking. My sister suggested I take this new career a step further and get a Real Estate License. I studied hard to get my Real Estate License. I had not studied that hard since college.My thought process was, if my kids can study hard to get good grades in college then their mom could certainly do the same. My children were my inspiration to get me through this testing phase.  I studied night and day to be sure I would pass the exam on my first attempt…and I did.

Things just started snowballing. I started showing a few rental properties to those that had lost a home in foreclosure or families moving into the area. Then one day I showed a home to a couple moving to Florida in a month – they loved the home I showed them and were going to rent it for a year. Two weeks later they called with “good news and bad news”. First, the wife explained to me they were no longer going to rent the house. Okay, so what’s the good news? Instead, they had qualified to purchase a home and liked me so much that they wanted me to be their Realtor. How cool was that! Thus I started selling homes. And the referrals started coming.

Keep building that foundation as you follow your journeys path.

Zelda Greenberg

www.JacksonvilleHouseRentals.com

The Next Step

It’s been awhile since I last posted. Let me catch you up. I remember attending a conference of Women Business Owners many years ago. The speaker was very well known – Wilson Harrell. He said something that always stuck with me.”Know when to hold ’em and know when to  fold ’em”.  Over the past couple of years I finished writing my book and last year it was published. Yes, you can get a copy from my website at http://www.BounceBackGuru.com. I’ve had articles picked up by Spa Canada, Florida Real Estate Magazine, Arizona Real Estate Magazine and a few others! I also discovered many different careers associated within the real estate field. I studied for and passed my state exam to become a licensed community association manager. I now manage a portfolio of home owner and condominium associations. Then I took things a step further…I got my Florida Real Estate license. I know what you are thinking – why would a sane person get a real estate license in THIS economy?! This was a SMART decision. Business is booming! Sure the only thing selling is short sales and foreclosures but my focus at this time is the rental segment. I’m looking for people that have a home to rent or people that are looking to rent a home, condo, or even an apartment.

I’ve been up and I’ve been down. I’ve lost a husband, raised the kids, had money, lost money, had a business destroyed by a tornado, had competitors show the best and worst in human nature,  switched careers when most people are winding down their career. Whew…it’s tough to keep up, but through it all I keep a positive attitude and keep getting back up. It’s not always easy to pull yourself up but you can do it. There are people that are always going to be more fortunate and those that are less fortunate. Celebrate those great days and keep working through the tough ones. You will get past whatever crisis you are facing and probably be a better person because of your experience….I know I am.

If I can help you let you connect with me at: zelda@bouncebackguru.com Tell me what you think!

Quote for the Week

“There is nothing in a caterpillar that tells you its going to be a butterfly”  R. Buckminster Fuller

I saw a beautiful butterfly at my window today and remembered this quote.

You never know how things are going to turn out. So believe in yourself!  You have to work hard everyday so that when the right opportunity presents itself you are prepared! Invest in yourself this week! And ask yourself … Are you having FUN!  Your day to become a butterfly is around the corner…don’t quit trying.