Buyer’s Choice Act, uh huh…..
Oh me, oh my, the things we do in an attempt to make capitalism an easy and equitable thing for us all. I love ya, Cathleen, (AB 957) , and I understand what you were attempting to do, but sadly this bill, in my mind, has fallen on deaf ears or has just fallen flat.
I admire the attempt to put some of the business back in the hands of the local title and escrow companies and make life a little more bearable for all the REALTORS/real estate agents in the transaction. This bill gives the right to the buyers to choose the title and escrow company which in theory should save them some money. But the bank’s (REO/seller) response to AB957 is to add an addendum/disclosure to the already forest depleting amount of documents that informs the buyer that they have the right to choose the service provider (title/escrow) and that if they (the buyer) choose a provider, other than the one the bank uses, they will be responsible for the entire cost of title insurance.
I think Kris & Steve Berg say it best. The seller holds all the cards in this crazy market and if you want to play, well it’s their game, so you play by their rules. After all, isn’t it really the agent who knows which local title company can get the job done because of the relationships they formed over the so called “normal years?”
Frankly the CEO or marketing director of these local companies should get in there, roll up his/her sleeves, and get the business back the old fashioned way. With good hard work building relationships and showing the big bad banks how they can save money and time, or how we like to say, “the benifits”, of using local title and escrow companies.
In my humble opinion this too shall pass and we will soon be experiencing a new Real Estate market with a new set of rules and a new set of challenges. Until then, keep your proverbial chin up, and wade through the pages and pages of disclosures and rules changes. Remember what is most important; getting your clients real estate service providers at the best prices negotiable and to do it in a positive and supportive manner.
Kelly…
The Loan Modification Process, AKA Debacle
So, if you’ve had the pleasure, or should I say excrutiating pain, of attempting a loan modification, either with a client or for yourself… I would say “Don’t bother”. You provide your lender with documention from the time you were born until the previous 24 hours and then they still want title to your first born, and in some cases that may not be a bad deal. The Feds have put pressure on the banks to “make nice” with all the customers that are asking for Loan Mods and have even gone as far as to tell the banks to approach their borrowers and offer them loan mods before the borrower thinks about asking for one. It all sounds so good on paper but the real world twist on this is that the banks could care less about doing any loan modifications and are just going through the motions to appease the Federal Government. They (the loan modifiers) are still under-staffed and under-trained and probably over-paid but still aren’t given any authority to make decisions and move forward with resolving the homeowner’s financial woes. I know, you think I’m now talking about short-sales, but I’m still talking about loan mods. Seems to be a theme here huh? The bank’s sole business is to make money so helping the consumer figure out how to pay them less is not high on their priority list. So, If you have nothing but time then start the process and enjoy. But don’t say I didn’t warn you.
Wallace…
Todays REALTOR
Are we (REALTORS) better equipped and better suited to provide the best service possible to todays’ clients?
Yes, no,maybe, kind of, not really, uh huh, you betcha, I don’t know.
All correct answers, if you think about it. With the addition of smart phones and Real Estate Apps for both the REALTOR and the client we are able to stay in touch, up to date, informed and just how you say in my country, with it, far faster and some say better than ever before. And, for the poor guy or gal who relies solely on those applications we can become a bit out of touch with our clients human side.
In my humble opinion REAL ESTATE will always be a high touch human contact business, we still need to walk into the homes and feel, smell, see before we can buy or sell. So if you have some time on your hands because you are hoping those Apps will do the job for you, put the phone down, walk out of your door and go bump into people and all the rest will fall into place.
Kelly…
TARP Funds ?!?!?!?!?!?!? Was it a successful program ????????
Does anyone remember what TARP Funds are? And what does TARP mean anyway? Well the acronym, TARP, stands for Troubled Asset Relief Program. Most of the big banks (not sure how they would define”big”) have paid back the TARP funds (bail-out money from the Feds) because they don’t want to be “controlled” by the Government. I can understand that. None of us want to be controlled by the government. But then again, our own little personal lives were not bailed out by the Feds. And as a Thank You to the American Public, the banks have made qualifying for a new home loan so cumbersome and restrictive that even the people who should be able to qualify,and may, if they can find the stamina to complete the process, are not qualifying for loans. Yes folks, the pendullum has swung back the other way so far that the “system” is grinding to a halt. And even if the buyers qualify for the loans, the banks will do everything they can to make sure the property doesn’t qualify. It could be based on “condition” but is more likely based on the appraisal coming in at less then full value. And if it does come in “at value” then they send it out for a review(s) until it doesn’t come in “at value”. And in the Feds infinate wisdom to separate the banks from the appraisal process (which does seem to make sense) they created a system (3rd party) that has the potential to be just as manipulated. The third party companies that have been established to order the property appraisals for the banks, so the banks have no direct contact with the appraiser, are…drum roll please…owned by the banks that are supposed to keep them at arms length. And don’t get me started on appraisers who are brought in from out of the area and don’t know a local market. Those appraisals are usually worthless !!!! So, was the TARP program successful? I think you could argue that it was…and it wasn’t…and that it’s too early to tell…and it should have been or could have been if only the other party (fill in the blank) did it all different.
Wallace…
New Old Laws to protect and ?
Read these a month ago and ran across them again today, some cause a quick head slap and a resounding “DOH!” and some are merely a cause for revenue enhancement. But, Hey if we the people don’t pay attention, these laws have to be put on the books to protect us from ourselves, well, and give our abundant attorneys something to do. Check out the newish laws if you wish, it is a quick read and pleasant too, if you have a fresh cup of French Roast from PEET’s at your side.
Kelly…
