Archive for March, 2008

I learned a HUGE lesson today. I’m about to tell on myself.

Ok, so I received a contract from the listing agent. Per my normal routine, I went through the contract to see what was missing (something always is). I noticed that there were no HOA Addendums. The Buyer’s agent did his buyer a huge injustice and did not fill anything out. Our clients home was in a mandatory HOA – 3, in fact.

So I called the listing agent and let him know. He asked if I could draw up the forms in Zip Forms. AS A FAVOR I did so. I drew up the 3 forms and sent them to our seller. Our seller filled them out and then faxed them back to us. As soon as I received them I faxed them over to this other agent (Who was truly pathetic, by the way. He scheduled his buyers to close a day after the contractual closing date. When I brought this up to him, he says “Oh, well I thought it was supposed to be that day. My buyers won’t be in town until that day.” Unbelievable! But I digress…).



So I looked over some of my numbers since starting back in September of ’07. Take a look at this:

September 2007 – acquired 4 deals, none closed

October 2007 – acquired 18 deals, 7 closed

November 2007 – acquired 23 deals, 17 closed

December 2007 – acquired 23 deals, 18 closed

January 2008 – acquired 38 deals, 24 closed

February 2008 – acquired 40 deals, 29 closed

March 2008 – This month hasn’t ended yet and so the numbers aren’t final.

Stellar Service Now, I’m not putting these numbers up so that you can go, “Ooooooooh,” or, “Ahhhhhhhhhh.” Here are the numbers I want to put up to make you do that: (more…)

Before I started this business to do transaction management, virtually, I researched quite a few companies. There aren’t very many out there. Although the demand for this service is growing rapidly, there aren’t a ton of companies out there doing it yet. But there are a couple of interesting facts to take note of about the ones that are:

1. Their pricing is much higher than mine. Pricing with most companies is around $350-$400.

2. They don’t do NEAR as much as what I’m doing. In fact, they really do the bare bones essentials – faxing, requesting a document or two, and uploading everything to a website so that it’s web based. But beyond this there isn’t much personal interactions or availability of the virtual transation managers.

3. They don’t have a real, person, committed and vested interest in making sure that things are done to the best of their abilities. In most cases the person is a paid employee who has no ownership. So if something falls through the cracks, they still get paid. (more…)

This one won’t take very long – appraisals.

Checkin out the house

Ok, I don’t need to make this blog long. If you have the Seller, then you should get a call from the appraiser sometime within the first 3 weeks of your clients home going under contract. If you do not get a call and you just assume that the appraisal was done…you might get a big surprise at the closing date!

If you have the buyer and you don’t keep up with the Lender (see all of my complaints about the horrific situation with Lenders) then you may get a big surprise on the closing date if you have assumed that the appraisal was done, had come in, and the home appraised.

Listen, it’s not the clients job to keep up with the lender. We all know this. And the Seller’s agent isn’t going to make sure that the appraisal is done in most instances. It’s the Buyer’s agent’s fiduciary relationship that mandates the agent keep up with the loan status. And it behooves any agent out there that represents the Buyer to keep up with the loan status. The state of things in the lending world is almost unbelievable…comical, if it weren’t so bad.

Make sure the appraisal has been done and that the home has met value.

Have a super day,

Dustin Curlee

I got not a 1 comment on the Third Party Financing Addendum blog…interesting! Either people don’t know the real purpose behind this particular addendum, or they feel the same waythat I do. Let’s see what happens over the weekend.

So what is tip #3 in order to help ensure a clear close – Survey’s.

This is what a survey looks like – Survey. Not that I think you don’t know what a survey looks like. I’m sure that everyone reading this does. I just like having clickable files on the blog. It’s kinda cool.

Why is a survey important to a clear close? Paragraph C on the purchase contract addresses the survey of a home. If you represent the Seller, then most likely you are given a certain amount of days to provide the Buyer with a survey. Typically it is 5-7 days. If you as the agent do not provide that Buyer with the survey then, most likely, your Seller will be responsible to purchase a new one. (more…)

This is kind of a two fold blog post.

#1 – The post is a tip to watch for so that your closings happen on time

#2 – It is kind of an opportunity for me to vent a little about liars…I mean, lenders. Ok, not all lenders are bad – but, seriously, most are.

We all know what a Third Party Financing Addendum is, right? And we all know that if you have the Buyer then whatever the amount of days you have in that first paragraph is how many days you have from the day of execution until you HAVE TO HAVE final approval on your Buyer’s loan.

If you do no have final approval on the Buyer’s loan by whatever date that is, then your Buyer needs to either A) opt out of the contract AND get their earnest money back, or B) you need to draw up an Amendment to extend the amount of days you have to get final approval from the Lender. Because if your Buyer does not get final approval by that deadline, and nothing is said, then they cannot back out after that and they cannot get their earnest money. (more…)

I want to start a series on things that can hang up a closing. There are SO many steps involved in a transaction. It’s really quite unbelievable. And the scary thing is that most agents skip (intentionally or unintentionally) many of the steps necessary. These missed steps could very well come back and bite the agent in the hind quarters in the form of a lawsuit.

Nooooooooooooo There are already enough deductions from a typical commission without having to look over your shoulder for TREC. And how many of us have resesntments at the amount that good ‘ol Uncle Sam steals from us? (more…)