My Opinion on Things
Chico Buyers
For your sake, as a buyer, PLEASE make sure you have an REO competent Realtor!!
December 22nd, 2009 categories: Chico Buyers, Chico CA Foreclosure Listings, My Opinion on Things
Please. I’m begging. If you are a buyer looking to purchase a foreclosure property, do your best to ensure that you’ve hired a Realtor well-versed in REO transactions. I can not stress this enough!
I just stopped in the middle of submitting an offer on an REO property in Paradise, CA to write this. It is so frustrating to me when I see offers come in from well-qualified, strong buyers who have unfortunately chosen the wrong Realtor for the job. The Realtor may very well be an excellent choice on a normal, retail purchase transaction. However, REO is a niche market, and not all Realtors take the time and effort to learn the nuances, and therefore effectively represent their client. I have seen Realtors make the same mistakes repeatedly, despite my efforts to provide them with the exact information they will need to ensure the success of their clients. It’s mind boggling!
I would suggest specifically asking your prospective Realtor about the number of REO transactions they have closed. Hopefully they will answer truthfully. Another good question would be regarding the percentage of accepted offers versus the number of offers they have written. While we are all new to REO at some point, the key is to find a Realtor that has the willingness and inherent ability to learn the necessary differences between an REO transaction and a retail transaction.
If, as a buyer, you are coming to the table with a strong desire to purchase the property, and you’ve got your cash in hand or a prequalification letter in place, you don’t want to shoot yourself in the foot by hiring the wrong Realtor!
Invest the time. Know your Realtor. Does he KNOW REO?
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What Am I Thankful For…
November 21st, 2007 categories: Chico Buyers, Chico CA Real Estate Market Stats, Chico CA Real Estate News, My Opinion on Things
by guest writer Mike Wiegert, broker, Chico Homes
At this time of holiday cheer and good will towards men, I really feel the need to express my gratitude and thanks for the many blessings in my life.
First there is the love of a healthy family and friends. Next, I’m grateful for my own personal health and well being. I’m thankful that none of my sons are involved in an unnecessary war in a desperate land thousand of miles from home. I’m grateful that I live in a community like Chico, CA where a day never goes by without a hearty greeting from someone I’ve haven’t seen for a while. And I can’t forget to mention how thankful I am to be a Realtor in these times of prosperity and exceptional market conditions.
WHAT? WHOA! STOP! HALT! SCREECH!
What did that idiot just say? Is that the same market that we’ve heard about with desperate sales situations and real estate salespeople jumping off bridges or scurrying to find other skilled occupations. (Would you like fries with that?) Yes, that’s the market I’m talking about.
It’s all a matter of perspective.
We’ve all read horror stories sensationalized by our newspapers nationwide about the failing real estate market. We heard about how the bottom is falling out, and how families have lost tens and hundreds of thousands of dollars in equity in their homes. We know about foreclosures and short sales being on the rise.
Did you see, however, an article that stated that by Thanksgiving week, members of the Chico Multiple Listing Service had sold and closed $825,000,000 in real estate since January ONE?
That’s EIGHT HUNDRED AND A QUARTER MILLION, PEOPLE!
Gosh, that really sounds terrible to me. Did you also read that the highest sales volume in Chico MLS history was the record year of 2005 at a whopping $1,250,000,000? At the current rate, Chico CA Realtors are projected to sell $927,000,000 in Chico CA real estate or about 74 percent of the volume of sales of that highest, greatest real estate sales year of all time! Year 2007 is shaping up to be the third largest volume of sales in Chico Multiple Listing Service history.
I’m thankful that mortgage rates are staying at historical lows, often in the high fives to low sixes. At risk of sounding like your Grandpa, I remember selling (or trying to sell) real estate in Chico, CA in the eighties when interest rates were in the 18 to 20
percent range. The point is that interest rates are incredibly low, and it’s a fantastic time to buy. If you read my article last week about short sales, it was a shout out to all the buyers out there. We’re talkin’ OPPORTUNITIES, PEOPLE!
I’ll leave you with this thought: you can read all the sensational negative news available, but remember that our local market is strong, and it’s a great time to be involved.
Have you every heard anyone say, “I wish I hadn’t bought so much Chico CA real estate in my lifetime.” I didn’t think so. How about, “I wish I had bought MORE real estate!”
I rest my case.
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Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
| Discussion: 8 Comments »
Short escrow? Get your ducks in a row BEFORE you make an offer.
November 2nd, 2007 categories: Anatomy of a Chico CA Real Estate Transaction, Chico Buyers, Chico CA Real Estate News, Chico Sellers, My Opinion on Things
There is no disputing the fact that Chico, CA is currently in what is commonly known as a “Buyer’s Market.”
That is FABULOUS news for all the buyers out there who have patiently been waiting for this day. The inventory is high, the prices have dropped, and the interest rates are still phenomenal!
Now is the time to get a great deal! 
A “Buyer’s Market” is a wonderful thing. A Chico, CA home that might have cost $400,000 in 2005 may only set you back $350,000 today. On average, prices seem to have corrected between 10 and 15 percent for residential properties.
I have noticed a growing trend with buyers. In an effort to get the absolute lowest price on a property, they attempt to entice the sellers with a very short escrow period. For some sellers, a quick sale in this market is a dream come true! They need out from under that house payment, and will gladly accept less than asking price just to be DONE.
However, when representing a seller, I have had to caution against signing the first contract we see, simply because the buyer promises to make it the pain go away with a 10 day escrow. The offer to close in 10 days is an empty one if the buyer has not done his homework.
The following items must be taken into consideration to close an escrow quickly:
- Is the buyer preapproved?
- Is the lender local and knowledgeable about our issues and resources?
- Is the lender willing to commit to closing on time?
- What kind of loan product is the buyer applying for? A VA loan, for instance, is highly unlikely to close in less than 30 days.
- What inspections does the buyer request? Well potability tests may require 14 days or more to obtain results.
- Can we get the appraisal completed immediately?
- Will repairs be required by the lender to fund the loan? If so, is there a contractor available to bid, complete, and final the work within a days notice?
An escrow that closes quickly can be a wonderful solution for both the buyer and the seller, but it doesn’t happen without forethought, preparation, and a willingness for all parties to be focused on immediate results.
If you are a buyer, hoping to get the best deal of the year by offering to close quickly, get your ducks in a row BEFORE you make an offer. No seller in their right mind will accept your offer if you aren’t prepared to close the deal.
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Shopping for Chico foreclosure property? Give me a call- I’m currently working with several REO departments on bank-owned Chico property. Sandi Bauman 530-864-5407
Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
| Discussion: 6 Comments »
Lenders beware: How to lose a Chico, CA Realtor (and therefore buyer) in 3 days.
October 7th, 2007 categories: Busy Girls Guide, Chico Buyers, Chico Financing, My Opinion on Things
I would say, as far as Chico CA Realtors go, I’m fairly easy to get along with. I typically play nice with my peers. My end of the work is done in a thorough manner, and on time. If, as a lender, you do your job well and respect my clients, I will happily recommend you to future Chico, CA buyers.
That is, I’m easy to work with UNTIL you tick me off.
If I feel that an unethical action (or lack of an ethical one) on your part has jeopardized my clients in some way, then be prepared to make it right. On the client’s behalf, I will hold you as accountable as I can. You probably won’t like it much…. just so you know. Once we get them taken care of, I won’t be bringing you any new business.
How to lose a buyer in 3 days (or less!)
1. Ignore phone calls and emails.
2. Intentionally leave off or reduce known fees on the good faith estimate.
3. Quote them one rate when you are fully aware that they won’t qualify.
4. Assure me that you can close the loan on time when you won’t be doing so.
5. Tell us that the buyers are prequalified for a specific loan, when in fact, you haven’t done the work.
6. Assure me that you have everything you need to close when you HAVE NOT received all documentation.
7. Bait and switch my buyers at the closing table. That interest rate better be pretty darn close to the quoted one!
8. Abandon us at the closing table. You should be there to explain any and all concerns the buyer has regarding his loan papers.
9. Be incapable of admitting that you don’t know, or have made an error. I’m not perfect, and don’t expect anyone else to be. If you make an error… just say so! Don’t run us around and waste more time.
Whew!! (I’m glad I got that off my chest).
It frustrates me to no end when a lender does not represent his or her clients with an ounce of honesty, fair dealing, common courtesy or professionalism. That client is supposed to be the one we are both protecting!!
Lenders: If you’re looking to lose a client, a Realtor, and any potential for future business, any of the above actions should get you there in no time at all.
Like what you’re reading?
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Buyers: If you need assistance locating a competent, Chico, CA lender to assist you in your home buying experience, feel free to call me for a recommendation! I can be reached at 530–864–5407. It’s wise to choose carefully, in order to avoid the nightmares, and save time later!
Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
| Discussion: 8 Comments »
