Are you ready for Hurricane Season?

In recent years it seems to me that the media, especially our local forecasters get everyone wound up about pending weather, only to find that they have blown the whole event out of proportion. Obviously, it concerns me as after crying wolf, people start to ignore the warnings.  Here are a few tips for assisting you and your family should bad weather hit.

Prepare your home

• Secure lawn furniture and items in the yard or deck
• Trim dead branches
• Clean out gutters
• Keep tools on hand (hammer, screwdriver, wrench, etc.)
• Have a plastic tarp handy
• Trash bags for clean up
• Camera with batteries to document before & after
• Know how to turn off your utilities (electric, gas & water)
• Take inventory of your home, which is a record that can be helpful when dealing with insurance companies. Try this free software.

Important personal information

• Compile important documents (social security cards, bank records, insurance and medical documents)
• Credit cards
• Cell phone with charger
• Valuables (jewelry, photo albums, etc.)
• Pets and essentials
• Radio with batteries for weather updates

Important numbers

• Virginia Road conditions:   1-800-367-ROAD
• Dial 911 in case of life threatening emergency

Emergency Management Numbers

• Virginia Beach  757-385-4111
• Chesapeake  757-382-6464
• Norfolk  757-441-5600
• Portsmouth  757-393-8338
• Suffolk  757-923-2110

 The most important thing is to think, don’t panic.

Is it really flattering to be copied?

Charles Caleb Colton said “Imitation is the sincerest form of flattery.”  

I have to confess, my Mom would say that often when I was growing up and my little brother was imitating whatever it was I was doing at the time.

So when is it not appropriate?

Several months ago, I attended a local event, Social Media at the Beach the keynote speaker was heavy hitter, Jeff Turner. He spoke about being authentic. I think about his speech often when blogging, and have to admit it annoys me to when I see people copy content or even links without giving credit to the person who introduced the subject matter. Isn’t it really a matter of being responsible? Why not discuss the topic and refer to the subject matter by linking to that particular blog, video, website, etc.

So what do you do, when someone has stolen your content?   Lorelle VanFossen’s WordPress blog outlines the reality and the myths of copyright violations and addressing it isn’t as difficult as many think.

Fellow agents, have you ever had one of your listings “borrowed” by another agent, without permission? I can say it’s happened to me at least four different times through the years. Most times it only took a call to my broker, who quickly remedied it by asking the agent to remove the listings ASAP.

Recently during an interview with a prospective seller, they asked me about my inventory levels, which I quickly outlined. They said another agent they had found online had advertised they had many more listings. Normally as an agent, we are familiar with the agents who carry very large inventories, however this agent was not one who normally carried many homes. So as I sat with the client I asked them where they found this information, they informed me they read it online while doing research. They pulled out a notebook and directed me to the agent’s site. This agent had a quite a list of homes on the site, which impressed me. So I decided to dig a little deeper. I logged into REIN and started typing addresses right at the table with the clients. To my new client’s amazement, not one of the listings we pulled on the first page was actually listed by this agent, even though they represented on the site ”Look at my inventory”.  I explained to the sellers that many agents will ask permission from other agents in their office to advertise their homes to create activity, especially if they have few listings. They had no idea this practice took place and even stated it was false advertising.

So I pose my client’s question to you. Can an agent advertise “Look at my inventory”, when the properties are not their listings, is it misleading? Would love your feed back.

Would you consider this procuring cause?

What is procuring cause?

Procuring cause is the chain of events that ultimately caused the buyer to purchase or the agent or broker who, by their actions in producing a buyer, brought about the sale of a property.

So goes the story.

An agent (Listing Agent A) had an agreement with said builder, where because the agent brouth them the land, the agent (Listing Agent A) was the listing agent on listings that resulted after the subdivision of said land.

Said Builder, only listed the first listing with (Listing Agent A). After several showings of the listing, the feedback was the same, the floor plan made it difficult to place furniture.  The builder had begun building a second home, whereas the floor plan was adjusted, to make a more desirable layout.

A buyer’s agent (Buyer Agent A) showing the first and only “listed” property, had a buyer interested in it, however, ended up writing an offer on another property. (Listing Agent A) follows up with (Buyer Agent A) on several occasions for feedback, to inform them of possible price reduction, then to give (Buyer Agent A) the reduced price and encourage (Buyer Agent A) to bring the buyer or other buyers back. Shortly after reducing the price (Listing Agent A) receives an offer on the first and only listed property. A day or two later (Buyer Agent A) calls and says they have a buyer, but noticed the only listed property is now under contract.  (Buyer Agent A) also asks if the home next door was listed yet, and if it was available, if so, what’s the price? (Listing Agent A) contacts Builder to inquire about listing the 2nd property. (Listing Agent A) asks if he was ready to sell house currently under construction and if so, what price? Days go by before the Builder responds to (Listing Agent A) questions. The Builder replies “I will be listing the 2nd home with my , if you bring me a buyer before I list it, I’ll compensate you for the sale.”

The question is:

Does (Listing Agent A) have procuring cause if (Buyer Agent A) writes a contract with Builder’s new listing agent since (Listing Agent A) has been working to get (Buyer Agent A) back to the site?  

What’s your take?

Using social media to market your home?

Why not? 

Many agents are taking advantage of the tools available to maximize exposure on property listings.  There’s no reason every listing shouldn’t have its own property website. These days sites include: home tours, mapping, open house details, downloadable flyers,  music, video and flash options, banners, Geo-coded addresses, street views, spokesperson voice overs and the list continues.  The technology we have access to floors me at times.

First determine the tools you are most comfortable with and start working with them. Do you want websites, do you want classified ads, do you want videos, virtual tours, slide shows, etc. Then its important to  develop a social media marketing strategy and start to implement the plan. The keys here are to step into your audiences shoes. Do you want someone sending you a home listing again and again and again? Of course you don’t, posting too often can be considered as spamming, so be considerate. 

Use the social media sites to broadcast the unique features of your listing. Facebook, twitter and Linkedin are all great ways to get your property in front of a large audience quickly.  This can also result in immediate showing activity. Perhaps, have your real estate firm create a Facebook page which showcases all your companies listings. Another great resource is the Marketplace on Facebook, which is similar to a classified ad. Realtor members, can go to “Realtor Marketer” page and download “See My Listings” free. This will allow your listings to be displayed on a tab on your wall.

Not a Twitter fan? You should seriously consider checking out twitter. I really struggled to get my mind around the concept so I bought a book and was off and running. The key to twitter is that it’s considered “microblogging”, meaning the content is typically smaller or shorter in length, and may consist of a fragmented sentence,  images or an embedded video. I read that in order to get comfortable with Twitter, you should commit to post multiple times a day for no less than 6 weeks. If after the 6 weeks is over, and you’re not more comfortable with using it, then perhaps, it’s not for you.  Strategies for generating activity on listings would be to post something interesting or unique about a listing, which of course is linked to the post. An example would be “this home was previously owned by Ronald Reagan” or “NFL quarterback, Tom Brady was once a guest”. (use a unique detail about the home, it’s proximity, history and compel your followers inquire, of course be truthful). Each Tweet (or post) should include a link to the property listing, where followers can go to check out the property. You will see amazing results by engaging in this manner.

If used properly, social media can be an amazing tool for keeping up with past and current clients. It’s a real-time medium for showcasing your professionalism with a personal touch. Give people insight into the person behind the profession, be real, be human and remember too much information can be UGLY, so think first.

Hieroglyphics and My Credit Report

When you apply for a mortgage, the lender is going to check your FICO score, which is a collection of scores from  three agencies.  Mortgage companies put a lot of weight on the strength of your credit score, as it shows how responsible you are in paying back borrowed monies.  A high or good score suggests a responsible borrower, which means less risk to the bank/mortgage company. A bad or low score indicates an irresponsible borrower, which brings more risk. The interest rate is also driven by the Fico score, so clearly good credit and payment history is rewarded with more attractive interest rates.

Reading a credit report can seem like learning another language or reading hieroglyphics. In order to make wise financial decisions, take the time to educate yourself on how to read your credit report. Block time in your schedule annually to sit down and review them line by line. There are many  sites out there where you can order a copy your credit report, I understand AnnualCreditReport.com offers one for free a year.

Breath Easy

It is estimated that half of all upper respiratory illnesses are caused by poor indoor air quality. Duct cleaning removes a substantial amount of dust and debris from the home, in some cases as much as ten pounds may be removed. These airborne pollutants contribute to dust in the air, on your furniture and in your carpet.

I have dealt with A Better Image Restorations, and been very impressed with the personal care and service they paid to my clients needs.  Their services include:

Certified by the I.I.C.R.C. in:

• Carpet Cleaning
• Upholstery & Fabric Cleaning
• Odor Control
• Stone, Masonry & Ceramic Tile Cleaning
• Water Damage Restoration
• Fire Damage Restoration
• Commercial Carpet Maintenance
• Leather Cleaning
• Color Spot Repair (ie. bleached out areas)

Other quality services:

• Air Duct Cleaning
• Mold remediation
• Oriental Rug Cleaning
• Stain Removal
• Carpet and Fabric Protection
• Pressure Washing
• Carpet Repair
• Drapery Cleaning
• 24 hour Commercial Services
• Maxim Carpet & Fabric Protector

Sellers and Short Sales

What is a short sale? A short sale occurs when a homeowner sells their home for less than (or short of) what they still owe on their mortgage, and the bank agrees to accept the proceeds from the sale as payment in full of the loan balance.

I talk with many homeowners who are finding it more and more difficult to pay their mortgage on time or in full. Just look at the news, every day we hear stories of homeowners walking away from their mortgages (which could damage your credit rating for years to come). Other homeowners feel they have no other choice but to sit back and wait for the lender to foreclose. If you are considering this, please call a qualified Realtor, you may have other alternatives, such as a short sale.

If the value of your home is below the amount you owe on your mortgage(s) then you are considered to be “upside down or underwater.” Homeowners who are in this position may want to consider applying for short sale approval from their mortgage company.

How do I start the Short Sale process? Where Do I start?

I. Contact your lender’s Short Sale Department or Loss Mitigation Department. They will explain their Short Sale process and procedures. In many cases, the Short Sale review process (by your lender) doesn’t even begin until after the property has been listed for sale and an offer has been received; this process typically takes longer. Some lenders won’t consider your application for Short Sale unless you have an actual buyer.

II. Complete your lender’s Short Sale package. The Lender wants a clear picture of your financial status including any hardships which are preventing you from honoring your financial obligation. If you do not provide a complete package, your application could be denied. A Short Sale package typically consists of the following:

A. Tax returns from the previous 2 years
B. All bank statements from at least the past 2-4 months
C. Financial records – debts, income, assets, etc.
D. A hardship letter should identify the financial hardships that have negatively impacted your inability to pay the mortgage (i.e. job loss, health issues, death of spouse, mortgage rate adjustments, etc.)

III. Lender approval of package – Once they have reviewed your package and determine that your financial picture is accurate, they go about determining the value of your home. They will either assign an agent to do what’s called a BPO (Broker Price Opinion) to determine the value, as well as a HUD1 which reflects the net to the Lender based on the BPO price.

Note: The “Short Sale” process is not a “Short” one, be patient as the process can take weeks to months depending on the lender involved. It is critical to speak with an experienced Realtor when considering this course of action.

Think before you hoof it

In the last year, I’ve heard far too much about homeowners walking away from their mortgage. They believe that after the default, they can raise their credit scores by paying all their bills on time and eventually hope to finance another home.

I have seen homeowners default due to job loss, medical reasons and divorce, defined as hardship. Typically they must wait approximately 5 years before buying again as opposed to those who “walk away” from their obligations. Beware, know the impact of a this decision. It may take more than 5 years to buy again.

I am also reading that underwriters will most likely scrutinized an applicant’s application to determine what factors lead to the default. Should they determine that no “hardship” was present, it’s likely the decision to default will have a major impact and work against you. This is not to say that they expect to see a flat out denial of loan applications by defaulting purchasers, however, a larger down payment or higher interest rates may be asked of the defaulting party.

Legislation to extend the National Flood Insurance Program

Barney Frank introduced legislation Friday to extend the National Flood Insurance Program through September, to allow Congress more time to fix the program. Frank’s bill would extend the program’s ability to write and renew flood insurance policies from its May 31 deadline through September 30.

“This program is too critical to our housing recovery to be allowed to lapse,” said Maxine Waters.

Click here to read more from Reuters

Cinco de Mayo

Today is Cinco de Mayo! It’s a day when folks in the United States celebrate Mexican heritage, almost as much as they celebrate St. Patrick’s Day. But in the case of Cinco de Mayo, things go a step further, because the “holiday” doesn’t really have widespread support in Mexico, it’s described by Wikipedia as a “voluntary” holiday.

And although it is often believed that Cinco de Mayo is Mexico’s Independence Day, it is not. That date would be September 16, which is a true national holiday in Mexico. No, Cinco de Mayo commemorates a single victory over French forces at the Battle of Puebla on May 5, 1862. And what does any of this have to do with Virginia Beach? Nothing at all, just some use less trivia.

So have a jumbo for me, or I should say, look for me while enjoying your jumbo.

See you at Guadalajaras!