Concerns that a severe housing downturn and prolonged credit crisis could rattle consumer confidence and hurt the broader economy contributed to a sharp drop in mortgage rates last week, according to Freddie Mac.
Interest on 30-year fixed loans sank to 5.96 percent from 6.10 percent last week, landing at the lowest point seen since September 2005. Borrowing costs on 15-year fixed products fell to 5.65 percent from 5.73 percent over the week and five-year adjustable-rate mortgages were down to 5.75 percent from 5.86 percent, but one-year ARMs bucked the southward trend by bumping up to 5.46 percent from 5.43 percent.
"With lower consumer spending and personal income gains in October, interest rates on U.S. Treasury securities fell lower this week and mortgage rates followed," said Freddie Mac chief economist Frank Nothaft.
[SOURCES: Freddie Mac; Information, Inc.]
Tuesday, December 11, 2007
Sunday, December 9, 2007
Mortgage 'Freeze" Buys Time for Some
The mortgage freeze unveiled by President Bush may provide only limited relief to thousands of financially strapped homeowners, and may not be enough to cure the foreclosure crisis, advisers who work with troubled borrowers in Middle Tennessee said.The Bush administration's plan, which would freeze the interest rates on many adjustable-rate mortgages at their lower introductory levels, excludes many who need help the most, including those in foreclosure and those already behind on adjustable-rate monthly payments, officials from several Nashville-area housing organizations said.The plan, which has the support of major banks, relies on borrowers and lenders to come together to revise terms of loans before adjustable loans accelerate — sometimes to double-digit rates.
FREEZE FACTS:
• The mortgage industry has agreed to freeze interest rates for many before their loans reset to higher rates.
WHO IT AFFECTS:
• Homeowners must be current on payments and their adjustable rate mortgages must still be under introductory rates to take part.
• The Freeze applies to loans made at the start of 2005 through July 30 of this year and scheduled to rise to higher rates between Jan. 1, 2008, and July 31, 2010.
FREEZE FACTS:
• The mortgage industry has agreed to freeze interest rates for many before their loans reset to higher rates.
WHO IT AFFECTS:
• Homeowners must be current on payments and their adjustable rate mortgages must still be under introductory rates to take part.
• The Freeze applies to loans made at the start of 2005 through July 30 of this year and scheduled to rise to higher rates between Jan. 1, 2008, and July 31, 2010.
Foreclosures Bring Surge in Home-Rescue Scams
The Legal Aid Society of Middle Tennessee used to get 10 to 12 calls a month about such scams, managing attorney David Tarpley said. Now the office gets about five to 10 a week.
Housing advocates fear the number of potential foreclosure rescue victims could be staggering. There's no way to track how many people are scammed because some seek private help or never report it at all. "What we are talking about is literally thousands of people who may be receiving and responding to these offers every day," said Tracey McCartney, executive director of the Tennessee Fair Housing Council. "And people will do things when they are desperate that are not in their best interest.
You just aren't thinking that clearly, and you're being circled by vultures."McCartney said foreclosure rescuers comb newspaper listings of homes due to be sold at auction, looking for victims.
Tennessee law requires such legal notices. Legal Aid has fought only a few home foreclosure rescue cases, Tarpley said. "They require a lot and can get into some very big, very deep issues," he said. "No one is going to admit that they have scammed your client. They are all going to say that this is a matter of free enterprise, your client was free to do what he or she did and there's nothing wrong with making a profit.
"Some of the “rescuers” offer lease-purchase agreements with terms the original homeowner can't meet, some foreclosure rescuers promise to make calls or take other actions that can "delay" a foreclosure, advocates say. They may call the mortgage company and say the homeowner is going to file for bankruptcy, which can delay the foreclosure 30 to 60 days. It's a call the homeowner could make himself, and sometimes the rescuer never makes the call at all.
The money paid the rescuer could have been used toward back payments. Others use bait-and-switch operations in which homeowners are not told that they are surrendering ownership by taking the rescue loan.
"There are a range of 'rescue' products out there that are not in and of themselves illegal, just deeply deceptive and only make a bad financial situation worse," McCartney said. "Given what so many Americans are facing, people need to be aware, be very aware.
"The FBI has identified foreclosure rescue offers and deals as an emerging type of fraud. Here are tips for those facing foreclosure:
• If you are not behind on payments but anticipate you will soon be, sell the house on the open market, not to a quick sale for cash company.
• If you are behind, call your lender and ask for time or a new payment plan.
• If considering a deal, request completed copies of any foreclosure rescue-related agreements to read and review days before they are due to be signed. At minimum, demand the time to read them at your own pace before signing.
• Make sure that you understand all the terms of any agreement, know what you must pay each month and over the life of the deal and what you stand to lose if you do not.
• Do not sign incomplete documents.
• If you receive a foreclosure notice, do not ignore it. Seek advice from a nonprofit agency or organization that does not stand to profit directly from your decisions.
Source: Legal Aid Society of Middle Tennessee, Tennessee Fair Housing Council, National Association of Attorneys General
Housing advocates fear the number of potential foreclosure rescue victims could be staggering. There's no way to track how many people are scammed because some seek private help or never report it at all. "What we are talking about is literally thousands of people who may be receiving and responding to these offers every day," said Tracey McCartney, executive director of the Tennessee Fair Housing Council. "And people will do things when they are desperate that are not in their best interest.
You just aren't thinking that clearly, and you're being circled by vultures."McCartney said foreclosure rescuers comb newspaper listings of homes due to be sold at auction, looking for victims.
Tennessee law requires such legal notices. Legal Aid has fought only a few home foreclosure rescue cases, Tarpley said. "They require a lot and can get into some very big, very deep issues," he said. "No one is going to admit that they have scammed your client. They are all going to say that this is a matter of free enterprise, your client was free to do what he or she did and there's nothing wrong with making a profit.
"Some of the “rescuers” offer lease-purchase agreements with terms the original homeowner can't meet, some foreclosure rescuers promise to make calls or take other actions that can "delay" a foreclosure, advocates say. They may call the mortgage company and say the homeowner is going to file for bankruptcy, which can delay the foreclosure 30 to 60 days. It's a call the homeowner could make himself, and sometimes the rescuer never makes the call at all.
The money paid the rescuer could have been used toward back payments. Others use bait-and-switch operations in which homeowners are not told that they are surrendering ownership by taking the rescue loan.
"There are a range of 'rescue' products out there that are not in and of themselves illegal, just deeply deceptive and only make a bad financial situation worse," McCartney said. "Given what so many Americans are facing, people need to be aware, be very aware.
"The FBI has identified foreclosure rescue offers and deals as an emerging type of fraud. Here are tips for those facing foreclosure:
• If you are not behind on payments but anticipate you will soon be, sell the house on the open market, not to a quick sale for cash company.
• If you are behind, call your lender and ask for time or a new payment plan.
• If considering a deal, request completed copies of any foreclosure rescue-related agreements to read and review days before they are due to be signed. At minimum, demand the time to read them at your own pace before signing.
• Make sure that you understand all the terms of any agreement, know what you must pay each month and over the life of the deal and what you stand to lose if you do not.
• Do not sign incomplete documents.
• If you receive a foreclosure notice, do not ignore it. Seek advice from a nonprofit agency or organization that does not stand to profit directly from your decisions.
Source: Legal Aid Society of Middle Tennessee, Tennessee Fair Housing Council, National Association of Attorneys General
Tuesday, December 4, 2007
It's YOUR Real Estate Career...
Are you going to ride, drive, follow or sleep??
Let's travel down a little path together...
I've been asked many, many times by Agents "Are you looking for new agents with your firm?" Hey, my answer to that is always "OF COURSE!"... However, I do follow a question like that with a simple "perhaps we can discuss your motivation for wanting to change companies or start your Real Estate Career." "Why not give me a call and we can set up a time to discuss your career direction and needs."
Well, it seems that most will not call me. Some do, but most do not! While they want a change in their career, maybe, just maybe, there is not enough self-motivation, intestinal fortitude or commitment on their part to actually make that change.
At times we all need to "shake up" our careers. Sometimes that may mean making a change to another company or team but at other times it may mean just grabbing ourselves by the socks and reaching down for our own motivation to make something happen. You veterans of the industry know exactly what I'm talking about.
Every veteran Realtor knows that there are going to be up times and down times... the key is to manage those down times and turn them into successful times... Easier said than done!!! But, the difference in a successful Realtor and a mediocre real estate agent is that the successful Realtor "drives" their career and refuses to let their career "drive" them!
Are you at the point that you feel it is time for a change to re-kindle the passion for the career you have chosen? Does your performance indicate that you've reached an impasse and cannot seem to find a way to punch through to the next level? Do you even care?
Well, perhaps you can answer your own question about whether you need a change or if you need to just pull yourself up by your bootstraps and get moving again!
Some Brokers are simply seeking "warm bodies" to fill positions and feel that if a person produces a little, well, that's all well and good... I certainly do not agree with, or practice, that philosophy but if that is what the Broker is seeking, that's exactly what he or she will find.
On the other hand, as a Managing Broker of an office, I seek someone entirely different. I seek an Agent with passion. Someone who is "hungry" enough to make something happen. Someone "committed" enough to carve out their own career instead of riding the coat tails of someone before them. Sure, I like Agents with experience... especially when that Agent can adjust to a new environment and capitalize on the change in a positive way. But, I also like a new Agent who sincerely wants to learn and put what they learn into action!
That is what makes all the difference in the world... putting what you've learned into action. Pick a mentor, follow their lead, take your training seriously and develop a plan of action from training to productive activity... drive it to the next step!
I spent over 22 years in the military. We called that "Training our own relief"... That is to say, pick someone with passion, take them under your wing, show them all the ropes and let them run with it while monitoring them closely to insure they're following all the right protocol. Not worrying that the person may well turn what you teach them into a situation where they take your job. That is what training is all about... making the person successful enough to "take your job!" It does my heart good to see a person grow from virtually nothing to a success! And, who defines success? Each of us define it every day for what we determine is successful... it's different for every person!
Of course many Managing Brokers simply get someone in their office and say "Go, Run, Make Something Happen!"... WOW... that's easy to say to someone who is not sure how to walk yet much less "RUN!" and, inevitably, they fall on their face and don't know how to pick themselves back up... the Agent's fault? Well, yes... the Broker's fault? ABSOLUTELY!
It takes time to nurture a relationship between a Broker and an Agent. The Broker needs to be attentive enough, and provide the appropriate level of training for the individual to be able to make decisions... then, by the same token, the Agent must be aggressive enough and to have enough self-confidence to take the bull by the horns and "drive" it. Sure, some things will fall into your lap... the new Agent then must determine how best to deal with that windfall and turn it into a career-building experience. Not to just sit back and wait for the next windfall... it may not happen again, especially if you are sitting and waiting on it to happen.
That is like obtaining a property listing, putting it on the Multiple Listing Service then sitting back in your chair and waiting until someone sells it! Hey, that works about as good as taking a shower with no soap... some of the dirt will naturally fall off but the built-up grime just continues to stick! And, that's not the service your client has hired you to do... you owe your Principal a Fiduciary Duty! You were "hired" to do a job and sitting there waiting for someone else to do a part of your job is not your best option, I'll guarantee that!
So, where am I going with all of this?... just down a path.
Are you seeking a new experience in your Real Estate career? Are you seeking a new level of production? and, do you have the "intestinal fortitude" to "drive" your career to the next level?
Perhaps we can discuss your motivation... Give me a call... who knows what you can accomplish with guidance, training, support, tools. a grain of self-motivation and a pinch of confidence!?!
If you're just looking to glide along without direction, practicing the "status quo" philosophy of life and not concerned about your success... I'm not the person to call. Perhaps one of the "warm body" Brokers will allow you to hang your license on their wall...
However, if you want to move ahead, I challenge you to locate my contact information and give me a call! The market is here, the opportunity is now and the ball is in your court now... is it time to score, or quit the game? You decide!
Now, you know the rest of the story... Good day...
Let's travel down a little path together...
I've been asked many, many times by Agents "Are you looking for new agents with your firm?" Hey, my answer to that is always "OF COURSE!"... However, I do follow a question like that with a simple "perhaps we can discuss your motivation for wanting to change companies or start your Real Estate Career." "Why not give me a call and we can set up a time to discuss your career direction and needs."
Well, it seems that most will not call me. Some do, but most do not! While they want a change in their career, maybe, just maybe, there is not enough self-motivation, intestinal fortitude or commitment on their part to actually make that change.
At times we all need to "shake up" our careers. Sometimes that may mean making a change to another company or team but at other times it may mean just grabbing ourselves by the socks and reaching down for our own motivation to make something happen. You veterans of the industry know exactly what I'm talking about.
Every veteran Realtor knows that there are going to be up times and down times... the key is to manage those down times and turn them into successful times... Easier said than done!!! But, the difference in a successful Realtor and a mediocre real estate agent is that the successful Realtor "drives" their career and refuses to let their career "drive" them!
Are you at the point that you feel it is time for a change to re-kindle the passion for the career you have chosen? Does your performance indicate that you've reached an impasse and cannot seem to find a way to punch through to the next level? Do you even care?
Well, perhaps you can answer your own question about whether you need a change or if you need to just pull yourself up by your bootstraps and get moving again!
Some Brokers are simply seeking "warm bodies" to fill positions and feel that if a person produces a little, well, that's all well and good... I certainly do not agree with, or practice, that philosophy but if that is what the Broker is seeking, that's exactly what he or she will find.
On the other hand, as a Managing Broker of an office, I seek someone entirely different. I seek an Agent with passion. Someone who is "hungry" enough to make something happen. Someone "committed" enough to carve out their own career instead of riding the coat tails of someone before them. Sure, I like Agents with experience... especially when that Agent can adjust to a new environment and capitalize on the change in a positive way. But, I also like a new Agent who sincerely wants to learn and put what they learn into action!
That is what makes all the difference in the world... putting what you've learned into action. Pick a mentor, follow their lead, take your training seriously and develop a plan of action from training to productive activity... drive it to the next step!
I spent over 22 years in the military. We called that "Training our own relief"... That is to say, pick someone with passion, take them under your wing, show them all the ropes and let them run with it while monitoring them closely to insure they're following all the right protocol. Not worrying that the person may well turn what you teach them into a situation where they take your job. That is what training is all about... making the person successful enough to "take your job!" It does my heart good to see a person grow from virtually nothing to a success! And, who defines success? Each of us define it every day for what we determine is successful... it's different for every person!
Of course many Managing Brokers simply get someone in their office and say "Go, Run, Make Something Happen!"... WOW... that's easy to say to someone who is not sure how to walk yet much less "RUN!" and, inevitably, they fall on their face and don't know how to pick themselves back up... the Agent's fault? Well, yes... the Broker's fault? ABSOLUTELY!
It takes time to nurture a relationship between a Broker and an Agent. The Broker needs to be attentive enough, and provide the appropriate level of training for the individual to be able to make decisions... then, by the same token, the Agent must be aggressive enough and to have enough self-confidence to take the bull by the horns and "drive" it. Sure, some things will fall into your lap... the new Agent then must determine how best to deal with that windfall and turn it into a career-building experience. Not to just sit back and wait for the next windfall... it may not happen again, especially if you are sitting and waiting on it to happen.
That is like obtaining a property listing, putting it on the Multiple Listing Service then sitting back in your chair and waiting until someone sells it! Hey, that works about as good as taking a shower with no soap... some of the dirt will naturally fall off but the built-up grime just continues to stick! And, that's not the service your client has hired you to do... you owe your Principal a Fiduciary Duty! You were "hired" to do a job and sitting there waiting for someone else to do a part of your job is not your best option, I'll guarantee that!
So, where am I going with all of this?... just down a path.
Are you seeking a new experience in your Real Estate career? Are you seeking a new level of production? and, do you have the "intestinal fortitude" to "drive" your career to the next level?
Perhaps we can discuss your motivation... Give me a call... who knows what you can accomplish with guidance, training, support, tools. a grain of self-motivation and a pinch of confidence!?!
If you're just looking to glide along without direction, practicing the "status quo" philosophy of life and not concerned about your success... I'm not the person to call. Perhaps one of the "warm body" Brokers will allow you to hang your license on their wall...
However, if you want to move ahead, I challenge you to locate my contact information and give me a call! The market is here, the opportunity is now and the ball is in your court now... is it time to score, or quit the game? You decide!
Now, you know the rest of the story... Good day...
Monday, October 29, 2007
Highland Cove Condominiums on Center Hill Lake... Update
Okay everybody... if you've ever contemplated owning a beautiful Condominium on one of the nations premiere recreational lakes... THIS IS YOUR CHANCE!
HIGHLAND COVE CONDOMINIUMS is holding its Pre-Sales Opportunity event on November 3, 2007 from 10am until 2pm. Go to www.ronsifford.com and follow the links to learn more about Center Hill Lake and Highland Cove Condominiums. You're going to want to secure a VIP Tour Package and Reservation. This is the last phase of condominium construction at the Highland Cove Complex.
The number of units are limited and the interest in these few units is very keen and the prices are lower than ever before! All units are 3-bedroom with all the ammenities you would ever want with some of the most spetacular views you will ever see!
Visit my site or e-mail me at ron@centerhill.com for more information. I hope to see you at the event!
HIGHLAND COVE CONDOMINIUMS is holding its Pre-Sales Opportunity event on November 3, 2007 from 10am until 2pm. Go to www.ronsifford.com and follow the links to learn more about Center Hill Lake and Highland Cove Condominiums. You're going to want to secure a VIP Tour Package and Reservation. This is the last phase of condominium construction at the Highland Cove Complex.
The number of units are limited and the interest in these few units is very keen and the prices are lower than ever before! All units are 3-bedroom with all the ammenities you would ever want with some of the most spetacular views you will ever see!
Visit my site or e-mail me at ron@centerhill.com for more information. I hope to see you at the event!
"Fix and Flip": Quick Repair and Resales are Part of Local Housing Market
To avoid a flop, know how to sucessfully fix and flip You have to know the formula. With all of the exposure on cable TV shows about it these days, you have to wonder, is there any money to be made fixing and flipping houses locally? The answer, say several people involved in the industry, is yes. But you have to know what you're doing.
Television programs such as "Flip This House" (on the A&E channel ) and "Flip That House" (a different show, broadcast on the Discovery and TLC channels) gloss over the holding costs and other challenges involved with flipping houses. And because the shows are taped in California, the house values and profit margins usually are far above what anyone could hope to achieve in most local markets.
However, fixing and flipping can be done profitably in most markets.. The key is to buy a property at the right price, know exactly what it will cost to renovate and exactly at what price it will sell. Fixing and flipping is the practice of buying houses, often at a steep discount, fixing them up and reselling them. The repairs range from new paint and carpet to major work and improvements in order to bring the house back to market value or even increase its worth.
The houses can range from trashed rental homes or foreclosures to those in estate and regular sales. The important part is that they are purchased for substantially less than what they would be worth in good condition.
Some "flippers" who fix and flip houses said they don't approve of the cheap "paint and new carpet" level of turning around a house, but they acknowledge that other flippers do it. Most would agree that you're not going to see the same returns you see on the shows. Flippers in the shows can make as much as $100,000 or more by renovating a home that sells for $500,000 and more in the California market. In most markets, few homes sell for the kind of money seen on the TV shows and the net on a flip will most likely be far less than $100,000 as some see on those shows. However, there are decent returns in the "fix and flip" market.
You've kinda got to look at it like this... Put your money in a bank and draw the short-term interest of a percent or two... is that really the best turn around for your money? Probably not... there are other more lucrative options... Fix and Flip is just one, and, I might add that it can be fun and very profitable!
Potential fix-and-flippers should carefully tally up what it will cost them to buy a house and turn it around. Don't be guessing! Prospective buyers should include the cost of the loan payments and interest while you're fixing up the house and while it sits on the market, as well as insurance and buying and selling costs. Some banks use a title deed restriction to forbid a buyer from borrowing more than 120% of the home's purchase price and from selling the property within 90 days or so. They're actually trying to stop the fix and flips because (some flippers) are not doing a good job. The buyers aren't getting what they think they're getting.
However, many investors already know that the market is poised to return from its current slump and they're getting into as many investment properties as possible at the right price. They know that the investment will pay off in the near future. While there has been a slump, the market is just following a pattern that has been around in the industry for many, many years. Those smart enough to invest in Real Estate now will reap the benefits. Many try to second-guess the market with little or no success. Second-guessing is not profitable no matter how you look at it. Do your homework, do the research... you'll find the answers... you'll see the market trends, you know what's coming next! And, you'll realize that NOW is a great time to invest. Whether you're fixing & flipping or making plans for your next investment... Real Estate is tried and proven. If you're smart and if you're not scare of a little risk, c'mon... let's fix and flip not fix and flop!
Television programs such as "Flip This House" (on the A&E channel ) and "Flip That House" (a different show, broadcast on the Discovery and TLC channels) gloss over the holding costs and other challenges involved with flipping houses. And because the shows are taped in California, the house values and profit margins usually are far above what anyone could hope to achieve in most local markets.
However, fixing and flipping can be done profitably in most markets.. The key is to buy a property at the right price, know exactly what it will cost to renovate and exactly at what price it will sell. Fixing and flipping is the practice of buying houses, often at a steep discount, fixing them up and reselling them. The repairs range from new paint and carpet to major work and improvements in order to bring the house back to market value or even increase its worth.
The houses can range from trashed rental homes or foreclosures to those in estate and regular sales. The important part is that they are purchased for substantially less than what they would be worth in good condition.
Some "flippers" who fix and flip houses said they don't approve of the cheap "paint and new carpet" level of turning around a house, but they acknowledge that other flippers do it. Most would agree that you're not going to see the same returns you see on the shows. Flippers in the shows can make as much as $100,000 or more by renovating a home that sells for $500,000 and more in the California market. In most markets, few homes sell for the kind of money seen on the TV shows and the net on a flip will most likely be far less than $100,000 as some see on those shows. However, there are decent returns in the "fix and flip" market.
You've kinda got to look at it like this... Put your money in a bank and draw the short-term interest of a percent or two... is that really the best turn around for your money? Probably not... there are other more lucrative options... Fix and Flip is just one, and, I might add that it can be fun and very profitable!
Potential fix-and-flippers should carefully tally up what it will cost them to buy a house and turn it around. Don't be guessing! Prospective buyers should include the cost of the loan payments and interest while you're fixing up the house and while it sits on the market, as well as insurance and buying and selling costs. Some banks use a title deed restriction to forbid a buyer from borrowing more than 120% of the home's purchase price and from selling the property within 90 days or so. They're actually trying to stop the fix and flips because (some flippers) are not doing a good job. The buyers aren't getting what they think they're getting.
However, many investors already know that the market is poised to return from its current slump and they're getting into as many investment properties as possible at the right price. They know that the investment will pay off in the near future. While there has been a slump, the market is just following a pattern that has been around in the industry for many, many years. Those smart enough to invest in Real Estate now will reap the benefits. Many try to second-guess the market with little or no success. Second-guessing is not profitable no matter how you look at it. Do your homework, do the research... you'll find the answers... you'll see the market trends, you know what's coming next! And, you'll realize that NOW is a great time to invest. Whether you're fixing & flipping or making plans for your next investment... Real Estate is tried and proven. If you're smart and if you're not scare of a little risk, c'mon... let's fix and flip not fix and flop!
Thursday, October 11, 2007
So... you've decided to sell your home "By Owner"
Hey, that's not necessarily a bad thing! Many Realtors often wonder why people decide to sell their home By Owner. Well, there's a hundred reasons homeowners can come up with that may persuade them to offer their home for sale without the use of a Real Estate Agent... The two most used are (1) "I just don't think I want to hand over a percentage of my money to a Real Estate Agent... it just cuts deep when the property is sold." and (2) "Why should I use a Real Estate Agent anyway? All they do is put a sign in my yard and I never see or hear from them again... it's a waste of my time!"
If that's the reason you have decided to sell your home By Owner, hey, I can understand. Particulary on the second reason... but let's address first things first. In the situation where one feels it cuts too deep to pay a commission to a Real Estate Agent, well, I can understand that too, but there's a few other things one must consider before making that decision. First, If the Real Estate Agent is working and "earning" that commission, it's saving the property owner a lot of time and money! The Agent is advertising the property in as many venues as possible, the Agent is seeking qualified buyers to sell the home as quickly as possible, and the Agent is working withing the laws, rules and regulations that govern Real Estate transactions. One thing property owners often fail to remember is just how much money it takes to "properly" advertise a property for sale and how much money it will take to ultimately close the transaction. There is a HUGE difference between "Listing A Property For Sale" and "Selling a Property"! If the agent is doing his/her job, the Agent is spending a lot of money in advertising, without the benefit of having sold the property. This is up-front funds the Agent must expend to get it in front of ready, willing and able Buyers. The Agent also has the benefit of knowing the governing requirements for real estate transaction including all of the necessary forms and disclosures necessary to sell that home. Property owners are not always aware that there are some stringent requirements for disclosure in selling a home whether working through a Real Estate Agent or selling a home By Owner... The law requires certain things and if they're not done, it could ultimately catch up to the property owner and come back to haunt them even after the transaction is completed. And, failure to properly disclose can cost the selling party thousands of dollars! Keep that in mind when selling a property By Owner. As for the second issue of not using a Real Estate Agent because they don't work for their commission... well, I'm with you 100%!!!!! If a Real Estate Agent is NOT working to earn that commission, then why should they get paid? Many Real Estate Agents will say anything and everything you want to hear to get you to list your property with them. Many will go to any extent, even to put a property on the market that they absolutely know will not sell at the price at which they're offering it. You've heard of "Loss Leaders" in the Retail business... well, in the Real Estate industry, these properties are considered Loss Leaders. They have their sign in the front yard, someone calls to get information, they tell the calling party the price and the calling party says "Oh, No Way!" Then, the Real Estate Agent goes on to tell the calling party "I know, it's priced way too high but the owner will not lower the price. But, they go on the tell the calling party that they have another property that may better suit them." See how that works? The more signs they have in front of properties, the more calls they make, using these properties as "loss leaders" to get business and sell other properties that are listed. Anyone can stick a sign in a yard and yell to the top of their lungs that the property is for sale... but that doesn't necessarily get the property sold! They can also say "Well, I've got it on the MLS and that should be enough... Sorry, that's not enough either! For those Real Estate Agents that list a property for sale, put it on the MLS then go sit at their desk and wait for someone to call them, well, it's like throwing dice. They may get LUCKY but, hey, if a person wants to hire a LUCKY Real Estate Agent, they just as well go to Vegas to hire one, there are thousands there looking for "the next big thing!" That's not earning a commission.
There's one other thing a property owner should consider... NOT ALL REAL ESTATE AGENTS ARE CREATED EQUALLY! That's right... First, there are Real Estate Agents and there are REALTORS. Let me tell you folks, a Realtor MUST follow standard state procedures and adhere to the Ethical Standards laid out by the Local, State and National Association of Realtors. And, I'm here to say that, unfortunately, as hard as the governing bodies have worked to make sure there is a standard in Real Estate, there are still unethical, decietful people out there in the Real Estate industry. Even a REALTOR is not necessarily your answer. Property owners should interview as if they're hiring their next employee. Because that's excatly what is happening! You're hiring your next employee. It just so happens that this employee is going to be in charge of selling your most prized possession! Your home!
That's sad for me to say, but it is absolutely true and it can't be denied. The governing bodies are working hard to insure all licensee's are adhering to standards but as in any other industry, some slip through the cracks. So, here is what I think about selling a property By Owner.
Perhaps you feel that it may be your best option. Do yourself a favor. Interview some Realtor's and find out what they have to say. Find out if they're willing to WORK for you and provide you with the information you deserve. If not, by all means, do what you think is the best for you. But, keep "greed" out of the equation. You'll need some disclosure information, you'll need a Comparative Market Analysis (CMA) to determine how to properly price your property... don't settle for the "my neighbor sold her house for $XXX,XXX dollars so mine should be worth at least $XXX,XXX dollars." That's not good enough. Maybe your property IS worth that $XXX,XXX! Make sure with properly compiled data to back up the price of your property. If you're in the Middle Tennessee area, the next thing you should do is... visit www.ronsifford.com ! There you can search the Multiple Listing Service to compare your property against properties that are currently for sale and properties that have already sold... this will help you determine at what price you should sell your property.
The next thing to do is to e-mail me at ron@centerhill.com I'll be happy to help you put together everything you'll need to sell your property By Owner!
WAIT, WAIT, WAIT! You're kidding me right? A Realtor is going to help you put together a package to help you sell your property By Owner... did I read that right??? Absolutely!!! You read it right. I'll help you put that package together. So, you ask, why would I do something like that? Well, it's simple. After you've had a chance to put the information together and try your hand at selling your property By Owner, you'll find out just how much work is involved and how much money is going to come out of your pocket anyway... probably more than if you paid commissions to begin with. Perhaps you will sell your property because I do have a very nice package of information. And, where does that leave me? Well, it leaves me where a Realtor should be... thought of as a friendly, helpful, professional Realtor. It would make me proud if you sell your property. That tells me that you received the proper information to help you sell you property. And, if you DO sell your property and purchase another one, perhaps you'll think of me the next time you want to buy or sell. Maybe by doing it yourself, you'll gain enough knowledge that you'll want to leave it in the proper Realtor's hands to handle the details... maybe you won't like staying at your house day in and day out to take phone calls and answer questions. Maybe you won't like the fact that every Tom, Dick and Harry that is "curious" about your house wants to call you all hours of the day and night to get information, whether they're qualified to buy or not. Maybe someone will call you who has absolutely no intention whatsoever of buying your house and set up an appointment to see it. In your enthusiasm, you show them everything you know about the house as they smile and walk from room to room. Looking closely at every detail, then, as they watch your house for several days, you must run to the store and get groceries, and they break into your house and wipe it out of everything of any value. It will only take them a few minutes as they already know where everything is located. Then, where do you stand. I don't wish anything bad on anyone... but can you see how easily this could happen? A good Realtor would have interviewed the potential buyer and determined if they are qualified to buy the house and have them answer a series of questions that would help the Realtor determine if the party should in fact even go into your house. You will not have that option as they will all meet you at your house anyway. Finally, when you're worn out, tired of people in and out of your house, you set down to rest... and BEHOLD! The telephone rings with another party wanting to take a look at your house. You tell them that you're sorry and will not be able to show it again until tomorrow... but, that person calling is already sitting in your driveway. What now? You don't know this person, it's after dark and do you really know what they have in mind? Do you know if they're actually interested in your house or perhaps have something more dangerous or devious on their minds. So, you tell them to go away. Then you find out two days later that they purchased the house next door.... UGH! Why do that to yourself?
Anyway, I think you get the picture... I'm here if you need me and if I can help you in any way... just give me a call, e-mail me, write me, blog me... whatever. I'm a professional Realtor and I'm here to help you with your Real Estate Needs! HAVE A FANTASTIC DAY!
Ron
If that's the reason you have decided to sell your home By Owner, hey, I can understand. Particulary on the second reason... but let's address first things first. In the situation where one feels it cuts too deep to pay a commission to a Real Estate Agent, well, I can understand that too, but there's a few other things one must consider before making that decision. First, If the Real Estate Agent is working and "earning" that commission, it's saving the property owner a lot of time and money! The Agent is advertising the property in as many venues as possible, the Agent is seeking qualified buyers to sell the home as quickly as possible, and the Agent is working withing the laws, rules and regulations that govern Real Estate transactions. One thing property owners often fail to remember is just how much money it takes to "properly" advertise a property for sale and how much money it will take to ultimately close the transaction. There is a HUGE difference between "Listing A Property For Sale" and "Selling a Property"! If the agent is doing his/her job, the Agent is spending a lot of money in advertising, without the benefit of having sold the property. This is up-front funds the Agent must expend to get it in front of ready, willing and able Buyers. The Agent also has the benefit of knowing the governing requirements for real estate transaction including all of the necessary forms and disclosures necessary to sell that home. Property owners are not always aware that there are some stringent requirements for disclosure in selling a home whether working through a Real Estate Agent or selling a home By Owner... The law requires certain things and if they're not done, it could ultimately catch up to the property owner and come back to haunt them even after the transaction is completed. And, failure to properly disclose can cost the selling party thousands of dollars! Keep that in mind when selling a property By Owner. As for the second issue of not using a Real Estate Agent because they don't work for their commission... well, I'm with you 100%!!!!! If a Real Estate Agent is NOT working to earn that commission, then why should they get paid? Many Real Estate Agents will say anything and everything you want to hear to get you to list your property with them. Many will go to any extent, even to put a property on the market that they absolutely know will not sell at the price at which they're offering it. You've heard of "Loss Leaders" in the Retail business... well, in the Real Estate industry, these properties are considered Loss Leaders. They have their sign in the front yard, someone calls to get information, they tell the calling party the price and the calling party says "Oh, No Way!" Then, the Real Estate Agent goes on to tell the calling party "I know, it's priced way too high but the owner will not lower the price. But, they go on the tell the calling party that they have another property that may better suit them." See how that works? The more signs they have in front of properties, the more calls they make, using these properties as "loss leaders" to get business and sell other properties that are listed. Anyone can stick a sign in a yard and yell to the top of their lungs that the property is for sale... but that doesn't necessarily get the property sold! They can also say "Well, I've got it on the MLS and that should be enough... Sorry, that's not enough either! For those Real Estate Agents that list a property for sale, put it on the MLS then go sit at their desk and wait for someone to call them, well, it's like throwing dice. They may get LUCKY but, hey, if a person wants to hire a LUCKY Real Estate Agent, they just as well go to Vegas to hire one, there are thousands there looking for "the next big thing!" That's not earning a commission.
There's one other thing a property owner should consider... NOT ALL REAL ESTATE AGENTS ARE CREATED EQUALLY! That's right... First, there are Real Estate Agents and there are REALTORS. Let me tell you folks, a Realtor MUST follow standard state procedures and adhere to the Ethical Standards laid out by the Local, State and National Association of Realtors. And, I'm here to say that, unfortunately, as hard as the governing bodies have worked to make sure there is a standard in Real Estate, there are still unethical, decietful people out there in the Real Estate industry. Even a REALTOR is not necessarily your answer. Property owners should interview as if they're hiring their next employee. Because that's excatly what is happening! You're hiring your next employee. It just so happens that this employee is going to be in charge of selling your most prized possession! Your home!
That's sad for me to say, but it is absolutely true and it can't be denied. The governing bodies are working hard to insure all licensee's are adhering to standards but as in any other industry, some slip through the cracks. So, here is what I think about selling a property By Owner.
Perhaps you feel that it may be your best option. Do yourself a favor. Interview some Realtor's and find out what they have to say. Find out if they're willing to WORK for you and provide you with the information you deserve. If not, by all means, do what you think is the best for you. But, keep "greed" out of the equation. You'll need some disclosure information, you'll need a Comparative Market Analysis (CMA) to determine how to properly price your property... don't settle for the "my neighbor sold her house for $XXX,XXX dollars so mine should be worth at least $XXX,XXX dollars." That's not good enough. Maybe your property IS worth that $XXX,XXX! Make sure with properly compiled data to back up the price of your property. If you're in the Middle Tennessee area, the next thing you should do is... visit www.ronsifford.com ! There you can search the Multiple Listing Service to compare your property against properties that are currently for sale and properties that have already sold... this will help you determine at what price you should sell your property.
The next thing to do is to e-mail me at ron@centerhill.com I'll be happy to help you put together everything you'll need to sell your property By Owner!
WAIT, WAIT, WAIT! You're kidding me right? A Realtor is going to help you put together a package to help you sell your property By Owner... did I read that right??? Absolutely!!! You read it right. I'll help you put that package together. So, you ask, why would I do something like that? Well, it's simple. After you've had a chance to put the information together and try your hand at selling your property By Owner, you'll find out just how much work is involved and how much money is going to come out of your pocket anyway... probably more than if you paid commissions to begin with. Perhaps you will sell your property because I do have a very nice package of information. And, where does that leave me? Well, it leaves me where a Realtor should be... thought of as a friendly, helpful, professional Realtor. It would make me proud if you sell your property. That tells me that you received the proper information to help you sell you property. And, if you DO sell your property and purchase another one, perhaps you'll think of me the next time you want to buy or sell. Maybe by doing it yourself, you'll gain enough knowledge that you'll want to leave it in the proper Realtor's hands to handle the details... maybe you won't like staying at your house day in and day out to take phone calls and answer questions. Maybe you won't like the fact that every Tom, Dick and Harry that is "curious" about your house wants to call you all hours of the day and night to get information, whether they're qualified to buy or not. Maybe someone will call you who has absolutely no intention whatsoever of buying your house and set up an appointment to see it. In your enthusiasm, you show them everything you know about the house as they smile and walk from room to room. Looking closely at every detail, then, as they watch your house for several days, you must run to the store and get groceries, and they break into your house and wipe it out of everything of any value. It will only take them a few minutes as they already know where everything is located. Then, where do you stand. I don't wish anything bad on anyone... but can you see how easily this could happen? A good Realtor would have interviewed the potential buyer and determined if they are qualified to buy the house and have them answer a series of questions that would help the Realtor determine if the party should in fact even go into your house. You will not have that option as they will all meet you at your house anyway. Finally, when you're worn out, tired of people in and out of your house, you set down to rest... and BEHOLD! The telephone rings with another party wanting to take a look at your house. You tell them that you're sorry and will not be able to show it again until tomorrow... but, that person calling is already sitting in your driveway. What now? You don't know this person, it's after dark and do you really know what they have in mind? Do you know if they're actually interested in your house or perhaps have something more dangerous or devious on their minds. So, you tell them to go away. Then you find out two days later that they purchased the house next door.... UGH! Why do that to yourself?
Anyway, I think you get the picture... I'm here if you need me and if I can help you in any way... just give me a call, e-mail me, write me, blog me... whatever. I'm a professional Realtor and I'm here to help you with your Real Estate Needs! HAVE A FANTASTIC DAY!
Ron
Saturday, October 6, 2007
Referrals... Simple, Rewarding and Lucrative!
Do you have a client who is considering moving to the Middle Tennessee area? Want to keep your client happy and still earn in the process? Why not refer your client to me and and let me help them find their perfect home while at the same time allowing you to keep continuity with your client and earning a 25% referral fee or more dependant upon the situation. Call me with your referrals or contact me if you would like to make yourself available to me for referrals to you. 615-417-3723
Second home market and Resort properties market UP!
While most of the Nation has suffered this year in the real estate market, one market that has increased is the Second home and Resort market. This has been the only real market that has shown a marked increase in sales this year. Have you considered purchasing a second home for vacationing? Perhaps now is your best time to do so! The Feds are relieving some of the credit restrictions and if you're in the market, perhaps you should call me and let me help you through the process. Center Hill Lake in Middle Tennessee is growing, growing, growing... properties are still available and still very affordable. Give me a call and let me help you with your Real Estate needs.
New Home Listing!
Beautiful Log Home just listed. This is a stunning home with over 5000 sqft of living space on 10 rolling acres! Open floor plan. A custom home inside and out. Contact Ron Sifford at Center Hill Realty at Silver Point, 6872 Sparta Hwy., Silver Point, TN 38582 - Call Office at 931-858-2258 ext. 207 or call Ron's Cell at 615-417-3723, Click Here to preview a Virtual Tour of this home or visit Ron's web site to preview the property.
Friday, October 5, 2007
New Lake View Condominiums Coming To Center Hill Lake!
Center Hill Realty is proud to announce the exclusive offering of New Lake View Condomuniums on Center Hill Lake! Stand by for more news... I will provide additional information as it is available. We will be hosting a Gala Open House Event on November 3, 2007 to introduce the new units. Please call me for additional information on the Open House at 615-417-3723.
Welcome to Center Hill Realty
Welcome to Center Hill Realty, your one stop website for real estate and information on Center Hill Lake and the surrounding areas, and thank you for visiting.
Whatever your real estate needs—whether to buy or sell a home, commercial or investment property, for relocation or retirement—even for vacation rental properties—you’ve come to the right place. Here you’ll find the latest listings and rentals, local insight for buyers and sellers and all the information you need to make a decision on our area. We offer easy living in a scenic small town setting defined by rural values and home to some of the finest people on earth. You will find Southern hospitality alive and well in our area. So what are you waiting for? It’s time to load up the truck and move to Tennessee!
As a lifelong resident of the area, I’m known as “The Lake Specialist”, dedicated to preserving and promoting the unique lifestyle found in our area. As a third generation Realtor, no one has more knowledge and experience in the area. I have also assembled a team of skilled real estate professionals to assist you in any of the communities we serve: Smithville, Alexandria, Dowelltown, Liberty and Temperance Hall in DeKalb County; Sparta in White County; and Silver Point, Baxter and Cookeville in Putnam County.
Center Hill Realty, the local market leader since 1989, has two offices to better serve the area and offers friendly, professional services. We invite you to look around our site, find out what’s available, meet our agents and staff and explore our area. And when you’re ready to buy, sell or just come visit for a weekend, please call or email us first for all your real estate needs.
We look forward to meeting and serving you.
Whatever your real estate needs—whether to buy or sell a home, commercial or investment property, for relocation or retirement—even for vacation rental properties—you’ve come to the right place. Here you’ll find the latest listings and rentals, local insight for buyers and sellers and all the information you need to make a decision on our area. We offer easy living in a scenic small town setting defined by rural values and home to some of the finest people on earth. You will find Southern hospitality alive and well in our area. So what are you waiting for? It’s time to load up the truck and move to Tennessee!
As a lifelong resident of the area, I’m known as “The Lake Specialist”, dedicated to preserving and promoting the unique lifestyle found in our area. As a third generation Realtor, no one has more knowledge and experience in the area. I have also assembled a team of skilled real estate professionals to assist you in any of the communities we serve: Smithville, Alexandria, Dowelltown, Liberty and Temperance Hall in DeKalb County; Sparta in White County; and Silver Point, Baxter and Cookeville in Putnam County.
Center Hill Realty, the local market leader since 1989, has two offices to better serve the area and offers friendly, professional services. We invite you to look around our site, find out what’s available, meet our agents and staff and explore our area. And when you’re ready to buy, sell or just come visit for a weekend, please call or email us first for all your real estate needs.
We look forward to meeting and serving you.
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