What’s in Your Pocket?

Out on the road attempting to locate certain properties for your client sometimes become a game of hide and seek.  With low inventories on the market there is not a whole lot of choice in starter and beginner homes let alone properties that are very specific in nature.

Many Realtors that list homes often come across that one seller that isn’t ready to take the step of listing their home for various reasons.  They may not list the home at all unless “The Right Buyer” comes along.  These are called “Pocket Listings”.  This is my definition because I don’t think it is a Real Estate term. 

They are usually not under any form of a contract with the Realtor and are only known if you have a conversation with someone that has one.  Every agent has pocket listings of some form.  My real definition would be a property that is going to be listed at some point and the seller may be doing fixes or getting the home ready for the market.  They usually come on the market in a very short time. 

So what does a Pocket listing mean to you as a Realtor or home buyer? Nothing unless it becomes one of the many other properties listed on your MLS or for sale by owner.  So the next time you hear of a Pocket Listing encourage the seller to come out of the pocket.

Virtually Tour Our Listings

Trying to get a little pizazz to the blog page by the addition of our YouTube virtual home tours for your viewing pleasure. I will soon have all of our broker listings under the virtual reality of eye candy for the people who love pictures.

Stroll through the bedrooms, bathrooms and check out the yards.  You can of course still click on my website links to search every one of the currently listed homes and property on the MLS.  There is something about listing with lots of pictures that aid the homebuyers with the decision to at least tour the property in person.

Give it a shot and if you have any questions or wish to personally see one of the houses on the tour, then just drop me an email or the old fashioned phone call!

In the Eyes of the Beholder

As you travel through the happy road of home choices, people often come to the fork in the road that have signs that give you their all kinds of information about homes for sale.  What do these signs mean and how do they work.

When you are driving by a home that has a sign in the front yard, if it is for sale this usually means the house is for sale right?  Not all signs are alike, some are from, yes real estate brokers, and these are usually homes for sale.  Then there are the signs that building remodelers use to advertise their work currently being done on the house.

Getting back to the Realtor signs, again many do not say for sale on the sign themselves, but it is the reason the sign is in the yard.  There are those types of signs

that have a telephone number to call for information on the property.  These are different systems the Brokers use to connect with buyers and sellers via your cell phone.  Most of the Realtors that want to sell homes will place their cell number on the sign, or have their office numbers go to an on duty agent.

Finally what is with the flyers in the box, it is never full.  Most Brokers will keep the informational flyers available for the first week of the listing.  When that period is done they will use only the telephone system of contact.  Flyers are taken out of the box for various reasons but are only useful for a short time.  There you have it.  Sign, Sign Everywhere a sign. 

HUD Buying Made Simple part 1

Purchasing a home that is government repossession is about the same as buying a “Fair Market” home. Fair market home is a sale that is not a bank owned short sale or anything other than the way it used to be.

First of all what is a HUD Home.  HUD stand for Housing and Urban Development, this is the government backed home loan backer.  When buyers get an FHA loan it is backed by HUD.

When a HUD home comes out on the market they are given to several different Broker agencies.  These are real estate companies that have relationships with the agency. They go through a process to bring them on the market and they are then listed. There are several ways the homes are listed:

·         As an Owner Occupied only (buyers that are going to live in the home)

·         Good Neighbor (only buyers that are certain employment types such as Fire, Police or teachers)

·         Municipality owners (cities or non-profits can buy to renovate for resale or rental programs for sometimes low income.

·         Finally if the homes are not sold within the first month or so they are opened up to investors

HUDs goal is to make the homes available for owner occupation.  They are not like short sales or bank owned homes that most of the time sells below market value.  They are in fact listed and sold usually at market value taking into consideration the condition of the home.

Part 2 will take you through the offer process.