Housebuzz

A few evenings ago, I was in a meeting where an issue arose due to a misunderstanding. Misunderstandings are annoying at the best of times, but when it can cost someone money - then it is really upsetting.

My 22 years in real estate have given me experience in all types of markets, negotiations and situations. It has afforded me the luxury of being considered an expert in my field. My background as a public speaker, makes it impossible for me not to want to share my knowledge, even sometimes when it is not necessarily in my own best interest. I cannot bear misinformation. That was one of the reasons, I did the radio show on 94.3 The Point, for three years. Many listeners called me with questions, many of them out of the area. I am always happy to help. 

Imagine, how frustrating to be in a meeting where the other party is misinformed and given bad information. I am not talking about opinions like comps, but hard information. It is an awkward situation at best, it feels uncomfortable pointing out that they have been given wrong information, it is embarrasing to know that they do not have the correct information - but to correct them properly, it would mean embarrasing their agent.

In real estate information is so valuable, and if a client is misinformed or not educated- it ultimately can cost them money. Yet, some people choose an agent based on their eagerness to please, and which one told them highest price in the market analysis. STOP.

The public should demand so much more than that. It is so easy to get a real estate license, and so many agents never bother to get properly trained. With some, it is disinterest, some others it is lazyness or even ego. (You know "the first day on the job know it all types" )

I personally train all my agents so that they can share in the knowledge and experience that I have to offer. Those that do not get properly trained in this industry will utilimately cost their clients time and money. Those that do not feel it necessary to go to ongoing training and workshops are encouraged to leave the business - at the very least the office! Although that does not help the public when they take their lack of knowledge elsewhere.

For those agents that are not sure, please ask your manager the questions - don't fake it. It is ok to be new, it is not ok to be arrogant. For the sake of your client, for the sake of the other agent, and for the sake of the industry. GET IT RIGHT.

For the public that did not know this today - I apologize on behalf of the industry. Here is information that should have been explained to you by your agent.

A First Right of Refusal is simply an agreement between a seller and a potential buyer allowing the buyer the option to purchase the seller's home within a specific time period. The seller generally keeps the home on the market, and if another offer comes in, the original buyer would have the right to waive the contingecy,and proceed to close. If the buyer is unable to waive the contingency the seller then has the right to cancel the contract and proceed with the second buyer. The seller is giving the right of first refusal to the buyer. If the buyer is not able to waive the first right of refusal contingency in the time frame, the seller can give the buyer an extension or not. Obviously, if the seller has another offer, he would not. If he has no other offers, an extension would seem logical.The seller is giving the buyer the right to purchase the property prior to anybody else being allowed to purchase it. The Buyer HAS the right of first refusal, the Seller GIVES the right of first refusal.

Therefore the seller, at worst case scenario,has if you will a last resort offer. If they cannot find another buyer they know they still have their original buyer - as soon as that buyer can perform.

Ok, so today I go to let another agent in one of my listings, as there is no lockbox due to dogs. The homeowner is at work, and I have a key.

Usually the dogs are in the heated garage on their beds. Today I see (and hear) them barking at the front window.

I would like to add that the larger of the dogs is a sweetheart and non aggressive. The smaller dog scares me to death. He barks, bares his teeth and snarls.

Not to be deterred, as this might be the right buyer for the home and I never give up. I decide that I am "going in" ala General Patton. Sooo, I open the door quickly and forcefully shouting "Go to your bed", and "Go to the garage" hoping to convince the dog - that I am the master and I am to be obeyed, hoping he will decide to do that and not bite me!

However, what I did not know is that the owner's child had come home from school sick and was lying peacefully on the couch under warm covers.

Of course, as she is lying there, she is not expecting the door to burst open, and and a deranged voice declaring that she should go to her bed, and go to the garage. She has no way of knowing I was talking to the dogs, and I obviously did not know she was there.

Needless to say she was quite alarmed, and I felt awful. Just when I think that after 23 years in real estate, I have seen just about everything and run into every scenario there is. This was a new one!

When I first started in real estate in Middletown, I made an appointment to show a house in a development, and at the appointed time. I rang the doorbell, when a man answered. I said "I am here to show the house, I spoke with your wife". Being the good husband, he shrugged and let me in.

With the brash confidence of a new agent, I was perplexed at how the listing agent could have made such obvious mistakes on the listing. It was clearly inaccurate.

After thanking the homeowner we take our leave, and after showing more homes, I end up back in the office while the buyers go for a late lunch and discuss the homes that I have shown them.

I received a call from a lady wanting to know why I had shown her house, that was not for sale and not on the market. When she told me her address, I informed her I had not been there.......and yet, mysteriously my business card was in her home and her husband told her that I was.

After some discussion, she realized that I had shown her house in error as the kids had moved the street sign. So instead of showing a house with the same number on a cross street (the one that was for sale) I had shown hers. Amazingly her husband had let me in!! 

Fortunately, the buyers did not choose her property, as that would have been awkward!

Tomorrow is another day..........................

There has NEVER been a better time to buy a house. Interest rates are at an all time low and according to USA Today.

 Mortgage applications rose for the first time in three weeks as interest rates fell sharply and demand surged for home purchase and refinance loans, an industry group said Wednesday.

If we all waited for the bottom for the exact right time (according to the media - they know exactly when that will be) to buy a house, many families will be living in homes that they outgrew, or paying someone else's mortgage by renting.

Buying a house is like getting married or having a baby - big decision and rarely is the time "just right". However, people do it everyday, we don't wait for the newspaper to declare it safe. Especially when daily newspapers are on the way to becoming extinct and therefore need to make everything high drama to keep reader attention. When was the last time you ran out to buy a newspaper to check the news. You went online.

If the time is not right for you or your family - do not buy a house. However, if you are waiting for a "bottom" to drop out - it may never happen. The situation is very different than it was in 1987. There was much higher unemployment and most importantly home prices shot up as much as 30% in about a year, and then started to fall again the following year. That was indeed fleeting equity. There is a lot of equity in homes now unless it was a very recent purchase. Even then, if it is a trade up - who cares - the house above you will be more attainable. Spread is key. Not price.

The buyers won't wait forever, they have a normal demand and a low interest rate.  To be honest, in the last I have lost two income properties by not bidding high enough. I lost out to buyers that were willing to pay more. I guess I should put that newspaper down!

If you missed the Close-Up TV News segment on PAX now ION Channel 6 Comcast, that aired recently - you can open on the home page of the website www.resourcesrealesate.com.

Those of you looking to spruce up your home for sale, or redecorate for the holidays, I came across a cool tool recently. This clever color visualizer lets you paint various rooms different colors, including the trim, walls and ceilings. Click below

http://www.glidden.com/visualizer/buildup.do?page=group&site=glidden&location=Interior

I like everyone else was excited to hear about the Breeders Cup coming to Monmouth Track. If it helps our area - I am all for it.

However, when the rumors started flying about sheiks renting hotels and "high rollers" coming over and paying anything to rent a house, it just didn't sound reasonable.

I got numerous calls from folks offering to rent their homes for large sums of money. I informed them all, that as far as I could tell it seemed more hype than real. If I saw a shift towards it being a reality, I promised to call.

The Breeders Cup is this weekend and the hype really has fizzled. The homes mainly sit unrented. The sheik never materialized and on top of all that now it is raining!

My guess is that the "high rollers"  have planned to stay in Atlantic City or Manhattan and will come by limo or helicopter, and the average out of town Joe got hotel rooms. The Monmouth Park racetrack itself reserved many rooms.

My husband on his way back from the mid west yesterday talked to guys that were flying out for the Breeders Cup, and they were staying in hotels in Newark and taking the train. 

I wish that the hype had been true. It would have been great to get homeowners exorbitant amounts for their homes for this event. However things that sound too good to be true usually are.

However, those that got carried away with the hype did the public a disservice. We are in this business to help the public with their homes, not create false expectations. Maybe it just comes with experience knowing the difference between reality and hype.