Tuesday, June 21, 2011

"Criminal" Is Not A Protected Social Class

Fair Housing ActThis subject came to mind today when I checked out the new Trulia Crime Map Tool. The subject line in their email read "How to answer your buyers' questions about Davenport crime rates". I had a go at their crime maps and read through their blog post as well.

Once all of the data for every city is compiled and mapped this will make a great tool which will make discussing crime in a certain area much more convenient. I will give it to Trulia, they got it right as far as the map is concerned.

However, my issue is with them is making it sound like discussing crime is a violation of the Fair Housing Act. It most certainly is not. Criminal is not a protected social class. As a matter of fact, if you are convicted of a crime and sent to prison, you lose your civil rights and have to request that they be restored upon your release. Anyone who has served jury duty knows that (Lucky me, I had jury duty last month).

The Fair Housing Act states that it is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin. That's it, plain and simple. Notice it doesn't mention criminal anywhere. Crime is an equal opportunity problem that strectches across all lines. A community having a high crime rate has nothing to do with any of the things mentioned in the Fair Housing Act.

Some Realtors are under the false assumption that if you discuss crime in a community you are committing the offense of Steering. This is also untrue. Steering is the unlawful channeling of a home buyer away from areas that are not mixed with that class into areas that are. Again, this has nothing to do with criminal activity.

It is unlawful to deny loans, refuse to rent to, refuse to sell to, quote different terms, or deny membership based on any one of the protected classes. Criminals are not a protected class, they are just criminals. There is nothing wrong or illegal (or unethical for that matter) with helping a home buyer choose a safe neighborhood for their kids to grow up in.

I have had buyers who I had to stop working with because I refused to steer them to a certain kind of neighborhood. That would have been a violation of Fair Housing. Food for thought folks.

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Wednesday, June 15, 2011

Banks Giving Short Sale Leads?

I read an article on FloridaRealtors.org this morning entitled "Banks Giving Agents Short Sale Leads?". In a nutshell, more and more lenders are giving short sale agents leads for sellers who may be open to the idea of short selling their home rather than be foreclosed on. What this means is that these lenders have been in contact with home owners and asked them whether they were open to the idea of a short sale. If the owner is open to the idea, the lender would then get in touch with a local short sale agent who can help the seller through the process.

I think this is a great thing for our industry for a few different reasons. Lenders are starting to open up to the idea of short sales more and more. If they are more open to the idea then, hopefully, they'll be easier to work with during the process. Maybe they'll be more apt to cancel the foreclosure sale if they are the ones who presented the idea of a short sale, who knows.

There are many ways this could make things easier on the seller and their agent. In some cases the lender already knows what they want in regards to the sales price. The BPO is already done and all that's left is to find a buyer and sell the house.

It can't be that easy you say? Well, I beg to differ. I have a buyer who is under contract on one such short sale right now. We haven't closed yet, so cross your fingers for me. But so far so good. It was marketed as an approved price short sale. We offered the approved price and now we're working toward closing (hopefully within a month of the effective date). It's a win win if you ask me. It helps the lender, seller, buyer and agent. You can't beat that.

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Saturday, June 11, 2011

Are Davenport, FL Short Sales Worth Less Than Market Value?

Are Davenport, FL short sales worth less than market value? That's a good question, and I'm going to try to answer it for you. There were 362 houses sold in Davenport, FL between March 1, 2011 and June 1, 2011. They sold for an average price of $134,157. Of those, 68 were short sales. These 68 Davenport short sales sold for an average price of $118,810. 151 of these homes sold were REO/Foreclosures and sold for an average price of $109,632. Lastly there were 143 equity sales (regular sales) which sold for an average of $167,352.

Obviously short sales and foreclosures sell for much less than regular sales. The short sales were sold for right about 12% less than the total average. The foreclosures sold for about 18% less than the total average. With foreclosures, the bank lists them low because they want multiple offers in order to get the best price. Doesn't sound like it's working does it? But that's a discussion for another blog post. This article is about short sales.

There's a reason why short sales are worth less than a regular sale. We all know a home is worth exactly what a buyer is willing to pay for it. To a buyer a short sale is a bit of a gamble. With a short sale a buyer has to wait months to find out if the sale is approved. With a regular sale they know it's approved and can close as quick as they and the sellers like. During that time their deposit is tied up and they could be missing good deals elsewhere. There is a chance that the seller's lender won't approve the sale. This could mean the buyer just wasted a lot of time.

For taking this gamble buyers aren't willing to pay as much for the home as they would be for a regular sale. There is a negotiating tactic to be learned here. The data shows that short sales are worth about 12% less than market value. That should be in your short sale letter to the lender. It should also come up again if they counter and want market value for the home.

A Davenport, FL short sale just isn't worth market value. That's just my opinion, but I have the facts and data to back it up. Happy selling people! :)

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Thursday, June 9, 2011

The Media Is Full Of Crap! Here's The Real Story

Real Estate Is LocalIf you've ever bought a house you've probably had a conversation with your neighbors about how much they bought theirs for. Hopefully that conversation didn't end with you yelling "you bought it for how much?!!". But either way, there is a reason you're talking to your neighbor about home values and not some stranger half way across the state.

That is because real estate is hyper local by nature. What that means is every real estate market is different and there are markets inside markets.

For instance, in the 34759 zip code, most of the homes are part of a community named Poinciana. The average house sold for $78,729 in the month of May. If a reporter told you that, and only that, he would be misrepresenting some important facts. In Lake Marion Village the average home sold for $64,426 in May. In the community of Solivita, on the other had, the average home sold for $138,421 in May.

One zip code and three different real estate markets (that I've mentioned) with three different trends. Sounds like a bit of a different story when you do some actual research and talk about facts instead of opinions doesn't it? Making on blanket statement about the real estate market in the US is dishonest and doesn't give a fair picture of the situation. Real estate is local.

My father always told me you can't believe everything you hear. Well that goes double when you are hearing it from the media.

Image courtesy of matiasjajaja at Flickr

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Wednesday, June 8, 2011

Short Sale Shortfalls; Hiding Income And/Or Assets From The Lender

Short Sale ShortfallsRecently I've been discussing some of the things that can slow or derail a short sale. Today's subject is Hiding Income And/Or Assets From The Lender. This is a bad idea all around. Not only could this jeopardize your short sale, but it could be considered mortgage fraud.

Short sales require lender approval, that much you know. Some of the things a lender requires on a short sale are a hardship letter explaining why you can no longer pay your mortgage payment, recent bank statements, most recent pay stubs, and a financial worksheet listing your income and assets.

Today we'll cover that financial worksheet. You must be truthful and upfront about your situation with the lender. They can and probably will verify some of these things. It's a small world and most information is only a phone call away. When a lender sends a counter offer on a short sale they sometimes ask the seller to bring money to closing. This might be possible, or it might not, depending on the situation you are in. Everyone has a different set of circumstances and every case is different. There is a chance you can get the lender to waive any deficiencies so that your debt is settled. However, if you hide income or assets from the lender during the short sale process don't be surprised if you get some unpleasant mail.

If a lender fins out you are hiding these things during the process it will slow down the process of getting the transaction to closing or could lead to it not closing at all. Disclose everything and let your short sale agent work with the lender in trying to get a good result.

Here are some more articles about some things you as the seller can do to have more success when selling your home as a short sale.

A Short Sale Is Still Your Home Part 1

A Short Sale Is Still Your Home Part 2

A Short Sale Is Still Your Home Part 3

Short Sale Shortfalls; Slow Response To Document Requests

Image courtesy of theodorescott at Flickr

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Tuesday, June 7, 2011

Selling Real Estate Doesn't Have To Feel Like Work

Life is too short, enjoy your workIf there is one thing we can all agree on it's this, LIFE IS TOO SHORT! It's too short to be stressed out by work. The good news is you don't have to be. Work stops feeling like work when you start having fun doing it.

Do you remember those long summer days when you used to go out at 7am and stay out until 9pm? Your mom would call you in because it was getting dark and you sat there thinking to yourself "how did the day go so fast, I wish this day could last forever." That's what I feel when I'm having a good time while working.

I'm sure by now you've noticed those pictures of the two, supposed, grown men playing on the blow up Shamu. One is me and other is a client I was showing houses to today. We saw 10 houses in Davenport, FL in one day. It was a long day, but it didn't feel like it. We walked into a garage and that thing was just sitting there waiting to be played with. I looked over at my client and said "I have to take a picture of you on that!". He laughed and then agreed.

Enjoy your workSo we took these pictures and laughed for a half hour. He and his wife thought it was great. His wife said afterwards that boys never grow up. I agree, and I think they shouldn't. I'll admit that this is a regular client who has bought houses with me before so we have a good history. But the point remains, we had fun while we were working and the day ended up being a great one.

We found a good house and we're making an offer. Life is too short to sweat the small stuff. Remember, if you're not loving life you're not living. Have a great day everyone!

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Monday, June 6, 2011

Can You Sell Real Estate In Shorts And Flip Flops?

Professionalism in real estateHow do you define professional? Is it what title you have behind your name? Is it what company you work for? Is it how your email address comes across? Is it what you drive? How about what you wear? Or is it a combination of those things?

If you answered yes to any of those questions, I hate to tell you this, but you're wrong. Big time, dead wrong! Professionalism is an action. It's a way of doing business and doing it properly. It's about doing the things that will create lasting success in any walk of life.

No matter how well you are dressed, if you don't answer your emails in a timely manner, the client will not think of you as a professional. If you don't return phone calls for days on end...your beautiful BMW won't mean anything to the potential clients you lost. Like I said, professionalism is in how you act.

Do you treat your clients respectfully and show up on time to appointments. I'm sure you think your time is money. Well guess what, your clients think their time is money. Be on time.

I'd bet a million dollars I could sell real estate in shorts and flip flops. I don't, but I could. Although I have the added bonus of being in Central Florida, so I wouldn't exactly look out of place. But you get my point. I can show up driving and wearing anything I want and still do my job well.

I will have answered their call or email, I'll show up on time, I'll be prepared, I'll be well educated about the issues that might come up during our meeting, and I'll be sincere when I give them the best advice I can. That is professionalism and that is the standard you should be measuring yourself against. Another one of Nate's bright ideas.....

Image courtesy of wharman at Flickr

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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