A day in the real estate office

August 1, 2008

Can you believe that it is already August of 2008? Where does the time go?

Happy Birthday to Julie Johnson

Please everyone remember that we desparately need title insurance to pay expenses. Please make every effort to get your buyer to use one of our attorneys.

Congratulations to Susan Bryant---- earned the $50 reward for setting up a recruit appointment --- today, I met with Joan Weldon, an experienced agent from Atlanta, who has moved here. She is terrific --- hopefully she will come with us --- she has to take the state portion of the exam.

Re: Liza's idea of owner held 2nd mortgage to sell a listing, Kevin Breeland, Manager of Residential Mortgage of SC, wrote:
"Liza's idea on the full price offer and seller carryback is a good one but something that needs to be kept in mind. All lenders have Loan to Value limits and Combined Loan to Value Limits. This is whether it is a conforming or non-conforming(Jumbo) loan and they are almost exactly the same with every investor. What that means is the combined loan to value of 95% may not be allowed at that total loan amount.....so it is very important the Becky or Bill get the opportunity to check that while we are qualifying the customer etc...... We also have the ablility to do First and Seconds so the Seller may not need to carryback a second."
I agree with Kevin that one needs to be careful in advertising this --- you need to check with our in house loan officers, Bill Knight or Becky Hayward, to be sure that there will be a source for the buyer to obtain a loan with the seller holding a 2nd.
Liza's idea is that this way, the seller can get full price for their property. If they obtain a 2nd elsewhere, the seller will still probably have to come off of the price of the home in order to sell.
Obviously, this won't work for all of your listings, but maybe the answer for some.
Re:Liza's idea of owner holding a 2nd,
Susan Klavohn Bryant writes:
"There is an agent I know well who had a situation where the seller was willing to take back a second mortgage for 20% of the purchase price, but the lender still required the buyer to come up with 10% of the buyer's own money for the downpayment. Of course every case is probably different, but things are changing so quickly regarding lending requirements I'm not really sure what to tell buyers and sellers these days." You really need to talk with Bill and Becky on a regualr basis to be sure that your seller 2nd will work.

RE: closing of Betty Pigott (handled by Deepa Patel) and Rob Concannon did happen. Yeah!!!!!!!!! Deepa and Rob did a great job handling the difficult situation.

Re: Eric Vaughn and Susie Garvin closing that I spoke of a couple of days ago acutally did close and no one had to buy a new chandelier --- the buyer decided that it did not look so bad after all. Eric had the buyer and did an excellent job of handling him. Eric said he had only shown this guy houses for 1.5 years --- Congratulations Eric. Susie got paid because she had a listing and did an outstanding job.

Re: Lennie Woods' closing that was falling apart at First Federal. Lennie wrote that the buyer had found a relative who is giving him a gift of 5% so that they could go ahead and close at First Federal. Yeah!!!!!!!! Remember guys that Residential Mortgage of SC can do a 95% loan to values and 90% also....depending on the sales price the property and borrower may possibly be able to do FHA... Becky Hayward & Bill Knight are here to assist your buyers.

Shaun Richburg, Manning agent, has a situation where a Buyer's agent from Charleston sold one of his listings. Then, after due diligence, the buyer decided not to proceed. The buyer wants his earnest money back --- unfortunately, the seller will not sign the release for buyer to get earnest money of $5,000. The buyer's agent has been extremely rude and ugly --- there is no reason for such behavior among real estate professionals. The buyer's agent actually called me and told me that "you are the broker-in-charge, so you need to take charge and run your office and make your agent get the seller to sign giving the buyer the money" --- now, can you guess my reaction to such demands? Yes, you are right --- she pushed my button and I ended up hanging up on her. You know that I don't like other agents calling my agents names or accusing my agents of not handling thier business. I will back my agents --- of course, unless you are wrong and then I will be the one to tell you that (in a nice way). Of course, what has to be done in this situation is that either the buyer or seller should go to small claims court.

Alert: Eileen West writes regarding Park West has 3 regime fees:
"Hi Liz, It has come to my attention that the Park West regime fee(s) have been increased considerably since they bought their house. It was a surprise to me that there are 3 regimes (at least) in the Park West community. The highest cost regime is for the common pool and tennis courts on the main drive, then the individual communities and then another for the common areas. Recently, a letter went out about using ID's and guess passes at the pool--limiting guests to 10 per season---------- Just wanted you to know that I was un aware of the different regimes and how they worked within Park West Subdivision. Other agents might want to avoid giving only one set of "covenants and restrictions". I looked on line at other listings.........and the regimes listed are all different. The new townhomes have a high monthly regime $378 (I think) and it "says" no yearly regime.......I don't think so.......! So agent beware.........there are hidden agendas (regimes) everywhere." Eileen
Thanks Eileen for the update ---- I'm sure there are agents who did not know this.

Yesterday, Joette Wielicki of the Manning office, called and asked me about the new law that has just been passed. For Joette and everyone else, here is the
Housing and Economic Recovery Act of 2008
http://www.house.gov/apps/list/press/financialsvcs_dem/hr3221_bill_text.pdf


In the office today at Johnnie Dodds: Neil Schneider (barefoot and in shorts), Eric Elkin (brought watermellon for everyone - thanks Eric), Thomas Horvath, Currie McCullough ( who just got a full price offer on her listing), Lane Baker, Joe Eddleman, Kay Kennerty (KK had a tough decision to make- whether to go to Martha's Vineyard for the weekend as planned or stay here for 2 clients who have decided to surface -- each of these clients could mean $25 - $30,000 to KK--guess what she decided? You are correct - she cancelled her trip), Tim Rogers (who was asking why he is not getting $100 credits on his ledger for his mentees ---- remember, you only get the credits once the mentee actually pays his or her desk fee - this began July 1, 2008), Eric Vaughn and Susie Garvin who were turning in a closing, Ed Ball who turns 80 on 8/8/08 --- remember his birthday party next Wednesday --, Susan Bryant, Sandy Nettles, Jim Raih (in his bright yellow/green shirt), Aimee Baker, & Clara Hahn.

Our Sumter office is growing and is doing really well. Kim Peasley-Parker and Kathy Farley are tearing it up ---- Keep up the good work!!!!!!

Yeah!!!!! Eric Vaughn, Susie Garvin, Susan Aviles, and Deepa Patel has closings today.

Yeah!!!!! Joe Eddleman turned in a contract today.

Remember, we need Title Insurance to pay bills ---- profits from mortgage, home warranty and Allstate are awesome, but we don't get that money monthly --- title, we do.

Have a great weekend!!!!!!!
Liz Loadholt