Real Estate Information, Corvallis Oregon Real Estate, Sue Long's Blog

Mark Willis, CEO, announced during his state of the company address that Keller Williams is ranked highest by J.D. Powers and Associates for highest overall satisfaction among home buyers for two years in a row! This is proof positive that Keller Williams continues to outperform the industry.

“Keller Williams is rising to No.1! The longer the downturn lasts, the stronger Keller Williams emerges. Year to date, NAR’s membership has dropped by about 10 percent, while Keller Williams agent count has increased by 2 percent,” said Willis.

Why is it Keller Williams continues to power ahead in gaining its “unfair share of the market?” States Willis, “Unified training, unified leaders, a unified culture, and a unified economic model.”

A new bill was just passed!

Not only has the first time buyer $8,000 tax credit extended, but to keep the market moving along with homeowners today, the government is now giving a tax credit to folks who have owned and lived in their current home for 5 of the past 8 years and would like to move and buy something different.  You don't need to be buying something more expensive as rumors indicated.  It needs to be a purchase that has a confirmed and accepted offer by April 30 2010 and closing anytime between Nov 7th, 2009 and June 30,2010.  If you are in process with a transaction now that started before the 7th of November, that works too.  The tax credit for present homeowners is up to $6500.  Remember that to qualify for either tax credit, you must have an accepted offer by April 30,2010.

for more info go to:

www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit         

Flu verses Cold

Difference between Cold and Swine Flu Symptoms

 
 
RECOGNIZE SWINE FLU SYMPTOMS! DEFEND YOURSELF

High Risk Groups
·         Children below 5 years  
·         Senior persons above 65 years
·         HIV infected persons
·         Diabetic patients
·         Pregnant Women
·         Lung & Heart patients
·         Obese persons
Warning signs for children
§         Troubled or abnormal breathing
§         Bluish skin color
§         Lessened intake of water/fluids
§         Extended sleep or lack of interaction
§         Irritable
§         Fever with rash
§         Flu-like symptoms recede, but return with fever and worsened cough
Warning signs for adults
·         Difficulty in breathing or shortness of breath
·         Pain/pressure in chest/abdomen
·         Sudden dizziness
·         Confusion
·         Severe or persistent vomiting
ü        Seasonal flu vaccines or past immunizations DO NOT provide protection against the H1N1 virus
ü     Please visit a qualified physician if you suspect Swine Flu symptoms. Avoid self-treatment

* Persons infected with the H1N1 virus may be able to pass it on 1 day before symptoms develop and up to 7 days after infection

… TAKE CARE FRIENDS !!!  Please pass this info to others!!!...… 

The U.S. been an attractive market to international investors and is attracting many from afar to come here and pour billions of dollars into our real estate.  Foreign investors  tend to see the United States as a “Plan B.” Any country that has an unstable political or economic situation tends to look at the United States as a very favorable place to invest funds, especially since the returns that they've seen here over the past more several decades have been outperforming their country. Plus, their concern is always what happens if we have a new president or our economy collapses, which happens quite regularly, especially in Eastern Europe or in some of the South American countries. So, while we are dealing with what we think is spreading incivility right now, international investors maybe scoff at that and say, “let's go, you have a real estate market here that makes a lot of sense, why don't we start looking at some of these opportunities that we are hearing about?”

That is the other side of the coin. Today we have a market that's been created out of a bubble that has burst and many foreign investors see an opportunity that they haven't seen in the United States in the last 15 or 20 years. They look at our real estate market as a fantastic opportunity. Whereas before foreign residents were looking at the United States as more of an opportunity to have just a second home and own a residence in a major metropolitan area, today they are looking at investment opportunities, they are looking at commercial properties, malls, or anything they see as value.

It’s all in the perspective!  Call for some good investment opportunities.

Local Economist, Ayca Koru states:

"The Feds did not increase the rates yesterday, they’ll keep it low for a while (not for long though). Nevertheless, they will start reducing their support in mortgage backed securities immediately, which is expected to increase the mortgage costs for private lenders. In short, rational buyers will not linger expecting higher interest rates and mortgage costs".

If you are lingering, don't wait much longer.  You can buy 10% less home with each 1% rise in interest rate in the $250,000 range.  That means your payment will be the same but now you only can buy a $225,000 home.  This is important to buyers as well as investors. 

Realtors are known for orchestrating transactions between sellers and buyers.  That is now becoming even more important as the lending/appraisal world has gotten so dicey.  In Oregon, nearly 25% of transactions are falling through for one of many reasons.  Real estate agents now spend twice the time at keeping transactions together as two years ago here in the Willamette Valley.  I thought it would be interesting to see a list of all the activiities that full service Realtors do in the course of helping buyers and sellers.  Not all are done for every transaction and certainly a real estate agent is not paid for any of this unless the transaction is closed, which is nearly ever controlled by the agent. The difference between a real estate agent and a Realtor is that Realtors take an oath to uphole high ethical standards.  Make sure your agent is a Realtor!

Check out this list:

Pre-Listing Activities
1 Make appointment with seller for listing presentation
2 Send seller a written or e-mail confirmation of listing appointment and call to confirm
3 Review pre-appointment questions
4 Research all comparable currently listed properties
5 Research sales activity for past 18 months from MLS and public records databases
6 Research "Average Days on Market" for this property of this type, price range and location
7 Download and review property tax roll information
8 Prepare "Comparable Market Analysis" (CMA) to establish fair market value
9 Obtain copy of subdivision plat/complex lay-out
10 Research property's ownership & deed type
11 Research property's public record information for lot size & dimensions
12 Research and verify legal description
13 Research property's land use coding and deed restrictions
14 Research property's current use and zoning
15 Verify legal names of owner(s) in county's public property records
16 Prepare listing presentation package with above materials
17 Perform exterior "Curb Appeal Assessment" of subject property
18 Compile and assemble formal file on property
19 Confirm current public schools and explain impact of schools on market value
20 Review listing appointment checklist to ensure all steps and actions have been completed
Listing Appointment Presentation
21 Give seller an overview of current market conditions and projections
22 Review agent's and company's credentials and accomplishments in the market
23 Present company's profile and position or "niche" in the marketplace
24 Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
25 Offer pricing strategy based on professional judgment and interpretation of current market conditions
26 Discuss Goals With Seller To Market Effectively
27 Explain market power and benefits of Multiple Listing Service
28 Explain market power of web marketing, IDX and REALTOR.com
29 Explain the work the brokerage and agent do "behind the scenes" and agent's availability on
weekends
30 Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity
seekers
31 Present and discuss strategic master marketing plan
32 Explain different agency relationships and determine seller's preference
33 Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature
Once Property is Under Listing Agreement
34 Review current title information
35 Measure overall and heated square footage
36 Measure interior room sizes
37 Confirm lot size via owner's copy of certified survey, if available
38 Note any and all unrecorded property lines, agreements, easements
39 Obtain house plans, if applicable and available
40 Review house plans and make copy
41 Order plat map for retention in property's listing file
42 Prepare showing instructions for buyers' agents and agree on showing time window with seller
43 Obtain current mortgage loan(s) information: companies and & loan account numbers
44 Verify current loan information with lender(s)
45 Check assumability of loan(s) and any special requirements
46 Discuss possible buyer financing alternatives and options with seller
47 Review current appraisal if available
48 Identify Home Owner Association manager if applicable
49 Verify Home Owner Association Fees with manager - mandatory or optional and current annual fee
50 Order copy of Homeowner Association bylaws, if applicable
51 Research electricity availability and supplier's name and phone number
52 Calculate average utility usage from last 12 months of bills
53 Research and verify city sewer/septic tank system
54 Water System: Calculate average water fees or rates from last 12 months of bills )
55 Well Water: Confirm well status, depth and output from Well Report
56 Natural Gas: Research/verify availability and supplier's name and phone number
57 Verify security system, current term of service and whether owned or leased
58 Verify if seller has transferable Termite Bond
59 Ascertain need for lead-based paint disclosure
60 Prepare detailed list of property amenities and assess market impact
61 Prepare detailed list of property's "Inclusions & Conveyances with Sale"
62 Compile list of completed repairs and maintenance items
63 Send "Vacancy Checklist" to seller if property is vacant
64 Explain benefits of Home Owner Warranty to seller
65 Assist sellers with completion and submission of Home Owner Warranty Application
66 When received, place Home Owner Warranty in property file for conveyance at time of sale
67 Have extra key made for lockbox
68 Verify if property has rental units involved. And if so:
69 􀂃 Make copies of all leases for retention in listing file
70 􀂃 Verify all rents & deposits
71 􀂃 Inform tenants of listing and discuss how showings will be handled
72 Arrange for installation of yard sign
73 Assist seller with completion of Seller's Disclosure form
74 "New Listing Checklist" Completed
75 Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
76 Review results of Interior Décor Assessment and suggest changes to shorten time on market
77 Load listing into transaction management software program
Entering Property in Multiple Listing Service Database
78 Prepare MLS Profile Sheet -- Agents is responsible for "quality control" and accuracy of listing data
79 Enter property data from Profile Sheet into MLS Listing Database
80 Proofread MLS database listing for accuracy - including proper placement in mapping function
81 Add property to company's Active Listings list
82 Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48
hours
83 Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic
photography
Marketing The Listing
84 Create print and Internet ads with seller's input
85 Coordinate showings with owners, tenants, and other Realtors®. Return all calls - weekends
included
86 Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
87 Prepare mailing and contact list
88 Generate mail-merge letters to contact list
89 Order “Just Listed” labels & reports
90 Prepare flyers & feedback faxes
91 Review comparable MLS listings regularly to ensure property remains competitive in price, terms,
conditions and availability
92 Prepare property marketing brochure for seller's review
93 Arrange for printing or copying of supply of marketing brochures or fliers
94 Place marketing brochures in all company agent mail boxes
95 Upload listing to company and agent Internet site, if applicable
96 Mail Out "Just Listed" notice to all neighborhood residents
97 Advise Network Referral Program of listing
98 Provide marketing data to buyers coming through international relocation networks
99 Provide marketing data to buyers coming from referral network
100 Provide "Special Feature" cards for marketing, if applicable
101 Submit ads to company's participating Internet real estate sites
102 Price changes conveyed promptly to all Internet groups
103 Reprint/supply brochures promptly as needed
104 Loan information reviewed and updated in MLS as required
105 Feedback e-mails/faxes sent to buyers' agents after showings
106 Review weekly Market Study
107 Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
108 Place regular weekly update calls to seller to discuss marketing & pricing
109 Promptly enter price changes in MLS listing database
The Offer and Contract
109 Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
110 Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
111 Counsel seller on offers. Explain merits and weakness of each component of each offer
112 Contact buyers' agents to review buyer's qualifications and discuss offer
113 Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible
114 Confirm buyer is pre-qualified by calling Loan Officer
115 Obtain pre-qualification letter on buyer from Loan Officer
116 Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date
117 Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
118 Fax copies of contract and all addendums to closing attorney or title company
119 When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
120 Record and promptly deposit buyer's earnest money in escrow account.
121 Disseminate "Under-Contract Showing Restrictions" as seller requests
122 Deliver copies of fully signed Offer to Purchase contract to seller
123 Fax/deliver copies of Offer to Purchase contract to Selling Agent
133 Fax copies of Offer to Purchase contract to lender
124 Provide copies of signed Offer to Purchase contract for office file
125 Advise seller in handling additional offers to purchase submitted between contract and closing
126 Change status in MLS to "Sale Pending"
127 Update transaction management program to show "Sale Pending"
128 Review buyer's credit report results -- Advise seller of worst and best case scenarios
129 Provide credit report information to seller if property will be seller-financed
130 Assist buyer with obtaining financing, if applicable and follow-up as necessary
131 Coordinate with lender on Discount Points being locked in with dates
132 Deliver unrecorded property information to buyer
133 Order septic system inspection, if applicable
134 Receive and review septic system report and assess any possible impact on sale
135 Deliver copy of septic system inspection report lender & buyer
136 Deliver Well Flow Test Report copies to lender & buyer and property listing file
137 Verify termite inspection ordered
138 Verify mold inspection ordered, if required
Tracking the Loan Process
139 Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
140 Follow Loan Processing Through To The Underwriter
141 Add lender and other vendors to transaction management program so agents, buyer and seller can
track progress of sale
142 Contact lender weekly to ensure processing is on track
143 Relay final approval of buyer's loan application to seller
Home Inspection
144 Coordinate buyer's professional home inspection with seller
145 Review home inspector's report
146 Enter completion into transaction management tracking software program
147 Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract
148 Ensure seller's compliance with Home Inspection Clause requirements
149 Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform
any required repairs
150 Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed
The Appraisal
151 Schedule Appraisal
154 Provide comparable sales used in market pricing to Appraiser
152 Follow-Up On Appraisal
151 Enter completion into transaction management program
153 Assist seller in questioning appraisal report if it seems too low
Closing Preparations and Duties
154 Contract Is Signed By All Parties
155 Coordinate closing process with buyer's agent and lender
156 Update closing forms & files
157 Ensure all parties have all forms and information needed to close the sale
158 Select location where closing will be held
159 Confirm closing date and time and notify all parties
160 Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death
Certificates
161 Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
172 Research all tax, HOA, utility and other applicable prorations
162 Request final closing figures from closing agent (attorney or title company)
163 Receive & carefully review closing figures to ensure accuracy of preparation
164 Forward verified closing figures to buyer's agent
165 Request copy of closing documents from closing agent
166 Confirm buyer and buyer's agent have received title insurance commitment
167 Provide "Home Owners Warranty" for availability at closing
168 Review all closing documents carefully for errors
169 Forward closing documents to absentee seller as requested
170 Review documents with closing agent (attorney)
171 Provide earnest money deposit check from escrow account to closing agent
173 Coordinate this closing with seller's next purchase and resolve any timing problems
174 Have a "no surprises" closing so that seller receives a net proceeds check at closing
175 Refer sellers to one of the best agents at their destination, if applicable
176 Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers, etc.
177 Close out listing in transaction management program
Follow Up After Closing
178 Answer questions about filing claims with Home Owner Warranty company if requested
179 Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
180 Respond to any follow-on calls and provide any additional information required from office files.

Here are some important pieces of info about people you are with that you should recognize:

Attraction between two people:

1) They position themselves to block others out of their conversation

2)They will often preen themselves while talking: brush back hair, lick lips, smooth clothes, twirl hair, or play with ear lobe

Confident Person:

1) Makes eye contact

2) smiles often

3) nods in understanding

4) Sit with palms open and shoulders square

5) Keep their hands away from their face

Bored Person:

1) Glance at door, watch, etc while spoken to

2) Yawns, stares, fidgets, and slouches are other signs

Person Lying about Something:

1) They continuously rub their nose while you are talking to them

2) Lack of eye contact, sweating, chewing the inside of the mouth, excessive hand movements

3)Speaking faster or slower than normal

You might be able to use these insights to help in your relationships

Rising Interest Rates Coming Soon to our Neighborhoods?

With the potential for inflation looming on the horizon, banks will react to inflation by charging more in interest so that it offsets the cheap dollars they will get to pay off the mortgages.  It is time to buy if you are even remotely thinking about it.

The goal in inflationary times is to have hard assets, not cash sitting around as it will become less and less valuable.

Call me to look at some good investments.

In the past month, we have seen a sudden increase in the purchase of farm properties in the Willamette Valley.  There may be several  reasons:

• Fear of interest rates rising in the future
• Following the trend toward sustainability
• Desire for locally produced products
• Place to invest large amounts of money to diversify from the stock market

If you are thinking about selling your farm property, give me a call.  As an owner of a grass seed and alpaca farm, I have some knowledge of the values and potential.

 It seems like each time we turn around, more changes face borrowers looking for home loans.  The latest difference to our home loan process is part of the Mortgage Disclosure Improvement Act (MDIA) of 2008.  It could delay closing a few days if significant changes are made on the amount of the loan APR (effective interest rate after considering all the costs associated with the loan)at the last minute.  There is a new 3 day waiting period from the time the Truth In lending Good Faith Estimate is given to the borrower when changed significantly until a loan can be closed.  If both parties agree to change the price due to repairs, possession, or if the loan packet is no longer available at the last minute due to underwriters tightening loan requirements, buyers could be subject to the waiting period.  Buyers beware!