Escrow in progress will close Oct. 16!

Alright! finally got an escrow in.

Weekly Results

This week ended in little victory and a lot of headaches. My L.A. buyers are so sweet. Although very determined they are a little crazy. Not entirely, them per say. The lender of their choice, YES!

There lender instructed their appraiser to do an appraisal for a property we wrote an offer for. Which is strange because there was no was no accepted offer to perform and to issue an appraisal. My buyers are upset and got mad at me because of there lender, who has proof that he called me 19 times. I spoke with my broker/manager about the problem. Therefore, I wrote the lenders a letter stating that neither the buyers or I are liable for the cost of the appraisal done.

I have a co-worker at the office who is real estate agent and a former appraiser who said, that the appraiser can lose his appraisal license under federal law if he conducts an appraisal without the written accepted offer. Insane! So this is purely stupid in my eyes and honestly a waste of my precious time.

After all this drama. I checked my email earlier this afternoon, and found out that I did not get my offer accepted for my L.A. buyers. We submitted our offer, which was highest and best and did not get anything. Someone submitted an offer stronger! I was a little bit bummed. But its ok because if the other offers falls out they will keep us for back up.

So tomorrow morning, I will show some property all over Los Angeles again. I'm excited to do it. I hope we get some offers in. I'll have my comps ready, offers ready and make it work!

Disloyalty

I had a rather upsetting day here at the office.

First, and foremost I did something a business professional should never do! I slept in and couldn't get out of bed all day today. I'm not sure if I'm slightly over worked by my two jobs. Real Estate and Shiseido.

Well, anyway... to cut to the chase, one of my clients, whom I have been showing property on and off for almost 3 months called me and told me that he is going with another agent. A listing agent. Ugh. Its the worst feeling. I can handle other real estate disappointments but nothing like this. This is strike two. I feel like quitting.

I don't think I can do this job. Its getting harder and harder. Right now I have this massive headache and I just feeling like being depressed all over again. I just got over my depression. Now its starting to come back. I need a vacation. I really do!

I hope to have the strength to conquer all challenges this career may give me. I also received a horrible message just a few hours ago. It was from a blocked call of course. That said I was a !@#$%^&&* Yes! I couldn't believe it. Now I don't feel safe all over again. I hope this month ends better.

Counter offer for 1031 W. 68th St. Los Angeles

I got a text message for a counter offer emailed to me last night. I'm very pleased, however I promise not to get overly excited or have super high expectations. The counter was reasonable and fair. They only went up 5k. We offered 20k less than the asking price. So I did well. I helped my clients save money! Praise the Lord.

As far as an update on my overall business it sure is coming all. I've gotten a lot of leads this whole weekend since Thursday. I guess my ads worked!

I got a call from an investor. He seems like a very serious investor. However, I'm not quite sure what he wants and what I should look for. I've sent him my preferred auctions list he seemed quite pleased and maybe even impressed with my knowledge and connections. *sigh* I love my office. Thanks to my office at Century 21 Results, the staff and management team always provide all of their resources. Which reminds me to send the auction information to an investor I have in Rancho Palos Verdes. (Retired Cop)

I got another call from a guy, who seemed younger. Like late 20s or early 30s. He mentioned he had 25% down payment! Whoooo hooo! I'm very happy about that. He wants a duplex in the nicer parts or cities of Los Angeles county. By the way, I facebooked him. He left me a voicemail about not recieving my emails and left me an alternative email and it was for the spearmint rhino club. I facebooked his personal email and wow! He's gorgeous! Looks like he could have been a model and now manages the club. I'm looking forward to meeting him soon and really get him a good deal.

Next, spoke with a young lady who is a social worker and her husband who is an attorney. Young kids! They are in there late 20s. Want a house west of the 210 freeway. They responded to my ads. They may take a while cuz they don't want a shortsale. I totally want to help them. The are approved for 450k FHA buyer!

Then just got a bunch of calls on homes that I need to follow up with asap. Some in my San Pedro ads, Diamond Bar ads, and tito Herm also sent me referral.

So the journey continues! I will have 10 deals by the end of this year.

Praise God!

Transaction Coordinator

While at the office for a brief moment, my boss called me over to discuss an opportunity for me.
He offered to make me the office transaction coordinator.

At first I was hesitant on the idea, then had time to think about it. Soon after that, I emailed him and asked him if the offer was still good. I need the money. I'm a starving agent and need to close deals. Plus the experience will be soo good for me.

Also, I had a few calls from my ads! Yay! Got in contact with an investor, and looks like another buyer and also another investor.

Wish me luck!
I need to expand my business and make more money. Tomorrow I will start cold calling.

Craigs List

I've made about 20 craigslist ads in that last two days. I'm so proud of myself.

I usually get pretty good leads out of the ads that I make. I have two existing clients from my craigslist ads. So great!

I took advantage of the opportunity when a marketing expert named Todd Bates came into our weekly office meeting. (which I really need to start attending to on a regular basis) He said every agent needs to have about 10 or more marketing systems.

What are my 10 or more marketing systems?
1. Craigslist
2.Referrals/Sphere of Influence
3.Cold Call
4.Personal Marketer (Tito Hermenino)
5.Open House (will start next month)
6.Facebook/Twitter
7.Farm
8. Email Drip
9.Blog
10.Website

I'll try those. I get so caught up. But prospecting is how to stay and make money in this business.
Wish me luck

This market is tougher than I thought......

Home Front: Competition frustrates first-time buyer

Buzz up!

By Jim Wasserman
jwasserman@sacbee.com

Published: Friday, Aug. 7, 2009 - 12:00 am | Page 1B

Laurel Bane, 28, is a working professional with a down payment in hand. Hunting for her first home in Natomas, she's made six offers since March. And she's lost every house.

"It's been a bidding-war hell," Bane said. "I increased my offer by $12,000 on one, and I still lost out. I was $13,000 over asking price on another and still didn't get it."

Welcome to the punishment being inflicted this summer on first-time buyers. Considered saviors of the region's real estate economy, thousands like Bane are trudging through minefields where their homebuying dreams are repeatedly blown up.

That's because at the lower end of the price scale there are far more potential buyers than homes for sale.

"You make an offer and there's already 30 (ahead of you). And four are cash. I've had clients cry," said Larry Henderson, an agent with Prudential Norcal Realty in Carmichael. "It's a great time to buy a house because of the interest rates and the pricing. The problem is getting an offer accepted," he said.

Horror stories increasingly abound across a Sacramento housing market dominated by repos and short sales.

Home Front is hearing from buyers who expected it to be easy but are being outbid by investors. When they do offer more than investors, the bank often takes the lower bid because it's cash.

Others say offers are made without getting any response.

The only way to compete is to bid well above the listing price. But when appraisals come in below the offer, the deal is killed.

The alternative is short sales, in which banks take less than owed to avoid the higher costs of foreclosures, but they can take months to complete.

Another snag: Home sales increasingly involve "flippers," said Henderson, referring to investors who buy properties that they try to quickly resell for a profit.

But if the so-called flipper hasn't held the home for at least 90 days, the first-time buyer can't get a Federal Housing Administration loan, which requires only 3.5 percent down.

"Minefield? That's an understatement," said Henderson.

For Bane, who's looking for a house below $200,000, it's not been easy.

"I'm just looking for a small, manageable house for myself and one roommate. Yet everything I find is sold within the day," said Bane, a facilities business coordinator at Rancho Cordova-based Vision Service Plan. "We'll write an offer and submit it, and then find it was already sold."

Bane had expected she'd be moved into her first home by now. With the federal Nov. 30 deadline for an $8,000 first-time buyer tax credit approaching, she's fretting.

What's roughing up buyers like Bane is a shortage of bank repos – and an unwillingness of most private homeowners to sell at today's prices. For reasons that aren't fully understood, banks have held thousands of repos off the market. The result is bidding wars, especially for homes listed below $200,000.

"I really feel for first-time buyers right now," said Bruce Hammer, associate broker and agent with Keller Williams in Sacramento.

"Usually, within 24 hours, I have multiple offers coming in," said Hammer, who lists repo properties for banks and asset managers. "I almost dread it. My phone rings off the hook with people asking if (the house) is still available."

With defaults and foreclosures back on the rise regionally, Hammer believes a "substantial" new supply of repos may hit the market next month.

"I am hoping that's true because right now, I'm telling you, it's tough on buyers."

In Rocklin, would-be buyer Karin DeFoe said she's just had her fourth offer fall apart. DeFoe, house hunting for her college-age son, said, "We haven't had any luck."

Last month, she told Home Front she's lost offers on three houses to cash investors. All made lower bids than hers.

"All the repos are priced real low to start bidding wars," she complained.

To Bane, it's just plain frustrating.

"We'll go into houses and people are there before us, and people are there after us," she said. "Every house we look at has lines of buyers."

Mortgage protection, anyone?

Elsewhere on the first-time buyer front: The California Association of Realtors says only 385 applications have been approved for its program to help first-timers pay the mortgage if they lose their jobs. Of those, 14 are from Sacramento, Elk Grove and Folsom.

The association is looking for lots more applicants.

"We thought we'd have five or six times that many," said Jim Liptak, CAR president.

The CAR "mortgage protection" program announced in April contributes up to $1,500 a month for six months to first-time buyers who've lost their jobs. It's free and scheduled to run through the end of 2009.

Liptak says 2009 buyers should ask their real estate agents about the program, which is funded by contributions from real estate agents and associations in California and nationally. Approval takes two to three weeks.

In a state where unemployment has hit 11.6 percent, similar deals have been rolled out by home builders and car dealers.

CAR says it has enough funds to cover $1.4 million in mortgage payments for jobless Californians who bought homes between April and December this year. So far, says Liptak, the payments haven't been needed.

I just wrote up two offers both are over asking price. I pray that I get one accepted. The one in corona preferably.

Photos for my client

I have this client that I found from one of my craig's list ads. She is a first time home buyer, wants to buy in Lakewood and is pre-approved for $350k. To be brutally honest, she is my client with the highest pre-approved amount. But the least motivated. She wants to buy a home, but the desire is not there or in other words the desperation is not there. Unlike some of my other buyers.

She doesn't want to make offers on any properties that already have offers. In a way I understand her. But in a way, she should at least try to make offers when I advise as her agent. It took a few articles for to finally accept that in this southern California market there almost any property is on a multiple offer disclosure, especially all homes in the 200k-350k price range.

My client couldn't make it out to see the house I advised her to see the property but she couldn't make it. I went to look for her and offered to take extra pictures for her to view when she gets to her computer.

19938 Corby Ave. Lakewood, CA 90715 Priced $319,900








Basic info: 1,445 Sq. Ft., 6,450 lot size, built in 1956, and offers 3 bedrooms and 2 bathroom, huge living room, new paint, wood paneling floors, and attached two car garage.




Front yard near drive way.







Back yard with some sort of patio or out door bar/cantina.







Here is an old mildewy hot tub! included with the purchase price.







Homes includes brand-new stove. Perfect for an FHA buyer.







Huge living room.









Bathrooms. The bathrooms were alright. Sorta dirty. What do you expect?









Front of house and side view of the front.

Buyer's Showing appointment in Los Angeles

I scheduled an appointment to show a few homes in the Los Angeles area for some clients. Today's inventory included four properties. All bank owned. ;)

I don't show any more shortsales at this current time because everybody is going crazy trying to buy a house for the federal tax credit. And shortsales drive me crazy! Its a good deal if you can close the sale on time.

Some agents in the Century 21 Results office in Lakewood where I work are currently in escrow for shortsales and is taking a long time, one sale has been in escrow for 11 months.

First property viewed was just a few feet south of the 10 freeway in Los Angeles. Address 3662 City Terrace Drive Los Angeles, CA 90063 priced @ $210k.

This property was cute! Had a townhouse style to it. Very close to the freeway. You can hear the ongoing traffic. Small lot but cute two story house. I thought it looked great for an REO. Out of the list it was the best value. The reminded me of San Fransisco just missing the hill. The only thing about this house is that it needs new carpet and maybe new paint. That's it!



Second property viewed was located at 5000 8th Ave. Los Angeles, CA 90043. Priced @ $244,100. Sqft. 2,051 lot size 6,480

This property is a total fixer!!! The only reason why it is priced significantly higher is because of the square footage of the lot. I wished the agent addressed it in the agent remarks on the mls.
There is great potential but too much work is needed. If I was an investor I would possibly invest in it. The area was average. I was wondering why this one had no offers. Had a fireplace that turned to be a large hole in the house which was patched up with a ton of newspapers. Ideal for investors with cash, someone can fix the sucker up and sell it. I also recommend someone to buy this with a hard money loan, cash or conventional. And fix it up and sell it. It has flipping potential.

3rd property shown in my favorite! 9625 La Salle Ave. Los Angeles, CA 90047 priced @ $232,500.
9625 La Salle Ave. is a house full of charm!!! My clients made so many jokes about this property. I've never laughed so hard showing property in my life. The house is located in a beautiful tree-lined street. Homes in the neighborhood featured very nice well kept manicured lawns and drove above average cars. The house itself just had so much charm. Home featured mirrorred walls, attached and detached casitas added on the original house, "mystery doors" that were nailed shut. It didn't make sense but all in all it was the cheapest house on the best block. I sincerely thought my buyers would beg me to write up an offer for this one because of the location, but felt creeped out by every step further into the property. The more you walk in the more work it required. The guest house in the back was not finished. The attached separate living quarters looked like it needed some work too. The property of the original house overall was good. But my buyers didn't want to take a risk on it.

Lastly, 7222 Elsie St. Los Angeles, CA 90001. Priced @ $169,900.

Homes had some serious vandalism done by some of the local gangsters from the area. Definitely done by kids. The house itself has been vacant for more than a year now. I guess it was a shortsale and then never sold and then it turned into an REO. The banks looked like they put a little bit of work to it. New paint and carpet. The tagers tagged all over the back part of the house. I couldn't even get into the property. The agent gave me the wrong code. We slid in through the gate and went in anyway. The house door was missing door knobs. I guess the neighborhood kids have been hanging out there for some time now.

After the showings, my buyers had to go somewhere. The properties were all bank owned and the best value was City Terrace Dr. I hope I can get my clients into a new home soon!