Part 4-The Marketing, Contract, and Negotiation We have gone through the interview process, we have all the documentation required by mortgage companies, we know the mortgage situations, and if any other types of liens have been filed including tax liens. We now know what we are working with. What's Next? Pricing. How you price a short sale depends on the market. In Las Vegas, pricing is going to be much different than Oklahoma City because Oklahoma City is not doing poorly. Let's take a recent example. The home had been marketed at a $185K price bu the previous Realtor and 5 months later it had not sold. Sure the appraisal could support that but the market does not. We  get it as a short sale and drop it to $165K and within 30 days have a contract. We also factored in the amount of los... 08/17/2009

Part Three-Choosing a Realtor as a Seller This is where I first invoke the Code of Ethics we abide by, that informs us that it is unethical to try to do something when we do not have the expertise to do it. When you are holding someones future credit history in your hands, a short sale is much more than a normal transaction, and it should not be done as on the job training. You would be better off to refer it to an experienced Realtor and get a referral fee, rather than put your potnetial client in jeopardy. Sadly, I see this happen everyday. As many Realtors scramble to find something to have as a transaction, and as short sales become more prevalent, the temptation is to get it the ole college try. If you are a owner in a default position, run like the wind. Let's start with some pote... 08/16/2009

Part 2-What consitutues a Hardship for a homeowner and what is the next step. In Part 1 we went over the reasons why a homeowner should consider a short sale if  they are in default on mortgage payments. In this section we will go over what a mortgage company needs in order to accept the homeowner as a short sale . In many areas of the country where bubble prices have deflated, many people are under the value of their mortgage balance. In Oklahoma City, that has happened in very few cases. A mortgage company is no automatically going to give you a free pass just because you want to walk away from your payments, so let's go over the three most common reasons for a short sale. Job loss or job disruption. So many families have two wage earners to keep up with expense requirements. When one... 08/15/2009

Okay, my 3G cratered, Apple replace in under warranty, I sold it for $99, it was the 16 Gig, so for a 100 bucks I got the new one. It is faster and I like that, and it has a battery life that is much better. I could have used that in San Francisco at Inman. But the feature I love that comes with the phone is the compass. Yes I am a guy and my sense of direction is limited. I think GPS's were made for us so that we didn't have to stop and ask for directions. But the compass is more. If gives longitude and latitude, and can do more. It can show you the google map placement, and give you the satellite view. The other thing I like about this is I can go to homes and landmarks and save the data, to be later put on a Google map, or one of the real estate designed versions like Mueller Maps or... 08/15/2009

Part One-What is a short sale and why do one? Let me first state that Oklahoma City compared to the rest of the nation is doing great. This does not mean that evertything is perfect here in the Heartland. The last seven years has seen easy money, low qualifying credit scores, and the overall national meltdown has not left us unaffected. We have foreclosures and we have short sales. For many this is a devasting loss, but for others, they seem to be unaffected about losing a home. Our team does not care about whether you care or not becasue someday you will care, especially when you try to get any kind of loan. We will attempt to answer all your questions in this series. The first three will be about sellers, the next three will be for buyers, and the last will be for tieing all the lose ... 08/14/2009

I have seen many comments about Twitter here on Active Rain, but the more i do webinars and the more out of state meetings i go to, I have come to realize that Twitter is the next big thing on the web, and it would be good to get into it now. Google has already won the search game so that one is over, but Facebook and Google are going after something more. It is to have the dominate platform of the 21th Century. But before you concede a two horse race, Twitter is moving up fast. I know Facebook has 20% of the world's population, but Twitter has gone up in usage 1298% in less than a year. This is a list of Twitter application sites recommended by Nicole and Reggie Nicolay: Site 1. www.bit.ly.com. This is a great URL shortener site. Site 2. www.tweetlater.com. This allows you to schedule ... 08/14/2009

Deliver Happiness. Okay I spoiled the rest of the blog. Did you ever see two words more powerful than this when you are wanting brand your experience. Zappos has gone through a few mission statements but they have evloved to those two words. That could be the shortest but most effective blog post I could think of especially when we deal in service. But since I have a lot of blank space down below, let me fill in the highlights of the speech given by Alfred Lin, the Chairman, COO, and CFO of Zappos. Point 1. He used a quote from Maya Angelou about service, "People may not remember what you said or did, but they will remember the way you made them feel". Point 2. Decide to do this whatever it is you want to brand and market, and make the decision sooner rather than later. Figure out the v... 08/13/2009

Sometimes you just need some food that is a little different, and I am blessed to be close to 3 Mediterranean food sources. You can always get fast food pumped with chemicals, sugar, or salt and sometimes all three, or you can go to a family owned business that believes that food should be fresh, and spices should be homemade. Mediterranean Imports is just that. It isn't open for dinner but what a lunch If you crave a great Greek Salad they have one. If your taste buds crave Hummus and Falalfel, and Tahini, they got it. Or if you just want a great deli sandwich with quality meats you are in the right place. This place is small so you may have to wait for a table but the wait is worth it. Part of the reason it is a small eating establishment is that half the space is taken up by a Gourme... 08/12/2009

An article today in the L.A. Times has again introduced a novel workout idea. If people are underwater on their homes, and it is predicted that could run as high as 48% of metropolitan areas at some point, if you are not going to do loan mods, then let the owner stay in the house and rent. The cost of a foreclosure is trypically at least double that of a sdhort sale, and even more than a workout. However, some workouts are not possible due to job disruption, medical problems, or divorce. The cost to neighborhoods cannot be measured in dollars alone. The empty homes become targets of vandalism and theft. The cities do not have the money to maintain the yards, so the neighborhood becomes unsightly, and tax reveue potential is further diminished, by homes falling into disrepair, and being ... 08/12/2009

About 15 years ago I bought a home built in 1939 that needed a serious remodel. I was doing an open house one block away and in walked Todd Laine who lived down the street. The home I was in was rehabbed by a flipper, and Todd started showing me all that was done wrong, and it was all true. I asked him if he had time to come to my house and he did. What started with some remodeling jobs turned into a great working relationship and a close friendship thrown in. You see, Todd is one of those anal retentive GC's that won't do it if it is not done right. He would rather turn down the job. I like people like that especially if they are great at what they do. Todd is.No job is too small or too large for him. He has GC'd the construction of his own house, flipped homes he has bought, and done ... 08/11/2009

In another proof as to why property values have not gone down in Oklahoma City, the U.S. Bureau of Economic Analysis has issued statistics showing that from 20076 to 2008, Oklahoma City lead the nation with a personal income growth of 6.9% Five of the six fastest growing metropolitan areas with populations of greater than 1 million were in Oklahoma and Texas. The Bureau cited the strength of oil and gas exploration, and construction contributed to our growth and that of the next three cities of Houston, San Antonio, and Dallas. In the survey of 366 metro areas, the average was 3.3% Tulsa was closs behind with income growth of 6.3%. As well all know, all real estate is local, and not all areas of the country are affected equally. We are grateful for our economic stability which also in t... 08/09/2009

I love to bike. Charlene and i try to do a 15 miler every day possible. We live by a lake that the bike trails are 12 miles around. Being a bike lover who has Italian bikes I own from the 1970's I cherish dealing with people who know what they are doing and Bicycle Alley at 1015 N. Broadway in Oklahoma City, id in the heart of a area just north of downtown called Automobile Alley, a historic area where the orginal car dealerships all located in the early 20th century. The owner Terry Enos, left his executive job to pursue this business which is also his passion, riding quality bikes. Terry treats people the same regardless of their knowledge, and if they need education he is there for them. He also has a generous trade up policy because he knows that people don't necessarily understand ... 08/09/2009

Inman News was just great. Having to miss the January meeting do to pressing health issues, it was a year since I attended. I was impressed about how different this meeting was. The first day in the blogosphere felt like a blogging PHD study compared to earlier meetings. I will write some in depth observations, but I wanted to share some highlights. Number One. Jim Cronin of The Real Estate Tomato did a seminar on WordPress Hacks. Now he did say that is a misnomer since it is an open source platform, so he did share his favorite widgets and plugins. Using an Easter Egg was one of them, or having underlying messages in certain phrases. He was big on My Category order, putting the most important at the top, and in no particular order, All in one SEO, Facebook Connect, and Share This. VFly... 08/08/2009

Charlene and I are big fans of quality foods. We have a dehydrator to do raw foods, eat fresh fish, and love organixc produce. So why do healthy people feed therew dogs kinds of food that as humans we wouldn't touch? The Barking Dog can help you. First, they do all natural dog bones they make. Ingredients like bananas, honey, are used with fish to create a tasty and healthy bone. If your dog has allergies they also have no wheat and corn treats. The salmon-swwt potato treat and the lamb-rice cakes are fit for the finest podles on earth which happen to live with us. Hope the standard is very picky and goes for the salmon, but Henri the toy loves them all, We have a birthday party coming for both this month. Hope will be 7 and Henri 3. We will choose from two diffent birthday cakes, one f... 08/07/2009

I am luck that Avalon Seafood market is just down the street from me. Located at 7712 N. May Ave. in Oklahoma City, I can go down one hour before dinner and get the freshest seafood in town. Last night we got Ahi Tuna for sashimi because we were leaving the next morning and didn't want to cook. In other evening and it might be Escolar, a buttery tasting ivory white tuna, or Marlin, or Yellow tail, or green mussels. We eat lots of seafood, and when they say it is fresh, it is. Avalon also has cooking classes, where small groups get hands on experience, you bring your own bottle of wine or beer if you desire it, then you sit down to enjoy your creations. I always love places that build a sense of community while offering great service, and this is one way they do it. If you want a restaur... 08/03/2009

Two months ago after the death of my mother, we sold the second home I ever lived in up to college. In 1959 my dad was a successful executive, and having a new home built was a prestige, yes I have made it kind of status symbol. It was a stacked stone beauty and for the first time I had a bedroom to my own. But when the house closed I had no sense of nostalgia, nor any sense that the home had a presence in my life anymore. I missed my mother terribly, but that was no our house, 3149 NW 25th, in Oklahoma City was the home of my family, and at closing my thoughts and spirit went back to it. The house I grew up in was a classic 1937 bungalow, with a big front porch, or at least it seemed big by a four years olds standard. The arched ceilings, Palladium style windows, formal dining, and the... 08/01/2009

In this series of post about subdivisions in the Oklahoma City area, I have focused on homes for sale. Today, as the last in this series I want to share with you my neighborhood where I live, Lakehurst Addition to Oklahoma City. Homes started to be built here in 1961, and they finsihed the neighborhood in about 1967. Most of the homes are ranch style single story starting at about 2200SF,and going up over 3000SF. The lots are typically around 100 to 130 feat wide, and 130 to 150 feet in depth. This was an era where ranch style was in it's heyday, and many homes were 4 bedrooms, reflecting the need for school age children. Our home is around 2800SF, has three bedrooms, 2.5 baths, two living areas, and a formal dining. Charlene and I have separate home offices at each end of the house, he... 07/29/2009

I love to go to Active Rain the first thing every morning. I sit with my coffee, my drug of choice, and my granola in soy milk, and lately the blueberries have been great. However, I have change the routine just a little bit. The amount of post that tell people to shut up, or call something socialist, or attacking Realtors because they are not up to our standards has got to be too much. So a bit of change of pace would be nice and I would like to contribute a bit of peace on Sunday morning, kind of like Charles Osgood does on CBS. Charlene and I are going to book a townhome on Jupiter Beach in the West Palm area of Florida, take the dogs, and do business for the month of January. It get ugly weather wise that month in Oklahoma. How can we do this? Experience was the teacher. First we ha... 07/26/2009

Less than a block from Oklahoma City University is a $560K 14 unit brick building that has had all the capital improvements upgraded. Apartments close to Universities are probably the most recession proof real estate investments that you can make. The beauty of these units is that the West side of OCU is gradually being rehabbed as the University grows. The location is also around 10 minutes to Downtown, 10 minutes from the State Capitol complex, and 10 minutes from 4 major hospitals. The location is Google accessed at  2015 NW 25th St., Oklahoma City, OK . It is in walking distance to class, over 30 food locations, 2 supermarkets, and other amenities like hardware stores, cellular phone stores, and pharmacies. The building has a property manager that understands the area, and we are in... 07/26/2009

No, AR is not sending a representative, but will be a big part of the presentation about how to use the web to market more effectively and efficiently. I know that some of the readers are going to hear my reasons for Active Rain and I will therefor e be preaching to the choir as my dearly missed Baptist mother used to say. But since this blog goes out to other social networks, let me hit a few highlights, and thanks to Bob Stewart who called me when i emailed AR about this, and has some great dieas for the class. So here are a few of the highlights. First, if you are new you pay a whopping $29 per month for a Rainmaker account. Golly Gee Wally said the Beav, that's a lot of money. Yes for the same amount of money you could buy a small ad in the local newspaper for only one issue,  Secon... 07/21/2009