Mario Romero - The Romero Team

A Couple Notes on Including Personal Property with Your Home Purchase

Mario Romero — Fri, 20 Jun 2008 16:05:55 GMT

When you purchase a property, it usually includes the land and everything attached to it, such as buildings, trees, shrubs, etc. Most buyers are only interested in purchasing the real estate, not the owner's personal property. What happens when personal property has become a part of the real estate? Is it actually a "fixture" which will now convey to the buyer with the real estate? There are three tests which usually need to be satisfied. Has the personal property been permanently annexed to the real estate? Is it intended to become part of the real estate? What is the local custom? Fixtures may include shades, heaters, ranges, screens, storm windows, lighting fixtures, etc. To save misunderstanding at the closing--and perhaps the sale--it is important that the seller spell out specifically in the sales agreement what will go to the buyer as part of the property. Lenders don’t like surprises…especially lately. And personal property, or anything that could easily be construed as personal property, can be a problem for you later on. Check with your agent to ensure that things are in writing and thoroughly explained in the purchase agreement. And remember, if you have that impulse to ask the seller to leave his flat screen or the motorcycle in the garage, keep in mind that your lender may very well stop those plans short. It’s best to keep a real estate deal to just real estate whenever possible.

Close More Deals by Listening More and Talking Less

Mario Romero — Fri, 20 Jun 2008 16:01:40 GMT

Getting the listing is dependent on many factors of course, but this short piece is about the value of listening. I don’t imagine this will be a hard sell to anyone reading this. We all know it’s important, but do we do it? One of the most dramatic and helpful things you can sometimes (and it’s one of my personal favorites) is to simply shut up. A brief pause in communication gives breathing room and get yield very good results.

Shutting your mouth for a bit and letting the conversation breath has many good benefits.

Shut up!
First, you don’t want to interrupt your client, and talking constantly kind of puts you in this position by default. Also, fear of silence communicates insecurity; and it often is a fair assessment. We fill up the dead space because we’re really not sure where the appointment is headed, so we talk and talk and talk…to make sure we get our points across. A well-rehearsed presentation makes good, effective use of words and leaves plenty of room for the client to talk.

Second, giving your client plenty of time to talk and listening to them carefully communicates that you actually care about what they’re saying. If there’s anything that a potential client wants it’s to be cared for and understood. This takes time.

Additionally, pausing and letting the conversation “breathe” as I call it communicates confidence, AND you will actually be able to better understand your clients needs. Many listings expire and withdraw for the simple reason that they started off poorly to begin with. If expectations are better addressed up front, it makes for a smoother and more beneficial listing experience. Misunderstandings yield resentments down the road. Selling a home is stressful enough, and the client deserves your absolute attention up front and for the entire duration of the listing.

Be inquisitive
My favorite question is "How do you mean?” Real estate coach Howard Brinton has a technique he calls “going three deep”. It’s invaluable. When a buyer says they want a basement, don’t ever just take this piece of information at face value? Follow up with “How do you mean?” “Is your main goal to have the extra storage space, or is it something else?” “If a home otherwise meets everything you need but it doesn’t have a basement, do you want me to not bother you with it?” These questions add invaluable information, give you a deep understanding of what your client wants and most importantly…they can really reveal their deepest motivations for why they want to or have to move. Get on board with “going three deep”. It makes your client feel like you really care, and it gives you the information you need to really give them impressive service.

$219900 Spacious Home In Gilbert

Mario Romero — Fri, 20 Jun 2008 15:46:30 GMT

Type: Single Family Home
Location: 2971 E. Morgan Dr., Gilbert, AZ 85295
Bedrooms: 3, Bathrooms: 2 full, 0 half, 0 three-quarter bath
Price: $219,900
Description: This spacious Gilbert home has wonderful interior and exterior spaces for entertainment or solitary relaxation. The carpeted great room features an impressive vaulted ceiling and large plant shelf, ceiling fan/light and 2 inch blinds. The well designed eat-in kitchen has numerous honey oak cabinets and impressive Corian counters. It includes an array of appliances, walk-in pantry and bay window with 2 inch blinds. The breakfast bar opens to the great room. The master bedroom features a large walk-in closet. The floor is carpeted and a ceiling fan light hangs above. The master bathroom has a bath enclosure, long cultured marble counter over honey oak vanity with a kneehole for a bench or chair. The other two bedrooms are both carpeted and feature sliding wooden doors and new curtains. The private covered patio with stucco columns provides an ideal spot to look out onto the professionally landscaped backyard. Its desert perimeter surrounds a lush green lawn. The rear block wall fence is topped with red brick and features a row of bougainvillea at its base and raised beds in the corners. The yard has many lush trees including mesquite, lemon, Arizona ash and palms. .............................................................Directions: From Higley and Williams Field Rd. in Gilbert go west to Rochester, north to Morgan and east to the property at 2971 E. Morgan Dr. .............................................................List Of Features: 2003 Spacious Gilbert Home 3 Bedrooms 2 Baths 1,498 Sq. Ft. Full Master Bath Master Bedroom Split Bedroom Walk-In Closet Dining in Living/Great Room Breakfast Bar Range/Oven Dishwasher Disposal Microwave Refrigerator Pantry Washer/Dryer Included Inside Laundry Vaulted Ceilings No Interior Steps Water Softener (Owned) Soft Water Loop 3+ Existing Telephone Lines Satellite Dish for TV – Leased Cable TV Available High Speed Internet Available Great Room Covered Patio Yard Watering System-Front & Back 2 Car Garage Electric Door Opener Frame/Wood Construction Stucco Finish Brick Trim/Veneer Finish All Tile Roof Refrigeration Electric Heating Ceiling Fans Multi-Pane Windows Block Fencing Desert Front

$300000 Beautifully Designed & Impeccable !!

Mario Romero — Fri, 20 Jun 2008 15:29:57 GMT

Beautifully Designed & Impeccable !!
Type: Single Family Home
Location: 4362 E. Gatewood Rd., Phoenix, AZ 85050
Bedrooms: 3, Bathrooms: 2 full, 0 half, 0 three-quarter bath
Price: $300,000
Description: An attractive front desert landscape welcomes you to this beautifully designed and impeccably maintained home in Desert Ridge. The tiled entry immediately leads to the carpeted living room. It is dominated by a large bay window with wood blinds and an impressive vaulted ceiling. The continuation into the dining room also features the vaulted ceiling, carpet and wood blinds similar to the living room and is brightened by its own large window. The spacious eat-in kitchen has two large windows of its own, plenty of whitewash wood cabinets, pantry, Corion countertops and tiled floor. The large working space is anchored by a center island all on a sparkling tiled floor. Relax with the surround sound in the spacious family room where you’ll also find a vaulted ceiling with fan, large windows and French doors to the covered patio. The master bedroom has vaulted ceilings with fan and a beautiful arched window with a view of the backyard. The gorgeous master bath is loaded with great features. It has a separate shower and jetted tub, double sinks, large window with backyard view, and exit to the covered patio. You’ll also find vaulted ceilings, wood blinds, ceiling fans and a pair of four panel doors in each of the other two bedrooms. Entertain or relax in the lovely backyard with its covered patio and gas barbeque. You’ll find jasmine and a grapefruit tree amid the desert landscape of the backyard. Call our office at 602-252-4191 to arrange your personal showing. .............................................................Directions: From Tatum and the Loop 101 go north to Deer Valley Rd, west to 44th St, north to Gatewood, west to the property at 4362 E. Gatewood Rd. ............................................................List Of Features: 1997 Santa Barbara/Tuscan Home 3 Bedrooms 2 Baths 1,663 Sq. Ft. Full Master Bath Separate Shower & Tub Double Sinks Tub with Jets Separate Bedroom Exit Master Bedroom Walk-In Closet Eat-in Kitchen Dining in Living/Great Room Breakfast Bar Range/Oven Dishwasher Disposal Microwave Pantry Kitchen Island Inside Laundry 3+ Existing Telephone Lines Pre-Wire for Surround Sound Cable TV Available High Speed Internet Available Security System – Owned Family Room Covered Patios Yard Watering System-Front & Back 2 Car Garage Electric Door Opener Attached Garage Cabinets Frame/Wood Construction Stucco Finish All Tile Roof Refrigeration Gas Heat Sunscreens Ceiling Fans Multi-Pane Windows Block Fencing Desert Front & Back

$300000 Beautifully Designed & Impeccable !!

Mario Romero — Wed, 18 Jun 2008 11:28:00 GMT

Beautifully Designed & Impeccable !!
Type: Single Family Home
Location: 4362 E. Gatewood Rd., Phoenix, AZ 85050
Bedrooms: 3, Bathrooms: 2 full, 0 half, 0 three-quarter bath
Price: $300,000
Description: An attractive front desert landscape welcomes you to this beautifully designed and impeccably maintained home in Desert Ridge. The tiled entry immediately leads to the carpeted living room. It is dominated by a large bay window with wood blinds and an impressive vaulted ceiling. The continuation into the dining room also features the vaulted ceiling, carpet and wood blinds similar to the living room and is brightened by its own large window. The spacious eat-in kitchen has two large windows of its own, plenty of whitewash wood cabinets, pantry, Corion countertops and tiled floor. The large working space is anchored by a center island all on a sparkling tiled floor. Relax with the surround sound in the spacious family room where you’ll also find a vaulted ceiling with fan, large windows and French doors to the covered patio. The master bedroom has vaulted ceilings with fan and a beautiful arched window with a view of the backyard. The gorgeous master bath is loaded with great features. It has a separate shower and jetted tub, double sinks, large window with backyard view, and exit to the covered patio. You’ll also find vaulted ceilings, wood blinds, ceiling fans and a pair of four panel doors in each of the other two bedrooms. Entertain or relax in the lovely backyard with its covered patio and gas barbeque. You’ll find jasmine and a grapefruit tree amid the desert landscape of the backyard. Call our office at 602-252-4191 to arrange your personal showing. .............................................................Directions: From Tatum and the Loop 101 go north to Deer Valley Rd, west to 44th St, north to Gatewood, west to the property at 4362 E. Gatewood Rd. ............................................................List Of Features: 1997 Santa Barbara/Tuscan Home 3 Bedrooms 2 Baths 1,663 Sq. Ft. Full Master Bath Separate Shower & Tub Double Sinks Tub with Jets Separate Bedroom Exit Master Bedroom Walk-In Closet Eat-in Kitchen Dining in Living/Great Room Breakfast Bar Range/Oven Dishwasher Disposal Microwave Pantry Kitchen Island Inside Laundry 3+ Existing Telephone Lines Pre-Wire for Surround Sound Cable TV Available High Speed Internet Available Security System – Owned Family Room Covered Patios Yard Watering System-Front & Back 2 Car Garage Electric Door Opener Attached Garage Cabinets Frame/Wood Construction Stucco Finish All Tile Roof Refrigeration Gas Heat Sunscreens Ceiling Fans Multi-Pane Windows Block Fencing Desert Front & Back

Real Estate Search…How Many of You Use Your Phone?

Mario Romero — Fri, 13 Jun 2008 17:12:07 GMT

During a recent “Business Technology & Information Systems Forum” speakers like Errol Samuelson, President of REALTOR.com were talking about consumers using their home computers less and less. The idea is that everyone is using portable devices more and more to the point that Realtors ought to start considering making their sites mobile compliant. The report is that most consumers are starting to use their mobile device as their primary source of data. Not a pc.

Other speakers included J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate in Seattle, WA, and Keith Garner of NAR’s Center for Real Estate Technology, who presented a detailed review of mobile technology (WiMax, Mesh networks), including accessibility and speed.

I am somewhat familiar with WiMax already. It looks like a technology that is going to be widespread over the next few years. It’s already releasing in DC and one other city I believe this summer. It’s basically omnipresent high speed data access for an entire geographic area. It turns an entire city into a “hotspot” in other words. Very cool.

Please tell me what you think…are you using a mobile device as your primary access to the internet? Do you suggest Realtors make any changes to their sites as a result?

Source: Speaking of Real Estate

Running Your Business Like a Business

Mario Romero — Fri, 13 Jun 2008 17:06:52 GMT

Running Your Business Like a Business

The path to building a truly successful real estate practice is to “run your business like a business”. But what does that mean?

Most of us don’t spontaneously know how to run a business. We have to learn.

But it’s not necessarily easy. Most businesses fail, or so we’ve heard. I’d submit that the reason so many Realtors ignore the business end of things is either because of ignorance or fear. On some level, we’re all afraid of failure. It’s just the way it is. But getting educated about business and addressing the issue head on is the only way to be successful. It doesn’t happen on accident. You stay in this business on purpose. You know what they say about people who fail to plan…they plan to fail. And whether you’ve addressed this or not…and whether you agree with me or not, if you’re in real estate, you are in business. Look at a few facts with me and tell me what you think.

Why Will Your Businesses Fail?

Every operation has weak points. What are yours? Don’t want to think about it? Well, your competition doesn’t have any problem thinking about it and telling the world. Be introspective sometimes. It gets said over and over again that most businesses fail in the first couple years. It’s no different in real estate. What doesn’t get said as often is that there’s always a specific reason it happens. A book I highly recommend that talks about this is E-Myth. It shows you why, specifically, businesses fail and how you can take steps to dodge the bullet.

Another thing that doesn’t get said as often is that most businesses with a proper, written plan, a well thought-out idea and that are executed by an experienced entrepreneur succeed. That’s right! Success is predictable and duplicable. It’s not guaranteed of course, but you can most certainly take very specific steps to ensure your odds of success in business are greatly enhanced. I felt like writing this for the simple reason that so many of the Realtors I talk to just don’t have a written business plan. It’s NOT a good idea.

Why Will Your Businesses Succeed?

This is an equally important, more fun question. Wouldn’t you agree? What are you good at? One commonality of most successful businesses is that they create unique, definable value for their customers. Do you do this? Or are you just driving buyers around, hoping they write an offer soon? Have you thought about it? What do you do better than anyone else? Think about it and write it down. Put it in your business plan…accentuate your skills and make sure your market share knows about it. Take classes to improve this skill even more. Be the best at something.

Run Your Business Like a Business

Budget. Lead with revenue. Invest in your business. Too many of us in this great business are still living paycheck to paycheck. It doesn’t have to be like this!

Get Educated

As Realtors, we’re all familiar with the dreaded, state-mandated CE classes we “have” to take every couple of years. Here’s a great idea: quadruple it. This is what I do. Instead of 1 monotonous bore-fest every couple years, I go to two conferences each year. I pick what I want to study. I earn designations. I meet fantastic top achievers. I’ve made some great friends this way. I make a lot of money and get referrals this way, not just real estate referrals either. This is how I met my CPA. It’s how I met a guy I am potentially partnering with on a large apartment building investment. And a funny thing happens, I never have to pay attention to whether I have met my CE requirements or not. I’m too busy having fun and networking. It’s another funny thing: when you do four times the CE, you know four times as much as virtually anyone else in your market. Do you think this creates an advantage? Just a thought.

Important News for Investors Who Own an LLC

Mario Romero — Fri, 13 Jun 2008 16:52:52 GMT

I’m a fan of Diane Kennedy for many reasons. Bottom line, she’s an accomplished CPA and author worth listening to. The reason for this post is that the secondary mortgage market is making some significant changes.

If you own a property that has been in an LLC in the last 6 months, you might not be able to refinance it. Ever. This of course could throw some significant kinks into your investment plan. Some of it’s over my head. I’m not a CPA mind you. But there are new ways to maintain liability protection while retaining your freedom to refi as appropriate for your needs.

I personally plan to contact Diane about her “Trust Sandwich” tactic. It’s really not as funny as it sounds. It’s simply an implementation of trusts coordinated with your existing LLC that enables you to keep many of the same benefits you enjoy now, along with some additional estate planning and other bonuses you may like. Anyone holding property in an LLC, I recommend addressing this concern. I am. Currently I am not aware of anyone competently arranging the legal structures for this specific issue, for the simple reason that these changes have only happened in the last few weeks. Diane Kennedy’s company saw this coming and has a solution up and running. If there are other ways to address this problem that come to my attention I will make sure you know about them.

It’s noteworthy that I am not affiliated with Diane’s company in any way. She wouldn’t know me from Adam. I’m sharing the information because it’s pretty important to the majority of property investors out there.

4 Things Lenders Have Done Recently That Make Me Laugh

Mario Romero — Fri, 13 Jun 2008 16:48:09 GMT

1. A husband and wife were buying a home with me. The wife wrote a check for earnest money from their joint checking account. Both their names were on the check. The husband was the primary. The wife’s name was under his. Since the wife wrote the check and was not the primary on the account, the underwriter required the husband to write up a gift letter, donating the earnest money to his wife, in order to validate the funds. What a waste of time.

2. An FHA appraiser inspected a home for one of my buyers. She crawled up into the attic (first time I’ve ever had an FHA appraiser ever do this) and saw a bird’s nest sitting next to a truss. She reported back that the financing would not be approved until the nest was removed. I thought “why didn’t you just pick it up and take it down with you if it’s so important?” Because of this contingency the seller, who was out of state, had to hire a vendor to go out to the home and remove the nest. Then, of course, the appraiser had to schedule a second visit out to the home to “verify” that the nest was gone. Ridiculous. This ordeal delayed my buyers’ closing by three weeks.

3. Lender hadn’t procured a receipt from buyer’s homeowners insurance prior to closing, which really should be a big deal, but the deal won’t close without it. She got on the phone and got a copy sent over. The underwriter didn’t like the way it was worded. Do over. The underwriter didn’t like the second one either. It said they had coverage, but it didn’t explicitly say “paid”. Do over. The third one also did not meet the underwriter’s approval because the insurance agent had written “paid” on the receipt. The word “paid” evidently is only permissible if it’s typed. The fourth receipt met the underwriters approval. This process turned a 40 minute closing into one that took almost 4 hours. The poor sellers were just sitting there. They were very gracious. So were my buyers, but NO ONE was happy.

4. We had to sign a Lead-Based Paint Disclosure verifying the home did not have lead-based paint on the property. This is a standard disclosure on homes built before 1978, but recently many lenders are requiring them on all homes, even brand new ones. The last several homes we’ve closed have been built 20+ years since lead-based paint was banned, but OK…what’s one more disclosure going to hurt? I mean, let’s just pile it on.

Moral of the story: if you’re buying a home, put your seatbelt on and expect weirdness from your lender. It’s not your loan officer’s fault. It’s not your Realtor’s fault. It’s just the way it is right now. They are inventing new disclosures and contingencies to financing every day. I would not be surprised if they start requiring blood samples to verify identity.

A Few Tips Regarding Inspections

Mario Romero — Thu, 29 May 2008 15:58:46 GMT

When selling your home, the buyers will probably have a home inspection performed. This is should be expected, as it’s one of the most common contingencies. Few buyers skip this. Depending on the disposition of the buyers and their inspector, your potential buyers may produce a very sizable list of repairs to request from you. I’ve noticed an increase in this type of activity lately. Even if this list is presented as a list of “demands”, take a deep breath and realize that you don’t necessarily have to make all these repairs. Many of these items are probably negotiable. Your purchase agreement probably contains language such as “all systems shall be in good condition” or “Seller shall repair any latent defects”, etc. In other words, there is some wiggle room here Some buyers will make requests that are not necessarily reasonable. For example, if there’s a leak under the kitchen sink, they may request a whole new sink (it’s happened)! Buyers sometimes get intimidated by what happens at the inspection. One example which happens fairly often is that the inspector will say something, like the furnace, is “near the end of it’s useful life”. In other words, it’s old…not broken. In fact, you may very reasonably get several more years out of it. But the language spooks the buyer, and as a result, they ask for too much. This isn’t a result of anyone not doing their job; it’s simply a normal part of a negotiation to purchase a home. But you most likely are not inclined to replace a furnace just because it isn’t new, and your agent can assist you in preparing a response that will put things into perspective. Do not get fussy with your buyer at this point. It’s an understandable reaction when presented with some rather trite “demands” from a skittish buyer, but retaliation will not sell your home. Let’s take this deal and make it stick. Starting all over again in today’s market is almost never a good idea. One last thought: agree to make repairs that are reasonable, and then get them fixed correctly. This isn’t the time to shortcut anything. Use only licensed contractors, and get everything in writing. The buyers will most likely want copies. Make the repairs in short order, and remember that your buyer may be planning on a reinspection. Believe me, the last call you want to get is one that comes from your agent two days before closing, telling you that the repair that your trusty friend made for you has to be torn out and done over again. Agree to reasonable repairs, use licensed contractors who will stand by their work, and close on time. That’s always nice!

30 Top Realtors Under 30

Mario Romero — Thu, 29 May 2008 15:50:28 GMT

The real estate market (this will come as a surprise to no one) is not the same as it was a little while back. Many of us Realtors are in a downturn. Bring it on! One thing we’ve noticed in our industry is some decrease in the overall numbers of Realtors. This is part of the market correction. Not only are prices coming down, but the number of Realtors is coming down also. Many pros will assert that this is a good and natural part of our business.

Even when business was booming, it always took skill, tenacity and a willingness to roll with the punches to rise to the top. Each year, Realtor.org publishes a “30 Under 30”, showcasing an exceptional bunch of Realtors who are out there doing it and making it big. Check out this article here:

http://www.realtor.org/rmomag.nsf/pages/featurejune08_30U30?OpenDocument

What we’ll see this year is that, as always, you can succeed in any market. But we’ll also see a great example of young professionals who have proven themselves especially adept at taking advantage of the unique opportunities presenting themselves to us at this time. A downturn requires creativity and adaptation. Let’s take a look at these trendsetters, learn something new and apply it to our own businesses. After all, success can and ought to be duplicated

Is the US the Only Housing Market Having Trouble?

Mario Romero — Thu, 29 May 2008 15:44:52 GMT

The Economist reported today that the US is not the only country with housing issues at the moment. Home prices in Spain and Ireland are both experiencing an increase in inventory that they are having trouble selling off quickly enough. Home prices in Spain are still going up however, while Ireland is experiencing some price cuts.

New Zealand has been an investor’s dream in recent years. Their boom does not seem quite over. With prices up 82% over the last 9 years, appreciation is very solid. Similarly to what has happened in the US, home price increases have significantly outpaced wage increases. In other words, housing is getting too expensive. This is a strong sign of speculation-driven pricing.

In Singapore and Hong Kong, the booming Asian economy has brought mostly good, solid real estate activity.

Success in Real Estate is Rare

Mario Romero — Thu, 29 May 2008 15:33:37 GMT

What do top Realtors have that others don't? Is it luck? Is it skill? Is it a good business plan? The nation's top Realtors that I've met with have, with amazingly little variation, reported to me that it's all of these things. Yes, luck is part of building a successful business. But from what I've learned, luck comes much easier to those who work hard. There is a phrase that I've taken to heart over the past few years. It's in Latin:

Amat Victoria Curam

It means "Victory favors those who take pains." Success in real estate...success in any business, is hard work. I could string a bunch of well-known phrases that apply here. OK, maybe just a few:

1. The only place that success comes before work is the dictionary.

2. If you want to have more, you must first be more.

3. If you want to earn more, you must first learn more.

4. Success lies on the far side of failure.

These truisms confront us anytime we read an article like this. We all know we're supposed to have written goals. We all, for the most, part cringe when we hear this mantra reiterated yet again. Yet, how many readers today can produce a current written set of goals right now? If you can, it is likely you are one of the nation's top producing agents. How is this statistical fact supposed to sit with us? For most of us, we understand the concept but still, for some reason, don't follow through and ACTUALLY DO THE WORK.

Success comes rarely. There are many gurus out there who will tell you that "You can do it", that "All you need to do is buy this book...listen to this cd...follow this program" etc, etc. We all know this is not the answer. Remember that only one person in a hundred becomes wealthy. Only five out of a hundred will ever reach financial security. This means that the odds of you being successful are stacked against you 19-1. So what's a Realtor to do?

You have to get serious. Everything counts. Everything.

1. Written goals. Written business plan, updated regularly
2. Follow your plan
3. Aggressive education. Absorb everything. Take a minimum of twice the CE that your state requires.
4. Network. Attend conferences. CRS, NAR conferences, Star Power conferences. Meet the players and learn from them.
5. Read. Biographies of successful people. Books on finance, investing and of course real estate
6. Prospect. Don't get me started
7. Subscribe to my blog and send me referrals

The last one is optional but will surely be appreciated

You get the picture. I hope. There simply aren't any areas that you can skip. The biggest misconception I've come across is that there seems to be an idea that there is some kind of magic when it comes to success. There isn't. There is only hard work, diligence, perserverance and an absolute love of competition coupled with an inability to accept defeat. Most people, candidly, have everything it takes to get to the top of their game. It's just a matter of deciding...are you ready to turn it on? When you are, just follow through. No magic, just work

Weekly Market Watch

Mario Romero — Tue, 20 May 2008 13:53:06 GMT

Weekly Market Watch

Bryan Sheets Branch Manager, CMPS
http://www.mortgagearizonainc.com
Office: 623.594.7600 Cell: 602.339.7998

30 year Fixed………………………….5.75%
5 year ARM……………………………5.25%
Jumbo 30 year Fixed…………………7.00%
FHA / VA 30 year Fixed……………5.875%

SUGGEST AUCTIONS FOR EMERGING MARKETS:

Mario Romero — Tue, 20 May 2008 11:48:28 GMT

An auction can be just the kick off you were hoping for to start an outpouring of sales in that new housing addition, or condominium development. There are a number of them going up in my neck of the woods. Unfortunately the slow market has delayed building for some, and they sit empty and half done. Similarly, a neighborhood of condos which had been being rented, each went up for sale. They have been on the market for almost two years yet stand with less than fifty percent sold. This situation has given over to yet another problem for both the buyers and sellers. The first of the condos sold for one price, and the next for thousands less, and the next for thousands less than that. The actual selling price for these properties will speak louder than the asking price, and buyers will expect a deal from now on. This situation costs the initial buyers into the neighborhood thousands of dollars in lost equity, and it costs the sellers, either in by lost revenue in sales, or by maintenance of empty properties.

If these properties had been sold initially by auction each one could have brought a fair price, and fewer could have been left open. It is always difficult to appraise a new development. This includes a standing development that has never gone to sale. An appraiser will always appraise, but can not answer for what the market will actually bear. An auction answers all of these questions and sells much more efficiently. An auction is also an excellent advertisement. Especially when a market is saturated, it helps to add bells and whistles to an event. This is particularly important for real estate which is long standing but only recently for sale.

Talk to those builders and sellers of new neighborhoods and developments about the pros of selling by auction in this market, and move those properties fast!

YOU COULD SELL BY AUCTION:

Mario Romero — Tue, 20 May 2008 11:43:45 GMT

For those of you who are considering, or are in need of selling your property, there is a method of selling which may have escaped you; Auction! Auction is a great way to sell a property quickly and, in a lot of situations, get the best offer. There could be many questions about who chooses auction, and why it is the chosen.Most all real estate can be sold by auction. Here are some factors which can help you determine if it is right for your situation.

Perhaps you saw the home sold at auction in the movie Happy Gilmore. In the movie the property was seized by the IRS as a result of accidental tax evasion, and auctioned off as a means of retrieving the lost revenue. Auction is often chosen as being the most efficient way to turn property into cash as soon as possible. For some people the need to sell their property fast comes from some desperate situation like this, or a death in the family, divorce, or sudden move. However, the possibilities for choosing to sell fast are really limitless. As an example most can relate to now, in many areas the market is currently a bit sluggish. Perhaps your property has already been listed for quite some time, maybe even about to expire.

Another factor to consider is the property itself. If there are a lot of properties in your area which are similar to yours, and the market is slow, there may not be enough competition to raise a fair price. Then again, if your property is unique in some way, whether by structure, amenities, or location, auction may raise competition, even in a slow market. Properties which stand alone in a certain area are difficult to appraise, so often the best way of getting the best price is auction.

A realtor is the most effective resource you can have to help you determine if auction is the best method of selling property in your situation. He or she will have perspective on your property as it relates to the current market, and help you choose the best method of sale for your personal situation.

MORE PEOPLE ARE FLIPPING, IT COULD BE FOR YOU:

Mario Romero — Fri, 09 May 2008 11:10:09 GMT

If you have ever had your eye on ‘flipping’ houses there are a lot of things to think about. Sure you have seen all those other people on TV and you know it is a lot of hard work. It takes some start up capitol, often times more than you expected. Old or slightly used houses can be like treasures at the bottom of the sea. They look perfect and beautiful at first sight but bring them up to the surface and you realize they are going to need more painstaking polish than you had hoped. Still, once you put so much time and effort in to getting the treasure, you are sort of stuck with it then and have to follow through. No doubt there have been many heartbreaks, and broken wallets, along the road of buying houses to turn and sell for profit.

As there are risks to match every investment or business venture, this is can be a fantastic one on which to bank. The possibilities are really endless. There is usually real estate available to match almost every budget. There are homes in need of some sprucing up with new appliances, to homes which need a great deal of renovation. You have creative control when in comes to how to get the job done. Maybe you are a handy carpenter or electrician, or you love interior design. Perhaps you know people who do, or are interested in supporting small local businesses in the area to do the work. You decide who does the work, and how much money and time you have to invest. It is your work, and your profit.

We can’t leave out the fact that you are doing something great for the communities you choose to work in. Houses that are run down, either inside or out can really diminish the value of the neighborhood. That is bad for everybody. Plus, you are saving land and precious resources and a wonderful way of life.
Mark carefully exactly where you are capable and the job at hand at each site. There are many terrific reasons why this could be an amazing and profitable venture.

IS YOUR CLIENT YOUR NEXT TWELVE CLIENTS THIS YEAR?:

Mario Romero — Fri, 09 May 2008 11:00:15 GMT

If you have ever seen the TLC series, Flip That House, or Flip This House, you may have begun to notice a popular trend in home buying. TV and magazines are popping up every where articling the ins and outs of remodeling entire houses to sell them for profit. Home improvement has really gotten big! In a report released by the NAR, nearly one third of homes sold in 2007 were purchased as either vacation homes or investment opportunities. This is an exciting trend for real estate, not to mention for the earth, as options and opportunities for buying and selling broaden while recycling and reusing land and materials.

There is a very wide range of people who may turn entrepreneur, having the resources to embark on this interesting and profitable type of investment. Contractors and businesses of all kinds have taken the plunge. Individuals and families have the same opportunity to turn the profit for themselves. TLC's Flip This House details the professional affairs of an independent family who have taken on buying, restoring and reselling as a full time family business. The extent of who, and to what lengths, a buyer may serve this type of undertaking should not be underestimated in the eyes of realtors.

Flipping, as it is called, could really be viewed an awesome fruition of the American Dream. It provides anyone who has some resource, and determination, the chance to work for themselves, make a profit, and provide homes for families. It also gives new meaning to the relationship a realtor has with a client. It is no longer just about clients spreading the word to friends and family, who may buy another house in ten or fifteen years. Chances are this sell will be the first of six this year for him.

MONEY TALKS:

Mario Romero — Mon, 05 May 2008 12:16:20 GMT

Buying a new home is a big decision and you are probably ready to go all out in preparation. It can never hurt to be prepared with a preapproval for a loan before you start looking into actual houses on the market. Being preapproved gives you the advantage of knowing for sure what you are able to afford. Most of us believe we have a pretty good idea of what we can afford, still it is usually the lender who has final say. No one wants to find themselves in love with a house only to have a banker step in front and say no. A preapproval empowers you with the knowledge that every house you consider can be yours for the taking. It also gives your bids more weight with the seller, who knows the money is behind your word.

However, don’t be in a rush to accept an offer from a lender. Remember it is a two way street. You don’t have to accept the deal they give you right off the bat. It is a wise move to consult with a realtor before you start looking at houses, and even before you have started talking to your bank. A realtor will be able to give you options in lenders you may have not considered. He or she can also advise you of the quality of the loan you have been offered. If you have been turned down before, there may be another lender your realtor has worked with that will be able to help. It is always better to consult the professionals before giving into offers that may result in being beneficial to the lender, but landing you in a sticky situation in a few years.

ARE YOU IN A SLUMP TOO?:

Mario Romero — Mon, 05 May 2008 12:12:57 GMT

The National Association of Realtors reports that existing home sales are down in March. The NAR and their chief economist, Lawrence Yun, suspects sales will stabilize within the next few months before a notable improvement in the second half of the year.

This may be a comfort to those out pounding the pavement but finding potential buyers stuck behind the bushes. You are not alone, and this too shall pass. Still it is hardly news to anyone with half an eye on the economy. There are many factors at play in the rising and falling of home buying. One fact is always present, buyers are there, they are simply a little more or less mobile. Some people are afraid these days due to the ever present talk of foreclosures happening all across the country. Some may not be sure they will be able to sell the home they currently own. There have been some drastic variances in the way lenders in different areas of the country have approached the new laws. Perhaps a potential buyer was turned down for a loan recently and believes it is not possible. It could also be that some are skeptical of new lower rates, in line with what has happened with borrowers in the past five to ten years.

Talk upfront everyone you work with about what misgivings they may have. It may save a client from backing out after working hard, or even create a prospect where they themselves thought there was no potential.