Welcome back, I hope you had a great Christmas!
I’m looking forward to 2010, more so than any other year.
Why?
Because I’m convinced that people want the truth, we’re going to keep serving it up here at bubbleinfo.com. Taking the high road is wrought with challenges however, primarily when trying to sell short sales and REOs. There aren’t any rules or regulations on how the deal with these, so listing agents make them up as they go along.
When I write an offer on a short sale, I call the listing agent first, looking to get his commitment – if I can narrow down the target, it’s easier to hit.
Example: Two weeks ago I had a listing agent agree that if my buyer was willing to write an all-cash offer at the price specified by the listing agent, he would have his sellers sign it, and submit it to the bank – let’s call it a pre-negotiated deal.
It’s not easy getting listing agents to commit on short sales; when there are no rules, they like to play around. Sure enough, we submit the offer as agreed, but two weeks go by and he’s not calling back, not responding to emails, etc. – the usual ploy.
I finally caught him on Wednesday, and he said that he’s giving a female agent more time to try and sell this seven-figure property because he got the feeling that he might be able to score with her – and I’m not talking Chargers’ touchdowns here.
While he was probably joking (hopefully?), it’s another of hundreds of examples I could give you about how difficult it is to buy a house in this environment.
What am I doing about increasing your odds of buying?
1. Numbers game– You need to see a lot of homes – the vast majority are priced wrong, and the few that have a decent price are hotly contested. It’s likely that you’ll lose a few to other offerees, or to the condition of the house. In 2009, we had a number of accepted offers cancel due to the property’s condition after a thorough inspection.
The addition of Richard Morgan to the team this year brought an added dimension to our ability to show more properties, and between us we’ll make sure that we can meet you at any house, any time – no problem.
2. Selling your offer – It is imperative that I submit a compelling case to the listing agent on why he should take my deal. Any quality property that’s listed for an attractive price is going to have competing offers, and ours has to stand out.
3. Trustee sales – My primary goal in 2010 is to be able to offer trustee sales to my buyers. It won’t be for everyone due to the risks, but having more homes to consider will be helpful in this low-inventory environment.
4. Keep bubbleinfo running– One of the agents on the board of realtors told me the other day that he thought bubbleinfo.com was unethical.
It would be unethical if I didn’t do this website – I know critical facts about the market, and feel compelled to disclose them. I think I have tempered the presentation here to comply with the Sandicor MLS rules and regs, and conduct a free educational experience here which can benefit consumers and agents alike. But I realize that there will be more people gunning for me than ever in 2010 – but I plan to endure.
How I intend to expand bubbleinfo.com:
A. More interactive opportunities – the pizza and beer party should happen at least a couple of times per year, and I’d like to do more blog talk radio if I can keep the call-in costs down to participants.
B. More personal interviews on video, like the series with Adam on trustee sales.
C. Show more of the intricate details of selling real estate on video.
D. Tell more stories.
I am always interested in what you’d like to see here – ideas are welcome!
Just keep doing what you’re doing, Jim. Your blog is great.
“Noli nothi permittere te terere,” which is Latin for “Never let the bastards wear you down.”
I’m curious. What exactly did the agent on the board think was unethical about your blog?
I think if you want to try to lock up a short sale transaction from the buyer’s side and keep it from getting shopped, not only do you need to have seller sign, open escrow immediately and before it is submitted to the bank. Good luck getting the seller’s side to agree.
Looking forward to 2010 JTR.
Hey Jim,
I’ve been reading your blog now for about 4 months and, although I was skeptical at first, I’ve come to see that you speak the truth even though it is sometimes painful to hear. You do us a great service and I would like to thank you. Keep it up!!
By the way, could you do another piece on SEH?
Thanks again.
I’d bet that what was “Unethical” to the board of realtors was Jim pointing out flaws and telling people how to shop – really shop – for a house. I’d bet a whole lot of realtors would rather have uneducated clients.
Let’s hope 2010 finally brings some more inventory onto the market!
Love your site, Jim.
Do not let the luddites and naysayers bring you down. It’s been a while since I took con law, but my hunch is that the First Amendment trumps Sandicor regs.
I have been watching your videos for well over a year now. I don’t live in your area, but find the information fascinating. Have always liked real estate. Love the way you present things and your sense of humor. I wish you great success and hope that you continue providing this information for a long time to come. Thank you.
Jim,
This site if fantastic. You do us all a great service. I know of at least one case where you’ve given folks on the edge of defaulting the courage to hang in there and see it through — which will benefit both them and their neighbors in the long run. People need this information. Keep the light on so the cockroaches scurry off into the dark corners where they belong! As for suggestions — you need your own TV show. Since I can’t grant that, go with the podcast format. You could have Q&A by call-in using Skype… which makes it free for both sides.
Maybe you can invite other agents/finance bloggers to contribute to your site ,you could be the Jim Cramer of real estate – ok that was not so flattering sorry : )
More videos of people looking at your unpainted truck as you film houses.
That is always good for a laugh.
Happy New Year from your old neighborhood in Mission Beach.
“he said that he’s giving a female agent more time to try and sell this seven-figure property because he got the feeling that he might be able to score with her”
Haha, she’s leading him around by the nose and he doesn’t even know it!
Thanks for running the site. It’s very informative and I’m glad to see some transparency in the real estate market. We’ve become a nation of feel goods that try to hide everything negative from view. Are things really that bad that we can’t handle a little truth or transparency?
Should be an interesting 2010. Will the government intervention really end in the spring of 2010 or is it just going to be renamed and continue on. With the Freddie/Fannie news sounds like the later, but we’ll see.
“I think I have tempered the presentation here to comply with the Sandicor MLS rules and regs…”
Just curious what part of your presentaion ever did not comply with the Sandicore MLS rules and regs?!!!!!
Thank you for your informative site. Keep up the great job.
Jim,
You may want to look at Skype as a way to let people call in? I would also recommend that you contact Leo Laporte (twit.tv) up in Petaluma and spend some time talking to him about communicating with your followers? I think he would be happy to assist. I think your site is helpful and educational, even here in NC. I am going to try to do something to help everyday people understand what architects do. Keep up the good work!