Here is a selection of recent posts by Kathy Wall:
Loan Modifications – They Can Be Done! Lots of Patience Required!
I haven’t blogged in a long time, partially because I’ve been super busy with work, but also because I’ve been so wrapped up and worried about a loan modification that I had been trying to get on my house since 2008. Yes… I said 2008!
This has been one of the most frustrating and stressful experiences of my life. As mentioned, I started talking with the bank in late 2008. Around July of 2009, they told me that I had qualified for a certain type of loan modification. They gave me my new payment amount and I started paying that amount. I paid them faithfully every month thereafter. I was concerned, however, because I never received any formal paperwork and, because real estate is my job, I knew something had to be wrong. I called them constantly and they kept telling me there was no problem, everything was “in process.”
I believe it was in January this year that I returned home to find a letter from the bank in my mailbox. The letter indicated that I was in default and that if I didn’t pay them $35,000 by a certain (very near) date, they would start foreclosure proceedings. Needless to say, I freaked out. Read more
To Rebate or Not to Rebate? That is the question…
Over the last month, I have had 3 different situations with buyers where they have said they will only use me if I give them a ”rebate” at the end of the transaction. Most common, has been the request to credit them a percentage of my commission.
I realize that a lot of this is happening because so many of our clients (even the very loyal ones,) are spending a great deal of time on the websites of our cut rate competitors, but I need to find a solution.
I try to counter their requests with the very valid logic that you get what you pay for in this world, and that my many years of experience, negotiating skills and industry knowledge are well worth paying full price, but this is less and less successful. Nor, do they care that I need to share my commission with the company. Read more
Short Sale vs. Foreclosure – Ethical Considerations
I have recently begun thinking a lot about the ethical considerations of short sales and foreclosures. Please believe me when I say that I am completely empathetic with those people who are losing their homes because they were tricked into going for one of those terrible loans or because they have lost their job. That being said, I question the ethical decision making process in a lot of other cases. Just a couple of examples:
We hear stories all the time about people who bought second, third and fourth homes using those crazy interest only, “pay what you want, when you want to” loans. They all thought that they were going to be land barons, making big bucks on the rentals or buying the property, fixing it up and flipping it for a huge profit.
Now, the homes that they bought in Fresno, Sacramento, Lodi….heck, all over the country… are no longer worth what they paid for them and, because of the economy, they can no longer require the high rents they were getting in the beginning. In many cases, the owners can still afford to make the payments, but now don’t want to because they feel the value is not there, so they simply walk away from the properties. That seems wrong to me. Read more
Brisbane’s Festival of the Stars!
Photo courtesy of Lee Panza
On Sunday, December 6th @ 5:30 p.m. there will be a wonderful event happening in the adorable little town of Brisbane, CA. It is called “Festival of the Stars”, and is called that because Brisbane is famous for the lit up stars that most citizens have on their homes. Although many people start lighting them at the very beginning of December, this evening is the official night when everyone turns them on. It is quite a sight and can be seen all the way from Highway 101. The stars, both large and small, are provided free to anyone who lives in town…all they need to do is add the lights. Read more
To Send or Not to Send?
I did a floor shift in the afternoon on the Wednesday before Thanksgiving. At some point during the shift I received a call from a woman who was very anxious to see a condo in South San Francisco. I told her “no problem!” I’ll meet you at 3:30. I still had a lot to do to get ready for the 14 guests coming to my house the next day, but sales are critical now, so I changed all of my plans and met her and her family at the condo.
This particular condo wasn’t going to work for them, so I told them that I would send them information on other nicer complexes that I thought they might like. On Friday, I did just that. In response, I received the following email:
Dear Kathy,
Thank you for showing us the Mission Road place on Wednesday. I need to let you know that since we spoke, I spoke with my Mother in law who is a realtor, and she is going to represent my parents.
I really appreciate the time you took on our behalf and I apologize for any inconvenience we may have caused you.
Peace and Grace to you.
Sincerely,
(I’ll leave her name out)
Needless to say, I’m really irritated. I am contemplating sending her the following letter and want my reader’s opinions as to whether it is a waste of time. Read more
The First Time Home Buyer Tax Credit is Extended!
The $8,000 first time home buyer tax credit that was scheduled to be canceled as of November 30th has been extended, which is absolutely wonderful news for all of those potential home buyers who weren’t able to find their new homes before the deadline. The new credit will be in effect until April 30, 2010. Please note that home buyers will need to be in contract by that date, but will have up until July 1, 2010 to close the escrow (that’s when you actually own the home). And, the new credit is even better than the previous one for the following reasons:
…The income limits have been raised so that now more people will qualify for the credit. Previously, if you were a single person, you could only earn up to $75,000 and, as a married couple you could only earn $150,000. Now, single people will still qualify if they make up to $125,000 and married couples will be able to receive it if they make up to $225,000. And, those earning over these amounts may still qualify a credit, but for a lesser amount. Read more
Prudential’s Pumpkin Patch – What a Great Day!
On Saturday, October 24th, a group of agents from our office held a community event that turned out absolutely perfectly. We held a combination Pumpkin Patch and Coats for Kids event. It was hugely successful.
We provided cookies and hot chocolate, as well as goodie bags for the kids and, of course, pumpkins. We, also, took photos of each and everyone that wanted one and made them a special photo card right on the spot. We even had face painting….All for free!
Many, many people brought coats for the kids, too, which was very exciting. (By the way, for those who weren’t able to attend, please know that we will be accepting coats through the end of October. If you bring a coat or sweater to our office, be sure to fill out a card so that you can enter the drawing we will be having to thank people for donating. Our office is located at 180 El Camino Real, San Bruno.)
For me, the very best part about it was that it was such a diverse event. People of just about every age and nationality attended. It was a great deal of fun for everyone, including those of us working at the event. Business is all fine and dandy, but doing things for others is really what makes life worthwhile. I am so happy that I work for a company that genuinely cares about the community.
Above, are photos of the terrific agents who participated in this wonderful event!
Kathy Wall – October 26, 2009
Bank or Mortgage Broker? Who to Use?
Where is the best place to get your home loan….a bank or a mortgage broker? Over the course of my many years in real estate, I have waffled back and forth over this question. Many times my decision on whom to refer would be based on the credit of my buyers. If they were self employed, had a small down payment or not-so-good credit, I would usually suggest that they talk to a mortgage broker. If they had excellent credit scores and a good down payment, I would usually suggest that they might be better off going directly to one of the major banks.
Now, after an incredibly negative experience with one of the largest banks operating here in California, I am leaning much more towards referring all clients to mortgage brokers, because I know that they will do the job and, most importantly, will actually care about my clients. Read more
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- Loan Modifications – They Can Be Done! Lots of Patience Required!
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