I also strongly recommend that sellers have their property inspected by a licensed home inspector before they put it on the market.
The first reason I believe this is, they learn something about the condition of their home. Example, our lights in the kitchen have seem to have minds of their own. They go on and off apparently at will.
We had a handyman in here doing some things. I asked him about the lights. "See this?" he pointed to a power cord.
I nodded.
"This is not to code," he said. We hadn't changed it. Our inspector had just missed it. We'll be sure to fix it before we put it on the market. And we'll be sure to have it inspected by a licensed home inspector before we do.
I'm trying to educate buyers and sellers about real estate. Is this helping?
For my thoughts on entrepreneurship, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Friday, July 31, 2009
Tuesday, July 28, 2009
Home Inspections for Buyers
I strongly urge buyers to get the property they want to buy inspected. Get it inspected! Get it inspected! Get it inspected!
It bears repeating.
Get the property inspected. Get inspected! Get it inspected!
Are inspectors perfect? No. Are inspections 100% accurate. No. Do inspectors miss things sometimes? Yes. Do inspectors sometimes call attention to things that aren't problems? Yes.
Inspectors have their opinions like everybody else. But they reduce the risk of there being something wrong you missed.
I worked with some buyers who really liked a house in the Fishtown section of Philadelphia. The inspector came out and went through the three floors of the house and it looked perfect. We went downstairs and poked around at the circuit boards and furnace. All was great. It had been recently rehabbed; what could be wrong she thought?
Turned out, lots.
The inspector he donned his overalls and got into the crawl space under a new extension in the back. Full of mold. The builder had, to save money probably or out of either stupidity or ignorance, sunk studs directly into the ground using untreated wood and the thing was absolutely full of mold.
The buyer would never have crawled under there.
The buyer was absolutely broken-hearted. She had dreamed herself into the house. But, we turned down the house and got her money back with nary a peep from the other side. They probably knew about the mold and hoped we wouldn't think to look there. They would have had exposure should she have gone ahead with it, and the buyer would have had a train-wreck on her hands.
We kept looking and found a house she liked even better for less money and was in really good condition.
So all turned out well. I don't know what the builders were going to do about that mold problem. Probably try to sell it to some other sucker.
Get the house of your dreams inspected. Don't become a sucker.
As I said, for more on trust and on entrepreneurship generally, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
It bears repeating.
Get the property inspected. Get inspected! Get it inspected!
Are inspectors perfect? No. Are inspections 100% accurate. No. Do inspectors miss things sometimes? Yes. Do inspectors sometimes call attention to things that aren't problems? Yes.
Inspectors have their opinions like everybody else. But they reduce the risk of there being something wrong you missed.
I worked with some buyers who really liked a house in the Fishtown section of Philadelphia. The inspector came out and went through the three floors of the house and it looked perfect. We went downstairs and poked around at the circuit boards and furnace. All was great. It had been recently rehabbed; what could be wrong she thought?
Turned out, lots.
The inspector he donned his overalls and got into the crawl space under a new extension in the back. Full of mold. The builder had, to save money probably or out of either stupidity or ignorance, sunk studs directly into the ground using untreated wood and the thing was absolutely full of mold.
The buyer would never have crawled under there.
The buyer was absolutely broken-hearted. She had dreamed herself into the house. But, we turned down the house and got her money back with nary a peep from the other side. They probably knew about the mold and hoped we wouldn't think to look there. They would have had exposure should she have gone ahead with it, and the buyer would have had a train-wreck on her hands.
We kept looking and found a house she liked even better for less money and was in really good condition.
So all turned out well. I don't know what the builders were going to do about that mold problem. Probably try to sell it to some other sucker.
Get the house of your dreams inspected. Don't become a sucker.
As I said, for more on trust and on entrepreneurship generally, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Saturday, July 25, 2009
Lawyers in Real Estate Transactions
In some jurisdictions it's required to have a lawyer represent you in a real estate transaction. In New York State, I understand that attorneys actually handle the real estate transactions. Once the agent and the client has identified the home to be purchased, an attorney takes over. In some counties in New Jersey, I understand, all transactions are subject to a period of judicial review. I think it's 3 days.
In Pennsylvania, having an attorney is not required and in most cases not necessary. However, if you are unsure of yourself in a transaction, there is very specialized legal knowledge required, or you've used a certain attorney in whom you have confidence and you don't know your agent well, having another weapon in your arsenal is not a bad idea. If there are legal issues, and your agent is not an idiot, he or she will recommend you seek legal counsel. Agents are not attorneys and can't be expected to dispense legal knowledge.
My wife hired a lawyer when she bought her condo back in 2004. She didn't know the agent well, and she'd never dealt with a condo before, so she thought she should have one. It worked out pretty well. I wasn't an agent at the time, but from what I know now, I don't think he did the greatest job in the world, nor did the agent, but she was more comfortable with the transaction with an attorney representing her. He actually gave her some very good advice which encouraged us to rescind our offer on the first condo we looked at.
I have had clients use real estate attorneys. In one of my first transactions, my client said she was going to use an attorney. When she told me that I got nervous. I asked my mentor about it, and he said: "You should be happy because if something goes wrong on your end, the lawyer has malpractice insurance."
I have since learned how good that advice was.
As I said, for more on trust and on entrepreneurship generally, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
In Pennsylvania, having an attorney is not required and in most cases not necessary. However, if you are unsure of yourself in a transaction, there is very specialized legal knowledge required, or you've used a certain attorney in whom you have confidence and you don't know your agent well, having another weapon in your arsenal is not a bad idea. If there are legal issues, and your agent is not an idiot, he or she will recommend you seek legal counsel. Agents are not attorneys and can't be expected to dispense legal knowledge.
My wife hired a lawyer when she bought her condo back in 2004. She didn't know the agent well, and she'd never dealt with a condo before, so she thought she should have one. It worked out pretty well. I wasn't an agent at the time, but from what I know now, I don't think he did the greatest job in the world, nor did the agent, but she was more comfortable with the transaction with an attorney representing her. He actually gave her some very good advice which encouraged us to rescind our offer on the first condo we looked at.
I have had clients use real estate attorneys. In one of my first transactions, my client said she was going to use an attorney. When she told me that I got nervous. I asked my mentor about it, and he said: "You should be happy because if something goes wrong on your end, the lawyer has malpractice insurance."
I have since learned how good that advice was.
As I said, for more on trust and on entrepreneurship generally, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Thursday, July 23, 2009
Trust in Real Estate Transactions
I've been writing a lot on Steven M. R. Covey's book, The Speed of Trust published in 2006. It's exceedingly well written and insightful and deceptively complex. If you want a fuller treatment of it, go to my entrepreneurship blog, www.hatman2.blogspot.com and check it out.
Trust is also key in real estate deals. Trust is the fuel that makes real estate go. Without fuel cars won't go. Without trust, deals won't go forward. Look at the current morass we are in.
What follows from this, each side in a RE transaction should act in every instant in a way such that the other side trusts them. That is, they're not lying, and they're going to do what they say they're going to do when they say they are going to do it, and that they're serious.
Usually buyers and sellers don't know each other. Their behavior is the only thing they have to go on, really.
As I said, for more on trust and on entrepreneurship generally, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Trust is also key in real estate deals. Trust is the fuel that makes real estate go. Without fuel cars won't go. Without trust, deals won't go forward. Look at the current morass we are in.
What follows from this, each side in a RE transaction should act in every instant in a way such that the other side trusts them. That is, they're not lying, and they're going to do what they say they're going to do when they say they are going to do it, and that they're serious.
Usually buyers and sellers don't know each other. Their behavior is the only thing they have to go on, really.
As I said, for more on trust and on entrepreneurship generally, go to www.hatman2.blogspot.com. I have some other blogs though.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Tuesday, July 21, 2009
How to Avoid Foreclosure
The "Intelligence Report" published in past issue of Parade Magazine has some good points on how to be proactive if you think you might have a problem keeping your home.
Here they are:
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Here they are:
1. Contact your lender as soon as you thing you might have a problem paying your mortgage.If you would like to read what else I've written on entrepreneurship., go to www.hatman2.blogspot.com
2. Respond to all mail from your lender in a timely manner. Did you read The House of Sand and Fog? The female character lost her home because she never opened her mail.
3. Know your rights. Read your mortgage docs and learn the law in your area.
4. Prioritize your spending. If you're not that interested in keeping your home, put it on the market right away. If you decide you really want to keep it, put it at the top of your list, except for health care, and pay your mortgage even though you might have to not pay some of your other debts.
5. Avoid foreclosure-prevention companies and scams.
6. Get help from HUD. Call (800) 569-4287, the number they give, for information on avoiding foreclosure at www.fha.gov.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
Saturday, July 18, 2009
Real Estate's Perfect Storm, Force 1: DIY Culture
We live amid a perfect storm overlaid by the Great Recession, as David Brooks called it. Real estate's perfect storm was a coming together of three individual forces which, taken by itself, wouldn't have had that much affect but which, coming together and interacting, whallopped all of us.
The first force was the arrival of the DIY culture. DIY stands for "Do it yourself." It had been around for a while, but like a tsunami no one sees coming, it hit in a tidal wave sometime in 2008.
DIY culture places the locus of responsibility on the individual, which there's nothing wrong with. But it also demeans experience. Worse, it argues that if you use someone for advice, it undervalues the quality of the experience of doing something.
Coming out of an open house recently, I heard a man and a woman passing by. Each looked to be in their late 20's. I came out behind them, so they didn't see me and didn't know I was listening.
"You have to do it yourself," said the man. "It's the only way you ever learn anything."
We live in the age where expertise is consistently undervalued.
If you would like to read what else I've writing, go to www.hatman2.blogspot.com for my ideas on entrepreneurship; go to qww.byandforwriters.blogspot.com if you would like to get a short story published; for tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com and for how to network, go to www.referralbasedbranding.blogspot.com
The first force was the arrival of the DIY culture. DIY stands for "Do it yourself." It had been around for a while, but like a tsunami no one sees coming, it hit in a tidal wave sometime in 2008.
DIY culture places the locus of responsibility on the individual, which there's nothing wrong with. But it also demeans experience. Worse, it argues that if you use someone for advice, it undervalues the quality of the experience of doing something.
Coming out of an open house recently, I heard a man and a woman passing by. Each looked to be in their late 20's. I came out behind them, so they didn't see me and didn't know I was listening.
"You have to do it yourself," said the man. "It's the only way you ever learn anything."
We live in the age where expertise is consistently undervalued.
If you would like to read what else I've writing, go to www.hatman2.blogspot.com for my ideas on entrepreneurship; go to qww.byandforwriters.blogspot.com if you would like to get a short story published; for tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com and for how to network, go to www.referralbasedbranding.blogspot.com
Friday, July 17, 2009
On Staging
Staging is not just decoration. Not just tables and chairs. Staging is finding the unique value proposition of your house and then manipulating the visible symbols of your house to communicate that proposition to prospective buyers.
So you have a house in the city that has a secluded garden with a wall around it? What does that tell you about that house that would attract a buyer? Maybe a protected environment that offers a respite from the world.
So you have a house that has a master bedroom that is a suite with a 360 degree view of the city? You have a way that a buyer can come home from work or other activity that put him above the fray and allowed him to see far and wide.
I had a client who was retiring from the Navy. He loved the navy but was ready to do something else. He saw a condo in a place here in Philly called "Naval Square." He found a unit in a building called the Admiral Halsey. Point, set, match. He could stay in the Navy without being in the Navy.
This is designed to produce more educated real estate customers. Is it working? Did you find it interesting? If you're serious about buying or selling a home, get a good agent.
For my other blogs, go to:
Entrepreneurship--www.hatman2.blogspot.com
To get published--www.byandforwriters.blogspot.com
For tips on writing and to read my book for free--www.kearneymusicschoolmurders.blogspot.com
For a course on networking, go to www.connecting.blogspot.com
So you have a house in the city that has a secluded garden with a wall around it? What does that tell you about that house that would attract a buyer? Maybe a protected environment that offers a respite from the world.
So you have a house that has a master bedroom that is a suite with a 360 degree view of the city? You have a way that a buyer can come home from work or other activity that put him above the fray and allowed him to see far and wide.
I had a client who was retiring from the Navy. He loved the navy but was ready to do something else. He saw a condo in a place here in Philly called "Naval Square." He found a unit in a building called the Admiral Halsey. Point, set, match. He could stay in the Navy without being in the Navy.
This is designed to produce more educated real estate customers. Is it working? Did you find it interesting? If you're serious about buying or selling a home, get a good agent.
For my other blogs, go to:
Entrepreneurship--www.hatman2.blogspot.com
To get published--www.byandforwriters.blogspot.com
For tips on writing and to read my book for free--www.kearneymusicschoolmurders.blogspot.com
For a course on networking, go to www.connecting.blogspot.com
Thursday, July 16, 2009
Six Reasons Your House May Not Be Selling
A recent issue of MSN Money, gives six reasons homes don't sell. They got the six things from Bankrate.com.
It's a good checklist. Here it is:
1. It's overpriced.
2. It doesn't "show well."
3. It's in a bad location.
4. You have a lazy agent.
5. You are battling competition or market conditions.
6. Ineffective marketing.
(http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/6reasonsYourHomeIsntSelling.aspx)
Go to the article for more information. Or, if it's not around when you read this, contact me and I'll give you more details.
This is designed to produce more educated real estate customers. Is it working? Did you find it interesting? If you're serious about buying or selling a home, get a good agent.
For my other blogs, go to:
Entrepreneurship--www.hatman2.blogspot.com
To get published--www.byandforwriters.blogspot.com
For tips on writing and to read my book for free--www.kearneymusicschoolmurders.blogspot.com
It's a good checklist. Here it is:
1. It's overpriced.
2. It doesn't "show well."
3. It's in a bad location.
4. You have a lazy agent.
5. You are battling competition or market conditions.
6. Ineffective marketing.
(http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/6reasonsYourHomeIsntSelling.aspx)
Go to the article for more information. Or, if it's not around when you read this, contact me and I'll give you more details.
This is designed to produce more educated real estate customers. Is it working? Did you find it interesting? If you're serious about buying or selling a home, get a good agent.
For my other blogs, go to:
Entrepreneurship--www.hatman2.blogspot.com
To get published--www.byandforwriters.blogspot.com
For tips on writing and to read my book for free--www.kearneymusicschoolmurders.blogspot.com
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