http://jprealestate.info/reblog/ Share your Real Estate Experiences en-us Nucleus CMS v3.24 © Weblog http://backend.userland.com/rss http://jprealestate.info/reblog//nucleus/nucleus2.gif http://jprealestate.info/reblog/ http://jprealestate.info/reblog/index.php?itemid=18
After a initial consultation and a few questions on what you were looking for. We would then search the MLS and look around the city for properties that would fit your preferences. Maybe lining up anywhere from 20 to 30 house and then narrowing them down to about 10 and then actually looking at about 5 of them.

After picking what you want we would write a offer on the property and begin to negotiate on price with the listing agent to reach a meeting f the minds to close the deal.
Not even a thought about financing in this scenario. Just going right along with the confidence that that we can get financing because then it would not have been a problem. Credit score at 580 no problem. Debt to income ration marginal, no problem, low income not quite enough to make the mortgage payment , no problem, no down payment and just enough for closing cost, no problem. Then a person could have all those particulars or a few of them and get down payment assistance and contribution form the seller and get 100% financing and get a loan.

That type of lending is what caused the damage to the housing market. Years of sub-prime lending caught up with us all. Went to the well a fe to many times and now the water has run dry. The cupboard is bare and the funds are locked up tight as a drum.
So you want to buy a house? Can you buy a house? Sure you can. You can still become a home owner and still get down payment assistance and also 100% financing. However you now must be fully qualified and meet the requirements for the risk of lending. Now you have to be and show that you are sound financially. You have to be able to show you have what it takes to be a home owner. You have to show you have paid your bills on time the majority of the time for a period of years. In other words you must have a middle score of 620 or better. You have to show you know how to manage your money. You have to have a debt to income ratio that allows plenty of income to comfortably pay your mortgage. You have to show that you have the ability to save money by having money in the bank even after you have put up the money for a down payment, anywhere from 6% to 20% of the sales price of the property. Those fly by night days of lending are orve and done. Yep you can buy a home but now you must show you got what it takes. Actually the landscape has gone back to the way things used to be. Now the traditional way of purchasing a home having a long term job, paying your bills on time, saving money toward a down payment, then finding a home to purchase.

It was a nice idea trying to make it possible for everyone to have a home. But the result ended in disaster and damaged the market. Not everyone is supposed to have a home because to many people cannot manage their finances as they should. Too many live above their means. This is a drawback of living in a material world. Wanting more than what you can afford.
As a Real Estate Professional I have not given up on the market. If you cross my path and ask for help in buying a home be ready. My first question is what is your middle score? Then how much do you have on have in cash for a down payment closing cost and pre- paids. Then how long have you been on your job and what is your gross income. If you can't answer with good answers well….. it's a no go. I will however help you prepare to purchase if you have the discipline to get it done. Home buying is no picnic anymore.
]]> Realtor ® Chronicles http://jprealestate.info/reblog/index.php?itemid=18 Sat, 21 Nov 2009 19:23:01 -0600 http://jprealestate.info/reblog/index.php?itemid=17
They explain to me the want to find a foreclosure with some square footage at a good price. Once again sounded like a good idea to me to seek the best deal possible. We continue to get to know each other over the phone since the buyer was out of state in Colorado. I begin searching for home and also inquire about their financing resource. I was introduced to their mortgage person that was also with a company in Colorado.



As I communicated with them I was given confidence of the ability of the buyer to purchase a home. The level of confidence was high and in my opinion the buyer was very capable in regards to a home purchase. Having 20% down , income job history and very high scores.

As my search continued we found several homes for that were good prospects. Finally settling on a 2900 sq ft foreclosure that was 4 beds 3 baths that needed minor repairs with several amenities. We went forward putting forth an off that was excepted! We continued to work with the mortgage person in regards to financing. Keep in mind this person gave absolutely no indication of any problems with financing.

We got a clear to close and I had the wonderful opportunity to meet my client because they flew all the way into mobile from Colorado to close in the middle of the week. We were ready to go and excited all the way up to closing with no indication from the lender there would be any problems. The morning of the closing I checked with the title company in regard to the status of the package and the closing. To my surprise no package from the lender! About a hour later I get a email from the lender stating there would be a delay! About 2 hours after that I get word from the lender the closing had been canceled!!! I asked what the heck is wrong and was informed the financing was denied because of the buyers intent of possible retirement. I told the lender to go back to underwriting and get it reversed. He went back with confidence and was turned down again. Despite the buyers income at retirement and current income. The buyer had plenty of income before and after retirement.

At that point a $124000 deal was dead! Stopped cold. The buyer was devastated and had to fly back to Colorado devastated. It knocked the starch out of me too! My compassion when out to my buyer who was not upset with me. My anger with the lender was contained since he was in Colorado and I could not get my hands on him. No one could believe a leader gave a buyer their word and confidence to the point of them traveling hundreds of mile to close with fund in their had to bring to the table to close and then have the load denied the day of the closing. Unbelievable!! The names of identities of this true story have been keep anonymous to protect the innocent. I really want to blast that no good lender out all over the internet to warn other but I would probably get sued! So they cannot be mentioned. The morale of the story. Even if you are in great shape and should get a loan... and the leader says you can... beware. Don't believe it until you have actually closed and have the keys in your hand. Underwriter suck....and don't care about anything but level of risk no matter how small the risk!
]]> Real Estate Rant http://jprealestate.info/reblog/index.php?itemid=17 Sat, 7 Nov 2009 06:25:55 -0600 http://jprealestate.info/reblog/index.php?itemid=16
Now things are changing and are on a upswing. The power of positive thought is the key. Now I know just thinking about something won't put money in your pocket but I know for sue positive thought can play a major role in what becomes tangible. I have always been a positive person and now believe the RECESSION IS OVER! I actually began that thought a short time after it began. I refused to except my career in Real Estate was dead. I refused to except that there was no business. I weathered the storm and continued to seek new business. I am sure many gave up dropped out and fell by the way side allowing the slow done to make them think it was over.

Well it is not over and the business is there if one continues to push forward and continue to believe it can be down. Determination , persistence and continued effort to find that lead that turn into a transactions is the key. I have pressed on looking for those deals using my skills and abilities to make contacts and write contracts. Granted it is not like it was but some is better than none. I now work to build more momentum continuing to remind my self with positive reinforcement of the fact that the recession is over! Say it with me.. "the recession is over, the recession is over" ... now believe it like me! Reach out for that next lead that turns into a transaction. Now the reality of it come into being with two transactions to close this month. With more leads coming into play for the pipeline. My sponsor agent listing a selling and closing deals generating residual payouts! They also know the recession is over!

So when you here others moaning and groaning about the market and how the recession has killed their business. Don't listen to it and remind them the rescission is over! Share with them positive thoughts and have them say it with you. then each together can continue to bring back the business "On Deal at a Time"
]]> Realtor ® Chronicles http://jprealestate.info/reblog/index.php?itemid=16 Sun, 4 Oct 2009 08:19:35 -0500 http://jprealestate.info/reblog/index.php?itemid=15 Real Estate Rant http://jprealestate.info/reblog/index.php?itemid=15 Wed, 17 Jun 2009 08:12:30 -0500 http://jprealestate.info/reblog/index.php?itemid=14
I can say I am very happy with my 2 sponsor Agents. One is a million dollar producer and the other is building her business. With activity growing from referrals. I will be helping her with a open house next Sunday. My success is their success. Will I pull out of this slump. You dang right I will. Would you like to know about Real Estate or maybe start a career. I will tell you up front ,,,,it is not easy. But is can make you money and be a fun at the same time. Especially if you are a people person like me. Visit my web site at: www.jamespendleton.info and find out about Exit!
]]> Real Estate Success http://jprealestate.info/reblog/index.php?itemid=14 Sun, 14 Jun 2009 15:53:03 -0500 http://jprealestate.info/reblog/index.php?itemid=13
Since the clients were not sure when the original mortgage person was coming back they went out and fund someone off of a sign. That was the first mis-stake. Next they started the process and paper work of getting qualified. The mortgage person gave them lots of positive feedback and told them they could get a loan. All this had taken place months before they had approached me and before they ask for my help. As I asked them about their ability to buy I was brought up to speed on where they were with financing. Armed with this info from them I contacted the mortgage person. The feedback was again positive but I was suspicious . I did not want to take them away an use my resources because I did not want any more hits on their credit that would lower scores. Hind site being 20-20 that was the second mis-stake.

We all went happily searching for a home having been given confidence from this mortgage person who's name and company should be blasted all over the internet as a watch out and stay away from ..warning Will Robinson. However I am not looking to get sued from a blog post so lets just call the mortgage person Mr. Bull crap and the company not so good.

Whew ! Now that I have that off my chest. Any way we viewed about 5 houses and finally found a real gem. Totally remodeled inside, older home but priced right. I confidently told the listing agent who's name will be good guy but let down, that we were strong and ready to go. I wrote the contract and it was excepted after a bit of negotiations. It was set to close at months end.

All of a sudden Mr. Bull Crap states it takes up to 30 days to process the package. But he has been working the clients file for over 2 months prior. Next he delays again which caused a need for addendum to extend another 7 weeks. Then the bomb shell drops. 2 days before the deadline of the extended contract he states the buyers cannot get the Loan.

Even after telling everyone they were approved.Even after the buyers have jump through numerous hoops for months getting him information. He tried to say he did not say such a thing but my emails from said different. Over the phone him shouting his innocence meant nothing. Need less to say the deal fell through. However the clients are still with me knowing it is no my fault. Mr. Bull Crap and his not so good company was given a ear full by me letting him know his credibility was shot and he would never get any more business from me or my client.

We now are in a 45 day hold to protect scores. The good news is the original mortgage person is back ! If the house is still on the market we will hope the listing agent will except our return. If not we will find another. My clients have complete confidence since we found a great home. Also my open and honest way of doing things.

This situation was my first buyer deal not to close due to a lender. I should have taken them to my own resources with my first gut feeling of suspicion weeks prior once I heard they got him off a sign and did not know him.

The morale of the story. Buyers even Agents beware. Never use a lender you do not know. See referral information or the resources of a professional. If a mortgage person says you can get a Loan don't believe it until you actually see a valid loan approval document that has been signed off and fully under written. Go with your gut and use a Professional Realtor and Realtor resources.

]]> Realtor ® Chronicles http://jprealestate.info/reblog/index.php?itemid=13 Sun, 14 Jun 2009 15:27:49 -0500 http://jprealestate.info/reblog/index.php?itemid=12 http://www.google.com/search?hl=en&rls=GGLJ,GGLJ:2006-37,GGLJ:en&q=related:jprealestate.info/
This is another mile stone for my new real estate web site. It had a meager start and a did all that was needed to optimize the web site and its pages. I Choose mambo for the web site because it is a easy system and free to drive a site with a data base. Since I am not a asp guru I have always stuck with GNU type systems.

Now I am related in Google with some major web site that deal with real estate. The number of pages are about 27 or so. Which is a great start. My number 1 rank seems to be holding for a long key word phrase of Find Real Estate in Mobile Alabama. Also my profile page at activerain is making a steady climb for the more competitive string of Real Estate Mobile Al. I try not to just post junk in my blog simply for points. I do what I can to post relevant content and information that is useful to either the public or my fellow Real Estate Webmasters.

I have posted several invitations on my blog for others to add my link to their web site in order to join my indexing in the major search engines. Doing so will improve their page rank which can mean better presence in the SERP's which will translate into more web traffic. Some have taken me up on the offer at other web sites. Like Land Lord 2 Land Lord and Move info , Seems like the real estate agents don't get it. But I give them the benefit of the doubt because they are not in tune with what it means to rank well in the search engines. Their web sites are still just something they have been told they need. They either pay for one and or use a cookie cutter system and or something off other resources. With 80% or more now searching on the web for real estate and comps. It is must to have a web site. But the type of web site is very important.

Many don't realize a viable web presence can mean workable leads if done right. I have gotten a few leads so far but it is early in the game as I build my web presence. Once traffic has increase to around 3000 unique visitors a month I think I will see some real good leads captured with my sites. I am far from that mark but my unique grow month over month. Having a great moth last month with 600 + unique visitors. My personal experience has shown me it take several years to reach a steady volume of unique. Especially when I am just a little guy. Jut one web site abut real estate out of billions on the web. But have done it before and now as a real estate site I know over time it will grow in numbers. As I promote my sites in the brick and mortar world I get a warm fuzzy knowing that every piece of material I distribute that has my URL on it means at some point it will turn into web traffic. Seeing as I don't have 100k to punt into a web site marketing campaign. But hey who needs that to get on top!! All it takes are some good tags and some key words of relevance with some good cross linking for good measure.]]> Realtor ® Chronicles http://jprealestate.info/reblog/index.php?itemid=12 Sat, 4 Aug 2007 22:45:31 -0500 http://jprealestate.info/reblog/index.php?itemid=11 If I should say so myself June 2007 was a great month. Three transactions were completed. 2 listings sold and I managed to work them well enough to get both sides of the transactions. That meant more income generated for me. With the other transaction being a large 200k deal that came to me from persistence or just plan luck. Either way I don't care as long as it meant a deal that closed. Actually the client knowing inside their mind that I was their Realtor made the difference in that deal. Which is a good thing. My total gross sale for the month over 360k. Not to sabby.

I am moving right along however knowing 3 transactions in one month can be wiped away if I go several more moths without any other transactions. I don't have much of a pipe line per say with a current listing not moving and another that is in a horrible location. Another that would be a great one if it was not in such need of repair. Being a commercial building is great but it is in bad shape.

As I sit here writing about my successful month. I am also deep in thought on how to continue the momentum. It seems as if I really don't have much to go on. Having now learned that Real Estate is truly a business of referrals. Dealing with all in who you know and having well established contacts. Of which I actually have none. Being forced to go out in hunt down business. One thing I have refused to do is chase around and deal with rejection. I am above that and will not be moved with the crap of arrogant stubborn people that I am surrounded by in this town. But I won't go into details here. I will save it for another part of my blog. ]]> Real Estate Success http://jprealestate.info/reblog/index.php?itemid=11 Wed, 4 Jul 2007 23:20:52 -0500 http://jprealestate.info/reblog/index.php?itemid=10
In fact and truth the system is straight line. There are no down lines and it is not multi-level marketing. No one under anyone else. Residuals are paid out straight line. Another part of the program is that the residuals are not paid out of the sponsored agents commission. It is taken right off the top. Its actually paid from the brokers side of the transaction that is sent to corporate. It is a system the may be copied but never duplicated. It is the component of Exit that provides a additional stream of income. A way to bring in extra money for retirement and or investment. It is paid up to the point of 100,000 per year.

I am riding high right now because I intensified my recruiting for new agents. Building information material and telling everyone I know about my fantastic company. My brokerage is the best in Alabama being the first in Alabama. Its training is top notch. As I increased my efforts they have begun to pay off. I have my first sponsor! She has great potential and is very personable, coachable and intelligent. I look forward to doing what I do best. That is mentoring her to be successful in her new Real Estate career. That is the other aspect of sponsoring. One has a vested interest in the success of those who sponsor because a payout from corporate is guaranteed when they close on transactions.

I will be helping Nikki establish a web presence and begin her on a successful journey in Real Estate. I have high hopes for her and feel she will do fine. She is a class act and very intelligent. I feel lucky having the opportunity to guide her and teach her the game.]]> Realtor ® Chronicles http://jprealestate.info/reblog/index.php?itemid=10 Fri, 20 Apr 2007 08:06:11 -0500 http://jprealestate.info/reblog/index.php?itemid=9
I believe in selling myself also for continued business. But I also know I have to produce results instead of lip service. Talk is cheap and results matter. My goals are to reach financial independence not being a wage slave. I know as time goes by and my work is recognized this will happen for me. Paying the bills is a real task because as I grow the bills don't stop. Lucky for me I have a zero debt concepts that I am very close to reaching.

I am using the internet to its full potential unlike many in the industry. They just don't have a clue to the power of the net. I know its power and my web site and other areas of presence is fast gaining prominence on the web. Actually faster than expected. I am sure I will begin capturing leads from inquiries as the year progresses. That being the ultimate goal of having a online presence. I will gain a edge in my market.

I see my success being well in hand. ]]> Realtor ® Chronicles http://jprealestate.info/reblog/index.php?itemid=9 Fri, 13 Apr 2007 08:09:48 -0500