I hate open houses and I’m sticking to it!
I hate open houses! There I said it. It's out in the open and I'm not taking it back. I don't do them and I'm not starting. My Sellers know this. I tell them this at time of listing. "I will sell your house but I will not do an open house, ever."
Well, I had two of my Sellers call me today wanting to do open houses. So being the good little Realtor that I am, I said no. Now don't get me wrong, I like pleasing my Sellers and I like being agreeable when they ask me to do things. But I'm not doing it! I'm going fishing. It's Saturday and the fish are biting. So what do you do?
Being as how both of these Sellers are long time customers, we compromised. They are having open houses. Yup, you heard me right. They are having open houses. One is having a yard sale and the other is home all weekend and wants to do it. So, I stopped by today and dropped off Open House signs, buyer sign in sheets and wished them good luck. I told them if they should happen to find a Buyer for their house, who is not working with another Realtor, I will give them a discount on the commission. They were thrilled! They can use the money and thought this was an excellent idea. They are really getting into it now. I told them I would be available by cell phone if they need me and I have arranged for my Mortgage Broker to be available for pre-qualifications if necessary. I hope they find a Buyer. I hope I can give them a commission rebate. I hope they don't ever ask me again. I hope I catch the big one!
Anyway, I have been thinking about this all day and decided I may offer this to my Sellers. After all, we are a team and who knows the house better than the Seller. Obviously, you do want to make sure you have a strong relationship with your Seller and they have to promise, no negotiating. I like it. I like it a lot. They can work. I can fish. And maybe we will both get paid.
So next time a Seller ask for an open house, just tell them…….. "I hate open houses and I'm sticking to it!
I participate in another Real Estate forum and some of the questions that I see make me wonder if some Realtors are in way over their heads. Here are a few examples:
1. If I do a lease/option contract when do I get paid?
2. As a Sales Associate can I represent a Buyer in a business transaction? (if you have to ask the question, you shouldn’t be doing the deal)
3. The transaction didn’t close on time. Can I file an Ethics complaint against the other Realtor? (my personal favorite)
4. I’m going on my fist listing appointment. Besides the “purchase contract” what other forms do I need?
5. My Broker’s not giving me any leads. Is this illegal?
Now, don’t get me wrong, I am not faulting the Realtors. In fact I am glad they are asking the questions. There are no stupid questions only stupid answers. But this is scary! Where’s the training? What are the Broker’s doing? How can they allow Realtors without the basic knowledge to conduct business, loose on the public? And why do these Realtors have to ask these questions on a forum? Where’s the Broker?
My belief, is that, the general public when contacting a Realtor, should be able to assume, that the Realtor has the knowledge required to conduct business. And that they are able to “protect the public.” After all, that’s what Realtors are supposed to do. It’s scary out there! What say you?
If it ain’t on the HUD, it ain’t happening.
Let’s talk about Mortgage Fraud. Now I’m not an expert on this but I do see it quite often in my market. Or at least, what would be fraud, if my Seller and I didn’t just say no. These are a few of my favorite lines:
1. “Don’t worry I have a good appraiser, he’ll make it work”.
2.”If the Seller can give the Buyer a personal check for $5,000 at closing, we’ll get this closed”.
3.”No, it can’t be on the HUD”.
4.”Don’t worry this Mortgage Broker does this all the time”.
5.”The Lender said the Seller can hold a 10% second, after closing they can just tear it up”.
6.”Can we raise the price $20,000 and give the Buyer money back at closing?
7. “I have a buyer willing to pay $20,000 more for that property, will you give me an assignable contract”.
8. “What size prison uniform do you wear?”
9. “Can we be cell mates at Sing Sing?”
10. “You look cute, do you need a friend?”
Ok, maybe not all of those. I am surprised though how many times I get asked by Realtors to do things that are just plain fraudulent. Now sometimes, I like to think it is just out of ignorance. They figure if the Mortgage Broker said it is Ok then it must be legal. Don’t fall for it. The best rule of thumb is, “If it ain’t on the HUD, it ain’t happening.” Remember this line and use it often. As Realtors there are no excuses for not being able to recognize Mortgage Fraud when you see it. You need to be able to protect your customers and clients from these practices. Not to mention, your license and life as a free member of society. No commission is worth committing fraud for. Below are links to a few web sites that may help.
http://realtytimes.com/rtcpages/20050216_mortgagefraud.htm
So remember……….“If it ain’t on the HUD, it ain’t happening.”
I hate open houses and I’m sticking to it!
I hate open houses! There I said it. It's out in the open and I'm not taking it back. I don't do them and I'm not starting. My Sellers know this. I tell them this at time of listing. "I will sell your house but I will not do an open house, ever."
Well, I had two of my Sellers call me today wanting to do open houses. So being the good little Realtor that I am, I said no. Now don't get me wrong, I like pleasing my Sellers and I like being agreeable when they ask me to do things. But I'm not doing it! I'm going fishing. It's Saturday and the fish are biting. So what do you do?
Being as how both of these Sellers are long time customers, we compromised. They are having open houses. Yup, you heard me right. They are having open houses. One is having a yard sale and the other is home all weekend and wants to do it. So, I stopped by today and dropped off Open House signs, buyer sign in sheets and wished them good luck. I told them if they should happen to find a Buyer for their house, who is not working with another Realtor, I will give them a discount on the commission. They were thrilled! They can use the money and thought this was an excellent idea. They are really getting into it now. I told them I would be available by cell phone if they need me and I have arranged for my Mortgage Broker to be available for pre-qualifications if necessary. I hope they find a Buyer. I hope I can give them a commission rebate. I hope they don't ever ask me again. I hope I catch the big one!
Anyway, I have been thinking about this all day and decided I may offer this to my Sellers. After all, we are a team and who knows the house better than the Seller. Obviously, you do want to make sure you have a strong relationship with your Seller and they have to promise, no negotiating. I like it. I like it a lot. They can work. I can fish. And maybe we will both get paid.
So next time a Seller ask for an open house, just tell them…….. "I hate open houses and I'm sticking to it!
I participate in another Real Estate forum and some of the questions that I see make me wonder if some Realtors are in way over their heads. Here are a few examples:
1. If I do a lease/option contract when do I get paid?
2. As a Sales Associate can I represent a Buyer in a business transaction? (if you have to ask the question, you shouldn’t be doing the deal)
3. The transaction didn’t close on time. Can I file an Ethics complaint against the other Realtor? (my personal favorite)
4. I’m going on my fist listing appointment. Besides the “purcha
se contract” what other forms do I need?
5. My Broker’s not giving me any leads. Is this illegal?
Now, don’t get me wrong, I am not faulting the Realtors. In fact I am glad they are asking the questions. There are no stupid questions only stupid answers. But this is scary! Where’s the training? What are the Broker’s doing? How can they allow Realtors without the basic knowledge to conduct business, loose on the public? And why do these Realtors have to ask these questions on a forum? Where’s the Broker?
My belief, is that, the general public when contacting a Realtor, should be able to assume, that the Realtor has the knowledge required to conduct business. And that they are able to “protect the public.” After all, that’s what Realtors are supposed to do. It’s scary out there! What say you?
If it ain’t on the HUD, it ain’t happening.
Let’s talk about Mortgage Fraud. Now I’m not an expert on this but I do see it quite often in my market. Or at least, what would be fraud, if my Seller and I didn’t just say no. These are a few of my favorite lines:
1. “Don’t worry I have a good appraiser, he’ll make it work”.
2.”If the Seller can give the Buyer a personal check for $5,000 at closing, we’ll get this closed”.
3.”No, it can’t be on the HUD”.
4.”Don’t worry this Mortgage Broker does this all the time”.
5.”The Lender said the Seller can hold a 10% second, after closing they can just tear it up”.
6.”Can we raise the price $20,000 and give the Buyer money back at closing?
7. “I have a buyer willing to pay $20,000 more for that property, will you give me an assignable contract”.
8. “What size prison uniform do you wear?”
9. “Can we be cell mates at Sing Sing?”
10. “You look cute, do you need a friend?”
Ok, maybe not all of those. I am surprised though how many times I get asked by Realtors to do things that are just plain fraudulent. Now sometimes, I like to think it is just out of ignorance. They figure if the Mortgage Broker said it is Ok then it must be legal. Don’t fall for it. The best rule of thumb is, “If it ain’t on the HUD, it ain’t happening.” Remember this line and use it often. As Realtors there are no excuses for not being able to recognize Mortgage Fraud when you see it. You need to be able to protect your customers and clients from these practices. Not to mention, your license and life as a free member of society. No commission is worth committing fraud for. Below are links to a few web sites that may help.
http://realtytimes.com/rtcpages/20050216_mortgagefraud.htm
So remember……….“If it ain’t on the HUD, it ain’t happening.”