If you only had (3) questions....(edited)

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drewkawa_IHB

drewkawa_IHB

New member
Simply put,



If you walked into a home for sale and there was the agent with their flyers, free coffee and cookies what would be the first (3) questions you would ask. (* and let's not inquire about the coffee and cookies shall we? ;) )



Big Mahalo!



Drew
 
[quote author="Drew" date=1241332268]Simply put,



If you walked into a home for sale and there was the agent with their flyers, free coffee and cookies what would be the first (3) questions you would ask. (* and let's not inquire about the coffee and cookies shall we? ;) )



Big Mahalo!



Drew</blockquote>


I wouldn't ask any questions because I would not believe a word that came out of the agents mouth.
 
ok...



Then what are the three most important facts I should know when I enter a home that is for sale, being that I am an interested buyer?
 
"what do you think about the market"



politely listen to their answer.



"I disagree, the market is going to get pummeled, the high end is over extended and the low and mid-range is getting pressure from both north and south county"



politely listen to their response.





You can now rank what level of professional or lack thereof you are dealing with.
 
[quote author="Drew" date=1241347392]ok...



Then what are the three most important facts I should know when I enter a home that is for sale, being that I am an interested buyer?</blockquote>


(1) You should know how much a similar property rents for in the rental market.

(2) You should know how much your total cost of ownership will be if you buy the property.

(3) You should know that prices are going to decline until the cost of owning the home is near (and most likely below) the cost of renting that property. The fact that the cost of ownership is currently much higher than the cost of renting in most markets is why prices are falling. The price declines will not stop until it really is cheaper to own. We are not there yet.



There are other factors you need to consider once you start finding properties at or below rental parity (the concept I describe above), but until then, don't worry about these other things.



Where are you considering buying? There are plenty of properties at or below rental parity in Riverside County, and some in the less desirable areas of Orange County. There are none in Irvine.
 
I think we're doing a lot of duplicating in this thread at this point. I would like to refer you to Graph's lovely rant on the subject but I can't seem to find it. Several others had meaningful things to say also. Does anyone else know the thread? It wasn't very long ago.
 
1 ask for a list of MLS rental listing and his or her opinion of what you can rent the place out for. You should already have a good idea what it is already and you can tell if he or she is pulling your chain.



2 ask her why the seller is selling. I am always nosy on what is going on. You can tell if he or she is telling a coherent story.



Everything else you can figure out on your own - HOA, mello roos, builder, year, previous transaction prices, etc.
 
Welcome to the boards, Drew.



As an agent, I ask these questions:



1. Hello and welcome in. How did you hear about the open house?

<span style="color: blue;"><em>This lets me know interest level of the guest and if my signage is still up.</em></span>



2. Here's our flyer. Would you like more information on the home, or would you like to look around in peace?

<span style="color: blue;"><em>For obvious reasons.</em></span>



3. What is the air speed velocity of a fully-laden swallow?

<span style="color: blue;"><em>If they don't know that answer, then I don't wish to be bothered working with them any further.</em></span>



Thank you,

IrvineRealtor
 
[quote author="IrvineRealtor" date=1241390935]

3. What is the air speed velocity of a fully-laden swallow?

<span style="color: blue;"><em>If they don't know that answer, then I don't wish to be bothered working with them any further.</em></span>



Thank you,

IrvineRealtor</blockquote>


Eleven meters per second / 24.6 mph. Will I get to be your client?
 
1. Who lives next door and are they loud? Do they have any obnoxious pre-teens soon-to-be teenagers?

2. Who lives down the street and will they make me sorry that I decided to buy a house near them?

3. What other kind of neighborhood nosy, juicy gossip can you give me?
 
I got alot of question on the new CERN project and how you will exactly expect to find the Higgs Bozen particle. I'm just curious, being one of the great engineering feats of today's age.



ohh... how motivated are they to sell.
 
Thanks for the information everyone...



Just FYI, I've been a reader of IHB for about 6 months +/-. In that time I have learned the <em>basics </em>about the market and trends. I am a complete novice but the people here have really helped clear up some questions with intelligent posts and blogs. My wife and I are 2 year residents here in Irvine, where we absolutely love, and hope one day we will be owning either here or somewhere comparable.



For now we remain patient, which can be so difficult, knowing that planning for the future takes time.





Thanks again everyone,



Drew
 
Questions that I asked:

1. Is this a short sale?

Lot of times it WAS and they didn't bother to put that on the flyer.

2. Bank approved short sale?

Don't know what that meant then, but it sure made the realtor uncomfortable. I love watching people lie.

3. Do you have other offers?

They will always tell you that there are. Again, lovely lie.



Good luck! I see a lot of open houses in the North Park area these days..
 
[quote author="Cubic Zirconia" date=1241398424]

2. Bank approved short sale?

Don't know what that meant then, but it sure made the realtor uncomfortable. I love watching people lie.</blockquote>




I've just heard about these differences, Short Sale vs. Bank Approved Short Sale. Can someone clear up the differences, title not withstanding, for Dummies. (finger pointing towards myself ) :)





Drew
 
[quote author="stepping_up" date=1241400979]One of the first three questions I asked my agent was "where did you get your shoes?!" She always had great footwear.</blockquote>
Ahh, so you are discriminating agent male agent because their shoes aren't as cute as female agents, eh? FOR SHAME!



Oh, and if I go to a listing where there is an attractive female listing agent giving us the tour...I may see if she is free for drinks to discuss a possible offer. >=)
 
[quote author="Drew" date=1241399127][quote author="Cubic Zirconia" date=1241398424]

2. Bank approved short sale?

Don't know what that meant then, but it sure made the realtor uncomfortable. I love watching people lie.</blockquote>




I've just heard about these differences, Short Sale vs. Bank Approved Short Sale. Can someone clear up the differences, title not withstanding, for Dummies. (finger pointing towards myself ) :)





Drew</blockquote>


If you search "short sale" in the search function you will likely find a lot of information and discussion on the topic. A general internet search will also bring up good information. One of the experts on this site may also respond here to provide a detailed explanation. The short answer is that if the short sale is not bank-approved, then no transaction can occur and it's a big waste of a buyer's time. In a short sale, the homeowner's total mortgage debt is more than the value of the home (i.e., the homeowner is "under water") and the homeowner would like to sell the home for less than the total mortgage debt owed. Since the homeowner would be selling the home at a loss, all of the lienholders (mortgagees) must approve the sale. Otherwise, there can be no transaction. Often times, the homeowner has more than one mortgage on the property (e.g., first mortgage and second mortgage). All mortgagees must approve the sale. A short sale is usually indicative of a foreclosure (but not always). As a result, it's important to find out if there is a notice of default (NOD) on the property, if an auction date has been set, etc...
 
[quote author="Sunshine" date=1241401725]



If you search "short sale" in the search function you will likely find a lot of information and discussion on the topic. A general internet search will also bring up good information. One of the experts on this site may also respond here to provide a detailed explanation. The short answer is that if the short sale is not bank-approved, then no transaction can occur and it's a big waste of a buyer's time. In a short sale, the homeowner's total mortgage debt is more than the value of the home (i.e., the homeowner is "under water") and the homeowner would like to sell the home for less than the total mortgage debt owed. Since the homeowner would be selling the home at a loss, all of the lienholders (mortgagees) must approve the sale. Otherwise, there can be no transaction. Often times, the homeowner has more than one mortgage on the property (e.g., first mortgage and second mortgage). All mortgagees must approve the sale. A short sale is usually indicative of a foreclosure (but not always). As a result, it's important to find out if there is a notice of default (NOD) on the property, if an auction date has been set, etc...</blockquote>






Outstanding information. Thank you for posting. I had heard that is what a short sale is, but I don't understand one thing. How can you advertise your home as a short sale, when it technically isn't. (being that the bank did not approve of it.)



It either is, or isn't right?
 
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