How To Find A Good Real Estate Agent Or Broker In Tacoma, Lakewood, Puyallup, University Place, Fircrest, or Sumner WA

Jonathan — Fri, 09 Mar 2012 05:50:41 +0000

Finding A Good Real Estate Agent or Broker is Critical When You Need To Buy Or Sell Real Estate! How do you go about finding someone with a solid background of experience and knowledge, who is honest and loyal, and who is patient enough to work with first-time homebuyers or seniors downsizing their household?

That’s a great question. It’s the MILLION DOLLAR question, in fact.

There’s a common saying in the real estate industry regarding the vast number of agents in the business: “If you don’t have any friends who are agents, then you probably don’t have any friends at all.”

With so many agent out there, how can you make an intelligent decision? Do you choose a friend, neighbor or coworker? Should you work with an agent at a large firm, a small firm, a franchise or an independent?

While there’s an exception to every rule, and every marketplace has its own nuances, here are some solid rules to apply when you want the best representation to protect your interests.

First of all – Demand Experience in your Real Estate Agent or Broker!

The real estate profession is plagued by high turnover. This creates a workforce that is made up of many newcomers. While there are brand new agents with good intentions, why trust one of the largest investment you’ll ever buy or sell to someone without experience?

Always look for an agent with at least two years of experience. Anyone still in the business after two years has probably learned at least the fundamentals of real estate.

Look for Commitment in the Agent or Broker’s Background

Another problem we have in the industry is a large number of part time and recreational salespeople. These folks have either retired from some other career, work in real estate seasonally or are earning a second income for the family and honestly don’t need to work full time.

No matter how long they have been in real estate, their lack of full-time commitment makes it impossible for them to keep up with the vast changes in law, marketing and business practices that are occurring in the profession today.

If an agent isn’t working at least thirty hours a week, fifty weeks a year, look for someone else.

Consider The Continuing Education That The Agent or Broker Has Earned

In the majority of states, the requirements for real estate licensing are substantially less than those for cutting hair. In Michigan, for example, all that is required is a forty-hour class and a multiple choice test. You cannot rely on licensing to indicate competence. And, unfortunately, many agent’s real estate education ends with their pre-license education.

Conduct Interviews Before You Hire An Agent Or Broker To Help You Buy Or Sell A Home.

You should interview at least three agents in person. In order to do this, first get recommendations from friends, family and neighbors. Then look on the web, in homes magazines and the local newspaper to see what kind of marketing the various companies are doing in your area and call a few that impress you.

Then make brief fact-finding calls to determine which of the agents on your list are full time, experienced and have more than a few years experience and have more than 100 sales. You will probably need to call ten to fifteen agents in order to find three that are worth interviewing.

The interview itself need not be a formal one. It is simply an opportunity for you to meet the candidate and explain your needs; and to determine whether you would be comfortable working with them. Ask whatever questions you like, or simply explain your goals and listen carefully to what they propose to do for you in meeting your needs.

The decision to hire an agent or broker:

If you follow the suggestions above, you will find that there are excellent agents working for firms both large and small; both franchised and independent. The real decision must be made based on the competency of the individual agent you will be working with on a day-to-day basis.

Once you’ve made your decision, give your agent enough information to get in sync with your preferences in searching, what type of property you’re look for, the areas you prefer, and even your schedule to preview properties.

Follow these tips and you should find yourself a good real estate agent or broker. Find that agent or broker, and they can help you save time and thousands of dollars in your search for a solid real estate purchase.

Tacoma Short Sales: Will your short sale be killed by bureaucracy?

Jonathan — Mon, 08 Nov 2010 19:26:54 +0000

WA – “I can’t process this short sale without the TPS form filled out with the seller’s full name”, the short sale negotiator told him. “But, based on my calculations, this short sale will help your company avoid a $17,000 loss”, he replied.

“So, you’re telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,?”

“Yes, you are right”, she replied. “But $17,000 is a lot of money. Don’t you agree?”, he replied back. “I don’t care about the money. The TPG form is company procedure”, she said.

The story above illustrates just how crazy short sale lender bureaucracy is today. The guy who told me that story couldn’t remember the form name.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

He said it was about as dumb as the infamous “TPS Reports” from the movie Office Space. The reason is because many banks turn down short sales only to lose more money thru a foreclosure.

As an example, the house in question sold for $117,000 about 12 months ago. Today, comparable homes are selling for $90,000 (not a typo.)

In that 12 months, the home’s value dropped by $27,000. The bank’s foreclosure process was on track to foreclose on the house in 6 months. It would have taken another 3-6 months to sell the foreclosed house.

That means the value would have dropped by a minimum of three quarters of $27,000. That mean the lender would have lost $20,000 because they turned down the short sale offer.

Here is what was wrong with the TPS form. One form had “John Arthur” entered for the seller’s name. The short sale negotiator was going to reject the short sale unless his name was changed to “John W. Arthur II.”

Everyone else was ok with the existing paperwork. The title company, the buyer’s mortgage company, and everyone else.

The bottom line: A large, nationally know lender was willing to risk losing $20,000 because they needed a document to be perfect. Nobody ever asked the stockholders for their opinion.

That’s what short sale bureaucracy does. It hurts the economy. It is also why you need an experienced, competent short sale agent. You need someone who knows how to work with the bureaucracy and get things done.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at PhillipsRealtyLLC.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.

How To Negotiate A Wells Fargo Short Sale

Jonathan — Thu, 28 Oct 2010 18:57:46 +0000

WA – Wells Fargo is one of the largest lenders in the US. They are the second biggest short sale lender we work with. The Wells Fargo Loss Mitigation Department is much better to work with than lender’s loss mitigation departments.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Wells Fargo has two loss mitigation departments. One is located in Fort Mill, South Carolina. The other is located in Milwaukee, Wisconsin.

Here is what we do to negotiate a short sale with Wells Fargo.

To start a short sale with Wells Fargo, we first call 1-877-216-8448. We ask the representative what the short sale fax number is. That is where we fax the entire short sale package.

In my experience, these phone and fax numbers are often changed with little notice. That is why I call to check. The current fax number to send paperwork to is 1-866-969-0103. That has been the correct number for a long time.

In addition I will need authorization from to speak to your lender on your behalf. You fill out and sign a form giving me that authorization. I will fax that to Wells Fargo’s Authorization Fax. That number is 1-866-917-1877.

Once the short sale is approved by the owner of the loan, then Wells Fargo will want all parties to sign Wells Fargo’s Specific Addendums. They are the following.

Arms Length Addendum. This simply states that there is no funny business going on and this is a normal “Arms Length” sale. In other words, you aren’t selling the home to your best friend for a low price, or anything similar to that.

Closing Date Extension Addendum. They want the buyer to sign this and agree to close within 30 days of the short sale approval.

Listing Addendum. This is an addendum they want the seller and the listing agent to sign. It gives Wells Fargo a little more protection on the short sale.

Contract Addendum. This is another addendum they want the buyer and the seller to sign. It simply lays out how a Wells Fargo Short Sale works for the buyer and the buyer agrees to those terms by signing the addendum.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at PhillipsRealtyllc.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Pierce County Short Sales: A technique to make short sales easier

Jonathan — Thu, 28 Oct 2010 00:11:50 +0000

Pierce County WA – I read an interesting book that was written by a former real estate agent. The author, Robert Ringer, talked about persistence and how it helps you be successful. He told a story about phoning a call center.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The first person he talked to told him that he couldn’t buy something in bulk for a certain price. Rather than argue with her, he instead hung up and called back in.

The next person he talked to agreed to sell him the product in bulk for the price he wanted. He got what he wanted a lot faster and easier than if he had spent time arguing with the first person.

He gave another example of trying to change his account info with a phone company. The first person tells him he needs to print and sign a form. Then, he must have it notarized and mailed to the company.

The company will then change the account information. Does he willingly go along with her? No.

Instead, he hung up the phone, called in again, and talked to another rep. In just a few minutes that rep had changed the information in the computer system. Goal accomplished.

So what does this have to do with short sales?

We will use this same strategy when we negotiate your short sale. If the first person won’t give us what we want, then we will ask someone else. Now, this can’t be use in all stages of the short sale.

But, it can be used to increase our odds of success. Remember, our goal is to help you wipe out the upside down debt, get rid of any tax liability, and keep your credit intact. We might even be able to get you a $3,000 short sale incentive from your lender.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jcphillips@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Pierce County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Welcome to Tacoma – Pierce County – Real Estate Seller & Buyer Resources

Jonathan — Wed, 27 Oct 2010 21:30:21 +0000

Tacoma WA Area Real Estate Sale – Short Sale – Foreclosure Sale Resources

FREE Resources include FSBO websites, personal start pages, garage sale websites, and more! Visit PhillipsRealty to access these resources.

I designed this website to make much-needed resources available to real estate Buyers, Sellers, Investors, and Unrepresented Sellers (FSBOs) in Tacoma, Puyallup, Milton, Sumner, Fife, University Place, Fircrest, and nearby areas.
Some of the materials you’ll find here include:
- Reports for Buyers and Sellers
- Information on Real Estate as an Investment
- House & Home Searching – done on your own schedule
- Sales statistics for residential real estate
- MUCH, MUCH MORE.

Find the link that describes your interests, and follow it to the information you need.

There is NO FEE REQUIRED to use any of the tools,
download information and reports, or Search For-Sale listings!

Why is all this information provided for FREE?

I designed this site as a consumer service to help Buyers and Sellers make informed real estate decisions. I know that it is often difficult or impossible to get relevant – and accurate – information when you are looking to buy or market a home. I don’t happen to believe that it serves the sellers, the buyers, or the agents to keep knowledge hidden.

In order to better educate and inform buyers and sellers, I am providing comprehensive information as a FREE No-Obligation Service. Many buyers and sellers who visit this site are so impressed with this service that they will contact me (or one of my team members) in order to assist them in the purchase or sale of their home.

I hope that you will contact me when you have questions, or are ready to proceed as a Buyer, Seller, Investor, or FSBO. There is a LOT more involved in most real estate transactions than what will fit on a website, and I would be happy to share my 23 years of successful experience with you.

Phillips Realty LLC is not a Multiple Listing Service, but is a Member of the NWMLS.

Short Sales: Deed-In-Lieu of Foreclosure or Short Sale?

Jonathan — Tue, 26 Oct 2010 19:10:04 +0000

WA – Many people ask if they should do a deed-in-lieu of foreclosure and give their house back to their lender. A deed-in-lieu does have its benefits. Lenders like them because they speed up the foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A deed-in-lieu is the equivalent to a “No Contest” plea in a criminal trial. You just give up on the foreclosure. If there is a foreclosure court case, the judge will still have to schedule a foreclosure sale.

Contrary to popular opinion, a deed-in-lieu does not automatically release you from the debt. This means that your lender could be pursuing you five years later, after you get back on your feet.

There is an application process. You will have to spend between 5 and 10 hours submitting paperwork to your lender before they will approve the deed-in-lieu. Yes, I think it’s crazy!

Why should you have to submit paperwork to make it easier for your lender to foreclose on your house? Doesn’t make any sense. That is why I recommend a short sale instead of a deed-in-lieu.

You get to avoid the humiliation of a foreclosure. In addition, most short sales allow you to stay in the home rent free for 3-6 months. And you can get up to $3,000 from HAFA.

That will help cover the cost to move and maybe even cover the deposit on a rental property. The other advantage with a short sale is that you will be able to buy another home sooner.

Because a deed-in-lieu acts as a foreclosure, you will not be eligible for a new mortgage for 5-7 years. With a short sale, you can be eligible to buy another house in 2 years.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@nostringsmarketing.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Short Sales: Why do some short sales succeed when others don’t (Part 2)

Jonathan — Mon, 25 Oct 2010 19:07:04 +0000

WA – We recently talked to another agent about her short sale listing. (Some of the details have been changed to hide their identity) She had been working on this short sale for 6-8 months with no success. The original buyer offered 265k for the house.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The short sale lenders rejected the offer. The house ended up selling eight months later for 220k. Why did the short sale lenders reject the 265k offer, only to later on accept an offer for 45k less?

Because the person negotiating with the short sale lenders didn’t know what they were doing. Here’s what happened.

The first mortgage was owed $289,000. The 2nd was Bank of America, owed 60k. She submitted the 265k short sale offer to both mortgages holders. The first mortgage gives her an approval in a month. Bank of America never gave her an answer.

Here is the problem. Bank of America has no incentive to put time into this short sale file. Why? Because they are only getting $1,000. In a short sale, most 2nds will get a minimum of $3,000, and often 10% of whatever they are owed.

The first mortgage was greedy and wouldn’t offer enough money to Bank of America. As a result, they lost $40,000. Was that a smart business decision?

No. That’s a big loss for the short sale lender. To be honest, I would be embarrassed if I was that banker.

Here is what this agent should have done. She should have convinced the first mortgage to give Bank of America $3,000 to $7,000. Bank of America would have accepted the offer with more money.

Instead, the agent had to negotiate the short sale all over again. Not only that, but her sellers risk a bigger deficiency note. This first mortgage was one of the few mortgage companies not willing to release the deficiency.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

What to do when your lender won’t reduce your principal on a loan modification

Jonathan — Mon, 25 Oct 2010 18:55:43 +0000

WA – Some homeowners have watched the value of their home be cut by 30-50%. They paid 700k for a house that is now worth 400k. They want a principle reduction, but the lender won’t agree to it.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

So they keep on insisting for one. Lenders will drop your interest rate to 2% for five years. But, they are very reluctant to grant principle reductions. Here is why.

They are forced to take huge write off on their books when they give you a principle reduction. No, this is not a “tax” write off.

If they give you a 300k principle reduction, they have to take that directly off that year’s earnings. That hurts earnings, which hurts the stock price, which hurts the likelihood of the people at the top getting bonuses.

This makes principle reductions so rare. Instead, they like to reduce your payment down to the equivalent of a 400k principle amount. How?

By dropping the interest rate to 2%. The lower interest reduces your payment down as much as a principle reductions would have done.

The banks hope that you can limp along for five years until the economy recovers. Hopefully by then housing prices will recover, or you will be able to afford the higher payment after the interest rate reset.

But, many experts do not think the housing market will recover in 5 years, much less 10 years. This is why I recommend a short sale and renting to anyone who is upside down by 30%.

Now, you may be saying, “Of course you do recommend that. You get more sales that way.” Sure, I like more sales.

But, if that was true, then why would I give away free loan modifications kits to homeowners in foreclosure? I would hope that they would be forced to short sale with me.

(Click here to request a copy of our Loan Modification Kit that has the instructions you will need to get a loan modification approved with your bank.)

I believe that most loan modification are a temporary band-aid that doesn’t solve the underlying problem. Most people that short sale are already suffering and their credit has been hurt by a pending foreclosure.

What if they accept the loan mod offer and can’t afford the payment reset in 5 years? They may have to stop paying, hurt their credit again, and apply for another loan modification.

Why not wipe out the upside down debt while your credit is already damaged? Agree? Disagree? Please put your comments in the comments section below.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at PhillipsRealty. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Why do some short sales succeed when others don’t (Part 1)

Jonathan — Sat, 23 Oct 2010 18:59:52 +0000

Pierce County WA – Short Sales can be frustrating. Ask anyone who has negotiated a short sale with a lender and they will tell you the process is tough. Here is a story that illustrates this point.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

You are negotiating a short sale with a lender. You call in and talk to a someone in a call center overseas. They are very helpful and give you the fax number for the short sale paperwork.

You fax the short sale package. A few day later you call in to follow up. (Most lenders systems take a few days to process the paperwork.)

They tell you that they have no record of having received your paperwork. “That’s pathetic”, you tell them. “I sent it to this fax number. Can you confirm that is the right one?”

“No, that is not the correct fax number”, they tell you. “Here is the correct fax number.” This is why simple follow up is so important if you want a chance at a successful short sale.

Small mistakes like this happen all the time. Let’s say an agent is not familiar with the process. Do you think they will become frustrated after experiencing all the mistakes compounded together?

I think so. To have the best chance at success your agent needs to follow up on the short sale twice a week. Most agents don’t do this. As a result, they aren’t successful at short sales.

That’s why you hear them say the following. “I hate short sales. They are so frustrating. They take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”

Why can’t these agents follow up on their short sale file twice a week? Because they don’t specialize in short sales. Your short sale is just one of eight other things they are working on.

A buyer comes to town for a week to buy a home. The agent is busy driving them all over town that week. They don’t have time to follow up on your file.

They are burned out next week and take a few days off. They get back to work on Wednesday. Wednesday thru Friday are consumed with catching up on everything else.

They have to call back three other sellers, show homes to another buyer, and follow up on their closings. They don’t follow up on your file until the next week.

What chance does your short sale have? Everyone knows focus is the key to success. I have chosen to focus on short sales. Because of this, my short sale sellers know that I will handle their file properly.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jcphillips@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Pierce County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips

Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. Click HERE to email.

View My homes for sale at JonathanPhillips.com.

Welcome To The New Format

Jonathan — Sat, 12 Jun 2010 02:24:00 +0000

I’ve just transitioned from a ‘static’ html site to a more dynamic WordPress platform.

Bear with me while I reload a couple of gigabytes of data and resources – FOR YOU.