Sean Quinn

Sales Associate

Journal

Three Family +

4/5/2017

Selling Three Family + homes are a lot of work even if two out of the three units are vacant. State and City Inspections are very detailed oriented and time consuming, even for a three family built in 2006!.  

Steps:

1) Check with the state to see if there is a Green Card on file. When was at the last inspection, where there any deficiencies and are there any fines, do we have to schedule another inspection?  If so, order the inspection right away!

2) File for OPRA.

3) Order Fire Inspection right away do not delay.

The state and the local fire codes require details inspections: Self closing front doors, any safety issues, peep holes or glass window doors for safety, fire rated doors, interior sprinkler test and secured valves, exit light battery test.  This is very difficult to coordinate ESPECIALLY if the units are occupied.  It is an incredible logistical nightmare to show units that are occupied.

Commission for Three Families is a mandatory 6%.  No Negotiation.

"Come Look at the House"

3/3/2017

Past clients whom I thought were local, loyal, appreciative clients, for whom I gave valuable advice to brighten up the basement, went ahead and interviewed two other Realtors without giving me the opportunity to present anything in writing.  

They thought I mentioned something about 6%.  I probably said "another Realtor would charge 6% with staging".  Its amazing what people "hear".

When people ask the following questions...

  • "Can you come over and look at the house"
  • "We are not ready to sell but please come take a look"
  • "We just want an idea of what is worth"

It's a JOB INTERVIEW from the very first meeting.  

Therefore, during the first meeting I need to:

1) PROBE, PROBE, PROBE

2) ASK the QUESTIONS I DON'T WANT THE ANSWERS TO

3) TURLY UNDERSTAND THEIR GOALS AND NEEDS

4) PUT MY COMMITMENTS, MARKETING PLAN AND COMMISSION IN WRITING.

The house evaluation is secondary.

NO AMOUNT OF GOOD WILL CAN REPLACE qualifying questions.  Another way of saying it is that BEING PROFESSIONAL TRUMPS GOODWILL.

It's ALL about BEING PROFESSIONAL.

 

Title Search & Insurance Holding Up Closings

1/4/2017

Recently, title companies have not given the required title docs to the mortgage company in time causing closing delays.  We have to triple check to make sure the title company gives all the required documents to the mortgage company at least a week or two before closing.

Quicken Loans

1/4/2017

Quicken Loans does not issues mortgage commitments as we know it...until all the documents are in fro the third party vendors including the home owners insurance, title, survey etc.  That means the mortgage commitment requirement in the contract is basically useless.  The key term with Quicken Loans in a Loan Approval meaning the loan is underwritten.  So instead of asking of the mortgage commitment 3-4 weeks before the closing, you have to ask for the Approval.  

Corporate Taxes

9/14/2016

When a mortgage professional pre-approves a self employed buyer, the mortgage professional has to check the corporations tax returns up front and make sure the revenue is being dispursed to the buyer.  If the income is not being dispersed (rather reinvested into the business), then the revenue can not be counted as income.  

Buyer Expectations

9/14/2016

When working with buyers, it's not only important to answer and act on every single email...but to follow-up and make sure they are getting what they expected.   All the "good will" in the world will be erased in a second, unless the buyer gets what they want. Good will means things like consultation meetings over coffee, last minute showings, showing during rain storms, invitations to a client appreciation night...none of that matters unless people get what they want.  

Pre-Qual & Beyond

2/9/2016

Beyond the credit score, income and debts, buyers need to share any hospital bills, liens, credit issues, disputes that may show up in the future.  The buyer has to be completely transparent with the mortgage rep otherwise they could 1) fail to get an approval 2) lose a property they really want.

The Importance of the Approval Letter to the Buyer

2/9/2016

Having a real mortgage approval letter is just as important to the buyer as the seller.  If the buyer jumps the gun, says an "approval letter is on the way", makes an offer, the offer gets accepted and goes under contract and then can't furnish an approval letter, it's possible the could be in breach of contract.  Even if they don't have deposit monies on the line, they could be "tied up" and be prevented from making offers on other places.

Reinstating the Contract

2/9/2016

If a buyer intends to buy a home yet the seller canceled the contract due to contingencies not being met, then the buyer should formally reinstate once they feel comfortable (get formal approval letter or mortgage commitment letter).  IF they do not reinstate the contract, and the house is resisted, they could 1) lose the house to another buyer 2) lose money they already invested (i.e. inspection costs, appraisal costs, title search costs).

WRITE the OFFER NO MATTER WHAT

11/23/2014

If you want to make an offer on the house insist the Realtor PUT IT IN WRITING no matter what....no matter what the buyer agent says, no matter the listing agent says, no matter what the seller says. Things change quickly in life and in real estate.  The seller may dig their heals in one day and the next be ready to negotiate.  If you don't put the offer in writing you will miss out.  The listing agent rarely remembers to come back and solicit and offer.  Not to mention the listing agent is not obligated to solicit an offer.  The listing agent is however legally bound to present an offer to the seller and even if that offer is unacceptable initially, you can continue to submit it over time in the event the seller is willing to make a deal. 

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