THE SECOND STORY | November 13th, 2014

It rained last night in Alameda! YAY!

I’m not sure when I took this photo, or even if I took this shot, but at this time of year, when the days go dark so early, this speaks to me.

Buyers need to have questions answered..but sometimes they don’t even know what they should ask of a lender.

Let’s review.

~How long have you been doing mortgage loans?
~What did you do previously?
~How long have you worked for this company?
~Are you a licensed Broker or a real estate licensee/agent working under a Broker?
~What area do you spend most of your time making loans?
~Do you pick up the phone yourself or do you have an assistant?
~If you have an assistant, can s(he) answer questions I have ACCURATELY?
~What type of loans can you offer clients?
~What’s the difference between a mortgage broker and somebody who works for an institution?
~What’s a point? Why do lenders charge points?
~How long does it take to get me (really) pre-approved?
~How long does it take to (really) close on a loan?
~How do I know that you won’t document me to death?
~What can I do to make your job easier BEFORE you document me to death?
~I’m leaving on a trip…how can we make this work?
~How long once my offer is accepted do I get a GFE (they’d be shocked to hear you say that).  It’s the Good Faith Estimate.
~I want my loan docs to me at least 3 days before we close.  Can you do that?
~And what happens if you don’t do that?

And here’s my favorite…loan officers/mortgage brokers who call me up and say…’That was tough be we got it done on time.”  I want to say “No, you didn’t.  You put too many others directly involved with the purchasing process in a rush at the end of the escrow..because you screwed up.” But I don’t. But I’ll never use that person again, and will suggest to others that they not use him either.

Folks, agents don’t get kickbacks for placing a loan with anybody anymore. Very old school and very against the law.  Agents/Brokers SHOULD help you get the very best deal on the property and then stays on top of the lender to make sure (s)he’s doing what (s)he says and in a timely manner.  If it starts getting squirrely, the agent prompts the buyer/clients about what to ask when necessary.

I guess you can see that I was more than disappointed with the lender with whom I’m about to close on a transaction on Friday.  And my clients (who are not new to real estate) are pissed off too.Plus he was referred to them by a friend! A client survey? Um yeah. But everything to do with the process was marked “dissatisfied.”

Alameda Real Estate this Week
Broker Tour Tuesday  10 this week. Saw them all (some before the Broker Tour). Rode my bike on Tues.

Active listings this week 47
Pending listings this week 67

This time of year the Sellers often back off because Buyers back off…look at how many listings there are. There aren’t so many Buyers, this time of year, with holidays approaching.  If the market holds true at the start of 2015, Sellers would like to get multiple offers when there are more (and new) Buyers jumping back into the market..But a motivated Seller can have a perfectly satisfactory experience at this time of year.

New  8
BOM back on market  1
Pending  10
Sold  14
Withdrawn temporarily  3
Withdrawn/canceled  1

Alameda Real Estate Awards…remember this is only my perspective!
Winner This was a great “flip”.  It shows so well!
Winner  A great multi-unit building, up for sale for the first time in decades.  Classic units. Off-street parking, plus single car garages that are rented out to non-tenants (all but one I understand), plus separate gas, electric, and water for each unit.

That’s a wrap.  Let’s hope we get some more rain!  Call if you have questions.

best, marilyn

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I arrived in Alameda in 1973, as a new bride...with husband Carl Schumacher, both of us from Newport Beach. He was embarking on his career as a Naval Architect (i.e. yacht designer) under Gary Mull. Please see the 'ABOUT ME' page in this website! to see how it has all turned out! I'm so blessed!