The One Thing that Matters in Real Estate

Experts say you should choose your one thing.. the one thing that drives you, the one thing that inspires you, the one reason you do what you do. I truly believe that in real estate the customer (client) is the only thing that matters. Being straight with them and brutally honest when necessary is the best way to insure I make what they want happen. Honesty is the only policy.

In my career that has spanned over thirty years I have learned many lessons. Based on those lessons I have developed processes and procedures that guide me as I work with sellers and buyers of real estate as well as other real estate agents that I coach.

When it comes to sellers and buyers there is one particular rule I always follow. I do not work with uncooperative or inordinately demanding sellers or buyers. It is detrimental to both of our success. My clients are the only thing that matter so if it means letting some go to focus on the clients I can really help be a success in real estate, so be it.

Zig Ziglar said that you can have everything you want in life if you help other people get what they want. When it comes to selling and buying real estate, all I want is to help my customers get what they want. I do believe that is called a win-win situation.

What is Happening with Short Sales in San Joaquin County?

The short sale market in San Joaquin County is changing along with the entire real estate market. Where we used to have an almost 90% hardship market it has lessened to around 60% today. So though many of our sellers are still in trouble, it is very much a sellers market.

We have very little inventory, multiple offers, and many times those offers are way above asking price.

To be in the game, buyers must be willing to fight for the home they want by submitting offers over asking prices, doing their own repairs, and paying their own closing costs.  They also must make decisions quickly. When buyers see a home they think will work, they must make an offer immediately.

In this market when hesitation can very well result in a missed opportunity. When you hesitate you will find there are 10-20 offers in a matter of days and your hesitating will make you lose.

Allow your agent to guide and assist you. Remember, they make nothing to write 20 offers for you and their expenses are high. If there are only 5 houses on the market and 20 buyers or 100 buyers for that house... what would you want your agent to do to ensure you get the house? Allow them to do that.

Relocating Real Estate Tip #1

Moving is definitely among the top of the all-time stress inducing life events. Stress can be compounded when you are selling one home, buying another one and planning a move... all at the same time! It might seem obvious, but the number one decision you can make to reduces stress is to choose a professional real estate agent who understands the buying AND selling process.

Whether you are buying or selling (or both) in Stockton or the Central Valley, the Bay Area, Sacramento County or even out of state, give me call or contact me through my website (Christine Papworth The Real Estate Doctor) and let's talk. My team and I can help you buy and/or sell your home or if you are moving to our selling out of the area, we can connect you with a professional real estate agent through our international network of agents who work with the same ethics and standards we do.

Buying? Selling? Relocating? Let's talk!

Video: Seller's Market? How to Get MORE for Your House than it's Worth

This is a hot market for sellers right now and I want to share with you how to get the MOST for your home. Watch my video below where I share what's going on in the housing market right now for sellers... and buyers... and agents! This is one of the best markets for everyone - low inventory which is great for sellers, low interest rates which is great for buyers, and homeowners and home buyers who need our help as agents.

Leave a comment below and let me know what you think about the current housing market. I'd love to hear from you!

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Christine Papworth The Real Estate Doctor!

How To Buy A House In A Seller’s Market by Christine Papworth The Real Estate Doctor

One of my friends referred me a young man who had excitedly reported to her that he had just been approved for a VA loan of up to $150,000 to purchase his first home. He was already frustrated because he couldn't get any agents to show him “foreclosed on homes or short sales”. I called him back immediately.

Here’s how the conversation went:

Me:  I am so excited for you, John (names are changed to protect the innocent).

John: Thanks, but I can’t get anyone work to with me?

Me: I will work with you, with some conditions. May I explain?

John: Please do!

Me: There are a few things we need to discuss:

1. How the market works right now and why.
2. What the process will be and if you’re willing to be obedient to that process or not.
3. Who your lender is and how we will work with them
4. If you’re okay with all of that, then we’ll go find you a house, ok?

John: Ok, Let’s go!

Me: First, it’s a huge seller’s market. That means there is little to no inventory and multiple offers on everything within days…sometimes hours of the homes hitting the market.  VA is a fine way to purchase, but you’ll be competing with cash offers and people bidding over list price.

(Me) Do you have your own money or are you expecting the seller to pay all of your closing costs?

John: My lender told me I needed no monies of my own.

Me: I can sometimes get the seller/lender to pay up to 3% but you will need 3-4% more ($4500-$5500). If you cannot come up with that your chances of winning on a home bid are slim to none. Can you find that much money soon?

John: Yes, I think I can get my Dad to help.

Me: Great! This is a must. Your Dad can gift it to you and I’ll need an appropriate gift letter and proof of his funds before we can look at property, ok?

John: Ok, I’ll find out this weekend.

Me: Super, you passed the first test! Now, because you can qualify for only $150,000 and everything is in an overbid situation, we will look at homes in the 120-130 range so when the bids fly we can still get one for you, ok?  That means you may have to lower your expectations of what you will get.  Okay? Also, when we bid I will expect you to follow my lead on how to do this. We will be bidding at list price or over. Okay with you?

John: Wow! Really? Well, if I will be able to get a home, then, yes, I will follow your lead.

Me: John, I understand this feels weird, but this is how we have to do it in this market. I promise to not let you do anything I think will hurt you or be ridiculous. I will tell you when it’s not worth it to go higher, even if others are. And, you can work with someone else, too, if you’re not comfortable with this scenario. No harm; no foul, okay with you?

John:  Yes…I’m good with this.

Me: Okay, great! Since you are in the most in-demand price range, I would suggest that we focus on several agents and my own listings so you have a chance. That will reduce the stress. If we something spectacular pop up, however, we’ll go after it.
You may not see many homes and you will probably make offers on almost every one we do see…if you like it at all. Okay?

John: okay

Me: Also, VA requires reports and clearances that other lenders don’t require. Most of these distressed properties are sold in as is condition so you may have to do required repairs yourself. Are you good at construction stuff? Do you know people who are? The less we ask of the seller the better chance we have. Can we do this?

John: Yes

Me: Great! All we need now then is to get your lender letter, verify the conditions of approval and get your gift for proof of funds and we’ll go find you a home!

As you can see, full disclosure to a buyer is very important. There is no point in me promising a buyer I can help them if they don’t understand the market and what it takes. This will end up in a win-win for all.

If you’re looking to buy….call my buyer’s specialists at 209-823-4722.