Virtues to practice in Real Estate and life, for that matter

What are your virtues to live by. Everybody seems to have virtues to live by. Have you ever questioned the virtues that some live by? Or for that matter, those that you live by? Consider a few of these virtues as defined by Wikepedia:

Honesty: Honesty is speaking truth and creating trust in minds of others. The quality or condition of being honest; integrity. truthfulness; sincerity.

How can this trait make a real difference in your Real Estate business? How many more customers will want to do business with you if you’re honest with them? Trust is a must in Real Estate as in life.

Generosity: Generosity is the habit of giving without coercion. Generosity can also be spending time, money, or labour, for others, without being rewarded in return. Consider others needs, instead of your own.

We’re taught that it is better to give than receive. When you’re feeling like you have a mountain to climb try giving of yourself.

Patience: Patience is the state of endurance under difficult circumstances, which can mean persevering in the face of delay or provocation without becoming annoyed or upset; or exhibiting forbearance when under strain, especially when faced with longer-term difficulties

Wow, how prevalent is the need for this today? Rather during these tough economic times or while negotiating that ongoing Short Sale. We buy houses in Coconut Creek Florida

Update to Post: Alexander Harb of Active Rain and the Group Christianity and Real Estate thought that it would be a good idea to include a Bible verse that includes a virtue that I touched on here. I particularly like this one:

“But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness, gentleness and self-control. Against such things there is no law” Galatians 5:22-23, NIV

What we believe to be the right thing can vary from one person to another. Sometimes when we lose our patience, consider not being totally honest or keeping fortunes all to ourselves, we definitely lose our way. When you wake up again, dust yourself off, you’ll feel better being back on track. I know there are times that I’ve gotten off track and getting back on track brings a greater sense of peace. Is it peace that we seek? I always pray for peace….as there’s nothing like it!

Does a Buyer’s offering price on a Short Sale really matter?

Does a Buyers offering price on a Short Sale really matter? You betcha!

As a Listing Agent, when you receive a Buyer’s offering price should you discuss with your Seller and advise them to accept whatever price it is that the Buyer offers, after all, you just need a contract to submit?! I say “NO” absolutely not. We all know that typically we need to advise the Seller of all offers that Buyers want to submit or do submit. Yet what should be done when a low offer comes in that is way outside of fair market value? This has been a issue of great debate. Let’s take a look at how both sides can affect the outcome of a Short Sale:

Buyer submits an offer that is within fair market value of home

Offer is submitted to Sellers Lender

Offer is reviewed by Sellers Lender.

Value is established with appraisal/BPO

Offer is within fair market value range of Lender’s established value

Seller’s Lender approves Short Sale; Average processing time of 60/90 days for the Short Sale

Sale closes 30 days later

Buyer submits an offer that is not within fair market value of home; low ball offer.

Offer is submitted to Seller’s Lender

Offer is reviewed by Seller’s Lender

Value is established with appraisal/BPO

Offer is determined to be outside of fair market value; below minimum acceptable by Lender

Lender counters or rejects Buyer’s offer

Buyer will not accept Seller’s Lenders counter offer or simply isn’t qualified to pay the higher needed sales price

Offer is cancelled. Average processing time of 60/90 days for the Short Sale has now been wasted due to the Buyers original offer price not being countered at the onset. Wasting of precious time when a Seller is on a time frame deadline to be sure to avoid foreclosure.

Some will argue that any offer is better than no offer, yet if you have a pricing strategy in place for your Short Sale Listing you should be getting acceptable offers. Why waste everybody’s time with an ineffective offer? Plus, as a Real Estate Agent it questions your professionalism and knowledge of the market, I believe.