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Keller Williams Real Estate
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MVP'08
- 2716 Answers
- 60 Best Answers
- 499 First Answers
- 930 Useful Answers
We have owned rental property for over 18 years and the time came to sell a rental house in Portland, Oregon. We did everything you are supposed to do: we interviewed a couple of agents, hired the best one, went back to Glendale, then....she vanished. No returned call, emails, zip. Then we tried to hire another agent, through various referrals, long distance. The experience was so frustrating. One agent sent us a CMA...it was a two line email. "I can sell you property for $XXX,XXX, in so many days." That was it, period! I was so frustrated that I decided to migrate to the retail side of real estate, and vowed never to let the people whom I serve go through what I did. I work primarily with people who know me and from clientswhom they refer. The benefit to my clients is I work very hard to make sure that they are pleased with the results achieved, so I earn their trust and confidence. So I am not in the real estate business. I am in the business of earning my client's trust. By focusing on my client's need (to achieve their goals), I succeed through my client's success.
"Keith thank you for your RESPECTFUL and well thought out answer. You chose your words wisely yet you were able to communicate they same information some of your peers did with out insulting the me, the potential customer. As a Realtor your job is to educate, not simply to focus on the bottom line.
I wish you well in your business. May God bless YOU!"
Alicia C. Wed Aug 27
""Keith helped my mother and father sell their home and did a wonderful job. He is very professional, courteous, and an expert in the local market. He made sure that my parents were treated well and I would not hesitate to recommend him to anyone thinking of buying or selling." Ruben Vassolo, Real Estate Attorney"
Keith Sorem Mon Apr 21
""Keith did a great job for my family and me. We sold our home in under market time, at over asking price, and because of Keith's negotiating we ended up with more in our pocket than I thought we would. I highly recommend Keith." Diane P."
Keith Sorem Mon Apr 21
Keith Sorem's Questions (3)
Keith Sorem's Answers (2716)
Brenda
This is s complicated question that I cannot answer in just a post.
See the link below. If you need and/or are considering selling and/or modifying the loan on your home you need a local expert who know your local market trends and values, your home, and your situation.
To be fair to you, I need to refer you to a local expert.
Let me know if I can help. Check out the link below. In short...it depends on your situation. - Yesterday, 22:47
Rachel
I have a couple of things for you to consider:
If you knew that the ONLY way for you to net the most money was to use a full service Realtor, would you interview one or two?
My surveys consistently show some key stats that you should be aware:
1. Listings taken by MLS entry Only brokers fail to sell almost three times as often as those taken by Full Service Brokers
2. When they do sell a listing, it sells for 2.5% - 4% less than those sold by Full Service brokers
3. It takes longer for them to sell
In my role as a Trulia Voice I read many posts from owners trying to sell with a MLS Entry Only broker such as "my home is not selling, what do I do?". " I need to sell, should I lower the price?"
These are all questions that need to be answered by one person: a professional who knows your local market trends and values, your home, and your personal situation.
So the three things you need are what you DO NOT have with a MLS entry only broker.
I would be happy to refer you to a full service broker who can analyze your situation. You could TRY to use an MLS Entry Only broker, but by looking at your market stats, if you market is going down, time is not on your side.
Good luck. - Yesterday, 18:23
Anja
I am very sorry to hear about your situation. At times like this the stress you are under may make it difficult to make the best decision for your family. Knowledge is power, and right now you need someone that can provide you with options and their pros and cons, then you make the choice.
First, what would you prefer to do - stay in the home, or move?
Second, if you wanted to stay, do you have the income to pay a mortgage payment?
Third, if you wanted to move, do you have the cash to pay first and last month's rent?
So let's take these one by one:
If you want to stay in the home, you need to try to negotiate with your lender for a loan modification. Most lenders are open to modifying your loan, but only to a point. One proposal I recently read about was a loan that would have a payment no more than 38% of your income, and 90% of the value of your home.
You could find out what the current market value of your home is, and have a Realtor compute the numbers for you.
If you want to move, then you'd need to show "hardship", which divorce certainly qualifies. In the "hardship letter" you explain how you were able to make payments at one time, and now, due to the divorce, are unable to make the payments and do not see that picture changing in the near future. They are going to ask for a financial statement of your income, assets, and liabilities.
Note that a loan modification and short sale process are two opposite paths and probably do not mesh well. I recommend talking with a Realtor who can analyze your situation and help you work out alternatives.
So far as the decline in value of your home, I would not focus on that issue. Many people have had the market value of their home affected, but the majority will just have to keep paying. If your home went UP in value, would you give the lender the extra money? Of course not, so when the value drops, same rules apply.
I would be happy to refer you to an expert in short sales in your area. Just contact me via my Trulia profile.
Good luck. - Yesterday, 11:50
Dave
I have been in your shoes personally and have a couple of suggestions:
First, I would discuss the tax and financial implications with a CPA or a financial planner. Ask them what will happen WHEN YOU SELL. Begin with the end in mind.
Second, I would run some scenarios with the Realtor, ask them for THEIR advice on the best plan of action, pros and cons.
Third, I would be happy to refer you to a great REaltor with the experience that you need. You can contact me via my Trulia profile.
Good luck. - Thu Nov 20 2008, 11:28
Gary
When you become a real estate investor you stop being a typical homeowner.
We are the results of our decisions. It is not uncommon for people to "over-improve" their home because they rationalize that they are going to live there and enjoy it. However, when circumstances change, and they need to sell, they kick themselves for over-spending.
As long as you think you made the best decision at the time, then you just have to move forward. In your case that means when a home becomes an income property, stop thinking about it as "my home" because it will drive you crazy.
We were in the same boat and in the Long Term (18 years) after becoming accidental investors it worked out great. I recommend checking with your lender on their flexibility of having the property be "non-owner occupied".
Also, talk with a CPA and financial planner about what happens then its time to SELL your home.
Good luck! - Thu Nov 20 2008, 11:25
Experience has shown me that people need help in making the right choice, so I study the market carefully and analyze trends from different angles. When we sit down to look at a situation, I have the tools to help my clients see the market in a way that they understand, that they know what I know, so they can make the decision that is right for their circumstances.
Helping seniors sell their home and move into the right home is a special passion of mine. When my dad got older we had some pretty challenging times, same now with my father-in-law, so I personally undestand the concerns that families have helping senior parents make the right move.
Homeowners that have purchased their first home and with expanding family needs now need to move to a larger home is an area I work extensively. Helping the family determine their options, whether to keep that first home as an investment, or selling it for the highest price so we can get the most home for the money when they move to their larger home requires time, skill, and dedication.
Investment property should be part of your portfolio. Having owned investment property myself I have the hands on experience to help investors look at the property with the right perspective, run the numbers, then make a logical decision.
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Opened the Red Lion Hotel (now a Hilton) in Glendale, CA and directed a staff of 10 with a volume of $2.5 million annually.
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WR Grace
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January 1987—February 1990
EAgent certification, awarded by Keller Williams
Character and Ethics Award, City of Glendale
Past President of the Rotary Club of Glendale Sunrise
District Membership Chair, Rotary District 5260 2003 - present
MLS Committee, Glendale Associaiton of Realtors
Reciprocal member, Burbank Association of Realtors
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