Deborah Madey - New Jersey

Your settlement company (escrow agent) will be required to make sure the sale transaction is completed before proceeding to the second closing. The settlement agent is responsible for making sure that all conditions are met. If the close of your sale property is necessary to fund the loan for the purchae, the settlement agent will coordinate the two transactions. - A few hours ago

Short sales are often in the process of a foreclsoure action. Since banks generally only agree to take less than the full loan amount if the seller can show financial hardship.

Do you mean REO properties vs. short sale? If so, a property which has been foreclosed and is now owned by the bank is generally a simpler transaction with greater certainty that it will go to closing. When a property is subject to a short sale, a lender does not have to approve the transaction, and a sale will not happen w/o that approval. Once a property is foreclosed, and the bank owns it, the bank has sufficient motivation to get the property sold and off their books. - A few hours ago

Hi Jack,

Linda Lane is under contract as mentioned in Cheng's post of 7/3/2008. Linda Lane is part of Westgate II and was built in approx 1992. The ask price on this property was 379K; we will not know the sale price until it closes. Three properties on Linda Lane (Westgate II - built 1992) have closed this year at 350K, 365K and 370K

In comparison, the properties on Westgage Drive (Westgate Square) were built in the mid 1980's with that project are completed around 1986. Sale prices on Westgate Drive this year in MLS have ranged from 315K to 359K. There are 2 properties in MLS showing under contract at this time on Westgate. We won't know the sale prices until these properties are closed. They were offered for sale at 338K and 345K. There are 6 units currently for sale on Westgate Drive (Westgate - Built Mid 1980's) - ranging from 349K to 364,999.

I have not been in this unit at 284 Westgate, but the pictures look nice. It is priced higher than any of the other units offered. It is offered for sale by owner.

The current owners purchased this unit in June, 2005.

If you would like the details for any listings or futher analysis on this unit, please feel free to contact me.

Regards,
Deborah Madey - Broker
Peninsula Realty Group
732 530-6350
Deborah@PenninsulaFirst.com - A few hours ago

So you believe that Trulia plays an important role inthe marketing of a home? - Wed Mar 19 2008, 07:43

John,
Before you bid, study the market and know your walk away price. Don't get caught up in the frenzy of being willing to pay more simply because others also want it. But, be realistic in your walk away price. Paying over list can still be a really good deal. Banks will often price really low to move a property quickly. I have buyers thinking about writing an offer tomorrow on a property in which there are already mulitple offers. If they do, and they pay 20K over list, it will still be under the comp value. Go over comps w/ your buyer agent, know how the property stacks up against the market, and determine your walk away price. The reason there are mulitple bids is because it is priced very aggressively. Whether you start under market and price up, or start with a high list and work down....the bottom line is getting a good deal. Stay focused on the bottom line and what it is worth to you. Good luck
Deboarh - Yesterday, 19:23

Hi!

Thanks much....I look forward to seeing everyone at Connect! Congrats Patrick on your sale!

Deborah - Yesterday, 10:37

Rudy….Sorry for the earlier hijack. In an effort to go back to the heart and soul of your question, here is my response…

I have listed and sold property as a result of initial contact that originated from the seller’s direct post of a question on Trulia.

I have generated referrals to other Voices members. One example includes a current and active listing for the referral agent in another state.

I have written offers and leases for both buyers and tenants, as a result of contact initially created through Voices.

I receive inquires from people who are not active in the market, but are now on my active lists for newsletters and property report updates.

Today, literally, yes today………..a man phoned me who explained that he was already under contract when he first discovered Voices last month. He recently closed his purchase transaction. He has not even moved into his new home, yet, pending minor updates and renovations. He doesn’t have a need for a Realtor right now, but said that if he came across anyone who might be buying or selling, he would recommend that they contact me. Interesting, since he had a buyer agent and just closed. We did not talk about his agent. We spoke about the market, his property, the location, and the commute to NY.

I think I covered it all…….seller, buyer, renter, referral and building a pipeline.

Trulia Voices provides a great platform for Realtors, but you must still develop the business and relationships. BTW, I am working on my suggestion list that can make Voices even better. :-) - Wed Jun 4 2008, 20:58

John, If I was doing something wrong with my listing promotions on Realtor.com, the company did not have any suggestions for corrective action. We had several discussions over the course of a few years. I am a member and supporter of NAR. The organization is not perfect. There is room for improvement, with select areas having greater need. NAR has done much to support home ownership, transparency in transactions, agency and property disclosure. For the good they do, I applaud them. For the areas needing work, I support constructive criticism and improvement. - Wed Jun 4 2008, 20:57

Hi,

I will write more details about my personal interactions w/ clients as a result of my participation in Voices at another time. Yes, I have some success stories to share.

Congrats to Cindy on the sale and WSJ article. I have read many of your posts over many months...consistent, great quality content.

John........ I am NOT a fan of Realtor.com; although I remain a paying customer of theirs. The count of Realtors who believe they were ripped off by Realtor.com is enormous. Count me in that group. Begrudgingly, I renewed my personal Showcase account yesterday. Literally, it was yesterday. I still encourage agents to buy their Showcase package...if the agent will take the time to edit their listings. What boggles the mind is the number of showcase listings where agents do not take the 15 minutes to customize their listings. As a broker, we used to pay for this for agents, but not anymore. Another rant; another time. The featured homes positions on Realtor.com are extremely expensive. I used to have several. I currently have a few, and have not been renewing upon expiration. I might keep one…or two…..at most. Realtor.com has utilized their alliance w/ NAR to bully agents for years.

There are other companies which have sold agents a "bill of goods" and as a broker, I have agents come to me and share their experiences with these companies as they work toward building their business.

Earlier this week, on Inman, there was an article featuring Sami from Trulia. He stated that agents needed to trim waste in these times, and I left a comment that I agreed. http://www.inman.com/news/2008/06/2/trulia-co-founder-snubs-…

I hope that Trulia does not follow in a "little brother" or "me-too" model, and instead, directs their focus to a quality product that delivers results. When I first read Rudy's question here, I thought that it was an inquiry about Voices. Oops, my mistake. It just goes to show how all of us think from the shoes we walk. As a Voices regular, my thoughts immediately went to Voices. I hope more people respond to the question about Trulia's products for branding, featured homes, etc., as I would certainly like to hear their comments.

So many real estate vendors are chasing the same $$ via the same business model, yet none are looking at vast opportunity that is untapped. That remains the ultimate mystery to me.

Yesterday, I met the CEO and founder of a company in another industry and I could not, in my mind, stop comparing his company and industry to Trulia, Realtor.com, and real estate. He is currently leading a company about Trulia's size and age. He previously spend 12 years with a larger, industry leader in his field, which might be analogous to Realtor.com. The industry served is not real estate; but it is online media. The discussion yesterday focused on the focus of the roles of online media companies delivering results. Discussions included defining the customer and the source of revenue. I absolutely could not stop thinking about Trulia, as I listened. It just goes to show that I never stop thinking about real estate!

I have often heard comparisons made between Realtor.com and Trulia, and the tag line of Trulia being the little brother. Since I am not a fan of Realtor.com, that does not conjure a positive image. I do not personally think of Trulia as Realtor.com’s little brother, but I do see Trulia making some of the same mistakes and missing opportunity. Brokers and agents have invested (wasted) heavily in models, including, but not limited to Realtor.com that did not deliver results.

I hope more posters come here and share their experiences with Trulia from both Voices and other products.

I will come back later and share a few success stories, including closings and referrals that have resulted for me from my participation on Trulia Voices.

Best,
Deborah - Wed Jun 4 2008, 06:45