Archives for December 2011

What are you doing January 1, 2012?

December 30, 2011 MGeslock

Your 2012 plan

I would suggest that you work your expired listings. January 1 is one of the biggest days for expired listings. So at 12:05 after you have popped the cork and thrown the confetti, crack open your laptop and pull up the expired listings.

Deliver a package to the expired listing the day it expires, then call. Your letter should have a picture of their property embedded in the letter and how you want to talk to them about marketing their property. If you want a sample of this letter, just email me. The other items in your package could consist of your resume, a sheet of testimonials, a list of all your sales for the year, and copies of some of your advertising.

Other brokers are calling the same time as you are, but how many have delivered a package? Some have. Make yours stand out. Put your package in a plastic bag and hang on their door, or put it in a bag with a design of a home on the front, make sure you have a picture of their home on your letter. You need to make yourself and your marketing stand out from the crowd.

Keep calling to get an appointment. The difference in making this pay off is your follow-up. All you want to do is show the difference between you and the other brokers. Make the sellers the focus of all your presentation materials—not you. Most agents give up after one or two calls.

Should you leave a message on an answering machine? I say YES. Something simple, but that will get their attention. “I noticed that your property is not in the Multiple Listing Service any longer and there is no record that it has sold. I would like to spend just a few minutes telling you about my marketing program so that we both win.” You can get even more creative than this.

What happens when you have no phone number? You need to develop some quick postcards that you can send every other day. Not too much, just a few lines about how it is important that the seller get the best representation, etc. If you want some samples, just email me. Most agents don’t even start to work on these sellers if they have no phone number. You will definitely be noticed this way.

Tenants in Foreclosed Dwellings Have Rights

December 13, 2011 MGeslock

On May 20, 2009, a new federal law was passed to protect tenants in foreclosed rental properties. Tenants are often the last to know that their landlord’s property is undergoing foreclosure. To protect tenants who find themselves in the difficult position of having to find a new home with little or no notice, a 90 day pre-eviction requirement is now the law. New owners, who take over a foreclosed rental dwelling after May 20th, have to follow rules established by the Protecting Tenants at Foreclosure Act (The Act) Pub. L. No. 111-22, § 702 (2009).

Under this law, the person who now owns your rental dwelling as a result of foreclosure must comply with the following rules:

If you have a lease for a fixed term, such as one year, and the lease has not expired, you may have a right to remain in your rental unit. You cannot be evicted until the end of the lease term, unless the new owner will occupy your unit as a primary residence. In any event, the new owner is still required to provide you with 90 days notice.

If your lease ends in less than 90 days, the new owner may not evict you without giving you a minimum 90-days notice.

The new owner cannot use the foreclosure as a reason to terminate the tenancy or evict you if they want the property vacant so they can sell it.

Housing Choice Voucher tenants have additional protections.

Tenants who want to continue the lease term after foreclosure must:

Pay rent to the new owner. If you don’t pay, you will be subject to eviction procedures for non-payment of rent.

Continue to follow all existing lease terms.

Tenants who receive an improper notice to terminate their lease should do the following:

Send a letter to the new owner objecting to the termination before the date in thenotice received along with a copy of The Act.
Send your letter by certified mail, return receipt requested, to the address provided by the new owner on the notice you received.
Keep a copy of the letter for your records along with all documents you receive from the new owner.
If the new owner does not withdraw the improper notice, you may file a complaint for voluntary mediation with the Consumer Affairs Branch.
If the new owner files in court to remove a tenant from a rental unit through eviction or an unlawful detainer action, you should file an answer to the court that the termination notice is improper because the new owner did not comply with The Act.
Go to court on the scheduled date. Take a copy of the letter you sent to the new owner, your lease agreement, and any other documents you have regarding your tenancy.
If you have questions about the court process or your legal rights after you receive an eviction notice, contact Legal Services of Northern Virginia at 703-246-4500 for guidance.

If foreclosure of your rental dwelling happens after May 20th, you cannot be forced to move, with limited exceptions, without 90 days notice.

`http://www.fairfaxcounty.gov/consumer/foreclosure_the_act2009.pdf

Watch the deed your clients are signing!

December 7, 2011 MGeslock

We had an interesting situation in our Market Center a few weeks ago.

One of the local “flippers” was selling a home. In the deed was…..

The Grantor hereby reserves a first right of refusal. If Grantee sells the herein conveyed property Grantee must offer the property to Grantor at the same price and terms as offered to a third party. Grantor shall have fifteen (15) days from receipt of the offer to notify Grantee of acceptance of the offer or this first right of refusal shall be void.

None of this was agreed to this in the contract. Our in-house attorney, John McLaurin from Universal Title spotted this language and immediately questioned it.

It is my understanding, that the “flipper” is now going to have an addendum allowing this deed restriction.

Contact me if you want the details….. Mark