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Lucky Luecke
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    Years of Experience: 15

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Utilize House Trade Marketing Option to Sell Your Home…Fast!

Friday, July 13th, 2012

FACT:  House trading greatly increases the likelihood of selling your home faster in today’s challenging market.  In my experience, many Realtors and their Seller or Buyer Clients have no clue on what a House Trade is and how that might be a “win win” option for all parties to consider.

Sellers, if you are looking to either downsize or upsize in the local market, your home should be marketed, “will consider House Trade.”  Briefly describe the criterion that would cause you to be interested in your next home.  For example, you might want to purchase a home in the Blackman School zone, sized 1800-2500 sq ft and priced in the $180,000-$250,000 list price range.  This may spark interest from Buyer prospects who already have their homes listed for sale and who may also be searching to buy a house just like yours!  Additionally, Home Owners who maybe on the sidelines for various reasons (e.g. who have yet to list their home for sale) oftentimes will inquire about your house when they  see the words “house trade” in your advertisements.

Most recently, I was involved in a successful House Trade this past spring.  The Buyers did not have their home on the market because they didn’t want the inconvenience of multiple showing appointment requests because of their very busy family lifestyle (3 young boys, etc).  They were “cramped” however, in their 2200 sq ft sized house and desired a larger house with a pool.  Hence, that Buyer saw the House Trade Marketing data on one of my listings that had 3700+ sq ft, and the rest is history.  My Seller was looking for a 2000-2500 sq ft house, and now both are happily living in their “new” houses.  Success through House Trading!

What are some key characteristics to know when determining if a house trade is likely to work out:

  1. There must be some “equity” in the respective properties.
  2. Both properties must appraise for the purchase price or greater.
  3. Both homeowners must “match” their home purchase search criterion.
  4. If financing is required, the Lender must have the expertise necessary to close this type of loan(s).
  5. A Realtor, such as me, must have the experience necessary to properly manage the house trade process through a successful closing.

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Sellers, consider the risk/dangers of Early Occupancy and Lease/Purchase Agreements!

Monday, July 9th, 2012

I’ve recently seen an instance where a Seller gladly accepted an Early Occupancy Agreement within a Lease/Purchase framework.  The Seller thought to themselves, “Great, even if the Lease Purchase/Temporary Occupancy Agreement did not work out (in the vast majority of instances, they do not because the tenant/Buyer never improves their credit scores in order to get loan approval along with a host of other issues), then I’ll at least have a rental income to pay my mortgage, etc.”

In spite of being cautioned about the downside risks associated with Lease/Purchase Agreements (see previous Blog articles), this Seller, like many others are prone to do, rolled the dice in hopes that all would work out.  Unfortunately, it did not work out and reality hit…and hit hard!

A “red flag” immediately went up when the tenant stopped paying their rent and was non responsive to the multiple attempts by the landlord to get the tenant caught up with the agreed upon rental payments.  What happened next was that Law Enforcement Officers (police, including S.W.A.T. team members) were breaking into this house with subpoena in hand because of the reasonable cause to suspect that large amounts of illegal drugs were being sold at this residence.  Unfortunately for the Seller, damage was done to the property by the tenant and the police which now forces the Seller to spend additional monies to go to court to seek economic remedy over this matter.

Incidentally, the police found a considerable amount of “pot” on the  premises as well as confiscating over $100,000 in cash!  Fortunately for the Seller, what would have been even worse is if their residence had been turned into a highly toxic meth lab.  Had that been the case, the entire house may have been required to be razed.  The fine print contained in many Homeowner Insurance policies may even exclude such claims for property damage.

Again, if you are a Seller considering a Lease/Purchase in Middle Tennessee, do your due diligence on prospective Renters/Purchasers.  Even then, know the risks that you are taking in such Agreements.  Have an experienced Principal Broker like me to guide you through complicated real estate proceedings such as what is described in the foregoing.

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Buyers Beware… What you don’t do to protect yourself will likely cost you grief and money!

Thursday, July 5th, 2012

As a Principal Broker and someone who is trained to teach real estate in Tennessee, I am in an excellent position to review a large number of real estate contracts.  I doubt seriously if Buyers and in many cases, even their Agents, have a clue as to how many things can actually go wrong in the process;  things that could cause that dream home to be a “money pit” or, at the very least, a source of unhappiness and disappointment for years to come.

For example, how would a new Home Buyer feel when he/she turns in a property damage claim (for roof leak, etc) two months following closing only to learn that their Homeowners Insurance was denying the claim because it was discovered that the previous Owner had pocketed the monies intended for a new roof (but failed to have it replaced).

Other considerations often times overlooked by many Buyers include… how would a Buyer feel when one week before closing a flood certification required by the Lender revealed that flood insurance would be required?  They Buyer has the financial ability to still get the loan but is unhappy with the additional $50-$100/month required for flood insurance and has no ability to terminate their real estate contract because a flood zone contingency was not even considered during the offer negotiation process.

How about this scenario… a Buyer closes on their “dream home” only to learn from a neighbor down the street that they are living next door to a convicted child molester… one who spent seven years in jail for sexually violating a child similar in age to the Buyer’s own children!

Or, how about this… a Buyer just bought a house in the perfect neighborhood but learned three months after closing that a neighbor complained that the subdivisions covenants and restrictions are being violated because the Buyer’s hair salon home business is prohibited!

These and other “unpleasant discoveries” could have been avoided with an experienced Broker who was truly acting in their Buyer client’s best interest by discussing contingencies that could be included in an Offer to Purchase and subsequent Negotiations.

Contact me so that I can help you avoid many of the “problems” described in the foregoing.

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Buyers & Sellers, Know the difference between being PreQualified, PreApproved or having a Loan Commitment!

Monday, July 2nd, 2012

Buyers and Sellers often times are confused as to what Lender terms and descriptions really mean (PreQualified, etc).  Why is it important to know the difference?

If you’re a Buyer, you should know that none of the above statuses guarantees that you will obtain loan approval and close a real estate transaction.  For example, to get PreQualified, one only has to call a Lender and after describing income and debts over the phone, the Loan Officer can convey a ballpark estimate of a Buyer’s maximum purchasing power.  Most Lenders prequalify Buyers for free.  This step, at a minimum, is recommended to better ensure that a Buyer is in the right purchase price range that their income would likely support.

A PreApproval step is even better and more reassuring for all, as the Buyer will have had to have submitted documentation and will have their income, credit, and assets all verified.  Typically, a specific loan amount and type will be cited by the Loan Officer.  Again, this step often times is provided at no charge by the Lender and is a highly recommended action to take prior to submission of an Offer to Purchase.

A Loan Commitment is the strongest position that a Buyer can expect to attain through a Lender.  Typically, a conditional commitment letter will be generated 20 days following a contract’s Binding Agreement Date.  That time frame allows ample time to confirm that an appraisal has been ordered, the Buyer has the funds to close, the Buyer’s credit is deemed acceptable to their Lender, and the Buyer has the employment and income necessary to obtain said loan.  It should be noted, however, that even this step is not a guarantee that a Buyer will obtain loan approval.

What could go wrong, you may ask?  Well, many things, such as:  an Underwriter who pulls a final credit report the morning of closing discovers that a Service Provider reported a “slow payment.” Or, a first time home buyer, who became so excited about the prospect of closing on their first home, subsequently purchased $10,000 worth of furniture on their credit card… Oops, the Buyer “forgot” that Underwriters will undergo a final check of their debt to income ratios immediately before closing.  More often, one sees instances where the formally “Solid Buyer” suddenly gets laid off or otherwise experiences a reduction in income (sometimes by occupational injury, illness, etc).

Let me help you (or those you refer to me) through the entire real estate process.

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Exercise Care When Asking for or Granting Possession Following Closing

Monday, June 25th, 2012

Buyers and Sellers oftentimes must negotiate possession dates either prior to or after the closing date.  Extreme care must be exercised by all parties so that respective interest are protected.  Let’s first look at this subject from the viewpoint of the seller.

Sellers may want to negotiate a contract with a delayed possession of lets sat three days, to assure themselves that the Buyer was in fact able to close their loan.  Some may have been “burned” in the past when they discovered the morning of the scheduled closing that an Underwriter had denied the loan resulting in the contract going “south”.  The Seller may have incurred a large amount of expenses to move their household goods back into their recently vacated house, ect.  It’s easy to understand that, that scenario could and does happen.

Potential issues for the Seller in a delayed possession start with ensuring adequate insurance for household belonging.  At that point, the Seller is either a Paying or Nonpaying Renter who should have Rental Insurance after closing has occurred.  Further, any such Temporary Occupancy Agreement should be in writing and clearly state such things as:

  1. Is a rental payment expected and if so, what amount?
  2. Will a damage deposit be held by the new Owner and if so, what amount?
  3. What happens if damage ensures after closing but before possession is given?
  4. If damage is caused by the negligence of the Seller (ie grease fire in kitchen) who is responsible for repair?
  5. What party is responsible for Utility costs, ect.?

I’ve seen examples from two insurance company representatives within the same company; one stating damage was covered under the new Homeowner Insurance Company’s policy and another who stated the claim would be denied.

From the Buyers perspective… The Buyer likely would have conducted a final walk through inspection prior to closing to ensure that the property was in the same condition it was in as of the Binding Agreement Data.  However, what happens if someone vandalizes their house or damage occurs due to a hail storm, or the Seller trips and falls one day after closing and breaks their back?  Once again, whose insurance will handle such a matter?

There is also a very distinct possibility that the Buyer would not have discovered a big hole under the couch during the “final” walk through.  When the Buyer takes possession three days later their new “dream home” becomes something very less because of some unknown defects that are now discoverable.  Problem is, closing means closing and remedies may be difficult in these scenarios.

Have a trusted real estate advisor help you avoid mistakes that can cost you thousands of dollars!  Call me today!

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Seeking Best Buys Through Foreclosure or Distressed Sale Home Purchases? Buyer Beware!

Monday, December 19th, 2011

   There are many “good buys” in today’s market.  Some sellers have very little choice to get out from under by accepting sales prices and terms of sale that represent great value to home buyers in Middle Tennessee and throughout the country for that matter.

   Bank owned properties can be fraught with additional danger and risk for the unassuming home buyer, however.  A well informed buyer will want to have a knowledgeable buying agent to advocate for and to help protect their interests, particularly when buying real estate, as is, with no express or implied warranties!

   Did you know that many times a buyer and their agent will have reached a verbal agreement (e.g. meeting of the minds if you will), only to learn that a a 30+ page REQUIRED addendum then must be signed.  In one recent case, one of my agents and his buyer were given just 3 hours to review, sign, and return to the seller all such voluminous documents.

   That somewhat “coercive” practice, by that particular bank, reminded me of the TV series, Lost in Space… “Danger, Danger Will Robinson!”  Why would a seller place so much pressure on a buyer to sign such a one sided legal document?

   Probably several reasons.  I am finding many instances whereby sellers are hiding behind their right to be exempt from Property Condition Disclosure (because they have not resided in the property for 3 years).  However, a savvy realtor should advise their buyer to consider the following (illustrative only; not intended to be all inclusive):

  1. Request and previous inspection (termite, septic, well water tests), and appraiser required repair reports on said property. That information is likely to be highly informative to the buyer when assessing their risk and future repair costs.
  2. Request a list of repairs previously performed by the seller.  Obtaining such information would enable the buyer to inspect if said repair work were done in a quality and satisfactory manner.
  3. Read the fine print of these documents and recommend that said document be subject to their own attorneys review and approval.
  4. Beware of clauses that state that the buyer waives all rights to file any legal action against the seller for specific performances (while the seller retains all rights to sure the buyer, including for punitive damages).
  5. Beware of language that results in the buyer being obligated to pay $x/day/diem (typically ½ to .01% of sale price) to seller, for each day that elapses beyond the original closing date, regardless of reason for the delay!  Many times, closings of bank owned properties are delayed because of “clouds” on the title on the seller’s side (liens, etc)!  Is it fair that the buyer has to pay the seller even though the seller is the cause for the delay?  I also think not!
  6. Don’t believe seller’s overtures that by using seller’s title company to close the transaction, that the buyer will save considerable sums of money.  I know of one instance whereby a buyer was duped into thinking that and wound up paying excessively for the cost of notary services ($125.00) and further, the seller’s title company did not communicate that the seller only had 5 acres to convey verses the 11 acres specified by the contract.  The buyer unknowingly closed but discovered months later that they owned considerably less land than was expected.  Buyers should get their own survey, as a condition to sale, prior to closing.  Title Insurance policies do not protect buyers on land disputes without a survey.
  7. Be mindful of the fact that a bank may have previously contracted for mold to be removed (or simply covered up with paint).  Some required addendums clearly state that: “mold may have been cleaned but the seller does not warrant the cleaning, repairs or remediation, or that the property is free of mold.”
  8. Have a contingency in place if the buyer agrees to language such as: “the purchase price is insufficient to pay the sum of the closing costs, taxes, commissions, and any liens, then the seller shall have no further obligation to the buyer, including but not limited to, reimbursement for any expense.”
  9. Understand what could happen to a buyer if a Redemption Clause were to be enforced (i.e. “buyer understands that the property may be subject to redemption by the owner and that the buyer may be depossessed of the property.  Buyer agrees buyer shall have no recourse in the event the Right of Redemption is expressed.”  Note: this actual language has no time limit!

    10.  “As Is” also includes acceptance of properties that are in non compliance with building codes, zoning, land use requirements, etc.  Buyers, do your diligence before agreeing to all contract terms and conditions.

   For expert guidance (or training if you are an agent considering a real estate company change) when purchasing foreclosed and short sale properties, call my cell or text me.

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Seeking a Way to Better Ensure Continuous Income in Real Estate?

Friday, December 16th, 2011

   Look no further than Red Realty, Murfreesboro, Tennessee.  The reason why Red Realty agents produce among the highest levels of Gross Comparison Sales Income / Agent in Middle Tennessee is the wide ranging business and lead generating opportunities available to its affiliates.

   Red Realty’s Success Sharing Program is quite unique in that it is tied to revenue, not profitability, which often times can be easily manipulated.  Revenue calculations and figures are very easy to understand and therefore result in the desired incentive and motivation for individual participants as well as the company to reach and exceed their goals.

   Red Realty has shared over $100,000 to it’s agents in each of the last two years as a result of it’s extraordinary Revenue Sharing Program.  Many realtors typically experience fluctuating cycles in business income during their career.  Red Realty affiliates love this particular program because it is just one of several things offered which helps to ensure a more steady stream of income.

    Additionally, many real estate companies are in a retrenchment mode as they struggle to cover their expenses due to reduced income levels during this depressed real estate sales market and economy.

   Red Realty, on the other hand, is investing in its people and systems as it continues to grow its business and opportunities for all of its agents.

   Our Preferred Builder Program in and of itself has caused the phone to ring for a number of Red Realty agents whose yard signs dot the Middle Tennessee landscape!  We now have newly constructed homes available for sale in seven new developments with list prices ranging from starter homes from $120,000, to mid range homes in the $160-220k area, to $360k and higher end homes.

   With approximately 150 lots available, Red agents can work existing model homes in new construction developments, sell lots and negotiate pre sale house contracts for buyers or focus on existing home sale business.  Opportunities are abundant!  For further information, call me to find out how a Red Realty affiliation can benefit your real estate career and your quality of life!

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Trying to Enforce a Real Estate Contract in Tennessee?

Thursday, July 14th, 2011

If you are a Home Seller in Tennessee you may have been involved with a scenario similar to the following:

A Buyer presented a written Offer to Purchase to you which you subsequently “countered”, the only change being the purchase price.  Your Counter Offer was in writing and the Buyer, through their Agent, communicated back that the Buyer had “verbally accepted”.  A day goes by, then two and you still have not gotten the fully executed, written Agreement back from the Buyer/ Buyer’s Agent.  You may have even felt so good about the “deal” that you “pended” your house in the Multiple Listing Service (MLS) because you didn’t want to be further inconvenienced with showing requests from other Buyer prospects because you were confident that you would be closing in 30-45 days with the Buyer, with whom you came to terms with a few days earlier.

After several days of not hearing back from the “other side” you are now starting to get very concerned because you never received the written, fully agreed, contract back from the Buyer.  Finally, a week later, you get the dreaded phone call that your gut was trying to warn you about; the Buyers got cold feet and were backing out of the deal!

At that point, you may have felt anger and outrage.  You felt like you lost a week of marketing time and possibly lost the Buyers as a result and may have even incurred additional expenses by placing a deposit on a storage unit so that you could move out, close and give possession to the “Buyer” in compliance with the terms of the “Agreement.”

Lastly, you felt it was just “not right” for the Buyer to back out and at the very least, you felt justified in keeping the Buyer’s earnest money; it was the principle of the the thing after all!

Unfortunately for you as a Seller, only written real estate contracts are enforceable in Tennessee.  In the instant case, the parties did reach a “Meeting of the minds” and you’d like to think that people would’ve been ethically bound by “Their word”.  However, legally the Buyer is in a very strong position to agree (and win) that they should not be held to the terms of the “verbal agreement” and furthermore, that they were entitled to the full return of their earnest money because there was never a Binding Agreement.

The converse is also true, some times a Seller agrees verbally to the terms offered by a Buyer, but reneges when another Buyer subsequently offered more attractive terms and the original, signed Agreement was never delivered to Buyer #1, so there was never a written, Binding Agreement that the Buyer could enforce.

Realtors in Tennessee cannot give legal advise.  If you’ve had an issue along these lines please contact an Attorney even though you’re now a little smarter after reading this article!

Let me know if I can help you buy and/or sell real estate, particularly in Middle Tennessee.

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Battling the Neighborhood Eyesore!

Tuesday, June 7th, 2011

If you are thinking about selling your Middle Tennessee home but worry about the affect an abandoned home next door might mean to your chances of getting the price you need or want and the time frame needed for a sale, consider the following:

Abandoned homes, at a minimum, can be an unpleasant sight due to overgrown lawns and weeds, boarded up and broken windows, sagging gutters or missing handrails, and unsightly mold.  Then, factor in the increased likelihood mosquitoes and other annoying insects, pesky rodents and the higher risk of fires and vandalism and it’s easy to understand the research findings by the Center for Responsible Lending which states that foreclosures will affect 91.5 million nearby homes by 2012 and reduce property values of these homes by $20,300 per household!

With the “soft” economy, particularly in a Buyer’s market, that “news” is particularly troubling for the typical Home Seller.

Can anything be done to ameliorate this condition for Middle Tennessee Home Sellers?  Yes, first check with applicable City or County officials to see whether nuisance abatement law(s) can be enacted.  If  a “clean and lien ” provision is already on the books,the applicable government agency would be allowed to step in and clean up vacant properties and put a lien on them for the cost of the cleanup.

If there is not an ordinance in place, you might be able to consider the following to alleviate the problem:

If a  Homeowners’ Association is already in place in your neighborhood the HOA may have a provision and the right to have the grass mowed and take care of maintenance issues, and then tack the expense on to the HOA bill, which will have to be cleared by the bank before the property sells.

Check all Local and State laws. Start with your city’s Building and Codes Enforcement Division.  Also, examine Subdivision Restrictions and Covenants for violations.   Fire department can inspect for fire hazards while the police can help if there’s vandalism.

Some states have even enacted laws that can fine owners for not maintaining their properties.  Some laws are in place that place the responsibility onto the Banks for maintaining foreclosed properties from the commencement of the foreclosed process.

In some very rural areas, none of the above suggestions may apply so what can be done then?  Try Making property boundaries clear. On the outside, fences make good neighbors, so does landscaping with evergreen shrubs and tress to block some unpleasant views.  On the inside, turn down plantation blinds ever so slightly to let natural light in but not necessarily the unsightly view.

When all else fails, a Seller can consider contacting the offending neighbor and offering to haul off thrash, weed eat, pressure wash or whatever is needed.  It can be a challenge sometimes to even locate the owner.  You’ll likely be advised not to anything without the express written permission (so as to avoid a charge of trespass and or allegations that you caused damages to the premises).  Be very careful with this last ditch effort to improve the appearance of a nearby nuisance property.  Consult an attorney before doing any work or authorizing work on property that you do not own.

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Learn About Some Crazy Tennessee Laws

Wednesday, May 25th, 2011

We’ve all seen or heard about laws that cause us to shake our heads in disbelief.  Some that I find amazing are:

  • Any person crippling, killing or in any way destroying a proud female dog that is running at large shall not be held liable for damage due to such killing or destruction.
  • More than 8 women may not live in the same house because that would constitute a brothel.
  • Driving is not to be done while asleep.

Dyersburg

  • It is illegal for a woman to call a man for a date.

Lenoir City

  • When you pull up to a stop sign you must fire a gun out the window to warn horse carriages that you are coming.

Lexington

  • No one may eat ice cream on the sidewalk.

Knoxville

  • In front of their buildings, all businesses must have a “hitching post.”

Memphis

  • Illegal for a woman to drive a car unless there is a man either running or walking in front of it waving a red flag to warn approaching motorists and pedestrians.
  • It’s illegal for frogs to croak after 11 PM.
  • It is illegal to give any pie to fellow diners. It is also illegal to take unfinished pie home.  All pie must be eaten on the premises.

Oneida

  • An ordinance forbids anyone to sing the song “It Ain’t Goin’ To Rain No Mo’.”

Believe it or not!  I’m happy that Middle Tennessee didn’t make the list…

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