As of July 2010, government programs to reduce mortgage payments for millions of homeowners have helped only about 400,000 households avoid foreclosure, though nearly 530,000 have fallen out of the program. While the bailout set aside up to $50 billion for mortgage modification programs, only $248 million has been spent according to the Government Accountability Office.

See Related Stories:
Yahoo Finance:        http://bizy.be/tJEPV
Wall Street Journal: http://bizy.be/LGlYD

Wondering what listing agents actually do to earn a commission? According to the 2009 NAR Profile of Home Buyers & Sellers, only 53% of sellers were very satisfied with their home sale. Many cite lapses of performance during the listing or closing process.

While procedures vary from one agent to another, the Orlando Regional Realtor Association has put together a list of activities that usually occur behind the scene of any transaction. Listed below are nearly 200 typical tasks and processes that normally happen during the course of a successful residential real estate transaction. These steps are normally provided by the listing agent at a full service real estate brokerage.

– Pre-Listing Activities –
1 Make appointment with seller for listing presentation
2 Confirm listing appointment
3 Review pre-appointment questions
4 Research all comparable currently listed properties
5 Research sales activity from MLS and public records
6 Research “Days on Market” for similar properties
7 Download and review property tax roll information
8 Prepare “Comparable Market Analysis” (CMA)
9 Obtain copy of subdivision plat/complex lay-out
10 Research property’s ownership & deed type
11 Research the property’s public record information 
12 Research and verify legal description
13 Research property’s land use coding and deed restrictions
14 Research property’s current use and zoning
15 Verify legal names of owner(s) in county’s public property records
16 Prepare listing presentation package with above materials
17 Perform exterior “Curb Appeal Assessment” of subject property
18 Compile and assemble formal file on property
19 Confirm public schools and explain impact on market value
20 Complete appointment checklist and note follow-up items

– Listing Appointment Presentation –
21 Give seller an overview of current market conditions and projections
22 Review agent /company credentials in the market
23 Present company’s position or “niche” in the marketplace
24 Present CMA including Comparables, Solds, Current Listings & Expireds
25 Offer pricing strategy based on interpretation of market conditions
26 Discuss Goals With Seller To Market Effectively
27 Explain market power and benefits of Multiple Listing Service
28 Explain market power of web marketing, IDX and REALTOR.com
29 Explain the “behind the scenes” work and weekend availability
30 Explain agent’s role in taking calls to screen for qualified buyers.
31 Present and discuss strategic master marketing plan
32 Explain agency relationships and determine seller’s preference
33 Explain clauses in Listing Contract & Addendum

– Once Property is Under Listing Agreement –
34 Review current title information
35 Measure overall and heated square footage
36 Measure interior room sizes
37 Confirm lot size via certified survey, if available
38 Note any unrecorded property lines, agreements, easements
39 Obtain house plans, if applicable and available
40 Review house plans and make copy
41 Order plat map for retention in property’s listing file
42 Prepare showing instructions 
43 Obtain current mortgage loan(s) information
44 Verify current loan information with lender(s)
45 Check assumability of loan(s) and any special requirements
46 Discuss possible buyer financing options with seller
47 Review current appraisal if available
48 Identify Home Owner Association manager if applicable
49 Verify Home Owner Association Fees
50 Order copy of Homeowner Association bylaws, if applicable
51 Research electricity availability and supplier’s name and phone number
52 Calculate average utility usage from last 12 months of bills
53 Research and verify city sewer/septic tank system
54 Water System: Calculate average water fees or rates
55 Well Water: Confirm status, depth and output 
56 Natural Gas: Research/verify availability and supplier
57 Verify security system, and trems
58 Verify if seller has transferable Termite Bond
59 Ascertain need for lead-based paint disclosure
60 Prepare detailed list of property amenities and assess market impact
61 Prepare detailed list of property’s “Inclusions & Conveyances with Sale”
62 Compile list of completed repairs and maintenance items
63 Send “Vacancy Checklist” to seller if property is vacant
64 Explain benefits of Home Owner Warranty to seller
65 Assist sellers with submission of Home Warranty Application
66 When received, place Home Owner Warranty Certificate in file 
67 Have extra key made for lockbox
68 Verify if property has rental units involved. And if so:
69 Make copies of all leases for retention in listing file
70 Verify all rents & deposits
71 Inform tenants of listing and discuss how showings will be handled
72 Arrange for installation of yard sign
73 Assist seller with completion of Seller’s Disclosure form
74 “New Listing Checklist” Completed
75 Review results of Curb Appeal Assessment
76 Review results of Interior Décor Assessment
77 Load listing into transaction management software program

–Entering Property in Multiple Listing Service Database –
78 Prepare MLS Profile Sheet and review accuracy of listing data
79 Enter property data from Profile Sheet into MLS Listing Database
80 Proofread MLS database listing for accuracy – including proper mapping
81 Add property to company’s Active Listings list
82 Deliver signed copies of Listing Agreement and MLS forms
83 Take additional photos for upload into MLS and use in flyers.

–Marketing The Listing–
84 Create print and Internet ads with seller’s input
85 Coordinate showings. Return all calls – weekends included
86 Install and program electronic lock box.
87 Prepare mailing and contact list
88 Generate mail-merge letters to contact list
89 Order “Just Listed” labels & reports
90 Prepare flyers & feedback faxes
91 Review comparable MLS listings regularly to ensure competitiveness.
92 Prepare property marketing brochure for seller’s review
93 Arrange for printing or copying of supply of marketing brochures or fliers
94 Place marketing brochures in all company agent mail boxes
95 Upload listing to company and agent Internet site, if applicable
96 Mail Out “Just Listed” notice to all neighborhood residents
97 Advise Network Referral Program of listing
98 Provide marketing data to buyers coming through relocation networks
99 Provide marketing data to buyers coming from referral network
100 Provide “Special Feature” cards for marketing, if applicable
101 Submit ads to company’s participating Internet real estate sites
102 Price changes conveyed promptly to all Internet groups
103 Reprint/supply brochures promptly as needed
104 Loan information reviewed and updated in MLS as required
105 Feedback e-mails/faxes sent to buyers’ agents after showings
106 Review weekly Market Study
107 Discuss feedback from showings agents with seller.
108 Place update calls to seller to discuss marketing & pricing
109 Promptly enter price changes in MLS listing database

 – The Offer and Contract –
109 Receive and review all offers
110 Prepare a “net sheet” on each for the owner for comparison purposes
111 Counsel seller on offers and evaluate all terms
112 Contact buyers’ agents to review buyer’s qualifications and offer
113 Deliver Seller’s Disclosure to buyer’s agent
114 Confirm buyer is pre-qualified by calling Loan Officer
115 Obtain pre-qualification letter on buyer from Loan Officer
116 Negotiate all offers on seller’s behalf
117 Prepare and convey any counteroffers
118 Deliver contract and all addendums to title company
119 Deliver signed contract to buyer’s agent
120 Record and deposit earnest money in escrow account.
121 Disseminate “Under-Contract Showing Restrictions” as seller requests
122 Deliver copies of fully signed Offer to Purchase contract to seller
123 Fax/deliver copies of Offer to Purchase contract to Selling Agent
133 Fax copies of Offer to Purchase contract to lender
124 Provide copies of signed Offer to Purchase contract for office file
125 Advise seller in handling additional offers
126 Change status in MLS to “Sale Pending”
127 Update transaction management program to show “Sale Pending”
128 Review buyer’s credit report results and advise seller
129 Provide credit information to seller if property is seller-financed
130 Assist buyer with financing, if applicable and follow-up as necessary
131 Coordinate with lender on Discount Points being locked in with dates
132 Deliver unrecorded property information to buyer
133 Order septic system inspection, if applicable
134 Receive and review septic system report
135 Deliver copy of septic system inspection report lender & buyer
136 Deliver Well Flow Test Report copies to lender & buyer
137 Verify termite inspection ordered
138 Verify mold inspection ordered, if required

 – Tracking the Loan Process –
139 Confirm Verifications Of Deposit & Employment are completed
140 Follow Loan Processing Through To The Underwriter
141 Add everyone to transaction management program
142 Contact lender weekly to ensure processing is on track
143 Relay final approval of buyer’s loan application to seller

– Home Inspection –
144 Coordinate buyer’s professional home inspection with seller
145 Review home inspector’s report
146 Update transaction management tracking software program
147 Explain seller’s responsibilities regarding clauses in the contract
148 Ensure seller’s compliance with Home Inspection Clause requirements
149 Help identify and negotiate with contractors for repairs
150 Oversee completion of all required repairs on seller’s behalf, if needed

– The Appraisal –
151 Schedule Appraisal
154 Provide comparable sales used in market pricing to Appraiser
152 Follow-Up On Appraisal
151 Enter completion into transaction management program
153 Assist seller in questioning appraisal report if it seems too low

– Closing Preparations and Duties –
154 Contract Is Signed By All Parties
155 Coordinate closing process with buyer’s agent and lender
156 Update closing forms & files
157 Ensure all parties have all forms needed to close the sale
158 Select location where closing will be held
159 Confirm closing date and time and notify all parties
160 Assist in solving any title problems
161 Coordinate buyer’s Final Walk-Thru prior to closing
172 Research all tax, HOA, utility and other applicable prorations
162 Request final closing figures from title company
163 Review closing figures to ensure accuracy of preparation
164 Forward verified closing figures to buyer’s agent
165 Request copy of closing documents from closing agent
166 Confirm  title insurance commitment
167 Provide “Home Owners Warranty” for availability at closing
168 Review all closing documents carefully for errors
169 Forward closing documents to absentee seller as requested
170 Review documents with closing agent (attorney)
171 Provide earnest money deposit check to closing agent
173 Coordinate with seller’s next purchase and resolve any timing problems
174 Ensure“no surprises” so seller receives a check at closing
175 Refer sellers to one of the best agents at their destination
176 Change MLS status to Sold and ener sale data.
177 Close out listing in transaction management program

 – Follow Up After Closing –
178 Answer questions about warranty claims if requested
179 Resolve any conflicts about repairs if buyer is not satisfied
180 Respond to any follow-up issues regarding paperwork.

It requires 19 times more education in Florida to cut hair than to sell homes! To cut hair in the State of Florida one must complete 1,200 school hours in a cosmetology program and pass a state exam. To sell homes, all you need is a 63-hour course and an exam.

Once they have a sales license, the National Association of Realtors 2009 Member Profile reveals that the average Florida agent sells just one home every 2 months. The typical Florida REALTOR® has business expenses of only $430 per month and invests only $20 per month on their website. The study finds 40-80% of buyer inquiries “fall through the cracks” because most Realtors do not have a systematic way of handling leads.

The Tampa real estate market is facing a tumultuous time that offers both great opportunity and great peril. Can you afford to go down this road with an average agent?

Here is a  quote from a trusted source on the subject:

 ”I’m always looking for high-octane, high-protein Realtors. About 80% of the sales are made by 20% of the people. You don’t want one of the other 80% to do the work here; you want a top agent. This is your largest asset, and we’re in tough times, so only the top agents can sell. They won’t fool around and list your property for too much, and they won’t under-price it and make you mad. They get stuff done.

When you interview them, ask how many houses they sold last year. If they sold four, get them out of your house. If they sold 44 houses, that’s a different story. Ask them what you need to do to get this house sold. If they can’t give you good pointers and tell you what you need to fix in a diplomatic way, you don’t need them. Find out how much property they’ve moved in your area and within a 5-mile radius. If all the houses they’ve sold are on the other side of town, that worries me.

Don’t hire your aunt Sally or some guy you sit next to in church. Interview them and rake them over the coals. If they don’t show up on time for the appointment with you, they will do the same when showing the house. Get someone who will return your phone calls.”

                                                    – Dave Ramsey

Real estate transactions are complicated. Buying or selling a home, organizing the move and relocating your family can be stressful enough already. You should not have to worry about all the details. Rather than leave the process and outcome to chance, Team Bohannon has developed a proven system that saves you time, money and aggravation. Along the way to selling over 4,400 homes, Team Bohannon learned some important lessons that can benefit you today.

You may not be the only one who recognizes a good deal. When the right home comes along there may be multiple offers. A pre-qualification letter must accompany every offer, regardless if you are looking at bank owned foreclosures, short sales or traditional sales in the Tampa Bay area.

While pre-qualification offers leverage during pricing negotiations, a pre-approval letter goes a step further by verifying a lender has made a commitment to finance your home choice up to a certain price. If you wait until after you find the right home to obtain a letter, it may be too late. We strongly recommend that you obtain a pre-approval or pre-qualification letter in advance to ensure that all options are open to you.

Having a comprehensive letter from a recognizable lender will put you in a stronger negotiating position. Still hesitant to have a lender run your credit history? Worried the credit inquiry might drive down your score? Here are a few points to consider:

#1) If you already have a recent credit report, one of these lender can use that report without running it again. Reports are valid for 90 days and no additional pulls are usually required.

#2) The 3 credit reporting agencies have advised that if your credit is pulled by mortgage companies multiple time within the same 30 day period, it will only count as 1 pull. This is done to allow a client to be able to shop for a mortgage. The one pull should only effect the credit score by a couple of points.

#3) If you elect to run your score again, the lender will give you a copy of the report. You can use it wth any other lender. This is the very report will likely be used for the underwriting process. The borrower should review the report with the lender to explain the details and look for errors. If we spot a minor error we can remedy the situation in advance.

#4) It is important to not generate unnecessary inquiries as that indeed can drive down a credit score. However, the very reason one protects ones credit score is for this moment, when one is seeking to qualify for what is probably one’s largest single investment. Knowledge is power, and the first thing a borrower should learn is where they stand on their credit Score. “If you want to bake a cake, you need to break some eggs”.

For help selecting the best loan, the Lender Evaluation System and our Home Buying System, contact Doug & Dale Bohanon at Coldwell Banker (813) 979-4963.

Worry does not empty tomorrow of its sorrow; it empties today of its strength.  – Corrie Ten Boom

A record 48% of Florida mortgage holders are underwater according to a Wall Street Journal article. The Tampa Bay economy and housing market have brought many homeowners from security to uncertainty. Many of us who bought or re-financed during the boom years have seen our equity, hopes and options fade. When faced with a 30% – 50% loss of equity, many homeowners are working the seven stages of grief: denial, bargaining, regret, anger, depression, resignation and acceptance. We at Team Bohannon understand the real stress this has caused and are here to help you obtain the highest possible price in today’s marketplace.

If you are straddling the line between profit and loss, then you need real answers and real results. No homeowner wants to bring a check to the closing table or take out a loan to pay off the loss. If you could sell your Tampa home for 10% more, what would that mean for your financial future? If you can sell for 10% more today, then you have an opportunity through the time value of money to dramatically increase your long-term wealth. One dollar today could me worth 11 dollars when you retire.

While forces such as the local economy, interest rates and foreclosures are beyond our control, there are factors we can control such as: the pricing strategy, the condition of the home, staging, marketing and negotiating. You can directly impact the final selling price with the right expertise and proactive planning. You deserve to sell at the high end of the price range.

Don’t settle for an agent or vague promises. For an experienced team with a proven business system, contact Annette, Doug or Dale Bohannon at Coldwell Banker today.

If you don’t know where you are going, you might wind up someplace else. – Yogi Berra

What motivates you to start a new chapter in your life? The first step in our Home Selling System asks the right questions to understand your specific objectives. Asking and listening are the foundation of a successful relationship. The result should be a set of clear and measurable goals to improve your circumstances and reduce uncertainty. Your goals will drive the home preparation plan, the marketing strategy and the negotiation platform.

Regardless if you are trying to maximize profit, avoid loss, or reduce a short sale deficiency, you deserve to sell for top dollar. Fancy tools and training would be useless without a real understanding of our client’s expectations. Focusing on a core set of clients at any given time allows us to have a deeper understanding of what really matters to you.

We need to know about your financial goals. How important is the timing of the sale? Do you plan to improve the condition of the home prior to selling? What significance would this sale have in your life? What expectations do you have of your Tampa Realtor? What would you have changed about your past home-selling experiences?

Once your priorities are understood, a marketing plan and advertising tactics can be implemented to meet your goals. Once your motivations are clear, a negotiating strategy can be executed to put you in the best possible position.

This is all about you. Our role is to help achieve your goals. We rely on listening, experience and systems to anticipate your needs. All the details matter! We seek to become your trusted advocate by proving what we can do for you and your family.  By achieving your desired results, we can build a relationship based on a solid foundation. As management guru Peter Drucker said “The purpose of business is not to make a sale, the purpose of business is to make and keep a customer.”

If only we did not buy at the peak, or if we sold a few years ago! While many of us understand that local real estate values have declined 30% – 50% in abstract terms, doing the math on our own home often results in shock and disbelief.

Homeowners have a tendency anchor their estimate of their home’s worth to the price they paid. While the price you paid maybe very vivid in your mind, you may be better off disregarding that number. As Dan Ariely, author of Predictably Irrational notes, “the danger of anchoring is that it can cause regret, which usually isn’t very useful in decision-making…With investing, focusing on what’s already happened is generally a bad strategy. The decision at any point should be only about looking forward.”

When discussing the “High Price of Ownership”,  Ariely’s experiments on behavioral economics show that ownership changes our perspective on the value of an asset. “The more work you put into something, the more ownership you begin to feel for it (think of assembling a piece of Ikea furniture). Once we take ownership of an idea, we probably fall in love with the idea more than we should. We value it for more than it’s worth. And quite often, we have trouble letting go of it because we can’t stand the idea of a loss.”

It is only natural to regret the loss of equity and unfortunate timing of the current market, but taking action today can protect your financial security and prevent the additional losses that are expected over the next few years. The main question should be: given the current state of the market, how can we maximize your outcome?

How can we improve the odds of selling your home for top dollar? To learn about our repeatable plan and home selling system, contact Team Bohannon at Coldwell Banker today (813) 979-4963.

How much closing costs should a home buyer expect to pay? Closing costs average 5% of a home’s purchase price.

Closing Cost Estimates
Looking for the exact amount? Lenders are required to disclose all closing costs within three days of when a buyer applies for a mortgage. The forms used to list closing costs have been standardized and simplified. The new Good Faith Estimate (GFE), circa January 2010, helps buyers shop and compare costs from different lenders. Lenders are held accountable to ensure that all costs, even title fees, on the Good Faith Estate match the final numbers on the Settlement Statement (HUD-1).

Who Pays What
While Tampa area home sellers pay for the owner’s title policy, commissions and state doc stamps on the deed, buyers are responsible for: lender fees, the lender’s title policy, doc stamps on the note, home insurance, pre-paid taxes, and prorated CDD / HOA fees. See this RIS Media report on new HUD & RESPA regulations.

Buyer Costs Will Increase
If the amount of cash required to close is an issue, potential home buyers may want  to act now. Tampa home sellers can still pay up to 6% of a buyer’s closing costs, but those days are numbered. New FHA guidelines will be phased in over the coming months that will reduce seller contributions to 3% most likely, and will increase the financed Mortgage Insurance Premium (MIP) by a half percent.  We expect to see loan costs increase in the coming months as: lenders require larger down-payments (6% up from 3.5%), tax credits expire, credit requirements tighten, and interest rates increase from historic lows.

To take advantage of this historic buying opportunity, contact Team Bohannon at Coldwell Banker today at (813) 979-4963.

Ran across this manifesto last year and was impressed. Spoke to Marc Davison of 1000 Watt Consulting and enjoyed his thoughts on the real estate business and the mindset that traditional agents have about ”leads”. Rather than relying on technologies that de-personalize or attempt to automate “lead response”, Realtors should focus on listening, absorbing and responding with accurate information. This is not about us, it is about the client. The fundamental approach should be to provide high-value, relevant information that is aligned with a client’s goals. One can only build a lasting relationship by treating individuals with respect. Realtors seeking to create “raving fans”  and a durable competitive advantage must connect at a deeper level over an extended period of time to earn the privilege.

We are witnessing the birth of social media. Why do we care? Team Bohannon’s goal is to maintain and strengthen our client relationships by delivering high-value, relevant content more quickly. Most people buy a home once every seven years, but most Realtors do not stay in touch with past clients for seven years. We use social media to meet clients where they are online. We want to understand our clients online behavior, what and whom they value, and how they might use social media in the context of real estate.

In researching the use of social media in real estate, I came upon this general presentation that offers a helpful look at “Understanding You Customer’s Social Behavior” posted by the Altimiter Group from the other bay area: