Don't Be Fooled by the White Jacket [Competency]

To contact us Click HERE
by Osman Parvez
Growing up, my father would share stories from his medical practice around the dinner table.    Based on the more graphic of these tales, I learned that you should be careful choosing whom to ask for medical advice.  The degree alone is not indicative of competence.   In short, don't be fooled by a white jacket.
It's true in real estate too.    We're not doctors, but we're constantly advising people on financial decisions that involve many hundreds of thousands, sometimes millions of dollars.   It's important to choose a good one.

Look, there are great agents in Boulder and it's always a pleasure doing business with them.  Exceptional agents are masters at marketing, negotiation, and clearly understand their fiduciary duty as advisers.  Sadly, for every great agent,  there are several who are marginal and a few who you should avoid at all costs.   The later have risen to the level of their incompetency, and they're out there soliciting your business.   It's an amended version of the Dilbert Principle.

What Can You Do?

Unfortunately, competency is not easily evaluated by the consumer.  Real estate buyers and sellers tend to trust proxies such as brand name of the brokerage, designations, or the number of years the broker claims to have been in business.   In other words, they are trusting the white jacket.

The Colorado Real Estate Commission knows that some agents who are advising their clients beyond their competency level.    It's a big problem.    Per C.R.S.§12-61-113 (1)(n), a broker can lose their real estate license for "having demonstrated unworthiness or incompetency to act as a real estate broker conducting business in such a manner as to endanger the interest of the public."

Since the Commission doesn't define competency,  you're looking at a “I know it when I see it" style rule.    To help clarify, the Commission wrote a position statement last December.

Commission Position on Competency CP-41
"Prior to performing any acts that require a real estate broker’s license, a broker should determine whether he or she possesses the knowledge, experience, and/or training necessary to perform the terms of the transaction and maintain compliance with the applicable federal, state or local laws, rules, regulations, or ordinances.  If the broker does not have the requisite knowledge, experience and/or training necessary to consummate the terms of the agreement, the broker should either decline to provide brokerage services or seek the assistance of another real estate broker who does have the necessary experience, training, and/or knowledge.  The Commission will have grounds to discipline a broker’s license if a broker fails to take the measures necessary to gain competence and violations of the license law are substantiated."

Asking the broker to evaluate themselves is just asking for trouble.   This language is really more about holding the broker accountable after he proves himself incompetent.   By that point, it's too late.   You're already screwed.  

Pro-Tip:  Know What Questions To Ask

Interviews are one way you can evaluate the competency of your real estate agent.   To help you, I've written Osman's Buyer Agent Interview Questions.

The key is knowing what questions to ask and how to ask them.    Most agents love to talk, so a few open ended questions in the right direction can be deeply revealing.   Just don't forget to notice how many questions they ask you.

Click HERE for my questions.    If you'd like to interview me, call 303.746.6896.

Acing my interview questions are not a guarantee of competency, but they are a step in the right direction.   I also advise you meet with your agent at least twice, maybe three times - including trips out to look at property - before you sign an Exclusive Buyer Agency Agreement.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  Pam and Phil

Let's Go Sledding! [Due Diligence]

To contact us Click HERE
by Osman Parvez

Did you know that in Boulder, you can get a $100 fine for not shoveling your sidewalk within 24 hours of a snow storm.    If that doesn't get your attention, penalties start to increase.    The maximum is $1,000 fine and 90 days in jail.

Yes, you can go to jail for not shoveling your sidewalk.    Boulder takes snow removal seriously.

YOUR snow removal that is.    While you are responsible for clearing off the sidewalk, most of Boulder's streets are NOT subject to plowing.    This can make a big difference, particularly if you live on a hilly street.   As one of my recent buyers will attest, the street outside his house is more suitable for sledding in the winter than driving a car.    

You've been warned.


Due Diligence Tip:   You can determine which streets will get plowed by accessing the City's Snow Removal Map.   Purple are primary snow removal routes, blue are secondary, and red is CDOT's problem.     Short of flagging down a plow truck and bribing the driver, everything else will not get plowed.

If you're buying a house, this might be important.   Like my other Due Diligence Tips, it may not be a deal killer but at a minimum, it's better if you know BEFORE you buy the house.    If nothing else, at least you can plan to buy good snow tires.  

I'll be adding this to my due diligence checklist.   I provide my clients this list of due diligence areas to consider before they buy the house.   It includes many of the blog posts labeled Due Diligence and more.   Thank you for the tip, John M.

Additional Reading
Street, Sidewalk, and Path Snow Removal
Backup Map


---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Having trouble getting a mortgage? Here's why

To contact us Click HERE
My good friend Rich Moroscak at Southern Trust Mortgage (http://www.southerntrust.com/tysonscorner/richm) shared this great article from Forbes on all the hoops you have to jump through now to get a mortgage:

http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

As the article explains banks are now in the default avoidance business rather than the lending business.  It makes sense considering there were 22% default rates on mortgages loans made in 2007.  Nevertheless, the mortgage loan origination and underwriting process has become absurd.  The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process.  Every transaction on your bank statements will be scrutinized and will have to be justified.  Good credit and a large down payment are no longer enough.  The underwriters now want the perfect paper file.

To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time.  It will be worth it when you finally close on the property.

Thomas Jefferson's 10 Rules for Living

To contact us Click HERE

Never put off till tomorrow what you can do to-day.

Never trouble another for what you can do yourself.

Never spend your money before you have it.

Never buy what you do not want, because it is cheap; it will be dear to you.

Pride costs us more than hunger, thirst and cold.

We never repent of having eaten too little.

Nothing is troublesome that we do willingly.

How much pain have cost us the evils which have never happened.

Take things always by their smooth handle.

When angry, count ten, before you speak; if very angry, an hundred.

We Can't All Be Donald Trump - And That's Okay

To contact us Click HERE

When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams.  And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals.  And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three?  That’s nothingto Donald Trump.”  But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn.  When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it.  His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion.  What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures.  And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.

Don't Be Fooled by the White Jacket [Competency]

To contact us Click HERE
by Osman Parvez
Growing up, my father would share stories from his medical practice around the dinner table.    Based on the more graphic of these tales, I learned that you should be careful choosing whom to ask for medical advice.  The degree alone is not indicative of competence.   In short, don't be fooled by a white jacket.
It's true in real estate too.    We're not doctors, but we're constantly advising people on financial decisions that involve many hundreds of thousands, sometimes millions of dollars.   It's important to choose a good one.

Look, there are great agents in Boulder and it's always a pleasure doing business with them.  Exceptional agents are masters at marketing, negotiation, and clearly understand their fiduciary duty as advisers.  Sadly, for every great agent,  there are several who are marginal and a few who you should avoid at all costs.   The later have risen to the level of their incompetency, and they're out there soliciting your business.   It's an amended version of the Dilbert Principle.

What Can You Do?

Unfortunately, competency is not easily evaluated by the consumer.  Real estate buyers and sellers tend to trust proxies such as brand name of the brokerage, designations, or the number of years the broker claims to have been in business.   In other words, they are trusting the white jacket.

The Colorado Real Estate Commission knows that some agents who are advising their clients beyond their competency level.    It's a big problem.    Per C.R.S.§12-61-113 (1)(n), a broker can lose their real estate license for "having demonstrated unworthiness or incompetency to act as a real estate broker conducting business in such a manner as to endanger the interest of the public."

Since the Commission doesn't define competency,  you're looking at a “I know it when I see it" style rule.    To help clarify, the Commission wrote a position statement last December.

Commission Position on Competency CP-41
"Prior to performing any acts that require a real estate broker’s license, a broker should determine whether he or she possesses the knowledge, experience, and/or training necessary to perform the terms of the transaction and maintain compliance with the applicable federal, state or local laws, rules, regulations, or ordinances.  If the broker does not have the requisite knowledge, experience and/or training necessary to consummate the terms of the agreement, the broker should either decline to provide brokerage services or seek the assistance of another real estate broker who does have the necessary experience, training, and/or knowledge.  The Commission will have grounds to discipline a broker’s license if a broker fails to take the measures necessary to gain competence and violations of the license law are substantiated."

Asking the broker to evaluate themselves is just asking for trouble.   This language is really more about holding the broker accountable after he proves himself incompetent.   By that point, it's too late.   You're already screwed.  

Pro-Tip:  Know What Questions To Ask

Interviews are one way you can evaluate the competency of your real estate agent.   To help you, I've written Osman's Buyer Agent Interview Questions.

The key is knowing what questions to ask and how to ask them.    Most agents love to talk, so a few open ended questions in the right direction can be deeply revealing.   Just don't forget to notice how many questions they ask you.

Click HERE for my questions.    If you'd like to interview me, call 303.746.6896.

Acing my interview questions are not a guarantee of competency, but they are a step in the right direction.   I also advise you meet with your agent at least twice, maybe three times - including trips out to look at property - before you sign an Exclusive Buyer Agency Agreement.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  Pam and Phil

Let's Go Sledding! [Due Diligence]

To contact us Click HERE
by Osman Parvez

Did you know that in Boulder, you can get a $100 fine for not shoveling your sidewalk within 24 hours of a snow storm.    If that doesn't get your attention, penalties start to increase.    The maximum is $1,000 fine and 90 days in jail.

Yes, you can go to jail for not shoveling your sidewalk.    Boulder takes snow removal seriously.

YOUR snow removal that is.    While you are responsible for clearing off the sidewalk, most of Boulder's streets are NOT subject to plowing.    This can make a big difference, particularly if you live on a hilly street.   As one of my recent buyers will attest, the street outside his house is more suitable for sledding in the winter than driving a car.    

You've been warned.


Due Diligence Tip:   You can determine which streets will get plowed by accessing the City's Snow Removal Map.   Purple are primary snow removal routes, blue are secondary, and red is CDOT's problem.     Short of flagging down a plow truck and bribing the driver, everything else will not get plowed.

If you're buying a house, this might be important.   Like my other Due Diligence Tips, it may not be a deal killer but at a minimum, it's better if you know BEFORE you buy the house.    If nothing else, at least you can plan to buy good snow tires.  

I'll be adding this to my due diligence checklist.   I provide my clients this list of due diligence areas to consider before they buy the house.   It includes many of the blog posts labeled Due Diligence and more.   Thank you for the tip, John M.

Additional Reading
Street, Sidewalk, and Path Snow Removal
Backup Map


---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Having trouble getting a mortgage? Here's why

To contact us Click HERE
My good friend Rich Moroscak at Southern Trust Mortgage (http://www.southerntrust.com/tysonscorner/richm) shared this great article from Forbes on all the hoops you have to jump through now to get a mortgage:

http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

As the article explains banks are now in the default avoidance business rather than the lending business.  It makes sense considering there were 22% default rates on mortgages loans made in 2007.  Nevertheless, the mortgage loan origination and underwriting process has become absurd.  The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process.  Every transaction on your bank statements will be scrutinized and will have to be justified.  Good credit and a large down payment are no longer enough.  The underwriters now want the perfect paper file.

To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time.  It will be worth it when you finally close on the property.

Thomas Jefferson's 10 Rules for Living

To contact us Click HERE

Never put off till tomorrow what you can do to-day.

Never trouble another for what you can do yourself.

Never spend your money before you have it.

Never buy what you do not want, because it is cheap; it will be dear to you.

Pride costs us more than hunger, thirst and cold.

We never repent of having eaten too little.

Nothing is troublesome that we do willingly.

How much pain have cost us the evils which have never happened.

Take things always by their smooth handle.

When angry, count ten, before you speak; if very angry, an hundred.

We Can't All Be Donald Trump - And That's Okay

To contact us Click HERE

When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams.  And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals.  And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three?  That’s nothingto Donald Trump.”  But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn.  When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it.  His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion.  What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures.  And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.

Don't Leave Money On The Table [Selling It]

To contact us Click HERE
by Osman Parvez
Want to know a dirty secret?     Sellers in hot markets leave money on the table.  It happens all the time.

I want you to keep this number in mind:  27.7%.      

That's the percentage of 3 bedroom houses in Boulder, priced under $500,000 which sold for full asking or more this past summer.      I wonder how many of those sellers expected a full price offer.    With a median days on market of only 33 - that's from initial listing to closing - these properties FLEW off the market.    In my professional opinion, most of them were under priced.    We're talking about nearly 1/3 of the sales in this price range!

I'd point fingers and name names, but I'd like to keep the mob of angry, pitchfork wielding Boulder Realtors off my front door.   Plus, I will likely be negotiating with them (on your behalf) in the near future.   What can I say, it's a small town.    Let's keep it civil.

How To Leave Money On the Table 101

Here's how it goes down.     The seller contacts their buddy, the agent.    The agent puts together a comparative market analysis (CMA), highlighting recent sales.    Based on this presentation, the listing agent convinces the seller that the house is worth - let's say $375,000.    The seller signs a listing agreement, the agent markets the house, and BOOM - an offer appears for full asking price within a few days.     Of course, the seller signs the contract.     It is, after all the price the house was worth - right?

Wrong.

The seller left tens of thousands of dollars on the table.     See, they didn't really know the houses shown in the comparables.   They don't know that the other houses which sold for $375,000 had cheap finishes, deferred maintenance, and a poor layout.      They don't know that the location was next to an ugly apartment building.   They also didn't know that the market was much weaker a few months ago because sellers rarely know about the price trend.    Heck, a lot Realtors are clueless when it comes to market conditions.   The real value of the house might have been $395,000 or more.

And once you're under contract, guess what?    It's too late.

The big mistake was choosing an agent that valued their commission more than the client relationship and definitely more than their integrity.   It takes a lot of work to deeply analyze the historical sales, understand the trend, and keep tabs on the current competition.    If you're considering buying or selling, choose the best agent for the job, the one willing to do the work that helps you get the most money for your house.

Rule #1.   Price Ahead of the Trend, ALWAYS

Real estate prices are not static.     On the down side of a real estate cycle, prices are sticky but they do slide over time.   On the upside of a cycle, prices increase rapidly.

Guess what part of the cycle we're in right now?   Hint:  It's not the down cycle (for houses under $500,000 in Boulder).    

When the market has very little inventory and demand is strong, you should price ahead of the trend unless you intend to run an auction style listing.   Let me make this clear.  I'm talking about asking for MORE than the most recent comparable sales.     The risk the seller takes is minimal.   If he or she wishes to sell it faster, they can simply drop the price back to the historical comps.    I would recommend doing this within a reasonable period of time, but yes, it remains an option and it shouldn't taint the listing.  

If you remember nothing else, remember this;  an upward moving market is forgiving of price mistakes.   A downward moving market treats overpricing like the kiss of death, it ends with a long listing period and less than you would have gotten otherwise.

Here in Boulder, in certain price ranges and locations, we're in an upward moving market.    Price accordingly.   If you end up with a bidding war, it should be by design never by accident - and you should have a strategy that uses auction energy to drive the price upwards.    Most agents prefer the easy "submit your highest and best" approach.     That's the way to end the auction quickly, but it's not the best way to maximize the price.

Know the Market

An intelligent marketing strategy includes many factors, not just the asking price.    From cosmetic improvements to staging to photography to negotiation tactics, it should all be part of the game plan.    As I've mentioned above, a deliberate strategy of underpricing can result in an intentional bidding war.    As Realtors, we've successfully utilized that strategy to drive the final selling price much higher than anticipated.  It is possible, but it should always be discussed before putting the property on the market.

Strategy should be driven by deep knowledge of market conditions for your specific property type, price range, and location.    The best way to do that is to choose an exceptional agent.  

Remember, as your Realtor it's my job to inform you of what's happening in the market and advise you of your options to maximize the selling price.  It's your job to make the decision on which strategy to pursue.

If you are thinking about selling or buying property and want solid advice, call me.   303.746.6896.    If you're interested in the breakdown of the market, you can see it in the most recent client edition Silver Fern Report (subscribe here).    

---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Don't Be Fooled by the White Jacket [Competency]

To contact us Click HERE
by Osman Parvez
Growing up, my father would share stories from his medical practice around the dinner table.    Based on the more graphic of these tales, I learned that you should be careful choosing whom to ask for medical advice.  The degree alone is not indicative of competence.   In short, don't be fooled by a white jacket.
It's true in real estate too.    We're not doctors, but we're constantly advising people on financial decisions that involve many hundreds of thousands, sometimes millions of dollars.   It's important to choose a good one.

Look, there are great agents in Boulder and it's always a pleasure doing business with them.  Exceptional agents are masters at marketing, negotiation, and clearly understand their fiduciary duty as advisers.  Sadly, for every great agent,  there are several who are marginal and a few who you should avoid at all costs.   The later have risen to the level of their incompetency, and they're out there soliciting your business.   It's an amended version of the Dilbert Principle.

What Can You Do?

Unfortunately, competency is not easily evaluated by the consumer.  Real estate buyers and sellers tend to trust proxies such as brand name of the brokerage, designations, or the number of years the broker claims to have been in business.   In other words, they are trusting the white jacket.

The Colorado Real Estate Commission knows that some agents who are advising their clients beyond their competency level.    It's a big problem.    Per C.R.S.§12-61-113 (1)(n), a broker can lose their real estate license for "having demonstrated unworthiness or incompetency to act as a real estate broker conducting business in such a manner as to endanger the interest of the public."

Since the Commission doesn't define competency,  you're looking at a “I know it when I see it" style rule.    To help clarify, the Commission wrote a position statement last December.

Commission Position on Competency CP-41
"Prior to performing any acts that require a real estate broker’s license, a broker should determine whether he or she possesses the knowledge, experience, and/or training necessary to perform the terms of the transaction and maintain compliance with the applicable federal, state or local laws, rules, regulations, or ordinances.  If the broker does not have the requisite knowledge, experience and/or training necessary to consummate the terms of the agreement, the broker should either decline to provide brokerage services or seek the assistance of another real estate broker who does have the necessary experience, training, and/or knowledge.  The Commission will have grounds to discipline a broker’s license if a broker fails to take the measures necessary to gain competence and violations of the license law are substantiated."

Asking the broker to evaluate themselves is just asking for trouble.   This language is really more about holding the broker accountable after he proves himself incompetent.   By that point, it's too late.   You're already screwed.  

Pro-Tip:  Know What Questions To Ask

Interviews are one way you can evaluate the competency of your real estate agent.   To help you, I've written Osman's Buyer Agent Interview Questions.

The key is knowing what questions to ask and how to ask them.    Most agents love to talk, so a few open ended questions in the right direction can be deeply revealing.   Just don't forget to notice how many questions they ask you.

Click HERE for my questions.    If you'd like to interview me, call 303.746.6896.

Acing my interview questions are not a guarantee of competency, but they are a step in the right direction.   I also advise you meet with your agent at least twice, maybe three times - including trips out to look at property - before you sign an Exclusive Buyer Agency Agreement.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  Pam and Phil

Having trouble getting a mortgage? Here's why

To contact us Click HERE
My good friend Rich Moroscak at Southern Trust Mortgage (http://www.southerntrust.com/tysonscorner/richm) shared this great article from Forbes on all the hoops you have to jump through now to get a mortgage:

http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

As the article explains banks are now in the default avoidance business rather than the lending business.  It makes sense considering there were 22% default rates on mortgages loans made in 2007.  Nevertheless, the mortgage loan origination and underwriting process has become absurd.  The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process.  Every transaction on your bank statements will be scrutinized and will have to be justified.  Good credit and a large down payment are no longer enough.  The underwriters now want the perfect paper file.

To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time.  It will be worth it when you finally close on the property.

Thomas Jefferson's 10 Rules for Living

To contact us Click HERE

Never put off till tomorrow what you can do to-day.

Never trouble another for what you can do yourself.

Never spend your money before you have it.

Never buy what you do not want, because it is cheap; it will be dear to you.

Pride costs us more than hunger, thirst and cold.

We never repent of having eaten too little.

Nothing is troublesome that we do willingly.

How much pain have cost us the evils which have never happened.

Take things always by their smooth handle.

When angry, count ten, before you speak; if very angry, an hundred.

We Can't All Be Donald Trump - And That's Okay

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When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams.  And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals.  And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three?  That’s nothingto Donald Trump.”  But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn.  When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it.  His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion.  What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures.  And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.