RealtorIrene Blogs about Northwestern NJ Real Estate - Hunterdon & Warren: May 2009

A BPO requires a listing history and details about the Subject property. As the 2 MLS systems to which I belong have a 10-year memory, I normally can get a lot of data about a home, even if it is not currently listed for sale or as a rental.

What happens when there is no data in the MLS? Worse yet, when there are no comps?

One Thursday afternoon in February 2009, I accepted an exterior BPO order for a home in Sparta - had a 24-hour deadline.  Armed only with the owner's name and the address, I scoured both GSMLS & NJMLS. Not an entry anywhere.  So, I scurried to Sparta's lovely municipal building, where the staff jumps through hoops to provide assistance.

According to the Sparta assessor, the Subject was once a single family but had been a boarding house for many, many years. Conversions resulted in a 10 bedroom dwelling with multiple kitchens, too-few baths and no living room, no dining room, etc. Original part was over 100 years old, additions slapped on every so often. Oh, fabulous, finding comps will be a piece of cake!!! The assessor confirmed there was nothing even close within Sparta - and doubted I'd find another similar, legal boarding home in the county.

Then I had to check into the septic system to find out if it had a 10 bedroom capacity.  Sparta's plumbing expert happened to be in the office and helped me wade through the septic - information in the file, that is.  Upshot? He couldn't figure out what the story was; file had contradictions, incomplete schematic, etc. 

Okay, now I have to take a few exterior photos of the Subject.  The gravel drive had not been plowed and was just a sheet of ice. The home was set well back from the road. So, in my dress shoes (flats, thank heaven!), I slip and slide close enough to see the house.  Pink. The enormous structure was most unusual and pink!  I took photos of 3 sides but to this day cannot really say which was the front of the home. I will not upload my own pictures and identify it.

Spent 5 hours on this BPO, including town hall and efforts to locate comps.  Met my deadline.

The following Tuesday, I get a call from the vendor who hired me for this BPO. The "client" isn't happy that I comped it as a boarding house.  Now, one of my BPO tricks is to upload supporting documentation - in this case, the assessor's card and septic summary went along with my submission.  "Sorry, but I went to great lengths and did a BPO based on reality and how the Subject is assessed. It is NOT a single family and has not been for more than a decade. It actually took me a lot longer because it is not a home." 

And that is how I got a second, full payment to do another BPO on the Subject as a single family! :-)

 Broker Price Opinions - Part 1: BPOs on Homes around Sussex County, New Jersey

Search for Sussex County, NJ, homes for sale - pink elephants or not! 

 In my areas of Sparta, Hamburg, Vernon, Wantage, Frankford, etc., more and more homeowners are having difficulty paying the mortgage.  Once a homeowner is several months late, the mortgage company/bank starts to consider its options.  Some options will keep the owner in the home by modifying the loan; some will mean the owner must list the home for sale.

 When a distressed property needs to be evaluated by the bank, one or more Broker Price Opinions are normally requested - very often through a third-party, outsourced vendor.  BPOs are not as detailed as an appraisal. A BPO is a quick assessment by a real-estate agent that gives the bank an idea of what the home could sell for within the next 90 - 120 days. It is based primarily on MLS listings of similar properties in the same neighborhood.

 I have done countless BPOs around Sussex County. I view BPOs as a discussion of list price with a potential seller, albeit one who is far away and has never seen the property. I am that bank's local real estate agent for the sake of a price opinion. (While my experience has been localized, I do BPOs for the same vendors and same banks that get them done across the U.S. Hopefully, my opinions and expertise might help someone elsewhere.)

Here are the main reasons I've been hired to do BPOs in Sussex, Morris and Passaic Counties:

1. A homeowner is late and the bank is weighing its options - perhaps deciding whether to foreclose or consider a work out;
2. The owners have no means of remaining in the home and have listed or are prepared to list it for sale, have had some hardship and are asking the bank to consider a Short Sale;
3. Potential buyers have put in a written offer and the bank needs to evaluate it based on today's market conditions;
4. Foreclosure has occurred. The property is now an REO and the new owner (the bank) needs to set a price for the sale of the home.

 Reason 1 is the type I like least. These owners are usually unaware that the bank is having a BPO done. (The mortgage documents specify the rights of the bank to inspect the property under prescribed conditions.) This will always be an exterior or drive-by BPO for which I need to get my outside photos very, very discretely and be prepared for some unpleasantness if the owners drive down the street and spot me...  Too, these home are not currently listed for sale, so there is no MLS listing with current interior photos. My research will take much longer.

 With the other 3 reasons, the sellers are typically supportive of the BPO. Many times I am hired to do an interior BPO. By appointment, I access the home and take interior & exterior pictures. Frequently, multiple BPOs are done on the same property within the same time frame. The current record for me is when I was in one Lake Mohawk home for sale at the same time 2 other agents were also taking their interior pictures! Triple opinions from real estate agents working for 3 different brokers but it was a very high-priced home. This indicates just how inexpensive a BPO is, but I'll return to that later.

 Future posts will detail which BPOS I will agree to do, what information I provide, the stumbling blocks I've encountered, how listing agents view my BPOs and my compensation for these efforts.

Part 2: Pink Elephant BPOs based on a case in Sparta, NJ.

Hubby Chip & I excitedly planning a short vacation from our comfy home in Sussex County, NJ. We're headed to the White Mountains of New Hampshire to car-camp. You know, where you pull up to a site, unload a 4 bedroom tent with hot & cold running water, ask James the butler to don his flannel shirt, throw a gourmet feast on the barbie, etc.

What prompts me to do this?  I want to see a moose in the wild. Better yet, many meese. (While I am aware that the plural of moose is moose, I have spent many sleepless nights worrying how geese feel about that.  Besides, it amuses me - if no one else - to use the term meese and watch reactions; I'm big on funny and you're most welcome to laugh at me along with me!)

To the right is a photo of the only moose I will ever see in the Sussex County vicinity!

So, with a real estate transaction in which I represent both the home sellers and the buyers closing this week and a great colleague to back me up while I'm away, I off to hunt real meese.

Our moose-hunting arsenal consists of a couple cameras and a tripod, so no need to alert PETA to my plans. I may never blog again because I've warned Chip that I am staying in the White Mountains until I see a moose. He pointed out that it is a very long walk home, lovingly adding that he'll miss me in the interim. Bet you will too!

So, Chip and I will relax, enjoy the beauty of Mother Nature for a few days and hunt meese.

Oh - and one other dream. I'm hoping to return with ONE picture that is of the quality that Richard Weisser - Coweta Fayette Real Estate - Newnan homes for sale shares with us day in and day out. 

The one to the left is from US wildlife authorities - free use. I intend to pose the meese against more greenery to yield better contrast. I'm utterly surprised that the wildlife folks didn't think of that but then again, they probably don't say meese either...

Celebrating a $15,000 price reduction on a home in Wantage Township by announcing Sussex County's second HomeAndLunch tour!

On Saturday, June 6, between 11:30 a.m. and 2:00 p.m., I'll provide lunch to all real estate agents who bring their buyers to tour this home. To get the goodies, the real estate agent must call me by noon the day before (Friday, June 5) and let me know how many will be in that party.

This completely renovated 2-bedroom ranch home is set on .84 acres on desirable Beemer Church Road, Branchville, NJ. (Wantage Township with a Branchville zip code.) Great for first-time home buyers, those wanting to downsize, folks who want something small but not within a planned community.

Take a closer look at this lovely home

in Wantage with a Branchville mailing address.

Learn more about  my HomeAndLunch tours.

Search Sussex County NJ Homes for Sale - ask me about any!

Discounts for Lowe's (and Home Depot too) in Warren County NJ or via your Local REALTOR®

Real estate is expensive - whether you want to buy a home, to sell a home or just to maintain your investment. Here in Warren County NJ, many of us are sprucing up the garden, fertilizing our lawns or already thinking about a Father's Day gift. Others may have a hankering to repaint the Great Room, replace that washer & dryer, upgrade the kitchen counter.

How would you like to save 10% on your related purchases?

No need to have a move in the works!

Lowe's offers REALTORS^® a wonderful program from which anyone can benefit with a discount. Sure, there are limits and a few restrictions. I've found that the Home Depot stores serving Warren County gladly accept the competition's coupon. I cannot state that all Home Depots everywhere do, so please check your local store before you get in the checkout line!

If you are working with a real estate agent, please ask him or her to obtain this coupon for you.

Otherwise, I'd be happy to assist if you live in my Warren County market area: Pohatcong, Phillipsburg, Stewartsville, Greenwich, Alpha, etc.

If you're further away, use the STATES button in the top right-hand corner and find someone in your market area to assist!

Please do NOT provide your contact details as a comment below!

Otherwise you may get unwelcome solicitations! Look to the right and you see a phone number and a way to email me. Use one and we'll start the process to get you a discount!

Fellow REALTORS®

Lots of clever ways for us to use Lowe's program - at no cost!. For example, I send all my Open House visitors a "buyer's discount" card - a supplement to other follow up. One can select snail mail or email versions. If you aren't already enrolled, think about exploring - just click the photo below!

In the GSMLS serving Sussex County, NJ, and surrounding areas, most listings have an outdoor picture as the primary for a home for sale. Search for homes anywhere and this is the most common practice.

We have many condos and townhouses in Sparta, Vernon, Hardyston, Hamburg, Crystal Springs, Great Gorge Village, etc. Frankly, from the outside they all look alike - and there are a lot for sale. Some real estate is not particularly attractive from the exterior but one can have a wonderful surprise inside. (All MY listings, of course are just like me - beautiful inside and out!)

Of course, I think about more than just the primary photo when I list a home for sale. The basic Realtor.com now shows 4 photos, so I order accordingly.

• If the primary photo is not the exterior, do you assume the house is ugly?
• Does a picture of a wonderful gourmet kitchen make you want to see more?
• When all the exteriors of townhomes in a section of a development such as Crystal Springs are identical, what appeal does an outside picture hold for you - if any?

Which of each side-by-side photo from homes I'm listing for sale in Sussex County, NJ, would be more likely to have you take a closer look!

 Search Sussex County NJ Homes for Sale - ask me about any!

Although the author of this fine post is not handling Sussex County real estate, it is one-size-fits-all.

I particularly appreciate that Claire suggest donating many of the items you don't want to move. In Sussex County, we have many organizations that would appreciate your in-shape discards!

At least in my area of Sussex County, NJ, the real estate market is less robust than it was in years past - and I know this is true in most regions of our county.

Those who want to buy a home are not lining up at my door, taking numbers like we do at the deli counter of our local supermarket. Few home sellers are getting multiple offers the first week their home is listed in the MLS - even in one of our most popular towns, Sparta - Sparta NJ Real Estate Snapshot - Homes for Sale Market data.

My stance is that we real estate agents need to respond by doing more, not less, to help our clients fulfill their real estate goals.

Sounds pretty basic, right? Most of us are going that extra mile and trying everything to get win-win deals for our home buyers and sellers.

Here is an example of something new I tried to increase showings of a home I have listed for sale in Hamburg, NJ: Innovative Marketing - Free Lunch. Wish I could tell you that I had 50 agents bring buyers to see the home that day, that we got 10 offers, and that it is selling well over list price. Alas, we did have a slight increase in appointments during my 3-week publicity blitz, but no offers yet.

1. The Hamburg home sellers are thrilled to have been the "first" in this program.
2. They and I do believe that my flyer distribution, email notifications, online postings, etc., generated more activity.
3. I diligently contact every agent after he or she has shown my listing and get as much feedback as I can.
4. I share that feedback with my sellers just as soon as possible.

Was I a Good Example or Bad Example?

When my husband, Chip, and his dear friend, who I'll call Max, were having lunch, Max mentioned his interest in owning a farm outside Sussex County that met very special requirements. Now, Chip is a real estate agent who specializes in land in the New York, New Jersey region. Chip, who just happens to have an excellent working relationship with a great residential Realtor, proposed we team up to see if there was anything out there for Max.

Good Example or Bad Example?

We located one possibility and Max wanted a peek. The home for sale was vacant and had been on the market over 3 months. The guest house was rented. Chip does not have a lockbox key because parcels of land don't have lockboxes. The day most suited for Max to see the farm I had a closing. Chip phoned both listing agents (who also have an assistant) about arranging access. Close to Easter, both listing agents were going to be away and didn't want to "pay" another agent in their office to meet Chip and Max at the farm. They suggested he make his own arrangements - particularly as his wife's keybox worked in this area outside Sussex County.

Good or Bad?

Chip and Max did tour the property, although access to the guest house wasn't possible. Max had some continued interest but needed to explore different and complicated deal structures. More importantly, Mrs. Max would need to see the farm and weigh in. The listing agents did not contact Chip to find out what his buyer thought. Late last week, they processed an 11% price reduction but did not call Chip to tell him. (I got an alert via the MLS the MOMENT the price dropped!)

Good or Bad?

On Saturday, I spoke with one of the listing agents to make sure I could bring my interested folks the following day. Max, his wife, daughter and friendly dog met Chip and me at the farm on Mother's Day. I waited until the next day (yesterday) to call the listing agents to try to get answers to the questions the Max family had and to explain that nothing more will happen until we can see inside the guest house, which has just been vacated. I do believe the listing agents are now hustling...

Good Example or Bad Example?

Your desire to buy a home or to sell a home in Sussex County (anywhere!) is serious business. We're talking about a HUGE financial investment. I'd be delighted to work with you, hopefully show you the extras that the right real estate agent can offer and be

A Very Good Example!

Every bit of knowledge I have used to improve my rank on Google in 30 days came from within ActiveRain.

Let me start by saying my pre-AR Internet presence was my Weichert agent site; I had not done much to it & it, therefore, hadn't done much for me. Much of what I'm learning here, I'm applying both places, so will be reaping double benefits. Despite the recent accolades, I still have a long way to go. I give up before I page through to find my Google placement for many areas I cover.

I'd love your company on this journey, so let's do it together and have some fun.

Irene's Hard and fast RULE 1 - Semi-Ignorance is Bliss

We don't have to understand SEO - we don't even need to know what it means. Let's not give a hoot what moves us from page 3 of Google search results to page 1 - let's just get there. Repeat after me: Magic, it works by magic. This is the same force that yields 45 -50 miles per gallon in my hybrid Prius. You all have permission to laugh at me here - just as I'm doing.

RULE 2 - If those with more knowledge, suggest it, just DO IT FAST.

I'll go way out on a limb here and say that Brad Andersohn, Jeremy Blanton, Bob Stewart, Joel Kruse, etc. probably don't think SEO works by magic. They post info that explains the ins-and-outs in clear detail as my eyes glaze over. (There go all my points!)

Seriously, in each post is a suggestion or a how-to. Scan the post, skip all the details if you'd like, but implement the tip and move on. Remember to also implement on any other website you have.

If you need surgery, would you enroll in medical school? Our job is to follow the prescriptions lovingly handed out by the AR doctors even if we don't understand much. Let them guide us on our trek! Trusting others don't come easy - but I know it is the way to go. Let's spend our time on content, not becoming experts in new fields!

RULE 3 - If at all possible, become a RainMaker.

Is money tight in my budget? You betcha. The very day I joined AR, my phone rang. Just what I needed - sign up for a free service and bingo! the sharks swarm with enhancements. Joel Kruse did NOT come across like that. He explained the pluses and that I didn't have to commit for a minimum period. My memory is that Joel said that was because "no one" ever quits, but he probably said it was rare. Joel then had me call him back so he could walk me through. He is a top-notch hand holder! And everyone now knows what decision I made about month 2...

RULE 4 - You don't need me.

Hang on a sec while I wipe the tears away. Other than giving moral support - which I'm delighted to do - why would you ask for help from a self-proclaimed ignoramus who insists it is all just magic?

• Make generous use of the search function; lots of the helpful posts are older but still available. For example, find Active Brad's SEO Tools - You Should Know, about SEO is 10 months old but still a goodie. 

• Subscribe to the blogs by all the AR staff. That way you won't miss new tips.
• Find other experts whose posts make sense to you and subscribe. For me, Katerina Gasset has a spectacular way of explaining magic so that it is clear and I can immediately do what she suggests: Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes.  I do recognize that we all learn and absorb differently, so you might find others who speak more to you.
• When you see a post with a fabulous feature that you're dying to copy, ask the poster. Lyn Sims has spectacular graphs. I asked how she did it and in poured her help. Maybe she'll do a post on graphs so that we all don't bug her for personal tutorials!
• Bookmark. When you read a post that seems to contain great data, bookmark it. Sometimes there is a bit I implement immediately. Other times, I think, "Hmmmm. Bet I'm gonna want to find this again."
• Take the AR Webinars- live or on Memorex.  There have been 3 and I've attended all of them. So I'm a brown-nosed teacher's pet, but HELLO - I've learned and am moving forward at a good clip. This was not magic. Let's avail ourselves of this help that is freely offered!
• Look at each screen we use regularly and click promiscuously. For example, when you're drafting your post, look to the right column. More Info: More about tags. As it was sitting right there, it tipped me that they just might be important. You'll learn some magic...
• Mimic. For this post, I'm copying the tags that Joel Kruse used in his kind words about me. We don't have to reinvent the wheel even if we're unclear about tags.
• Be teachable. When anyone takes the time to give you a suggestion, try it! Sally Dunbar spent her valuable time to point me toward using groups for posts. I'm on it and grateful to Sally.

RULE 5 - Acknowledge Properly - Unlike me here!

I'm in hot water here because I can't find the older post where I read about different ways to "give love" by linking in a fashion that helps the other person too. I neglected to bookmark it and can't find it via "My comments on" either. I used this person's best-of suggestion with the link to Katerina's blog. Maybe Jeff Turner??  If anyone can help me identify this post, I'll immediately credit and link to it! Thanks to Shane O'Gorman for giving me the right terms to find Jeff Turner's  AR Tutorials - How To Add Links To Your Blog Posts

Also add a comment when something helps. When I've just searched and scanned 4 of Jeremy's older linked posts, I don't necessarily take the time to comment on each one. Bad girl!  Like I said, progress, not perfection...

RULE 6 - Give Back. Yes, even without Points

My best post to date is the one you will never see. Something shown in a Webinar gave me a great idea. Had a catchy title, thanks to Jeremy's post about titles, which I cannot now call up.(Mr. Blanton, are you messing with my head?)

In the back of my mind, however, a little bell went off. So before posting, I asked Bob Stewart a question. It WAS a great idea except that it could negatively impact AR's bottom line. And I freely chose not to post. I don't need to promote my business by hurting someone else's. Why would we bite the hand that is feeding us?

Giving back means taking time to share freely. Turn off your speakers while I whine a little. New to blogging, this post has taken me tons of time - searching futilly for a reference, linking, graphics, and the hardest - thinking! It's Members Only, so the adoring public on my Outside Blog won't again see what a wonderful, giving gal I am. Safe to turn volume back up. So why, especially as I recognize I'm an expert in NOTHING when it comes to AR? Because someone asked...  Because my learning experience might help you... Because you might not have believed it works easily... Because it is a great way to say thanks to all those who have (and will) help me...

Because you might walk beside me, hold my hand and let me lean on you when I stumble...

I'm still ready to help you with your Sussex County NJ real estate questions -

Even if this total surprise still has my head spinning!