REO's - The Addendum

Three or four times a week I get an email inquiry from consumers who have read my prior posts on buying REO's. (See the most popular of these posts at:

http://therealestatewhisperer.blogspot.com/2008/08/reos-everything-you-need-to-know.html or http://therealestatewhisperer.blogspot.com/2008/12/types-of-sales-seen-in-todays-market.html). Specifically the email requests are for an addendum that I reference.

I am always hesitant to give it directly to the consumer. Laws vary greatly from location to location, and I don't want to be accused of giving real estate advice in areas where I am not licensed. Each bank addendum is different, and therefore the addendum should reflect the language specific to the rest of the contract. The addendum is intended to serve as an example, and not a form that should be used carte blanche in all REO transactions.

Then, I feel bad when I tell a consumer to have their agent contact me directly to obtain the addendum. I feel worse when I am overwhelmed carrying for my own business and drop the ball and fail to send it for them; and I confess that I've done that a couple of times inadvertently. I fear it will be more common, as I've switched primary computers and it is a difficulty for me to go to the other computer to forward the addendum. You see, I am using the addendum less because in our local market, traditional sales are returning (Hip, Hip, Hooray), short sales are becoming more successful and I am simply working less in REOs.

I currently have one REO listing - hits the market today; but all of my deals that are under contract for the moment include contracts for purchase in traditional sales or new home sales. A new day is dawning in Northern Virginia.

In any case, I think I've come up with a solution; as I know some areas are just now being hit by floods of REOs and you really, really need this! I found a place where I can store this addendum online and make it available to you. Here it is:
http://docs.google.com/Doc?docid=0AWPfdTb2RWFGZGYyY3JzNWpfM2R2ZzNta3Zr&hl=en

Remember, reading blogs and educating yourself is great, but does not replace competent real estate or legal representation - ever. There are just too many variables; and a blog can not possibly address them all. However, the information you get from my blogs, and others, should serve to stimulate educated discussions between you and the professionals you are choosing. You SHOULD NOT know more than your agent. If you do, you should get another one. I firmly believe the value of an agent is advice. Sure, there are service related conveniences - access to listings, lockboxes, forms, affiliated companies that may offer free or low cost services, etc. But, what a Real Estate Agent should bring to the table, above all else, is their knowledge.

Now, go forth and purchase!!! And, if you are in my area - look me up! I'd love to serve as your chosen real estate consultant. http://www.vickychrisner.com/ 703-669-3142 VChrisner@KW.com

Giving Where We Live

In recognition of the first KW RED Day, several shifts of real estate agents and their associates from Keller Williams Realty in Leesburg invaded the ReStore in Purcellville on Thursday, May 28th to help with cleaning, stocking, displaying merchandise in the store and preparing online ads to increase sales. KW RED Day was organized on an international level to recognize the 72nd birthday of Mo Anderson, Vice Chairman of the Board of Keller Williams International, and her amazing commitment to community service. The leadership of Keller Williams International firmly believes in giving back to the communities each office serves and has many programs in place to encourage this. RED is an acronym for Renew Energize and Donate; and the motto for the day was “Giving Where We Live”. You can read more about Keller Williams Realty, and about RED Day at www.kw.com/REDDay. The ReStore in Purcellville recently opened and is located on Main Street. It is owned and operated by the Loudoun Chapter of Habitat for Humanity and proceeds from all sales benefit local Habitat for Humanity projects. The store carries new and used doors, windows, shutters, hardware, lighting, plumbing and electrical supplies, flooring, building materials, office furniture, and more. Volunteers are needed on a regular basis, especially during the week; and donations are accepted during regular operating hours. Learn more about the ReStore at http://www.loudounrestore.org/

The photo above includes the morning shift of volunteers. See more photos from the day at: http://www.kodakgallery.com/ShareLanding.action?c=tzzir41.as7qcvhx&x=0&y=hr84v4&localeid=en_US

=========================================================

Keller Williams Realty boasts a consistent record of holding the highest market share in real estate sales in Leesburg; and provides all types of real estate services. For more information please contact Vicky at 703-669-3142 or email her at vchrisner@kw.com.