Monthly Archives: September 2007

New company name: Focus Professionals, Inc.

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We have changed our name! We are now called Focus Professionals, Inc.!

We are doing this so that we can expand into several markets where we had not previously done business, and where, unfortunately, there was another firm with a very similar name to ours which had been there previously.

Of course, our excellent personalized and professional service will not suffer from this change, but we like to think will actually improve.

If you are looking for a buyer agent in your area, think of us! If you are looking to sell your property, think of us! If you are an investor and are looking to either sell or buy property, think Focus Professionals for all of your real estate needs.

More on understanding the role of a buyer’s agent

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Let me ask you something, hypothetically…

Let’s say that I am an attorney, and a nasty one at that… Let’s say that I represent your soon to be ex-husband (no prophecy intended) and so far, you do not have a lawyer…

I let you know that I am perfectly happy to handle the divorce without you hiring an attorney, which will save you money. I explain that since you have been married for several years, we are all sure you understand all the assets and liabilities in the joint estate… and since your husband filled in the form for his assets honestly (you would not want to accuse him of lying would you?) there is no need to get an accountant, or lawyer, to look into these matters on your behalf.

So, what is missing?

But there is more: buyer agents can share information with their clients that listing agents would likely never share. They can do a CMA (comparative market analysis) of similar properties in the area, they can discuss advice on what offer for the property, they can reveal shortcomings in the property, and they can assist in other discussions to help you decide what to do in specific cases. A listing agent, because they represent the seller interest, cannot do these things and remain true to their fiduciary responsibilities. What does that mean? It means that anything, whether knowledge or service, that could accrue to the disadvantage of the seller, is taboo for them, by law.

So back to my example above… very few of us would ever find ourselves in a divorce situation without hiring an attorney… this does not mean that the divorce in and of itself MUST be a nasty fight… it just means that we would want our interests represented, and we would not trust our affairs to someone who by definition represents the other party… why would we do so in the purchase of a house? 

Buying Foreclosed Properties From Banks

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Business Week Online published the following article this week, and it is some of the best info on the subject of purchasing foreclosed properties we have seen of late, so we are including the article in its entirety here. For more discussion, see Business Week Online  and of course our buyers area.

This Old Foreclosure
Buying directly from a bank avoids some risks, but don’t expect a steal

Tiffany and Scott Romero almost passed up the five-bedroom house they recently bought in the San Diego suburb of Temecula, Calif. It was hard to ignore the dead lawn, dirty carpeting, scuffed walls, and ugly kitchen tiles. No wonder the house had been sitting vacant for five months. But the property was in a good school district, and it was in foreclosure. The schools drew them to the neighborhood, and the tenuous status of the house gave them a chance to shave $25,000 off the bank’s $465,000 asking price, which was already $75,000 lower than comparable homes sold in the area a year ago. It helped that the Romeros were buying their property directly from the bank that held the mortgage, rather than purchasing it sight unseen at auction or directly from a distressed homeowner. They were able to inspect the house before buying, and they got to negotiate on the price.

Anyone else hoping to take advantage of the more than 2.5 million mortgages expected to go into foreclosure this year should consider the same strategy. Until lately, most foreclosed properties were snapped up at auction. But increasingly, they’re being sold by real estate agents on behalf of banks. In industry speak, they are called real-estate owned properties (REOs).
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