Wednesday, August 1, 2007

Pet Peeves

In today's market, why do Realtors enter a house into the MLS without the pictures? Its not like houses are selling like hotcakes. So why don't they wait until they can complete the listing?

With all the notification services out there, this practice actually hurts a listing. Best I understand, these services sweep the MLS database for a buyer's criteria on a regular basis then send notifications that there is something new. This is a listings big chance to shine and make a first impression. When listings don't have pictures to accompany them.....they have basically forfeited their prime "face time."

Its also annoying for a buyer getting all these new listings in your e-mail without photos.....which are the real sellers (aside from price of course). I think ZIPRealty has a notification service....but I haven't signed up for it.


AgentBubble said...

The reason? A lazy real estate agent. When we enter a listing into MLS, we have the option of submitting our own photos (up to 12) or waiting until a photographer from MLS stops by and snaps a quick picture and uploads it. I get daily e-mails from MLS with new listings that meet my criteria, and it ticks me off to see no pictures attached. Even worse, seeing a $700K + plus home with only one picture. I've called the agents before and asked them if they have more pictures before I waste my time visiting their listing!

Gwynster said...

Hey Agent,

We're looking at CHFA loans. Besides the 3% Down and 2.5% MIP, what else do you need for the closing?

Also are CFHA capped at PITI of 29% of gross like a normal FHA or do we get a break because nothing is out there other then South Sac that we'd be able to qualify for? I never realized how poor I was until I saw the guidelines.

AgentBubble said...

Hey gwynster,

I haven't gotten involved on the loan side of things, and CHFA is a pretty complex process with a ton of variables, so I don't want to steer you in the wrong direction. They have a list of approved lenders on their site though that might be worth checking out for more details. Sorry I can't help further.

Cmyst said...

If there are no pictures other than the outside of a house, I won't do a drive-by. Sometime in the future, if I don't do a drive-by, I won't ask for an appointment to view the house in person.

Gwynster said...

Thanks AB,

We went with a conventional for the last GFE but want the FHA rate now so here comes the paperwork.

buying time said...

Gwynster -

Could you please decode CHFA, FHA, GFE, MIP and PITI (I need to add them to my glossary)? If the C in CHFA stands for California...does this mean you are sticking around?

Gwynster said...

MORTGAGE INSURANCE PREMIUM (M.I.P.) - Mortgage insurance premium is required on FHA loan. M.I.P. is paid by the borrower and insures that lenders making FHA loans will be covered against foreclosure losses.

MORTGAGE INFORMATION LETTER (MIL) - A letter issued by the lender which indicates the payoff balance of a loan as well as any other requirements of loan payoff.

FHA - Federal Housing Administration, a department of Housing and Urban Development which insures FHA mortgage loans. CFHA is the california version. We get a higher cap but the rest seems the same.

GFE (Good Faith Estimate)
An estimate of all closing fees including all escrow items as well as lender charges. The lender has three days to give this to the borrower after the submission of a loan application.

These are the four components of the monthly payments to the lender, i.e. the principle, interest, taxes and insurance. Debt to income ratio is calculated by the lender from this amount. Sometimes mortgage insurance is also included in an impounded loan.

Not sure about staying but I'm guessing yes. Still waiting to hear if I'm flying out to NC for a face to face.

singlebuyer said...

Zip realty is awesome! It will notify you when the pic is posted but I am still waiting (2 weeks) on one listing to post a pic. FYI- the Zip Realty agents will say hi every now and again through email, they want to know why you log on and browse, but haven't contacted them to represent you. DON'T tell them you're not buying or, as in my mom's experience, that she is an out of town agent. They'll boot you off the site!