Monday, August 7, 2017

Becoming Your Own Boss





On a scale of 1-10 how good of a boss do you think you would be? Next question. If you were the boss would you hire yourself?

Being self-employed is to be self-motivated and willing to do the hard things. You need to be willing to invest in yourself to become a better boss.

The better boss you become the more money you will make.

Someone very dear to me once said "it's not about finding the right job. It's about finding the boss".

Come talk to me today about becoming your own boss. 


Contact Today!





Pamela Madore
Keller Williams Realty
3955 S Soncy Rd
Amarillo TX 79119
806-290-1920

Monday, July 3, 2017

New Listing At 704 Rietman in River Road, Amarillo, TX

Pamela Madore
http://iloveamarillo.com
Keller Williams Realty


New Listing At 704 Rietman in River Road, Amarillo, TX

WOW!  What a great house and garage/shop located in a very desired River Road area for only $135,899!  Why the odd purchase price?  We really want to get your attention before it is already sold!!!


It is a 2/1 with 2 living areas or a 3 bedroom.  The garage was converted, very nicely, and the current owner uses it as a 3rd bedroom.

Not need for the garage because the owner spent more than $20,000 to build a fabulous detached garage/shop.  The shop is 24 x 30 with 9 ft walls and foam insulation.  The rear door with  alley entrance is 10 x 8 and the back yard  door is 8 x 7!

The back yard is giant and there is also a 12 x 16 storage shed.

The living room, with fireplace, is massive and has plenty of room totally of the way of the living room for an 8 chair dining room table!   One end of the galley kitchen has a 4 top glass high chair that fits perfectly for the area.


The bedrooms are big.  One bedroom has 2 twin beds in it with plenty of room to spare.  The other bedroom on that side of the house is a great size.

The master bedroom is, well, the size of a garage.  Take a look at the pictures and see the full listing at 704 Rietman, Amarillo, TX

Pamela Madore
Keller Williams Realty
3955S. Soncy
Amarillo, TX 79119
806-290-1920
http://iloveamarillo.com







What Is The Cost Of Not Listening To What Buyers Are Saying About Your House?

Pamela Madore
http://pamelamadore.com
Keller Williams Realty

What Is The Cost Of Not Listening To What Buyers Are Saying About Your House?


Buyers tell you what your house is worth.  Unfortunately, and irritatingly,
that is the honest truth.  

As a Realtor the very best that I can do is show you what your competition is and what houses have sold that are similar to yours.  Based on statistics, such as how fast or slow houses are selling, we can try to crystal ball it a little bit.

I want to tell you a story about a seller that did not want to listen to what buyers were saying.  

To protect the innocent, :-) , I will call the seller by a fictitious name.  Mr. Jones.  

Mr. Jones had only owned his house for 3 years.  When he bought it buyers were saying yes, yes and there were multiple offers and Mr. Jones won the house.  

Unfortunately, within a year some unforeseen circumstances occurred and Mr. Jones was forced to move away and he had to do something with the house.  He decided to rent it to some people that really wanted to buy it but couldn't qualify for a mortgage.  

Eventually, it became apparent that the renters were not going to be able to buy the house.  Mr. Jones was again faced with another difficult decision.  At this point, he had to sell it.  He was making two mortgage payments and the tenants were only sporadically paying.

Over the course of the three years there had been a good deal of deferred maintenance.  Mr. Jones had moved away and hadn't seen it during this time period.  

Mr. Jones came to me to list the house.  He was adamant that the house was worth at least what he paid for it and probably more.  We looked at his competition and what had sold in his neighborhood.  The data was sketchy at best because Mr. Jones's house was a little unique.  Not weird or anything but it wouldn't appeal  to ever buyer.

We decided to list it at what he paid for it to test the market.  Not always a smart thing to do but with insufficient data sometimes  that is all you can do.  

Within 30 days we had 2 offers!  Unfortunately,  the offers were almost exactly the same but were more than $50,000 less than the asking price.  Mr. Jones was infuriated to say the least and many bad words were said.  

As a Realtor, I now knew what the market was saying---quite emphatically as a matter of fact.  Mr. Jones felt he was being cheated and insulted and wouldn't even counter offer.  

Time passed.  Eventually, people stopped even looking at the house.  He wouldn't do a price reduction so the house became "stale".  Time continued to pass until Mr. Jones realized he had to do something.  So he agreed to reduce the price $1000.  *sigh*  

During the ensuing months we had 2 other offers.  One was for $35,000 less than the asking price and the other one $30,000 less.  Mr. Jones was again insulted.  By this time the tenants had moved out and even though it didn't show well before because the tenants weren't all that neat, now the deferred maintenance was obvious.  

Time continued to pass.  Mr. Jones was really getting pushed now because of the costs of maintaining two residences.  He did reduce the price by dribs and drabs but nothing that caused a bonfire of interest.  

By this time the house had been on the market 10 months.  Fortunately, there was a little market upswing and buyers were looking again.  We began to have showings.  Hope!

After nearly 11 months on the market we got another offer.  Guess how much it was for?  Yup.  $50,000 less than the original asking price
The exact same offers that we had 11 months ago.  By this time Mr. Jones had no choice but to take the offer.  It was that or lose the house.  

Of course he was insulted, but this time he was forced to listen to the market.  So how much did that 11 months of not listening to the market cost him?  I don't know all of the numbers involved but I do know that not only did he lose nearly $50,000 from what he paid for it but in addition he had 11 months of carrying costs from two houses.

It is often said that your first offer is usually your best.  That is the market talking.  Be wise and listen.


Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://pamelamadore.com
806-290-1920



Monday, June 19, 2017

The Day The Inspector Gave My Buyers A Heart Attack

Pamela Madore
806-290-1920
Keller Williams Realty

The Day The Inspector Gave My Buyers A Heart Attack


Let me rephrase this by saying that just like anything else in the world there
are good, bad and degrees in between.  I am not in any way lumping all inspectors into a group.  I am only going to tell you about my experience.

Well, first, my buyers didn't really have a heart attack.  I was exaggerating there.  They did, however, opt out of the contract based on what the inspector told them.

We somehow got an overzealous inspector.  As Realtors, and other inspectors, we know that inspectors are licensed to do inspections.  They are not licensed roofers, electricians or plumbers.  (Unless they just happen to be one outside of the realm of inspectorhood.)

Unfortunately, not all buyers are aware of that!  

I recently wrote a blog entitled The Five Thousand Dollar Toilet.  I received an email from a man in Houston that had been an insurance adjuster for many years and and was now studying to become a house inspector.  He wanted my advice.  This is what he asked:


If I were to come into your office (obviously I won't as I live in Houston, but just as a hypothetical), what could I offer you and your agents that would entice you to give me a try?
I have inspected thousands of homes and businesses as an insurance adjuster, so that's not particularly the area I'm concerned with, but rather, what would make you want to "try me" as a potential "go to - home inspector"?
Thank you,
Kevin

This is how I answered:

I think that my best advice would be, be thorough, remember that you aren't a licensed roofer, electrician, etc. and don't scare the people to death.  
I just had a first time homebuyer that the inspector scared to death.  The seller agreed to fix every single item on the report and she still wouldn't buy it.

I actually had an inspector one time tell a client that they should not buy the house because it had way too many problems.

You have a lot of power.  Play fair and you will remain on the  "recommended" Realtor list.  Don't play fair and take up another line 
of work!

Good luck and let me know how you do!


The first time homebuyer I referred to in my remark to him was the buyer that I facetiously said had a heart attack.  And it is true that the seller agreed to fix every single item on the report but the inspector had scared her so much that she wouldn't buy the house if the seller had dropped the price $10,000.

As a Realtor it is my job to counsel my buyers in reminding them that inspectors are simply that.  Inspectors.  If there is a problem beyond their expertise that you want checked out then we will hire a licensed professional.

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo TX 79119
http://iloveamarillo.com
806-290-1920


How Accurate Is Credit Karma?

Pamela Madore
NMLS#289635
Pamela Madore Mortgage
http://pamelamadoremortgage.com


How Accurate Is Credit Karma?








 





I don't know.  I don't think anyone really knows.  All I can tell you is what my experience has been--both as a Realtor and a Mortgage Broker.

First let me tell you just a very little bit about credit scores.  There are different scores for the type of credit that you apply for,  For instance, if you apply for a car loan your score is not going to be the same as if you apply for a credit card.

Mortgage credit scores are the ones that are the most talked about so let's just talk about those.

First, there are 3 "bureaus".  That means that there are 3 different reporting
agencies that creditors report to.  They are Experian, TransUnion, and Equifax.  (Not all creditors report to all 3 bureaus but that is a subject for another blog.)

All the time I  ask people if they have any idea what their credit score is and inevitably they tell me what their Credit Karma score is.  At best, I would say that Credit Karma is a guideline.  If your scores are in the 600's then probably Credit Karma will give you a score somewhere in the 600's.

The problem with that is that when you apply for a mortgage loan all 3 bureaus are pulled.  Mortgage programs are based on what your middle score is.  For instance, if your scores were 680,  650, and 634 the score that the mortgage company will look at is the 650 score.  If your desired mortgage programs requires a 660 score and Credit Karma told you that your score was 660----well you can see what happens.

Recently, I had an applicant that needed a particular score, 620, to get a mortgage program that he needed.  He was a Credit Karma fan.  Credit Karma showed him that his score was over 620.  However, when I pulled his credit his "mid" score was 614.  

Credit scores change every time that a creditor reports to the bureaus.  So we needed his creditors to report again to get that score up.  Every day he watched Credit Karma and finally it said that it had been updated by the creditors.  So we pulled credit again.  Nope.  None of the creditors that Credit Karma said had updated his status had done it.

So let me end by saying this.  If you are thinking about buying a house and you need a mortgage, contact me.  Let's pull your credit and see what your "real" scores are---the scores that will decide what kind of mortgage program you are eligible for.

Pamela Madore
Pamela Madore Mortgage
NMLS #289635
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
http://pamelamadoremortgage.com












Thursday, June 1, 2017

The Five Thousand Dollar Toilet

Pamela Madore
Keller Williams Realty
http://iloveamarillo.com
806-290-1920

The Five Thousand Dollar Toilet

One of our jobs as a Realtor is to try to advise our sellers on what they have to do to get their house ready to sell.  This isn't always an easy job.  Some people get really offended because they are emotionally attached to their house.


The title to this blog may sound a little silly but later on you will see why I named it this.  Oh heck, why wait.  The next scene may be disturbing.   I made that picture small so I wouldn't gross you out  but what the heck.  Let's make it life size----well maybe not that big.

You get the  idea.  So.  As a Realtor if I am showing your house and when we go into the bathroom and see this,  your house just lost $5000 in value.  Don't blame me.  I just interrupt what I see from a buyer's face.  You just flushed $5K down your nasty toilet.  


So what are some other things that we might find that will reduce the price?  How about this?  Broken and dirty ceiling fan.  How much?  $1K off the price?  One of my biggest gripes is burnt out light bulbs.  I mean, really, folks.  You can buy 4 bulbs for a $1 at he Dollar store.  So maybe you have 6 burned out light bulbs in your house.  How much per light bulb?  $500? 


You can laugh all you want but other Realtors will definitely agree with me.  I showed a house the other day that was piled high with stuff and was filthy.  They wanted retail price for it.  The other agent asked for feedback and I didn't sugar coat it.  That house was probably much more well suited for my clients than the one they actually bought but they couldn't see through the stuff.  So how much did that cost the seller?  The whole price of the house.


Sometimes it is in the little things.    You can buy replacements at Home Depot for 30 cents.  Nice freshly textured and painted walls and then this.  What were they thinking?


These kitchen cabinets won't stay closed.  Did you know that at Home Depot for under $5 you can buy little velcro circles that you can put on the bottom of the doors to keep them closed?  Value lost?  I don't know.  You figure it out.  

How about a dead tree.  Looks pretty spindly, doesn't it.  I think my 6 year old grandson could have pulled it out,  yet the owner chose to leave it there  ?????  



 So there you have it.  If all of these things were in the same house (and they were) how much would you want to reduce by?

I am not trying to be mean to sellers.  I am trying to shake you up to the fact that I want you to get the most money for your house in the least amount of time!  You are going to have to step away, remove the emotions and listen to Realtors that look at houses every day!  



Oh, and please, please scrub the floor.    


Pamela Madore
Keller Williams Realty
http://iloveamarillo.com
806-290-1920





Why Brokers Are Better Than Banks

Pamela Madore 
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79119

Why Brokers Are Better Than Bank



To my knowledge, I am the only Mortgage Broker in Amarillo.  Sounds crazy doesn't it?  When I moved to Amarillo from Florida I left a place where there  were only Mortgage Brokers to a place where the term was foreign.

Let me explain the difference.  Banks and lenders have a limited amount of programs and guidelines they have to follow.  For instance,  one bank may have a minimum credit score of 620.  If your score isn't 620 then you have to try to find another bank or lender that will work with you with a lower score.  

So now you have found a lender that will go with a lower score but since you are self-employed you don't show enough income to qualify.  Now you have to go and try to find another lender. And it can go on and on.

What a mortgage broker does is shop for you.  Sort of like the Amazon of mortgages.  At my disposal I have literally hundreds of programs available.  So instead of going to three banks and a lender, you come to me and I "shop 'til I drop".  I run one credit report instead of 3 or 4 and I stay with you from beginning to end.  Since I have to sort through a number of programs to find one for you,  you may have to give me a day or two to find the best result.

In addition, since I have many lenders that I work with and they all want my business,  I am sometimes able to beat the best bank rates in Amarillo!

So let me do the work for you.  Let me do the shopping.  I am a great shopper!



Pamela Madore
Mortgage Loan Originator
806-290-1920
pamelamadoremortgage@gmail.com
3955 S Soncy  Rd
Amarillo TX 79119
pamelamadoremortgage.com



Pamela Madore - NMLS# 289635 , Pamela Madore Mortgage - NMLS# 1560825

Unconventional Mortgage may require a higher down payment and borrowers must meet certain underwriting guidelines and criteria which may vary per person. Please call Pamela Madore for details.