How to end your Subscription with Homes.com

If you have come across this blog, my guess is that you have just discovered that you can't end your subscription with Homes.com.  Maybe you signed up for a 6 month or 1 year subscription and decided it just wasn't worth the money you were spending and told them you didn't want to renew.  And now, you've discovered you have to give them 30 days advance notice, a detail you somehow missed because you had no idea it was required.  

Like me, you probably saw them at NAR conference events and have been impressed that Dan Levy was one of their spokes people, so you thought you could trust them with an auto-renew feature.  Just as I did.   Honestly, it never even occurred to me that I would need to do such research on this company because I had such a good opinion of them going in.  I'm guessing you felt the same way.

I signed up for a 6 month subscription and 28 days before my subscription was set to expire, I emailed my rep to let her know I did not wish to renew.  She did not respond to the first email, or the second email.  I sent request to their customer support and they responded letting me know I couldn't end it because I didn't give the request 30 days in advance.  My rep finally did call me back telling me she begged management to let me terminate.  

I think the part of this that disturbs me so much is that forcing someone to do business with you is just so wrong.  I have adamantly communicated to them that I absolutely did not want to renew my subscription.  They kept telling me what their policy was as though they somehow felt they were entitled to keep hitting my credit card.   

And like me, you're wondering if other agents have had bad experiences with them and you're starting to look for the reviews. Your research has probably led you to their F rating on the Better Business Bureau .  But you didn't stop there, you found equally poor and scathing reviews on Trust Pilot and Consumer Affairs.   Sadly, I saw reviews from people who were told they successfully ended their agreements only to discover their cards were still being charged.

So, how do you end it?  

You have to either cancel your credit card or report it as lost or stolen.  That's the only way you can prevent them from tapping your card.  It is possible you can dispute the charges but they keep telling you, and I'm guessing will tell your credit card, that you signed a contract. A contract no one has a copy of, except them.  

I'm so sorry this happened to you. The feeling of betrayal really is the worst part.

Parting is Such Sweet Sorrow

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Being a conscientious professional in the service industry I am always asking myself “What else can I do for my clients?”  What else can I do to better market a listing? What else can I do to improve the home buying process?  What else…?  And recently, the resounding answer to my questions seems to be that I need more resources and tools – and I need more time! 

I can either build tools and resources myself or save the time and energy and just share from another established broker.  Reinventing something that may already exists does not appeal to me, since all I really want is to give my clients the best experience I can.  With that in mind, early this month, I began to seek out a seasoned broker who shared my vision, could solve my problem and with whom I could work.

As luck would have it, I didn’t have to look very far.  Bill Baldwin of Boulevard Realty sees the client the same way I do and has developed an incredible array of tools and resources for his brokerage’s clients that he freely shares with his agents.  He too understands and is passionate about the importance of being an indispensable resource to one’s clients and does everything he can to help his agents accomplish this. 

So, it is with bittersweet emotions that I announce that I will be closing the chapter of Beaudry Properties on Friday, March 3 in order to start a new chapter with Boulevard Realty.  What this new change means for my existing and new clients is that I am even more focused than ever and come armed with more tools and resources to help them achieve their goals.  My creativity is freed up making it possible for me to explore better and fresher ways to help them.

This new chapter is something about which I am very excited; and I look forward to continuing to serve my existing clients as I have for the last 10 years along with the new clients I have yet to meet.

Houston Oil Prices and the Dodd-Frank factor - A Double-Whammy on Home Sales

Houston Oil Prices

Anyone who's lived in Houston for an extended period of time knows how oil prices impact our economy and our mood.  And for those of us who lived here through the 80's, we remember it being brutal if not for ourselves then for our parents.  So for good reason, anytime there is a dip in oil prices, Houstonians take notice.

I heard someone say on the radio today that Houston's economy was expected to de-escalate but that we weren't expected to go into a recession.  So my interpretation, as it applies to Real Estate, is that it might just take a little longer to sell your home as the inventory could be expected to increase a bit.  We are now between 3 - 4 months of inventory which is still very hot.  Even a 6 month inventory is healthy.

One symptom of a de-escalating economy may be a reduction in bidding wars on homes.  You might not hear as many stories from friends and families where they recount the outrageously high offers they received on their homes.  In addition, you will probably see more homes sell close to list price.  If inventory picks up, you'll probably see more price reductions.

New home builds could be affected, it just depends.  A lot of these high end million dollar homes are purchased by executives who receive merit bonuses from their companies.  When there are less bonuses, there are less high end million dollar sales.  So it is possible that there will be less million dollar homes being built which could actually open the door for refurbished homes.  Where someone may not be willing to spend $1.2 million for a new home, they might be more inclined to purchase a refurbished home for $700k in the same neighborhood.  It's something to watch, at least.

Dodd-Frank Factor

The other factor that concerns me just a bit is what I call the Dodd-Frank factor. The Dodd-Frank Act was passed as a response to the financial crisis that occurred in 2008.  The laws within this act have been gradually going into affect and there is one law that has most recently been enacted that has already begun to impact home sales; the appraisal process.

What this means to you as a home seller is that one more person is involved in determining what price you can get for your property.  Being the owner of the property, you are the first person to have a opinion with regard to what someone should pay for your home.  Your Realtor will then have their opinion.  It used to be that the buyer's opinion mattered the most but really it has become the bank's opinion that matters most.  Up until now, the appraiser was the final opinion.  But, as of January of this year, the underwriter has been mandated to use a a tool that can empower the underwriter to negate the appraisal.

The purpose of this particular act is to help the underwriter reduce risk on the loan.  The data they have access to could very well challenge the appraisal they receive and force the appraiser to go back to the drawing board and help find a comparable that will ensure a reduced risk scenario.  My concern here is that we are going to see appraisers becoming far more conservative in their appraisal reports simply because they do not have the time to go back and redo an appraisal.  

The professionals in this industry will easily adjust to these Dodd-Frank changes. The real challenge I think this is going to present is with regard to helping home sellers understand why they may not be able to get as much for their home as they initially believed.  A challenge we face everyday when working with home sellers is helping them understand what price points are the best for their properties.  Oftentimes if the Realtor and home seller are not seeing eye to eye, the Realtor is either considered incompetent or not realistic.  It's a natural reaction as the home sellers greatest concern is leaving money on the table.

In sum, I'm curious to see how these two events impacts our summer sales and am cautiously optimistic that my buyers will have more choices coming into the moving season while my sellers will continue to enjoy a steady stream of interested buyers.  Balance, I believe, is the word I'm looking for.

Chase, Equator and the Short Sale Process

I recently had a client who fell behind on his mortgage payments and could not find a way to be able to keep his house.  He asked me to help him with a short sale.  The last time I did a short sale was in '08 and the entire process took 6 months.  This was a long-time client who also became a friend, and I really wanted to help him so, I agreed to do it.

The lender in this case was Chase.  Usually with the large banks it sometimes feels like one is caught up in some sort of vast vortex while trying to navigate through the pre-foreclosure system. I am very pleased to report it was not as bad as I thought it would be.   Chase, at least, has found it's way to a more organized and streamlined approach to the short sale process; however, the pre-foreclosure experience was somewhat exasperating.  Luckily, once my client announced to them he wanted to go the short sale route, it took about 2 weeks to be assigned to a short sale team.  Once we were assigned, the process moved in an orderly fashion. 

To begin with, Chase has engaged a software program called Equator.  Once the file has moved from the "pre-foreclosure" status and has been assigned to the short sale division, the listing agent is invited to sign up with Equator.  This program actually places the agent and the file managers within the same program so that communication between all the parties can be shared. In addition to this, if you have to call into the short sale division, you are almost immediately connected to someone; you don't have to wait on hold for long stretches.

Equator is amazing for the its ability to improve the communication process.  The challenges a listing agent has when trying to bring a short sale to a successful close are two-fold.  The first is that she has to be on top of the required paperwork that has to be submitted to the bank.  Equator makes this very easy as agents are simply required to upload the documentation through the program.  There's a record of it being done and it's easy for all the file managers to locate it.  A large part of that paperwork is the HUD statement.  The title company will be required to submit several preliminary HUD's before the file is ever approved.

The second challenge, and I believe this is the biggest one, is keeping the buyer motivated.  If the buyer's agent is unfamiliar with the short sale process it can make it even more difficult.  The communication provided by the Equator system helps with that challenge since the listing agent is able to provide updates on a somewhat regular schedule to the buyer's agent. There are still gaps when you don't hear anything but Chase does attempt to set expectations by generating a message that says something like "you will hear from an agent within 72 hours."  The negotiator on several times actually called me to discuss the file, which was extremely helpful.

The other challenge in keeping the buyer motivated is that the lender for the seller limits what they are willing to cover with regard to closing costs.  Often times, the seller has no money to pay for closing costs, which would require the money to come from the proceeds.  This eats into the final number the lender receives to cover the note.  So, many of the seller's closing costs get pushed over to the buyer's side of the HUD statement since the bank will not cover them.  Examples are some HOA fees, attorney fees, documentation fees, etc.  The lender has no trouble covering the Realtor commission.  It's difficult to know exactly what fees the lender will require the buyer to cover until one is deep into the process.  If the property is priced competitively and the lender accepts the list price, it is quite possible that the "deal" the client is getting for the house will offset the frustrations the buyer is experiencing throughout the process. I found during my dealings with Chase that the negotiator understood this and was fair in his assigning of costs towards the buyer.

The only other thing to really be aware of is that the bank usually requires the approved HUD statement within 72 hours before closing.  So, having a really good title company, and keeping everyone, including the buyer's lender aware of this helps that process.  After the close is done, there are several documents that require signatures from the borrower(s), listing agent and sometimes closing agent that have to be submitted back to the bank.  As long as the listing agent follows all the steps, it can all work out.  Keeping everyone else in step, well, that's the real challenge.

New Alliance, Same Great Service

 Article written by John DeMers

When Cherry Wolfarth started thinking about associating with Martha Beaudry of Beaudry Properties, her only real concern was losing the market clout she’d enjoyed throughout her career by working with and for large real estate companies. Discussing the matter with longtime clients and fellow agents, however, the concern turned out to be no concern at all.

“At first I thought some people might be bothered,” says Wolfarth, who comes onboard with Beaudry after ten years with Prudential Gary Greene and then five with Keller Williams. “But I’ve found that being with a small agency is either a non-issue or, in some places, considered a plus. With a small firm, as a client, you can get much more personal attention.”

Wolfarth’s findings make a lot of sense to Martha Beaudry, who has tried to keep her business small, strategic and personal since her entry into real estate in 2004. Beaudry found herself naturally directing her focus to enthusiasm, drive and creativity, earning a high degree of loyalty  from clients by helping them to achieve their real estate goals. Though she has a background in global consulting as well as computer technology and training, she discovered her most significant business opportunities in one of Houston’s true fascinations – real estate.

“I knew Cherry for a long time, and we knew that both of us were in real estate,” she says. “There’s just this great energy between us right now. It is so exciting. I think we can remove a lot of the distance between the large companies and the people actually buying and selling their homes, which should make for a far more satisfying experience.  Since Cherry's business is built upon relationships, this merger seems like a natural fit.”

  

Wolfarth has enjoyed success in several careers before real estate – including music (as a percussionist), home remodeling and even occupational therapy at an in-patient psychiatric ward. “Those last two definitely prepared me for this crazy business,” she laughs. Along the way, she has developed an impressive set of “people skills,” which she has put to work doing new construction as well as remodeling and renovation, serving for several years as a public radio programmer and also operating her own DJ service called Soundscapes. She is a resident of the Oak Forest area, having designed and built a home there in 2011.  She loves dogs, dancing, travel and Jazzercize.

During her time with Keller Williams, Wolfarth was one of the top ten agents of more than 350. She was the recipient of the Keller Williams Gold Medal, 2009-2012, and was the top producer and top sales agent while at the Prudential Gary Greene Garden Oaks office 2003-2008, as well as the top lister for 2005, 2006 and 2008.

Cherry Wolfarth is a Florida native whose childhood was divided between Great Britain and Illinois, relocating to Texas in 1976. Born in New Mexico, Martha Beaudry came to Texas when she was only 2.  She made it to Houston in 1974 and has lived Inside the Loop since 1994.

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Lights in the Heights

Deck the halls with boughs of holly and let the fun begin! It's that fabulous time of year when Woodland Heights hosts Lights in the Heights. I was driving around the neighborhood this weekend and saw so many people putting up their Christmas lights. This is going to be a great year primarily because the organization has made some changes to improve the event.

This year's Lights in the Heights will be held on Saturday, December 10 beginning at 6:00 p.m. and end at 10:00 p.m. No vendors will be permitted on the Norhill esplanade and security will be tighter. And since they haven't been widely publicizing the event, there may be fewer people attending. These changes promise to make it a cozier event.

So for those of you who do not know what this event is, here's the scoop. Woodland Heights is comprised mostly of Victorian and Craftsman Style homes. Beginning about 25 years ago, the residents began heavily decorating their homes for Christmas. They would then block off a couple of streets one evening to allow the people within the community to celebrate with one another. Each year it grew from just one or two streets to several. Recognition is offered for houses with the best decorations.

During the event itself, many homes throughout the community will be hosting musicians who will be playing Christmas music from the front porch. The style of music will be anything from 4-string quartets to jazz to a cappella. This year, rock music will not be permitted as the community wishes to keep the noise level down.

Please note, that there will be several private parties throughout the community; so be careful not to crash any of them.

Should you find you are unable to attend Lights in the Heights, take a leisurely drive through the community any night in December and enjoy the beautiful decorations; many are worth seeing in daylight as well.