Marvin de la Vega
CA License #01389520
Trident Realty Group
Direct (619) 721-3321
Email Me
Fax (619) 789-4546

Wednesday
Oct032012

Living in La Jolla...

...at 5561 Mount Soledad Road.

Beautiful, move in ready home for sale. Numerous upgrades recently completed. Check link above, contact me for more details.

Monday
Sep242012

A Thank You Letter To A Referral Partner...

I recently closed escrow on a condo with an active duty Navy service member. This is a good story...enjoy.

Good morning Jessica,

Thank you for sending Michael my way!! I'm happy to help. I'm not sure if I told you Michael's story on this one but here's a not so brief synopsis:

We were the first ones to see this condo on day one of the listing. Michael and Kelly instantly fell in love with it. I urged them that if they wanted to beat the other buyers we shouldn't delay with their offer. We wrote the offer the same day and sent it that evening. I was lucky enough to reach the listing agent the next morning to discuss the offer and explain Michael's situation. It turns out the listing agent is quite familiar with your company as a referral partner and buyer's agent. Aside from an offer the seller eventually liked, his affiliation with you really helped. I did my best not to pour on the schmooze but rather, I explained to him how I would help make his job as listing agent super easy all the way through closing and with no stress, hassles or hiccups. I assured him I'd watch the timelines and flow of documents like a hawk and keep him updated before he had to call me. After an unofficial agreement that he'd pitch Michael's offer to the seller in a favorable light, we shook hands over the phone and I had a good feeling Michael got his offer accepted.

However, from there the plot thickens. The seller actually wrote a counter offer, not on price but on administrative matters that were neither daunting or outlandish. Michael had three days to respond. On the morning of the third day I called Michael to check in and ask if he was ready to accept and open escrow. I think I left a message then and decided to call the listing agent just to reassure him we were still in the game so to speak and I anticipated Michael's acceptance. The listing agent then told me he had received a few other offers but one of them was all cash and $15,000 higher than Michael's offer. Normally listing agents do not share this type of information but he was gracious enough to do so, maybe because we were both referral partners with you, not quite sure. I have other theories why he told me but those are moot. The best part of this story is this - because we were quickest, first and the only buyers writing an offer at the time, the seller generated a sole counter offer as opposed to a multiple counter offer. So, if Michael accepted within the alotted three days he would have the property under contract and all other buyers would be sidelined. Well, there was a brief moment of panic on my part after the listing agent shared his next statement with me. He said if Michael did not accept the sole counter offer or generated a counter to the seller's counter offer, a multiple counter offer to several buyers for at least $15k higher would come back to Michael. I promptly called, texted and emailed both Michael and his wife separately without delay; I prayed too. Once I got through I explained these very same details and if he accepted the seller's counter offer, I would be telling this story for many, many days to come.

As they say, the rest is history...

On a slightly different note, I recently had a closing in a zip code that I don't normally work because it was an old Navy friend I flew helicopters with. The purchase price was far and above my normal price point. This transaction was very rewarding personally (helping and hanging out with a Navy buddy and his wife) and financially (commission was very generous). Don't get me wrong, my gratitude to my ol' Navy friend will forever be undying for his large purchase however, Michael's transaction was much more rewarding in a different way, big time. We were actively on the search since December 2011 except for 3 months that Michael the junior enlisted sailor was "haze gray and underway" at sea on a big Navy ship. After his return I lost count of how many homes we saw and how many times they were beat by another buyer either with cash, speed or both. 

Yes, I'll probably tell this story again, it's a personal favorite.

So thank you, most sincerely.

Marvin

Wednesday
Jun292011

Short Sale Third Party Negotiator: To Pay Or Not To Pay...

Lately I've come across other agents that hired negotiators. Two events sometimes pop up:

1. A listing agent is indebted to a negotiator and when "shortages" come up in negotiations the buyer is often the first person asked to cover the shortage.

2. A listing agent asks the buyer and/or the buyer's agent to pay the third party negotiator's fee. This one bothers me.

Question. Why should my buyer client pay a listing agent's hired negotiator? Someone please help me understand this...

I was speaking to an attorney recently, he happened to be a real estate broker. We seemed to agree on the following:

1. It is part of the broker's fiduciary duty when properly authorized, to conduct negotiations on behalf of the seller.

2. That broker and seller are responsible for the outcome of negotiations between bank and borrower (seller), period.

3. Any broker that hires a third party negotiator either does not have the time, knowledge or motivation to negotiate for their client. The scary thought is it could be all three.

4. A third party negotiator exists purely for the convenience of the listing agent, contrary to their attempted justification e.g. "Our negotiator has a 100% success rate."

Listing agents that claim a better success rate employing a third party negotiator don't realize they are implying they would have less probability for success if they did it themselves. This places a question in my mind about their capabilities as an agent overall, in my opinion.

Am I off base here? I'm a short sale listing agent / broker as well and I charge no one separately for my negotiating services. It's my job and even if I did hire anyone else, I would pay them myself. This is called work, extra work. Any broker that believes the buyer (or their agent) should pay their hired help should reimburse the buyer's agent for time and effort expended in showing dozens of homes prior to submitting an offer on this one short sale property (if accepted of course). I think that's fair.

Feel free to call me nuts for working for my commission AND handling all of my other responsibilities for all of my other clients while not passing on the fees to someone else. What are your thoughts? 



Friday
May202011

Marvin is Flying New Colors...

"When one door closes, another opens...". Well a door didn't really close, I've moved to a new company however my good friend Jason Gire at Noble Real Estate Services still has my highest recommendation for property management of rental units. So you investors out there, let me know if you need Jason's info.

I'm now with Trident Realty Group. It's owned and run by old friends in the biz, Mike Chiesl and Dan Chapman. The story behind Trident is it has a Navy/Marine Corps slant. A trident is a symbol relating to King Neptune, both of which have their ties to the U.S. Navy. Well, so do Mike, Dan and I, the first two being Naval Academy graduates and Marine officers while I'm the Naval representative. It made so much sense to join their company since the majority of our clients are military service members. It helps to know the special needs of our clients through direct experience - we know the loan programs available to them, we know how often they need to move, we understand their income; we've been there.

Of course my focus is still truly the same - I'm focused on residential real estate selling 1-4 units throughout the greater San Diego area. It's the same for Mike and Dan. We are now teamed up to share what we know not only with fellow uniformed service members but to all clients that need to buy or sell. What is the biggest benefit for our clients? A higher standard, a higher level of commitment to mission completion and the same core values that are necessary in any profession (military service or real estate sales): Honor, Courage and Commitment. It's a new company for me, but it feels like the right place.

Tuesday
Feb082011

6 Bedroom / 4 Bath Santee Charmer!!

10105 Lauren Way, Santee Full Listing Information

 

 

 

Meticulous details in this home featuring :

  • Remodeled kitchen with granite counter tops, stainless GE appliances, cherry wood cabinets.
  • Master suite added on first floor, perfect for guests.
  • Pool, spa, barbecue bar and ample lawn area, perfect for entertaining.
  • 3 Car garage, RV parking on a LARGE lot at end of cul de sac.
  • TRADITIONAL EQUITY SALE. NOT A SHORT SALE OR BANK OWNED FORECLOSURE!!!
  • Largest home in the development!

Contact me for details.

Thanks,

Marvin