Mary Welch-Broker, Owner

If you are looking to buy a bank owned home, or repo, or reo, or sometimes called "corporate owned" home, you must be pre-qualified with a lender before even considering making an offer. Working with a bank requires patience and jumping through hoops. If you do not have the patience as a buyer or not willing to jump through hoops, a bank owned home is not for you.

Many of these properties are snatched up by investors because they know the rules. They know they either have to have cash and be serious and ready to buy or as we say "forgetaboutit". Investors want a deal and the smart ones make reasonable offers and end up with the property.

My experience has been that many people would love to buy a bank owned property as there are good deals out there, but they fall short because they want to play instead of being serious like an investor from the get go.

This is typical scenario: Unqualified buyer sees a real deal on a property, either for flip potential or to occupy themselves. They don't bother going to get pre-qualifed because they figure they can do that when they need to, not understanding how this works, that they "need to" NOW. Then they make a low ball offer, sometimes half the price of the listed property thinking they will come up if they need to, in the meantime, an investor comes along, makes a decent offer, is prequalifed with a lender or has cash and next thing you know we have a fully executed contract and the property is pending sale.

The buyer is ALWAYS standing there scratching his or her head, wondering what just happened. What just happened is, a prequalified serious buyer just bought the house you wanted. They didn't ding around. They made an offer and it was accepted and backed up by proof of funds or lender letter saying they were qualified to purchase at the contract price.

Sounds real easy doesn't it? It is. It isn't rocket science. It is more like 1+1=2.

These properties can be bought. But there are rules. It isn't like working with an individual who will wait until you get qualified for a loan, or should I say "sometimes wait". Some sellers don't even want their properties shown to unqualified buyers. They want serious buyers who are really considering making a purchase, not someone who just wants to look at houses.

The best way to level the playing field and compete with the investors and the smart buyers is to get pre-qualified with a lender, and don't be the King of Ding when it comes to making an offer. Make a decent offer, especially when we tell you that others are looking at the same property and the status can change any time with a phone call. Just that simple. Someone looked at a house 2 days before you did and calls to make an offer while you are trying to get prequalified for a loan. It happens all the time.

Sometimes the seller has two or more offers on a property, some will say tell all the buyers to bring their best and final offer and the best offer wins. Some will just pick the best offer and be done with it. They all do it differently.

And a big one, don't expect a bank to wait for you to sell your current house first. They won't do contracts based on a contingency such as that. No, they want to sell and not wait for you to get ready.

You also need to understand that these properties are sold "as is", in other words, what you see is what you get, what you don't see is what you get too, so look them over good and get a licensed home inspector to check it out for you. Most contracts allow some time for inspections, even on bank owned homes, but it isn't so you can negotiate repairs, because "as is" means "as is", so you are just looking for possible red flags now and down the road.

I am trying to help you see how this works on a bank owned property. I have bought a few through the years and I learned the hard way (by loosing one) that you have to be ready to buy and be serious about it, or you will see your plans go up in smoke before your eyes.

Just trying to help. Call me if you have any other questions about bank owned properties.

Mary Welch-Broker/Owner Preferred Choice Realty Harper, Ks.

Ok, don't take this seriously, well unless you think it is something that just may pan out,and if you do, go for it.

I just realized that with all the gossip and complaining going on in our fair city right now, it seems alot of people have their panties in a bunch, so to speak. I am not one to pass up a good opportunity, so anyone interested can contact me and we will look into manufacturing bunchless panties. I think there is a real need and I want to be in on the ground floor with this.

Small towns and nonsense seems to go hand in hand. Although you do tend to hear some things once in awhile, it is best to ignore and go on about your business and just assume someone or several someones are having a bad day. It will pass, they will get over it. The sun will come out tomorrow as the song goes.

We have some great things happening right now, I know our office is picking up alot of new listings and people are calling to view properties so I won't let the nonsense get me down. I am stoked about our new city library too!

Now, what to call our new endeavor....Unknotted, Unwadded, Bunchless....help me here.

Mary Welch Broker/Owner Preferred Choice Realty Harper, Ks.

Is "Steel Magnolia Undergarments" taken?

Yes, it sounds all optimistic and ready to take on the world and new challenges, but there are days I just can't find my safari outfit. Just days that I don't feel like my machette is sharp. Not even sure that is how you spell it. Sometimes you just want the adventure without the challenge.

I don't know who made the above statement, but I went to all the trouble of typing it out and printing it as a sign in my office. But, today, I just stuck my tongue out at it. I admit it, I am weak sometimes. Not up to the challenges, not up to the adventure. Just want smooth sailing in smooth water. But sometimes that is not what you get and you have to cowboy up, or man up. I am neither, and ok with that.

A dear friend once told me that challenges are opportunities in disguise. Could it just take off it's mask for once and just be an opportunity, I asked?

Seriously. Just take off the mask and show up as an opportunity. Why does it seem all you do is fight? Yesterday I was crawling under my desk trying to figure out why my scanner won't work. Need my scanner. Then my printer was giving me fits. I managed to subdue them both and show them who is boss. Then the fax machine was blinking.

I did accomplish alot today though, looking back. Got a bpo done that was due yesterday, FINALLY received a prequal letter from a lender for a buyer who is antsy to buy this house we just listed. It came this morning, but went to the wrong fax machine and got delivered to a desk under some other papers or I would not have had to wait all day for it. Got some other pressing things done, almost all of my 1099's have gone out. Get to see my new granddaughter tonight so I guess the day is shaping up, after all.

But feel like I have been in a fight. I must change out of my combat boots before I meet my new Catherine Renee Welch, she just wouldn't understand.

No, I don't really own a pair of combat boots. Probably should.

Mary Welch-Broker/Owner Preferred Choice Realty Harper, Ks.

Just attended a meeting this afternoon. It was a pre-construction meeting for our new library. Went well, met the construction company and heard that they will begin work on February 1, 2010. Yes, next month! I am so excited I can't help it. Would try sommersaults but haven't been able to pull off a decent one (or try) since high school. Lucky you.

Anyway, I am so excited when our little town sees growth or change. Love to see new business come in, even love to see people put on room additions on their homes. I just love it. Our new library will be an active place and I hope that people come from miles around to use it.

It has been a fight for a long time. Some wanted it downtown. Didn't want it anywhere if it couldn't be downtown. That isn't happening. I would love to see downtown revitalized. Not sure how soon that will happen though.

But back to the library. What an absolute treat to be able to offer a nice library to the citizens of this community.

I am sure there is still alot of negativity about it because frankly, some people don't want anything to happen. One person told me once "I am against the library and don't even know why." Says alot doesn't it. Caught up in destructive rumor, against it, and can't even say why. Sounds like it is pretty mind-numbing to let everyone else tell you what to think.

Well, wallow in it, construction begins in February and as they say ..."the rest is history".

I'm excited!

Mary Welch Broker/Owner Preferred Choice Realty Harper, Ks.

In a word? Chaos. In two words, utter chaos. Think of the last time you were at the zoo, everyone was in their cages, or strategically behind the counter, in the zoo office or in an enclosure specifically designed for that animal. The only thing running around loose would be ducks, that typically can't do anything but eat, quack, and leave a trail of where they have been, then there are other "free to roams" such as an occasional bird that flys over. The zookeeper is free to roam as well and needs to, to check on zoo status at all times.

People have equated the word "zoo" with sometimes meaning chaos. At least it is contained chaos. You actually pay to get in to see all the animals and get the zoo atomosphere. The smell of popcorn, the great outdoors, and the animals casual about their lives. It is a relaxing place to visit.

But what would happen if the monkeys decided one day that they would run the zoo? Nobody put them in the position to run the zoo, their job is to just be a part of the zoo and do whatever monkeys do. It would be a bonified zoo, meaning chaos. Let's look at the skills the monkeys have. Ok, it has been proven they can use tools. They can have ants stuck in a log and use a stick to get them out. Survival skills. They can swing from limb to limb for transportation. They can climb  trees, they can jump, run, roll and do all kinds of fun to watch antics. They can even do sign language. They can be taught. Teachable, good quality.

Sometimes they decide to just fling poo. Yep, flinging poo is a big one with some monkeys. Maybe because of the reaction they get from people. If bad behavior is encouraged, they will fling more poo. They get attention this way. Maybe this is all some monkeys can actually do.

Let me ask you, would you pay to go to a zoo that is run by the monkeys flinging poo? Who would want to even work in that environment? Not me.

Monkeys have a place and need to stay in that place. They are not qualified to run the zoo.

You are asking yourself, what in the world is this about Mary? It is about something I am dealing with right now so it makes perfect sense to me, and I just needed to get it off my chest.

Sometimes in life, monkeys decide to run things, and we get utter chaos, which involves flinging poo and running amuck, swinging from limb to limb and climbing trees, oh and that loud monkey sound.

Mary Welch Broker/Owner Preferred Choice Realty Harper, Ks.

De Nile, it is an old joke I think, that de nile (The Nile) is just another river in Egypt. I am talking about denial, the true spelling, here is the def: "a psychological defense mechanism in which confrontation with a personal problem or with reality is avoided by denying the existence of the problem or reality."

Kind of like kids when caught in the cookie jar with crumbs on their face and cookie in hand. "No, I didn't take a cookie." Kids eventually learn that denial doesn't work for them, especially when caught in the act. Part of the maturing process is they finally learn to be honest with others and honest with themselves. Some don't.

Some grow up to be adults and still think they can deny reality and everyone will believe them. They can deny something they did and expect others to buy into their excuse. The "handwriting is on the wall" and it is personally addressed to them, but they think it is a note for someone else.

In realty sometimes, I would love to venture into that river in Egypt and deny. But mature people don't to that. They face the facts and the problems and by doing that, we can get resolve. Sometimes you have to admit you were wrong about something. In fact, that is always the best thing to do. Face up to it. Admit, disclose. It doesn't make you look bad, it makes you look even better because you are dealing with it head on. It is how mature people handle things.

You know how frustrating it is to deal with someone who just isn't honest about anything? They use denial to confront the situation. I didn't say that, I didn't do that. You don't understand me. You misunderstood what I said. That kind of stuff. Frustrating.

What does this have to do with real estate? Don't know. Sometimes it isn't about real estate, although real estate is my life. I guess we can be in denial and say that this is a blog about a river in Egypt. lol

Mary Welch, Broker/Owner Preferred Choice Realty Harper, Ks.

It is cold, snowy and blowing wind, but your home can still look welcoming and attractive in the winter months if you concentrate on two things, simple and safe. Buyers need to see there is an easy way to get to your front door during the winter months, so keep your driveway, sidewalks and any paths to your front door safe by keeping snow and ice away. Any leaves left over from Fall need to be removed as well and check your gutters for leaves, it shows that you as a seller, are constantly maintaining your home and that speaks volumes to buyers.

Also, big blow up Christmas decorations are all enjoyed by kids and kids of all ages, but during the holidays, also keep the exterior of your home tastefully decorated. Something as simple as a door wreath during Christmas, then a simple wreath throughout the winter months shows your attention for detail but don't overdo it.

Remember that in the stark winter, with snow on the ground, the exterior of your home will show up more and any painting and touch up you put off will certainly show, so get out the paint and do some fix up. Haul off any debris or toys or garden equipment that should have been put away earlier as well. This tells potential buyers that you are tidy and makes the interior more of a "gotta see" opportunity.

The basic idea is to get buyers into your home and a simple, safe and tidy home welcomes buyers to take a further look. Some people still judge a book by its cover.

Here's to you!

Mary Welch, Broker/Owner Preferred Choice Realty Harper, Ks.

We were shopping the other day and split up to get it done quicker. Bob heads for the dinner napkins and asks if I have any preferences? "No" I tell him, thinking, really, no, napkins are napkins, not a big deal. So he heads over to grab some napkins, probably a little price comparison to get a "deal" but other than that a no brainer.

So I get done with things I was picking up and head over to the napkins. Surely, it isn't like cookies or breakfast cereal for him, I'm thinking. I get there and he is confused over which ones I want. Don't really care I tell him, until he picks up a pkg with tiny blue and yellow flowers. "No, something simple, they don't have to be designer."  He puts them back. "I don't really care for flowers especially if they are orange or yellow". "Don't really like weird graphics either." He tells me "I thought you didn't care." "Well I really don't, I mean maybe I do have a preference, I don't really have a conviction though, but you know what, I think we always buy white."

"You are right, we tend to buy white." "Ok then, let's get the white ones, we're not trying to make a fashion statement or anything."

So as we are walking down the isle for the next "adventure", he says "so, you have to admit, you really do have a preference."

"I guess I do, didn't realize I was that picky."

He says, "that's why I asked."

Yeah but in my defense, I thought, if we were halfway across the store, and he had picked some little blue and yellow flowered napkins and they were already in the cart, I would have lived with it.

He was probably thinking, "I'm glad I didn't already pick them out, because I would have never heard the end of it."

Which, of course, isn't true.

My granddaughter tells me we will be one of those cute older couples who argue over little things that don't matter.

No, I tell her, hopefully when I am in my 90's he will finally be able to read my mind. lol

Mary Welch-Broker/OwnerPreferred Choice Realty Harper, Ks.