Realtor stresses customer service, positive attitude

Business
By Bill Walsh
Source: Fauquier Times-Democrat
TUESDAY, SEPTEMBER 30 2008

Foreclosure flexibility

Significant improvement in the local real estate market, from the sellers' perspective, at any rate, is contingent on the reduction of the number of homes in foreclosure, Loni Colvin said. She is hopeful that congressional action to address the larger economic problems will include a 90-day moratorium on foreclosures.

Finding workable ways to keep people in their homes "will help dry this market up," a bit, Colvin said. "Prices are not going to go shooting back up again, but I think it will be a help."

Despite the potentially tremendous price breaks that foreclosed homes offer buyers, many steer clear of bank-owned property because of the widely perceived notion that the properties are sold "as is."

There are caveats, Colvin said.

"I have done a lot of foreclosures for Countrywide, and I will tell you that if there are issues, they will fix them," she said. "We have a closing this week that had electrical and gas issues, and they fixed them."

Mortgage companies may look askance at home inspections and what they may reveal, but they have little choice, despite the "as is" label, Colvin said

Fannie Mae, for one example, won't go to closing on a home loan until an inspection has been completed.

"The banks have realized that they have to fix some of these issues in order to get the homes sold," Colvin said. "I don't see [home inspections] as a problem.

"As a Realtor, I would never think about having someone purchase a house without an inspection. Even if the home is being sold 'as is,' you have to know what you are getting into."

Realtor stresses customer service, positive attitude

By Bill Walsh

Times-Democrat Staff Writer

Loni Colvin can find you a house, help you with all the myriad details involved in a real estate transaction, direct you to a lender she trusts, and hold your hand during closing. Everything, in fact, but help you with the housecleaning once you move in.

Loni's Services, a cleaning service which she opened in 1993, will close by the end of the year so that Colvin can devote all her considerable energy, instead, to Horizon Real Estate, Inc., which she opened at 211 Broadview Ave., in April.

"I started closing the door on Loni's Services this year," Colvin said last week. "It is just kind of hard...there are too many people doing the same thing. And it's just not where I want to be anymore."

Given that economic crises continue to pile up, one atop another, all originally stemming from difficulties in the housing market, opening a real estate office now might strike some as risky, even bizarre.

But Colvin said she is positive about the venture, as she is positive about everything in life. And, she added, the market here in Fauquier is not nearly as glum as the daily headlines would have us believe.

"I don't think the market is ever bad," Colvin said, "it's just different. Our agents are writing contracts and listing properties. You just have to have a mind frame that you are going to go where the market is instead of trying to stay on the path of where the market has been."

Locally, there are still "tons of buyers," the former ReMax Realtor said, and sellers who are getting increasingly realistic about what their house will fetch.

That has resulted in dropping what was a 17-month backlog in the local housing supply down to 11 months, according to the most recent figures, she said.

People who are upside-down on their homes — they owe the bank more than the house is worth — get a lot of ink in the press, Colvin said, but there are many more folks in Fauquier County who are doing just fine with their most important possession and most significant financial investment.

Sales prices, by her estimate, have dropped about 20 percent across the board here since the high-water mark was reached in 2006 or so, but those who bought homes before the peak are in decent shape.

"Any house that was bought before about 2003, they have equity in their home and now they can sell it," Colvin said. "We have buyers calling us all the time. You are seeing more homeowners coming down to where the market is, getting more realistic.

"You do have people who have owned their home and waited to sell it while the market was going up and up and up. That big premier price that they had in mind is not there, but they can still sell it if they bought it back before the peak. Not everybody is caught up in this bubble," she said, "it is just those who bought when the market was so high."

Home loans have certainly tightened up, Colvin said, but are still doable.

"People have to have [down-payment] money" now, she said.. "There are still some 100 percent loans out there, but those are going away. If you have good credit, you can still get a house. I have not run across, too many times, where someone absolutely could not get a loan," provided their credit history was clean, she said.

It is worth pointing out that this interview took place last week. The financial world has since plunged into considerably more turmoil.

Nine agents have joined Horizon since she opened the doors April 1, Colvin said. A few are new to the industry, most came from other agencies. All share her positive outlook, or are learning about her energy and sunny outlook through training.

"I'd like Horizon to be known for really just helping people," she said. "You have to get [the agents] into the idea of helping people, providing service, because that is what is going to make the business grow. Real estate is about more than selling houses. It is about servicing people, treating people well, and making sure that whatever you do, that your customer comes first."

The distinct, yellow former residence at 211 Broadview that houses Horizon also provides office space for Colvin Property Management, overseen by Colvin's daughter.

"When people can't sell their houses, they often put them on the rental market," Colvin said. "We have done very well with rental properties."

That, too, is a challenging market. "You see a lot more people negotiating rentals the same way they negotiate house prices," Colvin said.

The office also has provided space for a SunTrust loan officer. "We are trying to get is as sort of a one-stop office," Colvin said.

Horizon Real Estate, Inc., can be reached at (540) 351-0001.

Del.icio.us

You must be logged in to post a comment.