• Report: #975120

Complaint Review: Sonny Benudiz - Realtor - Keller Williams, Re-Max Reviews Complaints

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  • Submitted: Wed, November 28, 2012
  • Updated: Thu, December 13, 2012

  • Reported By: Liz in Los Angeles — Los Angeles California United States of America
Sonny Benudiz - Realtor - Keller Williams, Re-Max Reviews Complaints
Studio City, CA Studio City, California United States of America

Sonny Benudiz - Realtor - Keller Williams, Re-Max Reviews Complaints Sonny Benudiz, Realtor, Keller Williams, Re-Max, Reviews, False, Complaints, Selecting a Listing Agent Sonny Benudiz Keller Williams Reviews False Complaints at Re-Max Selecting a Real Estate Agent Studio City, California

*Author of original report: Center for Foreclosure Prevention Team

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Sonny Benudiz - Realtor at Keller Williams Reviews False Complaints at Re-Max posted on Ripoff Report.  Sonny Benudiz follows all of the state and national real estate standards and has no complaints, since beginning in the industry in 1999. Sonny Benudiz recommends following these steps when selecting a real estate or listing agent.

Two of the biggest mistakes home sellers make when choosing a listing agent are selecting an agent solely based on:  Highest List Price for Your Home and Lowest Commission.

At first glance, a seller might say, "What? Are you nuts?" Because sellers want the highest possible price and to pay the least amount of commission. But those two criterion have very little to do with hiring a competent agent and, in many instances, are completely irrelevant. Let's look at why.

The Highest Suggested List Price

Agents can't tell you how much your home will sell for. That's a fallacy. A listing agent can show you comparable sales, pending sales and active sales. But YOU choose the sales price and a buyer will tell you if the price is right.

    To get the listing, some agents distort the truth.

    Since agents can't guarantee your sales price, the listing agent who suggests the highest price is probably untruthful. Ask the agent to show you numbers supporting that suggested list price. They probably won't have them or the home sales will be located in a different neighborhood.

    Look for a listing agent who gives you a range.

    There is always a price range. It might be apart $10,000 on the low-end versus the high, or the spread might be greater. Many factors determine the range, among which are location, temperature of the market and improvements.

    Pricing is an art.

    The best time for an offer is within the first 30 days on market. If the home is priced right, you'll get an offer. If it's priced too high, you might not get any showings at all; buyers will shun your home and you'll eventually end up reducing the price, leaving buyers wondering what's wrong with your house.

Should You Choose an Agent Based on Commission?

Real estate agents are not equal; each is unique. Remember about 10% of the agents do 90% of the business. Each has their own marketing techniques and advertising budget. By choosing an agent with a large advertising budget and company dollars to match it, you will gain greater exposure to the largest number of buyers, which is ideal. Reaching greater numbers of buyers equals better chances of a good offer.

    Why would an agent willingly work for less than competitors?

    There is always a reason why a broker or real estate agent would discount a real estate fee. Sometimes it's the only way the agent feels it's possible to compete in a highly competitive business, because the agent can't stand apart from the competition on service, knowledge or negotiation skills.

    If the sole benefit an agent brings to a table is a cheap fee, ask yourself why. Is the agent desperate for business or unqualified? Do you want to work with a desperate agent?

Sometimes full-service agents will negotiate a lower commission under special circumstances such as:

    You're buying a home and selling a home at the same time, giving both transactions to one agent.

    You're willing to do all the legwork, advertising, marketing, and pay for expenses related to the sale.

    You promise to refer more business to the agent, which would result in multiple transactions.

    You're selling more than one home.

    You don't have enough equity to pay a full commission.

    The agent accepts you as a pro bono case.

    The agent will lose the listing unless she matches a competitor's fee.

    The agent wants the signage (exposure to traffic) over charging a full commission.

If you are interviewing agents who offer similar services and can't decide between them, ask to see a track record of each agent's original list price and final sale numbers. Odds are the lowest-fee agent will show more price reductions and longer DOM. The difference between an agent who charges 5% and 6% is 1%. Ask yourself how you come out ahead if your price ends up being reduced 2% because you chose a lower-fee agent who could not afford to actively market your home.

    Tip: If your home is located in a hard-to-sell neighborhood, hire an agent who lives in the neighborhood / sells homes in that neighborhood. Don't hire an out-of-area agent who can't adequately tackle the challenge without first-hand knowledge of the area.

Importance of Agent Marketing

Beyond the expensive car or fancy clothing, a good listing agent lives and dies by marketing. Because marketing sells homes. Ask to review a complete copy of the agent's marketing plan. Precisely, what is the agent going to do to sell your home? Here is the bare-bones minimum you should expect:

    Professional signage, including agent's cell phone number.
    Lockbox.
    Daily electronic monitoring of lockbox access.
    Follow-up reports on buyer showings / feedback to the seller.
    Broker previews.
    Incentives for broker / office previews.
    Staging advice.
    Weekly advertising in major newspapers.
    Advertising in local newspapers.
    MLS exposure with 8 to 12 professional photographs.
    Virtual tour.
    Distribution to major Web sites.
    Four-color flyers.
    Financing flyers for buyers.
    Minimum of 2 open houses, providing its location is a candidate.
    Direct mail to surrounding neighbors, out-of-area buyers / brokers.
    Exposure at Board of Realtor meetings.
    Feedback to sellers on buyer sign calls and buyer showings.
    Updated CMAs after 30 days.
    E-mail feeds of new listings that compete.
    Updates on neighborhood facts, trends and recent sales.

Remember, no single tactic sells homes. It's a combination of all those methods that sell homes.

Characteristics of a Good Listing Agent

Here are some of the characteristics sellers say they want in agent:

    Experience. Let new agents learn the business on somebody else's dime.

    Education. Ask about degrees and certifications.

    Honesty. Trust your intuition. Your agent should speak from the heart.

    Networking. This is a people business. Some homes sell because agents have contacted other agents.

    Negotiation skills. You want an aggressive negotiator, not somebody out to make a quick sale at your expense.

    Good communicator. Sellers say communication and availability are key.

Finally, ask for a personal guarantee. If the agent won't guarantee performance and release you from a listing upon request, don't hire that agent.

 Elizabeth W is a Broker-Associate in California.

This report was posted on Ripoff Report on 11/28/2012 02:53 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sonny-Benudiz-Realtor-Keller-Williams-Re-Max-Reviews-Complaints/Studio-City-California-91604/Sonny-Benudiz-Realtor-Keller-Williams-Re-Max-Reviews-Complaints-Sonny-Benudiz-Realt-975120. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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#1 Author of original report

Center for Foreclosure Prevention Team

AUTHOR: Shopper - (United States of America)

Housing Disaster Area Foreclosure Prevention Act of 2009
The Act seeks to leverage state Housing Finance Agencies (HFA) to
provide targeted foreclosure prevention to the low to middle income
communities hardest hit by the foreclosure crisis. The Act builds off
language in the Housing and Economic Recovery Act of 2008 and other
existing authorizations to enable state HFAs to access the resources
they need to provide targeted housing programs for the  hardest hit
areas. The Act centers on three funding suggestions: (1) mandating that
the Treasury Department purchase tax-exempt housing bonds; (2) allowing
state HFAs to use TARP funds to help underwrite the refinancing of
underwater mortgages; and (3) raise the bond ceiling for HFAs a further
$20 billion for the 10 states hardest hit by the foreclosure crisis. The
other suggestions play important supporting roles.
 
Title I - Expansion of State Foreclosure Mitigation Programs
 
Sec. 102 - Mandate that the Treasury Department purchase tax-exempt housing bonds
State HFAs currently cannot access the bond markets to fund their
programs. Sec. 3021 increased the ceiling for tax-exempt housing bonds
by $11 billion in order to refinance mortgages in danger of foreclosure,
but the failure in the bond market has prevented HFAs from issuing new
bonds. Treasury must step in for a determined length of time to provide a
market for the highly rated HFA bonds. Also, many senators and several
representatives, particularly Reps. G. Moore and Kind, have focused on
this issue. This proposal would seek to codify those efforts.
 
Sec. 103 - Allow state HFAs to use TARP funds to help underwrite the refinancing of underwater mortgages While
the underwriting standards in sec. 3021 are important to maintaining
the credit rating of tax-exempt housing bonds, state HFAs in states with
steep home value declines will need an additional source of funds to
refinance loans on a statewide basis. TARP would provide the funds
needed to write down principal and bring refinanced loans into line with
HFA loan standards. The cost will depend on how many refinances state
HFAs can do under sec. 3021. Looking forward, future bankruptcy reform
would decrease the amount of TARP funds needed per mortgage refinance,
as banks will have an incentive to voluntarily reduce outstanding
principle. Some provision may be needed to reclaim profits for the
government on a refinanced home sold for profit, such as a portion
proportional to profits on a future home sale.
 
Sec. 103 - Interest rate buy down for disaster areas served by HFA foreclosure prevention refinancing programs
To complement the work of HFAs in the hardest hit states, the bill
would direct Treasury to establish a special funding facility to buy
down interest rates of 1.0% below the market rate for any new or
refinanced mortgage in an area prioritized by an HFA as a disaster area.
This will spur housing demand and help arrest the fall in housing
prices beyond the capacity of the HFAs. For new and refinanced mortgages
in qualified areas, as defined by section 143 J of Internal Revenue
Code, within states that this proposal increases the state HFA bond
issuing authority, the Treasury Secretary shall establish a program to
provide mechanisms to ensure the availability of affordable,
below-market interest rates on mortgages made for the purchase. It would
be available for 18 months.
 
Sec. 104 - Instruct the HUD Secretary to work with HFAs to increase HFA access to mortgage insurance. State
HFA programs are further hampered by the unavailability of mortgage
insurance. TheHUD Secretary has tools, such as FHA insurance, that can
help increase access for HFA programs tomortgage insurance.
 
Sec. 105 State reporting requirement The Treasury and
state HFAs will be able to work better together if HFAs keep Treasury
informed of how they are using refinancing authority. The Act includes a
biannual reporting requirement until the refinancing bond authority has
been exhausted, states using the refinancing authority shall report (1)
how much remains of the refinancing bond authority, (2) how many homes
they have refinanced using the refinancing authority, and (3) to which
counties and municipalities states have devoted refinancing resources.
 
Title II - Housing Tax Incentives
 
Sec. 201 - Raise the bond ceiling a further $20 billion for the 10 states hardest hit by the foreclosure crisis While
the bond ceiling increase in H.R. 3221 will have a sizeable impact
nationwide, HFAs inthe states hardest hit need still further resources.
An additional increase of the bond ceiling by $20 billionwould enable
those state HFAs to arrest the free fall in housing prices in the
hardest hit regions. The stateshardest hit would be determined by the
Treasury Secretary, while the ceiling would be raised proportionalto the
number of foreclosures in the state in 2008 and number of notices of 30
days past due a state had inthe previous quarter. To build on the
efforts of Reps. Tauscher and Cardoza to define a housing
disasterarea, the state HFAs would be instructed to focus this
additional bond money on the areas hardest hit.
 
Sec. 202 - Expand eligibility of loan refinancing to include all types of loans, not just subprime loans While
the mortgage crisis initially centered on defaults of subprime
mortgages, it has now spread to allsegments of the housing market. In
order to comprehensively address the housing crisis, sec. 3021
shouldallow state FHAs to refinance all types of loans.
 
Sec. 203 - Extend Sec. 3021 authority one year Due to the
delay in issuing housing bonds to fund mortgage refinances, the
authority should be extended to December 31, 2011. The Treasury
Secretary should review by December 31, 2010, whether or not the
refinancing program should be extended beyond December 31, 2011.
 
Sec. 204 - Make sec. 3022 apply to all tax-exempt housing bonds, not just those issued after the enactment of H.R. 3221 -
Some state HFAs would like to refinance existing bonds, and thus free
upresources to increase housing assistance, but are having trouble
finding a market for them. The existingAMT relief does not apply to
bonds that refund, directly or indirectly, bonds issued prior to July
31, 2008.Expanding the AMT credit to all bonds would help state HFAs
refinance old bonds and free up resources.
 
Sec. 205 - Clarify that IRS Code section 143J applies to those areas hardest hit by foreclosure
Section 143J directs under what conditions an area can qualify for
expanded HFA program criteria. Currently the definition of an area of
chronic economic distress suggests that high foreclosure areas are
eligible, but does not make that explicit. Adding high foreclosure
area as a new qualified area ensures that the expanded HFA resources
this proposal provides go to the areas most in need.


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