Wednesday, May 26, 2010
Tuesday, May 18, 2010
One of my best friends called me yesterday about an appraisal. He use to be a Real Estate Agent and is now a Lawyer. He stays on top of things and has been attempting to get an appraisal of his home. He called me to get some information on the homes that have been sold lately.
Well after some time on the phone we started talking about how banks now have no choice on who they have do there appraisals. Banks now have a random group of individuals that are chosen to do their appraisals. He had no idea.
This simply goes to show that if a person who has only been out of Real Estate for a short time needs the help of a professional then so will most others.
What ever your level at what you do, you should always call a professional. You do your job everyday, I also spend all day everyday making your Real Estate dreams come true.
Monday, May 10, 2010
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
Friday, May 7, 2010
Not sure I would’ve believed it after hearing all the doom-and-gloom talk from the feds in the last month, but rates have dropped back down into the 4.875% range for both Conventional and FHA! If your client locked higher, maybe you could be a hero to them and have them do a little shopping with a company that employs its own team of underwriters, doesn’t have added-on broker, processing, etc fees, is a direct-to-FannieMae lender, and has been a major lender in the mortgage market for 32 years….MORTGAGEAMERICA! I will be more than happy to assist your clients and turn their dream into an on-time closed loan.
We may get a little relief in FHA seller concessions dropping to 3% of purchase price. It now appears HUD will not implement until October (instead of summer as originally planned). When this goes into effect, this will greatly impact your purchasers because the 3% figure may not cover all of the buyer’s closing costs, forcing more clients to come to the table with money.
**If you know of potential purchasers who are not planning to purchase until later this year, tell them to begin NOW putting away a few dollars every pay period just in case they need it.**
USDA/Rural Housing currently has a 2% funding fee (can be financed into loan), and no monthly mortgage insurance.
Certified Loan Officer
NMLS # 191359
(205) 986-3175 office
(205) 902-4342 cell
(205) 451-1546 E-Fax
Friday, April 30, 2010
1. Get estimates from a reliable repairperson on items that need to be replaced soon, a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect their costs. I have had a couple clients not heed this and when the inspection came through they were unprepared for amount of work that had to be done prior to closing.
2. Have a termite inspection to prove to buyers that the property is not infested. If you were buying buying a home wouldn’t you expect it?
3. Get a pre-sale home inspection so you’ll be able to make repairs before buyers become concerned and cancel a contract. This is one of the things that will cost you a couple hundred dollars upfront, but may gain you thousands for your sell price.
4. Gather together warranties and guarantees on the furnace, appliances, and other items that will remain with the house.
5. Fill out a disclosure form provided by your sales associate. Take the time to be sure that you don’t forget problems, however minor, that might create liability for you after the sale. This is one of the items that should remain between you and your agent.
Wednesday, April 28, 2010
Not all Real Estate Practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIOAL ASSOCIATION OF REALTORS® and subscribes to its strict Codes of Ethics. Here are five reasons why it pays to work REALTOR®.
1. You will have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They will also be able to provide objective information about each property. A professional will be able to help you answer important questions:
Will the property provided the environment I want for a home?
Will this property provided an environment I want from the investment?
Will the property have resale value when I am ready to sell?
Is this property over priced?
3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.
4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Property marketing power. Real Estate does not sell due to advertising alone. In fact, a large share of real estate sales come as a result of a practitioner’s contact through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
6. Real Estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the Real Estate language.
7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change, REALTORS® on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
8. Buying and selling is emotional. A home often symbolizes family, rest, and security- it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. For most people, a home is the biggest purchase they will ever make. Having a concerned, buy objective, third party helps you stay focused on both the emotional and financial issues most important to you.
9. Ethical treatment. Every member of the NATIONAL ASSOCIATION OF REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR® you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.
Tuesday, April 27, 2010
A friend of mine got married recently. He and his wife both owned homes and they decided to sell his. While they can afford both homes selling his will allow them more money to enjoy their lives.
We had it listed at the current market value, he didn’t need to make a lot of money he just wanted to sell it. An agent brought a young couple to the house and they have fallen in love with it. Now this young couple did No research on the agent they’re using. Their mortgage person simply suggested someone, his mother-in-law actually, and without question they’re using her.
Now we are less than 4 days away from the closing date and they are about to loss their earnest money, their dream home, and possibly their ability to even get into a home.
Their agent has forgotten a number crucial items including getting me a list of things from the buyer that they would like repaired or replaced. We received it one week before the closing, this may not be enough time to get everything done prior to the final walkthrough. There are a number of things that are still left open and only when the last signature is on the last page will i believe it is over.
I have a second offer on the house and i will be discussing with my client whether to simply pass up on the agent who is not doing her job and take the second offer.
DON’T LOSS YOUR HOME BECAUSE OF A BAD AGENT.