Real Estate secrets no one wants to talk about!

• Plug-in air fresheners are a turn-off to a lot of people.  If you want your house to smell good, bake cookies right before the showing.
• If you get a call saying that some buyers want to see your house in 15 minutes, let them in, even if it's a bit messy.  Those last-minute types typically make impulsive decisions, and they might decide to buy a house that day.
• In this kind of market, don't be offended by a low-ball offer. You have a better chance of getting that person to pay than finding someone new.
• If I'm hugely successful, you may not get the benefit of my experience.  A well-known agent may pass you off to a junior agent after you sign the contract.  Ask me exactly who will be handling your phone calls, marketing your house, and taking you to look at homes before you sign to ensure you get exactly what you're paying for.
• Don't skip the final walk-through.  It's your last chance to make sure that repairs were done properly, that the owner's personal items have been removed, and that the items you agreed should stay are still there.  I've seen stoves, washers and dryers, and beautiful chandeliers walk right out the door.
• Beware of seller's agents who overestimate your house's selling price.  They're hoping you'll choose them over other agents who will price it more realistically.  We call that 'buying your listing", and it guarantees your house will sit on the market for a very long time.
  
• houses without furniture don't look larger.  Empty rooms may actually look smaller because the buyer's can't get a sense of how much furniture will fit.
• My No. 1 selling tip!  Clear off counter tops in the bathrooms and kitchen.  Americans love that wide open counter space.
• For an estimate of property values in certain states, check zillow.com, but don't lock on to that number.  Desktop appraisal systems assess how nearby homes with similar square footage have sold;  they don't consider home interior, neighborhood, or condition.
• I can't share economic standing or local crime rate of a neighborhood.  lf I did, I would violate Fair Housing Law.  So, you need to look that up yourself.
  
  

Posted at 10:01PM Mar 31, 2012 by Esther M Chambers in Real Estate  |  Comments[0]

Top Mortgage Mistakes Home Buyers Make (and how to avoid them)

Buying a home is the biggest investment most of us will ever make.
Unfortunately, it's also the greatest opportunity to make a bad decision
that could end up costing thousands of dollars.

In fact, top producing mortgage brokers from across the nation will tell
you they see the same common mistakes come up time and time again.  Avoiding these wrong moves can help to ensure a relatively pain-free lending experience.

Top Mortgage Mistakes Home Buyers Make (and how to avoid them)

 Mortgage Mistake # 1
Not improving your credit score when you have the opportunity to do so.

A solid credit history can mean qualifying for a larger loan, lower interest rate and lower monthly payments.  A high credit score makes you more creditworthy in the eyes of lenders.

Prior to shopping for a home loan, do everything you can to improve your credit score.
Pay your bills on time - payment history can account for up to 35 per cent of your credit score, according to the American Bankers Association. The longer you pay your bills on time, the better.

Pay off or pay down credit cards, auto loans count for another third and other obligations
that affect your creditworthiness.  Amounts owed account for another third of your score.

Watch out for red flags minimum-only payments, late payments and dipping into a credit line
to pay living expenses-these suggest you may be in financial difficulty.

And it goes without saying that you need to know your credit score before you sit down with a broker.  Know your financial situation and be prepared to explain any potential concerns.

If you give yourself a good six months to correct errors in your credit report, and identify and address potential problem areas, you'll be in a much better position to buy when the time comes.

Mortgage Mistake # 2  Making a large purchase before or during the mortgage loan process.

Gotta have a shiny new car to go with that shiny new house, right?

Wrong!  Here's another big no-no that could kill your ability to qualify for a loan according to the mortgage experts made before or during the mortgage loan process will jump out during a credit check and can hurt your debt-to-income ratio, especially if you're taking on a long term obligation like a car loan. Other purchases to be avoided; expensive home appliances, furniture, vacations, etc.

Don't do anything while applying for a loan that diminishes your financial health or suggests a reduced ability to make timely payments on your home loan, mortgage professionals warn. You may need that sub-zero fridge for your new   home, but at least wait until after closing.

Mortgage mistake # 3  Changing Careers Before or During the Mortgage Loan Process.

Going into a different line of work while shopping for a new home is a bad idea, according to top loan officers. As with making large purchases, you're calling into question your ability to repay the loan.

Say you're successful as an accountant, but you've always wanted to work as a chef. Hold that dream in check until after you've closed on your home. A lender is basing a decision to loan you money on your ability to repay; switching to a different career calls this into question.

Switching jobs within the same field, on the other hand, isn't necessarily a bad thing if it means more money. Be sure to talk to your lender about any changes in your situation like this so you don't run into any unpleasant suprises.

RETURN OFTEN, MORE LATER ON MORTGAGE MISTAKES.

 

  

 

Posted at 03:17PM Dec 07, 2011 by Esther M Chambers in Real Estate  |  Comments[0]

Three ways to check a Real Estate Professionals reputation:

1.  Call the local Real Estate Board and ask for names of members who've won service awards for serving the Board of Real Estate.  Every year, the Board recognizes their members for different service activites and relationships within the overall real estate community.  These real estate professionals are usually held in high esteem by their peers.

2.  Call the manager or Broker of the real estate professional's office and ask about their reputation within the real estate community.  Managers will answer honestly because if they mislead you, they're liable.  If the licensee's reputation is not so good, the maager might say, "Well, not everybody likes him, but he's ok."  That would be a warning signal.  On the other hand, if the manager says, "You know, others love working with him/her.  He/she has a great reputation for being open and honest."  That would be an endorsement you could trust.

3.  Ask the professional under consideration to give you names of licensees from other companies you can call to ask about her services.  They should be able to give you a couple references.  Then call them.  A licensee from a different company, especially, is very likely to give you a realistic expectation.  If you call a couple of the references, you can get a good feel for how this person is perceived.  You want someone who is known for treating others well.  Ask them also, "If they are a REALTOR or only a licensee", they should be happy to explain the difference and have knowledge enough to do so.  You have the ability to go to the National Association of REALTORS web site for the correct answer. 

Well, that's it for current market smarts.  Just remember that selling a home today is all about realistic pricing -- painful as it is.  So, be market smart...when you follow the selling strategy described in this guide and you have a quality real estate professional working hard for you, you'll get your home sold for the highest price possible in today's marketplace for the timeframe you need.  Then, you can move on with PEACE and JOY to the new chapter in your life 

Posted at 11:56AM Dec 05, 2011 by Esther M Chambers in Real Estate  |  Comments[0]