ShareThisYes, I work Personally With Clients!
Last week I had more than one person who wanted me to be their real estate agent ask me do I work personally with clients or do I refer them to one of my agents. Some people think that because I am an owner of two RE/MAX franchises I don’t work personally with clients. My wife and I are top producers within the RE/MAX network and we work with a lot of clients each year. We love helping our clients successfully make it through the real estate process. I conducted a home buyer seminar on Saturday to first-time home buyers and one of my first comments to them was that if they wanted me to be their real estate agent I work personally with clients and I would not refer them to another agent. I was approached by many of them after the seminar asking me to assist them. I spent a lot of time each month educating consumers on real estate, and because I am so focus on giving them what they need I fail to let them know I can assist them. If you have attended one of my seminars and you liked the information I presented but you thought I didn’t practice real estate like most REALTORS because I am an owner “I DO WORK PERSONALLY WITH CLIENTS.” Give me a call.
My Clients are Still Getting Mortgage Loans in Spite of the Economy!
Last week I received several calls from buyers wanting to know if my clients were still getting mortgage loans and my answer to them was “yes.” FHA financing is the best way to go for most first-time home buyers. FHA requires that a buyer put 3% of their own funds into the transaction and the seller can contribute up to 6% towards buyers closing costs. The majority of my first-time home buyers have only needed their 3%. I have been successful in getting the rest of the buyers closing costs from sellers or grant programs. The banks my clients have received mortgage loans from are 1st Mariner Bank, Bank of America. K-Bank, and SunTrust Bank. These banks also have programs for first-time home buyers. This is a very good market for buyers- low interest rates, plenty of housing inventory, sellers helping with closing costs, and many grant programs for buyers. Don’t miss your opportunity.
This is a Great Time to Buy a House!
Interest rates are low, prices have dropped, inventory is plentiful, and sellers are helping with closing costs. If you are a buyer what more could you ask for in a market! Buyers always ask me at my seminars is it a good time to buy and my answer has been a resounding YES. I ask buyers would you rather have high interest rates, low inventory, no seller help, and higher home prices. Which market would you prefer to purchase your home in a buyers market or a sellers market. In this marker my clients are getting great deals. If you are on the fence about buying a home wondering if it is the right time. IT IS!
What Not to Overlook at Your Final Walk-through!
I am truly amazed that some agents do not have their clients do a walk-through before settlement. How do I know this is happening, because an agent who sold one of my listings did not take his client back to the property before we went to settlement. I asked him was he going to do a final walk-through he told me no, and to bring the keys to settlement with me. Never allow this to happen to you. Your goal at the walk-through is to make sure the home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook for on your final walk-through.
- Repairs you’ve requested have been made. Obtain copies of paid bills and warranties.
- There are no major changes to the property since you last viewed it.
- All items that were included in the sale price- draperies, lighting fixtures, etc.- are still there.
- Screens and storm windows are in place or stored.
- All appliances are operating, such as the dishwasher, washer and dryer, oven, etc.
- Intercom, doorbell, and alarm are operational.
- Hot water heater is working.
- No plants or shrubs have been removed from the yard (unless you agreed in writing).
- Heating and air conditioning system is working.
- Garage door opener and other remotes are available
- Instruction books and warranties on appliances and fixtures are available.
- All personal items of the sellers and all debris have been removed. Check the basement, attic, and every room, closet, and crawlspace.
First-Time Home Buyers Should Purchase A Home Warranty!
Some of my first-time home buyers have heard of a “home warranty” but are not clear on what it covers or if they need one. I think all first-time home buyers should purchase a home warranty unless they are receiving one paid for by the seller, or there is another warranty plan in place to cover major systems in the home. A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
The price of a home warranty is usually around $400. You should check different home warranty policies to see which items are covered and if the policy covers the full replacement cost of an item. Some of the companies I know will cover full replacement on some items. AHS which stands for American Home Shield actually replaced a furnace for one of my clients within a few months of their purchase. also most policies are renewable after the first year. Many first-time home buyers use a large portion of their savings to purchase their first home and will not be in a position to replace or repair a major system in their home. This is why a home warranty is a good peace of mind policy. Many of my clients tell me they sleep better because of it. Some of the items a home warranty will cover are;
Plumbing, electrical systems, furnace, water heater, heating ducts, water pump, diswasher, garbage disposal, stove/cooktop/ovens, microwave, refrigerator, washer/dryer. Some home warranty companies charge extra to cover some of the items listed.
What Is A 1031 Exchange?
Created by the I.R.S. in 1990, section 1031 of the Internal Revenue Code allows taxpayers, with the aid of a Qualified Intermediary, to sell investment or income property solely for the purchase of other “like-kind” property within 180 days and to defer the capital gains taxes normally associated with such a sale. In essence, the taxpayer is exchanging one income property for another and deferring the gain in the process.
Known as a 1031 or a tax-deferred exchange, this strategy can be utilized again and again, allowing taxpayers to continue to defer gains throughout their lifetime and to accumulate more and more quality real estate.
With a 1031 Exchange, taxpayers can also consolidate, diversify, or convert the nature of investment properties in preparation for relocation, retirement, or even setting up heirs to inherit gain-free properties in the future. With a little planning, the 1031 Exchange can be a perfect tool for acquiring an ideal retirement home or setting up an inheritance for one’s children.
Free Home Buyer Seminar At The Randallstown Library!
I will be conducting a free home buyer seminar at the Randallstown library from 6:30PM-8:00PM on May 28, 2008, along with Faraji Mason of Wells Fargo Home Mortgage. Everyone attending will receive a free copy of David Bach’s best seller “Automatic Millionaire Homeowner†courtesy of Wells Fargo. We will explain the steps of the home buying process and also review the different financing options buyers have in this market. Investors can learn a lot from this seminar also. Banks are changing their guidelines weekly especially for investors.
Banks Are Creating A Sellers Market For Their Short Sale Properties
In some parts of Maryland banks are creating a sellers market for their short sale properties by lowering the price well below what the seller originally paid for the property. This creates competition and a sellers market for that particular property. I have witness properties that were originally purchased for $486,000 being sold by the bank for $399,000 and buyers biding higher than $399,000 just to be competitive. One property that was listed for $399,000 sold for $452,000 because buyers started a biding war. You can get a great deal on a short sale property if you get it early before a lot of other buyers realize its a good deal and start biding higher. If you find a property that is a short sale and the price is right move quickly because it could take a week or two before the bank gets back to you with a decision. This leaves the door open for other buyers.
Free Home Buyer Seminar at the Randallstown Library
I will be conducting a free home buyer seminar at the Randallstown library from 6:00PM-8:00PM on April 29, 2008, along with Faraji Mason of Wells Fargo Home Mortgage. Everyone attending will receive a free copy of David Bach’s best seller “Automatic Millionaire Homeowner” courtesy of Wells Fargo. We will explain the steps of the home buying process and also review the different financing options buyers have in this market. Investors can learn a lot from this seminar also. Banks are changing their guidelines weekly especially for investors.
Free Home Buyer Seminar With Harbel Housing Partnership!
On Monday April 28,2008, I will be conducting a home buyer seminar for Harbel Housing Partnership at the Perry Hall library starting at 6:00pm. Harbel Housing Partnership is a nonprofit housing counseling agency that specialize in helping first-time home buyers. To register for one of their seminars call 410-444-9152.
