When buying a home, the one thing you DON’T want to go wrong is your financing.  Before even looking, you need to check with a local and reputable mortgage company or bank to make sure you are pre-qualified for a home loan.  So let’s say everything looks good, you start home-shopping and find the perfect house.  You make an offer, have all inspections completed and everything is set to close.  Before you get so excited you can’t stand it, there are a few things you need to make sure you DO NOT do in order to “bulletproof” the transaction.

Gary Keller, co-author of Shift and co-founder of Keller Williams Realty has outlined seven simple, but often overlooked points that will help ensure you get the home you want and have worked towards.  These may sound simple, but can wreck a real estate transaction! 

The Seven Don’ts of Mortgage Funding

1.  Don’t change your employment status

2.  Don’t make any major purchases (cars, furniture, home theater, vacations, etc.)

3.  Don’t increase you credit card debt or miss any payments.

4.  Don’t change bank accounts or make undisclosed large deposits.

5.  Don’t apply for a credit card, co-sign a loan or make a credit inquiry.

6.  Don’t spend money you have set aside for closing–not any, not ever.

7.  Don’t delay in providing all paperwork asked for by the mortgage company.

This information can be found on page 253 of Shift by Gary Keller w/ Dave Jenks and Jay Papasan.

As a Real Estate Professional, I often hear “We would love to move, but not in this market.”

Are you going to let this market stop you from living where you want?  There are plenty of reasons you should sell now. 

Four of the most important reasons are:

1. Sell low and buy low-  Even though your home’s value may not be where it once was, you can buy your next property at the same “bargain” price.  It’s the perfect time to get into that dream home you have always wanted.

 2. Down-Payment help is available- You can, in many cases, purchase a home for as little as 3.5% down or take advantage of down-payment assistance programs.

3. Tax Credits-  With the $8,000 first-time home buyer tax credit, along with the $6,500 current homeowner tax credit, the buyers are out!

4. Good help is available- Finding a Real Estate Professional that you trust can help you price, and advertise your home for today’s market.

To read more, click here to view “Four Reasons to Sell Now” from REALTOR Magazine.

For most people their home is their single largest investment, yet when they are ready to sell, most people take little care in finding the right person for the job.

Selling your home can sometimes be a challenging and frustrating experience.  But with the support and guidance of an experienced professional, it can be a smooth and enjoyable process.  When you decide to sell your home, you should interview several real estate agents to determine who will do the best job for you in your unique situation. It is important to choose a real estate agent who is not only knowledgeable about the market and experienced in handling the complexities of a real estate transaction, but it is also important to choose an agent who listens to your needs, shows professionalism, and whose personality is complimentary to yours.  After all selling your home should be a joint effort.   

Remember, not all real estate agents are the same.  Each is an independent contractor with his or her own experience, education, and ways of doing business. By asking some key questions, you will be able to determine who will be the right person for the important job of selling your home. 

Below are 20 very important questions you should ask when interviewing prospective real estate agents.   

1.      Are you a full-time professional real estate agent or just a part-time sales agent? 

2.      Are you a Realtor® (member of the National Association of Realtors) and a member of all local associations with full MLS (Multiple Listing Service) access? 

3.       How long have you been in the business and how many transactions do you close annually?  

4.      Do you hold any degrees and/or special real estate designations?  

5.      Will you provide me with a list of your most recent customers with their feedback about your service and capabilities?  

6.      Will you maintain consistent communication with me and guide me through the home selling process from start to finish, even after closing? 

7.      What is my competition and how does my home compare?  Please provide me with a list of all active, pending, sold, cancelled and expired listings within the last 6 months. 

8.      What are the current local market conditions including average list times, buying trends, local job market, and other community specific factors that would affect the salability of my home? 

9.      How will you help me determine a fair selling price for my home that will bring me the best possible selling price in the shortest amount of time?

10.  How much would it cost a buyer to purchase my home today and what type of financing is available for buyers in my price range? 11.  I am aware that over 80% of homebuyers first see a home on the internet. In addition to a standard marketing plan, do you have a specific internet marketing plan that will bring my home maximum internet exposure?  

12.  What systems do you have in place for attracting buyers and maintaining consistent follow up with other Agents and potential buyers?

13.  Will you conduct an evaluation of my home and guide me in preparing my home for showing in order to make the best first impression on buyers? 

14.  Will you help me stay objective during the process by providing me with relevant updates and facts to help me make the best possible decision for my financial future? 

15.  When an offer is made, will you evaluate the buyer’s qualifications, explain my options to me, negotiate the best possible price, terms, and conditions, and always look out for my best interest? 

16.  If I am planning on selling my home and buying another, can you guide me in how to successfully accomplish this goal?  Are you experienced in negotiating and handling concurrent closings so my best interests are protected on both sides?  

17.  Will you review the costs of selling my home, as well as what my estimated net proceeds may be, before I sign the listing agreement? 

18.  If I must sell and I am not able to sell my home for enough to pay my lender(s) in full, are you experienced in helping people sell in these situations? 

19.  Have you ever had a grievance or complaint lodged against you with any association or any State real estate department? 

20.  If we are unhappy or decide not to sell for whatever reason, can we cancel the listing at anytime with no questions asked?

To learn more about why these questions are important to you, contact The Bliss Real Estate Group at (919) 467-0707 or email Keith Bliss at kbliss@topproducer.com. 

All home buyers should be represented when they buy a home. In what will surely be one of the most important purchases of your life, why would you short change yourself by not having a Realtor working for you. For the sames reasons you have an insurance agent, a mechanic, a doctor. You can’t know everything about everything so you turn to the experts. People who’s primary position is to know all about that field. They are required to take continuing education, study changing trends in their fields as well as day to day experience.

When home buyers first begin their plunge into the market they approach home buying like you would approach a used car lot. Doing everything in your power short of throwing yourself on ground to avoid being seen by the salesman. Who will most certainly hound you to near death until you sign the papers and drive off in your shiny new car.

They waste so much time doing the leg work themselves. Driving around calling “For Sale” signs, not realizing they could be being represented by the seller’s agent if they purchased that house. Spending endless hours on Internet search sites looking for homes that may or may not be available, and are being marketed by the seller’s agent. Reading article after article on the buyers market, FHA changes, interest rates, it can be overwhelming to try to know all things real estate.

So…here’s the deal. Just a few of the reasons why you deserve a Realtor:

1. $0 Cost to the home buyer - As a home buyer you do not pay for a Realtor. In almost all transaction the commission is paid by the seller and pre-negotiated before listing the property. 

2. Representation- You should not consider buying a home without a Realtor representing your best interest. Their only job in the transaction is to protect and inform you as the client.

3. Expertise - Along with education, training, experience a Realtor can provide you with guidance in all areas of real estate. Including but not limited to financing, property inspections, tax and utility requirements.

For more information visit my website at www.tracimarra.com or contact me directly by calling 610 653-6870.

Traci L. Marra
Keller Williams-Media
1400 N Providence Road
Media, Pa 19063
610 565-1995 ext 1370 office
484 468-1370 direct
610 653-6870 cell

The finest compliment I can receive is a referral from friends and clients.

Showing tip: Replace heavy drapes with lightweight shears during warmer months to give a room a brighter, lighter feel for prospective buyers.

2. Sniff out smells. Check the drip tray underneath your refrigerator and wash out any standing water from defrosting. Remove inside odors by washing the inside of the fridge with a baking soda and water solution. Boil lemon juice in your microwave and add it to your dishwasher to eliminate bad smells. Also, put the lemon rinds down the disposal. Add activated charcoal in the fridge to keep odors at bay.

Showing tip: Make the fridge smell fresh instantly with cotton balls soaked in vanilla extract or orange juice.

3. Make your bed better. Vacuum mattresses and box springs, and then rotate and flip over. Do the same for removable furniture cushions. This is also a great time to wash or dry-clean the dust ruffle and mattress pad.

Showing tip: Add new loft to a lumpy comforter by having two people vigorously shake the quilt up and down to redistribute stuffing.

4. Clean those coils. Improve energy efficiency by vacuuming grates, coils, and condensers in your furnace, stove, and refrigerator (either underneath or in back). If a vacuum won’t reach, try a rag tied to a yardstick.

Showing tip: Shut some air conditioning vents on the first floor or basement so that more air will reach and cool the second floor. Reverse the process in winter for heat vents.

5. Wash the walls. Grease, smoke, and dust can adhere to walls and make even the best decorating look dingy. Wash walls using a general-purpose cleaner with hot water. Start at the top of the wall to avoid drips and in a corner so that you wash one wall at a time. Rinse the mop head frequently in clean water. And don’t press too hard because flat latex paint won’t absorb too much water.

Showing tip: Resist the temptation to spot-clean walls since it will make the rest of the wall look dingy.

NEXT TIME:  Tips for Better Home Showings
 

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.Copyright 2008. All rights reserved.

____________________________________________

Thanks for reading my North Jersey Real Estate Blog!
Sally Ponchak, ABR, GRI
Coldwell Banker, Wyckoff, NJ
201-848-3214
Email:  sally@sallyponchak.com

I can help you purchase a home or
sell your home in the towns of
Allendale, Franklin Lakes, Glen Rock,
HoHoKus, Mahwah, Midland Park,
Oakland, Ramsey, Ridgewood, Saddle River,
Upper Saddle River, Waldwick, Wyckoff

Buyers: How to Choose a REALTOR®

Not all agents or brokers are REALTORS® - there is a difference.

As a prerequisite for selling real estate, real estate professionals must be licensed by the state in which they work, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state-by-state basis, must be met. After receiving a real estate license, most agents join their local board or association of REALTORS® and the National Association of REALTORS® (NAR), the world’s largest professional trade association. They can then call themselves REALTORS®.

The term “REALTOR®” is a registered collective membership mark that identifies a real estate professional who is a member of NAR and who adheres to its strict Code of Ethics (which in many cases goes beyond state law). In most areas, it is the REALTOR® who shares information on the homes they are marketing, through a Multiple Listing Service (MLS). Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.

Read more: http://www.melissathreet.com/real-estate-tips.asp

TEN GREAT REASONS TO BUY A HOME:

1. Quality of life – a home provides stability and security for you and
your loved ones.

2. Pride of home ownership – it’s your personal haven and you’re
your own landlord.

3. Historically low interest rates – around 5 to 5.5 percent in the U.S.

4. Tax Credit – U.S. government provides a special $8,000 incentive
for qualifying first-time buyers.

5. Appreciation potential – your home investment can grow in value.

6. Equity buildup and debt pay down – homeowners enjoy an
average net worth of approximately $184,000 vs. $4,000 for renters.

7. Leverage – where else can you buy an investment of this magnitude
with 5-10 percent down?

8. Tax deduction advantages – property tax and mortgage interest
write-offs.

9. Tax exemption – up to $500,000 per couple or $250,000 per person
on sale of a primary residence in the United States.

10. The real cost of renting – at $800 per month, with the average
6 percent rental increase per year, you will pay $126,536 over a 10-
year period but have zero ownership of the property

When looking for a new home, there are many things that you need to consider.  After all, you want to make sure the home you purchase is one that you can enjoy for years to come.  By keeping these five things in mind, you will be certain to find a great home that you can be proud of that will also make for a great investment for the future.

Consider the Neighborhood

Everyone knows that the first rule of real estate is location.  Although it may seem cliché, it is certainly true.  One of the key aspects when considering the location is the neighborhood in which the home is located.  In order to get a good idea of the type of neighborhood you will be moving into, take a drive past the house on several occasions and at different times of the day and night.  After all, you don’t want to find out that your neighbors enjoy having late night parties every weeknight after you have already made the purchase.

Find Out About Crime

The crime rate in the area you are looking to move is also an important consideration.  You can look online to find out statistics about crime rates for the city you are interested in moving into, but you should do a bit more snooping than just that.  For example, contact the police department and ask them to tell you how many calls they have received for the neighborhood you are considering moving into. Although they cannot give you details regarding the calls, they can give you an idea of how many disturbances the area has had over the past year.

Look Into the Schools

Although school districts can change over time, it is still a good idea to find out which school district the home is currently in.  Then, find out as much as you can about the school your children will be attending.  Consider the school’s performance on standardized tests as well as the teacher to student ratio.  In general, the lower the ratio, the better the school will be able to provide your child with a quality education.

Think About the Size of the Home

You certainly don’t want to move into a home only to find that it is too small for you and your family.  At the same time, you don’t want to move into a home that is so large that it is difficult for you to properly maintain it.  Therefore, you should consider your current family size as well as your plans for the future.  If you plan to add to your family down the road, for example, you might want to purchase a home that will be large enough when that time comes.

Stay Within Your Budget

Finally, you need to consider the cost of the home before making a purchase.  Even if the home is perfect for you, you don’t want to stretch your budget so far that it is impossible for you to keep up with your house payments.  Therefore, find a home that fits within your budget and you will be able to enjoy your investment for years to come.

Jim Olenbush is the owner of a residential brokerage specializing in Austin Texas real estate. He manages a team of experienced Austin TX Realtors and truly enjoys the real estate business.

Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It’s all about family togetherness – casual living, entertaining and flexible spaces,” says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

Source: MarketWatch, Steve Kerch (01/30/2010)

As mortgage lenders tighten approval standards nationwide, the importance of a good credit score is rising.  Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

In this 3-minute video, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident.  Some of the highlighted mistakes include:

• Closing open credit cards
• Making appliance buys on credit prior to closing
• Asking creditors to lower credit balances prior to closing

In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores.  Below 740, though, every 20 points adds to the damage.  Watch the video and apply what you can to your own situation.  The more you know, the more you can save.