Need to sell your home? Can't afford the payments? Owe more than the home is worth? Think you are in a short sale or pre-forclosure situation? If you answered yes to any of these questions then you need contact Cidalia today at 781-389-7252 or by pressing HERE to schedule a private consultation to see if she can help you. Cidalia has a team of professionals who have helped many people that sell their home.
Cidalia@kw.com
www.HomesbyCidalia.com
781-389-7252
Keller Williams realty
Sunday, December 16, 2007
Wednesday, December 12, 2007
Short Sales and Pre-Foreclosure and What you need to Know!
By now we've all heard that defaults on mortgage loans are on the rise, with some industry experts predicting record numbers of foreclosures the remainder of this year and throughout next year. Whether this will have a dramatic impact here in the Brockton Area is really anybody's guess, but it is a more likely than not possibility, which leads to this page.
What is a "short sale?"
If you've never heard of a short sale, you're in good company. Many (if not the majority) of home owners have never even heard of a short sale. The reasons for this are many, including the rarity of their occurrences. While a short sale is certainly not the answer for many homeowners struggling to keep up with mortgage payments, for others it may be a way to avoid having a foreclosure on that ever important credit report.
Here's how a short sale may come about:
Typically after a homeowner has defaulted (missed) anywhere from one to a couple of mortgage payments, your mortgage lender will send you a "notice of default." In the real estate and mortgage industry this is commonly referred to as an "NOD." NODs are likely to occur in greater numbers in slower or decreasing housing markets.
The NOD essentially states that the homeowner has 90 days to become current on payments due the lender, or else the bank will foreclose on your home. However, as banks are in the business of selling loans, not properties, they prefer not to foreclose on homes. That is not to say that they won't, but it is generally their last resort. For this reason, occasionally banks will approve a "short sale." But, keep in mind, it won't necessarily be easy to negotiate this with your lender.
Suppose you bought a home for $400,000, and opted for a 100% financing loan (which is not uncommon particularly in the last few years.) Everything was going smoothly, until an unforeseen hardship made it impossible for you to make your monthly payments. At this stage you will likely consider selling your home. But, when you go to do so, you find that your house has actually depreciated in value, and it will now only command $325,000 as determined by current market value. In order for you to avoid foreclosing, you would have to sell the home, not to mention come up with $75,000, plus closing costs, commissions and any past due amounts.
Should you determine that coming up with that money is simply impossible; you may opt to seek out a REALTOR® who has expertise in these situations, to try to negotiate a short sale on your behalf with your lender.
Here's how a short sale works.
After you receive your NOD from the lender, first contact a REALTOR® familiar with short sales (also known as short pays). It is urgent that you do this immediately, as you and your REALTOR® have only 90 days to achieve all of the following:
*List and market the property. It will be listed for sale just as any other property would, on the MLS System. It will be marketed as a short sale.
*Receive and accept an offer
*Submit the offer along with an explanation of why you can no longer afford to keep the home (sometimes called a "hardship letter.") to the lender.
*Negotiate with the lender for forgiveness of the remainder of the loan.
Negotiating for Forgiveness
If you did a double take on the last bullet, it's not the least bit surprising. A short sale in its most basic form is the lender forgiving you for figuratively costing them -in the above example- $75,000. They will usually agree to pay the closing costs and commissions for you.
Why would they do such a thing? Frankly, it's because it's easier for them to cut their losses, and at least recoup some of the money for the house, than it is for them to foreclose and sell the home at an auction. But note the following:
*Negotiation between your REALTOR® and lender is not easy, even with a compelling "hardship letter"
*Lenders will not be willing to negotiate at all, unless your REALTOR® provides them with an offer in writing from a buyer
*Lenders are not always expedient with their response to your request, pushing your 90 day deadline to the limit
*Lenders reserve the right to forgive some of the debt, but not all, leaving you to come up with any balance
*You may be subject to taxes on the amount of the loan forgiven. In the above example therefore, you may receive a 1099 statement from the lender for the total amount of debt forgiven. This would include the $75,000, the closing costs, the commissions plus any amounts past due. A 1099 in this instance could potentially put you at risk for owing taxes on an additional $98,000 in taxable income.
So Where Is The Good News?
The sole reason to seek a short sale would be to avoid having a foreclosure on your record. In the eyes of most lenders a foreclosure on your record is reason enough to deny you a loan for another house, even years in the future. At the very least, a foreclosure on your credit would likely relegate you to the "sub prime" category of borrowers, which is the segment of the market currently experiencing tightening guidelines and increasing restrictions. In lieu of having a foreclosure on your credit, you will be marked with the short sale, but it will not affect your credit as negatively as a foreclosure would.
Please note that without the guidance of a REALTOR® and a competent Real Estate Attorney trained in negotiating with lenders on your behalf for a short sale, the odds that you will be granted a short pay from a lender on your own are pretty slim. These short sales are not particularly common, and are only granted after much effort on your behalf by your REALTOR® and Real Estate Attorney.
However, should you find yourself facing hardship, and a potential inability to pay your mortgage loan, consult a REALTOR® immediately to see if any other options are available.
What is a "short sale?"
If you've never heard of a short sale, you're in good company. Many (if not the majority) of home owners have never even heard of a short sale. The reasons for this are many, including the rarity of their occurrences. While a short sale is certainly not the answer for many homeowners struggling to keep up with mortgage payments, for others it may be a way to avoid having a foreclosure on that ever important credit report.
Here's how a short sale may come about:
Typically after a homeowner has defaulted (missed) anywhere from one to a couple of mortgage payments, your mortgage lender will send you a "notice of default." In the real estate and mortgage industry this is commonly referred to as an "NOD." NODs are likely to occur in greater numbers in slower or decreasing housing markets.
The NOD essentially states that the homeowner has 90 days to become current on payments due the lender, or else the bank will foreclose on your home. However, as banks are in the business of selling loans, not properties, they prefer not to foreclose on homes. That is not to say that they won't, but it is generally their last resort. For this reason, occasionally banks will approve a "short sale." But, keep in mind, it won't necessarily be easy to negotiate this with your lender.
Suppose you bought a home for $400,000, and opted for a 100% financing loan (which is not uncommon particularly in the last few years.) Everything was going smoothly, until an unforeseen hardship made it impossible for you to make your monthly payments. At this stage you will likely consider selling your home. But, when you go to do so, you find that your house has actually depreciated in value, and it will now only command $325,000 as determined by current market value. In order for you to avoid foreclosing, you would have to sell the home, not to mention come up with $75,000, plus closing costs, commissions and any past due amounts.
Should you determine that coming up with that money is simply impossible; you may opt to seek out a REALTOR® who has expertise in these situations, to try to negotiate a short sale on your behalf with your lender.
Here's how a short sale works.
After you receive your NOD from the lender, first contact a REALTOR® familiar with short sales (also known as short pays). It is urgent that you do this immediately, as you and your REALTOR® have only 90 days to achieve all of the following:
*List and market the property. It will be listed for sale just as any other property would, on the MLS System. It will be marketed as a short sale.
*Receive and accept an offer
*Submit the offer along with an explanation of why you can no longer afford to keep the home (sometimes called a "hardship letter.") to the lender.
*Negotiate with the lender for forgiveness of the remainder of the loan.
Negotiating for Forgiveness
If you did a double take on the last bullet, it's not the least bit surprising. A short sale in its most basic form is the lender forgiving you for figuratively costing them -in the above example- $75,000. They will usually agree to pay the closing costs and commissions for you.
Why would they do such a thing? Frankly, it's because it's easier for them to cut their losses, and at least recoup some of the money for the house, than it is for them to foreclose and sell the home at an auction. But note the following:
*Negotiation between your REALTOR® and lender is not easy, even with a compelling "hardship letter"
*Lenders will not be willing to negotiate at all, unless your REALTOR® provides them with an offer in writing from a buyer
*Lenders are not always expedient with their response to your request, pushing your 90 day deadline to the limit
*Lenders reserve the right to forgive some of the debt, but not all, leaving you to come up with any balance
*You may be subject to taxes on the amount of the loan forgiven. In the above example therefore, you may receive a 1099 statement from the lender for the total amount of debt forgiven. This would include the $75,000, the closing costs, the commissions plus any amounts past due. A 1099 in this instance could potentially put you at risk for owing taxes on an additional $98,000 in taxable income.
So Where Is The Good News?
The sole reason to seek a short sale would be to avoid having a foreclosure on your record. In the eyes of most lenders a foreclosure on your record is reason enough to deny you a loan for another house, even years in the future. At the very least, a foreclosure on your credit would likely relegate you to the "sub prime" category of borrowers, which is the segment of the market currently experiencing tightening guidelines and increasing restrictions. In lieu of having a foreclosure on your credit, you will be marked with the short sale, but it will not affect your credit as negatively as a foreclosure would.
Please note that without the guidance of a REALTOR® and a competent Real Estate Attorney trained in negotiating with lenders on your behalf for a short sale, the odds that you will be granted a short pay from a lender on your own are pretty slim. These short sales are not particularly common, and are only granted after much effort on your behalf by your REALTOR® and Real Estate Attorney.
However, should you find yourself facing hardship, and a potential inability to pay your mortgage loan, consult a REALTOR® immediately to see if any other options are available.
Friday, December 7, 2007
Tuesday, November 20, 2007
Just Sold in 55 Days!
Just Sold in 55 Days! For full asking price.
Do you know anyone that would like to see there home sold. I can help. I am a student of the market and have creative marketing plans to help sellers reach the goal of selling the or home for the most money possible in the shortest amount of time. Call me today at 781-389-7252 or visit my web site at www.HomesbyCidalia.com for information.
Monday, November 19, 2007
Just Reduced ! Like New!
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Central heat
Sunday, November 18, 2007
Are you having a difficult time with your mortgage payment?
Many people in today's world are having a difficult time every month with their mortgage payment. I am here to just let you know that as a real estate consultant there are options. If you are falling behind and are worried that foreclosure is next please call or e-mail me at Cidalia@kw.com or 781-389-7252 . I have a team of professional who are experienced with short sale situations and that can help you get out of the situation you are in. There is no cost to you! Call today for more information.
Tuesday, November 13, 2007
Is Now a Good Time to Buy ?
The age old question "if now is the time to buy" or " is the market still declining "? I wish I had the concrete answer. Here is my professional opinion.
If you are considering buying for a 5 year plus investment then there could not be a better time to buy. The inventory is saturated with oprtion. The buyer is in control. Buyer can get great deals and have a beautiful home in neighborhoods that in the past were unreachable.
Historically, real estate has always been a great investment. Yes values go up and then go down. However, long-term , unless you use your home like an ATM, you will gain equity and get a great return when you sell later on.
In this market, a great realtor that will due their due diligence to discover if the home is priced correctly could never be more valuable. If the property is overpriced it is the realtor's job to let the client know the true facts if it is a "hot" price they need to inform the buyer that , yes folks, the home will sell quickly. I still see properties sell in 5 days if aggressively marketed and priced.
The buyer needs to see value before anything else.
For more information visit http://www.homesbycidalia.com
Cidalia@kw.com
Cidalia Mendonca Matuaks
If you are considering buying for a 5 year plus investment then there could not be a better time to buy. The inventory is saturated with oprtion. The buyer is in control. Buyer can get great deals and have a beautiful home in neighborhoods that in the past were unreachable.
Historically, real estate has always been a great investment. Yes values go up and then go down. However, long-term , unless you use your home like an ATM, you will gain equity and get a great return when you sell later on.
In this market, a great realtor that will due their due diligence to discover if the home is priced correctly could never be more valuable. If the property is overpriced it is the realtor's job to let the client know the true facts if it is a "hot" price they need to inform the buyer that , yes folks, the home will sell quickly. I still see properties sell in 5 days if aggressively marketed and priced.
The buyer needs to see value before anything else.
For more information visit http://www.homesbycidalia.com
Cidalia@kw.com
Cidalia Mendonca Matuaks
Sunday, November 11, 2007
Looking for Specific Demographics in the Southeastern Area?
If you are looking for specific demographic information on Brockton or any area in the South Shore zip codes, go to http://www.zipskinny.com/ and simply put in the zip code you are curious about to get information. If you relocating and do not know the zip codes for this area here they are:
Brockton
02301,02302
Stoughton
02072
South Easton
02375
Norton
02766
Mansfield
02048
you may also visit http://www.usps.com/ for other zip codes.
Enjoy, this is a cool website!
Cidalia Mendonca MAtukas
www.HomesbyCidalia.com
781-389-7252
Cidalia@kw.com
Brockton
02301,02302
Stoughton
02072
South Easton
02375
Norton
02766
Mansfield
02048
you may also visit http://www.usps.com/ for other zip codes.
Enjoy, this is a cool website!
Cidalia Mendonca MAtukas
www.HomesbyCidalia.com
781-389-7252
Cidalia@kw.com
Monday, November 5, 2007
New Home Available !!!! Only two years old! 200 Van Buren Taunton, MA
IF YOU'RE RAISING more than just your standard of living, then you will appreciate the child safe, tree shaded yard that comes with this 1190 square foot , 2 years young, 3 bedroom, 2 bath Raised Ranch home in the fine City of Taunton. The home, which has an unassuming charm that complements the environment, offers a sundrenched kitchen, a living room that will hold a cub scout pack, and a Fenced in Yard. Call today to see where your family's going. All for $329,900.
Thursday, November 1, 2007
Home for Sale !
Hi,
I just saw this lovely home for sale for only $289,900 . This colonial offers 3/4 bedrooms, 2 baths , wide plank hardwood floors, new Anderson windows, new roof ,side street location centrally located to 495 and public transportation. This all offered for only $289,900! The seller has taken great pride and hopes that you want to make it your home. For photos and additional information visit my site at www.HomesbyCidalia.com and click on the for sale by owner link on the left hand side.
I just saw this lovely home for sale for only $289,900 . This colonial offers 3/4 bedrooms, 2 baths , wide plank hardwood floors, new Anderson windows, new roof ,side street location centrally located to 495 and public transportation. This all offered for only $289,900! The seller has taken great pride and hopes that you want to make it your home. For photos and additional information visit my site at www.HomesbyCidalia.com and click on the for sale by owner link on the left hand side.
Tuesday, October 30, 2007
Top 11 Reasons A Seller Should Market Their Home During the Holidays!
11. By selling now, you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you need to be on the market during the Holidays to capture that market!
7. Some people must buy before the end of the year for tax reasons!
6. Buyers have more time to look for a home during the holidays than they do during a working week!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
4. Houses show better when decorated for the Holidays!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
2.. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
And the Number One reason why you’re Seller should list during the Holidays…
1. People who look for homes during the Holidays are more serious buyers!
Thursday, October 25, 2007
EVENT REMINDER!!!!!
Wanted to remind everyone of the FREE home buying seminar next Saturday November 3rd from 9-11am. at 824 Washington Street in Stoughton. You will have an opportunity to learn about what is really going on in the market, what mortgage products are safe and good to use, what to expect from your mortgage broker and your agent and much more !!!
Please bring your questions we are here to help.
Refreshments WILL be served !!!
Please bring your questions we are here to help.
Refreshments WILL be served !!!
Sunday, October 21, 2007
Importância de um agente
Comprar casa será, sem dúvida, um bom investimento tendo em conta a valorização contínua do mercado imobiliário. A aquisição de casa própria, todavia, exige a presença de um assessor experiente, que aconselhe o cliente e o ajude a ultrapassar todas as etapas de um processo de compra de casa.
Na escolha de um local, haverá que ter em atenção vários aspectos: acessos, facilidade de transportes, locais de abastecimento, equipamentos sociais (escolas, hospitais...), zonas verdes, exposição solar. Quanto à casa em si, há diversos aspectos a analisar: qualidade global da construção, os isolamentos térmicos e acústicos, o espaço disponível e a sua distribuição, etc A Cidália estudara, caso a caso, a situação concreta do imóvel antes de o sugerirem.
Os aspectos legais são também muito importante. A Cidália tranquiliza os seus clientes, certificando-se antecipadamente que o imóvel cumpre todos os requisitos para ser vendido, evitando assim surpresas desagradáveis. Designadamente, confere o Registo Predial do imóvel, Averigua a eventual existência de hipotecas, penhoras ou usufrutos a favor de terceiros; comprova-se se o Imposto Municipal sobre Imóveis está em dia, entre outras formalidades. Após verificação de todos os aspectos, assessora o cliente em todos os pré-contratos a realizar (contracto de promessa de compra e venda, por exemplo).
Após a decisão de compra de casa, é chegado o momento de iniciar formalmente o pedido de crédito ao banco. E mais uma vez aqui, a Cidália assume a defesa dos seus clientes, fazendo reverter em favor destes a força negocial de que dispões junto da banca.
Na escolha de um local, haverá que ter em atenção vários aspectos: acessos, facilidade de transportes, locais de abastecimento, equipamentos sociais (escolas, hospitais...), zonas verdes, exposição solar. Quanto à casa em si, há diversos aspectos a analisar: qualidade global da construção, os isolamentos térmicos e acústicos, o espaço disponível e a sua distribuição, etc A Cidália estudara, caso a caso, a situação concreta do imóvel antes de o sugerirem.
Os aspectos legais são também muito importante. A Cidália tranquiliza os seus clientes, certificando-se antecipadamente que o imóvel cumpre todos os requisitos para ser vendido, evitando assim surpresas desagradáveis. Designadamente, confere o Registo Predial do imóvel, Averigua a eventual existência de hipotecas, penhoras ou usufrutos a favor de terceiros; comprova-se se o Imposto Municipal sobre Imóveis está em dia, entre outras formalidades. Após verificação de todos os aspectos, assessora o cliente em todos os pré-contratos a realizar (contracto de promessa de compra e venda, por exemplo).
Após a decisão de compra de casa, é chegado o momento de iniciar formalmente o pedido de crédito ao banco. E mais uma vez aqui, a Cidália assume a defesa dos seus clientes, fazendo reverter em favor destes a força negocial de que dispões junto da banca.
Thursday, October 18, 2007
Home Buying Without Risk!
What are you waiting for? Come join myself and a reputable mortgage lender at our Buyer information seminar.
When :Saturday Novemebr 3rd 9-11am
Where : 845 Washington Street (St.JohnFilarmonica Club)
Stoughton Mass 02072
What you will learn:
When :Saturday Novemebr 3rd 9-11am
Where : 845 Washington Street (St.JohnFilarmonica Club)
Stoughton Mass 02072
What you will learn:
- what is happening in the housing industry
- what to expect from your realtor and loan officer
- conforming mortgage products
- how to protect yourself from a sub prime loan
and much more!
Refreshments will be served! Please visit us and bring your questions.
Look forward to hearing from you. For additional details please e-mail at Cidalia@kw.com or call 781-38-7252
Wednesday, October 17, 2007
Check out the new site!
Hi,
I am excited to announce the new website that I have. http://www.homesbycidalia.com/ Please take a few minutes to see what the site has to offer. I want to make this a resource center for all involved. If there is something that you would like to see on the site let me know. The information on the website will change daily so make it a favorite. Look forward to hearing from everyone.
I am excited to announce the new website that I have. http://www.homesbycidalia.com/ Please take a few minutes to see what the site has to offer. I want to make this a resource center for all involved. If there is something that you would like to see on the site let me know. The information on the website will change daily so make it a favorite. Look forward to hearing from everyone.
Saturday, October 13, 2007
Know someone who needs a JUST SOLD sign in front of there home?
Just Sold Randolph $224,000 in only 63 days!. Do you know someone who would like to sell their home? I would love to be the agent to help them achieve that goal. Please don't hesitate to give my information to anyone you know or visit my website www.WilliamsTeamRealty.com
Friday, October 12, 2007
Foreclosure Drop in September!
Are foreclosures on the rise or decline?
CNN money.com states that -- The number of foreclosure filings across the country dropped in September, falling 8 percent from a 32-month high in August, according to a regular monthly survey.
Deliquencies, according to an article I read on Cnn mney also states that ' "delinquencies and defaults fell to 223,538 filings, according to the latest data from RealtyTrac, an online marketer of foreclosure properties.
RealtyTrac also reported that "nationwide numbers were down in all foreclosure categories, which include default notices, auction sale notices and bank repossessions, with 39 states reporting decreased activity."
Folks, there may be light at the end of the downward spiral after all.
What are your thoughts?
CNN money.com states that -- The number of foreclosure filings across the country dropped in September, falling 8 percent from a 32-month high in August, according to a regular monthly survey.
Deliquencies, according to an article I read on Cnn mney also states that ' "delinquencies and defaults fell to 223,538 filings, according to the latest data from RealtyTrac, an online marketer of foreclosure properties.
RealtyTrac also reported that "nationwide numbers were down in all foreclosure categories, which include default notices, auction sale notices and bank repossessions, with 39 states reporting decreased activity."
Folks, there may be light at the end of the downward spiral after all.
What are your thoughts?
Saturday, October 6, 2007
Increasing your home's appeal!
Remember the 60-second rule:
That's all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home's appeal.
Exterior
* Keep the grass cut and remove all yard clutter.
* Weed and apply fresh mulch to flower beds.
* Apply fresh paint to wooden fences
.* Tighten and clean all door handles.
* Clean windows inside and out.
* Powerwash home's exterior.
* Ensure all gutters and downspouts are firmly attached and functioning.
* Paint the front door.
* Buy a new welcome mat.
* Place potted flowers near the front door.
Interior
* Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller. Consider renting a storage unit to move items off-site.
* Clean and organize cabinets, closets and bookshelves.
* Clean all light fixtures and ceiling fans.
* Shampoo carpets.
* Remove excessive wall hangings and knick-knacks.
* Repair all plumbing leaks, including faucets and drain traps.
* Make minor repairs (torn screens, sticking doors, cracked caulking).
* Clean or paint walls and ceilings.
* Replace worn cabinet and door knobs.
* Fix or replace discolored grout.
* Replace broken tiles.
* Replace worn countertops.
Special details for showings
* Turn on all the lights.
* Open all drapes and shutters in the daytime.
* Keep pets secured outdoors.
* Buy new towels for bathrooms.
* Buy new bedding for bedrooms.
* Replace old lamps or lampshades.
* Play quiet background music.
* Light the fireplace or clean out the ashes and light a candelabrum.
* Infuse home with a comforting scent, such as apple spice or vanilla.
* Set the dining room table for a fancy dinner party
.* Vacate the property while it is being shown.
Looking for more tips please visit www.WilliamsTeamRealty.com or feel free to contact me directly.
That's all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home's appeal.
Exterior
* Keep the grass cut and remove all yard clutter.
* Weed and apply fresh mulch to flower beds.
* Apply fresh paint to wooden fences
.* Tighten and clean all door handles.
* Clean windows inside and out.
* Powerwash home's exterior.
* Ensure all gutters and downspouts are firmly attached and functioning.
* Paint the front door.
* Buy a new welcome mat.
* Place potted flowers near the front door.
Interior
* Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller. Consider renting a storage unit to move items off-site.
* Clean and organize cabinets, closets and bookshelves.
* Clean all light fixtures and ceiling fans.
* Shampoo carpets.
* Remove excessive wall hangings and knick-knacks.
* Repair all plumbing leaks, including faucets and drain traps.
* Make minor repairs (torn screens, sticking doors, cracked caulking).
* Clean or paint walls and ceilings.
* Replace worn cabinet and door knobs.
* Fix or replace discolored grout.
* Replace broken tiles.
* Replace worn countertops.
Special details for showings
* Turn on all the lights.
* Open all drapes and shutters in the daytime.
* Keep pets secured outdoors.
* Buy new towels for bathrooms.
* Buy new bedding for bedrooms.
* Replace old lamps or lampshades.
* Play quiet background music.
* Light the fireplace or clean out the ashes and light a candelabrum.
* Infuse home with a comforting scent, such as apple spice or vanilla.
* Set the dining room table for a fancy dinner party
.* Vacate the property while it is being shown.
Looking for more tips please visit www.WilliamsTeamRealty.com or feel free to contact me directly.
Wednesday, October 3, 2007
Common questions and answers about shortsales.
In a recent class I took I was given this information about the facts about shortsales. This should help many people with their questions.
Will I Owe Money After I Have Been Foreclosed On?
When the lender or bank forecloses on the property and they eventually sell the property for less than what was owed, then a deficiency exists with the loan. The deficiency is the difference between what the homeowner owed and the amount the property sold for.Will the bank come after me for the difference?During the short sale process, we can negotiate with the lender to not seek a deficiency judgment against the homeowner.Some lenders as a matter of policy, will not seek a judgment against the homeowner because they feel they have waived their right by accepting a short sale however, we have them acknowledge it in writing that they will not seek a judgment.There is a second issue as it relates to the deficiency and that is the 1099. The lender will issue a 1099 to the homeowner for the difference. In my dealing with lenders, I have found that they generally will not seek a deficiency judgment because of the hardship. In negotiate with your lender to report your loan as payment in full.Here is an important note. The lender, if they issue a 1099 cannot then sue for a deficiency judgment. The lender can only pursue one or the other. It is obviously in the best interest of the homeowner to be proactive and deal with the foreclosure NOW. At least there is a chance that I can negotiate on your behalf.
What About My Credit?
The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event a credit status can encounter - worse than bankruptcy. In the course of getting your short sale approved you may miss your mortgage payments, and these will show on your credit. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly. Your credit will recover much quicker from the credit dings of a few late mortgage payments, if you keep your other accounts current. Always stay on top of your consumer credit. So, consider allocating your funds to meet basic necessities (food, utilities, household needs, auto expenses and such) first. Beyond paying for necessities plan to pay other bill to keep as many accounts current as possible. Keep “necessary” Accounts Current when deciding which credit bills to pay. If you are using a credit card to temporarily pay for necessities, you want to be sure to not jeopardize the availability of that account.A short sale may be just one part of a larger effort to get through a tough period. I want to help make it possible for your credit to recover quickly. YOU need to avoid foreclosure – and that’s where I can assist you.
Is a short sale right for me?
Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship, and are unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure. As you consider the option of pursuing a short sale, remember your lender is looking to limit any potential loss on your loan. By completing a short sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. If I do a short sale, how much will I have to pay to sell my home? Nothing. It’s true, NO OUT OF POCKET EXPENSE. When your lender approves the short sale, all commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the short sale approval. Remember, lenders approve short sales and accept the resulting loss in an effort to avoid bigger losses through foreclosure.
What sort of hardship would my lender consider legitimate?
To some extent, that will depend upon the mortgage company considering the short sale request. Generally, as long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the short sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter. The hardship letter sets the tone for the entire file.
I am current on my mortgage, will my lender consider a short sale?
The answer is, maybe. Some lenders will accept a short sale file for approval on loans that are not delinquent. Other lenders will not accept the file until the loan is delinquent. From my experience, you should wait. If your current on your mortgage, the likelihood of your lender believing you hardship is SLIM and will get denied.
Why would a mortgage company agree to accept a short sale?
There are actually several reasons why a mortgage company would approve a short sale payoff, including the following:
· Legal Concerns : Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution. · Wall Street is Watching Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. If mortgages perform poorly after they are sold it could impact the lender's ability to sell their loans on the secondary market. A successful short sale gets the loan payoff resolved quickly. · Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. It is expensive to manage real property assets - homes – spread throughout the region, the state and possibly even the nation. Keeping properties maintained, keeping utilities on, making repairs and the administrative costs attached to these activities are all costs the lender would prefer to avoid. A successful short sale eliminates most of these costs. · Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. For all delinquent and non-performing loans lenders must set aside funds in reserve to deal with potential losses. These funds cannot be put to work generating new loan fees until the bad loans are resolved. A successful short sale lets the lender put more money to work.
I have two loans, can I still do a short sale?
Yes.
My property is in rough shape and needs work, can I still do a short sale?
Absolutely. In fact, lenders are more motivated to do a short sale on a property that needs work than on a property that doesn’t. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work. Aside from expense of completing the work, lenders are simply not set up to get the work done. They are in the loan business, not the fix it business.
Will I Owe Money After I Have Been Foreclosed On?
When the lender or bank forecloses on the property and they eventually sell the property for less than what was owed, then a deficiency exists with the loan. The deficiency is the difference between what the homeowner owed and the amount the property sold for.Will the bank come after me for the difference?During the short sale process, we can negotiate with the lender to not seek a deficiency judgment against the homeowner.Some lenders as a matter of policy, will not seek a judgment against the homeowner because they feel they have waived their right by accepting a short sale however, we have them acknowledge it in writing that they will not seek a judgment.There is a second issue as it relates to the deficiency and that is the 1099. The lender will issue a 1099 to the homeowner for the difference. In my dealing with lenders, I have found that they generally will not seek a deficiency judgment because of the hardship. In negotiate with your lender to report your loan as payment in full.Here is an important note. The lender, if they issue a 1099 cannot then sue for a deficiency judgment. The lender can only pursue one or the other. It is obviously in the best interest of the homeowner to be proactive and deal with the foreclosure NOW. At least there is a chance that I can negotiate on your behalf.
What About My Credit?
The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event a credit status can encounter - worse than bankruptcy. In the course of getting your short sale approved you may miss your mortgage payments, and these will show on your credit. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly. Your credit will recover much quicker from the credit dings of a few late mortgage payments, if you keep your other accounts current. Always stay on top of your consumer credit. So, consider allocating your funds to meet basic necessities (food, utilities, household needs, auto expenses and such) first. Beyond paying for necessities plan to pay other bill to keep as many accounts current as possible. Keep “necessary” Accounts Current when deciding which credit bills to pay. If you are using a credit card to temporarily pay for necessities, you want to be sure to not jeopardize the availability of that account.A short sale may be just one part of a larger effort to get through a tough period. I want to help make it possible for your credit to recover quickly. YOU need to avoid foreclosure – and that’s where I can assist you.
Is a short sale right for me?
Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship, and are unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure. As you consider the option of pursuing a short sale, remember your lender is looking to limit any potential loss on your loan. By completing a short sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. If I do a short sale, how much will I have to pay to sell my home? Nothing. It’s true, NO OUT OF POCKET EXPENSE. When your lender approves the short sale, all commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the short sale approval. Remember, lenders approve short sales and accept the resulting loss in an effort to avoid bigger losses through foreclosure.
What sort of hardship would my lender consider legitimate?
To some extent, that will depend upon the mortgage company considering the short sale request. Generally, as long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the short sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter. The hardship letter sets the tone for the entire file.
I am current on my mortgage, will my lender consider a short sale?
The answer is, maybe. Some lenders will accept a short sale file for approval on loans that are not delinquent. Other lenders will not accept the file until the loan is delinquent. From my experience, you should wait. If your current on your mortgage, the likelihood of your lender believing you hardship is SLIM and will get denied.
Why would a mortgage company agree to accept a short sale?
There are actually several reasons why a mortgage company would approve a short sale payoff, including the following:
· Legal Concerns : Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution. · Wall Street is Watching Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. If mortgages perform poorly after they are sold it could impact the lender's ability to sell their loans on the secondary market. A successful short sale gets the loan payoff resolved quickly. · Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. It is expensive to manage real property assets - homes – spread throughout the region, the state and possibly even the nation. Keeping properties maintained, keeping utilities on, making repairs and the administrative costs attached to these activities are all costs the lender would prefer to avoid. A successful short sale eliminates most of these costs. · Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. For all delinquent and non-performing loans lenders must set aside funds in reserve to deal with potential losses. These funds cannot be put to work generating new loan fees until the bad loans are resolved. A successful short sale lets the lender put more money to work.
I have two loans, can I still do a short sale?
Yes.
My property is in rough shape and needs work, can I still do a short sale?
Absolutely. In fact, lenders are more motivated to do a short sale on a property that needs work than on a property that doesn’t. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work. Aside from expense of completing the work, lenders are simply not set up to get the work done. They are in the loan business, not the fix it business.
Tuesday, October 2, 2007
Buyer Agency Services Frequently Asked Questions
Q. What is a Seller's Agent?
A. When a Seller engages the services of a Listing broker by signing an Exclusive Right To Sell Listing Agreement, that Seller becomes the broker's client. This means the broker, and it's subagents, who include all brokers showing the home to Buyers who do not have a Buyer Agency contract or relationship with that broker, represent the Seller. They owe the Seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They Must put the Seller's interest first and negotiate for the best price and terms for their client, the Seller.
Q. What is a Buyer's Agent?
A. When a Buyer engages the services of a Buyers broker by signing an exclusive Buyer Agency Agreement, that Buyer becomes the broker's client. This means the broker represents the Buyer. The broker owes the Buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the Buyer's interest first and negotiate for the best price and terms for their client, the Buyer.
Q. What is a Disclosed Dual Agent?
A. A broker can work for both the Buyer and the Seller on the same property provided such broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the Seller and the Buyer a duty to deal with them fairly and honestly. In this type of agency relationship, the broker does not represent either the Seller or the Buyer exclusively and they cannot expect the broker's undivided loyalty. Also undisclosed dual agency is illegal.
Q. How much does it cost to hire you as my Buyer's Agent?
A. In Real Estate, when buying, whether they represent the Seller or the Buyer all Realtors are FREE. Buyer's Agent offers are written to be paid 50% of the commission paid by the seller to the listing agency, costing you no money. However there are several costs to you, should you not hire the best Buyer's Agent for your needs. A newcomer to the profession with a lack of experience, market knowledge, and negotiating skills can cost you weeks or months of your time. They can cost you money by not knowing the market values, trends, and conditions. Worst of all, they can cost you your dream home by giving you poor advice or by not knowing it was for sale. In most professions the client has to pay a lot more money to have the best representation. A great Doctor, Accountant, or an Attorney with a proven track record will charge a much higher rate than a newcomer to their profession. Since it costs no more money to work with the best real estate team in town, why wouldn't you?
Q. Do I have to sign an exclusive Buyer Agency Contract?
A. Yes. Legally in order to be represented by an Agent whether you are looking to buy or sell a home the process is the same. You typically ask people you know and trust for referrals and interview a couple of Realtors. You ask questions, about the agents services offered, costs, track record and cancellation policies to determine if you would like to hire that professional. We always allow Buyers to have a home buying consultation meeting and to view homes with us for a day, before making a decision to hire us. We only ask for a 60 day contract for areas we service, and allow you the option to cancel or extend the contract depending on your home buying needs, with no upfront fees and no penalties or fees if you cancel for any reason.
Q. What are some of the exact differences between Seller's Agent and a Buyer's Agent Services?
A.Seller Agency Customer Level Services
Ask Buyer for price range, pre-approval and home buying preferences over the phone.
Set Buyer up on www.WilliamsTeamRealty.com with log in and password to search all available
home matching their needs.
Daily updates include price changes, new listings as well as ability to change criteria at any time.
Ability to search entire MLS with photos, addresses and complete details.
We will schedule all appointments with listing agents and sellers for homes of interest.
Point out all pros and benefits of each home viewed.
Same day responses regarding all matters. (Note buyer clients take priority)
Return calls and e-mails during home search process and contact weekly from offer to close. Follow up with Buyer once in new home.
Provide Seller Disclosure Statement if available.
Prepare and present offer immediately to listing agent. (must legally recommend Buyer to offer full price)
Disclose all Buyer information to the Seller to fulfill my fiduciary responsibility to the Seller to
represent their best interests.
Oversee and coordinate all transaction processing including appraisal, mortgage
commitment, and financial requirements.
Attend home inspection and present Seller with any Buyer concerns.
Arrange and attend final walk through and closing.
B. Buyer Agency Client Level Services
A. When a Seller engages the services of a Listing broker by signing an Exclusive Right To Sell Listing Agreement, that Seller becomes the broker's client. This means the broker, and it's subagents, who include all brokers showing the home to Buyers who do not have a Buyer Agency contract or relationship with that broker, represent the Seller. They owe the Seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They Must put the Seller's interest first and negotiate for the best price and terms for their client, the Seller.
Q. What is a Buyer's Agent?
A. When a Buyer engages the services of a Buyers broker by signing an exclusive Buyer Agency Agreement, that Buyer becomes the broker's client. This means the broker represents the Buyer. The broker owes the Buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the Buyer's interest first and negotiate for the best price and terms for their client, the Buyer.
Q. What is a Disclosed Dual Agent?
A. A broker can work for both the Buyer and the Seller on the same property provided such broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the Seller and the Buyer a duty to deal with them fairly and honestly. In this type of agency relationship, the broker does not represent either the Seller or the Buyer exclusively and they cannot expect the broker's undivided loyalty. Also undisclosed dual agency is illegal.
Q. How much does it cost to hire you as my Buyer's Agent?
A. In Real Estate, when buying, whether they represent the Seller or the Buyer all Realtors are FREE. Buyer's Agent offers are written to be paid 50% of the commission paid by the seller to the listing agency, costing you no money. However there are several costs to you, should you not hire the best Buyer's Agent for your needs. A newcomer to the profession with a lack of experience, market knowledge, and negotiating skills can cost you weeks or months of your time. They can cost you money by not knowing the market values, trends, and conditions. Worst of all, they can cost you your dream home by giving you poor advice or by not knowing it was for sale. In most professions the client has to pay a lot more money to have the best representation. A great Doctor, Accountant, or an Attorney with a proven track record will charge a much higher rate than a newcomer to their profession. Since it costs no more money to work with the best real estate team in town, why wouldn't you?
Q. Do I have to sign an exclusive Buyer Agency Contract?
A. Yes. Legally in order to be represented by an Agent whether you are looking to buy or sell a home the process is the same. You typically ask people you know and trust for referrals and interview a couple of Realtors. You ask questions, about the agents services offered, costs, track record and cancellation policies to determine if you would like to hire that professional. We always allow Buyers to have a home buying consultation meeting and to view homes with us for a day, before making a decision to hire us. We only ask for a 60 day contract for areas we service, and allow you the option to cancel or extend the contract depending on your home buying needs, with no upfront fees and no penalties or fees if you cancel for any reason.
Q. What are some of the exact differences between Seller's Agent and a Buyer's Agent Services?
A.Seller Agency Customer Level Services
Ask Buyer for price range, pre-approval and home buying preferences over the phone.
Set Buyer up on www.WilliamsTeamRealty.com with log in and password to search all available
home matching their needs.
Daily updates include price changes, new listings as well as ability to change criteria at any time.
Ability to search entire MLS with photos, addresses and complete details.
We will schedule all appointments with listing agents and sellers for homes of interest.
Point out all pros and benefits of each home viewed.
Same day responses regarding all matters. (Note buyer clients take priority)
Return calls and e-mails during home search process and contact weekly from offer to close. Follow up with Buyer once in new home.
Provide Seller Disclosure Statement if available.
Prepare and present offer immediately to listing agent. (must legally recommend Buyer to offer full price)
Disclose all Buyer information to the Seller to fulfill my fiduciary responsibility to the Seller to
represent their best interests.
Oversee and coordinate all transaction processing including appraisal, mortgage
commitment, and financial requirements.
Attend home inspection and present Seller with any Buyer concerns.
Arrange and attend final walk through and closing.
B. Buyer Agency Client Level Services
In depth face to face Buyer consultation asking many questions resulting in buyer articulating
and prioritizing home buying needs, concerns and expectations. Obtain copy of Buyers pre-
approval letter
Set Buyer up on www.WilliamsTeamRealty.com with log in and password to search all available
homes matching their needs.
Daily updates include price changes, new listings as well as ability to change criteria at any time.
Ability to search entire MLS with photos, addresses and complete details.
We will schedule all appointments with listing agents and sellers for homes of interest.
Document the pros and cons of each home viewed, provide impartial advice.
Same day response regarding all matters. (Note buyer clients take priority)
Contact Buyer weekly during home search process and contact weekly from offer to close.
Follow up with Buyer once in new home.
Provide market analysis. Obtain assessors field card, property plot plan and Sellers Disclosure Statement.
Consult Buyer regarding negotiation strategy and preparation of offer to purchase. Present offer to listing broker immediately.
Keep all Buyer information confidential to fulfill my fiduciary responsibility to the buyer in
protecting their best interests.
Oversee and coordinate all transaction processing including appraisal, mortgage
commitment, and financial requirements.
Attend home inspection and consult Buyer regarding any concerns from inspection.
Arrange and attend final walk though and closing.
Thursday, September 27, 2007
Opting for new home construction
Opting for new home construction
Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, a real estate agent can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.
Below are some basic pointers to prepare you for the journey ahead.
Selecting a builder
Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles. Due diligence is essential. Ask friends for referrals to get firsthand accounts; verify the builder's state license status, if applicable; and check whether they're certified by the National Association of Home Builders.
The builder representative and your real estate agent
A builder representative's ultimate goal is to sell you a home. His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades. A real estate agent knowledgeable in new-home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item. Your agent also can look out for your interests in reviewing the builder's contract, which often contains more legal jargon than consumer-friendly language.
It's all about timing
Market conditions greatly dictate a builder's incentive to make a deal you cannot refuse. When a builder has inventory on his hands, his carrying costs start adding up. When this happens, a builder might be more amenable to strike a favorable deal, whether it's throwing in upgrades or taking a bit off the asking price. A real estate agent can help you know when market conditions are right for these benefits. Also, watch for builder close-out sales. Builders promote these special events when a new subdivision is near completion but empty inventory still remains.
A word about paying up
While there are always exceptions, most builders require a deposit when a purchase agreement is signed. They also require that the buyer pay for any upgrades prior to closing. If you back out prior to closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail in the builder's contract before signing it.
Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, a real estate agent can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.
Below are some basic pointers to prepare you for the journey ahead.
Selecting a builder
Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles. Due diligence is essential. Ask friends for referrals to get firsthand accounts; verify the builder's state license status, if applicable; and check whether they're certified by the National Association of Home Builders.
The builder representative and your real estate agent
A builder representative's ultimate goal is to sell you a home. His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades. A real estate agent knowledgeable in new-home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item. Your agent also can look out for your interests in reviewing the builder's contract, which often contains more legal jargon than consumer-friendly language.
It's all about timing
Market conditions greatly dictate a builder's incentive to make a deal you cannot refuse. When a builder has inventory on his hands, his carrying costs start adding up. When this happens, a builder might be more amenable to strike a favorable deal, whether it's throwing in upgrades or taking a bit off the asking price. A real estate agent can help you know when market conditions are right for these benefits. Also, watch for builder close-out sales. Builders promote these special events when a new subdivision is near completion but empty inventory still remains.
A word about paying up
While there are always exceptions, most builders require a deposit when a purchase agreement is signed. They also require that the buyer pay for any upgrades prior to closing. If you back out prior to closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail in the builder's contract before signing it.
Opting for new home construction
Opting for new home construction
Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, a real estate agent can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.
Below are some basic pointers to prepare you for the journey ahead.
Selecting a builder
Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles. Due diligence is essential. Ask friends for referrals to get firsthand accounts; verify the builder's state license status, if applicable; and check whether they're certified by the National Association of Home Builders.
The builder representative and your real estate agent
A builder representative's ultimate goal is to sell you a home. His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades. A real estate agent knowledgeable in new-home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item. Your agent also can look out for your interests in reviewing the builder's contract, which often contains more legal jargon than consumer-friendly language.
It's all about timing
Market conditions greatly dictate a builder's incentive to make a deal you cannot refuse. When a builder has inventory on his hands, his carrying costs start adding up. When this happens, a builder might be more amenable to strike a favorable deal, whether it's throwing in upgrades or taking a bit off the asking price. A real estate agent can help you know when market conditions are right for these benefits. Also, watch for builder close-out sales. Builders promote these special events when a new subdivision is near completion but empty inventory still remains.
A word about paying up
While there are always exceptions, most builders require a deposit when a purchase agreement is signed. They also require that the buyer pay for any upgrades prior to closing. If you back out prior to closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail in the builder's contract before signing it.
Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, a real estate agent can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.
Below are some basic pointers to prepare you for the journey ahead.
Selecting a builder
Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles. Due diligence is essential. Ask friends for referrals to get firsthand accounts; verify the builder's state license status, if applicable; and check whether they're certified by the National Association of Home Builders.
The builder representative and your real estate agent
A builder representative's ultimate goal is to sell you a home. His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades. A real estate agent knowledgeable in new-home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item. Your agent also can look out for your interests in reviewing the builder's contract, which often contains more legal jargon than consumer-friendly language.
It's all about timing
Market conditions greatly dictate a builder's incentive to make a deal you cannot refuse. When a builder has inventory on his hands, his carrying costs start adding up. When this happens, a builder might be more amenable to strike a favorable deal, whether it's throwing in upgrades or taking a bit off the asking price. A real estate agent can help you know when market conditions are right for these benefits. Also, watch for builder close-out sales. Builders promote these special events when a new subdivision is near completion but empty inventory still remains.
A word about paying up
While there are always exceptions, most builders require a deposit when a purchase agreement is signed. They also require that the buyer pay for any upgrades prior to closing. If you back out prior to closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail in the builder's contract before signing it.
Wednesday, September 26, 2007
NORTH EASTON - Not a mistake! 1.5 acre lot in historic Easton for only $65k. This will take the eye of a seasoned builder, dreamer or investor. Engineering has not been done, but it is certainly worth a look. Call your spouse, this is the opportunity you have been dreaming of all these years. Take advantage now because it won't around long at $65,000.
Land Avavilable
Not a mistake! 6.4acre lot in historic Easton for only $65k. Call your spouse, this is the opportunity you have been dreaming of all these years. It will take a keen imagination to make this a reality, but worth a look either way. Take advantage now because it won't around long at $65, 000. We have 7 other lots available. Call for specs
Lot of Land
EASTON - 52 Eastman Street $65,000.00 Commercial possibilities abound with this lot very close to the new Target and Hanniford's Plaza. Let your imagination go and envision your business with "built in" customers. We also have 7 other lots available. Call for package to be emailed or faxed for review
Monday, September 24, 2007
How can a real estate agent help me?
Whether you're in the market for a primary residence, an investment property or a second home, purchasing real estate involves many important considerations and decisions. A real estate agent can provide the focus, due diligence and expertise needed to help you find the home of your dreams.
A real estate professional will:
• Assist in determining how much house you can afford and help you get pre-qualified or pre-approved for a loan.
• Simplify your search by helping you define home and neighborhood criteria.
• Screen new listings daily and alert you of homes that match your criteria.
• Keep you abreast of local market conditions, so you can make informed decisions.
• Gather in-depth detail on each home, schedule tours and point out the advantages and possible drawbacks of each property.
• Work with you in drafting an appropriate offer and serve as your representative when presenting it to the seller.
• Negotiate a contract that considers your goals and leads to a successful closing.• Personally refer you to proven service providers, such as inspectors, appraisers, title companies, warranty providers, insurance agencies, attorneys, carpenters, movers and more.
Ultimately, having an agent represent you in the purchase of your home will save you time and money.
A real estate professional will:
• Assist in determining how much house you can afford and help you get pre-qualified or pre-approved for a loan.
• Simplify your search by helping you define home and neighborhood criteria.
• Screen new listings daily and alert you of homes that match your criteria.
• Keep you abreast of local market conditions, so you can make informed decisions.
• Gather in-depth detail on each home, schedule tours and point out the advantages and possible drawbacks of each property.
• Work with you in drafting an appropriate offer and serve as your representative when presenting it to the seller.
• Negotiate a contract that considers your goals and leads to a successful closing.• Personally refer you to proven service providers, such as inspectors, appraisers, title companies, warranty providers, insurance agencies, attorneys, carpenters, movers and more.
Ultimately, having an agent represent you in the purchase of your home will save you time and money.
Saturday, September 22, 2007
Lots of land available in Easton!
Own your piece of the block in the historical town of Easton. Interested in owning more? There are another 7 lots that can be sold individually oe as package. Call today!
Thursday, September 20, 2007
Financing your home purchase
Now more than ever buyers need to do their homework when looking for a mortgage
A very important part of buying a home is finding the right lender and the right mortgage product. There are many different kinds of lending institution, offering a wide range of loan packages. So it is important to do some research and shop around because what you don't know could cost you.
In this regard, over the course of my career I have some excellent contacts in the mortgage industry, so if you have any questions or if you would like me to refer one or more of them to you, please let me know.
Getting Pre-qualified
Generally, it is recommend that home buyers get pre-qualified for a loan with a lender before searching for a home to purchase. That way you will have completely reliable information about what you can afford. Additionally, any offer that you make on a home will be taken much more seriously if you have been pre-qualified than if you haven't (you'll also be in a much better position to make an offer once you have sold your previous home, if you have one).
Other good reasons to get pre-qualified include:
You can determine which loan program best fits your need and which programs you qualify for.
You'll know exactly how much you are qualified for. It's no fun to find your ideal home and then realize that you can't afford it.
Your down payment, monthly payment and closing costs will be set so you can budget your money in advance.
If you are a first-time buyer, you may qualify for a special first-time buyer program which may allow you to afford more home for your money.
A very important part of buying a home is finding the right lender and the right mortgage product. There are many different kinds of lending institution, offering a wide range of loan packages. So it is important to do some research and shop around because what you don't know could cost you.
In this regard, over the course of my career I have some excellent contacts in the mortgage industry, so if you have any questions or if you would like me to refer one or more of them to you, please let me know.
Getting Pre-qualified
Generally, it is recommend that home buyers get pre-qualified for a loan with a lender before searching for a home to purchase. That way you will have completely reliable information about what you can afford. Additionally, any offer that you make on a home will be taken much more seriously if you have been pre-qualified than if you haven't (you'll also be in a much better position to make an offer once you have sold your previous home, if you have one).
Other good reasons to get pre-qualified include:
You can determine which loan program best fits your need and which programs you qualify for.
You'll know exactly how much you are qualified for. It's no fun to find your ideal home and then realize that you can't afford it.
Your down payment, monthly payment and closing costs will be set so you can budget your money in advance.
If you are a first-time buyer, you may qualify for a special first-time buyer program which may allow you to afford more home for your money.
Wednesday, September 19, 2007
There are always possibilities!
For your enjoyment
This is just awesome . I love it.
A car phone Salesman. What is your hidden talent?
Talk about "possibility"......Take a minute and watch this....makes your heart feel good! Watch the faces of the judges as this guy walks out on the stage. You can almost see whatthey are thinking as they pre-judge this guy based on his looks and the factthat he is a cell phone salesman.
So much for First impressions!
For <http://www.maniacworld.com/Phone-Salesman-Amazes-Crowd.html >http://www.maniacworld.com/Phone-Salesman-Amazes-Crowd.html
This is just awesome . I love it.
A car phone Salesman. What is your hidden talent?
Talk about "possibility"......Take a minute and watch this....makes your heart feel good! Watch the faces of the judges as this guy walks out on the stage. You can almost see whatthey are thinking as they pre-judge this guy based on his looks and the factthat he is a cell phone salesman.
So much for First impressions!
For <http://www.maniacworld.com/Phone-Salesman-Amazes-Crowd.html >http://www.maniacworld.com/Phone-Salesman-Amazes-Crowd.html
Are you marketing your home? Here are a few staging tips
Presentation and Staging Plan Absolute Basics
Start by airing out the home. Most people are turned off by even the smallest
odor. Odors must be eliminated, especially those caused by dogs and cats;
soiled diapers and/or cigarettes.
Wash all the windows in the home, inside and out.
If it has been over a year since the carpets have been cleaned, now is the time
to have them cleaned. Bare floors should be polished and waxed.
Put bright light bulbs in every socket made for a bulb. Buyers like bright and
cheery.
Clean out closets, cabinets, and drawers. Closets should look like they have
enough room to hold additional items. Get everything off the floor and don't
have the shelves piled to the ceiling.
Make sure rooms are not overcrowded with furniture. Select the pieces that
look best, and store the rest.
Keep the kitchen sparkling clean. Make sure all appliances are clean at
all times. Straighten cupboards that appear cluttered and keep floors gleaming.
Bathtubs, showers, and sinks should be freshly caulked. The grout should be
clean and in good condition. There should be no leaks in the faucet or traps.
If you have limited counter space in the kitchen, keep unnecessary items put
away.
Keep children's toys out of the front yard, sidewalks, and front porch.
Clean out ashes in the fireplace.
Make sure that the pull-down staircase is working correctly. Be sure there is a light in the attic.
The pool needs to be sparkling and free of leaves.
There are some things you can do that will really add flair to your home. If your house is the least bit dated, changing out wallpaper in the entry, kitchen or bathrooms and replacing outdated light fixtures adds desirability.
Fresh paint on interior and/or exterior where needed.
New appliances in the kitchen can be an exciting feature that can actually make the difference in a buyer choosing your home over another.
Drive-up Appeal
Trim trees and shrubs, clean out flower beds and invest in a few flats of seasonal flowers, mow the lawn, paint the front door, make sure the doorbell is working properly, wash the mailbox, keep the porch swept and get an attractive mat for people to wipe their feet.
Tuesday, September 18, 2007
Short Sale may be the answer for those in trouble !
It's not been a pretty picture in the Brockton real estate market. Prices are dropping, appreciation is stalled, and homeowners whose mortgages are adjusting to higher interest rates are worried that they can't keep up.
Realty times reports in a recent article "Foreclosures and short sales are becoming the highly-talked about topic in real estate. Reports from last quarter show the number of default notices (NoDs) sent to homeowners increased to its highest level in nearly 10 years. This flood of delinquencies is causing short sales to become more popular as a solution for homeowners who need to get out of their properties as painlessly as possible.
"A short sale is the same as a displacement issue. It's when the homeowner cannot afford to make the payments on his loan due to whatever circumstance, and the majority of those distressing circumstances seem to be an adjustment of a mortgage," says Tom Ziegler, Short Sale Support Facilitator
"The short sale path ends by agreement with the lender that [the lender] will approve the sale of the property to a buyer and it results in an escrow, documentation and we have a short sale consummation," says Ziegler.
It's also important to understand that you could face a 1099 in the future -- meaning you could be taxed down the road on the sale of your home due to the lender's suffering a loss of principal of $600 or more.
The benefits of the short sale to the homeowner is that the impact on their credit will be substancially lower than that of a foreclosure
Realty times reports in a recent article "Foreclosures and short sales are becoming the highly-talked about topic in real estate. Reports from last quarter show the number of default notices (NoDs) sent to homeowners increased to its highest level in nearly 10 years. This flood of delinquencies is causing short sales to become more popular as a solution for homeowners who need to get out of their properties as painlessly as possible.
"A short sale is the same as a displacement issue. It's when the homeowner cannot afford to make the payments on his loan due to whatever circumstance, and the majority of those distressing circumstances seem to be an adjustment of a mortgage," says Tom Ziegler, Short Sale Support Facilitator
"The short sale path ends by agreement with the lender that [the lender] will approve the sale of the property to a buyer and it results in an escrow, documentation and we have a short sale consummation," says Ziegler.
It's also important to understand that you could face a 1099 in the future -- meaning you could be taxed down the road on the sale of your home due to the lender's suffering a loss of principal of $600 or more.
The benefits of the short sale to the homeowner is that the impact on their credit will be substancially lower than that of a foreclosure
Monday, September 17, 2007
The Newest Economic News
I just wanted to share with you a portion article I read yesterday..the news is troubling to say the least. I cannot stress this to home sellers enough ~ If you do not reasonably price your home when it is first listed it will sell for less money 6 months from now than you could obtain today!!!!!
Greenspan said he would expect "as a minimum, large single-digit" percentage declines in house prices from peak to trough, the Financial Times newspaper reported.But the former chairman said that he would not be surprised if the drop was "in double digits."
Greenspan said he would expect "as a minimum, large single-digit" percentage declines in house prices from peak to trough, the Financial Times newspaper reported.But the former chairman said that he would not be surprised if the drop was "in double digits."
Sunday, September 16, 2007
7 Steps tp buying your new home in the Brockton or any other area!
Congratulations on your decision to buy a new
home!
Before you go house hunting, it's a good idea to define what kind of home and neighborhood would best suit your desires and needs and make a wish list. Share this list with your real estate agent. The finer the details, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf.
Get prequalified or preapproved. Now that you know what you want in a home and neighborhood, you need to find out what you can afford. There are two ways to go about this: prequalification or preapproval for a home loan. Your real estate agent can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are pre-qualified. Your preapproved status lets the seller know:* You have gone through an extensive financial background check. * A lender is willing to do business with you. * The likelihood of unexpected obstacles regarding financing is minimal.
Let the house hunting begin! Now you are ready to embark on your home search - an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email - sometimes as often as daily, depending on the available inventory in your market. Let your agent know how you'd like to receive these alerts, whether by phone, email or fax.You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it's important to note that 82 percent of home sales are the result of agent connections.* That means it's more likely your agent will find your dream home through being in the real estate business than you driving around on the weekends.* National Association of REALTORS(r)
Make an offer. When you're ready to make an offer on a home, your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It's important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller's changes.
Strike a deal. Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent's experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process - that is, if you have adequate information and you use it in an appropriate manner. Some items you may negotiate:* Price* Financing* Closing costs* Move-in date* Repairs* Appliances and fixtures* Landscaping* PaintingRemain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.
Prepare for the closing. When an offer becomes a binding agreement, your real estate agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will: * Conduct a home inspection.* Get an appraisal and finalize your financing.* Secure title insurance.* Shop for a home warranty.Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. A first-rate real estate agent should be able to serve as your "one-stop shopping" referral source for service providers. Your agent also should serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs.
Close the deal .Congratulations! The moment you've been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company's or lawyer's office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you'll need to bring to closing.
home!
Before you go house hunting, it's a good idea to define what kind of home and neighborhood would best suit your desires and needs and make a wish list. Share this list with your real estate agent. The finer the details, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf.
Get prequalified or preapproved. Now that you know what you want in a home and neighborhood, you need to find out what you can afford. There are two ways to go about this: prequalification or preapproval for a home loan. Your real estate agent can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are pre-qualified. Your preapproved status lets the seller know:* You have gone through an extensive financial background check. * A lender is willing to do business with you. * The likelihood of unexpected obstacles regarding financing is minimal.
Let the house hunting begin! Now you are ready to embark on your home search - an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email - sometimes as often as daily, depending on the available inventory in your market. Let your agent know how you'd like to receive these alerts, whether by phone, email or fax.You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it's important to note that 82 percent of home sales are the result of agent connections.* That means it's more likely your agent will find your dream home through being in the real estate business than you driving around on the weekends.* National Association of REALTORS(r)
Make an offer. When you're ready to make an offer on a home, your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It's important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller's changes.
Strike a deal. Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent's experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process - that is, if you have adequate information and you use it in an appropriate manner. Some items you may negotiate:* Price* Financing* Closing costs* Move-in date* Repairs* Appliances and fixtures* Landscaping* PaintingRemain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.
Prepare for the closing. When an offer becomes a binding agreement, your real estate agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will: * Conduct a home inspection.* Get an appraisal and finalize your financing.* Secure title insurance.* Shop for a home warranty.Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. A first-rate real estate agent should be able to serve as your "one-stop shopping" referral source for service providers. Your agent also should serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs.
Close the deal .Congratulations! The moment you've been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company's or lawyer's office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you'll need to bring to closing.
Saturday, September 15, 2007
Things you need to know before you hire your next agent!
Its critical that you make the right decision about who will handle what is probably the single largest financial investment you will ever make.
Not all real estate agents are the same. The wrong agent can cost you thousands of dollars!
Picking an agent is one of those critical issues that can cost or save you thousands of dollars. There are very specific questions you should be asking to ensure that you get the best representation for your needs. Many agents may prefer that you don't ask these questions, since the knowledge you'll gain from their honest answers will give you a very good idea about what outcome you can expect from using them as an agent. And lets face it - in real estate, as in life - not all things are created equal. Hiring a real estate agent is just like any hiring process - with you on the bosses side of the desk. Its critical that you make the right decision about who will handle probably the single largest financial investment you will ever make.
1. What makes you different? Why should I hire you to market and sell my home?
Agent should be brief, 60 seconds or less,be specific and be very convincing. Be wary of Agents who struggle to sell their services, or articulate the value they provide for the fee they charge. These agents will also have a serious challenge when it's time to sell your home, articulate the value your home provides and to fight for your equity during negotiations. It's always best to judge their skills when your money isn't on the line.
2. How many Buyers are you currently working with?
Do you have so many leads, that you have a team of agents built to serve these Buyers?
How many in my home's price range?______
What is your personal website address?
How many Internet leads per day?
Obviously, the more Buyers your agent is working with, the better your chances are of selling your home quickly. It will also impact price because an agent with many buyers can set up an auction-like atmosphere where many buyers bid on your home at the same time. Ask them to describe the system they have for attracting buyers.
3. Do you have a specific plan of marketing activities and dates for my home?
If it's not in writing how will you remember or enforce these agents "promises". Is the Agent all talk or action?
4. Who controls the marketing dollars spent to promote my home, your Broker or you?
If our agent is not in control of their own advertising, then your home will be competing for advertising space not only with this agents other listings, but also with the listings of every other agent in the brokerage. At over 80% of all companies the Marketing Departments and Office managers, not your Agent pick and choose based on budget concerns and your home's price range, what will be advertised in a given week.
5. Who receives the incoming calls on my home, everyone in your office or you specifically?
In most companies all the agents in the office take turns answering the phones on all company listings. With around 50-100 listings per office most agents fielding calls will be reading off a computer printout, trying to convince a Buyer to buy a home they not only no very little about, but one they haven't even been inside.
6. With over 73% of Buyers looking for a home on the Internet, do you still focus primarily on print advertising or do have an Internet marketing plan to help us sell our home?
The average real estate firm spend 4% of their entire marketing budget on online marketing. Trying to market homes the old fashioned way in 2007 leaves a lot of YOUR money on the table by not getting full market exposure or full market value for your home.
8. How will you communicate with us while the home is for sale and when the home goes under contract?
Most agents are like politicians. They look good, sound good, say all the right things and promise the right things "highest sales price, short time on market, no hassles". Just like politicians, once they have the job you can't find them, they give lots of excuses, blame others for lack of results and remind you how time you agreed to work with them without the opportunity to fire them for their lack of effort and performance.
8. Do you have a reference list of clients I could contact?
Ask to see this list, and then proceed to spot check some of the names. No references and phone numbers.Not sign of an organized, professional who has reputation for excellence. Only five or six references, not a good sign either.
9. What happens if I'm not happy with the job you are doing to get my home sold:
Can I cancel my contract without paying any fees, if I'm not satisfied with your service?
These are all questions that I suggest all my sellers to ask of all agent including myself. I suggest that if they are interviewing other agent to propose these questions to all the agents being interviewed. It will tell you a lot about the professional that you are hiring to sell your home. For additional insight on this topic feel free to contact me directly.
Friday, September 14, 2007
The next generation of home buyers has very definite—and very different—ideas about what they want in a home.
Buyers are now looking for a home that they can move into and that offers the features and benefits that they need for their lifestyle. Recently in an article Ashton and Ashley commented on what they expect in their new home:
Like many first-time buyers, they initially looked at existing homes, but didn't want to spend all their spare time and money fixing a house up.
“With both of us working 40 to 45 hours a week and being full-time students, we didn't have time to fix up a house,” Ashton says. “We wanted a brand-spanking-new house.”
—Ashton working as a branch manager for a bank and Ashley managing a cell phone store—and making decent money, so they went looking. Even knowing there would only be two of them in the house, the Carthans say they wanted a minimum of three bedrooms for the resale value. They wanted a big kitchen with an island because they both like to cook. And they liked the idea of buying in a developing area because they would get more house for their money, and it would appreciate later on.
While the U.S. Census has no formal description of echo boomers, the National Association of Realtors—and other organizations—defines them as those born between 1982 and 1995, a group that totals about 75 million people. They are turning 21 at a rate of about four million per year, they are not afraid of taking on large amounts of debt, they have parents helping them with down payments, and they will be a major market for housing for years to come.
As a group, they share some characteristics that should be important to builders. First and foremost, they live in a totally connected, yet wireless world. They've never known a time when they didn't have home computers, Internet access, e-mail, or cell phones, and they're completely comfortable with technology. They expect that their homes will be equipped to handle their laptops, wireless routers, plasma TVs, video game controllers, cell phones, digital video recorders, iPods, and cable or satellite TV and radio.
They've rejected the hard-charging, workaholic attitude that was prevalent among adults in the 1980s and 1990s—and the cocooning trend in housing that went with it—for a more balanced lifestyle. They're less materialistic, less willing to work nights and weekends to pay for stuff they don't have time to use, and less willing to endure long commutes to jobs that keep them away from their loved ones. That means they're prime candidates for infill and transit-oriented development, particularly if it's close to amenities they value, such as restaurants, parks, shopping, and night life.
They don't want to spend their spare time taking care of a house and doing yard work, so new housing—including attached housing—is attractive to them.
“It's not because they can't afford single-family detached,” says Linda Mamet, vice president of sales and marketing for John Laing Homes' South Coast division. “It's about convenience, service, being close to entertainment, and balance between work and life. They're not willing to compromise their time.”
They're also not willing to compromise on quality, Mamet says. They've grown up with 500 cable channels and entire networks devoted to housing and fashion. They know and appreciate good design, and while their budgets might not permit high-end finishes throughout the home, they're willing to pay for it in areas that matter to them.
“They don't want it all,” says James Chung, president of Reach Advisors, a consumer demographic firm that studies echo boomers. “It's a shift from possessions to passions. This is a generation that has resigned itself to ‘I can't have it all, so I'll just have what's important to me and let the rest slide.'”
Like many first-time buyers, they initially looked at existing homes, but didn't want to spend all their spare time and money fixing a house up.
“With both of us working 40 to 45 hours a week and being full-time students, we didn't have time to fix up a house,” Ashton says. “We wanted a brand-spanking-new house.”
—Ashton working as a branch manager for a bank and Ashley managing a cell phone store—and making decent money, so they went looking. Even knowing there would only be two of them in the house, the Carthans say they wanted a minimum of three bedrooms for the resale value. They wanted a big kitchen with an island because they both like to cook. And they liked the idea of buying in a developing area because they would get more house for their money, and it would appreciate later on.
While the U.S. Census has no formal description of echo boomers, the National Association of Realtors—and other organizations—defines them as those born between 1982 and 1995, a group that totals about 75 million people. They are turning 21 at a rate of about four million per year, they are not afraid of taking on large amounts of debt, they have parents helping them with down payments, and they will be a major market for housing for years to come.
As a group, they share some characteristics that should be important to builders. First and foremost, they live in a totally connected, yet wireless world. They've never known a time when they didn't have home computers, Internet access, e-mail, or cell phones, and they're completely comfortable with technology. They expect that their homes will be equipped to handle their laptops, wireless routers, plasma TVs, video game controllers, cell phones, digital video recorders, iPods, and cable or satellite TV and radio.
They've rejected the hard-charging, workaholic attitude that was prevalent among adults in the 1980s and 1990s—and the cocooning trend in housing that went with it—for a more balanced lifestyle. They're less materialistic, less willing to work nights and weekends to pay for stuff they don't have time to use, and less willing to endure long commutes to jobs that keep them away from their loved ones. That means they're prime candidates for infill and transit-oriented development, particularly if it's close to amenities they value, such as restaurants, parks, shopping, and night life.
They don't want to spend their spare time taking care of a house and doing yard work, so new housing—including attached housing—is attractive to them.
“It's not because they can't afford single-family detached,” says Linda Mamet, vice president of sales and marketing for John Laing Homes' South Coast division. “It's about convenience, service, being close to entertainment, and balance between work and life. They're not willing to compromise their time.”
They're also not willing to compromise on quality, Mamet says. They've grown up with 500 cable channels and entire networks devoted to housing and fashion. They know and appreciate good design, and while their budgets might not permit high-end finishes throughout the home, they're willing to pay for it in areas that matter to them.
“They don't want it all,” says James Chung, president of Reach Advisors, a consumer demographic firm that studies echo boomers. “It's a shift from possessions to passions. This is a generation that has resigned itself to ‘I can't have it all, so I'll just have what's important to me and let the rest slide.'”
Thursday, September 13, 2007
Brockton Market Conditions for the past month
There are a Total of 569 single family homes available currently in Brockton. Of those homes, the average market time is 120 days ( in the last 30 days). Prices are :
Lowest Price: $112,900
Median Price: $265,000
Highest Price: $799,000
Average Price: $275,672
Of these homes 41 single family homes sold in Brockton in the past 30 days and they were on the market on average for 98 days. Prices:
Lowest Price: $145,000
Median Price: $252,000
Highest Price: $384,900
Average Price: $255,881
What does that mean to a person who is thinking of selling?
The laws of supply and demand show us that there are approximately 13 months worth of inventory in Brockton . In order to get your property sold there are four things that will control the outcome:
1. Condition
2. Location
3. Price
4. Broker Services
Price is going to drive the pace in which the home is sold in. The broker services will determine how much exposure your property will get through proper marketing and negotition skills of the agent. The condition of the property needs to be at its best, in order to receive top dollar. The location is what it is. Bottom line, you need to ask yourself...how quickly do I want to move and how motivated am I to do so ?
So yes...even in THIS market homes still do sell.
Lowest Price: $112,900
Median Price: $265,000
Highest Price: $799,000
Average Price: $275,672
Of these homes 41 single family homes sold in Brockton in the past 30 days and they were on the market on average for 98 days. Prices:
Lowest Price: $145,000
Median Price: $252,000
Highest Price: $384,900
Average Price: $255,881
What does that mean to a person who is thinking of selling?
The laws of supply and demand show us that there are approximately 13 months worth of inventory in Brockton . In order to get your property sold there are four things that will control the outcome:
1. Condition
2. Location
3. Price
4. Broker Services
Price is going to drive the pace in which the home is sold in. The broker services will determine how much exposure your property will get through proper marketing and negotition skills of the agent. The condition of the property needs to be at its best, in order to receive top dollar. The location is what it is. Bottom line, you need to ask yourself...how quickly do I want to move and how motivated am I to do so ?
So yes...even in THIS market homes still do sell.
Wednesday, September 12, 2007
242 Sinclair Road Brockton $199,900
242 Sinclair Rd Brockton. Ask the neighbors what they think about the neighborhood. You will find friendly people who think they live in the nicest block on the nicest street . You will also find a 3 bedroom, 1 car garage ranch with an oversized lot, fenced in yard with new vinyl siding, new windows and roof. This all can be yours for only $199.000
Making an informed decision when pricing homes!
The current upheaval in the market has given rise to significant opportunities to help my clients make informed decisions.
Tom Sherman, President of Mortgage Services Unlimited in Dallas, emphasizes the importance of educating clients.
For home sellers, the following points are key:
* Home values will stay stagnant or potentially decrease.
* Qualified borrowers are looking for deals. * Fewer borrowers are qualifying for home loans.
* Rising foreclosures tend to negatively affect home values.
* Increased days on the market (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.
* Continued stress in the financial markets will affect consumer confidence.
* Loans may take longer to close.
* Appraisals are becoming more difficult to obtain.
* Properties should be funded before contract contingencies are removed.
It's critical for sellers to price their homes to sell -- and sell quickly -- decreasing the need for price reductions and the unfortunate result which is chasing the market down to sell.
Tom Sherman, President of Mortgage Services Unlimited in Dallas, emphasizes the importance of educating clients.
For home sellers, the following points are key:
* Home values will stay stagnant or potentially decrease.
* Qualified borrowers are looking for deals. * Fewer borrowers are qualifying for home loans.
* Rising foreclosures tend to negatively affect home values.
* Increased days on the market (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.
* Continued stress in the financial markets will affect consumer confidence.
* Loans may take longer to close.
* Appraisals are becoming more difficult to obtain.
* Properties should be funded before contract contingencies are removed.
It's critical for sellers to price their homes to sell -- and sell quickly -- decreasing the need for price reductions and the unfortunate result which is chasing the market down to sell.
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