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Loading ...Should I use a REALTOR® to purchase a new home from a builder?
Recently I spoke to a woman who bought her home directly from a builder. She felt that she did not need a REALTOR® to buy the new home. I said that many people have successful transactions buying directly from the builder. I did say to her that I believe that there are benefits when using a REALTOR® when purchasing a new home from the builder.
The builder knows that they will sell so many homes with and without an agent. The builder has budgeted that into their bottom line.
One benefit of using a REALTOR® when purchasing a new home is that the agent can assist you when choosing the lot. Sometimes the builder has one particular lot that is more difficult to sell than another? Maybe they might offer you a discount for that lot? If the builder is having a hard time selling that particular lot, maybe you will too?
The REALTOR® can help choose amenities that will make your home more salable in the future, ie more money for you.
The REALTOR® can help negotiate and make sure you are getting fair rates and closing fees, many builders have their own lenders that you are “encouraged” to use.
I sold a new home last summer. The home would not be ready for about 7 months. My seller, against my advice, wrote his contract non contingent on the sale of his home. As we know the market is slower and prices are not where they were in the past. The looming settlement date of the new home was coming and my client was stressing.
I contacted the builder and negotiated an extra $40,000 in closing fees for my client AFTER they had already ratified their contract months ago. My client told me that he would have never thought to negotiate the terms I did and the ending may not have been so smooth.
Both homes have sold and everyone is happy. My client always tells me how happy he is with me and my services are invaluable. He has told me that he knows using me saved him money.
It doesn’t cost you money to take your REALTOR® with you to purchase a new home, but I could cost you money in the long run to not use a REALTOR®
For more information contact Audrey at Audreyjune.com
Photo flickr.com
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Walmart is being proactive during the month of April and Earth Day. They have put out many commercials to get us to wake up and know we can make a big difference. Yes, we can all make a difference one person at time. In this case one light bulb at time. They have figured out that if all of their 200 million consumers change just one light bulb to the energy efficient bulbs would be like taking 11 million cars off of the road for one year!
Wow, that is pretty powerful to think that one little light bulb could make such a difference? So, lets try for an entire package and see where what improvements we can make as a group!
This got me thinking. Scary, but it did. I am big for giving settlement gifts. I think that I will now add a pack of energy efficient light bulbs to each settlement gift for each clientand see if I can get even more folks to change these bulbs. I would also urge them to have their friends and family do the same! I am thinking that I will take them to the walk through and change them right then and there so they don’t lay around the house.
What if we all added a pack of energy light bulbs to help the cause? I encourage you all to “give a pack” of energy efficient bulbs to your clients at settlement!!
Even if you are not buying or selling any real estate these days, we should all work together and leave a smaller “foot print” on our planet earth. I encourage you to make the trek to the nearest store and get your energy efficient bulb and start making a difference today!
(No Ratings Yet) Loading ...www.REALonomics.net is a blog that is asking serious questions about where the real estate industry is going. More specifically, REALonomics poses challenges to the broker/owners to adopt models that will allow their organizations to become more transparent.
REALonomics.net advocates that the industry open up the property information portals to consumers and upgrade its approach to how it is interacting with the consumer by implementing more social networking such as www.CityBlogUSA.com, a community blogging network for every city in the USA.
Visit www.REALonomics.net.
If you have never seen the Cherry Blossoms along the Tidal Basin in Washington DC, youare missing one of nature and man’s most breathtaking sights!! Every year the parks services work at trying to predict the peak of the blossoms. This year they are anticipating March 29th! If you have a chance you should try at least once in your lifetime to come to Washington during the early part of Spring to see it.
Not only is it just viewing the blossoms, it is an entire festival the Official Cherry Blossom Website . There are walks, and tours, there is also a big parade. You can kill two birds with one stone and visit the Nation’s Capital.
Washington DC has several hip trendy neighborhoods with fabulous restaurants and shopping. Even locals flock to see the beauty of the Cherry Blossoms.
There are endless things to do here. Take in a show at the Kennedy Center it will as big as any New York show, Smithsonian Museums with some of the great art and wonders of the world. You should consider coming to DC and experience this fabulous gift of nature!
If you can’t make it this year, try to add this to your “bucket list” to make sure you see it in your lifetime!
Hope you can make it!
(No Ratings Yet) Loading ...So you are thinking about buying your first home and you are not sure where to start? The first thing you should consider is the agent. This is the person that is going to be your advocate and will represent and guide you through the transaction. Get referrals from friends and family that have purchased and sold real estate. Look on the internet; see if anyone appeals to you.
When you make your initial call to the agent ask them if they do a buyer consultation prior to looking at houses. You will want to work with an agent who does this. It will prepare you for the transaction. You will be a more confident buyer and have a smoother transaction.
You should have a list of question that are important to you and make sure you get clear answers from the agent. These are some of the basic items you should expect to cover in a buyer consultation appointment.
I give my potential clients a buyer packet. It has local area information, information about me, and a blank copy of the forms we will go over and that you will be asked to sign. I also include a home buyer’s guide that has a copy of the contract that you will sign, a HUD-1 and a glossary of terms.
I wish you luck in your endeavor in buying your first home. Being prepared by an experienced, capable agent will be the key to smooth transaction. I am located in Montgomery County Maryland in the Gaithersburg area. No matter where you are, if you have questions, shoot me an email and I will answer your questions to the best of my ability!
You may search for listings and local area information at www.Audreyjune.com . Email Audrey@audreyjune.com .
(No Ratings Yet) Loading ...Birds and Bees are; why not Credit as Curriculum???Credit is probably one of those discussions most parents don’t have with their children. It is surely a subject that will probably go by the way of the Birds and the bees. . . . let them learn it on the street.
Truth be known, most parents don’t completely understand the world of FICO scores themselves?
Credit is the basis for just about everything these days. I mean just about EVERYTHING. What if we started teaching kids about credit in school?
I am talking about early in high school not college. By then it is probably too late.
By the time they get to college, they are already spending money pretty regularly and have been given the “college credit card”. All you have to do is sign this paper and viola’ you have a credit card. Ahh . . the mighty credit card, what fun and/or dangers may lurk ahead?
My Mom and Dad didn’t explain credit to me. They said if you have a bill you have to pay it and be responsible for it. Save your money. Take part of your allowance and save it. Do odd jobs, get paid, and learn how to deal with your money. Those were the basics of money. Not watch out for your FICO scores?
I think if there could be a class that kids take early in high school where they understand the importance of how credit works, what to do and not do in order to keep themselves in good standing and understanding the importance of good credit. I guarantee we have young people who would like to buy a home and have their credit pulled to find out that they have ruined their credit for the next few years and they have no idea how that happened? When you try to explain it to them, you might as well speak a foreign language. Maybe the Montgomery County and Maryland School systems could investigate this and see if could be added as a “life course” of some sort? If it is being taught, is it taught in all schools or is it only taught in certain schools? If so, why is that?
I think this phenomemon of making this very basic financial tool could drastically help improve the US economy. The American consumer would have less debt, intrest rates could be lower, less bankruptcies, which all end up falling on the shoulders of the American citizen and the bottom line of the economy.
This might just save a few kids from making mistakes in their youth that could save them many dollars in the years to come.
What are your thoughts on this subject.
(No Ratings Yet) Loading ...Years ago my niche market was first time buyers, Now, they have gotten married, have babies and many of them are my move up buyers. I still have a large base of first timers. I love them, they soak up all of the information I give to them. My buyers know what is going on during their transaction because I have educated them as much as I possibly can.
When my buyers come to see me, I do a Buyer Listing Presentation , where I try to touch on many of the main details they are about to encounter. Part of this is talking about the financing. Now, I don’t do a final prequal, I leave that up to the actual loan officer, but I try to prepare them for some of the “lingo”. I find that most loan officers throw words like ARM, Conforming, Non Conforming, FHA, VA, Purchase Money etc around like everyone just knows what that means? I am not picking on my lender friends, I am sure you could turn this around on us agents. I think we get used to our own lingo, we all forget the public might be saying, Huh? Don’t worry, I will get to the agents shortly.
It would be like my Biopharma husband explaining the breakdown of proteins and cells to me in his work, I just get that deer in the headlights look. it is giving me a headache just thinking about that.
Anyway, I thought I would address some of the most popular terms I hear with my clients from lenders to clarify, in layman’s terms,in English, for the first time home buyer. These are basic terms and you should consult a loan professional for actual rates and terms of any loan you are considering when purchasing a home.
Note- This is the document you will sign when settling on your home that is the agreement between you and the mortgage company of your exact interest rate, what kind of loan you are getting. It spells everything out in specific detail of what you will be obligated to pay for your home.
Fixed Rate This means your interest rate will stay the same through out the term of your loan.
ARM- Adjustable Rate Mortgage. This means that your interest rate is set to be the same for a short period of time. If you chose a 5 year ARM, for example, the rate will stay the same for 5 years and then at the anniversary, it will adjust based on what the Caps are. After it adjusts in 5 years, your payment can change monthly, semi annually or annually. Make sure you read the note for the exact terms at settlement.
Caps - the maximum your ARM can change when it is time for the adjustment. For example, if you have a Fannie Mae loan, you may see 2/6 caps on your note . This means if your interest rate starts at 6% and at the time of adjustment, it cannot go any higher, or lower, than 2% at a time. The lowest it could go is 4% and the highest it could go is 8%. If you never refinanced this loan, the highest interest rate you would have is 12%. There is probably a minimum interest rate that the loan would be.
Conforming- This is a loan limit of $417,000, currently- you may see that this amount is about to be raised in higher priced areas- we are still waiting for a final number. When you are borrowing money the rates are typically lower on a loan under the conforming limit.
Non Conforming- This is a loan amount above $417,000. These loans are also called Jumbo loans. The rates are typically higher on the higher limits. This is why it is important for the Conforming limit to be raised in the higher priced markets of the country. This will make it easier for the consumer to have a cheaper mortgage payment.
FHA - Federal Housing Administration. These are loans made that are insured by the Federal Government. These loans are great for first time home buyers, although you do not have to be a first time home buyer to qualify. There is a minimum down payment and the rules, or underwriting guidelines, are relatively easy to work with.
VA Veterans Administration. You must qualify by having served in the Military for specified lengths of time to qualify. See the VA’s website for details. This program is great for veterans with liberal guidelines and 100% financing programs.
GFE Good Faith Estimate. Your lender, I actually do this as an agent - I know some agents don’t do this-, is an estimate of how much cash you will need to bring to settlement to purchase your home. It will also include the estimate of your monthly payment.
These are very basic terms in the loan world. I hope this helps some of you that are new at the home buying process. It is not difficult at all and always remember, if you are not sure what the loan officer is talking about, stop ask again and make sure they explain it to you until you understand. It is a lot of money, more importantly it is your money, and it is important that you understand.
I will tell you I am a real estate agent, not a loan officer and find these are some of the more popular terms I hear with my clients. You should always speak to a qualified lender to clarify and confirm this information. I feel this if very important- they are handling one of your biggest financial decisions of your life.
I wish you luck in your endeavor of home ownership!!
For more information contact Audrey June-Forshey Remax Realty Group
301-921-2672
www.Audreyjune.com
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Air conditioning
