Many people feel they can sell there home on their own and save the real estate commission or take a lower price to sell faster, times have changed. A few short years ago you could have put a sign in your front yard and have offers by the end of the day from people driving around looking to buy. Buyers today are few and far between, looking to get a steal in this market, and may not even be able to get financing. How will you know who your dealing with?
Do you know what the other homes in your area are selling for? Which homes are the same size and have similar features to yours? How many homes are for sale in your neighborhood? Are they foreclosures? Bank owned properties? Short sales? These are just a few questions to get answered as you think about selling your home on your own. Where will you get this information?
What do you do to get your home ready for buyers to see it? Where do you advertise to let people know you have a home for sale? Is someone always available to open the door and let prospective buyers in? Is this starting to sound like a lot of work? Do you have the time, energy, and resources to handle this along with all the other responsibilities in your life?
What do you do when you get an offer? Who holds the deposit money? Do you have an attorney or title company to handle the transaction and closing? What are reasonable fees that come along with selling a house?
As you can see that selling a home takes a lot of time, energy, and knowledge to be done properly and completely. These are just a few things to worry about as you prepare to sell your home. What is it worth to you having someone out there doing all the work for you, only to get paid if the job is done, a completed sale of your home.
Working with a Realtor to sell your home gives you the direction you need to get the job done correctly. It puts your home in front of 1,000's of other Realtors in your area to let them know your home is for sale. They have proffessional signs, advertising, and contacts to make sure everything goes smooth. And they only get paid when your home is sold.
What price are you willing to pay if you do not sell your house or have something go wrong along the way? It will cost you nothing to meet with a few Realtors in your area and see what they have to offer you. They will happily give you a free consultation and answer some questions, you may see what a benefit it would be to hire one of them. Good Luck either way.
Peter DeJoseph
Lic. Real Estate Broker
Lic. Mortgage Broker
http://www.yourreguy.com/
Thursday, October 16, 2008
Wednesday, October 8, 2008
How Much Lower Can Housing Prices Fall?
With so much doom and gloom in the housing market and with the credit crunch not helping anyone, where are home prices going? Here in Florida home prices have fallen by over 20 percent in the last year and finding "qualified" buyers is getting more difficult everyday.
Looking back we should have realized the double digit percentage growth in the housing market was not going to last forever. We should look at this price correction as a good thing, Imagine if anyone would be able to buy a house if prices kept going up. For example, I have 3 children and without the current price correction the dream of them becoming homeowners would have been just that, a dream.
With the mortgage markets as tight as the are and banks making it more and more difficult to get a loan, we need some relief. From what I see and hear, people who have very good credit and are able to put down a large deposit should have no problem getting a mortgage at a decent rate. It is those people who have a poor credit history that will continue to struggle to borrow money. It seems as though the lenders have learned from their experiences and are not going to make the same mistakes twice. Therefore it is more important than ever to make all your payments on time and keep your credit score as high as possible.
So have we seen the bottom of the market yet? Will Prices continue to fall? If the recent attempts by the government to help the banking industry works and allows them to lend money again, we may see a turn in the market. Remember it's supply and demand, we have the supply and need the demand which means having the banks making loans available to buyers. Remember, nothing lasts forever, just like the sharp rise in real estate prices ended, so will this decline.
By Peter DeJoseph
Lic. Real Estate Broker
Lic. Mortgage Broker
www.YourREguy.com
Looking back we should have realized the double digit percentage growth in the housing market was not going to last forever. We should look at this price correction as a good thing, Imagine if anyone would be able to buy a house if prices kept going up. For example, I have 3 children and without the current price correction the dream of them becoming homeowners would have been just that, a dream.
With the mortgage markets as tight as the are and banks making it more and more difficult to get a loan, we need some relief. From what I see and hear, people who have very good credit and are able to put down a large deposit should have no problem getting a mortgage at a decent rate. It is those people who have a poor credit history that will continue to struggle to borrow money. It seems as though the lenders have learned from their experiences and are not going to make the same mistakes twice. Therefore it is more important than ever to make all your payments on time and keep your credit score as high as possible.
So have we seen the bottom of the market yet? Will Prices continue to fall? If the recent attempts by the government to help the banking industry works and allows them to lend money again, we may see a turn in the market. Remember it's supply and demand, we have the supply and need the demand which means having the banks making loans available to buyers. Remember, nothing lasts forever, just like the sharp rise in real estate prices ended, so will this decline.
By Peter DeJoseph
Lic. Real Estate Broker
Lic. Mortgage Broker
www.YourREguy.com
Monday, October 6, 2008
What to Expect When They're Inspecting
Unlike an appraisal, a home inspection isn't required by the banks or the government when you buy a house. But when you're budgeting your closing costs, it shouldn't be something that you scrimp on. A home inspection is an important step that could tip you off to present or future problems with the building and save you from making a huge mistake. Buyers who want to cover all their bases before they're locked into their mortgage will ensure that a "General Inspection Clause" makes it's way into the final contract and that they have a report from a reputable professional or agency before they lock themselves into any deal.
Home inspections are usually carried out by a contractor or engineer. The inspector's job is to determine the condition of the building and produce a detailed report. Because an inspection focuses almost entirely on the structure of the building, it often catches problems that an appraisal won't.
What You will Get:
- a detailed physical description of the house
- a list of recommended major and minor repairs
- a complete report (should include photos)
Some of the elements you can expect to be included in an inspection are structural elements like the roof, foundation, basement, attic and garage; and building-wide systems such as heating, air-conditioning, insulation, plumbing and electrical systems. You can expect to get a summary of maintenance concerns including repairs, leaks, fire hazards and safety issues. The inspection will also usually include the exterior of the house, the grounds and drainage. Depending on your inspector's expertise and qualifications, you may or may not have to hire additional people to produce reports for more specialized items such as chimney and fireplace, pests, asbestos, radon, lead and mold.
The National Association of Certified Home Inspectors warns consumers that a home inspection is only as good as the home inspector. Buyers would do well to take these words to heart when they're selecting the organization or person who will be producing such an important negotiating tool for them.
Because the industry isn't as well regulated as the appraisal industry, you'll need to do your homework before you hire somebody. Be sure to review their background and experience in the construction industry. Look for a well-rounded contractor or engineer that has knowledge in a variety of areas and systems. If you live in a state where inspectors are required to be licensed, check their record of complaints. If no licensing is required, look for membership in professional organizations or certification through reputable organizations. And finally, look for someone without any conflict of interest who can provide you with an objective report.
After you've hired the inspector, accompany him or her on the tour of the house, ask questions and pay attention. If the final report you receive turns up any problems, you'll have the opportunity to ask the seller to address them, adjust the selling price, or back out of the deal altogether.
If it doesn't turn up any major problems, rejoice and close the deal, you've just bought yourself huge peace of mind.
Article Source: http://EzineArticles.com/?expert=Keith_C.
Home inspections are usually carried out by a contractor or engineer. The inspector's job is to determine the condition of the building and produce a detailed report. Because an inspection focuses almost entirely on the structure of the building, it often catches problems that an appraisal won't.
What You will Get:
- a detailed physical description of the house
- a list of recommended major and minor repairs
- a complete report (should include photos)
Some of the elements you can expect to be included in an inspection are structural elements like the roof, foundation, basement, attic and garage; and building-wide systems such as heating, air-conditioning, insulation, plumbing and electrical systems. You can expect to get a summary of maintenance concerns including repairs, leaks, fire hazards and safety issues. The inspection will also usually include the exterior of the house, the grounds and drainage. Depending on your inspector's expertise and qualifications, you may or may not have to hire additional people to produce reports for more specialized items such as chimney and fireplace, pests, asbestos, radon, lead and mold.
The National Association of Certified Home Inspectors warns consumers that a home inspection is only as good as the home inspector. Buyers would do well to take these words to heart when they're selecting the organization or person who will be producing such an important negotiating tool for them.
Because the industry isn't as well regulated as the appraisal industry, you'll need to do your homework before you hire somebody. Be sure to review their background and experience in the construction industry. Look for a well-rounded contractor or engineer that has knowledge in a variety of areas and systems. If you live in a state where inspectors are required to be licensed, check their record of complaints. If no licensing is required, look for membership in professional organizations or certification through reputable organizations. And finally, look for someone without any conflict of interest who can provide you with an objective report.
After you've hired the inspector, accompany him or her on the tour of the house, ask questions and pay attention. If the final report you receive turns up any problems, you'll have the opportunity to ask the seller to address them, adjust the selling price, or back out of the deal altogether.
If it doesn't turn up any major problems, rejoice and close the deal, you've just bought yourself huge peace of mind.
Article Source: http://EzineArticles.com/?expert=Keith_C.
Thursday, October 2, 2008
Facing Foreclosure? A Loan Modification May Be the Answer
Millions of homeowners are facing foreclosure due to the national housing crisis and mortgage meltdown. One solution to avoid foreclosure is a loan modification. This option is gaining in popularity as lenders realize that keeping homeowners in their home actually might save them money. Foreclosure is an expensive process for banks, and with the current downturn in real estate values, lenders do not want millions of dollars in non-performing assets-foreclosures- on their books.
A Loan Modification is an agreement between the lender and the borrower to modify the terms of the current loan to offer more affordable payments. The goal is to keep the borrower in the home, avoid foreclosure and maintain the integrity of the neighborhood. Recent legislation has directed lenders to make every effort to offer homeowners a viable solution to foreclosure thru modification of their loan.
How can a homeowner be sure that they are receiving the full benefit of a loan modification? First of all, borrowers need to learn everything they can about the process of a bank loan modification. Lenders have set up Loss Mitigation Departments specifically to assist borrowers with this option. There are many companies now offering loan modification assistance for a fee. The problem with these companies is they require a large upfront fee with no guarantee of the outcome.
The truth is, borrowers can contact their lender themselves to get a loan modification. Homeowners need to learn how to get a loan modification from their lender. The Complete Loan Modification Guide shows borrowers how to get a loan modification approved, with easy to follow, step by step instructions. Homeowners receive free loan modification forms along with instructions on how to complete them properly. It is very important that borrowers are fully educated on the process before contacting their lender. Borrowers have one shot at getting a home loan modification-get informed before you make a decision affecting your family.
The Complete Loan Modification Guide shows borrowers:
Who qualifies for a loan modification
Which modification option is best for you
Insider Tips on how to negotiate with your lender
How to get the right person on the phone
What NOT to say
the #1 thing lenders want to know
All the required forms and how to complete them.
Lenders are not being proactive enough to assist borrowers who need a loan modification-homeowners need to get educated and contact their lender as soon as possible. Knowing how to do a loan modification can make the difference between foreclosure and saving the family home.
We are a team of industry professionals with over 25 years of wholesale and retail lending experience. Our stated mission is to assist as many homeowners as possible to learn about alternatives to foreclosure and to keep families in their homes. A Knowledgeable homeowner is a Powerful homeowner.
Article Source: http://EzineArticles.com/?expert=Susan_V._Gregory
A Loan Modification is an agreement between the lender and the borrower to modify the terms of the current loan to offer more affordable payments. The goal is to keep the borrower in the home, avoid foreclosure and maintain the integrity of the neighborhood. Recent legislation has directed lenders to make every effort to offer homeowners a viable solution to foreclosure thru modification of their loan.
How can a homeowner be sure that they are receiving the full benefit of a loan modification? First of all, borrowers need to learn everything they can about the process of a bank loan modification. Lenders have set up Loss Mitigation Departments specifically to assist borrowers with this option. There are many companies now offering loan modification assistance for a fee. The problem with these companies is they require a large upfront fee with no guarantee of the outcome.
The truth is, borrowers can contact their lender themselves to get a loan modification. Homeowners need to learn how to get a loan modification from their lender. The Complete Loan Modification Guide shows borrowers how to get a loan modification approved, with easy to follow, step by step instructions. Homeowners receive free loan modification forms along with instructions on how to complete them properly. It is very important that borrowers are fully educated on the process before contacting their lender. Borrowers have one shot at getting a home loan modification-get informed before you make a decision affecting your family.
The Complete Loan Modification Guide shows borrowers:
Who qualifies for a loan modification
Which modification option is best for you
Insider Tips on how to negotiate with your lender
How to get the right person on the phone
What NOT to say
the #1 thing lenders want to know
All the required forms and how to complete them.
Lenders are not being proactive enough to assist borrowers who need a loan modification-homeowners need to get educated and contact their lender as soon as possible. Knowing how to do a loan modification can make the difference between foreclosure and saving the family home.
We are a team of industry professionals with over 25 years of wholesale and retail lending experience. Our stated mission is to assist as many homeowners as possible to learn about alternatives to foreclosure and to keep families in their homes. A Knowledgeable homeowner is a Powerful homeowner.
Article Source: http://EzineArticles.com/?expert=Susan_V._Gregory
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