Debbie's Blog

Country home just north of Memphis for sale

2008-06-05T11:15:21Z

$214,900-457 Reed Circle- Located Just Minutes from Hwy. 51 between Millington and Atoka, TN. Apprx. 2900 sq. feet. Inside has lots of upgrades from new marble-tiled master bath to solid oak cabinets in the kitchen. Lovely mature trees on 2.5 acres. Backyard is fenced for small animals and there is another area beyond the backyard with fruit trees and muscadine vines. Plenty of room for that garden you've always wanted. Massive deck and covered patio round out the entertainment value of this home. Oversized garage is heated and cooled for those antique automobile buffs.

A super short drive to Millington NAS and only 30 minutes to downtown Memphis.

3 bed/2.5 bath with huge bonus/rec room with cypress siding and slate flooring. All the rooms are huge.

Contact Debbie Mitchell 901-355-2937 or Real Estate Mart of TN 901-837-4444. Real Estate Mart of TN, 13724 Hwy. 51 South, Atoka, TN 38004

Do Open houses still work?

2008-05-04T18:24:43Z

Like many realtors I spent my Sunday afternoon hosting an open house just outside Memphis today. The weather was sunny. It was a glorious day and NO ONE walked through the door. Advertising? Yes. Signs from the main highway? Yes. On-line advertising? Yes. Flyers to the neighborhood? Yes. With this said, I have to ask...do open houses still work?

With today's technological advances in which one can "fly-inside" or take a virtual tour, do we still need to host open houses? When homes are selling more slower than normal, agents tend to grasp at straws and to pacify owners will agree to host open houses. But, do they work?

I am still fairly new at this with two years under my belt, but I have to say that an open house has yet to produce for me either at the open house itself or from leads I acquire at the open house (at least not yet). It's almost as if viewing open houses has become a national past time brought on by the HGTV mania. The serious buyers are not out driving around on Sunday afternoon shopping for homes. However, the curious and nosey at heart are, and these are the people that come through the door. At least that has been my experience. If anyone has any suggestions on how to host a successful open house, please share the knowledge.

Things no one told me.

2007-11-14T16:27:55Z

When I began my career in real estate, I came into the profession wearing those lovely "rose-colored" glasses that all newbies wear when they think they've got the world by the tail. Unfortunately, those glasses got really dirty, really quickly.

As a real estate professional, there are so many hats that one has to wear that no one and I mean no one ever mentioned. There was not a class or even a chapter in the real estate course to cover, "death- bedside manner," but there I was at my client's deathbed obtaining signatures to "close the deal." That is one situation that I hope to never have to repeat.

No one mentioned how to handle a divorce situation in which one spouse has control of the house but fears the other might try to enter and take things that they left behind when they walked out. How many times have you heard, "Make sure that Mr./Ms. ex does not tour the house." When in reality, you have never lain eyes on Mr. or Ms. Ex. Can I see some ID please?

No one mentioned that I needed to be psychic or have the ability to mind read. I have to admit that our real estate class lecturer was constantly telling us to verify, verify, verify facts on any property one had listed. However, no one told me that if a house is part of a bankruptcy settlement that the owners do not have to disclose this to you. This would have been helpful considering I found out two days prior to closing, and it took up until the last minute before closing to get all the wrinkles ironed out and all the approvals necessary for the home to sell. I asked numerous times and only when they could not deny it anymore, did they finally come clean to me. Then they only said, "We didn't think it would be an issue." Ok, why?

No one told me how to deal with sellers that insist on being present when I bring my buyer's to see their property. No one told me how to deal with statements like, "Whenever somebody comes on the property that doesn't belong here, I just shoot over their heads to scare them off. It's perfectly legal." OK, yeah lady, now we really want to write an offer on your property. I always wanted a home that trespassers/vagrants find irresistible.

No body told me anything about the real world of real estate except that it would be challenging and there are no "simple deals." As an agent, they said, "you're getting paid to handle their problems." Boy, I can hardly wait to see what I learn next that...nobody told me.

Downturned Market Equals Buyer's Dream

2007-10-17T16:40:33Z

The media is constantly spouting the "downturned" housing market and how bad things are. I am sure some areas are worse than others. My market is not totally downturned but it has definitely slowed. A downturned market really depends on which side of the fence one is standing. From a sellers standpoint, if you price your home competitively, stage the home, remove the clutter and make repairs prior to putting the home on the market, you should have little to worry about. However, if you decide to sell on the spur of the moment, don't do your homework and don't have your home in top-notch condition before putting it on the market, you may find yourself with that sign in the yard for quite sometime.

From a buyer's standpoint, this is a great time to buy. Inventory is high, sellers and especially builders are willing to make great concessions, and interest rates are still low enough to make your home affordable. With this market condition, one can afford a better quality home than they could this time two years ago. In this area, builders are throwing in pick-up trucks, swimming pools and closing costs with the purchase of a new home. As a buyer, this is the time to pounce. There is no need to wait...these are the best of days from the buyer's standpoint.

First-time Homebuyers- Handle with Care

2007-10-17T16:30:33Z

As Realtors, we sometimes forget just how unknowledgeable first-time homebuyers are in the entire process. I recently helped a young couple in their early 20's purchase their first home. We have to treat these clients like they know nothing and explain, explain, explain. The lack of knowledge has nothing to do with their intellect but it has to do with lack of experience in the field of purchasing a home. It is our job as Realtors to take up the slack and hold their hand through the process.

They came to me because they said I was the only agent that took the time to explain things to them and not make them feel stupid when they asked questions. We have all seen it. A prospective customer asks an agent a question and you hear them laugh before answering the question or you see them roll their eyes behind the customer's back. Take the time to help a first-time homebuyer and you will not only gain a client for life but you will gain a friend.

Millington Tennessee Bargain

2007-09-26T13:25:23Z

Want a country escape? Here it is. Located on 2.91 acres just outside the Millington, and less than 10 minutes to Millington NAS. While it is small, it makes up for in charm. 2 bedrooms and one bath with bonus room, kitchen, living room and laundry closet. Handicap accessible. Fish on your pier in your own catfish pond. There are three shops on the property. One is beyond repair and should be demolished. The other two are mechanic fabulous. One is only two years old and is metal 12 x 26 with concrete floors. The other needs doors but has concrete floors and full utilities plus it's own septic tank.

Bargain priced at $115,900 for this much property!!! See it soon or it won't be there!

Debbie Mitchell

Real Estate Mart of TN

901-837-4444-office

901-355-2937- cell

The University of Memphis and nearby housing

2007-09-19T16:35:24Z

Are you starting The University of Memphis next year or taking a job there as a professor in the near future? Why not spend your time looking for a new home with someone that knows the university and the area like the back of their hand?

I worked at The University of Memphis for six years as an office manager and spent numerous days wandering the neighborhoods in and around that area. I can help you find a great fixer-upper, income producing property, or your dream home all within an easy commute of the university. You have your educational career to think about let me think about finding you the perfect fit in a home.

So, if you are planning a move and need help finding just the right neighborhood for you and your family, please feel free to contact me at mitchell.deb@hotmail.com

Also, please check out my website at http://debmitchellcountry.com

I can give you tips on where the best place to get a bite to eat nearby, quaint, tucked-away shopping areas, and tips on where to park and not get tickets near university property, which we all know is a piece of information anyone near a college campus can use.

Military Relocation- Millington NAS

2007-09-19T16:24:51Z

Are you being uprooted and being moved by the military to Millington NAS? If so, I would like to invite you to visit my website for information on the Tipton county area. Tipton county is a short ten-minute drive on a four-lane divided highway from Millington NAS. Why would you want to live in Tipton county instead of Shelby county?

There are several reasons:

1. Tax rates are less expensive. You can afford a nicer home for the same payment amount.

2. You get more for your money. As a rule, properties in Tipton county are cheaper than their counterparts in nice neighborhoods in Shelby county.

3. Great schools. Tipton county has award winning schools in Brighton and Munford.

4. Low crime rate. Tipton county has a much lower crime rate than Shelby county.

5. Building codes. Tipton county has stiffer building codes than Shelby county, which means a better built home.

If you are moving in the near future, drop me a line at mitchell.deb@hotmail.com and I will be happy to send you my relocation packet, which will include everything you need to know about Tipton county.

I personally moved from Shelby county nine years ago and I have never regretted it for a moment. It's nice to feel like you live in Mayberry where things don't move quite as fast, but if you need to get to the city, there is easy access. Atoka is only a short 20 minute drive to the largest mall in Shelby county. So, shopping and great food choices are nearby but you get the peace of mind and relaxation found in a small town.

Please check out my website at http://debmitchellcountry.com to see what awaits you in the country!!!!!

First time home buyers

2007-05-24T15:22:08Z

Why do I need a real estate agent to buy a house? Can't I just do it on my own? How do I find a good agent?

If you are looking at a property that is listed by an agent, you most definitely want to be represented by an agent. Some people make the mistake of phoning the name they see listed on the property "for sale" sign. When you do this and state that you are not represented by an agent, the listing agent then reverts to a transaction broker (in TN, but not in all states check with your local realty board) which means that they are now a neutral party to the sale of the home. The agent cannot tip your hand to the seller and cannot tip the seller's hand to you. For instance, let's say the agent has the home listed for $250,000, but the seller has just stated to the agent the day before that they are getting really anxious to sell and are considering dropping the price to $225,000. You on the other hand just told the agent that you have been preapproved for $250,000. An unscrupulous agent would run back to the seller and say, "Hey, he's got the money. Don't lower your price." A trustworthy agent would step back and tell you to make your best offer to the seller and would remain mum to the seller what you are prequalified for as far as your mortgage loan and would not disclose to you what the seller disclosed to them yesterday regarding lowering the asking price. This is just one example. In my humble opinion, you are always better off having your own agent in the home buying process (I know some agents will disagree with me on this.)

Most if not all agents work with both buyers and sellers. To find an agent that can represent you the buyer, ask friends and family. If you are new to the area, you can find help at sites like homethinking.com which allows sellers to rank their agents skills. Go to several offices and visit with some agents. I recently dealt with a young couple from Texas who were first time home buyers. They said I was the tenth agent they had spoke with and that most of the other agents were rude to them when they found out they had not been prequalified and refused to show them anything until they were. I took them to one property that evening and three more the next morning. They made a decision on a home and headed for the mortgage company. While this is not the order of steps that I recommend in finding a home, my point is this...take the time to find someone that fits your personality and someone with whom you want to spend time because the home buying process is not a quick process in most cases. I could have treated them as the other agents had, or I could take the time to help a young couple that truly had no idea what they were doing. Visit some open houses and find an agent with whom you can build rapport. You want to have an agent that suits your style. If you're a blue jeans and t-shirt kind of guy or gal and you're agent is Ms. Aster (dressed to the nines and diamonds from head to toe) or Johnny Dynamic (my time is so valuable that I really don't have time to deal with you.), you will probably be uncomfortable. Find someone that fits your personality and the home buying process can be an enjoyable one.

As far as "can I do it on my own," if you are dealing with a FSBO(For Sale by Owner), you can do it on your own, but I do not recommend it unless you are great with contract language and feel comfortable writing your own purchase agreement. You are still going to want something in writing stating the terms of the sale. Most FSBO owners are willing to pay at least a 3% commission to the buyer's agent anyway. So, even if it is a FSBO, take your agent with you. He or she can save you lots of money in the long run in negotiation of price, terms, repairs, etc.

So, step #3- Find a good agent that makes you feel comfortable and one that can become a future friend.

Visit my website at : http://www.debmitchellcountry.com

First Time Homebuyers

2007-05-23T17:05:53Z

Why do I need to get prequalified for a loan before finding a home I like? Why do I need a prequalification letter?

By getting prequalified, you know how much home you can afford without extending your budget. I never recommend taking on a mortgage in which you cannot enjoy life after the mortgage. If you can only afford to stay at home, you can't afford to eat out, you can't afford that new pair of shoes without feeling guilty, then you are overextended. Do not let yourself get caught into this trap.

Prequalification gives you a "leg up" in submitting offers when you do find a home that meets your needs. Your agent will prepare an offer package to submit to the selling agent and the seller. As a buyer's agent and as a buyer, you want your package to be the most attractive presented to the seller because if multiple offers (more than one offer on the same property at relatively the same time) come into play having that prequalification letter could mean the difference in the seller choosing your offer over the other offer. Think about it, pretend you are the seller. Your home is priced at $125,000. You receive simultaneous offers from two different agents acting as buyer representatives. One offer is for $120,000 with no supporting documents on how the buyer plans on purchasing the home. Another offer is for $120,000, but it has a prequalification letter from a trusted mortgage broker and an earnest money check showing the buyer's seriousness in purchasing the property. Which offer would you accept?

Most seller's would accept or counter the second offer because this offer shows that the buyer is serious in purchasing their property.

So, step #2- Get prequalified and get a prequalification letter to use for submission of offers. Give a copy to your real estate agent to keep on file for offer submissions.

Visit my website at: http://www.debmitchellcountry.com

First-time homebuyers

2007-05-21T18:04:02Z

Are you renting an apartment, searching for a home to rent and finding few homes available that rate above barely inhabitable? Have you thought about buying a home? First-time homebuyers enter the market feeling anxious, overwhelmed, and inundated with misleading information from many sources. Over the next few weeks, I will try to calm somes of your fears and help you enter the first-time homebuyers market prepared and ready to deal with whatever comes your way.

What do I need to do to start the process of buying my first home?

As an agent, I always recommend that first-time buyers start at the mortgage company. Your real estate agent can recommend a mortgage broker or mortgage company. He or she will direct you to a firm that works closely with first-time buyers. Chosing a mortgage broker is like chosing a real estate agent, you want your personalities to "jive." If you feel uncomfortable, pressured, or feel like the broker is being condescending, then leave and ask for another recommendation from your agent. There is nothing worse than spending time with someone you do not like. As the old adage goes, "there are plenty of fish in the sea," this holds true for mortgage brokers as well. You must find a broker that you can trust, that you can spend time with, and one that is willing to help you finance your first home even if this means working out kinks in your credit history.

You need to know what price range home you can afford before you fall in love with the $200,000 Tudor-style home only to find that you cannot afford it. If you start the home search in your price range, you will be less likely to be disappointed with what you find in your price range. If you start the search above your price range, then few homes in your true price range will appeal to you. It's like test driving an Escalade and then test driving a Geo (sorry Geo owners), but there is no comparison. Another service that mortgage companies provide is credit counselling, which will give you tips to repair or improve your credit score. This is extremely helpful, if you doubt your credit viability.

So, step #1-Find a good mortgage company.

http://debmitchellcountry.com

FSBO's- Why you need an agent!

2007-05-16T15:04:27Z

As a FSBO (For Sale by Owner) I appreciate and understand your need to gain the greatest amount of profit from the sale of your home. However, doing the job by yourself does not always reap the greatest rewards. For example, there is currently a FSBO in my marketing area that is priced below what I feel is a fair market price for the property. My view is based on a similar home that I sold only two months ago. This home was less square footage, had a little more land and sold for $5500 more than what these owners are asking for their property. The two subject properties are less than 1/2 mile from each other. I don't understand the concept of trying to sell it yourself when you can achieve the same bottom line at closing without all the hassle and work. Why not hire an agent to do the leg work and take care of all the paperwork. If you receive a "low-ball" offer, nothing says you have to accept it. You can achieve your bottom line and have the expertise of an agent to represent your interests.

As an agent, it is my job to market your property, handle all the showings, complete the necessary paperwork, schedule home inspections, appraisals, termite inspections, contact all involved to complete the closing, accompany the represented party to closings and a myriad of other small items. Let an agent do the work and you can still reap the rewards you had hoped.

http://debmitchellcountry.com

Buyer Representation

2007-02-07T16:57:03Z

When you see a real estate sign posted in the front yard of the beautiful little white house with the picket fence you have admired for years, your first instinct is to call the listing agent to find out what the asking price is for that little jewel. While this is fine, I would suggest obtaining your own agent before seeing the property. I advocate buyer representation for any real estate purchase.

When you sit down to write the offer on the property don't you want to know that your best interest is being considered? When you have a buyer rep, he or she represents your interests solely while the listing agent represents the interests of their client, the seller. While Realtors are required to pass rigourous ethics training, it is my personal opinion that each person in a transaction deserves and needs their own agent so that each parties best interests are served.

My advice to you is to interview agents in your area, and find someone in which you are willing to spend time with and with whom you can build a rappport with. You don't want to spend hours on end searching for properties and working with someone that you couldn't stand to spend five minutes with in a normal situation. Do some research, ask family and friends, or just walk into an agency and find the eager newcomer. They will bend over backwards to help you find your dream home.

"Let the buyer beware." With buyer representation, the buyer has nothing to fear.