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home sales: How Do I Buy a HUD Repossessed Home in Lancaster County PA? - 08/06/08 03:32 PM
The Federal Housing Administration (FHA) insures mortgage lenders who make FHA loans. The FHA is part of Housing and Urban Development (HUD).
What happens when a homeowner defaults on an FHA mortgage? The home, after going through a foreclosure procedure, reverts to HUD, where it will eventually be resold.
How do I buy a HUD repossessed home? In Pennsylvania, including Lancaster County, HUD properties are administered by Hooks Van Holm, Inc. The first thing you need to do is locate a REALTOR who is certified to work with HUD properties. Hooks Van Holm displays available properties online at www.hooksvanholm.com/ . A HUD-certified … (9 comments)
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home sales: Brian Schulman Joins a New Office - All Due to Blogging! - 07/25/08 11:41 AM
Over a year ago, I started noticing some excellent photographs being posted on localism.com for various towns and boroughs in Lancaster County, PA. Since I was posting numerous photos myself, I soon became familiar with the professional quality photography of Jeff Geoghan.
It turned out that Jeff had taken notice of my blogging, too! One day, out of the blue, I received a phone call: "Guess who this is!" Over the ensuing months, we had lunch together several times, also including fellow blogger Jeannie Kontis, and discussed blogging and Lancaster County real estate matters.
In the mean time, exciting things were … (19 comments)
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home sales: "Dear Brian, Thanks For Your Great Service, BUT..." - 07/03/08 07:01 PM
It makes me think of the old "Peanuts" comic strip where Lucy tells Charley Brown to kick the football. then pulls it away at the last second, causing poor Charley Brown to kick nothing but air and fall on his back!
We spend weeks or months showing properties to a prospective buyer. Or we spend days doing research or making up marketing materials for a prospective seller. And one day we get a call or a letter or an email:
"We just bought a home through XX Realtor. We knew you'd be happy for us."
Or, "We had to list our home … (79 comments)
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home sales: Should I Sign a Buyer Agency Agreement? - 07/03/08 02:53 PM
If you are a real estate buyer in Pennsylvania, eventually you will probably come face to face with a REALTOR. You may be confused by the papers that are put in front of you and that you are asked to sign.
Many buyers that I speak with have been to see other agents in the past. One of the first questions I always ask is whether they have previously signed an agreement to work with any other agent. It's remarkable to me that many of these buyers don't know what they signed in the past, what they have obligated themselves to, … (8 comments)
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home sales: Sellers - Disclose Everything! - 06/24/08 06:11 PM
In Pennsylvania there is a Seller Disclosure law that requires sellers to provide prospective buyers with fairly extensive information about the home they are selling. Among the types of information required:
How long you have owned the properrty
Whether you live in the property
Whether pets have lived in the property
Condition of the roof, whether there has been any leaking, repairs or replacement, and if you have documentation of such repairs or replacement
Condition of the heating, plumbing and electrical systems
Whether there has been any water, mold or mildew in the basement
If there are underground tanks, settling or … (7 comments)
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home sales: What Really Motivates Buyers? - 06/22/08 01:09 PM
In a previous post, I wrote about sellers who inadvertently blew their chances for a sale by following showing agents and their buyers around the home. In this post I want to discuss what really motivates buyers, and how you as a seller can make the most of it.
Too many sellers, (and too many real estate agents for that matter), don't really understand what motivates buyers to make a purchase. The results of this misunderstanding can easily be seen in classified ads that merely recite a laundry list of features - beds, baths, square feet, gas heat.
Buyers don't buy features … (22 comments)
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home sales: How One Seller Blew a Sale - 06/19/08 07:27 PM
Here's a true story of how a "helpful" seller lost a serious buyer because they didn't leave me alone to do my job!
I was showing a nice 1950s vintage ranch house to my buyers. The house was in good condition, with an average size rear yard. However, behind the house, with no fence separating it, was the vast rear lawn of an adjacent church.
My buyers were a young couple, both of whom were employed. They had no children. They were looking for a home with low maintaince to match their lifestyle.
The seller, who should have been absent for … (23 comments)
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home sales: Open House "Tire Kickers" - 06/08/08 10:00 AM
I haven't been a big proponent of open houses for a long time. It seems to me that open houses have become less and less effective as a marketing tool.
However, when I did do open houses - and for a while I used to hold open houses fifty Sundays a year - I noticed a very consistent phenominon. The very first and the very last visitors were invariably not serious buyers!
The very first visitor would be waiting on the doorstep before the house was even open. They would be wanting to get in before I was even set up. … (22 comments)
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home sales: Sellers: Please Keep Your Utilities On! - 06/04/08 06:25 PM
Have you ever looked at a home for sale that was unbearably hot because it had been locked up over the summer with no ventilation or air conditionng?
Have you ever tried to go into the basement of an investment property only to find that it was pitch black and no lights were available?
Have you ever left a home tour before really getting to see all its features because you were shivering too violently to stay and there was no heat?
If so, you already understand the point I am about to make! Sellers often have to leave a home … (13 comments)
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home sales: Is Carpeting Investment Properties a Good Idea? - 06/03/08 09:56 AM
Is carpeting your investment properties a good idea? There really isn't one answer that covers all situations. There's no question, though, that tenant abuse and damage to carpets exceeds all other costs to landlords, and is a major factor in whether landlords realize a profit or a loss over the years.
Carpeting was originally introduced in depressed rental markets by some landlords as in incentive to differentiate their apartments from the competition. Slowly, competing property managers began offering carpeting as well, until by the 1960s it was pretty much the norm. But worn and damaged carpets had to be replaced so … (10 comments)
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home sales: Serving as "Dutch Uncle" for First Time Home Buyers - 06/02/08 07:54 PM
Years ago when I was a young sales engineer for an energy corporation, there was an older engineer who had a great "bedside manner" with both our corporate customers and the newer sales people. When problems arose, he would come out from the regional office to our areas, and counsel us as to the best ways to handle any situation.
He would joke that he was playing "Dutch Uncle" as he listened to our problems and suggested solutions. As a young employee, I always enjoyed Bill's visits because of his vast knowledge and his understanding ways.
In my career as a REALTOR, I have … (6 comments)
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home sales: Lancaster County, PA Home Sales Price Update - 05/30/08 04:28 PM
For a long time Lancaster County, PA home sales had been slowing, but with increased median prices. However, for the latest available report from the Lancaster County Association of REALTORS, the average sales price in April was $181,510, down 8.9% from the average price of $199,250 in April 2007.
In addition to the weakened average price, only 388 homes sold in April, a whopping 20.9% decrease from the 490 homes settled in April 2007.
On the positive side, new residential listings were actually down to 894, from 906 last April. This indicates that excess inventory is not getting worse.
What does … (4 comments)
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home sales: Mortgage Insurance Underwriting Change - 05/30/08 02:38 PM
Mortgage insurance will be harder to get after June 1, 2008, now that MGIC, the Mortgage Guarantee Insurance Corporation, will stop insuring certain classes of loans.
Underwriting changes mean that the following classes of applications will no longer be eligible for mortgage insurance after June 1:
Reduced Documentation/No Documentation loans
Investment properties
Cash-out refinances
3- to 4-unit properties
Loans with potential negative amortization
What is the likely result of this underwriting change?
Home loans for owner occupants with good credit and documented income will not be affected.
Since MGIC is the most influential mortgage insurance institution, other mortgage insurance companies are likely to … (0 comments)
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home sales: Be Aware of "Buyers Remorse" - 05/22/08 06:27 PM
Purchasing a home, especially for the first time, is an exciting experience - but it can be stressful, too! Buyers often worry that they will make the wrong choice of houses, or that they will pay too much, or that something will be wrong with the house that they don't yet know about.
Sometimes, right after the purchase, buyers will suddenly realize the magnitude of what they have committed to - and fearful of a mistake, wish that they had never made the commitment to buy. This phenomenon is known as "Buyers Remorse".
Buyers remorse can occur even when the buyers … (11 comments)
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home sales: I Don't "Sell" Houses - 05/20/08 04:47 PM
Don't misunderstand me! I come from a sales background, and I believe that honest sales is a noble, useful and necessary profession.
Having said that, buying or selling a home is one of the most complex transactions that most individuals get involved with. It's not comparable to a barker selling the latest slice-and-dice kitchen tool at a fair.
What we as REALTORS do, is consistently more than selling. In fact, "selling" houses sounds manipulative, and may be one of the reasons that real estate agents are regarded with some wariness by buyers, who may feel that they have to keep their guards up … (12 comments)
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home sales: "How Much Will the Sellers Take?" - 05/19/08 06:17 PM
Periodically I get this question from buyers: "How much do you think the sellers will take for this house?"
It's a legitimate question, but not one that necessarily can be answered precisely by a REALTOR.
The short, flip answer is: "Well, the seller has already made public that they will accept the asking price for the home!"
To understand the deeper answer, you must know a little more about agency relationships.
If the real estate agent is representing the seller, he or she is obligated to keep certain information confidential. The reason the seller is selling, may be one of those pieces … (6 comments)
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home sales: Why You Need a LOCAL Real Estate Agent - 05/01/08 09:31 PM
There are several country-wide internet sources that purport to give you a long-distance estimate of what your home is worth. Many of these sources rely on public records and owners' estimates of what their homes are worth.
I'd like to give you a glaring example of why many of these estimates are almost useless and even dangerous.
Zillow.com sent me an "update" on April 28 of a Lancaster, PA city listing that I had sold earlier this year. The house had been in need of renovation, and sold, in a slow market, for $36,000.
Here's Zillow's analysis:
Recently Sold: $36,000.
… (17 comments)
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home sales: Why Doesn't the National Association of Realtors Promote BUYERS' Agency? - 04/17/08 08:06 PM
Did you know that the NAR (National Association of Realtors) is the largest trade association in the US? With 1.3 million members, the NAR is a major proponent for home ownership and property rights.
NAR's national publicity campaigns have promoted a more professional image of Realtors(R) helping buyers find just the right house, and helping sellers market their homes in the most effective way.
I was not big fan of the previous campaigns that stated "You have a life. Real estate is our life." Nonetheless, it did make the point that Realtors are prepared to work hard and ethically for the … (82 comments)
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home sales: "Subprime" Need Won't Go Away - 04/13/08 12:54 PM
There has been a great deal of negative publicity about the subprime mortgage industry. High interest rates and the adjustable rates that are now resetting have been a major cause of foreclosures and the unrest in the housing market.
Don't misunderstand me. There's plenty of blame to go around. Many borderline borrowers went way beyond common sense in the houses and mortgages they committed themselves to. Many real estate agents did not adequately prepare their buyers for the worst cases possible in their mortgage terms. And many loan originators were only too happy to have more transactions provided by the extremely … (8 comments)
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home sales: Misleading Real Estate Statistics - 04/04/08 04:12 PM
Every month new statistics are published regarding the state of the housing industry. Recently these statistics seem quite depressing! While not discounting the fact that the real estate market has been soft in most areas of the country, several factors combine to make these statistics somewhat sensational and rather misleading.
In the first place, all real estate is local. Just like the old joke about location, location, location. National statistics don't tell the story of what conditions are like in your area.
Furthermore, even if you separate the local statistics into average sold price or median sales price, it still doesn't … (17 comments)
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Brian Schulman - Your Lancaster County, PA Real Estate Expert
Lancaster,
PA
More about me…
Coldwell Banker Select Professionals, Lancaster PA
Address: 1000 N. Prince Street, Lancaster, PA, 17603
Office Phone: (717) 735-6265
Cell Phone: (717) 951-5552
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