buyers agent: Home Buyer Road Map - 05/29/12 08:37 AM
You'll need a 'Buyer Road Map' Compiling a 'home search wish list' featuring what is most important to you and your family when you begin your housing search should be an absolute priority. There is a habit of spending hours on the internet and on many different sites looking and 'lurking' at future home possibilities. But are you spending your time wisely? What this post will do is help give you a sense of direction on what is most important. The minimum's and the maximum's to finding your ideal home. Most people start their search on the internet and often find … (3 comments)
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buyers agent: Buyers Agent - What is Agency and why should I care? - 03/21/11 01:46 PM
Buyers Agent - WHAT IS AGENCY AND WHY SHOULD I CARE?? Agency Terms in Illinois - Lyn Sims at RE/MAX Suburban is a 20+ year real estate veteran that can help guide you with representation questions regarding agency in your real estate transaction. 'Who works for who?' is the best way to describe this informative post. Ask yourself as a buyer: 'Do you want someone working directly for you and your interests?'Seller's Agent -- When you sign a listing agreement with a real estate broker you are typically signing an agency agreement that makes that broker and all sales associates affiliated … (5 comments)
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buyers agent: What happens if there is something found at the Home Inspection? - 12/27/10 08:41 AM
What happens if there is something wrong? Our contract here in the Northwest Suburbs of IL states that 5 business days after the contract is accepted you have the right to hire an inspector to go through the property with you. If something is found 'deficient' or non-working we have to notify the seller of our findings within those 5 days in writing. It gives the seller the right or option to either repair, replace or state what will be done regarding the problem. Not everything necessarily 'is broken' that is found at the home inspection. Often times, there can be … (9 comments)
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buyers agent: Criteria to Obtain the Best Interest Rate - 12/23/10 09:15 AM
Criteria to Obtain the Best Interest Rate No doubt you're aware that mortgage rates have been low throughout the year. You've also probably heard that this fall has seen interest rates dip to record lows for the modern era. But you may have also heard that some buyers or refinancing homeowners are having difficulty obtaining loans at the lowest advertised rates. The loan application process is much more rigorous than in years past and the processing time for loan applications has grown.
How can you know whether or not you realistically qualify for the great rates being advertised? Remember that lenders … (5 comments)
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buyers agent: Mortgage Rates now on the rise! - 12/17/10 11:16 AM
Just when things are starting to look better at least in the Northwest Suburbs, 'someone' decides to sabotage the whole thing and raise interest rates. This just doesn't make any sense to me and I know there are many factors involved here but it's just ridiculous. One step forward, 2 steps back.Mortgage Rates Continue to Climb, Closing in on 5% Mark"Borrowing costs on home loans continue to increase, with mortgage rates rising sharply for the past five weeks in a row. New data from Freddie Mac shows that the average rate for a 30-year mortgage jumped 22 basis points over the … (8 comments)
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buyers agent: Look Mr. Buyer .... I'm not going to do it - 12/12/10 12:47 PM
Mr. Buyer .... I'm not going to do it I am currently working with an REO buyer and we have looked at many a house now that needs WAY too much work. Finally we happened upon just the right house and we made an offer. We submitted the offer to an unlocal REO team (national it says?) to present the offer to the bank. They tell me that the bank requires 5 to 7 business days to review the contract. That seems just about right but I was hoping for a response sooner never the less.The buyer has no patience, not … (8 comments)
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buyers agent: Buyer's Loan in Progress - What not to do at that cash register! - 12/06/10 10:56 AM
So your loan is in process and you see the 'deal of a lifetime'? What to do or what NOT TO DO?
Great story from Gene Mundt a loan officer in the Naperville area. Don't blow your new home's closing over a television set and a $62 reduction in price.
Via Gene Mundt (Chicago Bancorp):
You're out doing your holiday shopping. It's 11:45 pm .. and you're in that store because they have exactly what you want and have been looking for ... at an unbelievable price, but only if purchased during the hours of 10 … (3 comments)
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buyers agent: Mortgages Hit Lowest Rates Since 1950's - 10/10/10 01:42 PM
Mortgages Hit Lowest Levels Since 1950s Thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on record dating back to 1971, from 4.32 percent last week. A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent last week, and the one-year ARM dropped to 3.40 percent this week from 3.48 percent.This is a great boon to buyers who should take advantage of these great rates and take advantage of today's … (5 comments)
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buyers agent: 10 Reasons for Buying a Home in Today’s Market - 10/06/10 10:41 AM
In spite of the media, I believe that buying a home is still a good opportunity & investment. This excellent post by John Mulkey gives the reasons why.
If you are looking for a home in this market with plenty of opportunities and great rates, please give me a call.
Via John Mulkey, Housing Guru (TheHousingGuru.com):
I will begin by stating that I’m not a real estate agent and derive no income from real estate sales. The information provided is to help potential home buyers make the most prudent choices regarding the purchase of a home.
As a former home builder, … (6 comments)
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buyers agent: The Chicken and the Egg of Real Estate - 10/02/10 11:16 AM
Why should you get preapproved as a Buyer? This is a great post that spells out the reasons why. Lenders have changed the rules and if you are a first time homebuyer - you don't even know the rules!
We're not being nosy, trying to jump the gun, trying to be pushy. It's just common sense to be sure we know what is affordable for you.
Sage advice from Cynthia Larsen in CA.
Via Cynthia Larsen - Sonoma County Real Estate Broker (707-332-2560 www.cynthialarsen.com):
The chicken and the egg. Which comes first? When a potential buyer calls and wants me to show … (4 comments)
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buyers agent: Why buying a home is not like buying a box of Cheerios! - 10/01/10 09:20 AM
Why buying a home is not like buying a box of Cheerios!
Let's talk about supply and demand and how it pertains to real estate and purchasing a home. What gives things value is the supply and demand. The more demand, the more the price goes up. Remember the Elmo's and other great toys for Christmas? People just fighting over things in Toys R Us? That's demand uplifting the price or keeping it the same.
When there are too many of one item, the market is considered soft and the price goes down to see if they can entice people … (12 comments)
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buyers agent: Buying a Home on a Fast Timeline - 08/04/10 05:27 PM
Buying a Home on a Fast Timeline Real estate experts often refer to the impact and strategies of 'motivated sellers', but the needs of another group are sometimes overlooked: motivated buyers. Home buyers can have many motivations for wanting to buy quickly: a desire to take advantage of low interest rates, the need to address their housing situation before starting a new job or school, or to prepare for the arrival of a new family member. Whatever your individual reason, smart planning is the trick if you're in the position of buying on a tight schedule. Establish Your 'Short List' of … (3 comments)
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buyers agent: Buyers ~ Do Not Assume that Every Home You Approach is Overpriced! - 05/12/10 12:02 PM
Mr. or Ms. Buyer is this you? You've been told in the media that home prices are adjusting downward but what if they are wrong? Your local realtor spends day in and out looking at homes in the area and knows what prices are doing for your market. If you're looking for 'that deal' and the realtor can back it up with sold prices in the area you should move forward before someone else does! My sellers have now priced their homes BELOW MARKET in order to attract more buyers!
We are dangling the best priced 'carrot' that we can to … (3 comments)
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buyers agent: FICO SCORES ... How They're Arrived At ... How They're Affected by Short-Sales, Foreclosures, & Bankruptcies - 05/07/10 05:57 PM
FICO scores - that mystery number the credit reporting agencies form about YOU! Your FICO score says an awful lot about you that's why you are probably reading this. Good or bad boys and girls? Your score says what you've been up too.
More importantly, your FICO score can save you or cost you big money! A low score and your interest rate is higher! The higher the score it seems the more lenient creditors are with you because you are a good credit risk.
Enjoy the post from Gene Mundt a loan officer in our area. Some of these facts … (2 comments)
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buyers agent: Do you want a Chauffeur or a Buyers Agent? - 04/23/10 01:17 PM
Why would you show a non-approved condo to an FHA buyer? Recently this has happened so much to me that I thought I would write a post about it. The poor unsuspecting buyer thinks they are in capable hands when in fact they are with an agent that doesn't have a clue.
I thought that in Real Estate 101 someone once told me (they were selling caves at that time) that you can't sell all condos to every buyer. Either they can go FHA or they can't. Can't mix and match, it's got to be a 'yes' or a 'no' for … (12 comments)
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buyers agent: Buyers Ask: What Should I Be Looking For in a House? - 04/07/10 04:13 PM
First time buyers - what should you look for? Open closets yes? or no? Open cabinets yes? or no?
Enjoy this post from Brian Block in Virginia on looking for (or at) your new home!
Via Brian Block -- Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President):
One of the most common questions homebuyers ask me as we're walking around the inside of homes they're considering is "What Should I Be Looking for in the House?" This question arises most commonly among first-time buyers who haven't spent much time previously exploring houses.
Since everyone has … (1 comments)
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buyers agent: Buyers - Common Misconceptions Among Buyers about Pricing - 04/07/10 12:01 PM
Buyers misconceptions about price and how to determine the correct price when making an offer. Yes this is a sellers market with larger than normal amounts of inventory but is a 'stupid sellers market'? Is it a 'sellers fire sale'? Did anyone tell you that this market was a 'sellers give-away and lost his mind sale'? If a seller has their home on the market they indeed want to sell it so not every home is overpriced.
In our area now there are currently 2 levels of pricing, did you know that? Distressed prices and what we call 'arms length … (4 comments)
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buyers agent: Foreclosures - Such a DEAL! . . . Maybe It Really Isn't - 01/29/10 10:31 AM
Ahhh the lure of foreclosures! To some buyers it's like the smell of hamburgers on the grill when you've been stranded on a desert island! They gravitate towards 'the deal' (not the Donald). It's like Homer Simpson and his 'donuts' mantra, they just can't help themselves.
This post is from a successful buyers agent, Carla Muss-Jacobs from Portland, and what she finds when she shows foreclosures to overly eager buyers. You better know what your 'in for' and go in with both eyes open! In fact, get as many eyes as possible to help you out (inspectors, contractors, etc) if this … (7 comments)
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buyers agent: First Time Buyers - Price is not all that Matters for Sellers - 01/21/10 09:11 AM
This is a great post that explains the purchase offer and the 'how, why and what' of negotiating. Price is not the only issue despite what you might have been told. It's a 'package' and you should make your 'presentation' to the seller as strong as possible!
Credit for this post goes to a successful agent from Atlanta, Sally English. Enjoy her explanation and perspective.
Via Sally English, www.ENGLISHTEAM.com; GRI CRS (REMAX Executives, Inc. in Atlanta Georgia): Negotiating the Purchase Offer: Price is not all that Matters for Sellers
Receiving an offer to purchase your home is thrilling. After … (2 comments)
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buyers agent: Top 10 Posts for 2009 on Active Rain - 12/28/09 02:46 PM
Top 10 Posts for 2009 It always intrigues me what interests people on the internet. Active Rain has been such a valuable asset and each year at this time I check out what people have been reading in order to improve next year in 2010. Any trends? Topics? Or, should I be the first with topics? Here's a compilation in case you've missed some of these posts - and yes, there is more than 10!Illinois Home Sales - December 2009Cook County Downpayment Assistance Program - August 2009Open Letter to First Time Home Buyers - August 2009Buying a Bank Owned Home - … (2 comments)
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