Joshua's Blog

Seasoning Issue with Flips

2008-09-17T20:24:57Z

I had a interesting topic come up in a e-mail that I received from a prospective client who is interested in selling her home.

I wanted to take the opportunity to post some information that I found out about the "seasoning issue" with banks.

Seasoning is the length of time you own a property. Many banks are not allowing consumers to receive conforming loans if they are putting less than 20% down and the seller has owned the property for less than 90 days.

This would arise for instance if a investor purchased a home, made repairs quickly and placed the property back on the market and found a buyer all within 90 days.

I have experienced this first hand in my career. Luckily enough, I was able to sell the home I purchase for investment purposes because I was shortly over the 90 day period. However, the issue did arise.

http://www.joshmcknight.com

Visit my website for more Real Estate Tips

Wise Sellers Get Inspections

2008-08-24T14:46:17Z

Selling your home can be rewarding. It can also be stressful. One

of the downsides of the selling process is the buyer's home inspection.

Eight out of 10 buyers have a home inspection in order to

make a well-informed decision about the sale. This can result in

closing delays, price renegotiations, unpleasant surprises and lastminute

contractor repair estimates.

You can protect yourself, make your home look at its best in a

competitive market, attract more offers and sell your home quickly

by having your home inspected before you place it on the market.

Prospective buyers will have more confidence in the condition

of the property and more trust in you when they walk through a

pre-inspected home.

List your home with Realtor Josh McKnight and receive a FREEpre-listing inspection (a $300 value) by Jason Bancroft, the National

Property Inspections professional in your area.

The benefits of a pre-listing inspection include:

• Receive top-dollar for your home

• Sell your home faster

• Reduce the chance of price renegotiations

• Avoid closing delays

• Reduce the chance of price renegotiations

Wise Sellers Get Inspections

Jason C Bancroft

NPI Inspector/Owner

Cell: 610-906-1587

Fax: 610-482-9143

http://www.bancroftinspections.com

jason@bancroftinspections.com

Josh McKnight

Keller Williams Real Estate Realtor

Cell: 267-275-5774

Office: 215-657-8100

http://www.joshmcknight.com

List your home and receive a FREE PRE-LISTING INSPECTION ($300 value).

Call Josh McKnight at Keller Williams Real Estate to find out how.

• Avoid closing delays

• Reduce your liability through full disclosure

• Provide proof to buyers of your home's condition

• Reduce the chance for unpleasant surprises from

the buyer's inspection.

National Property Inspections will schedule your pre-listing inspection

at a time convenient for you, and will provide you with

a computer-generated inspection report with an accurate assessment

of your property's condition. NPI inspections meet stringent

industry standards and include:

• Foundation

• Roof & Flashing

• Siding

• Furnace

• Air Conditioner

• Electrical System

• Plumbing

• Lots & Grounds

• Windows & Doors

• And More

Clean, functional and safe homes sell first. Know what common

issues can delay your home's sale and help ease the sale of your

property with a pre-listing inspection.

36 Featured Properties have been selected for picking

2008-08-22T21:24:32Z

Hello to all,

We are currently holding 36 featured properties on our website that are ready to deal. Visit http://www.joshmcknight.com to view all 36 properties or to sign up for free listings to be sent to you every time something new comes onto the market.

If you are currently interested in buying a new primary home or a investment property for cashflow purposes, visit my website at http://www.joshmcknight.com. We can get you set up with automatic e-mails for the hot properties that are coming onto the market. Act before interest rates rise. Most of the professionals I have spoken with have the opinion that prices have stabilized, and we just need to sell some inventory.

Joshua McKnight

http://www.joshmcknight.com

Horsham Phone List

2008-08-08T09:46:20Z

Here is a list from the Horsham Township website that includes important phone numbers. Print and keep handy!

Contact Phone List

General Contact List

Horsham Police (Non-Emergency)	215-643-3600
Horsham Ambulance (Non-Emergency)	215-672-6212
Horsham Library	215-443-2609
District Justice 38-1-14, Harry Nesbitt III 38-1-22, Paul W. Leo	215-675-2040 215-957-5935
Keith House - Graeme Park	215-343-0965
Earned Income Tax Information	610-599-3138
Comcast Cable TV & Internet	1-800-COM-CAST / 1-800-220-7920
Municipal Real Estate Tax Office	215-643-3135
Horsham Post Office	215-672-8674
Horsham Little League Hotline	215-674-5704
Horsham Soccer Association	215-646-2305
Horsham Heat Baseball	215-672-3558
Hatboro Horsham Wrestling Club Hotline	215-880-6013

Montgomery County Numbers

Montgomery County S.P.C.A.	610-825-0111
Montgomery County Waste Authority	610-278-3045
Health Dept. Willow Grove Annex	215-784-5415
Montgomery County Willow Grove Annex	215-784-5405

State Government Numbers

PA 12th District Sen. Stewart J. Greenleaf	215-657-7700
PA 152nd District Representative Thomas Murt	215-674-3755
PA Department of Transportation State Road Repair	1-800-349-7623

Federal Government Numbers

United States Senator - Robert Casey	1-202-224-6324 1-717-231-7540
United States 13th District Representative - Allyson Schwartz	215-517-6572

School Numbers

Hatboro - Horsham District Administration	215-672-5660 / 215-420-5000
Horsham School Tax Office	215-420-5260
Keith Valley Middle School	215-956-2910 / 215-420-5050
Crooked Billet Elementary School	215-675-0427 / 215-420-5300
Limekiln-Simmons Elementary School	215-358-1002 / 215-420-5800
Simmons Elementary School	215-956-2929 / 215-420-5700
Mary Mother of the Redeemer School	215-362-7400
Germantown Academy	215-646-3300
Montgomery County Community College	215-641-6300

Licensed Residential Trash Haulers

Arthur Moore	215-646-6279
Ches-Mont Disposal,	1-800-710-1333
Waste Management	215-257-1142

Joshua McKnight WWW.JOSHMCKNIGHT.COM

Keller Williams Real Estate

Cell 267-275-5774/ Office 215-657-8100

Keller Williams Ranked #1

2008-07-29T20:41:02Z

Keller Williams has been ranked #1 in helping home buyers according to the J.D. Power and Associates 2008 Home Buyer/Seller Study.

This is no surprise to me, especially considering the amount of training and support that Keller Williams as a company offers it's associates. For example, everyday in my market center in Horsham, there are classes and agent forums that are open for all agents to attend, even if you work for another company. The culture at Keller Williams is like no other in that everyone is supportive to one another, and I truly believe this value passes down to the consumer.

God Family Business

Joshua McKnight

www.joshmcknight.com

Housing Rescue Bill

2008-07-29T20:24:07Z

A $300,000,000,000 rescue bill has been passed in the US House on Wednesday. Providing the Senate agrees on the bill and the President signs it into action, this could provide assistance to homeowners who are in danger of losing their homes to foreclosure, as well as Fannie Mae and Freddie Mac.

Now I have heard many debates on whether this rescue bill is a good idea or not. Many folks believe that the government should have the responsibility to step in and help homeowners who took loans they could not payback. And they definitely should not be giving money to Fannie and Freddie.

What do you think?

Joshua McKnight

www.joshmcknight.com

Short Sale Checklist

2008-07-19T21:59:56Z

When requesting to your lender to accept a short sale on your property, there are 3 categories of items that you will need to get put together. Financial information, hardship information and property information.

Lets start with what you will need on the financial list

Financial Information

Three most recent bank statements for all checking and savings accounts
W2s for the past 2 years
Income tax returns from the past 2 years
Past three paycheck stubs
And copies of all bills within the past 2 months from all borrowers

Hardship Information

Hardship letter that describes why the homeowner was unable to make payments
Documentation that proves the hardship

Property Information

Information about other liens on home if any
Comparative Market Analysis that recent
HUD statement
Estimates for necessary repairs
Property tax bill and proof of payment status
Proof of homeowners insurance coverage

Please feel free to give me a call or visit my website with questions at www.joshmcknight.com

Joshua McKnight
Keller Williams Real Estate
www.joshmcknight.com
Cell 267-275-5774
Office 215-657-8100

Avoid Foreclosure: Lender options

2008-07-18T14:29:08Z

First of all, if you are behind in your payments or facing foreclosure, the very first thing that you need to remember is that communication with your mortgage company is vital. I have experienced first hand with some of my clients that have been in trouble the importance of good communication. It especially comes in handy down the road if you really need a favor from the lender. If the communication has been good, they are more willing to listen.

The intent of this blog is to give homeowners information about the different ways that their lenders can work with them to come up with a solution to the problem. If you would like you can contact me for a free brochure that outlines what actions homeowners should take when in foreclosure. Please visit my website at www.joshmcknight.com

We are going to be discussing 5 things that the lender can do for you to help you in your current situation. And please try to remember that you are not alone in this process, and that there is support out there if you are willing to reach out for it.

The first option, and in no particular order is known as forbearance. Forbearance occurs when lenders let you make partial payments, or even skip payments if you can reasonably expect to catch up in the near future. This would be great for example, if you had to miss work for a period of time and did not have a income.
The second option would be reinstatement. Reinstatement occurs when you make a lump sum payment to catch your mortgage up to date. In most cases, lenders are required to let you reinstate the mortgage if you do have the money. Unfortunately, this option is used the least because it is difficult to come up with a lump sum.
The third option you can consult your lender about would be work out some kind of repayment plan. This will occur when the lender allows you to make your normal monthly payment, plus a little extra each month until you catch up. This again works great if for some reason you could not make a few payments, but now you are back on track.
The fourth option is known as loan modification. This occurs when your lender agrees to change any term to your mortgage in your favor. For example, some common terms that may be changed to help you would be the interest rate, the amount of time that the loan needs repaid, switching from an adjustable mortgage to fixed and so on. The lender may even take the back payments that you have missed, place them on the back of the loan catching you up to date, and then recalculate the loan.
The last option would be known as deed in lieu of foreclosure. This will occur when you agree to sign the house over to the lender before it forecloses to avoid the whole process.

Keep in mind that the options above are great when you are dealing directly with the lender. Aside from all of the above mentioned ways to help the situation, you may want to consider selling the property on the market and moving on. Please feel free to contact me if you have any questions.

Visit my website for more solutions and free material at www.joshmcknight.com

Joshua McKnight

Pre-Foreclosure scripts?

2008-07-15T21:11:07Z

Hello anyone and everyone.

Is anybody willing to share with me some great pre-foreclosure scripts for both calling homeowners and door knocking? I would truly appreciate it. Thanks

Montgomery June 2008 Home Sale Stats

2008-07-14T22:23:24Z

For the month of June, home sales in Montgomery were as follows:

22 Single family houses settled totaling $8,434,000 in total volume.

5 Condo units settled totaling $1,026,00 in total volume.

The majority of the home’s that sold in Montgomery went under contract within the first 30 days on the market.

The numbers presented here in my opinion shows great evidence to buyers and sellers in Montgomery that the market in the area is still moving, and the activity is there. Sellers should be optimistic and not reluctant about placing their homes on the market. If you need to sell or buy, find a Realtor in Montgomery that can handle all of your needs.

www.joshmcknight.com

Joshua McKnight
www.joshmcknight.com

Horsham June 2008 Home Sale Statistics

2008-07-14T22:21:35Z

For the month of June, home sales in Horsham were as follows:

26 Single family houses settled totaling $10,762,000 in total volume.

5 Condo units settled totaling $1,245,00 in total volume.

The majority of these home’s that sold in Horsham went under contract within the first 30 days on the market.

The numbers presented here in my opinion shows great evidence to buyers and sellers in Horsham that the market in the area is still moving, and the activity is there. Sellers should be optimistic and not reluctant about placing their homes on the market. If you need to sell or buy, find a Realtor in Horsham that can handle all of your needs.

www.joshmcknight.com

Joshua McKnight
www.joshmcknight.com

Extra income for teaching what you love

2008-07-12T21:10:38Z

In today’s learning based environment, information is a hot item. People are always willing to learn new things and this could be a great opportunity to teach what you love and get paid for it. For example, you may be great at a particular hobby such as scrap-booking or karate, and with this being said, why not teach a class and charge a small fee. Even if you don’t feel as though your skills are worth charging for, this would be a great way to meet new people or network.

I love to meet new people and I love teaching what I know best. I love teaching people about the foreclosure and short sale process. I have worked with homeowners before in this situation, and I have plenty of experience working in these cases.

A great resource that you can use to meet new people that share your same interest would be a website called www.meetup.com
I have attended many meetings that I have found on the website and the people are great.

www.joshmcknight.com

Investors

2008-07-12T21:09:17Z

The market surely isn’t as hot as in the years past. But I can tell you one thing. Now is a great time to get into Real Estate investing. I personally invest in properties for rental purposes and I find that now is a great time to find some WONDERFUL deals. I have been investing for about 4 years, and in years past I have had a tough time picking up properties because of all of the competition. Now I find it easier to find properties with great cash flow, and I have time to analyze before making a decision. Real Estate investing is all about CALCULATED RISK as you may know, and I have never felt more comfortable about finding great deals.

Sure, it’s tougher to get investor financing at this time. Many banks are asking for a minimum of 20% of are own cash invested. But don’t be scared. Many homeowners are giving more concessions than ever, and that includes OWNER FINANCING.

If you are starting out in this business the best advise I can give is to take small steps daily to educate yourself on the business. Small steps daily will add on to great things in the long term. Good luck and happy investing.

Visit my website to get free information at your fingertips www.josmcknight.com

Unrepresented Sellers ( For Sale by Owner)

2008-06-26T22:34:46Z

I can understand why some homeowners choose to go the route of selling without representation from a Realtor. The main motivation behind this sort of decision always come down to one thing, and that is the commission. However, before you consider taking the for sale by owner approach, please keep in mind a few things. Statistics show that when homeowners do sell their homes this way, in many cases they actually net less than they would have with a Realtor.

There is much more involved with selling a home than sometimes anticipated, especially when it comes to contracts.

I offer some great listing options that you may want to consider. If you list with me and you find your own buyer, I will not charge any commission on the sale, and I will even help with the contract.

www.joshmcknight.com

Joshua McKnight

Keller Williams Real Estate

Cell 267-275-5774

Office 215-657-8100

Rates Creep Up

2008-06-20T09:55:36Z

A recent survey and a rate increase could mean more competition for homes

Recent indication is that first time home buyers are getting tired of sitting on the sidelines. According to a recent online poll taken by the National Apartment Association, 17 percent of renters plan to make the jump to home ownership in the next year; 41 percent of the 2,041 respondents planned to be home owners within two years. Only 31 percent planned to still be paying rent five years from now.

Another factor that could very soon contribute to an increase in home buying could be rising mortgage costs. Fixed-rate mortgage rates rose to 6.32 percent, the highest it has been since October. After months of aggressively dropping interest rates, many lenders are worried that the Fed will be forced to raise rates back up. As interest rates rise, so do mortgage rates. According to a press release on freddiemac.com, Frank Nothaft, Freddie Mac vice president and chief economist said that, "Mortgage rates jumped this week after a number of Federal Reserve officials, most notably Chairman [Ben] Bernanke and Vice Chair [Donald] Kohn, expressed concern over a threat of inflation." We may very well be seeing the beginning of the end of the super-low mortgage and potential buyers may realize that with rising rates, now may be the time to jump in. Nothaft added, "Moreover, pending home sales for April unexpectedly rose by 6.3% and mortgage applications for home purchases ... were also up last week."

Joshua McKnight

Keller Williams Real Estate

Cell 267-275-5774

Office 215-657-8100

www.joshmcknight.com

Great Philly Buy for Under 50k

2008-06-20T09:53:07Z

I find it interesting to hear so many people say that now is not a good time to invest in real estate, and that good buys are hard to come by. I find that thought pattern to be completely false and unfounded. Real Estate investing in my opinion is one of the greatest vehicles to put your money into. It's all about calculated risk. Can you calculate risk in the stock market? Real estate is a brick and mortar asset that you can touch and feel. By doing some research on particular properties, you can lower your risk and make the best investment for you.

Here is a great property for sale that may be a good starter property

1819 E Clementine Street in Philadelphia Offered at $44,900

Joshua McKnight

Keller Williams Real Estate

Cell 267-275-5774

Office 215-657-8100

www.joshmcknight.com

josh@joshmcknight.com

Ambler Residential Activity for May 2008

2008-06-14T13:05:48Z

Residential real estate activity for Ambler in the month of May included 3 sales of single family homes. Ambler had 7 pending sales for the month of May. Of the 3 sales that did hit the books last month, 2 of those listings sold within the first 30 days at an average of 93% of original asking price. If you or anyone you know is interested in buying or selling a house in Ambler PA, please give me a call.

Visit my website at www.joshmcknight.com

Joshua McKnight

Keller Williams Real Estate

Cell 267-275-5774

Office 215-657-8100

Horsham Residential Real Estate Activity May 2008

2008-06-13T22:43:49Z

Horsham residential real estate activity in May included 17 closed transactions. 6 of the homes that settled were in the $250,000 to $300,000, which made up the majority. The good information for the sellers is that in May, homes sold for a total of 96% of their original asking price. This data in my opinion shows that the market is going well in the Horsham area and the surrounding townships. Homeowners who want to sell their homes should not hesitate to get their homes listed. The market is experiencing good activity. If you of anyone who is interested in purchasing a home in Horsham, please contact me.

www.joshmcknight.com

Joshua McKnight

Keller Williams Real Estate

Cell 267-275-5774

Office 215-657-8100

Computers make me crazy sometimes

2008-05-17T22:11:17Z

It's late and I just got off the phone with my computer company's technical support. Yikes, that was exhausting. This was probably my 4th time calling them about this same notebook computer. I think that I have logged about 10 total hours of call time with the company on trying to come up with some kind of solution to my problem.

My computer started freezing and crashing, and freezing and crashing some more. The final straw is when my Outlook stoppped working for some reason. After running a Boot diagnostic test over the phone with the technician, I received an error code that indicated my hard drive is failing. Luckily enough, I still have the original 1 year warranty on the computer, so they are sending me the part in the mail.

With all of this drama, I definetly realize how much a computer is necessary in the real estate business.

Did I forget to mention my internet was down today as well:(

Long Term Investing

2008-04-07T21:06:24Z

Real Estate investing for the long term in my opinion is the best way to become financially wealthy. In todays market, we can't afford to make decisions based on short term goals. If I can purchase a property with a positive cash flow with little money down and in good repair, I believe that I have made a great investment.

I can help investors find properties that fit their wants and needs based on their portfolio goals. I believe that todays marketplace provides a interesting place for investors to make great buys. If you are interested in purchasing investment properties in the Baltimore area, please contact me to set up a meeting.

Joshua McKnight/Century 21 HT Brown

443-618-7103 888-280-7664

Lease with Option

2008-03-28T15:51:55Z

Hello fellow activerain members,

I was wondering if anyone would be able to share with me a lease with option to purchase agreement. I have one from the socrates software, but I am trying to find the best form possible. Please let me know if you can help me. Thanks in advance

Home selling tips

2008-03-28T15:03:35Z

There are a ton of things that we should do before placing our homes on the market to make it more desirable to buyers. My fingers would hurt trying to type everything that everyone has ever said to help this process. Thinking about some of the more major issues, I have compiled a helpful honey do list for all you sellers out there.

The first step should be to get all of that clutter and unnecessary items out of the house. We don't realize how much stuff we can accumulate until it's time to move it. (Why does my wife need so many candles?)

Clean EVERYTHING in the house from top to bottom. This should include carpet, walls, counters, furniture, windows, bathroom, kitchen, etc.......

If you think that your home may have a unique smell, which no one wants to admit, get rid of it. Do whatever you can to clean the carpets or furniture, or whatever may be holding the smell.

Organize everything nice and neatly.

Complete those finishing touches that have been in your to do list.

Try to accommodate all of the agents who would like to show the property. Go somewhere while they are showing the house. Turn on some lights and open the curtains before you leave.

Hopefully some or all of these tips will come in handy for you when trying to sell your home. If you have any questions, or would like some more advise, please contact me.

Joshua McKnight

Century 21 H.T. Brown Real Estate mcknightrealestate@gmail.com

Successful Open House

2008-03-26T15:39:47Z

I was interested in getting some great tips on holding successful open houses. In my opinion, open houses are hit or miss in my area. There has to be some kind of science to getting foot traffic through the property.

1. Where do you advertise?

2. What kind of refreshments do you serve?

3. Do you offer door prizes?

4. What websites do you take advantage of for advertising?

5. How many directional signs do you place in the surrounding area?

6. How do you approach prospects that come through? Meaning do you strongly try to market yourself, or are you more laid back.

Any tips would be greatly appreciated. I have held open houses and I switch up the strategy every time. But I would like to get something consistent that works. Thank you

Investor Clients

2008-03-21T09:03:33Z

The market surely isn't as hot as in the years past. But I can tell you one thing. Now is a great time to get into Real Estate investing. I personally invest in properties for rental purposes and I find that now is a great time to find some WONDERFUL deals. I have been investing for about 4 years, and in years past I have had a tough time picking up properties because of all of the competition. Now I find it easier to find properties with great cash flow, and I have time to analyze before making a decision. Real Estate investing is all about CALCULATED RISK as you may know, and I have never felt more comfortable about finding great deals.

Sure, it's tougher to get investor financing at this time. Many banks are asking for a minimum of 20% of are own cash invested. But don't be scared. Many homeowners are giving more concessions than ever, and that includes OWNER FINANCING.

Hang In There

2008-03-20T21:55:36Z

Word on the street is that many agents are looking for jobs to help supplement their income a bit. While I understand things aren't the way they were in the past few years, it's important that you hang in there. The worst thing that you would want to do is to lose focus or even get out of the industry, only to find difficulty getting back into the swing of things when it picks up.

Working harder is the solution to staying on top of your game. Get back to the basics and keep moving forward. In years to come we will all have stories to tell about the way things were, and what we did to adjust.