New group created

Created in an effort to increase awareness and knowledge about how the industry REALLY is and what you can do to get on the fasttrack to SUCCESS.  Not only is this group for new agents to learn form, but this group is for all Active Rain members and anyone else to contribute their expertise and experiences that have gotten them to where they are now. 

The purpose for the group 

The purpose for the group is not a place to brag, but a friendly place to contribute experiences and helpful tips.  New agents in the field can contribute their input as they overcome trials and obstacles with the help of other agents.  New Agents can ask question to gain a more complete understanding of what it takes to get on the fasttrack to SUCCESS.  We have all been there and we can all help to create a more beneficial place for everyone.  You get out what you put into it, as we have experienced here on Active Rain. 

Welcome new and seasoned agents

Welcome new agents as well as more seasoned agents to helping one another achieve success on many levels. Please feel free to leave advice that you think new agents need to know starting out. Many new agents don't last through two years in the business and with your help they can learn what it takes to make or break it.

Join and Contribute

Please join our group, learn to help other agents by actively participating, which in turn helps yourself achieve success in new areas and on new levels.  Seasoned agents often can need to be more like the eager and determined agents that are entering into the field.  The possibilities and endless and each contributing member has the opportunity to ad another perspective to issues discussed.

Check my website for Home Improvement Ideas Links
www.stephenblauer.com/

Tips for Hiring a Painting Contractor Painting is one of the most popular home improvement projects you can undertake, but it can be more difficult than you might think. Whether you're planning an interior or exterior painting project, hiring a painting contractor will save a lot of time and energy in the long run. More

Maneuverability is Key to Improving Productivity While many assumed that paper was on its way out as scheduling and planning was relegated to electronic devices and desktop computers, they were wrong. Computers certainly play an important role in daily business and personal planning. However, rather than replacing paper, computers are being used in conjunction with traditional business tools. More

Find a Reliable Contractor to Finish Your Basement Whether it's extra bedroom space, a new den, a playroom or just a quiet spot to call your own, finishing the basement is one of the greatest ways to improve cramped living. However, a basement has a few unique characteristics that must be considered to ensure that the space functions well for your needs. More

Are Your Windows Going Out of Style? Windows are more than just a way to get light and air into your home. They are also your frame on the world, an expression of your home's identity - and yours as well. More

Finding the Right Contractor for your Storm Window Job While you may think of winter as the season of extreme weather, summer can bring torrential rains, thunderstorms, hail and other imposing forms of precipitation. The same storm windows that help your home stay insulated in winter are an important part of its protection against summer storms. More

Easy Pool Maintenance Tips Some of us are lucky enough to have a pool. If you are even luckier, you get to enjoy that pool year round. But then, pool maintenance never takes a break. Follow these daily, weekly, and other maintenance tips to keep your pool looking great. More

Need Help Finding a Qualified Contractor? Now that spring has arrived, a lot of people are itching to get started on their home improvement projects. But where can you turn to find a good contractor? More

Choose a Clean (Chimney) Sweep When it comes to protecting your home and family, the chimney is one job where you simply can't afford to get burned. It makes sense to hire a professional to clean the chimney and summer is an ideal time to do so. More Tips for Kitchen Remodeling Kitchen remodels are among the most popular home improvements because they offer a great return on investment while giving you the opportunity to enhance and simplify your daily routines. More

Wow Them with Your Kitchen Remodel When it comes to kitchen remodels, where are people putting most of their emphasis? It's not on what you may think. More

Check my website for lifestyle links
www.stephenblauer.com/

Five Tips to Turn Your Bedroom into a Blissful Oasis Designers and sleep experts agree that your bedroom should be a peaceful refuge, a restful retreat that creates an atmosphere conducive to sleep and relaxation. Here are five tips to help turn your den of chaos into an oasis of bliss. More

Theme Ideas for Kids' Rooms Parents who confidently decorated the rest of their house can find themselves frozen in fear or frustration when it comes time to decorate their children's rooms. Here are some ideas to help overcome the fear and create a room kids will love. More

Birth of an Accessorizing Queen - or King The crib of your dreams is purchased, assembled and in place. Tiny clothes, burp clothes, bath towels and diapers are stored in a new dresser/changing table. All the nursery needs now is the baby - and a few accessories to add the finishing touch. More

Transform Your Home with Windows Nothing makes such a noticeable difference in how your home looks and feels than windows and doors. The right selection can not only help save energy and reduce maintenance, but also provide unique ways to express yourself and how you live. More

Use Artificial Plants to Achieve Feng Shui When You Redecorate Redecorating your living space for comfort and style can be challenging -- and fun! Decide on a lamp, a rug or a piece of art to complement your décor, but how do you decide? To create a look that's your own, with a peaceful energy flow and warm, appealing comfort, consider feng shui to help you redecorate. More

Need Help Finding a Qualified Contractor? Now that spring has arrived, a lot of people are itching to get started on their home improvement projects. But where can you turn to find a good contractor? More

What's Old is New Again Walk into any recently built house on the Parade of Homes tour and you're likely to find at least one room with a totally rustic look.  Here are some tips on how to create a similar look in your home. More

Find a Reliable Contractor to Finish Your Basement Whether it's extra bedroom space, a new den, a playroom or just a quiet spot to call your own, finishing the basement is one of the greatest ways to improve cramped living. However, a basement has a few unique characteristics that must be considered to ensure that the space functions well for your needs. More

Styling for Baby's Room Decorating the nursery is not just about getting one major chore out of the way before the baby arrives. The nursery's décor makes a statement about the relationship the parent hopes to cultivate with the child - warm and loving, fun and stimulating, soothing and secure. More

Finding Great Rugs Easier and at a Discount Many elements must work together to create a remarkable room. There is the color scheme, furniture, decorations, and of course, the rug on the floor. Don't overlook the significance of the one thing that could tie the whole room together! Shopping the Internet for rugs opens up a new world of opportunities. More

FREE Comparative Market Analysis
The correct selling price of a home is the highest price that the market will bear. To assist you in determining the correct asking price we provide you with a comprehensive market analysis of comparable properties sold and offered for sale in your neighborhood.

To provide a more detailed Comparative Market Analysis, we would be more than happy to also assess your listing in person. Visit my website at http://www.stephenblauer.com/ for a free analysis of your homes value.

Simply enter your criteria below, and we will provide you with a speedy response. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential.  There is no obligation.  Please indicate when you are thinking of selling and if you are moving within Orem or relocating outside Orem.

  

Calculators
Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

                                                                   

Try my free mortgage and finance calculators to estimate costs such as monthly mortgage payments or initial investment costs.  Complete the fields on my website calculators at http://www.stephenblauer.com/ (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Advanced Home Search
Here is your chance to be notified of all new listings in Utah County that meet your criteria, absolutely FREE! Visit my website at http://www.stephenblauer.com/ for a free Home search.

Not only will you be notified by email of all new listings that match your search criteria within our website, but your home search will also be compared against other participating agents' listings within your desired area(s). All new listings added to the system that match your criteria will be emailed to you free of charge. 

Much Much More!
We also apply other integrated tools that are useful to buyers and sellers alike. Feel free to browse for tips of getting your home sold as well as buying tips for those looking for the perfect home. You can also contact me or email me anytime with any questions you may have.

Take the Mystery Out Of Real Estate Sales Contracts
Once the perfect home has been found, it is time for the house buyer to take the step that makes so many of us tremble with fear: the sales contract. To take some of the mystery out of the house sales contract, we will discuss what the contract involves and the components of most housing sales contracts.

First, remember that what you are signing is a legal contract. No matter what anyone says, you are not just making an "offer". Most sales contracts will have some paraphrase of the following: "This is a legally binding contract. If not understood, seek competent advice before signing." To put it simply, if what is written on the contract regarding selling price and provisions is accepted by the seller, you have bought a home. Unlike other negotiable businesses, such as the automobile business, "would you take?" is defined in Real Estate by a legally binding contract backed with a monetary deposit.

Although there will be some variance based on the location of your residence, most Real Estate contracts contain most or all of the following items:

What
A legal description of the property as well as the street address.
How much
The selling price.
Mortgage contingency
Subject to obtaining a mortgage (if applicable) and the specifics of the mortgage - amount, rate and term. Application to be made in X number of days.
Deposit
How much money accompanies the contract and who will hold it.
Closing
When and where.
Inclusions and exclusions
What is and is not included in the sale of the property.
Home inspection
Contingency for and to be done in X number of days.
Warranties
Any that are included with the house and description of the warranty.
Condominium
If the property is a condo, other provisions will apply.
Well and Septic
If applicable, they must be tested (and pass).
Termite and Pest inspection
Who will pay and if there is infestation or damage, who will repair.
Possession Date
When the buyers take possession of the house--before, at or after closing.
Acceptance
How long the sellers have to respond to the offer with either acceptance or a counter-offer.
Arbitration
Any provisions for arbitration of disputes.
Insurance
Whose insurance covers the property up until the closing date.
Property Disclosures
Notices of any property disclosures concerning the house.

The exact wording of the sales contract will vary from locality to locality (and sometimes even within localities), but by being prepared to see at least the items listed above, you will be in a better position when it comes time for the Agent to ask for your signatures!

Prepare for Closing Day!
After the searching for a home is done, the negotiations have been completed, the house has been inspected, and the mortgage has been applied for and committed to, the focus suddenly turns to the Closing, Settlement, or Escrow as it is known in some localities. For simplicity, we will refer to the process when it all comes together and you finally own the home as Closing. An understanding of the elements of and players in the closing, as well as a concise preparation for it, will eliminate many nervous hours as the day approaches.

What is involved?
It is the proverbial "signing on the dotted line:" the process of which will put the title to the house in your name, verify homeowners' insurance on the property, commit in writing to the terms of the mortgage, and usually, put the keys to the house in your hands. In general, you will leave the closing and go to your new home as a homeowner. The weeks and months of anticipation are all settled in the short amount of time that you spend at the closing.

Closing procedures will vary from locality to locality. In some areas, the buyers and sellers (as well as their Real Estate Agents) will all attend the closing. In other areas, only the buyers will be present. The closing will take place at the office of an Attorney, a Title Company, or an Escrow Company (again, there is some variance here based on your local laws and tradition). In general, though, the closing will be attended by all the buyers involved and their Real Estate Agent, as well as the Closing Agent, who has reviewed all of the components of the house sale and who is the one who will say "sign here" more times than you have ever heard in your life.

What forms are involved?
Although there may be additional documents involved, the primary items which are dealt with at the Closing are:

• The Settlement Statement--Page 1 and Page 2
• The Contract
• The Loan Papers
• Title Insurance
• Homeowners' Insurance
• The Title or Deed
• The Down Payment and Closing Costs

The Closing is your final opportunity to make certain that everything related to the purchase of your home is correct. It is important, therefore, that you do adequate preparation prior to the day of Closing. Although your Agent will most likely review all of the items needed with you, it is a good idea to have the right information in case you need to handle it on your own.

What items will we need?
The following are the most important items that you will need prior to or at closing and some hints regarding them:

A Closing cost estimate
This should first be given to you by your Agent at the time of the contract, and then given to you by the Lender, a Good Faith Estimate, shortly after the application for the loan. This should give you a reasonably close estimate of funds you will need at the time of closing.
Homeowners' Insurance Policy
This must be secured prior to the date of closing.
Settlement Statement
You should have a copy of the Settlement Statement before the date of Closing. Generally this will not be available until one or two days prior to the actual Closing, but it is important to have it because it gives you the total amount of cash you will need at Closing and also how those various funds will be dispersed. In addition, it gives you an opportunity to iron out any discrepancies prior to sitting down at the Closing table. Your Agent should also have a copy for review.
Certified Funds
On the day of Closing you will need certified funds for closing costs and down payments. This is an important reason for needing a copy of the Settlement Statement a day or two in advance--so you know the amount of funds needed and so that any problems can be handled in advance.
By making adequate preparations in advance, you will be far less likely to have awkward surprises when everyone (especially you!) is ready for closing.

Home buyers again need their own money to close a deal.

Lenders faced with growing piles of bad loans, even to borrowers once considered good credit risks, have clamped down on the no-money-down mortgage. The abrupt shift threatens to dash the hopes of millions of potential buyers, especially those shopping for their first homes.

Four out of 10 first-time buyers used no-down-payment mortgages in 2005 and 2006, according to surveys by the National Association of Realtors. But some lenders are now scrapping such loans completely. Others are pickier about who gets them. All figure that the more cash borrowers put down, the less likely they are to default.

No-down-payment loans are just about near impossible to get right now say some loan officers and real estate agents around the nation. We'll have someone all lined up and then without warning, the lender will say they can't get a loan. This hurts the first time home buyers and the less fortunate families the most. Many new families straight out of college and other reasons can't afford to drop 20% or more on a down payment on a home.

Investors are also feeling the pain as it is becoming more difficult to finance a property or flip that can generate lots in profits for them. This doesn't mean that they won't be able to invest, but that they will have to find alternative methods of financing their investment properties. Creative investors always find a way around to creating their wealth through creative financing options such as having the owner finance the property for them.

Preliminary House Inspection
The purpose of your personal inspection is only to eliminate those properties from consideration that have too many obvious deficiencies. It is not designed to take the place of a professional house inspection. If a house passes your initial "tests" (location, wants and needs, etc.) you will probably want to schedule a second showing where you can spend an hour or so doing an inspection of the house.

What to look for:

Foundation
Are there obvious cracks? Any apparent shifts in the foundation?
Roof
Does it appear new, old, or of an indeterminate age? What is the overall condition?
Evidence of leaks
Check inside as well as outside. Check all ceilings and areas around windows.
Basement or crawlspace
Is there dampness? Is there adequate insulation?
Attic
How does the interior of the roof structure look?
Quality and workmanship
In general and in any additions
Apparent energy efficiency
Does the house appear tightly sealed?
Electrical
Any obvious malfunctions?
Plumbing
Any unusual noises or malfunctions?
Appliance condition
What is the age and condition of the stove, dishwasher, refrigerator (if included), etc.?
Heating/cooling system
Does it seem to do the job heating or cooling?
Exterior
Is the house going to need repairs or paint soon?
Lot
Does the drainage appear good--and away from the house?
Lot
Are there any trees encroaching on the roof or foundation?

Understand the Jargon!

Agent
An individual who represents a seller, a buyer or both in the purchase or sale of real estate.
Amortization
The schedule of loan payments that establishes the amount of payment to be applied to the principal and the amount to be applied to interest, usually on a monthly basis, for the full term of the loan.
Annual Percentage Rate (APR)
The TOTAL interest rate of a mortgage, including the stated loan interest as well as any upfront interest paid in securing the loan. The APR will invariably differ from the mortgage rate quoted due to the inclusion of these items.
Appraisal
An estimate of value of a Real Estate property by a professional third party. Virtually all non-owner financed mortgages will require an appraisal and is generally paid for by the buyer.
Adjustable Rate Mortgage (ARM)
A mortgage in which the Interest rate is adjustable, meaning that the rate can go up or down according to prevailing financial market conditions.
Assessment
The value of a property as determined by the local tax jurisdiction which is used to determine the amount of your property taxes.
Buyer's Agent
A Real Estate Agent that has made an agreement to represent the buyer exclusively, rather than the seller.
Comparable Market Analysis (CMA)
A comparison of the prices of similar houses in the same general geographic area. A CMA is used to help determine the value of a property, either for a seller or a buyer.
Closing
The process that effects the final transfer of the deed from the seller to the buyer, as well as finalize all aspects of the mortgage of the property.
Closing Costs
Funds needed at the time of closing (separate from and in addition to the down payment). Loan origination fees, discount points, Attorney fees, recording fees and pre-paids are some items that may be included. They often will total from 3% to 5% of the price of the home, payable in cash.
Contingencies
These are conditions - or "safety valves" written into Real Estate offers and contracts to prevent a buyer from being forced to buy a house that is unsatisfactory - either structurally or financially. Examples of contingencies are "This contract is subject to the buyer obtaining a satisfactory whole house inspection." or "Subject to the buyer being able to obtain a mortgage."
Condominium
Housing where the owner owns only the unit in which they live - from the interior walls inward, generally - as well as a portion of the common area.
Debt to Income Ratio
The ratio of a borrower's total debt as a percentage of their total gross income.
Deed
The document that, when recorded with your local government, determines ownership of a property. Transferred from seller to buyer at closing.
Earnest Money
Money that is submitted with an offer to purchase which indicates a buyer's seriousness and good faith. In virtually all cases, earnest money will need to be submitted at the time of the offer and remains in escrow until the time of closing, at which time it becomes part of the downpayment.
Equity
The difference between the value of a property and the total of any outstanding mortgages or loans against it.
Escrow
Funds held in reserve both prior to closing (for example the earnest money and deposit) by a third party and after closing by the mortgage company to pay future taxes and homeowners insurance. In some areas, "escrow" also refers to the closing process.
Fixed Rate Mortgage
A mortgage loan where the interest rate is established at its origination and continues unchanged through the life of the loan.
FSBO (For Sale By Owner)
Real Estate that is sold without the assistance of an Agent. FSBO can refer to both the individual selling the property "They are a FSBO," or the property itself "that house is a FSBO."
Foreclosure
The process through which a lender takes back property from a defaulting owner and re-sells it.
Homeowner's Association
An owners group, whether in a condominium, townhouse or single family subdivision that establishes general guidelines for the operation of the community, as well as its standards.
Inspection
A whole house inspection of a home being considered for purchase which looks for defects in the property.
Interest
That portion of a mortgage payment that is the "charge" for using the lender's funds.
Lien
A legal claim against a piece of property that can prevent it from being sold unless the lien is satisfied (paid off). Liens can be filed by unpaid contractors or other debtors in a legal process so that they will be paid when a property is sold.
Listing
A property for sale by a Real Estate Brokerage and Agent.
Loan Origination Fee
A charge imposed by the lender, payable at closing, for processing the loan.
Lock-in
An agreement by the lender at the time of mortgage application or shortly thereafter, to write the mortgage at a specific interest rate, whether rates rise or fall up to the date of closing. Obviously a good move if rates are rising, not so good if they are falling. Lock-ins have specific expiration dates, such as 30, 60 or 90 days in the future.
LTV (Loan to Value)
The ratio of the amount of the mortgage as a percentage of the value of the property.
MLS (Multiple Listing Service)
A listing (almost always computerized) of all the properties for sale by Real Estate Brokerages in a given geographical area.
PMI (Private Mortgage Insurance)
Required on virtually all conventional loans with less than 20% downpayment. Although the payments for PMI are included in your mortgage payment, it protects the lender should you default on the loan. On FHA loans, you will pay a MIP (Mortgage Insurance Premium) which accomplishes the same purpose.
Points
1 point is equal to 1% of the loan value, paid at closing. Points can be loan origination fees or "discount points" which reduce the interest rate of the loan (you are actually paying a finance charge up front). When a lender, for example, quotes a rate of 8 1/2% with 1 + 1 points, 1 point is for the origination fee and 1 point is for the discount fee.
Prequalification
The first stage of a mortgage application where the lender will run a basic credit report and determine your debt to income ratio in order to see how much mortgage you qualify for.
Pre-paids
Paid for (in cash) at closing for such items as homeowners insurance for one year and real estate taxes for several months.
Principal
The amount borrowed for a mortgage loan. Your monthly mortgage payment will be applied to both the interest and the principal (be assured, though, that the lions share will go to the interest portion in the first years of the loan).
Property Tax
An annual or semi-annual tax paid to one or more governmental jurisdictions based on the amount of the property assessment. Generally paid as part of the mortgage payment.
Recording
The act of entering deed and/or mortgage information into public record with your local government jurisdiction.
Sub-Agent
A Real Estate Agent who is working with a buyer but who represents the seller in the transaction.
Title Insurance
Protects your title - your ownership rights - from claims against it. Paid at closing, title insurance may be the responsibility of the buyer, the seller, or both, depending on what is traditional in your locality.
Warranty
Covers either most of the house in a new home, or selected items (for example the heating and air conditioning system or the water heater) in a used home. Warranties can vary widely and are optional in used homes (paid for by either the buyer or the seller).
Zoning
Laws that govern specifically how a zoned area can be used. For example, an area may be zoned for single family residential, condominiums, commerical or retail, or a mix of two or more uses.

10 Things You Need to Know Before You Hire an Agent

"It's critical that you make the right decision about who will handle what is probably the single largest financial investment you will ever make."

Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves.

An agent can cost or save you thousands of dollars

Picking an agent is one of those critical issues that can cost or save you thousands of dollars. There are very specific questions you should be asking to ensure that you get the best representation for your needs. Some agents may prefer that you don't ask these questions, since the knowledge you'll gain from their honest answers will give you a very good idea about what outcome you can expect from using them as an agent. And let's face it - in real estate, as in life - not all things are created equal.

Hiring a real estate agent is just like any hiring process - with you on the boss's side of the desk. It's critical that you make the right decision about who will handle what since this is probably the single largest financial investment you will ever make.

1.What makes you different? Why should I list my home with you?

It's a much tougher real estate market than it was a decade ago. What unique marketing plans and programs does this agent have in place to make sure that your home stands out favorably versus other competing homes? What things does this agent offer you that others don't to help you sell your home in the least amount of time with the least amount of hassle and for the most amount of money?

2. What is your company's track record and reputation in the market place?

It may seem like everywhere you look, real estate agents are boasting about being #1 for this or that, or quoting you the number of homes they've sold. If you're like many homeowners, you've probably become immune to much of this information. After all, you ask, "Why should I care about how many homes one agent sold over another. The only thing I care about is whether they can sell my home quickly for the most amount of money."

Well, because you want your home sold fast and for top dollar, you should be asking the agents you interview how many homes they have sold. I'm sure you will agree that success in real estate is selling homes. If one agent is selling a lot of homes where another is selling only a handful, ask yourself why this might be? What things are these two agents doing differently?

You may be surprised to know that many agents sell fewer than 10 homes a year. This volume makes it difficult for them to do full impact marketing on your home, because they can't raise the money it takes to afford the advertising and special programs to give your home a high profile. Also, at this low level, they probably can't afford to hire an assistant, which means that they're running around trying to do all the components of the job themselves. Bottom line, their service to you may suffer.

3. What are your marketing plans for my home?

How much money does this agent spend in advertising the homes s/he lists versus the other agents you are interviewing? In what media (newspaper, magazine, TV etc.) does this agent advertise? What does s/he know about the effectiveness of one medium over the other?

4. What has your company sold in my area?

Agents should bring you a complete listing of both their own, and other comparable sales in your area.

5. Does your Broker control your advertising or do you?

If your agent is not in control of their own advertising, then your home will be competing for advertising space not only with this agent's other listings, but also with the listings of every other agent in the brokerage.

6. On average, when your listings sell, how close is the selling price to the asking price?

This information is available from the Real Estate Board. Is this agent's performance higher or lower than the board average? Their performance on this measurement will help you predict how high a price you will get for the sale of your home.

7. On average, how long does it take for your listings to sell?

This information is also available from the Real Estate Board. Does this agent tend to sell faster or slower than the board average? Their performance on this measurement will help you predict how long your home will be on the market before it sells.

8. How many Buyers are you currently working with?

Obviously, the more buyers your agent is working with, the better your chances are of selling your home quickly. It will also impact price because an agent with many buyers can set up an auction-like atmosphere where many buyers bid on your home at the same time. Ask them to describe the system they have for attracting buyers.

9. Do you have a reference list of clients I could contact?

Ask to see this list, and then proceed to spot check some of the names.

10. What happens if I'm not happy with the job you are doing to get my home sold?

Can I cancel my listing contract? Be wary of agents that lock you into a lengthy listing contract where they can get out of (by ceasing to effectively market your home) but you can't. There are usually penalties and broker protection periods which safeguard the agent's interests, but not yours. How confident is your agent in the service s/he will provide you? Will s/he allow you to cancel your contract without penalty if you're not satisfied with the service provided?

Evaluate each agent's responses to these 10 questions carefully and objectively. Who will do the best job for you? These questions will help you decide.