homeowner: Cutting Real Estate Agent’s Commission may Backfire for Home Sellers
- 10/23/13 10:58 PM
Anyone who has ever sold their house with a great real estate agent knows that a solid professional is worth their weight in gold. In addition, you can also ask anyone who chose to go with a poor/discount broker or no agent at all and you will get plenty of horror stories. I read an interesting article on DenverPost.com written by Paul Owers of the Sun Sentinel, titled Cutting the take of real estate agents may backfire for home sellers.Although it talks specifically about the Florida market, in my experience, I couldn’t agree more about what happens right here in Denver. … (0 comments)
homeowner: Tying Up the Property. By Dan Polimino.
- 05/13/13 08:23 PM
In a seller’s market, there is a practice known as ‘tying up the property’. When a good listing comes on the market, there can be a bit of frenzy. Everyone wants to get a look at it. The realtors want to do a good job and make sure that they secure the property for their client. No one really wants to get into a bidding war (except the seller of course), but everyone wants to be the winning bid for the property. Thus comes in the idea of tying up the property. What this means is that some buyers will throw … (0 comments)
homeowner: The State of Real Estate. By Dan Polimino.
- 04/22/13 11:15 PM
I always think it fun to play the “did you know game” every once in a while. It’s even more fun to do it with the real estate business of which I am so passionate about. I was at Keller Williams Annual Conference in February, listening to Gary Keller talk about the state of the real estate business. Here’s a few “did you knows” to kick around when you are thinking about making a move. 1) Since 2006, mortgage rates are down by 50%. The affordability of a home always boils down to the monthly payment. Nothing affects monthly payment … (1 comments)
homeowner: The “What If” Game. By Dan Polimino.
- 03/04/13 04:50 PM
Sometimes, moving your home and life can be very scary. People get wrapped up real quick on what looks like a monumental task. Some people have a natural tendency to think negatively and have a belief that good things just won’t happen to them. So sometimes when I meet clients, I play the “what if” game with them. For example, let’s say that they were thinking about selling their home, but they weren’t sure about the process, or if they could get what they wanted in terms of price. I start by asking them, “What if I could sell your … (1 comments)
homeowner: What Colors Sell? By Dan Polimino.
- 02/04/13 06:44 PM
Whether you are buying or selling a home, everyone is always wondering about what colors are the most appealing. The answers have just as much to do with where you live as it does with what’s in style at the present time. For instance, if you live in a very traditional home in the northeast, one may see very dark and conservative colors. If you live in a seaside home in one of the coastal states, one may see warm yet bright light colors like greens and yellows. Yet in cities, one might encounter more contemporary looks that are cold … (3 comments)
homeowner: I Don’t Need Any Agent. By Dan Polimino.
- 10/09/12 01:40 PM
“We won’t be using a real estate agent”, “We don’t need an agent”, “We can get a better deal if we don’t have a buyers agent“,”I can save money on the sale of my home without using a Realtor.” Boy have I heard those words a few times in my career. In theory it all sounds like a good idea, but unfortunately it rarely works out for both buyers and sellers. Here is why. 1) “I don’t need an agent to sell my home, I will save some money.” Today buyers are too savvy. They know that “For Sale By … (4 comments)
homeowner: Beware of What You Want To Hear. By Dan Polimino.
- 07/19/11 01:04 AM
One of the toughest things about my job is telling people what they “may not want to hear” when it comes to the price of their home. I walk into people’s living rooms every week and try to give them an honest evaluation of what I think their homes should sell for. In the last several years, that job has become more and more difficult as homeowners begin to understand the loss of value in their homes. I find myself being the bearer of bad news, and it is not a role I enjoy. I would love to be able to … (2 comments)
homeowner: Two FHA mortgages at the same time?
- 05/27/11 02:47 AM
Is it possible to have two FHA mortgages without jumping through a lot of hoops? Maybe. Under the old rules HUD required: the homes to be a primary residence and at least 50 miles apart, an increase in family size, or for medical reasons such as the homeowner was currently living in a two story and needed a ranch style residence because they could not handle the stairs. The reason for this was simple. HUD did not want to see people "empire build" with FHA mortgages. The new guidelines state that a borrower can purchase an FHA-insured primary residence, then rent out that primary residence and re-establish another primary residence … (0 comments)
homeowner: How long after a short sale before I can purchase?
- 01/16/11 05:43 PM
HUD has issued the following guidelines (ML 09-52) for a homeowner who wants to obtain a FHA mortgage after a short sale or short payoff: * Borrowers who were current on their mortgage and all installment debts at the time of the short sale ARE eligible for a new FHA mortgage, if the short sale served as payment in full on the mortgage in place. * FHA will insure a first mortgage where the existing note holder(s) write off the amount of the indebtedness that cannot be refinanced into the new mortgage due to a decline in property values and/or reduction … (6 comments)
homeowner: Potentially vs Realistically
- 09/14/10 12:25 AM
The Associated Press, on Wednesday, released more information about the new FHA program to help homeowners who owe more than their home is worth. "The new program takes a different approach. It allows investors in mortgage-backed securities to evaluate their holdings and select borrowers who will be offered refinanced mortgages guaranteed by the FHA." Potentially this is a great program that will help everyone. Realistically I think it will mirror the government's mortgage relief program. More people dropped out of the program than were helped. I anticipate mounds of red tape and borrowers to get gouged on the rate and fees. Why should they bother to … (3 comments)
homeowner: Cash-IN refinance?
- 07/26/10 08:07 PM
A cash-in refinance is when the new mortgage is smaller than the existing mortgage and the homeowner brings cash to the closing table. In contrast, a cash out refinance is where the old mortgage is less than the amount of the new mortgage and the borrower receives cash back. Freddie Mac has estimated that almost one third of its mortgages today are cash-in refinances. The strategy is to make your mortgage work harder for you. Savvy borrowers are doing this to: 1) eliminate mortgage insurance, 2) avoid the higher rates on jumbo loans, or 3) a loan to value issue will … (2 comments)
homeowner: Reverse Mortgage for Purchase?
- 07/08/10 02:38 AM
We usually think of a reverse mortgage as a way to help people over 62 use the equity in their homes to upgrade their quality of life. But what if they want to buy a new home? Last week I spoke with a retired couple who want to downsize to a ranch style home because their tri-level home is too big and has too many stairs. The current house payment is almost $1,500 a month with over 20 years before it is paid off. Even with excellent credit and ample cash reserves, their income is not sufficient to qualify them for the loan they needed. The solution is a reverse mortgage … (0 comments)
homeowner: Reverse Mortgages
- 06/14/10 06:43 PM
A reverse mortgage is a loan for homeowners over 62 who have equity in their homes. The property must be the homeowners primary residence; not a second home or investment property. It is called a reverse mortgage because the homeowner receives a check from the mortgage company instead of making a payment to the mortgage company. A reverse mortgage may be used for either a purchase or a refinance of an existing home. The money is tax free as it is proceeds from a loan and not considered income. The loan does not have to be paid off as long as the … (4 comments)
homeowner: Why the ending of the Federal Home Buyer Tax Credit is a good thing………
- 04/06/10 02:04 AM
As most of you know, the end of the tax credit is just a few short weeks away on April 30, 2010. Under the guidelines, you have to be “under contract” by April 30, and then close the transaction by June 30, 2010 in order to receive the either $8000 First Time Buyer credit or the $6500 Move Up Buyer credit. The tax credit was extended back in November of 2009 at a time when home values and prices were continuing to fall and our government was trying to help solve that problem. I believe we did the best we could … (5 comments)
Anyone who has ever sold their house with a great real estate agent knows that a solid professional is worth their weight in gold. In addition, you can also ask anyone who chose to go with a poor/discount broker or no agent at all and you will get plenty of horror stories. 
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