real estate: Get Face-to-Face with Your Peers - 03/19/13 01:22 AM
In our online world it’s so easy to forget the value of face-to-face interaction with other Realtors.
Being a Realtor is about being part of a larger group of fellow professionals.  Realtors work together to sell homes and it’s this form of cooperation that makes us unique.  Other professional's don’t have that day-to-day interaction with their peers as we do.  Buyers and sellers may be our clients and customers, but in order to do our job, we must work one on one with other Realtors.
In Real Estate, familiarity breeds success.  It is so much easier to do a deal with … (0 comments)

real estate: Buyers can't make seller disclosures - 10/26/07 10:08 AM
In the hurry to get things done quickly, buyers' agents often will have clients fill out blank disclaimers and blank lead based paint disclosures for the listing agent to have the sellers sign.   For agents who do this:  DON'T!!
The law in most states (my guess is all states) is that sellers have to provide buyers signed disclaimers/disclosures.  HUD requires the seller/landlord provide a buyer/tenant a completed lead base paint disclosure and if there are know lead hazards, any records or inspection reports. 
If buyers do not get the disclosure/disclaimer at contract time they have a 3 day review/recession period on the contract.  If they don't' get it … (4 comments)

real estate: the work really starts after the contract is written - 10/23/07 06:36 AM
Once the contract is written, the job of a good Realtor has really just begun.  So has the job of a host of people including lenders, attorneys, title companies, insurance agents, home warranty companies and so on. 
The beginning:  Writing the contract.
Once the contract is written, the closing process is underway.  (This document is geared toward the Richmond Virginia Market and there are minor to major differences in other areas of the state and country.)  The contract must be sent to the following parties:
LendersAttorneys/Settlement AgentsBoth Real Estate FirmsBuyers and SellersThe closing process happens on several different levels before it all comes together … (4 comments)

real estate: It wasn't fraud that put most lenders out of business - 10/18/07 01:43 AM
In a free-market economy such as ours, the willingness to make money spurs on many things, including the housing and mortgage market.
Much of our recent real estate explosion was fueled by lenders lowering the bar on what it took to get a loan.  The reason they lowered the bar was there were investors willing to buy those loans in the secondary mortgage market.
In the mortgage-money cycle of life, loans are made, they are sold in the secondary-market, and then loans with similar characteristics are packaged into mortgage-backed securities.  These mortgage-backed securities typically are safe investments for pension funds and life insurance companies.
Over the … (2 comments)

real estate: It's not the Fed that keeps long term interest rates low - 10/18/07 01:02 AM
It's become common for the public to watch the actions of the Federal Reserve, thinking that their raising and lower of interest rates will have some affect on home mortgage rates. 
The truth is that what the Fed does has very little impact on interest rates for most home mortgages.  To understand what drives long-term mortgage interest rates you must understand where the money for home mortgages originates.
Home mortgage money comes primarily from investors.   Once a mortgage is made to a homeowner it is sold on the "secondary" market and packaged with other mortgages becoming a "mortgage-backed security."  This security is … (0 comments)

real estate: Inexpensive tips to increase your business - 10/13/07 02:56 PM
While there are many ways to market yourself as a Realtor, here are a few inexpensive methods that you may have overlooked.
When in public, always wear a name tag that says who you are and what firm you work for.  It may sound corny, but I guarantee it will prompt people to ask you about real estate.  The best name tags are magnetic and don't ruin clothing as easily as the ones that use pins. 
I know this will bring jeers, but car magnets are also great conversation pieces.  You might want to get something a little nicer looking than just the … (10 comments)

real estate: Feedback can turn a stale listing into a paycheck - 10/12/07 08:24 AM
Your listing isn't selling.  Trust me you are not alone.  However, your clients really "need" to sell and you feel frustrated - what can you do?
The answer is simple - give your sellers regular feedback on showings and on changes in the market. 
Calling for feedback from showings is the key to getting any home sold - particularly a home that is for sale in a down market.  Your clients need to know what buyers are thinking about their home.  If you don't call for feedback from each and every agent who shows your listings, you are missing a great opportunity.  … (5 comments)

real estate: Look for a good investment not a deal - 10/08/07 03:49 AM
Everyone wants a deal in real estate or as it's been called - "the price of a lifetime."  Many home lookers won't even make an offer unless it is tens of thousands under the asking price.
My advice to this type of buyer is look at the house and its potential long-term resale.
You never know how good of a deal your home was until you one day sell that home.  If the goal is to make as much appreciation as possible then focus on the house and not the price.
Real estate is essentially supply and demand 101.  The better demand for your home … (4 comments)

real estate: Having your own agent is always a wise idea - 10/07/07 02:44 AM
If you plan on purchasing a home, the first step is to find a reliable buyer's agent who will help guide you through the process.
A buyer's agent is your agent and represents your interests. 
If the property is listed the seller already has an agent who is looking our for his or her interests.  You have the same right to your own representation.
While it is illegal for the seller and listing agent to conceal known defects about the house such as a leaky roof or faulty furnace, it is not required for the listing agent or seller to disclose many other items such as:
Information regarding adjacent parcels of … (3 comments)

real estate: If you are moving why wait? - 10/06/07 01:10 AM
What is so bad with the housing market?  Nothing!
 Interest rates for fixed mortgages are historically low.  Inventory is high.  Sure we have seen the risky side of lending take a hit, but if you are a regular owner-occupant buyer things look pretty good on the buying front.
Now might be the best time for home buyers in years.  There is plenty to look at.  On the resale front you might actually have some negotiating room.  On the new construction front, builders are making deals.
If you are looking to move up to a larger home, things are good too.  I've had clients say they want to … (0 comments)

real estate: What did I just sign? - 10/05/07 03:06 AM
What did you just sign?
In the rush to buy a home, most people grant at best a cursory look to the documents they sign when making a purchase offer.  Buyers typically focus on the offer price and closing date and pay little attention the rest of the contract.
The documents you sign when buying a home are important and do not always favor a buyer.  There are many so-called "standard" contracts used in the Richmond area and the provisions within those documents can be as different as night and day.
Fortunately most buyers use a Realtor and have an attorney to advise them … (3 comments)

 
Gary Duda (RE/MAX Action Real Estate)

Gary Duda

Richmond, VA

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RE/MAX Action Real Estate

Address: 11551 Nuckols Road, Suite D, Glen Allen, VA, 23059

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Gary's advice can help you take your real estate career to the next level. He also offers advice on buying and selling Real Estate in Richmond, Virginia and surrounding areas such as Henrico County, Chesterfield County, Hanover County, Richmond, Goochland.


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