Some properties are flying off the market like hotcakes. This is true not only in other markets, but even here in various parts of Connecticut and in the Greater Waterbury area. Homes that are properly priced for their condition are seeing either multiple offers or a very short time on the market before an offer is submitted and accepted. Timing is everything. On several properties, I have been contacted by buyers looking to view the properties and submit an offer on them right away. When I investigated the … (3 comments)
We are apparently afflicted with a severely acute case of memory loss. It has been, what, five years since the real estate market bubble burst, the near collapse of major banking institutions, and the explosion of foreclosures and short sales across this country, and right when we are seemingly beginning to emerge from this cataclysmic mess, buyers are asking why do I have to put money down on a house? This question is not only coming from unqualified buyers, or even from moderately qualified buyers, but … (4 comments)
Jennifer Fivesdal asked a question in a recent post How many homes should you look at before making an offer? Her premise was that with a pre-set list of criteria, there was no need for buyers to look through an entire inventory of homes before making an offer. I made this comment on her post: “I find that the reason why some buyers end up going through so many listings before making an offer is one of two scenarios: either their wants change with the … (3 comments)
advice for buyers: Buyers in Need of an Education...
- 08/25/10 01:37 PM
Buyers in Need of an Education... "...all the realtor wants is to make the sale, that's all that matters to them". As I entered the sandwich shop yesterday morning, this was the conversation that was ensuing between an older gentleman, a young man, and a young lady behind the counter. The old man paused and gave me a look, as he noted the badge on my shirt. No, no, no!!! The sale is only the end result of a long process, and while realtors are compensated at the end of that process for their knowledge, time, and expertise in conducting a … (7 comments)
Do buyers really understand the costs involved in buying a home? Reflecting on my own home-buying experience, and thinking about the experience that I’ve had with a recent buyer in getting them the house that they want, has turned on a light bulb of sorts in my head. There are sooo many costs involved with buying a home that most people aren’t aware of when they first start on their home-buying journey.
The problem isn’t that Realtors don’t explain the costs. We actually do, but it is the way in which we … (11 comments)
advice for buyers: REO Urban Legends
- 11/14/09 02:57 AM
This article very neatly summarizes the major misconceptions that many buyers have when it comes to the availability of foreclosed homes at what many buyers would consider "a steal". The truth of the matter is here for all to see.
It seems like everybody has a story about a cousin or brother in law or long lost Uncle who offered half of the asking price on a foreclosure and got it. It has almost reached urban legend status in this market. I have bad news for people that believe this story. There are no giant alligators in the sewer. … (1 comments)
These 10 Commandments home buyers must follow may seem like common sense to many. Buyers, however, can sometimes forget with all the excitement surrounding the buying of their new home. In the past couple of weeks, I have heard of two separate buyers who saw their home loan turned down, and their dream shattered, a few days before closing because they had bought furniture for their new home before it actually became their home. Both of them now have … (1 comments)
(This is the finale of a three part series for homebuyers , outlining the process and steps to take that will result in your successfully buying a home, whether you are a first time homebuyer or a move-up buyer .)
There is nothing more exciting than buying a home.
So far, you have gone through the rigorous process of combing through your finances and credit to ensure that you were able to buy a home . You’ve corrected any deficiencies in your credit, and have contacted the appropriate … (6 comments)
I remember being a first time home buyer and the mystery that surrounded the transaction. This is the first post of a "Spring TX first time home buyer series". I hope this series will help to alleviate some of the home buying mystery. The VERY FIRST step in the process is to get yourself pre-approved with a good lender. I'm not talking pre-qualified; I'm talking pre-approved. There is a difference between the … (0 comments)
Let's cut to the chase. In this market (heck, in any market) people want the best deal possible when looking for a house to buy. This is why foreclosed properties are so popular among buyers . Oftentimes, foreclosed houses represent the opportunity to purchase a really nice house in a really nice area...a house that would, under normal circumstances, be out of their reach.
Now, keep in mind that these houses have been foreclosed on – why do you … (2 comments)
advice for buyers: 203k Made SIMPLE? Yes, for your clients..........
- 07/14/09 01:29 AM
This information is for all buyers who are looking to purchase a home that needs repairs. The 203K loan is one of the best options for you to pursue, so if you have not discussed this option with your lender, then you should do so.
203k MADE SIMPLE? Ok, maybe not, but I will attempt to make it as simple as possible for the client to understand and want to read on. For many of us in the business who are " in the know" we forget that we need to go back to the basics and spell it out in simple terms … (0 comments)
advice for buyers: Understanding and Using All of Your First Time Home Buyer Options
- 07/10/09 04:16 PM
This is excellent information for anyone looking to buy a home anywhere, whether you are a first time homebuyer or a move-up buyer. With all the excitement of the first time home buyer tax credit, buyers often get confused and miss out on other important options. As a first time buyer, don't let the excitement of the $8,000 tax credit cause you to miss out on many other home buying options. It isn't uncommon for a buyer to confuse the federal tax credit with seller credits, down payment assistance, or first time home buyer grants. First time home buyers have many … (0 comments)
advice for buyers: Buyer Birds and Bees
- 07/07/09 01:48 PM
This is for all buyers, no matter where you are in the process. Hopefully, you've had this talk with your realtor, but if not, keep it in mind and don't give up hope for getting the home you want!
I wonder, do you have "THE TALK" with your buyers? If so, what are you saying?
I recently referred a buyer out to my partner. She has been calling me for about a year. I would hear from her every couple of months when she would have a question on real estate. She was back and forth with her decision … (0 comments)
Having the seller pay some or all of your closing costs is common. Some buyers and their real estate agents have a hard time structuring these type of transactions. Below are FAQ's to help you understand the structuring needed for a purchase with seller concessions. Clarifying Terms When talking about this topic there will be many phrases thrown around that basically mean the same thing; seller concessions, seller paid closing costs, seller assistance, seller contributions, and more. For our … (0 comments)
One of the things that I am eternally grateful for is the fact that I actually brought my house before I became a realtor. For all of us who have the same experience, that can only translate into being the best possible resource for potential buyers. Why? Outside of the "inside" information that we now have as realtors on how the housing market works, and the contacts that we have developed, we bring a unique perspective to the process for the customers and clients that we serve. We can explain in detail what to prepare … (1 comments)
The House Is Under Deposit. Can I Still Submit an Offer?
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