financing: It Makes More $$ Sense to buy the More Expensive House Now....
- 02/01/14 11:03 PM
I want the BEST for my clients. My goal is to find them the home that works best for their budgets and their lives. I want them to get a Great Deal and I want them to love their home. **With interest rates at 4.3%, it really makes a lot of sense to go for the pricier, move in ready, bigger house. My friend Charna taught me this. Buy a fixer and you pay for the remodel in full. Buy move-in-ready for $50,000 to $100,000 more, and the mortgage interest tax deduction (for people who itemize) offsets your purchase price for … (0 comments)
financing: I wish you'd talk about Green Mortgages tonight, Mr. President!
- 01/28/14 08:18 AM
I sell mostly older homes that aren't energy efficient. How great would it be if buyers could roll the cost of energy saving upgrades into their mortgages upfront? Take a $300,000 house with a 15 year old furnace, no central air and little insulation. What if the buyers could get a mortgage for $320,000....and use the extra $20,000 for a new furnace, central air, hard cell insulation for the attic, duct sealing, air sealing and weatherstripping? They would cut their energy costs by 30% or more. It makes SO MUCH SENSE. If their gas and electric bills average $300 a month, … (0 comments)
financing: Giant Banks treat Buyers like Potential Terrorists
- 02/14/13 05:52 AM
That line got a laugh at Inman Connect in NYC last month. It is funny because it is so painful. I have a buyer with a 770 credit score who has been sweating the mortgage process for 6 weeks now. The listing agent kept nagging me to get the client to use the medium-sized agency-affiliated lender that her chain agency uses. But my client liked her giant, national bank. I defended her right to use them. Wow, was that a mistake. The Giant bank defends the checking and re-checking by saying they are "audited" after different steps. They have lost things and gotten … (3 comments)
financing: It is a Tough, New Mortgage World Out There........
- 04/07/11 12:42 AM
My buyer had an 840 credit score, 20+ years on his job and 20% down. Why couldn't he get a mortgage commitment? His wife of 10 years is from Bali. She has a "green card." Last year, they lent the wife's sister $6500 in cash. To buy the new house, the sister gave them $6500 back--in cash. No bank. The lender did not want to make the loan because there was no paper trail for that money. I'm still in shock. So is the mortgage broker. He wants the sister to fill out a "gift" letter and write a 2nd letter … (6 comments)
financing: Lease to Own? Does it ever make sense?
- 12/29/09 01:39 AM
I put my really cute, affordable listing on Craigs List. It is a starter home...a row house...in Rocky's old neighborhood--South Philly. At $165,000, a buyer could get it with $7000 out of pocket (the required 3.5% FHA downpayment) and the seller could cover closing costs if we boost the price to $170,000 and give a $5000 seller assist. Thanks to the Obama extention of the tax credit, the buyer can get $8000 back once he/she files their income taxes. So why isn't this great deal selling? I got a call a few days ago from a potential buyer who sounds really nice. He … (0 comments)
Philadelphia real estate agent who helps buyers and sellers enjoy the benefits of better building performance. Energy efficient buildings sell for more money. They are more comfortable and healthy to live in. They save you money on your energy bills every month.
I want the BEST for my clients. My goal is to find them the home that works best for their budgets and their lives. I want them to get a Great Deal and I want them to love their home.
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