Thinking of Buying, Selling, or Refinancing a Home? Better Be Prepared To Do Your Homework!

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI


     The majority of buyers, sellers, and real estate professionals across much of America are facing real obstacles when working towards property sales.  The real estate market and the art of closing transactions has been extremely challenging as of late ... and it doesn't look like it's taking a breather from that anytime rhomeworkeal soon.  The good ol' days and ways of closing properties are gone and over!

     My experiences and observations tell me that if you are someone considering Selling, Buying, or Refinancing a home today ... you better do some real hardcore homework and preparation PRIOR to your home search and/or financing.  You also need to practice your "patience" skills.  Otherwise ... you're going to head right smack into trouble and frustration with any transaction and/or financing you enter.


     In my opinion, real estate has gotten very similar to a group practice of doctors, which usually has a variety of medical specialists within it.  If a real estate "practice" is going to succeed in this market, it better have some "specialists" within it too.  Short-sale specialists.  Foreclosure specialists.  First-time Home Buyer specialists.  Senior specialists.  Relocation specialists ... are just to name a few. 

      Buyers and Sellers need to understand that not any ol' real estate person can get the job done for them.  They best be looking outside of their Uncle Harry that does real estate on the side after he retired, Cousin Earl that just recently got into lending, and their parent's best-friend's old school chum that's a divorce attorney for the legal representation they need. 

     Buyers and Sellers need to: young buyers

  • Crack the internet and gather facts
  • Gather referrals for real estate professionals that are experienced and knowledgeable
  • Find professionals that offer the specialized programs and services they need 
  • Find professionals that communicate well and with consistency
  • Find professionals that will "go the extra mile" and more, if need be 
  • Find professionals that have a strong history of successful transactions
  • Find professionals that they wish to retain and grow a stronger relationship with into the future 

     Just like in school, Buyers, Sellers, and those Refinancing need to prepare ahead and allow themselves the time to do the required, needed work and professional search.  They can't wait and cram at the last minute.  That leads to rash, poorly made decisions that will cost time and money.  And in the case of buying, selling, and financing a home ... that can be BIG money, HUGE amounts of valuable time, and possible loss of the property they desire.

     How much prepping, schooling, and homework is needed before a Buyer, Seller, or someone Refinancing shouoneld take the big step?  

     Unless it's some type of unforeseen emergency ... I (and many experts) are recommending approximately one year.  A Credit Report should definitely be pulled this far out to make sure the future borrower's financial house is in order ... or to allow time to correct any errors found and credit issues.  Once the Credit Report is assessed, the real work and preparation can begin.  This amount of time also allows Sellers to assess the condition of their home inside and out ... and repair/prepare/stage it for sale.

     The good news for those thinking of entering a property transaction?  There are real estate professionals ... "Specialists" across our country ... that can and will guide them every step of the way towards the successful completion of their transaction. 

     It just take a little time, effort, and homework to find the right ones ...  


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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656


Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 


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Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

Gene: I was countin' on good ol' Uncle Harry to get me a good house and give me back any of those over-priced commissions. I mean, those relator ladies don't do anything but unlock the door and expect to collect a big ol' check.

No matter how (supposedly) sophisticated or high-end the client, we inevitably end up with those people who think they can get superior service for discount prices. It usually takes a bad experience with Uncle Harry or Cousin Bob to make someone ask "what do you do for your money?". I always welcome that question and always look forward to explaining the answer. Of course that also holds for the good loan officers and mortgage brokers....and attorneys.

The absolute worst transactions are with the internet mortgage brokers or the attorneys who solicit business with a postcard that proclaims "closings for $295". Inevitably either someone else picks up the work or it doesn't get done and guess what, the client always suffers.

Now I'll climb off my soapbox for a deep breath!


Jun 04, 2010 02:03 PM #1
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Leslie:  All I can say is .. AMEN!  I agree!  Say "hi" to Uncle Harry and Cousin Bob for me???


Jun 04, 2010 02:27 PM #2
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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