Five Reasons to Use a Local Agent

 

 

 

Local agents know their towns better than anyone else. I firmly believe that using a local Realtor® is in your best interests and in this post we will give you reasons why local is the only way to go.

 

5 REASONS WHY USING A LOCAL AGENT IS BETTER

1. Superior Market Knowledge - A good local agent knows the inventory inside and out and will be able to more easily pick out homes that are a good fit for you.

2. They Know The Schools - A local agent will have personal experience with the school system and be able to share valuable information with you.

3. Neighborhood Experts - A local agent not only knows all the specific neighborhoods, but often has friends and clients in each one that can be made available to you if needed. Our clients always appreciate hearing from people who live in the neighborhoods in which they are considering.

4. Strong Relationships With Other Agents - A good local agent will network with other local agents to get information that you will never find on line. We will know about homes that may be coming on the market in the future or learn about a seller who has suddenly become "highly motivated" and is open to offers.

5. In The Know - Real estate gossip gets discussed in small circles in every community, like at PTA meetings and at the local softball field. While most agents will never learn this "insider information", a local agent hears these things and will share them with their clients.

 

LOCAL IS SAFER

If you are ever looking to buy or sell a home, remember that a real estate transaction is very complicated, involving a lot of money and risk. A local agent is always the safest choice.

A re-blog from my fellow Realtor Dan and Amy Schuman- Cleveland OH Luxury Real Estate

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Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

5 Questions to Ask Your Inspector

 

Most home buyers feel like they are bona fide real estate experts after all the studying up on loans and neighborhoods, online house hunting and open house visiting it takes just to get into contract on a home these days. But for all but the most handy of house hunters, getting into contract and starting the home inspection process only surfaces how little you actually know about the nuts and bolts and brick and mortar of the massive investment you’re about to make: a home!

So, you hire a home inspector, but it seems like they’re speaking an entirely different language - riddled with terms like “serviceable condition” and “conducive to deterioration” - about your dream home! Here are 5 questions you can use to decode your home inspector’s findings into knowledge you can use to make smart decisions as a homebuyer - and homeowner.

1. How bad is it - really? The best home inspectors are pretty even keeled, emotionally speaking. They’re not alarmists that blow little things up into big ones, nor do they try to play down the importance of things. They’re all about the facts. But sometimes, that straightforwardness makes it hard for you, the home’s buyer, to understand what’s a big deal and what isn’t so much - the information you need to know whether to move forward with the deal, whether to renegotiate and what to plan ahead for.

I’ve seen things categorized in home inspection reports under “Health and Safety Hazards” that cost less than $100 to fix, like replacing a faucet that has hot and cold reversed. And I’ve seen one-liners in inspection reports, like “extensive earth-to-wood contact” result, after further inspection, in foundation repair bids pricier than the whole cost of the home! In many states, home inspectors are not legally able to provide you with a repair bid, but if you attend the inspection and simply ask them whether or not something they say needs fixing is a big deal, nine times out of ten they will verbally give you the information you need to understand the degree to which the issue is a serious problem (or not).

2. Who should I have fix that? I always ask this question of home inspectors, with dual motives. First, very often, the inspector’s response is - “What do you mean? You don’t need to pay someone to fix that. Go down to Home Depot, pick up a ___fill in the blank__, and here’s how you pop it in. Should cost you $15 - tops.” And that’s useful information to know - it eliminates the horror of a laundry list of repairs and maintenance items at the end of an inspection report to know that a number of them are really DIY-type maintenance items. Even buyers who are really uncomfortable doing these things themselves then feel empowered to either (a) watch a few YouTube vids that show them how it’s done, or (b) hire a handyperson to do these small fixes, knowing they shouldn’t be too terribly costly.

And even on the larger repairs, your home inspector might be able to give you a few referrals to the plumbers, electricians or roofers you’ll need to get bids from during your contingency period, which you may be able to use to negotiate with your home’s seller, and to get the work done after you own the place. Dropping the inspector’s name might get you an appointment booked with the urgency you need it in order to get your repair bids and estimates in hand before your contingency or objection period expires.

And same goes for any further inspections they recommend - if neither you nor your agent knows a specialist, as the general home inspector for a few referrals.

3. If this was your house, what would you fix, and when? Your home inspector’s job is to point out everything, within the scope of the inspection, that might need repair, replacement, maintenance or further inspection - or seems like it might be on it’s last leg. But they also tend to be experienced enough with homes to know that no home is perfect. Many times, I’ve asked this question about an item the inspector described as “at the end of its serviceable lifetime” and had them say, “I wouldn’t do a thing to it. Just know that it could break in the next 5 months, or in the next 5 years. And keep your home warranty in effect, because that should cover it when it does break.”

This question positions your home inspector to help you:

• understand what does and doesn’t need to be repaired,
• prioritize the work you plan to do to your home (and budget or negotiate with the seller accordingly),
• get used to the constant maintenance that is part and parcel of homeownership, and
• understand the importance of having a home warranty plan.

4. Can you point that out to me? Often, when you attend the home inspection, you’ll be multi-tasking, taking pictures of the interior, measuring for drapes or furniture, even meeting the neighbors, or fielding several inspectors at a time. Worst case scenario is to get home, open up the inspector’s report and have no clue whatsoever what he or she was referring to when they called out the wax ring that needs replacement or the temperature-pressure release valve that is improperly installed.

Your best bet is to, at the end of the inspection, while you’re all still in the property, just ask the inspector to take 10 or 15 minutes and walk you through the place, pointing out all the items they’ve noted need repair, maintenance or further inspection. When you get the report, then, you’ll know what and where the various items belong. (One more best practice is to choose an inspector who takes digital pictures and inserts them into their reports!)

5. Can you show me how to work that? Many home inspectors are delighted to show you how to operate various mechanical or other systems in your home, and will walk you through the steps of operating everything from your thermostat, to your water heater, to your stove and dishwasher - and especially the emergency shutoffs for your gas, water and electrical utilities. This one single item is such a time and stress saver it alone is worth the lost income of missing a day of work to attend your inspections.

(Source: Trulia | Tara-Nicholle Nelson)

When Can I Buy a Home After A Foreclosure

The downturn of the economy caused many homeowners to lose their homes through short sales, foreclosures, bankruptcies, or deeds in lieu. The looming question on many of their minds was when will I own again? How long do I have to wait to secure financing to buy a home again? According to a recent article published in the New York Times notes, “there are plenty of asterisks and conditions” when it comes to how long a borrower must wait after a “significant derogatory event,” like a foreclosure or short sale. I've listed a few helpful information regarding how long to wait after a foreclosure, short sale or bankruptcy, based on different mortgage issuing agencies.

Fannie Mae and Freddie Mac 

Loans issued through Fannie Mae and Freddie Mac have a waiting period of three-years following a foreclosure. A buyer would wait two years if they had a short sale, deed in lieu, or discharge/dismissal of bankruptcy. If borrowers can justify the circumstance that caused the foreclosure or bankruptcy was a result of an illness or job loss — or other “extenuating circumstance” — this factor may help reduce the wait. However, if the buyer did not experience such extenuating circumstances, the former homeowners may have to wait longer, perhaps up to seven years following the foreclosure or four years after a bankruptcy.

Federal Housing Administration (FHA)

Loans that are insured by the FHA require buyers, even with perfect credit, to wait three years after a foreclosure and two years after a bankruptcy is discharged, according to The New York Times notes.  Borrowers who chose to short sale their homes, will have to wait three years to secure another FHA loan. The New Time notes also stated that borrowers will have to wait three years if they were in default at the time of the short sale and had no extenuating circumstances. However, if the borrowers were on time with all their payments a year prior to the short sale, they may have no wait at all and might even qualify for an FHA loan immediately.

According to Andrew Wilson, a spokesman for Fannie Mae, “The key is to avoid the foreclosure.” “That is what will help you be eligible for the shorter period.”
Hope you find this helpful. Looking forward to helping you with your next real estate endeavor.

Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

 

 

The Eager Buyer

A buyer recently came to me through one of my listings. They wanted to buy a home cash and own free and clear from any monthly mortgage obligations. Great, I thought. In this market there are so many low-priced homes, cash sales are becoming a popular trend.

Well this buyer was very unique. When I attempted to secure a meeting time with him, I offered time slots to meet and he would say, “I can’t” or “I’ll call you and let you know when.” Most of these meeting times were tentative. He mentioned that he had appointments that would come up at the last-minute and he could not secure a definite time with me. “Well what about weekends”, I asked? There has to be some time that you can allot to other parts of your life, like buying a house.

What made the situation more complicated, was when the buyer finally had time to meet, it was at that moment. He would call and say. “I’m in front of a house now and I want to see it, can you show it to me?” The first time, I was in the middle of a showing myself and couldn’t make it. I asked if we can meet later and I received the same response, “call me and I’ll see if I’m available.” So I called and he wasn’t.

The next time he called requesting an immediate showing, I took about 30 minutes to thoroughly explain the complete process and secure a committed day/time for showings. I successfully got a noon meeting where I had the opportunity to review some homes that fit his criteria. It took a while for me to reel this buyer in and just explain the entire home purchasing process, my working process and for us to develop effective communication. Needless to say we are working like a well oiled machine, and he should be closing on his first home shortly.

Lesson to Buyer: Your Real Estate Agent navigates you through all the real estate challenges, jargons, paperwork, contracts, etc. You need to work with your agent, and develop a cohesive and effective working rhythm in order to meet your real estate goals.

Lesson to Agent: In a market where there are so many variables, be willing to go that extra mile to educate your buyers and make them comfortable with not only the home buyer process but working with you as well.

Don't Worry, You Will Own Again.

So you gave all your might to save your home. You kept track of all the correspondences from the mortgage company and their attorneys. You completed all of the Loan Modification paperwork and emailed, faxed and even mailed a physical copy of your completed loan modification package. You waited three months for the mortgage company to finally receive your application, only to have them ask you to re-submit all of your bank statements, W2s, etc, because it’s too old to analyze.

Finally, you’re information reaches the desk of a negotiator, but it will take another couple of months for them to examine your financial information and inform you if you as to whether or not you qualified for a loan modification. A letter reaches your mail box from the mortgage company, and sadly, you were denied. Your home will be auctioned, unless you can pay everything you owe up to that point. Huh? If you couldn’t pay for one month, how do they expect you to pay all the payments that are in arrears?

Next comes the letter which states your foreclosure/auction date. You heart drops. The reality of losing your home has set it. There is absolutely nothing you can do to stop. You may even frantically, try to get an attorney involved but it’s too late, because your trusted the mortgage company you thought would come through, did not. “Why would they sell the home for so much less, when I am here, ready to keep my home” you think to yourself. “All I need is a more affordable monthly payment that would account for the recent changes in my life” (death in the family, layoff, etc.) This may be your story. Or perhaps you chose to short sale your home or agreed to sign over your deed in lieu of foreclosure.

Whatever, the situation, bottom line is you no longer own. Well I am here to tell you, there is life after losing your home. After it’s all over, you realize that life is much less stressful. No more stacks of letters from the mortgage company’s attorneys. No sleepless nights wondering where you and your family will sleep. There are plenty of rentals available in this market to choose from. You can rent for a few years and buy again. You could also choose to buy a cash home. Many folks are taking advantage of the low prices. Why not own mortgage free. Whichever route you chose, just know its going to be Okay.

Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers
772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com