Happy Holidays 2012
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To all our cherished friends, neighbors, family and clients – we are so proud to have been able to work with you and be a part of your lives! As we end this year and turn to the exciting time and events that 2013 holds, we just wanted to take a moment to thank you for all that you bring to our lives.
We have some really great plans in the coming year to bring more success to all your real estate endeavors. And with each transaction that makes it to the closing table in the coming months and years ahead – we know that there will continue to be new and exciting things to follow for all of us.
On behalf of the entire group – Happy Holidays, Season’s Greetings, Peace and Joy!
5 Things to Know When You Obtain a Mortgage in Today’s Lending Environment
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After going through all the motions of finding the perfect home, the LAST thing you want to happen is for the financing to fall through. That’s why it is critical to know the best practices of the lending process these days. Here are my top five things to do when dealing with a mortgage in today’s environment.
Make an Offer With
a Pre-Approval In Hand
In
many marketplaces, including ours, there are far fewer homes on the market than
there are buyers. What this means for you as a buyer is that you need to stand
out from others so that the seller is more inclined to accepting your offer.
Typically in a sellers’ market, homeowners will not accept any offers unless a
pre-approval letter accompanies them.
Borrow What YOU Can
Afford, Not What the Lender Thinks You Can Afford
Banks
will review your income levels, credit score and debt-to-income ratio to
determine how much they think you can afford. But only you can truly know what
is acceptable for you each month in terms of a mortgage. So regardless of the
amount a bank approves for a purchase of a home, be sure to assess how much
each month you would like to spend on a mortgage.
Understand All the
Lending Options and Choose Wisely
Though
there may be fewer options out there these days than there may have been just
ten years ago, buyers have several ways to finance the purchase of their new
home. Whether it be engaging in a government housing program, opting for a
state or regional down payment assistance program or selection the type of loan
product – it’s important to look over everything before choosing what’s right
for you. Additionally, you want to explore all the financing options, such as
fixed rate or balloon payments, ARM or short terms loans and more.
Know Your Options
and Loan Restrictions
Aside
from financing options in general, there are also things to consider within the
type of loan product you end up going with. There may be restrictions at hand
that you should consider and to address these issues beforehand you should ask
plenty of questions to your lender. Find out whether there is a penalty for
prepaying your mortgage. If possible, get a loan that is assumable, meaning
that when you go to sell the home your low interest rate of today’s mortgage
environment will be passed on to the buyer, making it a very attractive home to
purchase.
Have a Professional
On Your Side
This
goes without saying but for such a complex transaction as the purchase (or
sale) of real estate, it is critical to have a professional by your side. Not just
a licensed Realtor® but also someone that dedicates their entire career to the
profession. Their experience will come back to you ten-fold and you will be
supported by an individual or team that will look out for your best interests
only. In terms of choosing a bank, there are questions that should be asked on
that end too. Find out the track record of your lender and make sure you are
working with someone that has ample experience.
~
As
always, I welcome your calls or visits and invite you to get in touch for more
information on any of your real estate needs. I’d be happy to help!
Six Questions You Should Ask an Agent Before Deciding to Hire Them
It is
fairly easy to obtain a real estate license and you want to make sure you find
an agent that is utilizing their license to its fullest. In an industry where
many agents are devoting most of their professional lives to another line of
work, it is important to know how much time they dedicate to real estate. Ask
them about their track record. How many transactions have they engaged in
during the past 3 months, 6 months, one year? Request a list of their most
recent clients – not a list of the references since both may be different.
What Makes You Different?
What
will you do for me that is different than everyone else? It’s important for
everyone to have a unique selling proposition rather than using the same
old tools and techniques that everyone else is utilizing. To ensure that your
home stands apart on the market, you need to make sure you have an agent that
is marketing your property in a unique way.
What Is Your Marketing Plan?
There
are two things that sell real estate more effectively than anything else – price
and marketing. Without the right price buyers will not even consider your
property. But unless buyers are aware
of your listing – they will never have the chance to see it. That is where an
extensive, well thought-out marketing plan is key to the success of selling
your home. What will they do to create the most demand for your property?
Do You Have a Proven,
Repeatable System?
It is
essential that your agent uses a proven system that is properly set in place,
demonstrating not only that they know what they are doing but also that they
have an effective way of managing the tasks at hand to get your home sold. With
systems come consistency and with consistency come results.
Do You Have a Team?
Ask the
agent you are considering if they will try to sell the house themselves and do
everything on their own or will there be a team to support them with various
areas of strengths to manage all aspects of the listing?
Do You Have a Trade Program?
With so
many people needing to sell a home before they can get into a new one, it is
important to ask whether your agent institutes a trade-in system that works in
a way to allow the seller and buyer added flexibility to get into the home of
their dreams.
~
If you
would like to meet with us to learn how we work toward achieving the utmost
success to sell your home, contact us today at 502-458-2722 or email jp@jpsold.com. We look forward to hearing
from you soon!
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