Brigita's Blog: June 2009

Interview a real estate agent?  Why?  Aren't they all the same?

You are the employer and the real estate agent is your employee.  You are hiring the agent to help you with your real estate needs.

As an employer, would you hire an employee just by looking at their resume?  Of course not!  You would want to interview the person before making a decision.  Why would it be any different with a real estate agent?  Don't real estate agents work for you to take care of your real estate needs?

When hiring a real estate agent, qualifications are important.  However, to find a solid professional agent, you need to go beyond the resume, and into what makes an agent effective.

Here are 8 important questions to ask your agent:

1.    Why did you become a real estate agent?

2.    Why should I work with you?

3.    What do you do better than other real estate agents?

4.    What process will you use to help find me the right home for my particular wants and needs?

5.    What are the most common things that go wrong in a transaction and how would you handle them?

6.    What are some mistakes that you think people make when buyint their first home?

7.    What other professionals do you suggest we work with and what are their credentials?

8.    Can you provide me with references or testimonials from past clients?

The next time you meet with a real estate agent about selling and/or buying a home, remember that you are the employer and you are interviewing agents to see who would be best for the job.  Buying and/or selling a home is an important and huge investment of your life.  Hire an agent that you feel will get the job done and done right.

It seems to me that lenders are doing everything they can to make it as difficult as possible to meet closing conditions once buyers are pre-qualified.

Close to Home

June 19, 2009

We seem to be at the mercy of the lenders these days, or so it seems.  They will ask you to do almost anything in order for you to get the mortgage.

Here are 10 tips to follow for first-time home-buyers:

1.    Be picky, but don't be unrealistic.  There is no perfect home.

2.    Do your homework before you start looking.  Decide specifically what features you want in a home and which are most important to you.

3.    Get your finances in order.  Review your credit report and be sure you have enough money to cover your down payment and your closing costs.

4.    Don't wait to get a loan.  Talk to a lender and get pre-approved for a mortgage before you start looking.

5.    Don't ask too many people for opinions.  It will drive you crazy.  Select one or two people to turn to if you feel you need a second opinion.

6.    Decide when you could move.  When is your lease up?  Are you allowed to sublet?  How tight is the rental market in your area?

7.    Think long-term.  Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer?  This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.

8.    Don't let yourself be "house poor".  If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance, repairs or decoration, or to save money for other financial goals.

9.    Don't be naïve.  Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.

10.   Get help.  Consider hiring a REALTOR as a buyer's representative.  Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you.  And often, buyer's reps are paid out of the seller's commission payment.

If you are interested in learning more about home-buying, contact me about my home-buyer's seminar.

I'm sure you have heard your real estate agent use the terms pre-approved and pre-qualified for a mortgage.  But, don't they mean the same thing?  No, they are not the same.

Pre-qualification is the process by which a loan officer estimates the amount you can borrow based on the information you provide about your income, assets and debts.  There is no formal application or verification of that information, so it is only a rough estimate.  Simply put, it is based on your say so.

Pre-approval is just the opposite.  It involves a formal application that goes through underwriting for verification of the information you supplied.  Basically, it is the same process that all buyers go through for loan approval, except that pre-approval is done before you find the home you want to purchase.  Upon pre-approval, you receive a formal commitment  from the lender stating how much you can borrow and at what rate.

So, when you decide to place an offer on a home you want to buy, consider including a pre-approval letter instead of a pre-qualification letter with it.  When it comes to multiple offers, it can make a difference.

Are you confused about the Real Estate Market and the current market conditions?  What does a title company actually do?  What about financing a home?  Are homes currently selling in the Lehigh Valley?

If you would like answers to these questions and more, then come out on July 8th and/or July 22nd at 7PM for a FREE, No Obligation "First Time Home-Buyers" seminar.  It will be held at the Keller Williams Real Estate Office at 2901 Emrick Blvd. Suite 100, Bethlehem, PA.  You don't have to be a first time home buyer to attend.  All are welcome.

Our purpose is to educate the consumer about housing in this challenging economy.  The instructors will be myself, a representative of a nationally recognized mortgage company and a representative of a nationally recognized title company.

So, mark the dates and invite your family, friends and neighbors to find out about the current Real Estate market in the Lehigh Valley, PA.

Contact me at 610-393-9424 or e-mail me at brigita@brigitamklv.com for more information or to RSVP.

Ever wonder what the true meaning of the descriptions in the write-ups of real estate really mean.  Well, Gary Woltal has the true meanings. 

Read on and find out for yourself:

I know I'm a day late, but I thought this worth posting. 

Father's Day Quotes

4 years:  My Daddy can do anything!

7 years:  My dad knows a lot - a whole lot.

8 years:  My father does not know quite everything.

4 years:  Oh, Father?  He is hopelessly old-fashioned.

21 years:  Oh, that man - he is out of date!

25 years:  He knows a little bit about it, but not much.

30 years:  I must find out what Dad thinks about it.

35 years:  Before we decide, we will get Dad's idea first.

50 years:  What would Dad have thought about that?

60 years:  My Dad knew literally everything!

65 years:  I wish I could talk it over with Dad once more.

- Unknown

It is easier for a father to have children than for children to have a real father.

-Pope John XXIII

Hope all you Dad's had a great Father's Day!

Two cars were waiting at a stoplight.  The light turned green, but the man didn't notice it.  A woman in the car behind him is watching traffic pass around them.  The woman begins pounding on her steering wheel and yelling at the man to move.  The man doesn't move.

The woman is going ballistic inside her car, ranting and raving at the man, pounding on her steering wheel and dash.  The light turns yellow and the woman begins to blow the car horn, flips him off, and screams profanity and curses at the man.  The man, looks up, sees the yellow light and accelerates through the intersection just as the light turns red.   The  woman is beside herself, screaming in frustration as she misses her chance to get through the intersection.   As she is still in mid-rant she hears a tap on her window and looks up into the barrel of a gun held by a very serious looking policeman.   The policeman tells her to shut off her car while keeping both hands in sight.  She complies, speechless at  what is happening.  After she shuts off the engine, the policeman orders her to exit her car with her hands up.  She gets out of the car and he orders her to turn and place her hands on her car.  She turns, places her hands on the car roof and quickly is cuffed and hustled into the patrol car.  She is too bewildered by the chain of events to ask any questions and is driven to the police station where she is fingerprinted, photographed, searched, booked and placed in a cell.

After a couple of hours, a policeman approaches the cell and opens the door for her.  She is escorted back to the booking desk where the original officer is waiting with her personal effects.  He hands her the bag containing her things, and says, "I'm really sorry for this mistake.  But, you see, I pulled up behind your car while you were blowing your horn, flipping the guy off in front of you, and cussing a blue streak at him.  

Then I noticed the:


"Choose Life" license plate holder, 


the "What Would Jesus Do" bumper sticker,


the "Follow Me to Sunday School" bumper sticker, and


the chrome plated Christian fish emblem on the trunk.

So, naturally . . . . . . . .  I assumed you had stolen the car." 



   

REALTORS on the buyer's side do much more than show you houses.  They have many more jobs to do.

Here are the 7 main roles of the buyer's real estate agent:

1.  Educates you about your market and the home buying process.  Your agent will educate you about the local real estate market and make sure you understand everything you need and want to know about the local home-buying process. 

2.  Analyzes your wants and needs.  Look for an agent who listens and clearly communicates information to you so that it makes sense to you.  Your agent will help you analyze what exactly you need and want in a home, including things you may never have considered. 

3.  Guides you to homes that fit your criteria.  Your agent guides a home-to-home search for a property that meets all your needs and as many of your wants as possible.

4.  Co-ordinates the work of other needed professionals.  Moving ahead, your agent will also help you expertly co-ordinate all professionals involved in your home purchase, such as mortgage officer and property inspector.

5.  Negotiates on your behalf.  Your agent will start negotiating as soon as you place an offer on a home and will continue negotiating until you own the home and all is settled.  Your agent will always represent your interests and push hard for the best deal without killing the deal.  Your agent will always explore different options to find a win-win situation. 

6.  Checks and double checks paperwork and deadlines.  Your agent will continuously be on top of things and make sure all paperwork is done, deadlines are met and the important steps are completed.   

7.  Solves any problems that may arise.  Almost always problems will arise.  Your agent will prevent them when they can be anticipated and solve them when they are unforeseen.  Your agent will continue to represent you even after settlement of the home due to unforeseen problems that can occur after you have taken ownership.

As you can see, REALTORS have many hats to wear.  Make sure you can be completely honest with your agent.  Work with one that you feel completely at ease with.