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Monday, December 3, 2012

Be Prepared!: You May Encounter Competition with Other House Buyers

House buyers in a growing number of areas are finding something they haven’t seen in years when house-hunting: Competition. With housing affordability high and mortgage rates low, home buyers are ready to cash in but they’re finding a lot of others are as well.

Bidding wars are becoming more common, particularly as the inventory of for-sale homes remains constrained across the country.

“Buyers have to change their attitude about the way the market is,” says Carol Hooks, a real estate professional with Coldwell Banker Residential Brokerage in Alexandria, Va. “Many still think it’s OK to make a low offer and ask for closing-cost assistance, but they really need to come up with a good, realistic offer and be prepared to pay their own closing costs.”

Real estate professionals are helping to prepare their buyers for the increased competition. For example, they’re encouraging buyers to get financing in order before they look for a home and go through the mortgage-approval process, not just the lender’s prequalification letter. Eldad Moraru with Long & Foster Real Estate in Bethesda, Md., says it’s important for buyers to find a lender who will be able to provide them with a new approval letter within an hour of finding the home they want to purchase. The new letter should include the address of the property and the exact amount they plan to offer so they can attach it to the offer.

Home buyers also need to have their earnest money deposit and down payment ready to go, Moraru says.

“A lot of buyers will have some money in stocks to sell and some money in a checking account and will tell me they need a few days to get it together,” he said. “You need to have that money consolidated and accessible in one account before you find a house.”

As competition heats up , buyers need to prepare to think fast.

“If [the buyer] moves fast enough, [they] can have a home inspection before [they] make an offer, and then [they] can waive the home-inspection contingency,” Moraru says about being competitive in some multiple bid situations when you know when the seller is going to be reviewing all offers.
* I do NOT recommend this tactic! --Scott

Some agents compare today’s competitive housing market to the process of dating.

“You need to win on both looks and personality,” says Phil Bolin, a broker with RE/MAX Allegiance in Alexandria, Va. “The ‘personality’ part is the fundamental issue of financing and down payment, but the ‘looks’ part doesn’t cost you anything. It can be as simple as making sure there are no mistakes in your contract. If there are mistakes or missing items in your offer, you don’t look like a serious buyer.”

Source: Washington Times (Nov. 29, 2012)





Monday, August 20, 2012

Thinking of Selling Your Real Estate by Yourself "For Sale By Owner"

Thought I may spare some the trouble...

For Sale By Owner
Daily Real Estate News
Monday, August 20, 2012

Home sellers are more than twice as likely to get their homes sold if they use a REALTOR®, rather than trying to sell their home on their own, according to a new survey conducted by HomeGain of 400 home owners nationwide from July 31 to Aug. 10.

Seventy-three percent of the home owners surveyed said they used a REALTOR®. On the other hand, 21 percent of those surveyed said they tried to sell their home themselves.

The survey found that 66 percent of the home owners who used a REALTOR® were able to successfully sell their home compared to 30 percent of for-sale-by-owners.

What’s more, the survey found that 22 percent of the for-sale-by-owners eventually decided to use a REALTOR® to try to sell their home. More than half of those who did were then able to sell their homes too, the survey found.

“The value of a REALTOR® in a real estate transaction is made strikingly apparent in our 2012 FSBO verses REALTOR® survey of home sellers,” says Louis Cammarosano, general manager of HomeGain. “A qualified REALTOR® understands the dynamics of the market and can better assist home sellers in the pricing and preparation of their homes for sale.”



Source: HomeGain

Of course, I am ready to help!
Scott Snyder
Welles Bowen Realtors®
419-320-3882

Lucas County Property Tax Revaluation


This year, the Auditor's office is required under the law to issue a new value for your property. This process is referred to as a Revaluation, which occurs three years after a Triennial Update(2009). Under the law, they review the market sales that have occurred over the past three years (2009, 2010, and 2011, with emphasis on 2011 sales).

Lucas County property owners will receive a value change notice in the mail indicating the new value and detailed information regarding your property. We encourage you to review your notice and contact us if there are any discrepancies with your data, or if you have questions regarding your value.

Please call our Education and Outreach Department at (419) 213-4406 or via email through  http://www.co.lucas.oh.us/forms.aspx?fid=41. Our office will be available for optional 15-minute appointments in your neighborhood (see your individual notice for your date, location, and time). You may schedule these meetings with our Education and Outreach Department.

***If  you think the value is inaccurate go to this website: http://www.co.lucas.oh.us/index.aspx?NID=331, click on “File A Property Review” under Quick Links, enter the parcel number or last name and print the sales that we used. Everything is available and transparent.

Source: Lucas County Auditor










Google +

Sorry for the lack of posts! I have been investigating Google + and all my posts have been lost in cyberspace!

Monday, February 27, 2012

We Only Want to Work with the Listing Agent

The following is a portion of an article from a listing agent:

Yesterday, we had a call from a couple who wanted to see one of our listings. We asked them the standard question and they assured us they were not working with a Realtor. We met them and asked them if they would like us to send them additional properties that meet their criteria once it was clear that they were not interested in our listing. After spending an hour with them, they mentioned that they only work with listings agents because they can save money on the purchase if they buy directly from the listing agent because the seller saves the 2.8% coop. UGH!

I explained to them that none of our listings were a “Variable Commission” and that many agents were getting away from that and if they bought one of our listings, the seller would not save one dime on commissions. The replied with “Well we have bought lots of homes this way”.

They asked me to email them properties in other areas. I was reluctant to spend 2 minutes looking anything up for them because I am sure they will play their Reindeer Games and call the listing agents directly.

It is so silly how some of the public thinks that they can circumvent the system and represent themselves in a transaction where the only Realtor is the one representing the seller. Why would they fly solo in the largest purchase of their life? And why would they waste their time driving through neighborhoods pulling flyers out of boxes instead of letting a professional Realtor assist them with their home search?

Source: Active Rain

My feeling is to be loyal; both, as it relates to a Realtor to client relationship and client to their Realtor.

The problem with working with whichever agent holds the listing is you will only tour their listings. A buyer's agent will show you all listings and keep you informed as well as protect any confidential information that is to be kept confidential; ie: maximum amount the buyer is willing to spend/of your pre-approval.

The solution for the buyer is to hire a Realtor that they feel they can trust, one that will work hard for them and one to show them all listings regardless of the listing brokerage.

The fact is: Although commissions are negotiable, the seller has executed a contract with the listing broker to pay a pre-determined amount or percentage. If a buyer's agent exists, they will receive a portion of that amount after closing. Generally, there is NO ADDITIONAL COST to the seller or buyer that has their own Realtor.

Scott

Monday, February 6, 2012

Beat the Competition in Buying Foreclosures

While bank-owned homes are plentiful in many markets, they aren’t always easy for a buyer to get. Foreclosure sell at bargain prices — sometimes at 35 percent discounts when compared to nonforeclosures. These ultra-low prices are attracting investors and all-cash offers, which makes it difficult for other buyers' bids to win out.

So how can buyers beat the competition to get a foreclosure?

Get the first look: Fannie Mae and Freddie Mac’s First Look program offers first-time home buyers and others who need financing and are looking for a primary residence the first opportunity to see bank-owned homes before investors. Buyers have a 15-day window to submit offers before investors have the opportunity to start bidding.

Submit a competitive offer: Homes priced at heavy discounts can be in high demand and attract multiple bids. Lowball offers won’t likely get far. Some housing experts suggest starting with your best offer. "My advice is to offer the most you feel you would ever pay for the property," said one recent buyer of a foreclosure.

Make a large deposit: If a buyer wants to get the banks attention, they could offer a larger than typical good-faith deposit. But if the buyer has to back out of the deal for some reason, he or she may be at risk of losing the deposit.

Even if your buyers really want the property, don’t let them cave in to unreasonable demands, like waiving a home inspection. Otherwise, it may be a decision they quickly regret if the home is later found to be ripe with problems.

Source: Sun Sentinel, FL