12 Questions to Ask When Choosing Your REALTOR®
Make sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.
1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.
2. What designations do you hold? Designations require that agents take additional, specialized real estate training.
3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.
4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.
5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.
6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.
7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.
8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.
9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.
10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.
11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but how you judge the response will reflect your own desires. Do you want updates twice a week or do you prefer not to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, text, or???
12. Could you please give me the names and phone numbers of your three most recent clients? Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.
These are great questions, and my next series of blogs will answer them... from me to you.
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Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.
Sunday, July 17, 2011
Sunday, July 3, 2011
First Time Home Buyers and Credit History
I work with many first time home buyers... twentysomethings who get it that with mortgage rates so low and prices so low, it must be a great time to buy a home. And they are right, it is a great time to buy a home.
Many of these twentysomethings have done the right thing and steered away from racking up a lot of debt. That, too is fantastic.
So what's the problem?
Big problem... many can't qualify for a mortgage loan... Even if they have good steady employment and money in the bank.
Why? Because they have been so careful to not have a bunch of debt, they also don't have a credit history!
No one can get a mortgage loan without a credit history.
While it's true that you can get an FHA loan using "alternative" credit sources such as rent history, cell phone bills, car insurance payments, etc., you need to have two years worth of receipts for these types of sources. Do you have that?
It's far easier to open a gas card, a department store card, and a Visa or MasterCard (you need three lines). Use each judiciously and pay them off and on time monthly, for about a year, and you'll build the credit history you need.
Just be very careful not to rack up debt! Debt is not good. Credit history is good.
Many of these twentysomethings have done the right thing and steered away from racking up a lot of debt. That, too is fantastic.
So what's the problem?
Big problem... many can't qualify for a mortgage loan... Even if they have good steady employment and money in the bank.
Why? Because they have been so careful to not have a bunch of debt, they also don't have a credit history!
No one can get a mortgage loan without a credit history.
While it's true that you can get an FHA loan using "alternative" credit sources such as rent history, cell phone bills, car insurance payments, etc., you need to have two years worth of receipts for these types of sources. Do you have that?
It's far easier to open a gas card, a department store card, and a Visa or MasterCard (you need three lines). Use each judiciously and pay them off and on time monthly, for about a year, and you'll build the credit history you need.
Just be very careful not to rack up debt! Debt is not good. Credit history is good.
Friday, August 6, 2010
Moving Season: Book Early & Be Prepared
The van line community lost a lot of drivers during the economic downturn, and that is creating a backlog this summer as van lines are unable to keep up with demand. In some cases, families are being put on wait lists for up to two months.
That can be a pretty stressful situation ... especially if a deal can fall through because the homeowners weren't able to vacate by close date.
To ensure that you have a stress-free move, and you have a stress-free closing, take our advice:
• Get quotes now. Know options so you are ready to book when you receive an offer.
• Set a date. Schedule with chosen van line as soon as possible.
• Be prepared. See the below tips to get ahead of the game and tie up loose ends.
Create a Household Inventory
One of the great benefit’s when planning a move is the opportunity it provides to take stock of the items you have acquired over the years.
This can be done by creating a household inventory, a detailed descriptive list of household goods showing the number and condition of each item.
In addition to ensuring all belongings arrive at their destination, the inventory list is invaluable in the event of natural disasters, fire or theft.
An up to date, accurate record of all important documents and household goods goes a long way to providing peace of mind on moving day – and beyond.
Important Documents
Get all critical documents together and have copies made. Keep all original documents with you throughout the move, including:
• Birth Certificates
• Marriage Licenses
• Social Security Cards
• Insurance Policies & Wills
• Deeds & Titles
• Stock & Bonds Certificates
• Household inventory list
Record Belongings
Make a record of your belongings. Use a video camera and a digital camera to create an accurate visual record of goods and their condition.
• Record total paid for an item and where it was purchased (this is where saving receipts comes in handy).
• Record serial numbers and brand names for all electronics.
• Record any distinct features regarding the items being recorded.
• Record expensive pieces of clothing, kitchen items, tools, and anything else of value.
• Make copies of your inventory list when completed. And, give copies to your insurance agent.
This inventory can be used in the event of a fire or other disaster. Serial numbers, values, where they were purchased, and photos of said items can help you in the event of a recovery need.
Save a copy in a secure location online, or give to a friend or relative in case you lose the original.
Be sure to keep the originals with you on moving day with your other important papers.
... And Don't Forget...
Houseplants
Decide what you want to do with houseplants. You can either move them yourself (look into rules and regulations regarding transport of houseplants across state lines first!) or you can give them as gifts to friends or family.
Pets
Take your pets to the vet and make sure that all of their shots are up to date. Carry all appropriate documentation with you and your pets on move day. Ensure that rabies tags are attached to your pet’s collars along with contact information in the event your pet gets away from you in unfamiliar surroundings.
Retrieve & Return
Retrieve your items from the cleaners and from storage. Return all library books and rented movies.
Return items you have borrowed and collect items that have been borrowed. Get items from safety deposit boxes and close accounts and arrange for new accounts at your destination.
Source: www.moveadvocate.com
The van line community lost a lot of drivers during the economic downturn, and that is creating a backlog this summer as van lines are unable to keep up with demand. In some cases, families are being put on wait lists for up to two months.
That can be a pretty stressful situation ... especially if a deal can fall through because the homeowners weren't able to vacate by close date.
To ensure that you have a stress-free move, and you have a stress-free closing, take our advice:
• Get quotes now. Know options so you are ready to book when you receive an offer.
• Set a date. Schedule with chosen van line as soon as possible.
• Be prepared. See the below tips to get ahead of the game and tie up loose ends.
Create a Household Inventory
One of the great benefit’s when planning a move is the opportunity it provides to take stock of the items you have acquired over the years.
This can be done by creating a household inventory, a detailed descriptive list of household goods showing the number and condition of each item.
In addition to ensuring all belongings arrive at their destination, the inventory list is invaluable in the event of natural disasters, fire or theft.
An up to date, accurate record of all important documents and household goods goes a long way to providing peace of mind on moving day – and beyond.
Important Documents
Get all critical documents together and have copies made. Keep all original documents with you throughout the move, including:
• Birth Certificates
• Marriage Licenses
• Social Security Cards
• Insurance Policies & Wills
• Deeds & Titles
• Stock & Bonds Certificates
• Household inventory list
Record Belongings
Make a record of your belongings. Use a video camera and a digital camera to create an accurate visual record of goods and their condition.
• Record total paid for an item and where it was purchased (this is where saving receipts comes in handy).
• Record serial numbers and brand names for all electronics.
• Record any distinct features regarding the items being recorded.
• Record expensive pieces of clothing, kitchen items, tools, and anything else of value.
• Make copies of your inventory list when completed. And, give copies to your insurance agent.
This inventory can be used in the event of a fire or other disaster. Serial numbers, values, where they were purchased, and photos of said items can help you in the event of a recovery need.
Save a copy in a secure location online, or give to a friend or relative in case you lose the original.
Be sure to keep the originals with you on moving day with your other important papers.
... And Don't Forget...
Houseplants
Decide what you want to do with houseplants. You can either move them yourself (look into rules and regulations regarding transport of houseplants across state lines first!) or you can give them as gifts to friends or family.
Pets
Take your pets to the vet and make sure that all of their shots are up to date. Carry all appropriate documentation with you and your pets on move day. Ensure that rabies tags are attached to your pet’s collars along with contact information in the event your pet gets away from you in unfamiliar surroundings.
Retrieve & Return
Retrieve your items from the cleaners and from storage. Return all library books and rented movies.
Return items you have borrowed and collect items that have been borrowed. Get items from safety deposit boxes and close accounts and arrange for new accounts at your destination.
Source: www.moveadvocate.com
Thursday, March 4, 2010
Ten Facts about Mortgage Debt Forgiveness
IRS TAX TIP 2010-44
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.
1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading them from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Source: www.irs.gov
IRS TAX TIP 2010-44
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.
1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading them from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Source: www.irs.gov
Wednesday, January 13, 2010
This Month in Real Estate, January 2010
Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to provide real information on real estate.
http://www.youtube.com/watch?v=86KKIRA4gXg
http://www.youtube.com/watch?v=86KKIRA4gXg
Monday, January 11, 2010
Mortgage Interest Rates Expected to Rise in Spring
An expected rise in mortgage interest rates beginning in April may make it more difficult for some to qualify for a mortgage, or to qualify for the amount you need. Existing homeowners who want to take advantage of, and qualify for, the home buyer tax credit do not need to sell their current home right away, or at all. If you are financially ready, this is a great time to buy a home. Click the link or copy and paste it into your browser to read the article about interest rates.
http://www.realtor.org/RMODaily.nsf/pages/News2010011102?OpenDocument
http://www.realtor.org/RMODaily.nsf/pages/News2010011102?OpenDocument
Saturday, January 9, 2010
Pre-Auction Open House in Parker
Pre-Auction Open House Sunday, January 10 11 AM - 4 PM at 11202 Glenmoor Circle in Parker. This is a potentially awesome opportunity to own a home near Canterbury Golf in Parker for pennies on the dollar. 2640 square feet, 3 or 4 bedroom, loft, 3 bath, full unfinished basement, backs to open space with horses grazing... in the pasture behind the property. Starting bid is $149,000. Non-distress comps range from $310k - $379k. For property details, click the link. Could use some updating, but this property is clean and move in ready.
http://tinyurl.com/y9g7wne
http://tinyurl.com/y9g7wne
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