Home Buyer Tips

Published in: on April 11, 2011 at 9:10 pm  Leave a Comment  
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OK. You Win. Stop Listening to Real Estate Agents!

OK. You Win. Stop Listening to Real Estate Agents!.

 

Financing Available for Fannie Mae Owned Properties

Great financing on Fannie Mae owned properties. Check them out at www.homepath.com. Even rehab loans.

If  you need more information on finding a Fannie Mae owned property in the Claremore area, give me a call.

918.798.7271

Attn: Fence-Riders!

Analyzing buying a house?   If you are considering a real estate purchase do it now.   Mid April financing changes will cost you money and reduce your buying power!

NOW IS THE TIME TO BUY

Homeownership: What Americans Think

Homeownership: What Americans Think.

Whatever your real estate goals, Jody Grubbs is determined to see you reach them.

 Give her a call today–you’ll be glad you did!
(918) 798-7271

 

For Buyers:The Financial Opportunity of a Lifetime?

For Buyers:The Financial Opportunity of a Lifetime?.

Inspection Reports – “Heads Up” Buyer

Let’s say today you found the house of your dreams and you can’t live without it.  It is in your price range and it is divine.  It looks like it has really been cared for.  Should you hire an inspector?  Your Realtor® recommends it so you do.

Home Inspector

Buyer, the inspector’s job is to make you aware.  You are looking to expose big problems with which would be a “deal killer”, right?  Remember, you will get a 37 page (give or take a few) report from the inspector that will expose the most minuscule defects along with the big stuff.  Now, keep in mind, inspectors are human.  I know that is hard to believe but it is true.  Sometimes they miss items, sometimes they make recommendations that they shouldn’t in error.  Give them a break and remember, the inspection report is not a “to do” list for the seller.  It is a “heads up” for the buyer.  Is there something so awful in the report that ruins the house of your dreams for you or just minor stuff that is part of home ownership?  There was only one perfect man that ever walked on earth, that was Jesus Christ.  There never has been and never will be a perfect house so stop looking for it!

Talk about your fixer upper!

Houses that need TLC fall into two categories in my opinion:
  1. Outdated, dirty and basically ugly and
  2. Damaged, deferred maintenance, and basically trashed out.

    Fixer Upper

Unless you have a 20% – 30% down payment, you will need to be verrrrrry cautious looking at houses in category two. RD and FHA loans require the house to pass an inspection so broken windows, bad roof, missing built in appliances, etc., are a no go. Somebody has to do those things before closing, and if the owner can’t or won’t, what to do?

Sometimes buyers pay for the repairs prior to closing and assume all the risk. If the property is bank owned, the banks or HUD will not allow buyers to do repairs prior to closing. If the seller still owns the property, what do they have to lose by letting the buyer replace the appliances and the roof? Yep, you got it! Many lenders do not permit rehab loans where you get the cost of repairs in the loan. If you are looking at properties which need TLC, check with your mortgage lender.

Yuk! Please pass the hand sanitizer!

Want your house to stand out above the competition of houses on the market for sale? Please, please, please clean it up. Now, I know that one person’s clean is not necessarily another person’s clean but let’s face it; either it is clean or its not! If you aren’t a great housekeeper, you know it. Face it and dig in to get it really, really super clean -OR- hire someone to do it.

 

I mentioned in an earlier blog that buyers look at several houses and it gets kind of confusing so each house is given a name. What name would you give yours? Hmmmmm, let’s see, here are some options I’ve heard lately: cool Tuscan house, red kitchen house, cat pee house, old lady house, mothball house, party yard house, stinky house. Get the idea? I have recently seen, dirty underwear on the floor, goopy sticky stuff on the refrigerator doors, cat poop on the floor, not to mention the, all too common, dirty toilets, over-flowing trash cans and hampers, unmade beds, dirty crusty dishes just about everywhere. Come on! What do you think buyers are saying? You got it! They are saying, “Why do people think they can put their house on the market looking like this”? As a Realtor®, I have to say, “Hmmm, I just don’t know”.

What do you think buyers do next? That’s right………they move on and buy your competition. No one wants to have their house on the market, be inconvenienced by showings, and have to deal with all the unknown only to suddenly realize that is what is happening.

News Flash: if your Realtor® didn’t tell you this, get a new one.  If your Realtor® did and you didn’t pay attention – forget the past, get it together, it’s not too late. If you are the Realtor® and you didn’t tell them, shame on you. That is what they are trusting you and paying you to do! I’m just sayin’…………

Good Deals?

Lots of foreclosures, lots of short sales. By the way, what is a short sale? Well, it isn’t short! In September of 2010, some buyers I was working with wrote an offer on a property listed as a short sale. After waiting for nine weeks for an agreement from the homeowner’s lender regarding the offer, the buyers moved on to another property which is also a short sale. Another wait of eleven weeks, buyers cancel the contract and we move on to a property that is actually purchase-able. Want the definition of a short sale?

Here it is according to Wikipedia: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

The process is as follows: Seller lists the property with a Realtor® at a price that is not sufficient to pay for closing costs and mortgage payoff. Buyer writes an offer and in the contract the verbiage “subject to lender approval” must be included. Seller and buyer agree on the terms of the contract and the contract is shipped to the mortgage holder for their approval. Then we wait…….and wait…….and wait! Now, there are times when the approval may come inside two to four weeks, but that is not the norm. Some of the problems occur because the seller’s Realtor® doesn’t know how to complete a short sale and dealing with the seller’s mortgage company is key. Even if the Realtor® is versed in completing short sale transactions, there are no guarantees. Patience, my friend, chill! I don’t know whether to say, “Buyer Beware” or when choosing a Realtor® to complete your short sale, maybe I should say, “Seller Beware”!