Q. I'm a real estate agent and I would like to hear from home buyers and sellers. I have two questions, and I would like only one answer for each question, although you may elaborate as much as you want on that one answer!
1. As a home buyer, what is the single most important service
you want/need from your agent?
2. As a home buyer, what is the single most important quality
you want/need your agent to have?
3. As a home seller, what is the single most important service
you want/need from your agent?
4. As a home seller, what is the single most important quality
you want/need your agent to have?
Please don't state the obvious, like "I want my agent to find me the right home" or "I want my agent to sell my house fast."
What I really want to know is what service and quality make you comfortable that the agent will find the right home for you and sell your home fast.
Thanks for your time!
1. As a home buyer, what is the single most important service
you want/need from your agent?
2. As a home buyer, what is the single most important quality
you want/need your agent to have?
3. As a home seller, what is the single most important service
you want/need from your agent?
4. As a home seller, what is the single most important quality
you want/need your agent to have?
Please don't state the obvious, like "I want my agent to find me the right home" or "I want my agent to sell my house fast."
What I really want to know is what service and quality make you comfortable that the agent will find the right home for you and sell your home fast.
Thanks for your time!
A. service(buyer): Need quick response. For example, I asked for a CMA to my agent, she hasn't gotten it to me yet and it has been over 2 weeks and i had already asked her like 3 times.
quality(buyer): When taking the buyer to show property highlight all the bad things as well not just the goods. don't expect the buyer to know it all even though you've given them the MLS print out.
quality(buyer): When taking the buyer to show property highlight all the bad things as well not just the goods. don't expect the buyer to know it all even though you've given them the MLS print out.
When should we get a real estate attorney?
Q. We're just beginning our home buying journey, just spoke a realtor, starting to look at homes at this week, etc.. Very early in the game still. At what point should we get a real estate attorney? And what should we expect from one? Do they walk you through the fine print, can I expect him/her to be available to answer any questions I may have? Or are their services limited to just the closing?
Please feel free to offer any additional information in regards to a real estate attorney and what their job includes.. Thank you.
Please feel free to offer any additional information in regards to a real estate attorney and what their job includes.. Thank you.
A. Unless the state you reside in require an attorney as an escrow closing agent there is really no need for a real estate attorney. Most real estate contracts are explained by your real estate agent as well as the other professionals involved in the real estate transaction. It take a little common sense for the buyer to understand the important portions of the real estate loan documents, the purchase contract, escrow opening and closing documents. Anything not understood, should be asked about immediately.
What should you expect from your real estate attorney, a high fee for reading a few documents and explaining them to you. This could and should be done by your real estate agent as well as your loan officer. You are paying them for this service.
If there are portions of a real estate contract or the loan docs that your real estate attorney would not be happy with and wanted changed ,neither of these state approved forms would be changed to accommodate his suggestions.
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
"FIGHT ON"
What should you expect from your real estate attorney, a high fee for reading a few documents and explaining them to you. This could and should be done by your real estate agent as well as your loan officer. You are paying them for this service.
If there are portions of a real estate contract or the loan docs that your real estate attorney would not be happy with and wanted changed ,neither of these state approved forms would be changed to accommodate his suggestions.
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
"FIGHT ON"
How has the recent home buying tax credits affected the current real estate market?
Q. Have the recent home buying tax credits actually helped stimulate our economy by moving some of these houses that are on the market?
How has our real estate market been affected by this, or has it?
Any realtors out there that can help answer these questions?
How has our real estate market been affected by this, or has it?
Any realtors out there that can help answer these questions?
A. No it has not and the fallout from those now buying what they cannot afford will be felt in three to five years.
Should I begin a new career in real estate with the current down markets?
Q. I was recently laid off and now I am looking for a career change. I have always been interested in real estate and this would be a good time for me to make the transition into a real estate career.
My only worry is that the market is so slow right now. Money is tied up, and people don't seem to be buying homes right now. I want some opinions on entering real estate in this current economic condition. Preferably people with real estate knowledge or experience will answer my question.
My only worry is that the market is so slow right now. Money is tied up, and people don't seem to be buying homes right now. I want some opinions on entering real estate in this current economic condition. Preferably people with real estate knowledge or experience will answer my question.
A. Home sales are dead.
However the commercial real estate market is not as bad.
focus on commercial real estate and not residential.
Maybe by the time you take all the classes the economy will turn and as the summer months approach things will take off again. Maybe not a bad plan to start real estate right now.
After all, the old timers are all broke and out of business and as the market restarts you can hit a jackpot.
However the commercial real estate market is not as bad.
focus on commercial real estate and not residential.
Maybe by the time you take all the classes the economy will turn and as the summer months approach things will take off again. Maybe not a bad plan to start real estate right now.
After all, the old timers are all broke and out of business and as the market restarts you can hit a jackpot.
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