YOU SAID WHAT?

I read a short article in my Realtor Magazine about a realtor who had clients that posted a little too much information on their social networking site concerning the purchase of their new home and I thought maybe I should remind everyone to watch what you post online. In this instance a buyer posted not only how much they loved a particular house they had put an offer on but also posted how much they were willing to pay for the house. Word somehow got back to the seller/the listing agent and it seriously compromised their negotiating ability. You never know who will see what you post so just like you should never post compromising photo's of yourself you should not post sensative information, especially when it involves money or major life decisions. You can always post online what a great deal you got after the contract is worked out but until then, YOU SAID WHAT?

House Sleuthing

How can I as a realor help my buyers make informed choices about home inspections? That question is one that takes time and effort to answer especially as more and more buyers are looking at purchasing a bank owned home or HUD home. Most bank owned homes still allow you as a buyer to have a home inspection but make clear up front that you are purchasing the home in "as is" condition. It is a rare thing indeed to have a bank agree to do any repairs to a home. Most likely they will want to reduce the cost of the sales price for a major problem but for smaller problems you as a buyer are expected to make those repairs. That being said it is still important to have a home inspection for a bank owned home so the buyer can see just what they are purchasing. Usually you will have 10 days or so to do the inspection and notify the bank of any major defects. During the winter months the home will have been winterized and the banks agent will have to have it de-winterized so the inspection can be completed. That simply requires having the water turned back on as well as the gas and/or electric. As a realtor I work with several fine inspectors and can recommend one to you if you do not have an inspector you know and trust. The cost is usually around $200 to $250 depending on the size of the home. The inspection is paid for at the time of service and is not a refundable cost if the house does not close. However, it is better to lose $200 then to be stuck with a house that needs high dollar repairs which you are unprepared to make.

Mortgage Regrets?

Do you know what type of mortgage you currently have? According to The Residential Specialist Magazine just 2 years ago 26% of people were clueless as to what type of mortgage they had. Today that number is just 8% as consumers have become more knowledgeable about mortgages. 90% of homeowners say they have no regrets about purchasing their home while the homeowners who do have regrets say they regret their inability to resale the home or their inability to make the payments. Fixed rate mortgages are becoming more popular with 4 of every 5 mortgages being a fixed rate mortgage ( a loan where the interest rate is locked in for the term of the loan vs an adjustable rate mortgage where the initial interest rate is low then adjusts upwards every year). If you need help finding a reputable lender to finance your home purchase let me know and I will recommend several lenders who can get the job done with your best interest in mind.