Greg was so honest when looking at homes - he told it like it is. Greg made home buying really easy.
You guys know your stuff; sold our house FAST! Ben and Sarah - seller/buyer
It was terrific! You are the standard that all others in the service industry should try for. I can't imagine getting better service that your team provides...applause! You're an awesome team! Sandy and Greg - seller/buyer
The first meeting with Greg - we were very impressed! We really loved the Tuesday Update calls; that was nice to always know we'd connect. Angela and Jeff - seller
When I met you, you were professional, knowledgeable, and seemed to care about my needs. The whole transaction from beginning to end was easy and fun! I would love to do it again! Melody - buyer
Greg and Beth's attitude and positive energy convinced us to work with them. Knowing they would give it their all even though we had a small home and it would be a huge profit. Amber and Manu - seller
Beth and I don’t use a crystal ball to tell us the future of the Rochester area real estate market, we research, monitor, analyze, and watch the market from several points of view to give you clear and concise information and advice. Is now the right time to buy a house? Read what these expert financial advisers have been saying over the past month. Now IS the time to buy a home!
The creativity of some people never ceases to amaze me. I found out today that some clever criminals are using two common every day items found in the average home to break into garages and homes. I won’t go into detail of how it’s done, but people are breaking into garages and then accessing homes through the unlocked door into the house. I always assumed an automatic garage door was nearly impossible to break into. Turns out, many automatic garage doors can be opened in just a few seconds, allowing entry into the house.
If the door from your garage to the house isn’t locked right now, go lock it.
It seems like more and more of the media is agreeing that now is the time to buy a house. A recent SmartMoney article stated, “house payments are more affordable than they’ve been in at least four decades of data.”
The article goes on to say, “Two key measures now suggest it’s an excellent time to buy a house as a long-term residence or an income property (but not for a quick flip). First, the nation’s ratio of house prices to yearly rents is nearly restored to its pre-bubble average, suggesting the financial advantages of homeownership once again await buyers. Second, when ultra-low mortgage rates are taken into consideration, houses are the most affordable they’ve been in four decades of data.”
Now is the time to see if buying a home make sense in your life. Contact us for a free, no-obligation 20 minute consultation to help you look at all of your options to see if now is the best time for you to buy a home.
We’re often asked, “how’s the real estate market?” Well, approximately 13,780 homes were sold yesterday. This means that nearly 14,000 people across the country bought a home yesterday. That number is up more than 18% over last year. Looks like a pretty positive sign to us.
People often ask us, “What is the most popular home search?” Sellers want to know so they can get an idea of what percentage of people are looking for a house like theirs, and buyers are curious to know to see if they’re asking for something that’s normal or something that’s going to be hard to find.
So, what type of home do most people search for……? The most popular home search is a three bedroom, two bath home. More people search using these preferences than any other.
What does that mean for owners trying to sell a four bedroom house? No problem, most buyers are happy to have an extra bedroom.
What about sellers who own a two bedroom house? Well, since most buyers are looking for at least three bedrooms, they will have to appeal in other ways. Call us at 507-287-7777 and we’ll show you how to make your two bedroom home appeal the most buyers possible.
What about a two bedroom townhome or condo? Not a problem here. Many people look for two bedroom condos and townhomes, so this really isn’t a problem.
Banks are becoming more and more open to helping sellers who are unable to afford their mortgage. A short sale, or selling your home for less than the balance owed to the bank is becoming more and more common around the country. As Certified Distressed Property Experts, we have the systems and experience to assist you with the short sale process, and there may be no cost to you at all.
Watch this short video or the short sale process then give us a call at 507-287-7777 and we’ll help you explore all of your options. These no cost or obligation to learn how you can avoid foreclosure. Watch the video then give us a call.
Today’s ever changing real estate industry has brought upon some very challenging questions from our clients. We as counselors, want to put forth the best, non-emotional advice that we can, in hopes that we can help our clients and their families navigate the rough waters of the short sale process.
The most prevalent question and one that continues to permeate the industry is: “Why should a seller go through the short sale process rather than letting their house be foreclosed upon?”
While we cannot speak to every client circumstance, we can say one thing with complete conviction. In almost all instances in which a potential seller is contemplating whether they should short sell their house or let it go through the foreclosure process, a short sale is the better option. The following are examples to consider:
Example A- Short Sale
Mr. Smith owns a home in which he has a mortgage balance of $220,000 and a current market value of $150,000. Mr. Smith has elected to short sell his property. His Realtor successfully obtains a buyer who puts forth an offer price of $120,000 (80% current market value according to Realty Trac Foreclosure Report 5/26/2011). After reviewing the buyers offer and the financial hardship information from Mr. Smith, Mr Smith’s bank agrees to accept the short payoff of $120,000 which would leave a deficiency balance of $100,000.
The transaction closes and is final. Mr. Smith then pulls his credit report 30 days after the transaction takes place. On the report he notices that the mortgage trade line states “Mortgage debt was settled for less than full” and the balance on the mortgage is $0. Mr. Smith is now on the road to financial recovery.
Example B- Foreclosure
For the ease of illustration we will use the same value and mortgage debt amounts as in Example A. However, Mr. Smith has elected to forgo the short sale process and let the bank foreclose on the property. The bank holding his mortgage facilitates the proper legal procedures to foreclose on the property, all of which are costly. Mr. Smith is notified and his property foreclosed upon of which is taken back by the bank to sell as an REO.
Six months later, the bank finally sells Mr. Smith’s home only they sell it for $90,000 (60% of current market value according to Realty Trac Foreclosure report dated 5/26/2011). Remember, as a short sale, the home would have sold for $120,000 keeping the deficiency to $100,000. In addition to the deficiency now being $130,000, the bank has elected to add on legal costs of $15,000 and asset preservation costs of another $5000 for a total deficiency liability of $150,000. Mr. Smith pulls his credit report 30 days after being notified that the bank has sold his property and of his liability.
On the report he notices that the mortgage trade line states “Foreclosure” and the balance is $150,000. Because of Mr Smith’s choice to choose foreclosure vs. short sale his road to financial recovery has taken a major detour. He not only has a foreclosure on his credit report but know has a much larger deficiency balance in which the bank, in most cases, will report on his credit report as a balance owed.
The Best Option is clear
While the financial and credit advantages are clear when choosing a short sale over a foreclosure, other advantages are sometimes overlooked. The most important of all of them is maintaining the seller’s dignity and peace of mind. We have heard too many stories of families having to leave their homes because of a Sheriffs order or some other type of legal action. The short sale process alleviates this negative social impact. The process puts the control back in the seller’s hands so that they can get back on the road to financial recovery and start providing for their families. In the battle of the two evils, a short sale always wins!!!
The National Association of Realtors (NAR) released their Existing Sales Report two weeks ago and in the report they discussed a troubling trend: cancelled contracts are increasing dramatically. NAR defined the issue:
“Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price.”
NAR explained that 18% of all contracts were cancelled in August. This compares to 16% last month and 9% in August of 2011. The percentage of cancelled contracts has doubled in the past year!!
It is extremely important that both buyers and sellers pick the right real estate professional to assist them with their real estate needs.
BUYERS
Make sure your agent can not only help you find the home of your dreams but also find you professional assistance with all aspects of the transaction (mortgaging, title, etc.)
SELLERS
Realize that your agent must sell the home twice:
1. to a qualified buyer
2. to the bank (through the appraiser).
The second sale may be more difficult in this market than the first.
Bottom Line
It is imperative in this housing market that both buyers and sellers use a true real estate professional to guarantee that the deal will actually reach the closing table.
For several years, Beth and I have been sharing systems and tools for handling personal finances. We work closely with people’s finances everyday and want to help people improve the financial part their lives. Would you or someone you know like to join us to learn some simple tips and tricks to better handle your money and build your savings accounts?
On September 22nd we’ll be teaching our sixth edition of Easy Personal Money. There’s nothing to buy; no books, programs, tapes, etc will be sold because there aren’t any. We’ll be giving you copies of the forms we use every month and show you how to make it all work. All proceeds from the $9 registration fee go to Rochester Community Education.
The reviews have been excellent! Over 200 people who have attended our class and learned how to manage their money, control their spending, and increase their wealth and savings. It’s always a fun event and you’ll get some information that will be worth $1000’s to you. Many people have commented that they thought the program would be great for teenagers too. If you know someone who would like to better handle their money, have them join us.
To register, call Rochester Community Education at 507-328-4000. View the Community Education Booklet online at http://www.rochester.k12.mn.us/se3bin/clientgenie.cgi?schoolname=school86&statusFlag=goGenie&geniesite=25&myButton=g5plugin&db=g25_b1455
Beth and I don’t use a crystal ball to tell us the future of the Rochester area real estate market, we research, monitor, analyze, and watch the market from several points of view to give you clear and concise information and advice. Is now the right time to buy a house? Read what these expert financial advisers have been saying over the past month. Now IS the time to buy a home!
