Posts Tagged real estate agents
Deskilling the Mortgage Industry; Mortgage Specialists are depreciating
Posted by Top Home Loans in Economy, Mortgage Advice on August 25, 2010
A house is the biggest purchase that you will make in your entire life. The decision will have a serious impact on all your decisions and will effect the rest of your life. When you make that decision, should you choose who is available or should you choose the right person?
The fact is that most people choose whoever is available without doing research, a background check, or a single fleeting thought. However, as many people know all real estate agents are not equal and all mortgage specialists are not equal either. A good mortgage broker can make a big difference in your transaction over a poor mortgage broker. The same goes for most other industries.
Banks want to pay the person you are working with less, so a decision to deskill the working mortgage specialists results in lower pay, lower skills, and less tenure. The mortgage specialist job is less of a career and more of a transition now.
Can you still get Talented Mortgage Professionals?
Of course you can; however, talented mortgage professionals are becoming harder and harder to find due to the increase in new bank mortgage specialists. You can ensure that you can get a talented mortgage professional by doing a bit of research and interviewing your mortgage professional before deciding on proceeding with a mortgage application with that individual.
A skilled mortgage professional will make the process seem easy and seamless; however, a non-professional will make your mortgage experience a disaster. The best thing to do is to research more upfront, instead of learning on the way.
Can I use a Mortgage Specialist that works for one bank?
You can use one of these mortgage specialists; however, it is impossible to know what you are getting into. It could be the specialists first day or week on the job, and they could have little to no idea what they are doing. They could also tell you incorrect information that would cost you a lot of money in the future. The best idea is to avoid little information, and research a strong mortgage professional before proceeding.
How did you find your mortgage professional? Where did you do your research? Leave your response in the comments below.
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Know Your Mortgage; Why you should Learn about Mortgages
Posted by Top Home Loans in Mortgage Advice, Mortgage News on July 9, 2010
Rick is a looking for a house and he doesn’t know where to start, so while looking through his local newspaper, he came across a few real estate listing ads and some details on a few real estate agents. After considering for some time, he decided to look into purchasing a home to call his home. He picked up his phone and called the real estate agent.
Rick spoke to the realtor who was named Jerry. Jerry was an experienced realtor who had been in the business for ten years, and he assured Rick that he could find him just the house that he was looking for. Rick agreed and signed the contract with Jerry the realtor.
Rick decided on a time that he could view some properties with Jerry that weekend. Jerry first got some details on what Rick was looking at when purchasing a property. The next stop was several open houses. Luckily, his real estate agent was experienced, and he could get the best deal on a property.
Rick found a property that he really liked, and he could see himself living in the property for several years. Jerry told Rick that he could get him an amazing deal if he were to remove some of the conditions on his offer. Jerry told Rick that it was common for buyers to purchase a home unconditionally, so he took his realtors advice and made an offer in on the location.
Rick was so excited to get his mortgage and his purchase approved that he went to the bank first thing Monday morning. He went into the bank very confident, and he brought all the paperwork that he thought he may need. He made an appointment with a mortgage specialist and sat down in the specialists office.
The mortgage specialist, Cynthia, came in and began asking Rick some general questions. These questions included name, phone number, date of birth, and other basic questions.
Cynthia, then asked where he worked. Rick advised her that he had been running his own business for the last several years. Cynthia then asked for his notice of assessments. Rick then advised Cynthia that he has not filed his taxes in the last three years. Cynthia then advised that she could not proceed with the mortgage until he filed his taxes. Rick then advised Cynthia that he could not file his taxes because he didn’t have the money to pay the tax bills that he would have. Cynthia then stated that she could not proceed with his mortgage application, and that his mortgage was declined.
Rick then advised Jerry that his mortgage was declined. Jerry gave him a few numbers for some local mortgage brokers, but when Rick talked to the mortgage brokers, they declined him as well. Rick could not be approved for a mortgage.
Rick had advised Jerry that he could not be approved for a mortgage. Jerry said that he would tell the seller.
A day later Jerry called Rick and advised him that not only were they keeping the deposit, but they were also suing Rick for $70,000 in opportunity costs. Rick didn’t have this kind of money. Rick ended up spending the next five years paying this money back for the simple mistake that he could have avoided.
If he would have talked to a mortgage professional before talking to a real estate agent, then he would have saved himself close to $80,000.
Don’t be a Rick.
Find yourself a strong Mortgage Professional!
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Low Ball your Home Offer; Why People will Accept much less
Posted by Top Home Loans in Mortgage Advice, Mortgage News on June 18, 2010
Recently, the spigot of new home buyer’s coming into the market has deteriorated quite substantially. Months ago a house would sell in days; however, with the recent changes in mortgages, home buyer’s are few and far between. The market is quickly changing from a seller’s market to a buyer’s market. If you are in the market to purchase a new property, there are plenty of properties available for you to purchase within many different areas; however, is paying the asking price for a property wise?
There are plenty of houses that are competing for your purchasing dollar. If you have the available money, and a mortgage approval, then you may be able to get a house for much less than the current asking price. Bidding low is a great way to get a deal from an anxious seller. Many sellers need to sell because they are purchasing a new property, and many sellers must sell to avoid losing equity in their property, so low balling is an effective way to get a reduced price.
How do you low ball?
Your real estate agent should be a professional at this to get you the best deal. What your real estate should be doing is calling around to multiple real estate agents to find out what properties they can make a low ball offer on. Once they find several, they should give you an acceptable price and all the details about the property. Once reviewing the different available properties, it is then time to create an offer. The best time to submit an offer is early in the week when you are sure they do not have any other offers. Once received, they will review and issue a counter offer.
The counter offer is not final, and you still may be able to negotiate a lower price. It is best to confirm the price and the value of the property in comparison to your objectives. If it meets or exceeds your objectives, then you may have a deal. If it does not, then you may have to look at another property.
This process may take months to complete, so if you do have the time, then this can act as an effective method to build equity, and contribute towards your net worth.
The bigger the bargain that you are able to get on the property, the more equity that you will have available in your property. A 20% discount is usually reasonable for a low ball offer. Make sure that you are making reasonable offers, and not absurd offers.
Have you made a low ball offer? How much were you able to knock off the asking price?