Did Your Listing Expire, How to sell Your Home

Did your listing expire?

Low mortgage rates are increasing the affordability of homes, however the increase of short sales and foreclosures have dramatically reduced the buyer pool.  These factors have led to buyers looking at too many houses, putting buyers back into the driver’s seat.

It’s a whole new world for home sellers. So, how do you make your house stand out so it will sell ?

Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. When things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying, If your home is priced too high, you many never get buyers to even consider looking at your home.
Quickly cut the price if you don’t get action. Everyone wants to sell their home for as much money as possible. Nobody wants to “give” their home away. But homes that languish on the market in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a slow market with few buyers you may want to cut the price to make the sale more quickly.
Finding the right agent is critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. They’ll help with everything from pricing to advising you on the other 6 points in this article. Finding leading agents who outsell other agents in your home town are the type of professionals you’ll need on your side. Talk with your family, friends, and neighbors to identify the best agents in your area. Interview several – hire the one who you believe will do the best job for you.
Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn’t stand out from the rest then it’s time to get to work.
Consider home staging. The quickest way to add home value to a home for sale is a fresh coat of paint. But after you do that, you may want to consider home staging. Either do it yourself or hire an outside firm to do so. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it more appealing to prospective buyers.
Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don’t have the time or skill, find a handyman to go through your home and make repairs.  Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.
Offer flexible terms. Flexibility is the key now. You’d like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home, but the buyers make a bid near the asking price – including the appliances.  Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high – you don’t want to lose the only buyer who has looked at your home in a month.

How Much Can You Afford for a Home Loan?

As you think about applying for a home loan, you need to consider your personal finances. How much you earn versus how much you owe will likely determine how much a lender will allow you to borrow.

Estimate Your Available Finances

Income: First, determine your gross monthly income. This will include any regular and recurring income that you can document. Unfortunately, if you can't document the income or it doesn't show up on your tax return, then you can't use it to qualify for a loan. However, you can use unearned sources of income such as alimony or lottery payoffs. If you own income-producing assets such as real estate or stocks, the income from those sources can be estimated and used in this calculation. If you have questions about your specific situation, any good loan officer can review the rules with you.

Debt: Next, calculate your monthly debt load. This includes all monthly debt obligations like credit cards, installment loans, car loans, personal debts or any other ongoing monthly obligations, like alimony or child support. If it is revolving debt like a credit card, use the average monthly payment for this calculation. If it is installment debt, use the current monthly payment to calculate your debt load. And you don't have to consider a debt at all if it is scheduled to be paid off in less than six months. Add all this up to get a figure that we'll call your monthly debt service.

Housing costs: Calculate your monthly housing costs, including house payments, property taxes and insurance.

Factors Lenders Consider for Loan Qualification

In a nutshell, most lenders don't want you to take out a loan that will overload your ability to repay everybody you owe. Although every lender has slightly different formulas, here is a rough idea of how they look at the numbers.

Note that actual percentage amounts will depend on several factors such as a FICO score as well as each lenders suggested GDSR (Gross Debt Service Ratio) for the type of mortgage.

Housing costs versus gross income: Typically, your monthly housing expense, including monthly payments for taxes and insurance, should not exceed about 28 percent of your gross monthly income. This can be expressed in the formula below:

HC < or = I x .28

or, written another way

I x .28 > or = HC

where:

I = gross monthly Income

HC = monthly Housing Cost including tax and insurance

If you don't know what your tax and insurance expense will be, you can estimate that about 15 percent of your payment will go toward this expense. The remainder can be used for principal and interest repayment.

Housing and debt costs versus gross income: This is sometimes referred to as Gross Debt Service Ratio or GDSR. In addition to having housing costs be no more than a certain percent of your gross income, your proposed monthly housing expense and your total monthly debt service combined cannot exceed about 36 percent of your gross monthly income. If it does, your application may exceed the lender's underwriting guidelines and your loan may not be approved. This can be expressed in the formula below:

HC + D < or = I x .36     

or, written another way

I x .36 > or = HC + D

where:

I = gross monthly Income

HC = monthly Housing Cost including tax and insurance

D = gross monthly Debt

Example Calculations

The percentage amounts used below are given for example only.Note that actual percentage amounts will depend on several factors such as a FICO score as well as each lenders suggested GDSR for the type of mortgage.

Calculating maximum monthly allowable housing cost: for a monthly income I = $4000, housing costs should not exceed $1120

I x .28 > or = HC

$4000 x .28 = $1120

Calculating maximum monthly allowable housing and debt load: for a monthly income = $4000, monthly housing costs + monthly debt load should not exceed $1440

I x .36 > or = HC + D

$4000 x .36 = $1440

Calculating maximum monthly allowable housing cost based on income and debt load: for a monthly income = $4000 and a monthly debt of $400, monthly housing costs should not exceed $1040

In the example above, we calculated above that the maximum monthly housing and debt load should not exceed $1440

now we subtract the known monthly debt

$1440- $400 = $1040

Exceptions

Depending on your personal situation, there may be more or less flexibility in the percent ratio guidelines. For example, if you are able to buy the home while borrowing less than 80 percent of the home's value by making a large cash down payment, the qualifying ratios become less critical. Likewise, if a rich relative is willing to cosign on the loan with you, lenders will be much less focused on the guidelines discussed here.

Loan Options

Remember that there are hundreds of loan programs available in today's lending market and every one of them has different guidelines. So don't be discouraged if your dream home seems out of reach. Since there are so many different lenders and loan programs, it pays to shop around.

There are a number of factors within your control which affect your monthly payment. For example, you might choose to apply for an adjustable-rate mortgage (ARM) which has a lower initial payment than a fixed-rate program. Likewise, a larger down payment will lower your projected monthly payment.

How to Choose the Right School

One of the most important decisions that every parent makes is choosing the best school for their children. This can be a very complicated decision. Here are some ideas to help you evaluate schools and make an informed choice.

Do Your Research: Scholastic Considerations

What is the curriculum?

What are the SAT scores?

What grade does computer education start at?

What is the total student population?

What is the average class size?

What is the student-teacher ration for your child’s grade level?

Make Contact: Connect with Key People and Organizations

If the district has a magnet program that you are interested in, ask the Magnet Director how long the waiting list is and whether your child will get in.

Contact the Director of Computer Education to find out the student-computer ratio and if the district's teachers have participated in a computer training program.

Contact the Parent Teacher Organization and find out how active it is. Studies have shown that children's academic success increases when parents are actively involved in their education.

At the School: Will Your Child be Happy There?

Make an appointment with the Principal for you and your children to visit the school when school is in session so you can observe a normal school day. This is your chance to learn the personality of the school.

Check classrooms for interested and smiling faces.

Look at the projects and student artwork on the walls.

Do the students dress like your kids and do they look friendly?

Find out the style of dress for the first day of school so you can help your kids fit in.

Most importantly, be sure to talk to your kids during and after the tour. They will probably have noticed things that you didn't.

There are many concrete factors that indicator how good a school is. But after you’ve done your research, visited the school and conferred with your kids, the best indicator you have is your intuition and good common sense.

Home Sales Up 16.4% in February

March 12, 2013 – The 4-county Metropolitan Milwaukee housing market continued plowing through the winter in February, posting a 16.4% increase in sales over February 2012. There were 960 sales in February, the most for that month since 2007 (1,033), just before the Great Recession began; and marking the 20th month in a row of increased home sales.

Click here to view the graph showing actual sales over the last 20 months. Note the higher level of sales in January and February 2013 compared to the same months in 2012, indicating a much stronger beginning to 2013.

While the continued housing recovery is certainly welcome news, and hopes are that the trajectory of sales depicted in the graph above for 2012 follows into 2013, there is concern over the very low levels of inventory in the market.

The market had 7.08 months of inventory in February (calculated by the number of active listings divided by the average monthly sales over the previous 12 months), which is well below the 11.63 months in February 2012. Only 1,952 homes were listed in February 2013, down 18.3% from a year earlier.

REALTORS® are listing homes to be sure, just not at the rate the market indicates it needs to satisfy current demand. Confusion and skepticism among potential sellers over what price their home might sell for seems to be the main culprit in their hesitation to list.

Sellers will undoubtedly not fetch prices from the peak of the market, however, prices have stabilized in most communities. And, due to the low levels of inventory the length of time a house is on the market has shrunk significantly.

The law of supply and demand would seem to dictate prices should increase soon. With a low supply of homes, stable or increasing demand, historically low interest rates, and positive external factors such as consumer confidence and employment, prices should be pushed upward as buyers outbid one another for a listing.

However, the overall economy is not blazing any trails, job creation is tepid, mortgage applications are detailed and time consuming, and multiple offers are bidding up to a property’s asking price and often including seller concessions. In short, the market is still working through a few challenges that may be holding overall growth back.

While the market is strengthening, it is still too early in the year to say with any confidence that the Milwaukee market will see universal price increases this year. It is still a buyers’ market, but just slightly.

Short Sales Process & Procedures,Foreclosure homes

If your behind on your payments the first thing to do is contact your lender and request the short sale department. You will be assigned a negotiator that will request your financial information including but not limited to :

1. 1 month of pay stubs
2. 2 months of bank statements
3. Last two years tax returns with schedules
4. Hardship letter
5. Financial worksheet
6. List property on market and provide 3rd party authorization letter

 Now you place the property on the market with a real estate agent that is knowledgeable with short sale transactions. Your bank might give you pre-approved terms or might not activate the short sale file until an offer is received. Once an offer is received the work begins. Your agent should help you negotiator the best terms possible. For example:

 1. Any cash/promissory not contributions required
 2. deficiency amount or waiver 3. Relocation assistance / credit reporting If the offer is accepted then the buyer begins to work on their financing requirements.

Please remember that title must be clear of any judgments or liens excluding the lien from your first mortgage. If you have a second mortgage that will also have to be approved by the second lien holder. If clear title is achieved then closing occurs.

 Important side notes - The homeowner is responsible for the property until title transfers even if the property has been vacated. A short sale can stop a foreclosure sale, however it's not guaranteed.

 Like me on facebook at https://www.facebook.com/AndyGonzalezRealEstateProfessional Visit my personal website www.wisconsinmaphomes.com www.shorewest.com Email: andygonzalez@shorewest.com

 ** all information provided is opinion and writer is not responsible for content**

Listing your home, Finding a Real Estate Agent

How to Set a List Price for Your Home

Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, your REALTOR® will help you set your list price based on:

pricing considerations

comparable sales

market conditions

offering incentives

estimated net proceeds

Pricing Considerations – Find a Balance Between Too High and Too Low

When setting a list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors:

If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale, your home simply looks too expensive to be considered.

If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

TIP: Never say "asking" price, which implies you don't expect to get it.

Price Against Comparable Sales in Your Neighborhood

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.

Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your REALTOR® can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.

Competitive Market Analysis (CMA): The list of comparable sales a REALTOR® brings to you, along with data about other houses in your neighborhood that are presently on the market, is used for a "Comparative Market Analysis" (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.

A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by your REALTOR® and may include properties currently listed for sale and those currently pending sale. For the average home sale, a CMA probably gives enough information to help you set a proper price.

Formal Written Appraisal: A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price or if there is any other circumstance that makes it difficult to put a value on your home.

TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report, i.e., the kind that's complete with photos of the house and neighborhood. Floor plans and a site map is sufficient in most cases.

Market Conditions – Is it a Buyer’s Market or a Seller’s Market?

A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.

Your REALTOR® can tell you whether your area is currently in a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.

If You Price High, Set a Schedule for Lowering the Price

Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down with your REALTOR® and work out an advance schedule for lowering the price if need be.

If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.

Offering Incentives to Hasten a Sale

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.

If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Christmas."

Estimating Net Proceeds

Once you’ve been given an estimate of market value by your REALTOR®, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy.

To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.

Seller’s Costs: Subtract the following costs as applicable.

payoff figure on your present loan(s)

broker's commission

prepayment penalty on your mortgage

attorney's fees

unpaid property taxes

Buyer’s/Seller’s Costs: Additionally, your REALTOR® can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs, as applicable.

title insurance premium

transfer taxes

survey fees

inspections and repairs for termites, etc.

recording fees

Homeowner Association transfer fees and document preparation

home protection plan

natural hazard disclosure report

Closing Costs: As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your REALTOR® will assist you in estimating what your final closing costs will be.

Decoding Real Estate Listings - A Short Guide to Lingo and Acronyms

Decoding Real Estate Listings - A Short Guide to Lingo and Acronyms

Real estate ads are usually full of acronyms and terms that are unfamiliar to first-time buyers. Here's a cheat sheet to let you in on the lingo.

4B/2B: four bedrooms and two bathrooms

assum fin: assumable financing

bedroom: usually a sleeping area with a window and a closet, but the definition varies in different places

bathroom: There are three types of bathrooms: a full bathroom is a room with a toilet, a sink and a bathtub; a three-quarter bathroom has a toilet, a sink and a shower; a half bathroom or powder room has only a toilet and a sink.

closing costs: the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission; mortgage-related fees; escrow or attorney's settlement charges; transfer taxes; recording fees; title insurance and so on. Closing costs are generally paid through escrow.

CMA: comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market but did not sell within the listing period.

contingency: a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.

dk: deck

expansion pot'l: expansion potential means that there's extra space on the lot or the possibility of adding a room or even an upper level, subject to local zoning restrictions.

fab pentrm: fabulous pentroom, a room on top (but under the roof) that has great views

FDR: formal dining room

fixture: anything of value that is permanently attached to or a part of real property. Fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt about who will have ownership of fixtures, get it in writing.

frplc, fplc, FP: fireplace

gar: garage

gard: garden

grmet kit: gourmet kitchen

HDW, HWF, Hdwd: hardwood floors

hi ceils: high ceilings

in-law potential: potential for a separate apartment, subject to local zoning restrictions

large E-2 plan: one of several floor plans available in a specific building

listing: an agreement between a real estate agent and a home owner that allows the agent to market and arrange for the sale of the owner's home. The word " listing" is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate agent isn't a " listing," it’s called a FSBO (for sale by owner).

lo dues: low homeowner's association dues. Do your research to find out just how " low" the dues actually are compared to other dues in the area.

lock box: locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent

lsd pkg: leased parking area; it may come with additional cost

MLS: Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate agents. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLSs are local or regional. There is no MLS covering the whole country.

nr bst schls: near the best schools

personal property:movables, such as appliances and furniture

pot'l: potential

pvt: private

pwdr rm: half bathroom or powder room

real property: real estate is legally called “real property”

REALTOR®: a real estate agent or sales associate who is a member of the NATIONAL ASSOCIATION OF REALTORS®. Not all real estate agents are REALTORS®.

title insurance: an insurance policy that protects a lender's or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. It's customary for the buyer to pay for the lender's title insurance policy.

upr: upper floor

vw, vu, vws, vus: view(s)

Buying Step Offers, Counteroffers and Negotiation

When you are ready to buy, you will need to make a written offer. REALTORS® have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.  Your REALTOR® will guide you through the offer, counteroffer, negotiating and closing processes.

How Much Should You Offer?

You sometimes hear that the amount of your offer should be x percent below the seller's asking price or y percent less than you're really willing to pay. In practice, a successful offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order. Your REALTOR® will help you determine a suitable offer price and terms.

Terms and Conditions

While much attention is given to offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers - or additional costs. Terms are extremely important and should be carefully reviewed; they may include an escrow deposit, contingency deadlines for inspection and/or mortgage approval, payment of closing costs, etc.

Contingencies and “Subject to” Clauses

Buyer offers often contain contingencies or “subject to” clauses that must be met before the contract is considered binding. This gives you time to take care of final details. Contingencies can include the following:

approved financing

buyer selling an existing home

satisfactory home inspection report

test results for environmental factors including radon, mold and water quality

termite inspections

easements

liens

Work with your REALTOR® to determine which contingencies you should include for your home buying situation. You will likely be required to include a time clause, also called a kick-out clause, which limits the contingency to a short time period (say 12, 24 or 48 hours) should the seller receive another acceptable offer.

How Do You Make an Offer?

When a home is made available for sale the owner is essentially making an offer to buyers: for a given number of dollars and other terms you can acquire this home. Buyers, in turn, can respond with several options:

accept the offer

decline the offer

make a counteroffer

The process of making offers varies around the country. Typically, you complete a written offer that the REALTOR® will present to the owner and the owner's representative. The owner, in turn, may accept the offer, reject it or make a counteroffer.

What is a Counteroffer?

A counteroffer is nothing more than a new offer with different terms. Offers and counteroffers reflect the back-and-forth activity of the marketplace. It's a common, efficient and practical process, but also one that may contain tricky clauses and hidden costs. Because of this, and because counteroffers are common, it's important for buyers to remain in close contact with a REALTOR® during the negotiation process so that any proposed changes can be quickly reviewed.

How Do You Negotiate?

No aspect of the home buying process is more complex, personal or variable than bargaining between buyers and sellers. This is the point where the value of an experienced REALTOR® is clearly evident because he or she knows the community, has seen numerous homes for sale, knows local values and has spent years negotiating realty transactions.

Real estate bargaining typically involves compromises by both sides. It's not war; it's not winner-take-all. Instead, negotiating should be seen as a natural business process: buyers should be treated with respect, and owners should never lose sight of either their best interests or their baseline transaction requirements, which must be met before the home can be sold.

There are a lot of considerations, not just price, in making and negotiating offers. This is where the working with an experienced REALTOR® can guide you to a win-win negotiation.

Keys to Selling Your House When Sales are Slow

What was once a booming residential real estate market across the country has slowed to a trickle.

It’s a whole new world for home sellers. So, how do you make your house stand out so it will sell when sales are slow?

Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. When things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying, If your home is priced too high, you many never get buyers to even consider looking at your home.

Quickly cut the price if you don’t get action. Everyone wants to sell their home for as much money as possible. Nobody wants to “give” their home away. But homes that languish on the market in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a slow market with few buyers you may want to cut the price to make the sale more quickly.

Finding the right agent is critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. They’ll help with everything from pricing to advising you on the other 6 points in this article. Finding leading agents who outsell other agents in your home town are the type of professionals you’ll need on your side. Talk with your family, friends, and neighbors to identify the best agents in your area. Interview several – hire the one who you believe will do the best job for you.

Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it’s time to get to work.

Consider home staging. The quickest way to add home value to a home for sale is a fresh coat of paint. But after you do that, you may want to consider home staging. Either do it yourself or hire an outside firm to do so. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it more appealing to prospective buyers.

Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don’t have the time or skill, find a handyman to go through your home and make repairs.  Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.

Offer flexible terms. Flexibility is the key now. You’d like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home, but the buyers make a bid near the asking price – including the appliances.  Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high – you don’t want to lose the only buyer who has looked at your home in a month.

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Real Estate Q&A

Q. What is a home warranty and who pays for it?

A. A home warranty is insurance and peace of mind after you purchase your home. If a mechanical component in your home fails within the first year, you simply call your warranty service provided and they will send out a technician.  Depending on the plan you usually pay $75 - $100 deductible per separate occurrence.

A home warranty can be provided by the seller, real estate agent, or purchased by the buyer. Some properties are sold with a home warranty that is paid by the seller. If your purchasing a short sale, most times the Bank will not allow the seller to pay for a home warranty. In these cases your agent can provide the home warranty as an incentive for doing business with them. In all cases the buyer has the choice to purchase their own warranty if no party is willing to provide it. The home warranty must be purchased at closing.

Special notes -
1. Not all home warranty plans are the same. If your purchasing a home that is advertising a home warranty, ask for a brochure or more information about deductible and what is covered.
2. Home warranties usually don't cover cosmetics or bad carpentry.
3. You can upgrade and or extend your warranty by calling the service provider.
4. +Shorewest Realtors recommends a home warranty.

For more information visit http://www.onlinehsa.com/

Disclosure -  Questions regarding legal issues will not be answered. All information provided are only  opinions, and by submitting question you agree to waive any legal rights or liabilities.


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Email me for a free property evalutation or with any questions to andygonzalez@shorewest.com
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Ask Me Your Real Estate Related Questions

Do you have a real estate questions and need answers? Post or email me your question to andygonzalez@shorewest.com. If question is specific to a property or situation please provide a detailed summary. Note -  as a real estate agent I cannot give legal advise.

Disclosure -  Questions regarding legal issues will not be answered. All information provided are only  opinions, and by submitting question you agree to waive any legal rights or liabilities. 



Follow me on Facebook: www.facebook.com/AndyGonzalezRealEstateProfessional

Search for homes on my Website - www.wisconsinmaphomes.com

Email me for a free property evalutation or with any questions to andygonzalez@shorewest.com
visit Company website: www.shorewest.com

The Right Real Estate Agent for you

What makes me the right Real Estate for you? 

With over 10 years of combined experience with Mortgages and real estate experience, I truly understand the business. My experience includes Team lead for M&I Bank in the Mortgage Collections division, Short Sale Negotiator for +JPMorgan Chase, Mortgage Insurance Adjuster for MGIC, and finally a Realtor for +Shorewest Realtors. My experience and countless training programs attended while in corporate America really set the stage for my success as a real estate agent. I understand not just the real estate side, but the full equation and duties of all parties involved in any given transaction. How many agents can say the same. 

After years in corporate and working hand in hand with Realtors  I decided to make the leap in to real estate. I completed all the requirements and received my real estate license. I joined the Greater Milwaukee Association of Realtors. I wanted to increase my knowledge, so I upgraded my accreditation to Broker Associate. I can't say it was all flowers and roses. Early in my career I made mistakes as I endured the learning curve. However, I was relentless in improving my skills. After each transaction I became more confident and expanded my knowledge.  Being a former short sale negotiator I focused primarily on pre-foreclosure sales. I slowly expanded my transactions to include buyers, investments, and commercial. 

In real estate the most important factor is price. If your a buyer you want a good deal, and as a seller you want the most for your home. Early on I felt a lack of experience in pricing homes, so I went back and received the Broker priced Option designation. I then applied to all the asset companies to due bpo's. Since then I've priced over 500+ homes for bank's and other financial institutions. I can truly say today that I'm a price expert, a statement most agents cannot say. Seller's and buyer's can feel safe that I'm advising them intelligently and in their best interest. Doing bpo's expanded my knowelege of prices outside my general marketing area. I've completed values in most parts of Milwaukee County. This insight really gives me a clear picture of market condition. 

When it comes to negotiating, I regard myself as pro. As a short sale negotiator they taught and beat into us the skills needed to negotiate. I've read many books on the subject and practiced the strategies for years. Seller's and Buyer's can feel safe that I'm confident and not afraid to negotiator on their behalf. 

I've completed a lot of do it yourself projects on my own home, however working with investors and estimating repair cost on bpo's really gave me great insight. I'm very familair with the mechanical parts of your home. I've trained my eye to spot potential problems for my buyers. When I price a home for a potential listing, we go in dept over condition to give an accurate fair market value of the home.

We have learned to be skeptical with sales people in every industry. We heard the horror stories of being taken advantage of, and sales reps only out to make more money. I can truly say this is not me. A successful transaction and a happy customer equals repeat business and referrals. So if you looking to sale or buy your next home, please look me up. I will be happy to assist you in a successful transaction. 

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Email me for a free property evalutation or with any questions to andygonzalez@shorewest.com

visit Company website: www.shorewest.com

 

How to Get a Mortgage

Examine your finances and shop around before you apply for a mortgage. Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared.

Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer savings and loan companies, the mortgage hunt today is like finding your way through a maze.

There are dozens of loan types and hundreds of loan programs available through thousands of mortgage brokers, bankers, lenders, finance companies, credit unions and even stock brokerage firms.

Contrary to popular belief, finding a mortgage doesn't begin with an application.

Education is a better first choice. Mortgage information sources are as vast as the number of mortgages available: Web sites, topical newspaper articles, mortgage books, consumer seminars and workshops, financial planners, real estate agents, mortgage brokers and lenders are all available to assist you along the way.

First and foremost, you must determine how your mortgage payment will fit your current budget and, to some extent, your future obligations 15 to 30 years down the road.

If you discover too late that you can't afford your mortgage, you'll not only face the possibility of losing the roof over your head, but you could also damage your ability to purchase a home in the future.

Step 1: Examine Your Finances
If you can afford to buy a home, you must then determine how much mortgage you can afford. Lenders are apt to put your loan application in the best light and qualify you for as much as they are willing to lend, which can be more than you can afford.

It's up to you to take stock of your income and expenses, both current and projected, to determine what you can comfortably manage each month. Along with your mortgage payment, don't forget related insurance, taxes, homeowner association dues and any other costs rolled into the mortgage payment.

Step 2: Shop for a Loan
When you are ready to shop for a loan you have two basic types of mortgage stores to shop from: direct lenders and mortgage brokers.

Direct lenders have money to lend. They make the final decision on your application. Lenders have a limited number of in-house loans available.

Mortgage brokers are intermediaries who, like you, have many lenders from which to choose. Brokers shop from many lenders, each with their own offering of loans.

If you have special financing needs and can't find a lender to suit them, an experienced broker may be able to ferret out the loan you need. Mortgage brokers, however, are paid with a slice of the amount you borrow - some more than others, so it pays to compare rates. Internet brokers today perhaps receive the smallest cut, sometimes none at all, and can prove to be a real bargain.

Along with shopping the source, you'll also have to shop for loan costs, including the interest rate, broker fees, points (a point is an amount paid to the lender and is charged at one percent of the amount you borrow), prepayment penalties, loan term, application fees, credit report fee, appraisal and a host of others.

Step 3: Apply for a Loan
The application process is the easy part - provided you've gathered the documents necessary to prove claims you make on the application.

The application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).

The lender will run a credit check to determine your credit status, but you'll have to supply additional documentation including paycheck stubs, bank account statements, tax returns, investment earnings reports, rental agreements, divorce decrees, proof of insurance and other documentation. A lender that deems you creditworthy will likely hire a professional appraiser to make sure the value of the home you are about to buy is truly worth your loan amount.

For a no obligations pre-approval consultation contact :
Miguel Pesqueira | VP Community Lending Sales Manager| North Shore Bank

10533 W. National Ave. West Allis, WI 53227

P: 414.327.2336 |  F: 262.797.3565  |  M: 262.389.9234 |  mpesqueira@northshorebank.com

northshorebank.com | twitter.com/northshorebank | facebook.com/northshorebank

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Email me for a free property evalutation or with any questions to andygonzalez@shorewest.com

visit Company website: www.shorewest.com