When I bought my first home in 1976, I was 21 years old and clueless about what it took to purchase a home. I had very little money, a shaky marriage, and a three year old. What I did know, however, was that I wanted to own my home and I didn’t want to throw my money away on rent. I knew that if my marriage didn’t survive that I would have something of value which would increase as the years went on.

I always considered myself pretty bright, although of the mindset that if I leap, the net will appear. Not always the best approach, but I am pretty stubborn when I want something – and I wanted my own home.

I looked in the paper, saw a home for $17,900 and called the listing agent. I looked at the house, realized it needed work, but I put in an offer for full price. I didn’t know any better, and I didn’t know that the agent was not representing me; he was responsible to the seller. Thirty days later, I brought $500 to settlement and was handed the keys.

In hindsight, I know that what I did was incredibly shortsighted. I should have looked at other homes. I should have negotiated. I should have asked for seller concessions. I should have shopped for my mortgage. However, I depended on the agent I was working with, the one who was looking out for the seller’s best interest, not mine. There were three positives, however. One, I learned from my mistakes. Two, I got representation when I sold my home that I was referred to and I trusted. Three, I sold the home for $62,900. The next home sold on my street sold for $40,000. I leaped and the net appeared. I got lucky.

Until the late 1980′s, buyers had to pretty much fend for themselves. The typical scenario was that the Realtor that listed the house was the “go to” person for the consumer. Over the years, it became clear that buyers needed representation. In 1988, REBAC (Real Estate Buyer’s Agent Council) was formed. In 1996, NAR (National Association of Realtors) took over the program and the ABR (Accredited Buyer’s Representative) designation was launched. Today, there are over 50,000 agents with the ABR designation, and I am one of them.

Most people interested in purchasing a home, particularly first time buyers, do not understand the process. It can be very intimidating, to say the least, as I have learned first hand. As a Buyer’s Representative, I am trained to help buyers through the process. No matter who you are working with, you need to know what to expect. This is the minimum of what you should know and should expect from your agent:

o The only cost for your Buyer’s agent should be the minimal brokerage fee that is charged to everyone whether they are a seller or a buyer. Your Buyer’s Representative gets paid by the listing brokerage. Her fee comes out of the seller’s commission.

o The agent you interview should tell you what she will be doing to help you and how her company can help as well. For example, I have software that allows me to do a virtual tour for any home you would like me to preview so that you don’t have to run around as much, particularly if you are from out of town. My company offers a 24/7 search based on the criteria for my Maryland customers and sends us both any homes that either are new listings or price changes within that criteria.

o Your buyer’s agreement should have both an end date and an out clause. You should be able to fire your agent and she should be able to fire you if the relationship is not working.

o Your agent should offer to do a comprehensive market analysis on the home you are interested in before you make an offer. You need to be aware of similar homes listed and recently sold in order to make a more informed decision. Conversely, your agent should never tell you what to offer, that is your decision. A good agent should tell you if you are way off base, but all agents are obligated to present any and all offers to the listing agent.

o Once your offer is accepted, your agent’s real work begins. She should give you names and numbers for mortgage companies, settlement companies, home inspectors, cable companies, phone companies, insurance companies and anything else you might need. She will arrange for the utility cut-overs (where they will allow it) and go to your home inspection, walk-through and settlement. She will also make sure you see the settlement charges in advance so there are no surprises. She will run interference should there be problems, and work closely with the listing agent, mortgage company, and settlement company so that things go smoothly for you.

As you can see, there are many advantages to having a buyer’s agent. I challenge you to find a disadvantage.

Purchasing a home is one of the biggest, scariest things you will ever do. You can’t afford to make a mistake. Many people make the missteps I did purchasing my first home. I hope that you can learn enough from my mistakes and expertise to make your home purchase a rewarding experience rather than a stressful one.

Lois Saraceni, REALTOR, SRES, ABR, is associated with Prudential Carruthers Realtors in Ocean City, MD. She is licensed in both Delaware and Maryland and specializes in working with Senior Citizens (SRES-Seniors Real Estate Specialist), and with Buyers (ABR-Accredited Buyer’s Representative). Mrs. Saraceni has been practicing real estate since 2006 and enjoys helping people make their buying and selling experience an enjoyable one. Prior to Mrs. Saraceni’s entering the real estate business, she spent fifteen years traveling the United States as a healthcare consulting executive. “I believe that the experience I gained over the years helping hospitals and their employees to maximize their computer systems and minimize their workload has prepared me well for a career in real estate.” says Saraceni. “After all, we do not “sell” homes. We consult with our clients and help them make the decision that benefits them the most.” Look for more articles from Mrs. Saraceni in the future.

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If you have been putting all your energies and your heart into finding a new house that is the perfect match for your family, then often the difficulties associated with securing the home mortgage loan can sour the whole experience. The time of buying a new house is usually filled with excitement, eagerness and anticipation about the family’s future in a new place, and getting your mortgage home loan financing lined up before you start home-shopping can help you enjoy the complete process much more.

Getting your mortgage loan pre-approved can be a big benefit to you in a number of ways. First of all, if your mortgage home loan is already approved before you start looking for a house, then you will know your price range.

This can end up saving you an enormous amount of time, not to mention heartache. It can be devastating to find a wonderful house that you have fallen in love with after weeks or months of searching, only to find out after waiting to be approved that you don’t qualify for the mortgage home financing.

On top of helping you save a lot of time by better focusing on which houses you should view and tour and avoiding heart-rending disappointments, you will also discover that you will have more confidence as you shop knowing that you have been pre-approved for your home mortgage loan. There is no doubt that people can function better when they know the parameters they need to operate within, and this same principle certainly applies as well in terms of home-buying.

This leads to being able to enjoy a better relationship with a real estate buyer’s agent. When you have pre-approval on your mortgage borrowing, a buyer’s agent will be much more willing to work with you. Houses are listed by agents that represent the seller of the home, and they look out for the best interests of the seller only, by contract and by law.

But you can engage a buyer’s agent to help you sort through the real estate market and work in your best interest. Because your buyer’s agent only gets paid if you end up buying a house they sold to you, they are willing to work hard to help you. And, if you come to them pre-approved for your mortgage loan, then they know the chances of you closing on a new house are very high, so they will be more interested in working with you than someone who has not lined up their home financing yet.

When your agent runs across a great deal or hears about a new listing that hasn’t even hit the market yet, who do you think they will call first? Probably the person who has their mortgage borrowing package already sewn up and ready to roll.

And, that leads to the most powerful reason to get pre-approved for your mortgage loan. When a seller is faced with multiple offers and your offer clearly states that your mortgage home loan is already approved and that you can close on the deal very quickly, you stand out and are more likely to have the seller accept your offer, even if it is slightly lower than the others.

Obtaining the home mortgage loan before you begin your house search is an approach that makes good sense on every level and that helps to create win-win situations. Not only will you save time and simplify your search, but you will be able to avoid frustrations and just enjoy the complete process and give yourself an extra bargaining chip to boot.

Visit us for free tips and training to help you make quick easy money and have the financial freedom you deserve.

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Buying a home is a major investment for most homeowners it’s the most costly investment they will ever make. It is even more costly for some because they fall into the traps and mistakes such as; paying more than they should for a home, missing out on the home of their dreams, buying a home that doesn’t fit their needs. By watching out for the 7 costly mistakes you can take proper action to avoid them.

1. Real Estate Agent – your Buyer Agent should have in place a “VIP Buyer program”, “house-hunting service” or “buyer profile system”. These systems will match your criteria with all the available homes on the market and send you daily or weekly emails with complete descriptions and photos. This system can save weeks and months of home searching. If your Buyer Agent is not internet savvy and not incorporating one of these into their business you should move on to another agent who works in this century.

2. Paying Too Much – not knowing the market could cause you to fall for an over priced home. You should research the local market to determine the values that comparable homes have sold for, and make your offer based on that information. A professional Buyer Agent will help you with the comparables from the MLS and prepare a CMA (comparable market analysis) on the home before you make an offer.

3. Which House is Right for You – finding a home is simple, finding the right home is a lot of work. Determine your needs, schools, drive to work, shopping, recreation, neighborhood, home fix ups and maintenance. Putting in writing your needs and desires will help you and your Buyer Agent weed through the thousands of choices you will be making in your home purchase.

4. Mortgage Pre-Approval – mortgage pre-approval can be completed over the phone or online in 20 to 30 minutes it’s fast and easy. With a pre approval you know what you are working with you now have the freedom of not second guessing if you can afford a particular home. Being pre-approved when making an offer gives the seller more confidence that the loan will close.

5. Legal Issues – can delay a closing if not identified early in the process. An accurate and up to date survey is not required by some lenders or title companies but it is the way to guarantee the boundary’s of the property and will identify any encroachments that will affect your ownership. Title report will identify any past ownership issues of your property such as tax liens, undisclosed owners, easements, leases and such that could affect your ownership. Mortgage lenders require a lenders title policy to protect their interest it is well worth the cost to buy an owners policy for yourself as well.

6. Undisclosed Repairs – a professional Buyer Agent will help you hire a licensed home inspector to thoroughly review the condition of your home inside and outside. They will inspect and test all mechanical systems (plumbing, heating, air-conditioning, and electrical) and provide you with a written detailed list with photos of all their findings. This inspection report will at the least help you make an informed decision whether to complete the home purchase. All items agreed to by the owner must be inspected to insure the work was complete. You and your inspector should do a final walk through before closing.

7. Closing Table Hidden Costs – there will be costs from the mortgage company, attorney, Title Company, insurance, survey, utility connections, home inspectors, pest control, taxes, escrows and possibly some old payoffs required by your lender. All of these can add up to a considerable amount. You must know in advance what these costs are and be prepared to pay them at or before closing. Review your HUD-1 statement and mortgage with your Buyer Agent before closing to insure that you know and understand all these associated costs and that they are correct.

These are some of the major issues that will affect your home buying process. Working with a professional Buyer Agent who will help you identify the traps and how to avoid them is one of the more important choices you have.

Bill Carey a Broker/Investor/Builder. His over 30 years experience in Real Estate Sales, Investments and Construction offers a unique perspective to the processes of Investment Grade Real Estate. Bill and his family own resort rentals and hold a number of Off-Campus student rental properties in southern states. This started when our oldest daughter went away to school at the University of South Carolina in Columbia, SC. The Carey family continues to buy and successfully rents student rental properties

How to Save $50,000 plus on your Childs College Education. 9 Steps to In-State Tuition. Student Rentals Real Money Makers. Check out the 9 part e-course on “How to Buy Your Student Rental Property”

Contact Bill by email at Info@CollegeTowneProperties.com or visit our website http://www.CollegeTowneProperties.com

(Your Comments are Welcome)

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Homebuyers routinely make costly mistakes when buying a home. Here are six costly mistakes made by homebuyers that can easily be avoided.

Mistake #1: Not Reviewing Your Credit History

Home buyers often wait until they have a property under contract or until they apply for a mortgage to have their credit reports pulled. Getting a copy of your credit reports and credit scores early in the process is an absolute must.

Under the FACT Act, you are entitled to free credit reports from each of the three credit reporting agencies – Equifax, Experian, and Trans Union. These are available at annualcreditreport.com

Mistake #2: Not Getting Pre-Approved For a Mortgage

You need to know how much of a mortgage you plan on getting given your desired monthly mortgage payment and compare that to homes available in that price range to see if you are comfortable with what you get for your money. Why get pre-approved? To make you a better buyer in the eyes of the seller, thus giving you greater leverage in negotiating for the best price and terms as well as knowing that you can afford and obtain mortgage financing.

Mistake #3: Not Having a Clear Idea of One’s Needs and Wants

Once a buyer has a clear understanding of financing options and their price range they need to have a clear idea of their needs and wants. Too many buyers just go out looking at homes without a clear understanding of what they really are looking for.

Mistake #4: Not Working With the Right Agent

Home buyers can work with agents who represent the seller, agents who represent the buyer, or agents who try to represent both the seller and the buyer (dual or designated agents) or agents who represent neither the seller or the buyer (transactional brokers or facilitators).

Agents owe fiduciary duties, client level services to their clients. As a buyer you should seek out the services of an agent who will guarantee to give you these full duties no matter which property you are interested in. These duties include: Confidentiality, Accountability, Reasonable Skill and Care, Undivided Loyalty, Obedience to Lawful Instruction, Advocacy and Disclosure of all material facts pertaining to your purchase.

Working with an exclusive buyer’s agent is best. A true exclusive buyer’s agent: never takes listings; never represents sellers; and doesn’t work for a company that does. Always look for an exclusive buyer’s agent before deciding to start working with an agent.

If you can’t find a true exclusive buyer agent in your area, work with an experienced buyer agent with a traditional real estate company but one that is small and doesn’t have a lot of listings in the area you wish to buy in. That reduces the chance of an in-house transaction and the inherent conflicts and risk of dual or designated agency.

Mistake #5: Not Having a Negotiating Strategy in Mind Before Making an Offer

Price isn’t everything. Buyers need to look at the larger picture and also prepare for writing an offer:

What price should you offer? What other terms should you consider? What closing date? What contingencies? Should you ask the seller to make certain repairs, ask for a repair credit, or offer a lower price and handle repairs yourself?

What did the seller pay for the property? How long have they owned the property? What improvements has the seller done since they have owned the property and what is the value of these? What are other homes similar to this one selling for in the area? What is this home really worth?

Also take into consideration the strength of yourself and your offer and the seller’s motivation to sell.

Mistake #6: Failure to Include Contingencies for Property Inspections

It is both impractical and potentially a waste of money to hire a professional engineer or mechanical inspectors to inspect a property prior to getting the home under contract. You may not be able to come to terms with the seller and thus will be out the money spent for the inspections.

Your purchase offer should contain a contingency for, at the very least, an engineer/property inspection. Such an inspection is general in nature and depending on the home you are buying, you also may want to consider additional inspections and tests such as: Radon Testing; Lead Paint Testing; Mold Testing; Furnace Cleaning and Inspection; Chimney Cleaning and Inspection; Pest Inspections; Swimming Pool Inspection; Well Testing; and Septic Inspection.

Tom Wemett became a full time real estate broker in NY State in 1973. He stopped taking listings in 1992 and started representing home buyers only, which he continues to do in the Albany, NY, Capital Region.

He has earned many real estate certifications including CRS (Certified Residential Specialist), GRI (Graduate Realtor Institute), CEBA (Certified Exclusive Buyer Agent), ABR (Accredited Buyer Representative), CBR (Certified Buyer Representative), CBA (Certified Buyer Agent), CHEC (Certified Homeowner Educator and Counselor), and CSP (Certified New Home Sales Professional).

He is a founding member of NAEBA, the National Association of Exclusive Buyer Agents and served as the NAEBA National President in 2003. Tom can be reached by email by clicking here: “Contact Me Here“

More in-depth information about home buying is available at “http://www.home-buying-action-guide.com” including a free eBook, “An Insiders Guide to Avoiding Costly Mistakes When Buying a Home”.

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Home buying can be an emotional experience especially for first-time home buyers. The experience can bring out the best as well as the worst as far as home buyers are concerned. Even the composed and considerate persons can suddenly become obstinate and rude while looking for their dream home. After all, home buying is not something that you normally do on a daily basis. This is a major event and people tend to get excited and anxious when going through this process of buying their dream home.

Things can get more complicated when two or more individuals are involved in the buying process. Every member of the family may have their own version of what constitutes an ideal home. All these stress factors can affect your behavior and you may end up doing things that might antagonize the seller or agent.

Here are the essential “rules of engagement” that you must keep in mind when negotiating a real estate deal with a seller or real estate broker:

1. Be forthright in sharing basic personal information with the seller or broker. This shall include your name, contact number and address. It is also a must that you appropriately advise the seller or broker if you don’t have a pre-approved mortgage. You must remember that the owner of the real estate property for sale has every right to know the basic information about you.

2. Don’t take it against an agent when he refuses to show you a home that you are interested if you don’t have a pre-approved mortgage. Real agents have the primary responsibility to offer the home for sell only to qualified home buyers. So, before you even think of buying a home, have yourself approved for a mortgage loan. Remember the basic rule that a person who is not qualified for a mortgage is not ready to buy a home.

3. Don’t fail to register and provide correct and complete information when you attend an open house. This means that if you have an active contract with a buyer agent, make sure that this information is reflected in your registration sheet.

4. It is imperative that you set an appointment if you intend to visit and check the home for sale. Always give the courtesy of giving ample time for the occupants to prepare for your planned visit. Your advance notice shall be enough for them to set everything up and get out so that you will have unimpeded look-see of the home for sale.

5. Don’t expect real estate agent to attend to you at short notice. Real estate agents usually follow a tight schedule. It is essential that you set an appointment with them well in advance if you want to view a home for sale.

6. Treat the home with utmost respect. It is alright to check out cabinets and closets. However, it is improper to open drawers, medicine cabinets, etc. You have to keep in mind that sellers are giving up some of their privacy once they put their property on the selling block. Give them the respect that is due them.

7. Don’t forget to take off you shoes before entering a home for sale. Even if you are not used to taking your shoes when visiting someone else’s home, good judgment dictates that you do so when viewing a home for sale.

Remember the golden rule when it comes to home buying – treat with utmost respect the seller, real estate agent and the real estate property. Once you take this to heart, you can never go wrong in your home buying activity.

Learn how to sell your own house here: For Sale By Owner

If you’re looking to buy a home from an FSBO listing check here: FSBO Listings

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Mortgage Protection 101:So what is mortgage protection?

Well, since you are reading this I’m guessing that you have closed on a newly financed mortgage recently. Typically a few weeks into your mortgage, you’ll get a slew of mortgage protection offers in the mail. Some are fancy and say a lot, some are simple and don’t say much aside from the important details. You may even just throw away the whole lot of them. The important thing here is that you stumbled across this buyer’s guide in order to really educate yourself on making the right choice.

If you have a mortgage and/or a lot of debt, then you need to protect your assets from it. That’s where mortgage protection steps in. Typically, mortgage protection is a plan that you pay for either each month or in one lump sum. The money that goes into the plan is invested to accumulate interest. That interest is then typically reinvested into the policy to keep the premium payments low, establish a cash reserve to pay on all benefit promised (required by law), accumulate a cash value to the permanent plans, and to keep a small slice of profit.

The options you have available for mortgage protection are: decreasing term, level term, and permanent (either whole or universal). Decreasing costs about the same as the other plans but the benefit decreases as you pay into and your debt decreases. Term is usually least expensive but only lasts for a certain period of time (10, 20, 30 years). Permanent can cost more initially but it accumulates cash value that can be used to pay bills in the event of job loss or can be used to supplement retirement or even accelerate your mortgage to pay it off 10 or so years early, which normally saves tens of thousands of dollars in interest paid.

Your benefit is paid in the event of your death or, if the policy has these options, can be paid in the event of a qualified illness. If it pays on your illness then it can help pay off your debt and give you the option to get the best medical care that it can buy. Last but not least, your payments are made based on your likelihood to use the plan before it matures, i.e. if you’ll die early.

What You MUST Do BEFORE You Decide On What Insurance Company To Use

Step #1: Keep Reading.

Insurance is a serious matter. It is at the utmost importance that you get exactly what you want and need with your insurance before you write that check. Otherwise, you could be paying too much, or even worse, too little for the proper coverage. Think of the frustration that someone has when they realize that their insurance company doesn’t cover their needs. Now, your agent may have your best interest in mind but not only do they need to take the time listen to your needs and match you with a proper plan, they must also look at multiple options to ensure a proper fit. Just keep reading to make sure you know what you want and need. This will cut out the guesswork and save not only time, but your valuable money.

Step#2: Read Some More, Decide, Then Make The Call!

You did your homework. You have your game plan. The next step is just make that phone call and get in touch with someone who has what you need. Do that and the rest will be easy.

What Questions You Should Ask The Insurance Company To Save $$$’s

All it takes is to just ask the basics. This simple step is often lost in translation during the whole presentation.

It is up to you to tell the agent to stop and back up whenever they say something that didn’t quite make sense. More than likely, they will be more than happy to explain their recommendation in detail. If not, then you may have to be a little cautious about the experience and/or the motives of your agent.

All plans have the same basis despite all the extras, however nice. Therefore, make sure you know whether it is a decreasing, term, or permanent plan that they recommend. The next very important question is to ask what rating are they quoting your price on. Many companies assume you are an elite athlete and give you their best possible quote when in reality, you’ll be asked to pay more. The proper terms are Preferred Plus, Preferred, Standard (what they should quote you) and Substandard (or rated, which means you’ll be paying more than average). Being rated may be discouraging but what it means to you is that you need the plan more than the average person and you are lucky to not have been declined all together.

The last good question to ask would be to understand all the additions (or riders) that are available or included.

Ask them that, and you’ll have the upper hand. Knowledge.

Brian Daley
Daley Advisors, LLC
-Your expert in supplemental insurance offering free unbiased recommendations based on your needs.
Website: http://www.insurancebuyersguide.org
E-Mail: bdaleyadvisors@gmail.com
Call or Text: (260)715-1978
Office Fax: (260)818-2061
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More borrowers losing federal mortgage aid

Homeowners taking advantage of mortgage aid under a federal foreclosure-prevention plan are being dropped from the program at an increasing rate, potentially forcing more borrowers out of their homes as the program struggles to make an impact, … Please select –, Home Buyer, Home Seller, Both Buyer and Seller, Renter, Real Estate Pro, Other/Just Looking. Pro type: — Please select –, Agent, Broker, Mortgage Broker or Lender, Appraiser, Home Inspector, Contractor …

The Lap of Luxury, or The Lack Thereof?

If you’re wondering why such house that has gotten much attention from the press before the auction didn’t spur interest among buyers, it’s because of one problem that the agent is attributing to. Brent Parsons tells to the Los Angeles …

Foreclosure Short Sales and the Tooth Fairy

A short sale is when a bank or mortgage lender agrees to accept less than a homeowner still owes on a home. Lenders do that when there is not enough equity in the home to attract a buyer and pay all costs of a sale. Ah yes, but a lender does not have to … A real estate agent experienced with short sale deals might be able to help, but less than about 5% of defaulting homeowners are able effect a short sale before the foreclosure. Oh, but there’s more to it than that… …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

Tenley Robinson joins PrudentialGeorgia Realty’s New Buckhead …

Atlanta,GA – May 19, 2010 – (RealEstateRama) — Atlanta real estate professional Tenley Robinson,with her 22 years experience advising buyers and sellers through many changingmarkets, has joined Prudential Georgia Realty’s newest office in … Atlanta, GA – April 29, 2010 – (RealEstateRama) — Prudential Georgia Realty’s new Buckhead office, located at 3221 Peachtree Road, just south of thePeachtree and Piedmont Road intersection, continues to add to its agent salesteam. …

Do you tip people after you close on a house? – Zillow Real Estate …

I am moving to Long Island and I know things seem to work a little different there but do these mortgage guys, lawyers, realtors, and others you work with actually get tipped? It doesn’t seem right? I am spending all my savings to …. I recently purchased a house and my agent gave my wife a $100 lowes card. I thought it was a very nice gift. I will tip him by recomending him to anyone I can. I have already sent one of my friends to him and they close in a couple of days. …

Broker Convicted of Real Estate Fraud |

As previously reported on Mortgage Fraud Blog, Chen worked as a real estate broker and owned several businesses including Chen Financial, Western Escrow, Nationwide Tax Services and SBC Financial. She conspired with her then-boyfriend, … The defendants used the fraudulently obtained personal and credit information of some of the fake buyers, including a 92-year-old woman, on several occasions without their knowledge or consent. Chen, Richard Gonzalez, and Daniel …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

Choosing the right people to work with you can significantly impact the home-buying experience. A buyer’s agent is the real estate professional that represents the buyer’s interests in the home-buying process. Since buying a home can be confusing and intimidating, is best for buyers to make sure that they feel comfortable with the representative they choose. It is not unusual for home buyers to “interview” agents until finding one they feel will represent them fairly during the home-buying process.

Not all real estate agents are buyer’s agents. And some buyer’s agents are not exclusive buyer’s agents. If a real estate professional is acting as a buyer’s agent, but is showing in-house listings, then that agent is not an exclusive buyer’s agent. Because showing in-house listings can signal a conflict of interest for a real estate representative, it is best to contract with an exclusive buyer’s agent. This means that this agent works only for the buyer. The agent will not be showing listings that he or she may have more of an interest in selling than other listings. Buyers will want to see all of the listings that fit their criteria, not merely the ones that the agent wants to sell.

Finally, when searching for a buyer’s agent, be sure that the individual discloses all relationships with other agencies relative to the home-buying process. In other words, real estate agents often have relationships with mortgage lenders, closing agents, and other listing agents. The relationships that the agent has with other home-buying agencies will affect the buyer’s home-buying process.

Rebecca J. Stigall is a full-time freelance writer, author, and editor with a background in psychology, education, and sales. She has written extensively in the areas of self-help, relationships, psychology, health, business, finance, real estate, fitness, academics, and much more! Rebecca is a highly sought after ghostwriter with clients worldwide, and offers her services through her website at http://www.forewordcommunications.com/

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Have you ever wondered if your agent and loan officer are doing something that could get you into trouble?

You should!

Buying a house is a complicated process and many times your lack of insider knowledge can get you in hot water.

Shouldn’t the agent and loan officer be putting your best interest first?

Of Course!…..but unfortunately, it does not work out that way. The deal/transaction gets put first…..the part where the agent and loan officer both get paid. Once the agent and loan officer have started working on a transaction, they don’t want anything to get in the way of the commission when it closes. It may be in your best interest to get out of the contract and not buy that home but the agents and loan officers are lazy and don’t want to do the right thing. They want to do the easy thing. In this case, the easy thing is fraudulent and unethical.

I know while you are out looking at houses you have a million things to think about. In my experience, the inspection is something that can really be confusing if you don’t know how to handle it. More importantly, you will be committing loan fraud without the proper counsel.

Usually, after you write a contract on a home and it has been accepted, you as the buyer have a home inspection done. The inspection is different than the appraisal. The appraisal is done to establish the value of the home. Appraisers will inspect the home also. The appraiser will measure rooms to verify square footage and note the condition of the home while they are in there. If they find any major problems that affect the soundness of the home, they will report that in the appraisal. The appraisal is submitted with the other loan documents to the lender.

Even though the inspection is not a requirement for the loan, every buyer should get an inspection. You as the buyer need to know if the property is in satisfactory condition and therefore worth what you are going to pay for it. You also want to make sure the seller isn’t hiding anything from you. Buying a house and then having to spend hundreds or thousands of dollars fixing things the seller didn’t want you to know about is not the dream of home ownership most people think of.

So, if the inspection report is not a part of the loan process….how could you commit loan fraud?

If there are problems identified from the inspection the buyers can either decide they do not want the property in that condition or request the sellers fix the problems before closing. The agents must have the buyer and seller agree in writing on any repairs inside the contract. Unfortunately, the agents like to have what is called “side agreements”. A side agreement is an agreement that is not part of the real estate contract. The contract should be agreed upon by all parties and should have all information true and correct. With a side agreement, there is information that is withheld from some of the people involved in the transaction. The lender who is loaning you the money to buy the home and the title company who is supposed to be the gatekeeper for all the documents to transfer title correctly are the one left out.

Let’s say there was a problem with the furnace on the home you were under contract to buy. You tell your agent you want the furnace to be replaced because the inspection report says it is unsafe. Your agent already knows the seller does not have the money to fix the furnace until after they get the proceeds from selling the house. How does your agent know that? Agents talk to each other all the time without you knowing it. Most agents technically work for the seller. That means they share information with the seller’s agent all the time. They work together to get the deal done and if it is not in your best interest, then so be it.

The seller does not have the money to make the repairs before the close. The agents will have the you and the seller sign a side agreement stating either:

1. the seller will write you a check after the close for the repairs or

2. the seller will hire a contractor for the repairs after the close

The problem with these side agreements is they always favor the seller and more importantly, they are loan fraud.

For example, the inspection states the furnace needs replacing. Your agent is supposed to present the seller’s agent with a contract amendment stating the seller will have a licensed contractor install a new furnace before closing. The seller will either agree to that and sign the contract amendment so it becomes part of the contract or not agree to that and you now have a decision to make. Do you want to buy a house that it supposed to be in good working order at that price when you know now from the inspection it isn’t?

But like we discussed earlier, the agents both know the seller does not have the money to pay for the furnace. The agents are looking at losing their commissions and the seller is looking at losing the proceeds from the sale. So, they have you sign a side agreement. The seller supposedly will give you a check after close for the furnace or have someone replace it after the close.

This happens all the time. The agents and loan officer involved in the transaction would sooner cut off their right arm then lose a commission because of a faulty furnace. Here is what could happen to you ,the buyer, when a side agreement goes wrong.

1. The seller never gives you any money for the furnace or they give you a check that bounces.

2. The furnace is installed after the close by the seller’s choice of contractors. Of course they will want to get the cheapest contractor they can find because it isn’t their house anymore. The furnace get installed incorrectly or during installation something else in your new home gets destroyed and you have to pay for that since it is your house now.

3. The lender finds out about the side agreement and now calls the note due and payable.

If running the risk of depending on the seller and the agents for money isn’t bad enough, think of it from the lender’s side. They are the ones lending the money for your new home. They have a right to know that the collateral is not what is represented in the contract. Even though the inspection is not a part of the mortgage process, the lender doesn’t contract to lend on a house that needs expensive repairs. Not only did you overpay but the lender get cheated too…it is called loan fraud.

Just because I mention the agents most of the time does not mean the loan officer is off the hook. They are supposed to protect the lender from any fraud and in the case of side agreements. What they are basically saying to the agents is, “I don’t want to know about what you are doing just get it done so we all can get paid”. The loan officers are just as guilty as the agents.

The Maine Creditor Update which is the newsletter for the Office of Consumer Credit Regulation has an article in it from its September 2004 issue.

It states, “Buyers and sellers of residential real estate will sometimes agree to “side deals” in which money changes hands to cover the cost of needed repairs or defects discovered on the property. However, if these adjustments are substantial enough to affect the value of the residences being used as security for loans to the buyers, and if the side deals are not reflected in the HUD-1 closing statement, then all parties to the transactions (including the settlement agents and the real estate agents) should carefully review their participation to determine whether legal or ethical principles are being violated.

In any FHA-insured loan, the buyer, seller and settlement agent each sign statements attesting to the accuracy of the figures being used. Knowledge of a substantial side agreement not reflected in the HUD-1 would almost certainly violate these representations. Maine law does not contain specific provisions prohibiting undocumented side agreements, such as the one enacted in Alabama which states that a real estate agent may lose his or her license for “misrepresenting or failing to disclose…the true terms of a sale of real estate” (Ala. Code, sec. 34-27-36(a)(21). However, parties to Maine transactions should not assume that the absence of a state law here means that such deals are permitted on mortgages headed for the secondary market, especially when the loans will be held or guaranteed by government or quasi-government entities.”

If you are going to agree to anything you always do it in writing in the contract. That is what contract amendments are for. Real estate is all about the contract. You can’t un-ring a bell. Even though the only thing the lender saw was the appraisal and it didn’t uncover a faulty furnace, the problem is now out in the open and you have to deal with it. You are ultimately going to pay for the home and keeping a level head about right and wrong is important.

Do not let anyone talk you into signing a side agreement. You now know that it is not in your best interest and it is unethical and fraudulent.

Tips

1. Always get your inspection done early. Make it one of the first things you do after your contract has been accepted. The agents usually try to push this one until the end because they are already afraid something will be wrong and they figure the farther you are down the road, the more you will agree to things that are not in your best interest. Get it done as fast as you can.

2. Don’t use the agent’s inspection company or anyone they suggest. Find one on your own. If you now know that agents will use side agreements not in your best interest, then you also should know that they will use inspection companies that won’t deliver a true picture of the problems with the home just get the deal done.

Good Luck in your House Hunting!

2025

Rob K. Blake, author of the BUILD System, Get the Current Mortgage Rates has just created a mortgage calculator called -No Closing Cost Mortgage Software- saving $$$ without refinancing! Click here for more on current mortgage rates

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Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets। What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers, it becomes quite possible to match different “blood types” of those traders with their correct “trading diets.” Clearly, we’re not talking the medical blood type here, but in the figurative sense it makes the right point. With practice, it’s not too hard to determine blood types (type of trading best suited to the individual) based on the personality of the trader, and then prescribe a diet based on that individual trader’s capital, experience, risk profile and schedule.

Discovering Your Blood Type and Trading Diet

Just like a diet, where there is no right plan for everyone, in trading there is no single plan for all traders. Before deciding whether to “cut out the carbs,” “add more fiber,” or simply avoid certain markets, do some self-assessment, starting with personality. For example, are you hesitant or impulsive? Patient or short-tempered? Identify strengths and weaknesses, and then let someone close to you help pinpoint those personality pros and cons. Have a tough skin; it’s for your own good.

To further understand your personality, keep a trading journal to help zone in on specific traits and how they affect your trading. Remember, understanding your personality is one thing; understanding it when you’re trading is another. While patience with children is good, patience with a losing trade is not. A journal enables traders to review winning and losing trades and identify factors that aided in success or contributed to failure. After reviewing inner traits, don’t forget to review the outer ones—your schedule and risk capital. Think long and hard about how much you have available in terms of time and risk capital when it comes to trading, and don’t delude yourself. In addition, look at how you are using your time and risk capital. Go over the market(s) you are trading, the style of trading and time frames you are using. Is this market, this style and this time frame suitable to your risk capital and personal schedule? Are they suitable to your personality?

Doing some self-assessment is absolutely essential to determining what type of trading diet you should be on, as the examples later will make clear. But first let’s define the trading blood types and their respective diets.

Blood Types and Trading Diets

No A-positive or universal donor types are necessary here. Instead, for our purposes, let’s classify types by using NT, PT, DT and ST.

NT. Is trading suitable for you at all? That is the question. Trading require a desire to take risks and, of course, the ability to afford to take them. These simple suitability questions must be firmly answered in the affirmative before anyone can consider taking the plunge. Those who have little desire for risk, have little risk capital to spare (and completely disposable income at that) and little time to devote to this very challenging exploit are classified as blood type NT (No Trading). The right diet is no trading at all. No carbs, no cals, no fiber, no fat. Nada.

PT. Those who are either gun-shy or trigger happy would be classified as blood type PT (Position Trading). With what kind of regime, you ask? Clearly this type requires a rule-based diet. To develop those rules first and foremost means doing some homework after market hours. Once these rules are in place, test any possible trade idea against those guidelines because each trade must pass this test before Mr. or Ms. PT enters the trade. This is the time to plan a trade from start to finish, visualizing a few different scenarios with a possible action plan. It may also be the time to employ the assistance of a full-service broker. His or her job should be to help implement the rules that will keep the trigger-happy trader from going nuts or help the trader with a fear of pulling the trigger to take the right kinds of actions.

DT. Some traders simply cannot take any positions home with them. It hurts the quality of their “after-trading-hours life” and makes them uncomfortable. Most of them also are impatient by nature and tend to over trade. They feel a need to be in the market at all times because they are scared of missing a good trade and scared of losing too much. This blood type is classified as DT (Day Trading).

Patience, discipline and strategy are the main diet ingredients for this group, but certainly not exclusive to it. Setting daily loss limits is a must, and a daily trading journal will help them quite a bit. The correct training cycle for successful day trading involves education, planning, routine, survival and getting to the point where a trader finds the set ups with which he is both most comfortable and can produce high success rates. A note here: More often than not, the biggest obstacle DTs face is the patience for such a set up; they feel they are not working if they are not trading, because they are day traders. This is one mentally crippling thought they must get over to survive. Being a day trader does not mean that the individual must be in the market with frequency — only that he must be flat at the end of the session so as not to take his position(s) home with him.

ST. Then there are traders who try to go with the flow of the market and take small to medium bites out of market ranges or, perhaps, trade ranging markets between different support and resistance levels. Many will do it well for a period of time until they are almost married to it and get stuck with a loser. Let’s classify this group as blood type ST (Swing Trading).

The biggest problem most swing traders have is the ability to take losses. Too many traders — even those who generally are good, consistent traders — fail by carrying one big loser one too many times. Is this stubbornness, the inability to admit making a wrong move(s), simply a case of hoping instead of trading? Those who have walked in these shoes know who they are and should be ready for the ST diet — placing stops and understanding that even the best of traders have more losers than winners. The math is very simple. Because many markets will trade sideways, there are times when both longs and shorts will come out losers. Some trades simply don’t work. The bottom line is that the total of a person’s winning trades should outnumber losing trades.

How Two Traders Changed Their Diets

The following two examples, which combine traits of various clients with whom I’ve worked over the years, point out some of the considerations of which traders must be mindful as they try to figure out what trading diet is most appropriate. The names have been changed to protect both the “innocent” and the “guilty.”

Example #1. Karen was one of my first clients. A smart and outgoing woman, she worked in the human resources department for a large company. During her first two years, she had some winning trades but, overall, her account was down.

Karen juggled a busy schedule everyday. She had numerous meetings and often traveled, yet she insisted on day trading stock index futures. I tried to direct her into a different approach, but she resisted.

My advice did not sink in until she hit a period during which all of her trades were going against her, and she was facing a margin call. When I spoke with Karen, her normally self-assured demeanor had changed. She was scared. She was no longer looking forward to the next trading day. After losing most of her money, Karen struggled to make a trading decision. The once confident, outgoing and independent trader was now grasping for outside advice from a variety of newsletters and other resources. She was desperate.

On the morning after a long holiday weekend, Karen called me and with a steady, confident voice, placed orders to get herself out of all of her positions. Over the weekend, she had read a book or two and had some conversations with her husband. It’s hard to determine which of these produced the “epiphany,” but she now wanted to try a different approach — one of a longer-term nature (PT). After careful reflection, Karen recognized that she was at times impulsive, stubborn and simply not realistic (not good for a DT).

Even though she clearly could not devote the time necessary to be a day trader with her current work schedule and mentality, she realized that her routine and dedication must change completely no matter what the trading time frame. She was now dedicating 30 minutes during the day and/or evening to go over the markets. She adjusted her trading size to fit a longer-term approach but, most importantly, she had a plan, and that plan fit her schedule. She no longer had to make decisions in the heat of the moment. She started looking for longer-term trends that did not require hour-to-hour decision making.

Doing some self-assessment is absolutely essential to determining what type of trading diet you should be on, as the examples later will make clear. But first let’s define the trading blood types and their respective diets.

Karen finally understood how to successfully incorporate trading into her life while having another demanding career. Her account has grown over the last two years through the changes she implemented in her routine, behavior and trading style.

Example #2. John started trading about four years ago. He seemed an agreeable enough person, but very business-like with no time for chit-chat. He wanted to trade online from the start because he had plenty of stock trading experience. John lived on the West Coast and was a real estate agent who did pretty well in the dot com bull market trading stocks until the market met its maker. Confident, willing to learn and fairly disciplined, he was trading with $25,000 of pure risk capital, adequate for a first-time futures trader.

Days went by and every morning as I was going over my clients’ daily statements, I noticed that John was trading coffee. Not only was he trading coffee, but he was sometimes day trading coffee. I let him know that I would be pleased to talk with him about various markets if he wanted. He would call once in a while checking on fills and asking about different reports.

A few weeks down the road, John called and mentioned he would be in the L.A. area and would like to meet for lunch. During lunch, he mentioned his frustration over recent losses when trading futures. At this point, his account was down to about $14,000 over a six-month period. I asked him why he was attempting to day trade coffee, and he said his brother-in-law was a coffee importer/exporter, and he thought that it would help him. The coffee market was open from 6:15 a.m. to 9:30 a.m. PST, which perfectly suited his work schedule, but as I found out later, not his personality.

I asked him to start writing a trading journal, which allowed him to look back objectively and find patterns in behavior that both helped him and hindered him. John’s journal revealed that he was frustrated with the slow fills of the open-outcry coffee market, and so he was quick to get out of winning trades and too slow getting out of his losers. He was trigger happy and at times traded larger positions than he should have.

I suggested that we change his “trading diet” around a bit and introduced him to the U.S. Treasury bond and the E-Mini stock index futures; both trade electronically and provide instant fills. These markets were perfect both for his schedule and personality.

I felt that these were good markets for both day trading and swing trading and recommended a few concepts in money management and trade management. The first was the maximum daily loss that he should set and place in a visible way as a reminder. The second was the setting of a daily profit target. Though it was somewhat hard to implement, if he could walk away when he was down to his maximum daily loss or when he reached his daily profit target, he would last much longer as a trader. It also would give him a better chance of succeeding down the road — in other words, smaller steps down that longer road.

John is still down in his account, but he is making progress. Here are a few tips that have helped him: Instead of buying and selling five contracts at a time and “starting and finishing” the trade this way, he now gets into his trades in multiples of three. In the past, John simply would buy five contracts when he thought he needed to go long and sell five when he felt he needed to take profits or cut his losses.

When John gets into a trade these days (let’s say in a long position), he will buy six contracts and place a stop loss on all six. Initially, he looks for a small profit on the first two contracts. (It helps him mentally to know “I took a profit on this trade.”) He then raises his stop loss and changes it to a four lot. He looks for a second profit target for two more contracts based on his support and resistance levels. If that profit level is reached, he can get “greedy” with the last two contracts. In essence, he now knows how to manage his trades in a way that increases his profitability. And, further, and perhaps as importantly (based on his personality), he does not feel like he is missing out on big moves if they happen, and he still locks in small profits when they present themselves by using the first and second targets.

Be Realistic

Succeeding in futures trading takes hard work and time, and new traders need to be realistic and introspective right from the start. This is no time to devote anything but risk capital. Beginners should start small, allowing periodic checks to learn from mistakes, and from successes.

Just like anything else in life, from diet and exercise to business and career choice, one size does not fit all. Before anyone can succeed in trading, he or she must spend time doing homework, as well as ascertain personal strengths and weaknesses, schedule, risk capital and trading experience/ knowledge. Only with those in place, can traders choose the trading diet that will work for their blood type.

About The Author

Ilan Levy-Mayer is currently a senior commodity broker and the Vice President of Cannon Trading Company. Cannon is among many introducing brokerage firms and is considered a leader in providing futures trading, forex trading, and option trading services since 1988. Ilan helped pioneer online trading for today’s industry that allows traders from all across the world to partake in.

Ilan started out as a professional basketball player in Israel where he played for 5 years until he suffered from a major knee injury. Ilan could no longer play Basketball at his full potential after undergoing knee surgery so he decided to go back to college. He received his MBA in Finance and Marketing from the Hebrew University of Jerusalem. After about a year of working in real estate he started a new job as an Institutional Account Executive in a start-up internet company that led him to the United States.

As the V.P. of Cannon Trading Co., Ilan wrote several articles about trading and the trading psychology as well as being quoted a number of times in different publications in magazines such as: SFO (Stocks Futures & Options), Futures and “Bloomberg” just to name a few.

http://www.cannontrading.com

http://www.cannontrading.com/blog/2007/06/find-your-trading-blood-type.html

Technorati Tags: mortgages buyer agent

The current liquidity crisis in the mortgage industry and a foreclosure rate that is at an all time high has spelled financial disaster for many lending institutions. As a result, REOs and mortgage notes are selling at a fraction of their value. This presents an almost unprecedented opportunity for those who are financially positioned to buy these assets. But in order to purchase these bargains you must know where to go and how to play the game.

There are many investors who have been purchasing performing and non-performing mortgage notes for many years. Many are accustomed to certain methods of acquiring portfolios of notes which can actually be a hindrance in the present market. Typically, these investors will bid on pools or portfolios of notes brought to them. Most, prudently specify that they will only bid on fresh pools that have not been shopped around for an extended period of time. But in reality there is no way for these investors to verify this to be true. In reality, a great proportion of the pools being offered have already been rejected by other investors and that is why they are available.

The investors who have rejected these pools have bought the best notes and rejected those that didn’t meet their predetermined specifications or criteria. What these investors have done is placed orders with the banks directly. By placing orders with the banks they have been able to:

1) Acquire custom compiled pools that meet their desired specifications.

2) Buy larger pools meeting their desired investment level.

3) Obtain the pools at bargain prices.

4) Eliminate the tremendous investment of time and energy spent making unsuccessful bids.

But in order to place an order directly with a bank, you must play by their rules. There is great demand for discounted REOs and mortgage pools and this allows the banks to make the rules. If you want to get in on this game, if you want to get the cream of the crop at the best prices, then you must know the rules and play by them!

The following are the players in the game and their roles:

A) Banks and other lenders – these are the sellers of the mortgage notes and REOs. These organizations enable people or organizations to buy real estate by lending the required money for purchase.

B) Seller’s Agents – these are the gatekeepers of the sellers. They have spent considerable time and effort identifying the sellers. They have set up relations with them. Finally, they pre-qualify buyers before introducing them to the sellers.

C) Brokers – these individuals or organizations have spent considerable time and energy identifying Seller’s Agents and building relationships with them.

D) Buyer’s Agents – these individuals or organizations spend considerable time and energy identifying buyers and building relationships with them. They often act as brokers and will introduce the buyer to the Seller’s Agent or Broker who best fits their current needs. They may introduce the buyer to different Seller’s Agents over time as the buyers needs may change or as market conditions change.

E) Investors – these are the individuals or organizations that have available cash or credit resources to purchase REOs and mortgage notes and desire to do so. By purchasing these assets they enable the lenders to remain solvent.

If you want to place an order with a bank for REOs or mortgage notes either performing or non-performing, you must get connected to a Seller’s Agent. You must be willing and prepared to take the following steps:

1. Be prepared to sign a Non-Circumvention Non-Disclosure (NCND) agreement with your Buyer’s Agent or Broker.

2. Be prepared to make a minimum purchase of $5 million. Most Seller’s Agents require a minimum purchase of $10 million and some have requirements as high as $100 million. Bigger discounts accompany bigger purchases.

3. You need to complete a Letter of Intent (LOI) on company letterhead. This LOI will identify your company and principle. It will specify the means by which you will provide proof of funds (POF). It will identify your bank, the bank manager and his phone number. It will include what you intend to purchase, how much and what criteria you are looking for. It should also include the number of days before the LOI will expire.

4. Your criteria will include the size of pool, region, range of LTV, minimum FICO, preferred origination dates, maximum or minimum loan amount, property types, etc. The purchase price will vary depending on your specified criteria.

5. You need to provide Proof of Funds. This doesn’t have to include bank account numbers. Most banks will accept a letter from the buyer’s corporate attorney. The banks will confirm funds bank to bank.

6. Your custom pool will typically be filled within a week.

7. You will often be required to make a deposit in escrow at this time.

8. The time allowed for Due Diligence is typically 7-10 days. It can sometimes be less. The bank will specify. There are companies you can contract with who specialize in providing due diligence if you need help. Often you title insurance company will provide this service.

9. Closing is typically 7-10 days after the completion of due diligence.

Many companies are unfamiliar with and uncomfortable with providing POF prior to receiving a pool to examine. One must weigh the costs and the benefits. The benefits are quite great and the costs are small. Get into the game!

John Durr is owner of Summit Note Services. He acts as a Broker and a Buyer’s Agent. He has access to Billions in REOs and mortgage notes. He can get both performing and non-performing notes. He has developed contacts with many different Seller’s Agents and Brokers. With his many contacts he is able to fulfill your REO and Mortgage purchase needs no matter what level they may be. If your interested in purchasing $5 million, $10 million, $100 million, $1 billion or $100 billion, he can meet your needs. He is presently looking for additional investors to build business relationships with. You can contact him through his website at http://members.iglide.net/jdurr/Summit-Enterprises-Home.html or email him at bulkreos@clearwire.net

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Buying a new home is different than buying a resale although most of the rules are similar. New home sales representatives work for the builder. If you buy a new home through the builder’s sales rep you will have no one representing your interests. Most states do not require builder sales persons to be licensed real estate agents. Who is on your side?

1) Why Buyers Agents – The home buying process is full of traps for the unwary, inexperienced, and even the experienced home buyer. A good Buyers Agent can help you stay on course and avoid the problems. Understand that not all real estate agents are equal, spend some time interviewing agents. Interview 2 or 3 agents expect a strong presentation of their qualifications, experience, and written guarantees of performance. Today’s best Agents are internet savvy, have a team approach and use an interactive computer presentation of the facts.

2) Know What Can You Afford – Your Buyers Agent will insist that you to be pre-approved for a mortgage (not pre-qualified) before starting the home search. They will direct you to 2-3 bankers/mortgage companies that they are confident can follow through and close your loan will little or no hassles. You will find that builders usually have the own mortgage contacts some have their own mortgage companies.

3) What Builder is Best For You – Your Buyer agent will help you determine your specific needs and preferences before shopping for a builder. What area meets your needs for schools, distance to work, church, and shopping? Now you and your buyer agent can look for subdivisions or custom builders in that area who will best address your needs. Take your time, shop around. Inspect model homes, pick-up brochures with floor plans and pricing become educated before making your choice. With your Buyer Agent interview builder sales representatives.

4) Select Your Community – What amenities are available, pool, tennis, golf, club house, gated community? Is there a homeowners association if so you must have a copy of the covenants and restrictions these tell you what the community rules are regarding what you can and can not do with your own property. Your buyer agent can help you check local land use regulations and what is planned on the vacant land nearby you may end up with a 24 hour gas station behind your new home.

5) Contract and Negotiations – This is the maze your Buyer Agent will help you navigate. There is always room to negotiate with builders it may not show as a dollar amount off the price. They have homes built as spec, premium lots (remember all lots cost the builder the same), homes that are more efficient to build than others, specials on upgrades and options, special discounts from vendors and suppliers. Builder incentives on using their mortgage company, title company, upgrades and credits.

6)Inspectors and Inspections – The top Buyer Agents will guide you to hire a licensed structural engineer to inspect the major structure of your new home before the drywall is hung. A licensed home inspector can inspect the home for systems and operation. The best builders offer planned inspections of your home with you during various construction stages i.e. site inspection, pre drywall, pre closing punch list.

7) Closing Date – A Buyers agent will follow up on the construction process home builders are known for not meeting the closing dead lines. Weather, subcontractor delays, supplier/vendor deliveries behind schedule, field supervision, and holidays all can add up to days, weeks and months of delay. Insist in your contract that you receive a 30 day notice of the closing date so you and your family are not stuck in a hotel waiting for settlement.

Bill Carey a Broker/Investor/Builder. His over 30 years experience in Real Estate Sales, Investments and Construction offers a unique perspective to the processes of Investment Grade Real Estate. Bill and his family own resort rentals and hold a number of Off-Campus student rental properties in southern states. This started when our oldest daughter went away to school at the University of South Carolina in Columbia, SC. The Carey family continues to buy and successfully rents student rental properties

How to Save $50,000 plus on your Child’s College Education. 9 Steps to In-State Tuition. Student Rentals Real Money Makers. Check out the 9 part e-course on “How to Buy Your Student Rental Property”

Contact Bill by email at Info@CollegeTowneProperties.com or visit our website http://www.CollegeTowneProperties.com

(Your Comments are Welcome)

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Do Want to Buy to Buy Your FIrst Home But Have No Idea Where to …

Most first time home buyers believe an agent will be expensive, not realizing that the seller pays for the Realtor’s fees. Once you have found a great real estate agent, and understanding where you want to look for houses that fit your budget, you now start … While this is going on your loan officer will be processing your mortgage application. You will be dealing with their underwriting department to provide them with the paperwork they need to get the loan authorized. …

How To Beat (or At Least Minimize) The Closing Costs On Your Home …

The definition of home mortgage closing costs are the fees and everything that you have to pay when you finalize your home mortgage or buy a piece of land with an escrow agent and/or attorney. These costs range from realator commissions, … In many states it’s 6% of the sale price of the home. The 6% will be evenly split between buyer and seller’s realtors. Next after the commission comes the fees of the home mortgage broker and the home mortgage lender (the bank). …

Delinquencies up, volume down, HAMP failing – mortgage overview

With the expiration of the home buyer tax credits, analysts are publishing an array of forecasts for how the market should react with some proving to right and others proving to be completely off. One of the immediate effects felt in …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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Your greatest asset is your own customer list. These people have already purchased something from you in the past. If you’ve delivered as satisfactory product, they are very likely to buy from you again.

The easiest sale you’ll ever make is to an already established customer of yours. They already trust you. They feel comfortable in dealing with you. You’ve delivered what you said you would so a certain degree of trust has already been established. Your customers are probably quite confident that you wouldn’t sell them something that wasn’t in their best interest.

The high road to increased profits always takes the route of established customers. There’s always an expense associated with finding a new customer. Regardless of the marketing method used there’s always an investment required in establishing a customer whether in terms of real dollars or human capital. Once you have a customer, any subsequent sale is made without the cost of locating that customer. The cost or finding a new customer is proportionally much higher than the cost of retaining an existing customer.

Keys To Success

The secret of capitalizing on your customer base is to continually feed them with new products and services you know they’ll want. This is no time to diversify into completely new areas. Everything that you make available to your customer list must be compatible with what made those people customers to begin with.

Whatever subsequent products and services you offer must be related in some way. Think of your customers as belonging to a specific group. They’re gardeners or small business owners or health enthusiasts. Whatever you offer must fit that product niche.

Always be on the lookout for new things you think your customers would gladly pay for. And give customers first crack at any of these new products and services. If you can offer a discount, that’s even better. By letting them in on new products and services, you’re giving them priority customer status, an added value of doing business with your firm.

Be careful not to overdo it. You don’t want to annoy anyone, least of all your customers. Allow enough time and space between customer contacts. How much time you allow between mailings or calls depends on the nature of your business.

Examples

When a clothing store receives a shipment of new designs, they should first notify all previous customers who’ve purchased in the same price range. All the store has to do is contact these customers by phone or by mailing invitations to a special event where this new line is unveiled. Suggest to customers how additional new outfits can be created by mixing and matching and you’ve provided an extra service that will help retain customers.

This approach would seem natural for a wholesaler who relies on distributors or retailers to act as re-sellers. By showing your new merchandise and suggesting ways to move more of it, you’re providing a valuable service while keeping in touch with your customers.

A self-published author of book on camping tips, should come up with natural additions to his product line to sell to buyers of his book. Things like maps of parks, local facilities, lists of “must-see sites” or specialty camping equipment, could all be add-ons made available to the author’s buyers.

One final note; in order to start making more sales and build your business empire – you must become an avid student of lead generation and marketing strategy – the high-payoff items necessary for you to magnetically attact new clients to skyrocket your profits.

Copyright (c) 2007 Joe Heller

About The Author

Joe Heller, President

Trust Cycle Selling

713.927.4494 :: 1.888.543.5537

Joe.Heller [AT] TrustCycleSelling.com

http://www.TrustCycleSelling.com

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