Connect2Agent - Home Buyers and Sellers

Celebrating #150 on Connect2Agent Home Buyers and Sellers blog

I have just inched past the 150th blog post for the Connect2Agent Home Buyers and Sellers blog. It has been a ride of learning, researching and writing, writing and then some more writing.  

The thing about the blog is it is never ending. You may start on one topic, only to discover and unearth another. There is a lot of information to share and a lot to learn from others along the way. The blog never sleeps; I might be blogging at 8 a.m. or 10 a.m., or I might be blogging at 2 in the morning. The blogging mind is a funny thing and the Internet is a 24/7 information highway.

I really enjoy blogging about real estate. Connect2Agent Home Buyers and Sellers corporate blog is a great venue to write on, because it allows me to discuss everything from finding a mortgage broker to the economic stimulus plan. 

Along the way, I've had guest contributors and Lee Greve, owner and broker of Connect2Agent, discussing all things real estate. Our Connect2Agent members have also provided a lot of food for fodder for our corporate blog, as well as tales of unusual real estate stories.

As the Connect2Agent Home Buyers and Sellers blog surpasses this 150th-post mark, it is also undergoing some spring cleaning. I will be keeping some of the advice posts, but there will be more goodies lying right around the corner. Regular columns, including a lighter side of real estate with true-to-life, out-in-the-field stories, will hit this blog's postings.   

You will also read what Connect2Agent employees see, hear and feel about different real estate topics. I will continue our guest contributions from professionals throughout the real estate industry. I will continue reviews of marketing tools, industry websites and real estate "breaking" news stories, as well as tried-and-true advice posts. Our real estate agent members will help to educate readers on the local beats in markets throughout the United States and Canada.

What to expect at your real estate closing if you live in the Midwest

So, you have made an offer to purchase a house and now are ready to close. It's the day that transfers the property from the seller and makes you a new homeowner. 

What should you expect at the real estate closing? If you are prepared, a pretty simple transaction and a house to call home. Although I cannot speak from personal experience on other regions of the country, if you live in the Midwest, here are a few things you should know:

• Make sure to bring the real estate funds you need at closing in the form of a certified or cashier's check. The title company will not accept personal checks. You can make the check payable to yourself--in your name, not the word "yourself"--and then you will sign it over to the title company at closing.
• Bring a copy of your homeowner's insurance policy to closing. This document needs to be presented to the title company, as it will be a condition of the mortgage company you close with, unless you are purchasing a dwelling that is covered by the homeowner's association.
• Have your transfer tax stamp at closing. If you live in a town where it is a buyer's expense to purchase a transfer tax stamp, make sure you have this at closing. If you are unsure about the current requirements, ask your real estate agent or attorney. 

Real estate agents are real people

Every industry has branding prejudice. Construction workers are dolts, people in tech support are all geeks, all marketers are liars. You get my point.

Then you cross a barrier--in church, a store or meeting a parent for your child's playdate--and you find that your experiences have been limited to a certain point. You come to this conclusion because your preconceived barrier gets knocked down as you meet the person as an individual, and not a worker, techie or advertiser. Heck, you may even get to like the person and find more in common than you might think.

When Connect2Agent was established in 2002, President Lee Greve wanted real estate buyers and sellers to make an educated decision on the real estate agents they chose to interview. To do this, he established Connect2Agent as the matchmaking site for real estate buyers and sellers. 

How to get your house ready to sell for the spring real estate market

If you live in the Northeast or Midwest, there's a chance that you might be starting to see a turn in the weather from those dreary, wintry days to some sunny skies and more bearable temperatures. 

If you are a homeowner who is thinking about more than spring cleaning this season and trying to prepare your house for market, I have a few tips to share. Connect2Agent members Jean Roberts of Marietta, Georgia, and Kathie Anderson of Libertyville, Illinois, share their recipe for a successful spring real estate listing.

Price to sell

If you are a real estate seller, you need to price your house to sell on the open market. You want to make sure you receive a good comparative market analysis from your real estate agent that will show you what has recently sold in your immediate area--and for what price--that is comparable to your house. You also need to know what prices your direct competition's homes are listed for. 

Anderson recommends selling at the mid-to-low range of what the comparative market analysis recommends as a fair price value. She uses a comparison of the fast checkout lane at the grocery store versus the regular checkout. When you are selling a house, you want the time on market from list to sale to be short. You want to take the fast checkout lane, not the slower lane.

How to save your real estate deal when a buyer tries to back out

What can sellers do to save a real estate deal when a real estate buyer tries to back out?

The inequity of protection in a real estate contract has always seemed unfair to me. The burden of closure seems to rest with the seller; at least in Illinois it does, while the buyer has multiple opportunities to back out of the deal before closing.

How did this come to pass? I don't profess to know the history of real estate contracts, but it seems to me that someone took the warning of "Buyer beware" and used it to create a bunch of loopholes for real estate buyers, known as contingencies, that we see on real estate contracts today.

Until the seesaw weighs equally on both sides, here are a few things I have learned to help a seller and buyer make it to the church on time and say their vows.

Click here for the rest of this story.

If you enjoyed this blog post, you might want to read:

Can your spiritual faith bring home buyers to your doorstep?
Home sellers: What you need to know before you decide to sell your house on your own
Homesellers: How to protect your contract to purchase from falling apart

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Posted by Rebecca D. Levinson

Do the right thing: Don't make your real estate agent work for free

If you are hesitant to work with a real estate agent because he/she is asking you to sign a Buyer Agency Agreement, don't be. A Buyer Agency Agreement is becoming a more common document used by real estate agents. Real estate agents are using these documents to protect their interests in real estate transactions. 

Here are a few reasons why:

• Scenario 1--You find a real estate agent through a referral or start working with a real estate agent from an online relationship you develop. Then one day, you decide to go look at a builder's showcase of houses without telling your real estate agent. The next thing you know, you are signing a form stating you are not working with a real estate agent and sign an offer to purchase on one of the houses you saw.

 

Are you getting what you bargained for when you search real estate listings online?

What real estate websites do you use to search for real estate listings? If you don't go to the source, know that your information may be "sold" to the highest bidder.

If you are not on a direct real estate association website, real estate agent's website or company real estate website and you are searching for listings, be aware that you may find your email flooded or your phone ringing with offers to help you list your house and buy a house for sale.

There are companies on the Internet that could ask you to fill out a form before you gain access to listings for sale. Normally, the form will ask you for permission to use your email address. You hit submit and view listings, your form goes to one or several real estate agents in your market and you become a "lead."

In premise, there is nothing wrong with this, as long as you understand what you are getting into. If you are in the market to buy a house now or you would like to get a market evaluation of your house to decide if you would like to sell, you might appreciate this attention. If you are just curious about an area, then buyer beware; read the form and check out the site before you give away your information.

Real estate buyers and sellers, the onus is on you to check out these sites before you give away your information. If you go to a real estate agent's website and fill out a form, don't be surprised if they call or email you. You invited a conversation by requesting more information. If you don't want the information, you probably shouldn't make the contact.

• If you need to know the value of your house--Do some research online, but contact a local agent for a thorough assessment. A true valuation cannot be automated. 
• If you want to start looking at houses for sale and view real estate listings--Do some research online, but contact an agent to help you weed through the best opportunities. Real estate agents can also access information about hot properties just coming onto the market and deals that would be hard for you find on the Internet.
• If you want to find a real estate agent to work with--Do your research and interview more than one real estate agent. Each agent has their own expertise and qualities. A good match is out there, but cannot be force-fed.

If you enjoyed this post, then you should read:

• "Connect2Agent wants to know about your local community"
• "Connect2Agent wants to know what you want from an online real estate website"
• "What is most important to you when you choose a real estate agent?"

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Posted by Rebecca D. Levinson

Second stimulus package in the works to help real estate buyers and homeowners

The first economic stimulus package has now been signed off by Congress. The Democrats are seeking to propose a second stimulus package to help real estate buyers and homeowners that would include provisions left out of the first bill.

As noted in RealEstate Journal's article, "Lawmakers Plan Another Housing-Related Stimulus Bill", Democrats plan to help homeowners and real estate buyers by proposing a bill that would provide:

• a tax credit for home builders
• a tax credit for real estate buyers
• $4 billion in grants for towns to rehabilitate foreclosed properties
• money for counseling for those who are nearing foreclosure

These proposals will be addressed this month by Congress. Connect2Agent will be following and reporting as this story unfolds to let real estate consumers know how and when this second stimulus package will help real estate buyers and homeowners.

If you enjoyed this post, check out the following related blog posts:

• Connect2Agent members weigh in on the economic stimulus package
• Will the proposed tax rebate stimulate the economy?
• Do you qualify for Bush's new subprime ARM plan?

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Posted by Rebecca D. Levinson

Mortgage broker lends his opinion on stimulus package and low interest rates

Are you thinking about buying a house? When it comes to real estate buyers today, there are two important topics that have hit news wires across the country: the economic stimulus package and low mortgage interest rates.

I conducted an email interview with Danny Thornton, branch manager and loan officer at Home America Mortgage Inc. in Atlanta, Georgia. Thornton lends insight into these two real estate topics.

Rebecca Levinson: What does the stimulus package mean for first-time home buyers?

Danny Thornton: With the stimulus package, you have to look at the overall view of this and how it will impact home buyers and current homeowners. The influx of cash in the pockets of Americans is small in nature. With that said, let's focus on the loan size increasing for FHA and conventional loans. With the FHA loan size changing to 125% of the median value for the ZIP code and the conventional conforming loan size moving to $729,500, it will mean that people can still obtain great rates on homes they might not be able to buy, had they needed to do a dual loan. It also affects the refinance market, as people will be able to remove their properties from the sales side and refinance under FHA.

Ding-dong: It's your local real estate agent at your door

How would you feel if a real estate agent came to your door looking for your business? Would you be turned off by the forward solicitation or happy to receive it?

I was speaking with a real estate agent a few months ago. She confided in me that she was not having an easy go of it. She said she felt she was confident in her services, but nobody knew she existed. She couldn't drum up any business and had bills to pay. This real estate agent decided she was going to start going door-to-door and let people know she was available to help them buy or sell houses.

I have lived in my house for three years now. I work from home and any solicitations during business hours are a disturbance to me. After 3:45 p.m., my two school-aged children arrive home. This is an even worse time for me to be interrupted by solicitors. That last hour and 15 minutes of my work day is a balancing act and usually manages to run well. My children are too young not to be distracted by a visitor and they certainly wouldn't let a rung door go unanswered. My lifestyle is not conducive to a door-to-door salesperson.