Buying and Selling Real Estate in Parkland FL

What will my home sell for?

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Your friend says a friend of a friend just sold his house for twice what you paid for yours just 2 years ago, your agents says to list for less. What will it sell for? Getting a home value estimate and doing improvements to improve what you will sell it for will help give you assurance that you will get close to your listing price. Don't be surprised if you get offers OVER your asking price or significantly under. Here are some things to think about so you can ride out the rollercoaster for selling your home and get the best deal.

How to Hire a Home Inspector

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Home Inspectors are crucial, just ask a friend who didnt use on or used a bad one. Just because they have a seal on their site doesnt mean they are qualified. Many accredited organizations give certifications but even their philosophies fall short of what you need. So how do you make sure you get the right home inspector and they do a complete job? Well first, ask for a sample inspections from one they did in the past.

How to interview a Realtor

Thu, 17 May 2012 23:05:04 +0000

Written by www.FindMyRealEstate.com staff

Keep your shopping Privacy!

The gimmick of "get 4 offers" or "we have 100 lenders compete for your business?"
Its just that, a gimmick. Avoid the credit inquiries, phone calls, and Lenders compete Mortgage home loan rate shuffle . Pick your program and see the lender's best deals with privacy!

You are going to be surprised by what we say here but its for your own good and maybe our honesty will make it the factor in hiring us for helping you buy or sell your next home.

First, the market is so hot right now there is a shortage of inventory and just listing it in the MLS is enough to sell a house, its getting top dollar and knowing how to play the poker game of negotiation in Real Estate is what you are really paying for .

For buyers its finding the Agent that knows the area and what is ABOUT to happen not just sign up clients and let them bounce around to easily available.

Next realize that YOU, the home owner or buyer, is the major contributor to our economy. You put money in many peoples pockets when you get involed in a real estate transaction .

When it comes to hiring a realtor they make 6% commission if you are selling a home because usually they get the represent the buyer too (which is a bad idea-see here) or 3% if just buying (Ok the seller pays it but who YOU choose to represent you gets 3%). If you have a $450,000 home that translates to $27,000.

If they are lucky they can make the grand slam. They represent a seller who brings in a buyer WHILE trying to find the seller a new home. That could be a whopping 9%.

Do the math on a $600,000 home and thats $54,000 for one seller? Thats what most people make in a year!

So as you start this process realize YOUR concerns are the most important thing you should be thinking about. Don't worry about offending a realtor, getting them upset and dont let them make you feel you are too demanding.

Realize also that just by listing the property in the MLS(Multiple Listing Service)will be the main source for selling your home so don't let the realtor give you any attittude that they have some magical way that no one has thought of.

If you are a buyer you should read this other report and realize YOU are the center of this whole industry and without you no one gets paid.

So no bad feelings for doing your homework and interviewing everyone; realtor, inspector, contractor....anyone!

First here is a report on what are realtors do to earn their pay , read it.

Now lets get to how to interview a realtor!

#1. Download this realtor comparison chart .

#2. Ask them for all of THEIR properties they have already listed and the phone numbers of the people they represent . When you call 5 of them ask them if this particular realtor listed the property (sometimes realtors try to confuse you and take claim to their realty company's listings as their own)

#3. Then go to our site or a site like realtor.com and look to see if EVERY property has multiple photos AND a virtual tour . Do you know a virtual tour costs the agent a one time fee of only $29?

#4. Next is ask for the flyers on 5 of the properties that the realtor recently represent(ed) and evaluate them . Are they attention getters (read this report )? Do they really SELL the home? show payments? offer incentives? When you look at them do they look like a promotion(making you think and want to buy) or merely a fancy business card? - Don't miss this concept......as my grandfather used to say "this will shake the snakes out of the grass." The reason this is important? because most realtors are clones, they do what everyone does and yet they will tell you "I work for you," or "I go out of my way for you." If that was the case then why don't they make fliers that SELL your home? Include payment terms, use the back to offer more selling points (you already paid for that space- use it).

If they use the standard flier then they are the standard realtor no matter what they say. Its what they do not what they say you should count on.

#5. Does the agent have a premade form or website page that you can get access to multiple choices for people you will need to help you with the process? (home inspectors,remodelers,mortgage and personal finance analysts,credit report analysts,movers,contractors, landscapers,etc.) ***many might say they cant because of liability but that is a warning sign and beware, besides in the agent agreement it says they are not lliable for outside companies.

#6. Do they have a team of assistants that help the realtor and you? Open house specialists, escrow coordinators,alternate realtor in case they are not around?

#7. Ask them their game plan as to how they are going to promote YOUR home in ways that other agents don't. (The minimum of what a realtor should do is in this report )

For those hiring a Buyer's Agent this is very important! many want you to sign for 90 days and if ANY transaction happens then they get a piece. DONT FALL FOR THAT!!

Give buyers Agents a 30 day contract at first and if they are working hard for you then extend it another month , make it to where if you find the property you have the right to use whoever you want. Dont let them push you around on this. They will make you feel like they are going to walk............let em. The next day they will be back.

THEY NEED YOU, remember that! (here is a report to show you what an agreement looks like and how to work your own deal thats best for you)

Buyers Agents should be paid for what they do FOR you not just because they sign you up . It can make the realtors lazy and make you do all the footwork and they are around to write a contract where you did all the digging. Remember they will earn $15,000 to help you for about 45-60 days of work .

Sellers Agents have a minimum of what they should do to (this report will help ). Realize the market is so hot right now there is a shortage of inventory and just listing it in the MLS is enough to sell a house, its getting top dollar and knowing how to play the poker game of negotiation is what you are really paying for.

How to interview a Realtor

Thu, 17 May 2012 23:05:04 +0000

Written by www.FindMyRealEstate.com staff

You are going to be surprised by what we say here but its for your own good and maybe our honesty will make it the factor in hiring us for helping you buy or sell your next home.

For buyers its finding the Agent that knows the area and what is ABOUT to happen not just sign up clients and let them bounce around to easily available.

Next realize that YOU, the home owner or buyer, is the major contributor to our economy. You put money in many peoples pockets when you get involed in a real estate transaction .

If they are lucky they can make the grand slam. They represent a seller who brings in a buyer WHILE trying to find the seller a new home. That could be a whopping 9%.

Do the math on a $600,000 home and thats $54,000 for one seller? Thats what most people make in a year!

If you are a buyer you should read this other report and realize YOU are the center of this whole industry and without you no one gets paid.

So no bad feelings for doing your homework and interviewing everyone; realtor, inspector, contractor....anyone!

First here is a report on what are realtors do to earn their pay , read it.

Now lets get to how to interview a realtor!

#1. Download this realtor comparison chart .

If they use the standard flier then they are the standard realtor no matter what they say. Its what they do not what they say you should count on.

#6. Do they have a team of assistants that help the realtor and you? Open house specialists, escrow coordinators,alternate realtor in case they are not around?

#7. Ask them their game plan as to how they are going to promote YOUR home in ways that other agents don't. (The minimum of what a realtor should do is in this report )

For those hiring a Buyer's Agent this is very important! many want you to sign for 90 days and if ANY transaction happens then they get a piece. DONT FALL FOR THAT!!

THEY NEED YOU, remember that! (here is a report to show you what an agreement looks like and how to work your own deal thats best for you)

Mortgage Funding Info

Thu, 17 May 2012 23:05:04 +0000

The reason why most commercial mortgage deals don't get funded is not because you can't find a lender. More often than not, the reason can be traced back to the "presentation" of the loan request. For example, when completing a residential loan, you fill out a 1003 using Point, Genesis, or another FNMA 1003 program. For a commercial loan request, what do you fill out?

Since there is no uniform commercial mortgage application, most brokers submit a 1003, an operating statement, and possibly a rent roll. However, this would be akin to submitting only the borrower's tax return and pay stubs, expecting a preliminary approval. In other words, it is clearly inadequate.

"As lenders we see hundreds of loan requests, and most of these requests are incomplete and poorly prepared," says Chris Lewis, VP of Commercial Lending for Wells Fargo, Los Angeles. "Complete loan requests, however, go to the top of the stack as this shows that the broker understands the issues and has some control over the deal."

Packaging a commercial mortgage loan is significantly different than packaging a residential loan. The main difference is that you need to determine whether the property -- not the borrower -- is generating sufficient "rental" income to cover the mortgage payments on the proposed loan amount (e.g., DSCR), and whether there is commensurate value to meet the lenders' loan-to-value requirement (e.g., LTV).

To calculate the DSCR and LTV, the stabilized net cash flow (NCF) must be determined. In most cases, lenders must re-create the operating statements to conform to their respective underwriting models, which requires identifying certain property-specific expenses.

Credit Info

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Did you know that 75% of all mortgage lenders use a three-digit credit score to determine your loan eligibility? This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score, so raising your credit score as little as 15 points could result in a lower interest rate and thousands in savings. You can save anywhere from a few hundred dollars in credit card interest charges, thousands of dollars on your next car loan, and tens of thousands of dollars on a mortgage loan simply by improving your credit score as much as possible.

The information below offers general guidelines as to what your credit score might be. Each lender sets its own guidelines for approving loans and issuing credit. For this reason, the information below offers only general guidelines. Your debt-to-income ratio also plays a role in determining whether or not you will be issued credit. Some lenders require a debt-to-income ratio that may be higher or lower than those stated below. See bottom of this page to find out how to calculate your debt-to-income ratio.

The information below is based on the FICO scoring model which ranges from about 375 to 900. Other lenders might use their own in-house scoring systems or another scoring model. General rules to determine your credit score and creditworthiness are as follows:

A rating [Credit score 660 or higher] -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds. Note that a score above 700 means you have extremely good credit.

Typical debt- to- income ratio: Below 35%

Mortgage: You have not been late with a payment in the last 24 months

Installment loan: You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months

Revolving credit: You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months

Additional requirements: Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years

B rating [Minimum credit score 620] You can get approved, but not at lowest rate. You can get credit cards and such, but at a higher rate than someone with an A rating.

Typical debt-to-income ratio: Around 50%

Mortgage: You have been 30 days late with a payment 2 or 3 times in the last 12 months

Installment Loan: You have been 30 days late with a payment 2 to 4 times during the last 12 months

Revolving credit: You have been 30 days late with a payment 0 to 2 times in the last 12 months

Additional requirements: You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago

C rating [Minimum credit score 580] Have trouble getting approved. Very high rates.

The lender might ask you to get someone to co-sign for you.

Typical debt-to-income ratio: 55% or higher

Mortgage: You have been 30 days late with a payment 3 or 4 times in the last 12 months

Installment Loan: You have been 30 days late with a payment 4 to 6 times during the last 12 months

Revolving credit: You have been 60 days late with a payment 2 to 4 times in the last 12 months

Additional requirements: If you filed bankruptcy, it was discharged 1 or 2 years ago

D rating [Minimum credit score 550] Serious trouble getting approved. Co-signor required.

Typical debt-to-income ratio: Around 60%

Mortgage: You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months

Installment Loan: You have a few 90 and 120 day late payments during the last 12 months

Revolving credit: You have a few 90 and 120 day late payments during the last 12 months

Additional requirements: If you filed bankruptcy, was discharged within last 12 months

E rating [Credit score under 550] Unlikely to be approved.

Typical debt-to-income ratio: Around 65%

Mortgage: You have a pattern of 20, 60, 90 and/or 120 day late payments

Installment Loan: You have a pattern of 20, 60, 90 and/or 120 day late payments

Revolving credit: You have a pattern of 20, 60, 90 and/or 120 day late payments

Additional requirements: You may have a current bankruptcy or foreclosure

How to Calculate Your Debt-to-Income Ratio

The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc. Do not include grocery, telephone, and utility bills or any debt that will be paid off in the next few months.

Sample calculation:

Gross monthly household income: $5,000

Fixed expenses: $1,560

[house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00]

Debt-to-income ratio calculation:

$1,560

$5,000 = 31%

Fico Scores Effect Purchasing

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FICO® scores were developed by Fair Isaac & Company, Inc. for each of the credit repositories. The scores are: (Equifax) Beacon®, (Experian formerly TRW) Experian/FICO and (TransUnion) Empirica®. They are simply repository scores meaning they only consider the information contained in a person's credit file; they do not consider a persons income, savings or amount of a down payment for a mortgage.

The scores were designed to assess risk. They are useful in directing applications to specific loan programs and to set levels of underwriting, i.e. streamline, traditional or second review. The scores are objective, consistent, accurate and fast.

Many people in the mortgage business are skeptical about the accuracy of FICO scores. Scoring has only been an integral part of the mortgage process in the past few years; however, the scores have been in use since the 1950's by retail merchants, credit card companies, insurance companies and banks for consumer lending. The data from large scoring projects emphasizes the accuracy, the predictive quality of the scores. Large portfolios have been scored for mortgage servicing and investment groups, and again, they demonstrate that FICO scores work.

The scores were developed from each repository's database using actual loan performance. A sample of over 750,000 consumers per repository was used. The repositories have each made great strides to increase the accuracy of their respective database through computer technology and internal monitoring. There is a new standard reporting format for credit grantors to use when sending electronic information to the repositories; this is the critical first step to providing accurate data.

The scores use a multiple scorecard design. Each repository uses 10 individual scorecards, and the models at each repository are the same. This increases accuracy and optimizes the predictive variables for each subpopulation. (For example, a borrower with two 30-day late payments will be scored against a population with some minor delinquencies.) This feature may cause a borrower with delinquencies to score in the same range as a borrower without delinquencies. Scorecards are reviewed and updated every twenty-four months.

The actual scoring process is proprietary, and the algorithms are copyrighted. We can share the predictive variables, the portion of the credit file considered and the weight as provided by Fair Isaac. They are:

Previous credit performance (35%)
Current level of indebtedness (30%)
Time credit has been in use (15%)
Types of credit available (15%)
Pursuit of new credit (less than 5%)

FICO has changed the way it factors credit checks, inquiries. These changes should minimize the "negative" effects that aggressive rate shopping or the normal mortgage process can have on a mortgage applicant. In the new Beacon version, the deduping process has been expanded beyond seven days. One variable counts the number of days within 365 days of scoring. If there has not been an inquiry, the deduping mechanism is not activated. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for the first 30 calendar days from scoring; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.

Scores should not change significantly because the variable in the model using inquiries contributes less than 5% of the predictive power of the model. According to Equifax statisticians, an average of 5% of the credit reports in the Equifax consumer credit reporting database (over 200 million consumer files) will see a change in score due to this. Fewer than 5% of those will see a change significant enough to effect a loan decision.

In order to get a score a borrower must have the following conditions in his/her file:

No "Deceased" indicator on the credit file
At least one undisputed trade line that has been updated in the last six months
One trade line open at least six months

Scores range from 350 (high risk) to 950 (low risk). A scorecard of 660 will be 660 on Beacon 96, Empirica and Experian/FICO if the data on each file is the same. However, each repository is likely to contain different data.

Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that a consumer did not score higher. They are not red flags. Consumers with scores in the 800 range get reason codes just as consumers with scores in the 500 range. The reason codes may be used in describing to the consumer the reason for adverse action. Scores are not part of the credit file and are not covered by the Fair Credit Reporting Act. Scores, if disclosed to the consumer, must be related to the credit file - using the reason codes - since the score has no meaning in itself; the meaning or risk level is assigned by the lender and the investor.

When applicants have erroneous information reported, document the inaccuracies. The easiest way to do that is to have your credit-reporting agency upgrade the merged in-file to an edited mid-range report or to a Residential Mortgage Credit Report. With the upgraded report, you can ignore the score! The file will have to be handled in a traditional manner for underwriting and investment purposes. The developed report will provide the paper trail that investors want.

Property Rights

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Property Rights

Real Property Definition

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Real Property Definition

Property Investment

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Property Investment

Property Trust(s)

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Property Trust(s)

Negotiating a Contract

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Negotiating a Contract

Real Estate Negotiation

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Real Estate Negotiation

Dont Let It Fall Through

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Dont Let It Fall Through

Sell Your Home Fast

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Sell Your Home Fast

Real Estate Tax Advice

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Real Estate Tax Advice

Property Inspection

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Property Inspection

Pick An Offer

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Pick An Offer

Open House Expectations

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Open House Expectations

Your Open House

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Your Open House

Marketing Info

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Marketing Info

Listing Real Estate

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Listing Real Estate

Selling My Property

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Selling My Property

Multiple Offers

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Multiple Offers

Getting Real Estate Ready

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Getting Real Estate Ready

Real Estate List Price

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Real Estate List Price

Housing Market Info

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Housing Market Info

Pricing Your Property

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Pricing Your Property

Property Appraisal

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Property Appraisal

Real Estate Appraisal Info

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Real Estate Appraisal Info

More Tax Advice

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More Tax Advice

Real Estate Agent

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Real Estate Agent

Real Estate FSBO Advice

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Real Estate FSBO Advice

Real Estate Appraisal

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You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.

Only an appraiser can give a real home value, but one thing your Parkland real estate agent can help you with, is determining the 'sold' value of homes around the area. This is especially important when writing an offer!

Real Estate Tax Shelter(s)

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Real Estate Tax Shelter(s)

Real Estate Tax Benefits

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Real Estate Tax Benefits

Loan Closing Advice

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Loan Closing Advice

Escrow Advice

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Escrow Advice

Home Loans

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Home Loans

Closing Costs

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Closing Costs

Review A Closing

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Review A Closing

Closing a Home

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Closing a Home

After The Loan

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After The Loan

Credit History

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Credit History

Negotiating Tips

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Negotiating Tips

Property Negotiation

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Property Negotiation

Safety Inspection

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Safety Inspection

Home Inspector Worksheet

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Home Inspector Worksheet

Home Insurance

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Home Insurance

Home Inspection

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Home Inspection

Debt To Income Ratio

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Debt To Income Ratio

Your Loan

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Your Loan

Apply for a Mortgage

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Apply for a Mortgage

Select a Mortgage

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Select a Mortgage

Mortgage Alternatives

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Mortgage Alternatives

Basic Mortgage

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Basic Mortgage

Mortgage Loan

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Mortgage Loan

Effective Offer Writing

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Effective Offer Writing

Mental Control

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Mental Control

Comparison Shopping

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Comparison Shopping

Home Selection

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Home Selection

Home Hunt

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Home Hunt

Approval Letters

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Approval Letters

Real Estate Ads

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Real Estate Ads

House Search

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House Search

Your Wish List

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Your Wish List

Find your Dream

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Find your Dream

A REALTOR Can Help

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A REALTOR Can Help

Confidence and Experience

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Confidence and Experience

Ownership Advice

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Ownership Advice

Young Buyer

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Young Buyer

Home Ownership: Are You Prepared?

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Home Ownership: Are You Prepared?

Buying an Affordable Home

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Buying an Affordable Home

Home Ownership : How To

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Home Ownership : How To

Buy vs Rent

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Buy vs Rent

Checklist for Home Buyers

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Checklist for Home Buyers