Helping Your Buyers Avoid Down Payment Pitfalls

Today I’m going over some great ways to avoid down payment pitfalls.

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As you’re beginning to work with buyers who you know will require a loan to purchase a home, typically 90 days before closing, talk to them about their fund’s availability. If they’re going to be pulling together funds to come up with a down payment, which might include a gift from their parents, they need to do that outside the 60-day window because lenders will typically look at two months worth of bank deposits. 

So, if the down payment is going to be a gift from a family member, or, say an engaged couple is going to be putting their funds together for a down payment, make sure all of that is done outside of the 60-day window. 

Also, if they are for some reason stashing cash in their home instead of putting it in the bank, they need to start depositing that money in small deposits on a regular basis.

There will be final credit check so don’t make any unwise purchases.

Although the engaged couple might be splitting the down payment, they both need to qualify, so funds should be in both accounts. They also shouldn’t wait until the last minute to consolidate their funds. Liquidating assets takes time, and they want to make sure they have the funds for their part of the down payment. 

Finally, counsel your buyers not to buy something like a car or furniture until after the closing. There will be a final credit check, so they need to wait until after the home is bought to make those kinds of purchases.

If you have any questions about avoiding down payment pitfalls, don't hesitate to reach out to me. I would be happy to assist you.

Get Your Client’s Home Sold Fast Using These 2 Tips

Today I’m bringing you two great tips to ensure your clients' homes spend the least amount of time on the market.

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Now that warmer weather is fast approaching, you’re probably anxious to start listing homes for your spring clients. Luckily, I have two tips to share with you today that will reduce your days on  market. 

Suggest that your client get two reports that are really going to help you narrow down the pricing and expedite the sale: a home inspection and an appraisal. 

Your client is probably going to tell you that they’ve maintained their property beautifully. However, you need to know what’s behind the walls and how the roof is looking, not to mention making sure all the major systems like the A/C unit and furnace are working. Any issues with the home are going to come up during the buyer’s due diligence period anyway, so the seller might as well get out in front of that. Having that information will also help you price the home accordingly.

Make sure your clients get a radon inspection along with a home inspection.

Along with the home inspection, make sure your clients go ahead and do a radon inspection as well. Most home inspectors have an add-on which isn’t that expensive, and it’s important to many buyers that the radon inspection is done. 

The appraisal is going to be the best tool you can use for pricing the home. Prices have increased fairly quickly in the last month, so keep in mind that the appraisal might be a bit off as they haven't caught up yet. You can factor in a little bit for appreciation and take a good look at what’s been happening in the neighborhood to come to a fair market price. 

If you have any other questions about pricing a home for a quick sale or if you are curious about other real estate topics, please feel free to give me a call or send me an email. I look forward to hearing from you!

How to Turn Property Tax Notices Into an Opportunity

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Today I wanted to talk about turning taxes notices into an opportunity. How can you do it?

The end of July is the time of year when tax notices go out to property owners. The purpose of the notice is to let the owner know how that municipality is going to tax that property for the upcoming tax bill due by the end of November.

Send all of the people in your sphere of influence an email with as compelling a subject line as you can, and let them know that tax notices have been sent out. Let them know that you want to offer your services for running comps for their property, and suggest that they call you rather than just responding to an email.

It’s an opportunity to talk to your client, let them know that you value the relationship, and that you want to provide value to them. Always come from a place of contribution.

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You can absolutely turn taxes
into opportunities for yourself.

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Remember, whether you were on the buy or sell side of a transaction, you’ll also want to pull the HUD settlement statements, because they’re going to need that as well. Should they want to retain the services of a professional to help them with any kind of an appeal process, contact your local municipality or county, and find out who in the assessor’s office they might recommend.

There are usually a handful of people who do a really good job on the appeal process, and the people working in the assessor’s office will know who they want to work with on an appeal. Google it and find out who to call so you can have those resources available, should your clients ask for it.

I hope you find this helpful. Believe it or not, you can turn taxes into opportunities. Give me a call with any questions you may have.