ursovague's blog

Hi Mojo-

Why is there a problem with my account? I have to keep requesting a new pw. Three times in the last four days. Makes me wonder if someone is a little ticked off with me? Not sure why though?

Thanks

When I attended a large gathering the other day. I visited with friends and some family members about doing business with Realtors and lenders. Here's what I found out. Most of the Realtors that I heard great things about had originally obtained their license from the mid 80s to the 90s. They know the market. They were here during a few other bad markets and they are able to get the job done without risking your bottom line if you need to sell. Rather than panic you into selling for a lower price, most will guide you through until you obtain a price that is within the market norm, eventhough the market is tough to gauge. On the buyer's front. They will show you the homes that you are interested in rather than try to find one that is priced much higher than what you really need. For example, a more inexperienced agent will lose interest in helping you find a home if he or she thinks the commission isn't there. Especially if you are looking under the $200,000 range. What the experienced agents have found out is that by helping the first time home owner find that starter home or property is that in 5-7 years that same person will want to buy another and remember how well that agent treated them. And more referrals for that agent will come their way. The inexperienced agent will selfishly look away and act as though they don't have the time to show less expensive properties to that buyer. When looking for a Realtor or lender. You want to find a mature person to handle your transaction. Remember, you are giving that person very personal information about yourself and your family. You really need to do your research. If your family or friends know a Realtor who has been around for awhile, you are more likely to have someone who is intent on keeping your information secure. Keeping your best interests to heart. And treating you as an equal rather than another buyer or seller. So ask around or if you meet a Realtor/Lender ask that person how long he or she has been in the business. Look for someone with at least 10 years experience. Someone that knows the market and someone you think you can trust. Trust is the key here. YOU NEED TO TRUST THAT PERSON.

Good luck happy home buyer or seller.

Look, whoever wins the nomination better know something about economics. Sen. McCain has said that economics is not his forte. However, his #1 choice for Treasury Sec. Former Sen. Gramm is his idea of making it right. Check this out. The Sen. from Texas served as a vice chairman of UBS’s new investment banking division. So, you might say, big deal. Well, UBS hasn't exactly been right on target about the economy. Bad investment decisions were made. I'm almost 100% positive that many bad choices could have happen on Mr. Gramms watch. Now UBS has written down over $18 Billion in exposure to subprime loans and other risky bets during the past year alone, whew! This info was hot off the press. Click here to read the full article. Sen. McCain in my opinion is not fit to run this country based on his lack of experience in handling economic issues. We need a President who will not only be a great leader in military issues but one that knows how to turn our economy around. Of course I did not like his 100 yr statement concerning Iraq either. He also hints he would like to see how our housing troubles playout without any Gov. intervention. It's too bad that the Fed did not fix the problem before they decided to raise interest rates that created the problem we now have. Millions of families have been affected and Bush/McCain act as though it isn't their problem. Reagan has got to be turning over in his grave now.

Modesto could do the same. Last year (when the event started) in Sydney by turning out the lights. for one hour, it was the equilvalent of not having 48,000 cars on the road. Imagine what this year's event will do for our environment? Hopefully, this idea can catch on and we can have more lights out campaigns in the year. Let's save energy people. Use your bikes, scooters and WALK WALK WALK. Get in shape. Let's do it.

* Be sure to get a property inspection report. Even if you are purchasing a REO or foreclosed home. I realize that with the reduced pricing you will probably be buying AS-IS. However, with a property inspection you will know what you are getting and everything that is wrong with the property should be noted in a detailed report with pictures. Here's a tip. Have the your Realtor pay for it.

* Let your Realtor know up front that you intend to look at as many homes as possible until you find one that you like. Of course, if you look at 50+ I don't think you'll go through one Realtor. You might lose a few along the way. But stay with the Realtor who actually showed you the property you hope to buy. You would not want to work for free either.

* Interview your lender. Find out up front what your fees are. You want to know what your closing costs will be. Don't let your lender jack you around about fees. You want to know NOW. This is how you get the lender to tell you up front. First, ask the lender if they've helped another client recently with your same loan amount. If he or she answers yes right away. Then ask what those fees were. If your lender still jacks you around. Find someone who won't. You could shop around. Banks will usually be a lot less than a regular lender from a mortgage company since most will attach their fees ontop the banks. Like WA, BofA and Wells. Beware of predatory lending.

* Don't bring along a negative influence.. If you are buying a home and you bring along a friend. Make sure your friend doesn't kill the deal with your Realtor. Sometimes a bad personality will cause you to lose a great Realtor. And if you are buying a home, your Realtor is your best friend. Not Mister or Miss I don't want to be there or don't feel like this. Keep the person at home and bring someone else who is more interested in you getting a home rather than one who is secretly jealous of your new found attention. If you are dealing with an experienced Realtor he or she will get past the jerk. However, your jerk could influence the outcome on whether or not you get a home. Now if you have an agent who isn't pleasant to work with or for some other reason you just don't feel right. Get rid of that agent. But be sure it's the fault of the agent and not your friend before you decide to ditch your agent.

* Look up a real estate agents record online. Know who you are getting. Did he tell you that he has 10 yrs experience. Go to the Dept. Of Real Estate for the State of Ca.

Good luck out there.

Ask your real estate agent and lender the following questions:

1. Have you ever represented anyone who used 100% financing to buy a home? And in that loan, did you take the time to find out if that buyer would be able to afford the mortgage payments once the teaser interest rate morphed into a higher rate loan?

2. Did you tell each of your buyers that their homes could decrease in value if rates were raised and they may not be able to get a new loan because their values may go down and prevent them from refinancing?

If your real estate agent seems defensive, then you probably need a new agent. Or if your lender tries to tell you, "hey, everyone did it". Then you need to tell both to take a hike and find someone else.

Be sure to pre qualify yourself. Find out what your debt-to-income ratio DTI is. For example, if your mortgage payment is more than 30% of your monthly income...be very careful. Be very wary out there.
Good luck!