Search the MLS Like REALTORS® Do

Are you tired of finding the perfect home on the internet only to discover it is no longer available?
Are you thinking of selling your home and want to know what the market is doing in your neighborhood?

Then Listing Book may be the answer for you.  This is an online property search (by invitation only) that is tied to your local MLS – which means it’s updated frequently! You can set up multiple searches – even in different cities and also see what is going on in your own backyard.

If you are interested in receiving an invitation – just send me an email at renee@xenavallonerealty.com and I will get you hooked up!

Reneé Marquiss

5 Mistakes Buyers Make

1. Trying to fix credit scores before buying a home. Homebuyers can do more harm than good if they don’t consult a financial expert first. “Even paying down credit card balances – which is a good thing as far as your credit scores and debt ratios are concerned – could be a problem if it leaves you short the cash you need to qualify to get the loan,” says Gerri Detweiler, Credit.com’s personal finance expert.
2. Not considering the future enough in their selection. Buyers should consider what they want out of a house five or 10 years down the road. Do they plan to expand their family? If so, they may need a bigger home and want a different location. Also, how long do they plan on staying at the home? That can help determine the most sensible mortgage.
3. Failing to research financing enough. First comes the home and then the financing? Not in today’s market. Home shoppers should get prequalified for a mortgage before they start shopping so they know what they can afford. “The time to make decisions about your mortgage needs is not during this 10-day window” after you sign a contract, says Keith Gumbinger, vice president of HSH.com. “At most, this is time to shop for rates and fees and such. He says a credit evaluation, selection of mortgage type and a preferred lender should be completed “well in advance of even wandering through the market looking at houses.”
4. Assuming that the Good Faith Estimate is the amount paid at closing. The form lenders provide that estimates closing costs is not set in stone. Closing costs may actually be more, so buyers need to be prepared. Closing costs generally are about 3 percent to 5 percent of the loan amount. “Shop around and compare the Good Faith Estimate provided by the lender with that of two or three other lenders,” suggests Ryan Himmel, a CPA and founder of BIDaWIZ, a tax advice resource. “If there is a significant disparity in estimates, then request an explanation from the lender to determine if you would like to move forward.”
5. Failing to budget for home expenses. Budgeting to purchase a home isn’t enough. Prospective homeowners would be wise to not forget to budget for maintaining the home too. New homeowners should budget for an increase in utility bills as well as for future maintenance and repair costs, such as repairing a furnace or roof.
Source: “10 Mistakes New Homebuyers Make,” Credit.com (2012)

How Can I Help You!

I read an interesting article today from RISMedia entitled DON’T SELL ME….HELP ME! and my first thought was “hmmm, they must have visited my office” as the message they imparted is the basic philosophy we practice here at Xena Vallone Realty.

First the facts they quoted:

• It used to take 30 days to get a transaction closed, it now takes 120 or more;
• It used to take 20 contacts to get someone to listen to you, it now takes 100 or more; and
• If someone was inclined to do business with you before, they are now inclined to make sure they are getting the best deal regardless of their relationship with.

Now for their advice and my way of doing business:

• Don’t sell, help
• Don’t close, advise
• Don’t push, encourage
• Become completely indispensable

So, how can I help, advise and encourage YOU today?

Reneé Marquiss, REALTOR®
Xena Vallone Realty, Inc.
941.807.5950
www.buyandsellsarasota.com
renee@xenavallonerealty.com

Fannie Mae Extends It’s Buyer’s Incentives

Straight from Fannie Mae’s HomePath website:

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011. A $1,200 selling agent bonus is also available to selling agents who close on an owner occupant property and meet all eligibility requirements and terms and conditions.

Terms and Conditions:Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer.

Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.

Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)

Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.

Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.

Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.

Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.

Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.

Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

 If you are interested in receiving updates and lists of Home Path properties, please give me a call at 941.807.5950 or email me at renee@xenavallonerealty.com.

Real Estate Incentives Going Out of Style

WASHINGTON – Aug. 23, 2010 – With home sellers trying to limit losses and the government restricting seller contributions, buyers have access to fewer cash incentives and other perks – such as cars, televisions, and appliances – for going through with a transaction. These days, experts say more sellers are attracting buyers’ attention by pricing competitively or lowering the price.

Other residential property professionals point out that buyers are taking into consideration that a family member could become unemployed, and they are making buying decisions based on one income.

“Gimmicks don’t work well when buyers have so many avenues to be educated about what’s for sale and what has sold and for what price,” says Aaron Dickinson of Edina Realty in Minneapolis.

Source: News OK (08/21/10) Buchta, Jim