Profile picture for Bonnie David

Bonnie David's Advice

Contributions are sorted newest to oldest.

  • 12 Contributions
  • 0 Best Answers
  • 1 Helpful

Bonnie David wrote:

are agent fees negotiable

Answer
Yes commissions are negotiable.  And, we are seeing a variety of commissions these days.  This idea of an agent not showing a home because the commission is less desirable than expected is hogwash. The buyer will find the house on Zillow or other sites and insist on seeing it.
January 24 2013
(0)

â??THE TIME IS RIGHT TO SELL NOW!â??

Response
I wished I had the answer to your question.  Prices are on the up and up due to the limited amount of inventory.  But, first determine purpose (needs and wants, etc.)  and where you want your finances to be at.   I like to work with clients and figure out a "holding period" for the next purchase.  Then determine new monthly cash flow and factor in a principal balance at the end of the holding period.  Also, considering possibility of appreciation and also income tax benefits.  Then look at if you didn't move.  Where would you be at at end of holding period,lets say 8  years from now.  Even if you are making additional principal payments, it is easy to figure out your loan balance.I worked this case scenario out recently for a client. The couple was mulling around the idea of a bigger home; something with more glamor and larger sq. ft.  However, in peeling back the onion, the real goal was to have a second home in a vacation area in 7 years.  After we crunched the numbers, it was determined that the vacation home could never manifest with the burden of  higher payments and taxes.  They decided to stay put and pack some dollars away, work on paying their existing mortgage down.One has to proceed with caution.  Know what you want and be sure not over extend yourself. 
January 24 2013
(0)

what is included, what are rules in actual home square footage calculation?

Answer
I know it varies depending on location.  Each real estate board posts their requirements for square footage.  A four season room which is heated can be included in square footage. Generally bonus rooms which are finished can be included in square footage, yet I have seen appraisers value adjust when bonus rooms are included.Best to check public records to see what is on file. However, I have found that many times public records can be wrong.  If you are the owner,  you can either measure to verify (exterior as stated in a previous response) or look at blueprints if you have them, assuming no modifications have been made.  It can get tricky to measure when there are bay windows or other areas which extend from the main walls.I once had a listing whereas I knew public records were wrong.  Sure enough, appraisal was short.  So, I had the home measured, put in auto cad, showed it to the appraiser and he still  would not budge grr..  He said he only took public records, but that was an isolated incident.Square footage is very important in the sense that appraisers do put a lot of weight on size of home. 
January 24 2013
(0)

how can I find out what my home is worth?

Answer
I have over 20 years of experience and still, I find pricing a home a very difficult task.  In our specific area, we moved from REO (bank) driven to Short Sale driven.  Yet, builders are not putting on spec homes and many of the sought after newer construction homes are not available to step up buyers.  Consequently, in the last couple of months, some of my listings have sold for higher than even the seller thought possible.However, know your market as suggested by the other agents.  Give yourself the benefit of doubt if there are dissimilarities to your home.  Pay attention to market time.  Then, a wise agent will automatically work with structured price adjustments.  That way, if you are too high to start, the pricepoint can be adjusted in say 3 week intervals.  Market speaks loud and clear once the home is professionally marketed.
December 08 2010
(0)

When to list during the holidays?

Answer
Depends on your area.  I am in MIchigan and in top 5 percent nationally.  I have a lot of buyers out there right now and this is not typical.  I think people want to get in and make decisions before interest rates hike up any higher.I have sold and closed a few homes which have actually sold higher than what similar homes did a few months ago.  I attribute this to the fact that builders are not putting up specs and a lack of inventory of bank owned homes due to shadow REO homes. 
December 05 2010
(0)

i have a house in catonsville since 2006 254.000 dollars now its worth 220.000 dollars sell or keep

Answer
It is possible you could meet the criteria to sell on a short sale if you are upside down and have a job transfer to Germany. That means that you could get your closing costs and commissions paid for by your lender, a big bonus.If you are using your current as a tax write off, then check with your CPA, there are benefits for renting.It is hard to predict where the market will be in two years from now.  Market indicators are that we are seeing glimpses of recovery.
December 05 2010
(0)
Short Sales
Short Sales are at the forefront of our vocabulary these days.  It seems every time we turn around, a seller owes more than what the house will sell for in today's market.  I am just wondering how many of you are facing this dilemma. It is pretty amazing to see a short sale worked out whereas the bank will pay all commissions, closing costs and often no deficiency judgment back to the owner.  Banks are starting to take these short sales more seriously now.  It doesn't make financial sense for a lender to let the house go through foreclosure.  And, a short sale workout can be a lot easier on a seller's credit than a foreclosure. I closed 3 last month and have about 6 in negotiations right now.  Each lender has their own agenda.  My assistant is keeping track of each lender in an excel spread sheet.  There is no place to go to find out what is specific to a lender.  There has not been enough history established.  I also belong to a few online "chat" groups on a national basis who, collectively, are a wealth of infomation.  I don't think any of us can call us "experts" out there in the short sale entity.  However, many agents who have taken the time and money to at least invest in the Certified Distress Property Designation are one step ahead of the competition.Respectfully,Bonnie David
October 06 2009
(0)

anyone familiar with rural development loans?

Answer
Rural Homes are perfect for first time buyers.  Key I found out the hard way is to make sure the lender will close regardless of funding release.  Some of the larger lenders will go ahead and allow the closing to take place without funding.Pretty nice for a first time buyer get a mortgage with no money down.Regards,Bonnie David
October 06 2009
(0)

I would like some additonal information on this property

Answer
No section 8 that I am aware of. 3 bedroom could pull in around $500-$650, it is a typical house. We have had several offers on this complex. For more information, please email Rich Blake, rblake@michigangroup.com. He is more familiar with this property.Thank you for your inquiry.
July 03 2007
(0)