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Sherry Uribe's Advice

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  • 41 Contributions
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  • 6 Helpful

Sherry Uribe wrote:

My last experience show me not to believe in everything your realtor say.

Response
I always tell my sellers that is is RARE for the me to bring the buyer.  And it is!  I think there is about a 3% chance that your listing agent will sell you house. That is because your agent may have 10 buyers...and your home does not meet their criteria.  And also because (depending on your location) there may be 7,000 agents who are also trying to sell your home.   However...you should receive frequent communication from the listing agent: updates and feedback on showings and activity in your neighborhood. 
January 27 2011
(0)

Why won't a realtor respond to a listing ?

Answer
Sorry you did not get a response!  If you had called me and I had access to that information,  I would have answered you! I can tell you from experience that the really great values in REO's go FAST!  They often receive multiple bids and you can often end up giving your "highest and best" offer.  So...maybe the buyers didn't get quite as good a deal as you thought.  Most REO agents I have worked with are fantastic! As busy as they are, they usually answer their phones call right away or call back quickly.  Texting seems to be the method of choice for many agents these days! I love it.  Get an agent to work for you. If she knows what you want...she can call you the moment it comes on the market!    There are some unbelievable values to be had but you can't sit back and hope to get lucky and stumble across one!  Good luck!
January 27 2011
(1)

REO on market 80 days and has continually dropped every 3 weeks is 10-15% below list price fair

Answer
It depends.  1) How much work does it need? 2) How are similar homes priced in the area?3) How many REO's are in the same neighborhood?4) What is the absorption rate index in that neighborhood. What banks will take will depend on the bank:  how many properties they are holding on to;  how accurate the information is they are receiving from the listing agent as to the value of the property Some banks and some sellers are still in denial about their homes value.  The value of a property is what someone is willing to pay for it.  And that is most often determined by the VERY LOCAL market value of homes.  Consult a good real estate agent to get the latest information on your local area.  Then make and offer...put it in writing.  Worse thing that can happen is they say no!  There will be plenty of others!  Good luck!
January 27 2011
(1)

Using your whole 401k to buy a rental home

Response
Wow!  This sounds like an impulsive decision on your husband's part.  What he is seeing is the "$12,000" per year income on the property.  What he is refusing to really include in this equation is the  $10-!5,000 he will lose immediately when he withdraws his 401K (taxes he never paid on this savings).  Also to be considered: the closing costs,  the true value of the property,  the costs of repairs,  the vacancy rate,  getting a good renter that won't damage the  property.  Your husband needs to talk to a financial planner,  a mortgage officer and a real estate agent experienced in investment property.  He can get a loan from his 401K at an insanely low interest rate (2% or less) for a down payment.  He needs to:1) Consider all his financial alternatives for buying a property2) Consider the costs of repairing and maintaining the property3) Research with his agent...the best value for a property.  Short sales are not always the best value.  Good luck to you.  Hope you can get through to him before he jumps off the cliff!
January 27 2011
(0)

Can a realtor's commission be applied as closing cost if he is buying a home for a family member?

Answer
The Seller is obligated to pay the comission to the Buyer's Agent as stated in the Listing Agreement Contract.  The Buyer's Agent has an agreement with their broker on how that commission is split between the Agent and the Broker.  If the Agent has complete control over the commission, ie does not have to give a percentage to his/her broker,  then it becomes a matter of what is allowable by law in regards to lending practices.  I would consult my mortgage officer who can answer this  question.  The Va and FHA are more rigid in allowances for closing costs.  As far as taxes go...if the agent does not receive the commission,  it is not income and he doesn't pay tax.  And if the amount is below $10,000 (may be higher now) the  receiver pays no tax either. 
January 27 2011
(0)

Schools in Chesapeake

Response
Again,  this is probably a little late for you,  but Great Bridge, Western Branch, Grassfield and Hickory are wonderful schools.  Go to the website suggested by the other agent and see for yourself!  Many people choose Chesapeake over other local cities BECAUSE of their great school system! 
January 11 2011
(0)

When Preparing Your Home for the Market, Spend Your Money Wisely

Response
Great tips Ladies!  I always hire a professional stager for my sellers.  They come in and in one hours time, the house is transformed...or at least on it's way to being transformed.  The stager moves furniture around,  for a better flow and to make the rooms look bigger.  She takes down curtains.  She leaves the seller with a list of things "to-do".  All of this is done BEFORE the property hits the market, because first impressions are everything to buyers.
January 11 2011
(0)

Currently renting and looking to buy soon..

Answer
If your credit is not good, then getting a bank loan is nearly impossible. I would talk to the home owner about  seller financing.  You would need to come up with a down payment,  say 5-10%.  And they may ask for a higher than current interest rate, such as 5.5-6%.  Many sellers want all the money lump sum when they sell.  But in this market,  I am seeing more and more sellers financing the sale of their home.  You could offer to finance for 5 years,  and pay a balloon payment in 5 years,  when your credit is improved and you can then qualify for  a regular mortgage.  Whatever you decide to do...contact a local agent and a local lender  to explore all your options.  You may actually be able to get a bank loan and then have your choice of 1000's of homes in your area,  at a more competitive price.  Good luck to you and your wife!  And God bless you for all  you and other vets have done to protect our wonderful country. God Bless America!
January 11 2011
(0)

Open Houses??

Response
A really cool way I recently saw,  was a sign nearby (at a busier intersection) advertising the upcoming open house.  It said: Open House This Sunday     2-4pm No address...just an arrow.  The agent placed the sign on personal property, so the city could not take it out.  Of course she had to get permission from the owner of the property where she placed the sign.  But I have found homeowners very happy to help you,  if you ask first. 
January 11 2011
(0)

House on Governors Lane for sale for $2300.00 - really or rental(?)

Answer
That's definitely a type-O.  Governors Lane  townhouses in Va. Beach, may sell for $123K.  Governors Lane in N.Suffolk,  would sell for $623K.  But $2300 is  a rental. 
January 11 2011
(0)