Beware of Poor Home Flips! Lurking in the Kitchen
House Flipping…The Good vs. The Bad!
Scariest Situations for Home Buyers & Sellers – Part 4 So, where are we? We have an accepted offer, the home inspection went well, we successfully negotiated a Request for Repairs, the appraisal supported the purchase price, the buyer has removed all contingencies and now it is an unconditional offer. The finish line is in sight. But, there are still a few more “scary” steps ahead of you. For one, the lender needs to get the final loan documents to the escrow company so the buyer can meet with a Notary to sign everything. Now that part can be a little intimidating and nerve-racking for a buyer. That is why it is very important for the loan officer to review the Estimated Settlement Statement or Loan Estimate with the buyer(s) BEFORE they sit down with the Notary. This ensures a less-stressful, and less-scary, loan signing. Next is for the buyers to conduct the Final Walkthrough of the home, contractually this is to be done 5 days before the close of escrow. This is important to confirm that the home is in relatively the same condition as when the offer was accepted and no damage was done when the seller moved out. Now the seller is also supposed to remove all personal items from the home, but often some things are left behind, like yard products (fertilizers, bug sprays, etc.) And while the seller is required
Scariest Situations for Home Buyers & Sellers – Part 3 Thanks for checking in with me. This is Part 3 of a 4-part series, so I invite you to check out the other videos, I know you will find them informative. So, in the scenario we are talking about, we are already in contract, we have conducted the general home inspection and after some anxious anticipation, the appraisal report comes in! And……it is UNDER value! Ouch! No scarier situation than that, especially for a first time home buyer or first time home seller. So what now? Well now we have a few options, as a buyer, we will try to negotiate the contracted price DOWN to the appraised value. As a home seller, we would negotiate hard to hold to the contracted sales price and have the buyer come in with the difference. Now, how this goes depends on many variables, how much the buyer has for a down payment, if it is a 100% LTV VA-buyer, no much chance the buyer can come up off of the lower appraised value, and as a seller, if there were multiple offers, we can always cancel the contract, if the buyer doesn’t want to come up with the difference, and go back to the market for another offer. If you are looking for someone who will treat your money like I was
Scariest Situations for Home Buyers & Sellers – Part II This is Part II, be sure to check Part I if you haven’t already. So, another “scary” thing about buying a home, or for that matter, selling a home, is the Home Inspection! May thing can come up during this process and you have to be ready to receive a final home inspection report that…can look pretty scary! It is the duty of the home inspector to point out every fault or deficiency with a home. But, that is what you want in a home inspector. Someone who isn’t afraid to “tell it like it is.” Now, it is the buyer, or seller’s, choice to use whatever home inspector that they want, but here at The GreenHouse Group, we have one home inspection group that has, time and again, proven their value to 0ur clients, with such consistency, that we recommend our buyers and sellers, consider them when searching for a home inspector. As with any home inspection, there will be a handful of things that the inspector will find. I always meet with my clients to conduct a Post-Home Inspection Huddle-Up. We will discuss your concerns with the findings of the report, I will share what came up for me after reading the report, then we will craft an approach to either move forward and negotiate a Request for Repairs,
Scariest situations for home buyers & sellers. Contact me for more information, I am happy to help you buyer or sell real estate in San Diego. Craig Sutliff The GreenHouse Group Craig@GreenMeansGrow.com 619-857-
The Skinny on Pre Qualification Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home. The Skinny on Pre Approval Getting pre-approved is the next step, and it tends to be much more involved. You’ll complete an official mortgage application, then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. (Typically at this stage, you will not have found a house yet, so any reference to “property” on the application will be left blank). From this, the lender can tell you the specific mortgage amount for which you are approved. You’ll also have a better idea of the interest rate you will be charged on the loan. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a
Much time has passed, and many people don’t really know how the whole Subprime Mortgage Meltdown happened. People who have seen the recent movie, “The Big Short” have a much better idea, but for those who have not, take a look at this quick video and you will have a better understanding of just what happened. It is pretty funny, but has a few “bad” words in the text near the end, so for the easily offended…harden yourselves! Trust me, you will come out enlightened…..or something else. Cheers, Craig Sutliff Mortgage & Real Estate Consultant The GreenHouse Group. Cell: 619-857-4954 Email: Craig@GreenMeansGrow.com
Short Sales, they happen. And if they happened to you in the last few years this post is for you. On Aug 15th the seasoning requirement will go from a 24 month period in some cases to a mandatory 4 years for conventional financing. What that means to you? If you were trying to avoid the higher monthly mortgage insurance that is tied to FHA financing and were planning on buying a home using conventional financing and a larger down payment, and have a short sale inside of four years, your time is running out. If you fall into this four year window where you’ve had a short sale, and were thinking about refinancing or buying a home, there has never been a better time to reach out and see how this change in lending guidelines is going to affect you. If you have any questions, e-mail me or call at; Scott@GreenMeansGrow.com 858.273.3663 ext
We are so confident that we can get your home sold in 90 days that if we don’t, we’ll do it for free. Here is a checklist below to see if your home qualifies for the guarantee. 1. You must have a complete physical inspection, termite inspection and foundation inspection completed on your home. 2. Our office and you the seller must come to an agreement on a price that will cause the home to sell. Homes will be listed 7-12 percent below market value. Commissions are 6%. 3. The home must be de-cluttered and staged. Staging does not necessarily mean pulling out your furniture. Our designers can work with your existing dÃcor and add pieces as necessary. 4. You agree to accept an offer within 5% of the list price. A rejected offer within the range immediately makes the 90-day guarantee null and void. 5. The property must be kept clean at all times. 6. A lock box must be installed for ease of showing. (Seller reserves the right to cancel the agreement after 90-days but not before.) Thanks for checking in and we look forward to selling your home…Fast! Any questions or comments email me- Sam Logan
The GreenHouse Group INC is a full service Real Estate & Mortgage Planning Firm located @ 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108. We'd love for you to drop by and say "hello" to us here at our beautiful offices in Mission Valley. Or, if you'd prefer to drop us a line you can call us anytime @ (858) 863-0261. We look forward to meeting you!
