A contract is a written or spoke agreement that it's intention is to be enforceable by law after two or more parties have agreed to it's terms
In Real Estate, we use it to have a legally binding agreement to purchase or transfer of real property.
As a real estate agent, your role stays within the boundaries of "fill-in-the-blanks" to direction of what forms to use.
When a real estate form is being changed by striking off whole paragraphs, adding or introducing new verbiage (besides of the normal conditions of a real estate agreement ) The person doing the changes is practically practicing law and as a real estate agent, your duties does not extend this far. .
Stick to your role and watch these two videos to understand contracts and know the answers to questions like these:
(the first 3 minutes of this video is blank)
See all the slides HERE*
This presentation is where the nuts and bolts come together and how to approach contracts to protect yourself and your broker.
If you have questions,
Please make a list of all your questions and send it by email to:
As you know, when you really think about it...the world is a big scary place with lots of danger and little spooky things crawling all around us at all times. To make matters even worse, you may have to also include real estate among all your fears.
With Halloween rapidly approaching, we are going to analyze the " Top Five Weird Spooky Facts About Buying a Home"
Sometimes what we fear is not real
Will Smith said it better...
“Fear is not real. The only place that fear can exist is in our thoughts of the future. It is a product of our imagination, causing us to fear things that do not at present and may not ever exist...danger is very real but fear is a choice.”
FEAR #1 :
I need at least 20% Down Payment to buy a house.
Most loans are are under 10% down, with FHA loans going as low as 3.5% down..even less!
Some lenders are now even lending with as little as 2% down on some special cases..
FEAR #2 :
I need at least 780 Credit Score to buy a house.
The average credit score on approved loans is 723.
I have a loan officer that helps my clients fix their credits and can get them started in the 600's credit score range. .
FEAR #3 :
Getting Approved for a Mortgage is HARD and a lot of work!
Did you know that 71% of all loans applications get approved....all you have to do is try it by contacting your trustful professional..Too many people are disqualifying themselves by thinking erroneously...don't fall under this trap.. .you need someone else to disqualify you.
FEAR #4 :
There is not enough money out there for banks to lend.
The mortgage credit availability to obtain a mortgage loan has increased SUBSTANTIALLY just in the last 7 months. More banks and lending institutions are relaxing their requirements because the money they have to lend is accumulating and sitting around waiting for more applicants.
FEAR #5 :
I'm afraid I lose my job and not be able to pay for my mortgage
You have to live somewhere anyways... and besides, a landlord is LESS forgiving than a mortgage holder when you have a temporary setback like losing a job or getting sick.
Buying a house is scary by itself, specially if you are a first time home buyer -- Make it easier for you by contacting a real estate professional.
Be clear on your fears by knowing the buying process inside out ...with the help of your Realtor.
If you are looking to buy a home in MD, DC or VA let us guide you.
We know the process and our agents are ready to help you.
Give us a call 301-246-0001
The sale of your home isn’t quite as simple as sticking up a ‘for sale’ sign and waiting for the buyers to come to you. Here is an overview of 100 things of the various steps involved in selling a property. You can use this list as a guide when selling a house or call a professional listing broker to take care of it for you.
I’ve included various marketing tips along the way that will be part of my new book on “Marketing Tips To Sell A Home” scheduled to be published sometime in 2016
From the moment the prospective buyers drive up to your property, they are judging your home. I've seen personally when buyers don't even bother to come inside because they have already made up their mind at a first glance. Your front yard, your entrance and every single room or space in a home should be a “wow” of some sort, providing something that is beyond what’s expected to the prospective buyer. First impressions apply to each and every single room or space in a home as well.
Try to appeal to everyone who might come through your property by using neutral designs throughout your house.. from the colors of the walls to furniture, even statues and paintings on the wall. You must remain neutral and not force a strong conviction that would only appeal to a smaller percentage of your visitors.
From all my years of experience and talking to perhaps thousands of people about homes and real estate. I ascertained this concept which I found it to be true and factual over and over again. Most buyers are shopping for a new lifestyle...not a house. All your marketing materials should refer to this fact.
As soon as a house is in the market, it becomes a product and is all business from there. You can't avoid the emotional aspects of selling a home...but you better hide them well if you want to sell it for the most money at a timing that fit your plans.
Selling a home with a "just testing the water" attitude will not lead you to a positive outcome. Specially when it comes to the pricing of the property. Every house has a reputation and you need to protect it. As you accumulate "Days On Market" your chances of getting your home sold for the highest amount it can bear is almost impossible. You will end up attracting only low-ball offers looking for a bargain as your home sits unsold with the appearance that "there must be something wrong with that property being in the market so loooong!". Commit to sell or wait until you are…
You need guidance, advice and direction from an experienced professional if you want to sell it for the most money. Know the difference when a commission is an EXPENSE versus when a commission is an INVESTMENT for you. Every single location, town or place in the USA is littered with discounted services that have only ONE VALUE TO OFFER : Their low commissions! A commission should never be an expenditure ...rather it should be an investment to help you get the most money for your house at a timing that fits your plans
Know the facts and study it carefully . The pricing of your home should not be set on hope, automatic computerized CMA's and/or false homeowner illusions. The price of your home should be set by square foot comparisons, current local market conditions, major improvements or lack of , pending sales, sold comps and the number of similar active listings in the area. You need guidance, advice and direction from an experienced professional to set the right price to sell, follow their advice and don't look back.
If timing is unimportant to you, selling it on the "right season" could bring you better results. In general, Spring marks the beginning of the busiest home-selling and home-buying season in most areas, followed by the Summer, Fall and Winter. If you are selling your home, finding the "optimal time to sell" should be considered, if you want to sell it for the most money. Beware that there are also other major factors involved on this. Competition numbers, local market conditions and local impact changes like a new plant or factory nearby...all or some may affect the timing when to put your home for sale. Your agent should advise you if you don't have any preferences, as they have their pulse in the local market and put your home for sale during the most optimal time.
A question that many new home buyers ask themselves when looking to buy a home.
The advice from your friends and family comes in different versions but has the same message: Don't check your credit scores often...because it will drop for too many inquiries.
Over the years, I saw some lenders and loan officers use this excuse in order to keep their prospects from shopping around fro better rates with their competition..
Under normal circumstances, you are allowed to shop for a mortgage when you are buying a home.
Every credit inquiry you approved for someone to take is either
A Hard Inquiry
A Hard Inquiry will affect your credit scores
A Soft inquiry MAY NOT affect your credit scores f you are shopping around for a better rate
You are not going to be punished if you are shopping for the best rate for a certain period of time, this could be 14 days or more...
CAUTION: This only applies when you are shopping for the same type of credit .
When you are shopping for a mortgage to buy a house
When you are shopping for a car and you want the best rates..
either or....but don't mix them!
After making the decision to buy a home,
The best advice I can give you is to find an advocate to your needs.
A person or a group that will supply you with the best advice and chart a detailed direct road to home buying based on your particular needs without any generalizations..
We want to be that person for you,
Please Start Here: Home Buying Assistance
How Rita Outsmarted Her Neighbors Buying This Home
"Hi Rita, are you ready to go and look for homes? "
That was my question to one of my customers that landed on my real estate website a few week ago,
"I'm not ready yet, I have some issues on my credit. .. "
Her answer was typical from a lot of renters that " know" they want to buy a home but, there is always something holding them from taking the next step.
Either there is a money issue or a credit issue. .
Fortunatley, Rita decided to work with us to prepare her to be a homeowner.
"Rita, do you know what is the first step we take if you decide to work with my company to help you buy a home? "
Rita though about her answer for a moment and responded a little unsure of her response...
"You'll send me a lot of homes to look at?"
"Nope" I quickly corrected her.
The first thing we do for a prospective buyer client is helping them get prepared
Our preparation consist not only a quick review of their credit but,
We analyze with the help of capable professionals, what they need to know to increase their purchasing power when buying a home
Here is a chart detailing this point from our friends at Keeping Current Matters@
With each quarter percent increase, Rita's purchasing power decreases more and more. The prediction for 2016 is that Interest rates will continue to climb higher and higher as demand for houses increases..
The good news for Rita,
She decided to works with us,
We showed her the way "How To Increase Her Credit Score" quickly
While helping her prepare for her purchase,
We gave her information on the NACA program to see if she can qualify,
We also saved her a lot of money because Rita was a "Maryland First Time Homebuyer"
We also got her information about some Government Grants that she could qualify for... to save even more money
...and of course, helping our prospective clients before buying a home, we go trough a list of all possible programs and scenarios that may help them save even more money..
Here's a partial list we utilize
Only after we review all of this in Ritas's case, is when we sent her a list of possible homes to look at. .
Rita outsmarted her neighbors in her apartment building because she knew this by heart. .
The funny thing. . her new mortgage payments are now less than the landlord's rent she was paying before !
If you want the same "Rita" treatment from our group of talented professionals,
Please give us a call
For MD, DC and VA
English and Spanish
You've found us!
Call us now! 301-246-0001
Why Isn't My House Selling? Home Selling Tips
I received the following eMail after a video I posted on my page for "Home Not Selling Forum"
This relates to Home Absorption Rates and how to use it and help you sell a home.. .
"Hi Fernando, just listen to your Youtube video...have ???
well as you said try to be in 1st position to sell your home quicker..
we feel that we are but what happens when buyer to comparing to other town that are
a little cheaper and get more home for the money....
as for my home in my town we look in great position 1st or 2nd..
had so many viewing but no offers in 3 months now.... its hard to lower any further unless its by owner
then we can lower it by 20k that commission eats into the small profit we get back..
what do you think,,
we live in Fort Lauderdale area in a very nice section....
I decided to post my answer as to provide help in case you have a
house that will not sell as well
Understand that the LISTING PRICE and the SELLING PRICE are two different things.
Although there are many other aspects and conditions that affect the sale of a home. The price is the pivot that directs it to the SOLD group or to the STALE group.
If your house is not selling, you need to discuss and analyze with your agent the position of your house among the competition. .
How does your home stack up?
The video below will open up several options for you and my hope is that your will quickly recognize the mistakes that will enlighten you into taking the proper direct steps and getting your house sold.
Pricing is critical in this market and so is condition.
You have to match the two in a very balanced way...
I invite you to visit out HOME NOT SELLING FORUM to find the answers you may be looking for.. .
and if your house sale has currently expired, don't make these 5 MISTAKES . .
Broker of Maxus Realty Group
Maybe, you are still young and not really thinking about retirement,
I was thinking about my own family this week...
I run a real estate business and plan for the future accordingly, my goals in place and I have a set target
I asked myself. .then
Why don't I run my home life like a business?
Do we have goals as a family?
Are we strategic about all our decisions? or we are just going with the flow...year after year. .
There has been much talk about homeownership and whether it is a true vehicle for building wealth.
Well, they did a study about this recently, By the Hamilton Project , "Ten Economics Facts About Financial Well-Being in Retirement"
it was revealed that:
1. Middle-class households near retirement age have about as much wealth in their homes as they do in their retirement accounts.
“Over the past quarter century the largest single source of wealth for all but the richest households nearing retirement age has been their homes, which accounted for about two-fifths of net worth in the early 1990s and accounts for about one-third today.”
2. Home equity is a very important source of net worth to all but the wealthiest households near retirement age.
“Home equity is an important source of wealth for middle income households, accounting for more than one-third of total net worth for the second, third, and fourth quintiles of the net worth distribution… The fifth quintile has a much larger share in business equity—almost a quarter—than any other quintile. (The figure leaves out the bottom quintile of households because they have negative net worth. It is likely that these households will rely almost exclusively on Social Security in retirement.)”
This is an easy to follow chart. .where is the money coming from for retirees?
Plan accordingly and be strategic, not only about your business....but also your home life and specially your retirement.
If you would like to invest in real estate, please give me a call to discuss your options. .I recommend for you to involve real estate in your future plans...the more the better!
if there is a way we can help you with your acquisitions ...we will find it for you!