I Guess I really can’t say this enough, today’s market is prime and ripe for the first time homebuyer. There is a surplus of homes on the market due to the overwhelming “down pour” of foreclosures. Included in that surplus are a lot of great deals, particularly “fixer uppers”. The FHA 203(k) Rehab loan could prove most advantageous for those who thought that home ownership was out of reach. There are many reasons to utilize this particular loan; however, we thought that we’d give you the top five.
1. Money for Rehabilitation
Under most standard loan programs, to buy a “fixer upper” the purchaser would be required to obtain a loan to purchase the home, and a separate loan or use personal funds to cover the cost of repairs. In some cases the lender will not close the loan and release the mortgage proceeds unless the value and condition of the home provide adequate loan security (repairs made first). With the 203(k) loan the borrower will benefit from a loan that covers both the purchase price and the rehabilitation costs under one low interest mortgage.
2. Low Down Payment
Another very significant feature to this loan is that it is cost effective in terms of upfront costs. The down payment is lower than a standard loan and only requires 3.5 percent of the purchase price.
3. Interest Rate
The interest rate is also substantially lower than a standard loan which means the purchaser will pay a lower monthly mortgage payment. (For current interest rates consult a qualified FHA lender)
4. Lenient Credit Requirements
Another benefit of securing a government insured loan is that those good people with “bruised credit” may also qualify with a lower FICO score. Also for buyers who previously filed bankruptcy the waiting period is only two years after the date the bankruptcy was filed. The waiting period of a foreclosure is three (3) years.
5. Loan Uses
This loan can be used for one (1) to four (4)-unit dwellings, single-family homes, condominiums and site condos (units in developments that look like single-family communities but are structured as condos), manufactured homes, homes moved from one site to another, “mixed use dwellings, and refinancing an existing loan up to 97% of the homes appraised value. Phew! The catch is that they must be owner occupied dwellings, not investment properties. The great thing about purchasing a multi-unit dwelling is that you can live in one unit and rent the others to decrease your monthly expenses.
Requirements
>No Investors Allowed! Must be owner occupied primary residence of purchaser.
>Borrower eligibility determined by HUD with a minimum income requirement.
>Debt ratios may be specific, depending upon the state.
>Minimum of $5,000 in eligible repairs (Maximum mortgage differs by state).
Disadvantages
>Past reputation for longer processing time and a few more hoops to jump through, than a
conventional loan. However with the current market and tighter lender requirements the gap
between a conventional loan and FHA loan processing period is narrowing.
>Due to the negative view that some real estate agents have towards FHA loans, getting an offer
accepted may in some cases be challenging.
For a list of FHA approved lenders contact your local HUD field office. You may also visit:
www.hud.gov for further qualifying and program and details.
To Find out more about how My First Michigan Home can help you qualify for your 203 k loan please feel free to go to www.myfirstmichiganhome.com
Sunday, January 31, 2010
Tuesday, January 26, 2010
ON THAT NOTE
Donald Trump (being the independent spirit that he is) once stated that, "To be successful no one can do it alone. You must have the right selection of associates in business."
You've done your research, due diligence and acquired starting capital; now it's time to launch that new venture. At the beginning stages of building your business it is critical to assemble a strong team of competent professionals dedicated to assist you in achieving your goals.
Often investors and business owners alike stymie their growth, curtailing revenues because they're overwhelmed; wearing too many hats instead of having the confidence to delegate assignments and tasks to others as a result: shelving new opportunities.
This is one of the most common failures in business. One should use great care to select an associate who will be an inspiration to your team as well as bringing unique talents to the organization. This will help lay a solid foundation for the future of your enterprise and
ON THAT NOTE, do make it a great week!
You've done your research, due diligence and acquired starting capital; now it's time to launch that new venture. At the beginning stages of building your business it is critical to assemble a strong team of competent professionals dedicated to assist you in achieving your goals.
Often investors and business owners alike stymie their growth, curtailing revenues because they're overwhelmed; wearing too many hats instead of having the confidence to delegate assignments and tasks to others as a result: shelving new opportunities.
This is one of the most common failures in business. One should use great care to select an associate who will be an inspiration to your team as well as bringing unique talents to the organization. This will help lay a solid foundation for the future of your enterprise and
ON THAT NOTE, do make it a great week!
Monday, January 25, 2010
Are You Building Your Real Estate Brand?
Your Success is a direct result of knowing how to market a brand and having the right people representing the brand. ~Greg Norman
What is a “Brand”? A brand is the image of the product in the market. There are several aspects associated with a brand. There is the psychological aspect or the symbolic image of a brand as well as the experiential aspect. The experiential aspect refers to the sum of all points of contact the consumer has with the brand or the brand experience. In building a brand it is not necessary to be a celebrity to turn your name into a distinctive “product persona” that can yield revenue.
Like it or not you have a brand associated with your business. It may not be what you’d like it to be, but you are building a brand in some fashion. I have researched several authors on the subject of how to build a quality iconic brand for the purpose of real estate. Some of the brands studied were Google, Wal-Mart and Century 21. What I found is that it all starts with the why you are doing what you are doing and what is it that you want to be known for.
At My First Michigan Home we want to be known as the leading expert when it comes to the First Time Home Buyer, not just in the Michigan market but in the entire country. We study and experiment on how we can best build our brand. For example, we ask our clients what made them call us, what made us stand out? In most cases, the answer is very simple, they did a little research and when they googled first time home buyers in Michigan, our name came up.
In your quest to build a powerful brand that will stand the test of time, you need to ask yourself some very important questions. What makes you different? Do you have a distinctive pitch? How would someone do business with you? Why would someone do business with you? Do you have a target market? And last but surely not least, Is there a need for the particular service you are offering?
At My First Michigan Home our goal is to create a home buying experience that leaves our clients with a great lasting impression. We realize that being property virgins, they will need special attention in a way that is different from someone who has been through the process a few times. We try to anticipate our clients needs, and where possible we want to answer the questions before they are asked. We took a survey of what our clients wanted to know and understand. From that we initiated a campaign to inform future buyers. From those buyers who become clients, we are very confident that we will receive referrals. Remember, in life nothing just happens, we must create the results that we desire. Our company goal is to have our business grow with each encounter, each client we service.
What is a “Brand”? A brand is the image of the product in the market. There are several aspects associated with a brand. There is the psychological aspect or the symbolic image of a brand as well as the experiential aspect. The experiential aspect refers to the sum of all points of contact the consumer has with the brand or the brand experience. In building a brand it is not necessary to be a celebrity to turn your name into a distinctive “product persona” that can yield revenue.
Like it or not you have a brand associated with your business. It may not be what you’d like it to be, but you are building a brand in some fashion. I have researched several authors on the subject of how to build a quality iconic brand for the purpose of real estate. Some of the brands studied were Google, Wal-Mart and Century 21. What I found is that it all starts with the why you are doing what you are doing and what is it that you want to be known for.
At My First Michigan Home we want to be known as the leading expert when it comes to the First Time Home Buyer, not just in the Michigan market but in the entire country. We study and experiment on how we can best build our brand. For example, we ask our clients what made them call us, what made us stand out? In most cases, the answer is very simple, they did a little research and when they googled first time home buyers in Michigan, our name came up.
In your quest to build a powerful brand that will stand the test of time, you need to ask yourself some very important questions. What makes you different? Do you have a distinctive pitch? How would someone do business with you? Why would someone do business with you? Do you have a target market? And last but surely not least, Is there a need for the particular service you are offering?
At My First Michigan Home our goal is to create a home buying experience that leaves our clients with a great lasting impression. We realize that being property virgins, they will need special attention in a way that is different from someone who has been through the process a few times. We try to anticipate our clients needs, and where possible we want to answer the questions before they are asked. We took a survey of what our clients wanted to know and understand. From that we initiated a campaign to inform future buyers. From those buyers who become clients, we are very confident that we will receive referrals. Remember, in life nothing just happens, we must create the results that we desire. Our company goal is to have our business grow with each encounter, each client we service.
Saturday, January 23, 2010
Massive Cash Flow
Check out this SlideShare Presentation:
Massive Cash Flow
View more presentations from My First MichiganHome.
First Time Home Buyers: Go Green, Recycle!
You know, it wasn't until I saw an episode of the Oprah Winfrey show concerning the growing problem of landfills that are full of materials that will never go away, that I realized how extremely important it is to recycle. Unfortunately many things that we use on a daily basis and simply discard ends up in landfills and in our water sources. Those plastic bags we get our groceries in, water bottles we buy, use and discard by the dozens and Styrofoam cups, utensils, plates and containers we get from our favorite restaurants are all detrimental to our environment. The problem with these materials is that they are non-biodegradable which means that no natural process can break them down, they can not return to their original state. Other types of trash that is non-biodegradable are glass, cans and vinyl. These objects collect in the environment, litter and cause pollution.
Have you ever heard of the “Great Pacific Garbage Patch”? It is two large masses of ever accumulating trash, known as the Western and Eastern Garbage Patches. Scientist estimate its size as two times bigger than Texas. Wow! Can you imagine that much garbage floating in our ocean? I don't know about you but I find that frightening and utterly disgusting! The Western Garbage Patch forms east of Japan and west of Hawaii. Each swirling mass of refuse is massive and collects trash from all over the world. Eighty percent of ocean trash originates on land. The biggest culprit appears to be PLASTIC which constitutes 90 percent of all trash floating in the world’s oceans. The durability that makes plastic so useful to humans also makes it quite harmful to nature. This floating garbage kills wildlife, damages boats and submarine equipment, and litters beaches.
Now at first glance it may seem to you that this problem is far from you and your family since you probably don't live anywhere near the ocean but in fact it is a lot closer to you than you think. We are all connected in this cycle. These poison-filled masses threaten the entire food chain, especially when eaten by small marine life that are then consumed by larger creatures. Talk about never missing your water until the well runs dry or when its over run with trash. Maybe you’ll consider that the next time you have some ocean perch?
However, there is something we all can do to prevent this problem from getting worse. Recycle, recycle, recycle! Did I say recycle? Most communities have a recycling program in place, use it! My family trash output has decreased tremendously now that we utilize those recycling bins to the max. There is one for paper, old mail, magazines and another for bottles, cans, aluminum and plastic goods. By recycling we keep using the products that have already been created, which saves money, it also saves on our natural resources such as oil and trees. Recycling also helps prevent the increase of what is already a serious pollution problem. Another solution is to replace non-biodegradable materials with ones specifically designed to biodegrade (break down naturally, decompose). There are now biodegradable forms of Styrofoam and plastic. My First Michigan Home encourages you to visit sites like www.familyeducation.com for more helpful tips on how to preserve the environment
Friday, January 22, 2010
No E-file for First Time Home Buyer Tax Credit
Well, first time home buyers, I know that you have been eagerly awaiting those big fat refund checks with your home buyer credit piled on high. However, we have an update for you with regards to receiving your piece of that tax credit pie. Don’t panic! This time it is not even the governments fault, so put your picket signs away. We’ve recently been informed that due to fraudulent claimers, the IRS has been forced to change the system. That’s right folks because of the scammers, eligible first time home buyers claiming the tax credit cannot e-file to receive the credit and must file a paper return with attached proof of purchase resulting in about a 4 month delay in processing. So relax and have just a little patience, you will get your slice of that pie. Here are the new requirements.
Form 5405 and Supporting Documents
The IRS has recently released the new form 5404 that eligible first time homebuyers will need to file with their 2009 tax returns to claim the credit this tax season. Filers must also include one (1) of the following documents with their paper return (no e-file) to receive the credit:
* A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is Form HUD-1, Settlement Statement.
*
For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
*
For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
Now for the eligible long time residents who have purchased a new principal residence claiming their portion of the tax credit, we haven't forgotten you. The IRS has had to beef up its checks and balances on this also. You too must mail in a paper return (no e-file) to receive your credit. To avoid further refund delays home buyers are encouraged to attach the following documentation with regards to showing proof of the five-consecutive-year period during the eight-year period ending on the purchase date of the new home.
*Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
*Property tax records or
*Homeowner’s insurance records.
How Long?
According to the IRS the processing of these tax returns will begin in mid-February after they have completed their system updates. Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return with all required documents attached. Some early taxpayers claiming the homebuyer credit may see tax refunds take an additional two to three weeks. The IRS estimates that the first refunds based on the homebuyer credit will be issued toward the end of March. The IRS encourages taxpayers to use direct deposit to speed up their refund.
Tax filers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation. In addition, Where’s My Refund is still available on IRS.gov to track the status of refunds. More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov. If still have additional questions please consult with your Accountant or Tax Preparer
Form 5405 and Supporting Documents
The IRS has recently released the new form 5404 that eligible first time homebuyers will need to file with their 2009 tax returns to claim the credit this tax season. Filers must also include one (1) of the following documents with their paper return (no e-file) to receive the credit:
* A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is Form HUD-1, Settlement Statement.
*
For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
*
For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
Now for the eligible long time residents who have purchased a new principal residence claiming their portion of the tax credit, we haven't forgotten you. The IRS has had to beef up its checks and balances on this also. You too must mail in a paper return (no e-file) to receive your credit. To avoid further refund delays home buyers are encouraged to attach the following documentation with regards to showing proof of the five-consecutive-year period during the eight-year period ending on the purchase date of the new home.
*Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
*Property tax records or
*Homeowner’s insurance records.
How Long?
According to the IRS the processing of these tax returns will begin in mid-February after they have completed their system updates. Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return with all required documents attached. Some early taxpayers claiming the homebuyer credit may see tax refunds take an additional two to three weeks. The IRS estimates that the first refunds based on the homebuyer credit will be issued toward the end of March. The IRS encourages taxpayers to use direct deposit to speed up their refund.
Tax filers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation. In addition, Where’s My Refund is still available on IRS.gov to track the status of refunds. More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov. If still have additional questions please consult with your Accountant or Tax Preparer
Thursday, January 21, 2010
Honeymoon or Homeownership?
Ah, love is in the air. That greatly anticipated question has been popped and answered, the invitations have been chosen and the wedding party is set! You are now preparing to embark upon a new life together. The happy couple have many important decisions to make during this time. One very pertinent question is should you start your life together buying a honeymoon or in preparation for buying a new home? Lets see, seven romantic days on the white sand beaches of the Grand Cayman Islands or a possible lifetime on tree lined Mayberry Street? Hmm? Many factors will go into making that decision, lets explore a few.
Purchasing a home can be a beneficial investment depending greatly upon your personal situation. If you're one of those couples who still enjoy a somewhat carefree and mobile lifestyle, and you're not sure you are ready for the responsibilities of home ownership right away, then by all means, enjoy your getaway! For those couples who are certain that they will want to buy a home but a are torn between the honeymoon and the home, lets take a look at what you should consider. Buying a home is an investment of money, time, and emotion, therefore, you should be sensible and practical. Like the marriage it should be entered into wisely, if not, the financial strain will hurt your marriage and possibly your credit score.
What’s Priority to Both?
The first thing you must do as a couple is decide what is priority. I realize that lying back on those white sand beaches with a little umbrella drink in your hand for a week is a visual that is hard to shake, but when the honeymoon is over and it is back to the real world, what will your visual be then? Six months later will the sound of loud heavy metal music emanating from your neighbor’s apartment at 2:00 AM cause you great anger and regret for investing in the seven glorious days instead of a home of your own?
Joint Finances/Debt?
Make no mistake, buying a home is a tremendous commitment much like marriage and should not be entered into hastily or taken lightly. You should, together, review your credit, joint income as well as your debts. Maybe you both have credit cards, student loans, car notes that need to be paid off or down. Before you can buy a home, you need to have good credit. Lenders are currently looking for a minimum credit score of 620. You must be sure that you can afford a down payment and monthly mortgage payments. Part of preparing for owning a home is saving money, spending less, and buying only things you can afford. You might want to consider that before you spend an obscene amount of money on that to "die for wedding gown" or that banquet hall that will cost an arm and two legs.
Home Now, Weekend Excursions.
For those couples who really want to start their lives with a new home it will take a solid plan and discipline to carry it out. There is always the option of temporarily postponing that week on the beach, while you work towards the bigger future. Maybe you could take the occasional weekend excursion to a nice bed and breakfast to keep those newlywed fires roaring. Once the dust of homeownership has settled and you’ve made the adjustment to your new financial obligations you could then start a honeymoon savings fund. For more options on how to better plan for home ownership, visit us at www.MyFirstMichiganHome.com
Purchasing a home can be a beneficial investment depending greatly upon your personal situation. If you're one of those couples who still enjoy a somewhat carefree and mobile lifestyle, and you're not sure you are ready for the responsibilities of home ownership right away, then by all means, enjoy your getaway! For those couples who are certain that they will want to buy a home but a are torn between the honeymoon and the home, lets take a look at what you should consider. Buying a home is an investment of money, time, and emotion, therefore, you should be sensible and practical. Like the marriage it should be entered into wisely, if not, the financial strain will hurt your marriage and possibly your credit score.
What’s Priority to Both?
The first thing you must do as a couple is decide what is priority. I realize that lying back on those white sand beaches with a little umbrella drink in your hand for a week is a visual that is hard to shake, but when the honeymoon is over and it is back to the real world, what will your visual be then? Six months later will the sound of loud heavy metal music emanating from your neighbor’s apartment at 2:00 AM cause you great anger and regret for investing in the seven glorious days instead of a home of your own?
Joint Finances/Debt?
Make no mistake, buying a home is a tremendous commitment much like marriage and should not be entered into hastily or taken lightly. You should, together, review your credit, joint income as well as your debts. Maybe you both have credit cards, student loans, car notes that need to be paid off or down. Before you can buy a home, you need to have good credit. Lenders are currently looking for a minimum credit score of 620. You must be sure that you can afford a down payment and monthly mortgage payments. Part of preparing for owning a home is saving money, spending less, and buying only things you can afford. You might want to consider that before you spend an obscene amount of money on that to "die for wedding gown" or that banquet hall that will cost an arm and two legs.
Home Now, Weekend Excursions.
For those couples who really want to start their lives with a new home it will take a solid plan and discipline to carry it out. There is always the option of temporarily postponing that week on the beach, while you work towards the bigger future. Maybe you could take the occasional weekend excursion to a nice bed and breakfast to keep those newlywed fires roaring. Once the dust of homeownership has settled and you’ve made the adjustment to your new financial obligations you could then start a honeymoon savings fund. For more options on how to better plan for home ownership, visit us at www.MyFirstMichiganHome.com
Monday, January 18, 2010
First time Buyers: Play House Before You Buy The House
Are you seriously thinking about buying a home, but you’re nervous and unsure as to whether you can comfortably afford it? Then why not “try it before you buy it.” There are two experiments that you can conduct that will let you know if you are financially ready to take on the responsibility of home ownership. You can try adding to your current budget the additional cost it would take to purchase a home. Or you can actually test drive a home by renting one.
The Budget
First estimate how much the additional expenses of living in a new home would be. The numbers below are for the sake of this example only.
Apartment Home
Rent $600 Mortgage Payment $900
Apartment Utilities $100 Home Utilities $175
Maintenance Allow $ 0 Maintenance $100
$700 $1175
Additional costs = $475
In the above example your current household expenses are $700 per month. The estimated additional expenses of a new home are $475. The additional $475 per month would be deposited into a savings account (untouched!) for six months. At the end of the six month period you would analyze whether the additional costs will affect your standard of living. If after stashing away the additional monies per month you are able to maintain your current lifestyle comfortably or a lifestyle that you are comfortable with, then this experiment should give you the confidence to possibly move forward into homeownership. However, if this experiment leaves your current lifestyle unrecognizable and you are down to sardines, cheese & crackers and potted meat then you might want to postpone buying a home at this time.
Rent A Home
Another option for “trying before you buy” is to rent a single family home in an community that you would consider purchasing a home. In today’s market it may be fairly easy to find a home to rent with the surplus of homes on the market. In doing a simple rental agreement, not to be confused with a “lease option“. With a lease option you will need to come up with more money up front as though you were actually purchasing the home. Renting a home will give you the opportunity to acquire practical “hands on” experience. You will have the opportunity to live like a homeowner and obtain a front row view of the possible expenses, maintenance and repair issues, that are involved without actually being responsible for them. You get to experience the neighborhood as well as the neighbors before you sign on the dotted line. Who knows, when the lease is up you just may want to buy the home. For more information about your leasing and home buying options, visit us at www.MyFirstMichiganHome.com
The Budget
First estimate how much the additional expenses of living in a new home would be. The numbers below are for the sake of this example only.
Apartment Home
Rent $600 Mortgage Payment $900
Apartment Utilities $100 Home Utilities $175
Maintenance Allow $ 0 Maintenance $100
$700 $1175
Additional costs = $475
In the above example your current household expenses are $700 per month. The estimated additional expenses of a new home are $475. The additional $475 per month would be deposited into a savings account (untouched!) for six months. At the end of the six month period you would analyze whether the additional costs will affect your standard of living. If after stashing away the additional monies per month you are able to maintain your current lifestyle comfortably or a lifestyle that you are comfortable with, then this experiment should give you the confidence to possibly move forward into homeownership. However, if this experiment leaves your current lifestyle unrecognizable and you are down to sardines, cheese & crackers and potted meat then you might want to postpone buying a home at this time.
Rent A Home
Another option for “trying before you buy” is to rent a single family home in an community that you would consider purchasing a home. In today’s market it may be fairly easy to find a home to rent with the surplus of homes on the market. In doing a simple rental agreement, not to be confused with a “lease option“. With a lease option you will need to come up with more money up front as though you were actually purchasing the home. Renting a home will give you the opportunity to acquire practical “hands on” experience. You will have the opportunity to live like a homeowner and obtain a front row view of the possible expenses, maintenance and repair issues, that are involved without actually being responsible for them. You get to experience the neighborhood as well as the neighbors before you sign on the dotted line. Who knows, when the lease is up you just may want to buy the home. For more information about your leasing and home buying options, visit us at www.MyFirstMichiganHome.com
Friday, January 15, 2010
Can Full and Part Time Real Estate Agents Be Equal?
I know that I am going to step on a lot of part time toes, but I must speak on the facts. Would you want a part time obstetrician to deliver your baby? No? Then its highly unlikely that you would want a part time agent when you are buying a home. I know it may sound a little extreme however, let’s take a closer look. Your home is like your child in some ways, you want to love it, maintain it (nurture it) and you will of course be required to pay for it for some years to come. Therefore, it is crucial that you have someone who is highly qualified to deliver it.
First and foremost you want an agent who is experienced and highly motivated. One who has great skill in negotiating the deal and is real estate savvy. One who is committed to the business of real estate, “full time.” Now I’m not saying that part time agents are incompetent simply because they work the business part time. As there are many full time agents out there that are not worth their commission. However, lets be honest, for most part timers your new home is extra pocket money, for the full timers its their livelihood and for you it is where you will live, so its only logical that you would want the most attentive hands to work the deal. How attentive can those hands be if they can only work deals after 5:00 PM?
Let’s face it an experienced full time agent who buys and sells frequently in your target area could better advise you on the kind of offer you should present. That same agent would likely be a better negotiator having worked more deals. The market trends change frequently, who better to know the most current trends than someone who is working in them day in and day out. Its also likely that an experienced full time agent would have built more relationships with other real estate professionals, such as lenders. Those relationships could prove beneficial to you in navigating the process efficiently. They will also be better equipped to handle problems in a timely manor, rather than someone who is working the deal during limited hours of the day. In real estate, timing is everything, the full time agent is available to pick up on new listings quickly as they hit the market. When will the part time agent see them? When they’ve just been placed under contract with another buyer perhaps? The really good deals go quickly. Will your agent be available to act quickly on your behalf?
It is possible that a part time agent who has teamed up with other agents could help you accomplish your goal. Meaning the other agents will be available to answer questions and show houses during the times that your agent is not available. However, In this case the team players must be dedicated to you and in sync with one another in order to provide you with the service you deserve. Realistically real estate is a full time job. It may not happen all day, but when it does happen you need an agent who can be there when it does, whether that is 9:00 AM, 12:00 noon or 6:30 in the evening. For assistance with your home buying needs visit us at
www.MyFirstMichiganHome.com
www.floridapropertyvirgins.com
First and foremost you want an agent who is experienced and highly motivated. One who has great skill in negotiating the deal and is real estate savvy. One who is committed to the business of real estate, “full time.” Now I’m not saying that part time agents are incompetent simply because they work the business part time. As there are many full time agents out there that are not worth their commission. However, lets be honest, for most part timers your new home is extra pocket money, for the full timers its their livelihood and for you it is where you will live, so its only logical that you would want the most attentive hands to work the deal. How attentive can those hands be if they can only work deals after 5:00 PM?
Let’s face it an experienced full time agent who buys and sells frequently in your target area could better advise you on the kind of offer you should present. That same agent would likely be a better negotiator having worked more deals. The market trends change frequently, who better to know the most current trends than someone who is working in them day in and day out. Its also likely that an experienced full time agent would have built more relationships with other real estate professionals, such as lenders. Those relationships could prove beneficial to you in navigating the process efficiently. They will also be better equipped to handle problems in a timely manor, rather than someone who is working the deal during limited hours of the day. In real estate, timing is everything, the full time agent is available to pick up on new listings quickly as they hit the market. When will the part time agent see them? When they’ve just been placed under contract with another buyer perhaps? The really good deals go quickly. Will your agent be available to act quickly on your behalf?
It is possible that a part time agent who has teamed up with other agents could help you accomplish your goal. Meaning the other agents will be available to answer questions and show houses during the times that your agent is not available. However, In this case the team players must be dedicated to you and in sync with one another in order to provide you with the service you deserve. Realistically real estate is a full time job. It may not happen all day, but when it does happen you need an agent who can be there when it does, whether that is 9:00 AM, 12:00 noon or 6:30 in the evening. For assistance with your home buying needs visit us at
www.MyFirstMichiganHome.com
www.floridapropertyvirgins.com
Thursday, January 14, 2010
To Rent or Buy? That is the Question.
The decision to rent or to buy a home is not as simple as it first appears. As you may already know, buying a home definitely has it’s advantages. However, the answer has more to do with your individual circumstances. For the first time home buyer who may be nervous and unsure whether to take the leap into home ownership you must analyze where you are financially and what your needs are.
For example if you:
*change jobs frequently.
*enjoy changing your scenery every couple of years.
*need your costs to be more fixed.
*break out in a cold sweat at the mere mention of a leaking roof or mowing the lawn.
*would rather spend more time shopping instead of saving for a down payment.
Then the “American Dream” of home ownership may just look like a nightmare to you. Quite obviously renting would probably be your best choice for now. However, with that wonderful sense of freedom of mobility and somewhat care free life style will come with it a few catches also. You will get nothing in return for the rent you pay, it is gone forever, never to return. You must live under the rules of your landlord such as; no playing music after 10:00 PM, or no painting your bedroom chocolate brown. And you will receive absolutely no tax deductions for the mortgage interest and property taxes that you pay on your landlord’s behalf.
On the other hand for those individuals looking for more stability and financial security. You just may be a good candidate for buying a home. In owning your own home you will began to reap the benefits of:
*building equity that can turn into cash in your pocket in the form of refinancing or selling your property.
*Increasing your net worth as the value of your home increases.
*reducing your tax obligations with your mortgage interest and property tax deductions.
Oh and did I mention the rules that you live by will be your own, so there will be absolutely no one standing between you and that chocolate brown bedroom you've always wanted.
Today the first time home buyer is in a very good position. The government is offering an $8000 tax credit to first time home buyers who complete the purchase of a home by June 30, 2010 and there are also down payment and closing cost assistance programs available. The current market also creates an excellent opportunity to buy with the low cost of homes and low interest rate loans.
The catch here is that you will have more responsibility in owning your own home such as the maintenance issues that will inevitably arise. The roof, furnace, plumbing and lawn will all belong to you. However, for me personally, the advantages of home ownership clearly out way its disadvantages. The decision to rent or buy as I see it comes down to the stability of your personal finances and your individual needs and desires. For more on first time home buyer options visit us at
www.MyFirstMichiganHome.com
www.floridapropertyvirgins.com
For example if you:
*change jobs frequently.
*enjoy changing your scenery every couple of years.
*need your costs to be more fixed.
*break out in a cold sweat at the mere mention of a leaking roof or mowing the lawn.
*would rather spend more time shopping instead of saving for a down payment.
Then the “American Dream” of home ownership may just look like a nightmare to you. Quite obviously renting would probably be your best choice for now. However, with that wonderful sense of freedom of mobility and somewhat care free life style will come with it a few catches also. You will get nothing in return for the rent you pay, it is gone forever, never to return. You must live under the rules of your landlord such as; no playing music after 10:00 PM, or no painting your bedroom chocolate brown. And you will receive absolutely no tax deductions for the mortgage interest and property taxes that you pay on your landlord’s behalf.
On the other hand for those individuals looking for more stability and financial security. You just may be a good candidate for buying a home. In owning your own home you will began to reap the benefits of:
*building equity that can turn into cash in your pocket in the form of refinancing or selling your property.
*Increasing your net worth as the value of your home increases.
*reducing your tax obligations with your mortgage interest and property tax deductions.
Oh and did I mention the rules that you live by will be your own, so there will be absolutely no one standing between you and that chocolate brown bedroom you've always wanted.
Today the first time home buyer is in a very good position. The government is offering an $8000 tax credit to first time home buyers who complete the purchase of a home by June 30, 2010 and there are also down payment and closing cost assistance programs available. The current market also creates an excellent opportunity to buy with the low cost of homes and low interest rate loans.
The catch here is that you will have more responsibility in owning your own home such as the maintenance issues that will inevitably arise. The roof, furnace, plumbing and lawn will all belong to you. However, for me personally, the advantages of home ownership clearly out way its disadvantages. The decision to rent or buy as I see it comes down to the stability of your personal finances and your individual needs and desires. For more on first time home buyer options visit us at
www.MyFirstMichiganHome.com
www.floridapropertyvirgins.com
Monday, January 11, 2010
ON THAT NOTE
With so many ever changing rules in our profession, we need to be aware of the new rules that govern us as investors. Staying current on new policy and regulations can make a major difference between a smooth qualifiying to closing process and a stalemate between the seller, lender and buyer.
In the coming months it is well advised to stay tuned to the most recent developments from the likes of Wall Street, Freddie and Fannie Mac as well as this website for the most pertinent information to navigate through your road to success and
ON THAT NOTE, do make it a great week !
In the coming months it is well advised to stay tuned to the most recent developments from the likes of Wall Street, Freddie and Fannie Mac as well as this website for the most pertinent information to navigate through your road to success and
ON THAT NOTE, do make it a great week !
Brian Freeman of Complete Financial Service Visits BlogTalkRadio’s “My First Michigan Home”
**FOR IMMEDIATE RELEASE***
December 2009- Mortgage Expert, Brian Freeman, will join, Christopher J Shaw and Joe N Williams Jr founder of My First Michigan Home and host of BlogTalkRadio’s “My First Michigan Home” (blogtalkradio.com/myfirstmichiganhome), on January 13th, 2010 to discuss how first-time homebuyers can maximize there tax return and utilize the government tax credit.
Complete Financial Service, a Southfield based CPA firm. Mr. Brian Freeman is a Certified Public Accountant with a Masters Degree in Taxation with an extensive knowledge of the real estate business. Mr. Freeman chose to leave an automotive industry accounting firm to establish Complete Financial Service with you in mind. Mr. Freeman will educate and assist the first time home buyer in the steps necessary to qualify for the 8000 Tax credit and other available housing Tax credits for your 2009 return.
Calls are welcome to join the conversation during the show by calling 1-646-378-1718. The show will also stream live from the host page at blogtalkradio.com/myfirstmichiganhome. “Whether you are a new homebuyer or looking to learn how to improve your credit, Brian Freeman will have something to offer you,” states Christopher J Shaw
An archive of the show will also be available at the same link immediately following the show’s conclusion. Late listeners can also subscribe to the archives via an RSS feed available on the host page or by visiting http://www.blogtalkradio.com/myfirstmichiganhome.rss.
My First Michigan Home is run by Christopher J Shaw and Joe N Williams Jr. with more than two decades in the real estate industry, Shaw and Williams have dedicated themselves to educating potential buyers and sellers on the housing market and navigating the acquisition of investment properties. Their decision to fuse their collective experiences came from a mutually shared belief in the power of teamwork and a desire to create accessible investment opportunities.
To learn more about My First Michigan Home please visit, www.MyFirstMichiganHome.com.
About “My First Michigan Home”
“My First Michigan Home” is an interactive, live Internet talk-radio show that focuses on all aspects of the real estate industry, from buying to selling to everything, and everyone, in between. Host Christopher J Shaw and Joe N Williams Jr explores specialties and inside information provided by each visiting expert, and encourages listeners to call in with questions at 1-646-378-1718. The stream and archives are available at http://www.blogtalkradio.com/myfirstmichiganhome. The show is live every Wednesday at (6:00 Est). The show is hosted on BlogTalkRadio.
About BlogTalkRadio
Press Inquiries Contact:
Christopher J. Shaw
My First Michigan Home
16250 Northland Drive Suite 242
Southfield, MI 48075
Telephone: (248) 569-1486
Fax: (248) 569-7637
www.MyFirstMichiganHome.com
www.FloridaPropertyvirgins.com
December 2009- Mortgage Expert, Brian Freeman, will join, Christopher J Shaw and Joe N Williams Jr founder of My First Michigan Home and host of BlogTalkRadio’s “My First Michigan Home” (blogtalkradio.com/myfirstmichiganhome), on January 13th, 2010 to discuss how first-time homebuyers can maximize there tax return and utilize the government tax credit.
Complete Financial Service, a Southfield based CPA firm. Mr. Brian Freeman is a Certified Public Accountant with a Masters Degree in Taxation with an extensive knowledge of the real estate business. Mr. Freeman chose to leave an automotive industry accounting firm to establish Complete Financial Service with you in mind. Mr. Freeman will educate and assist the first time home buyer in the steps necessary to qualify for the 8000 Tax credit and other available housing Tax credits for your 2009 return.
Calls are welcome to join the conversation during the show by calling 1-646-378-1718. The show will also stream live from the host page at blogtalkradio.com/myfirstmichiganhome. “Whether you are a new homebuyer or looking to learn how to improve your credit, Brian Freeman will have something to offer you,” states Christopher J Shaw
An archive of the show will also be available at the same link immediately following the show’s conclusion. Late listeners can also subscribe to the archives via an RSS feed available on the host page or by visiting http://www.blogtalkradio.com/myfirstmichiganhome.rss.
My First Michigan Home is run by Christopher J Shaw and Joe N Williams Jr. with more than two decades in the real estate industry, Shaw and Williams have dedicated themselves to educating potential buyers and sellers on the housing market and navigating the acquisition of investment properties. Their decision to fuse their collective experiences came from a mutually shared belief in the power of teamwork and a desire to create accessible investment opportunities.
To learn more about My First Michigan Home please visit, www.MyFirstMichiganHome.com.
About “My First Michigan Home”
“My First Michigan Home” is an interactive, live Internet talk-radio show that focuses on all aspects of the real estate industry, from buying to selling to everything, and everyone, in between. Host Christopher J Shaw and Joe N Williams Jr explores specialties and inside information provided by each visiting expert, and encourages listeners to call in with questions at 1-646-378-1718. The stream and archives are available at http://www.blogtalkradio.com/myfirstmichiganhome. The show is live every Wednesday at (6:00 Est). The show is hosted on BlogTalkRadio.
About BlogTalkRadio
Press Inquiries Contact:
Christopher J. Shaw
My First Michigan Home
16250 Northland Drive Suite 242
Southfield, MI 48075
Telephone: (248) 569-1486
Fax: (248) 569-7637
www.MyFirstMichiganHome.com
www.FloridaPropertyvirgins.com
Sunday, January 10, 2010
Saturday, January 2, 2010
How To Choose The Best Home Inspector
In view of the fact that you are reading this article, would it be safe to assume that you have made the wise decision to hire a home inspector? Great! As you probably realize buying a home is a big investment and you need to find out everything possible about it before you sign on the dotted line and pledge to love, maintain and pay for the next 30 years. Your new home should not turn into your “Nightmare on Elm Street” with costly surprises awaiting you in every dark corner. Since all home inspectors are not equal we want to share with you some things to look for when choosing one.
Licensing
Are they licensed? Not all states require a home inspector to be licensed. However, If your state does require a license, request the full license number (including letters if applicable). When you make your inquiry with the state, you will be able to determine if they are new, experienced or an apprentice.
Insurance
A home inspector who is committed and takes his job and responsibility serious will carry Errors and Omissions and Liability Insurance. Ask for proof of the insurance.
Formal Training
Ask if they’ve had some training from a recognized training school. Until recently many states did not require formal training for home inspectors. Many inspectors were builders and electricians and learned on the job, however, no one profession does a quality inspector make.
Experience
You would definitely prefer an inspector with years of experience but more importantly one who performs at least 200+ home inspections annually. So ask for both years of operation and the number of inspections they complete per year.
Association Membership
Are they members of reputable associations that will hold them to high industry standards? Inspectors who have paid the fee, taken the training and testing are committed to provide the best quality service. The American Society of Home Inspectors (ASHI) or National Association of Home Inspectors (NAHI) have a strict code of ethics and continuing educational requirements to maintain membership. There are other associations but not all them have strict membership requirements.
The Inspection
Ask how long the inspection will take to complete. A thorough inspection will take 2-4 hours on an average sized home (1500-2500 sq. ft). Anything short of 2 hours is probably not as thorough.
The Report
When will you receive the report and what type of report will you receive? Will you receive it within 24 hours, by mail, or email? Will the report be a checklist, written summary, or a computer generated report with pictures. The computer generated report with pictures is highly recommended. You may want to request a sample report. If it is only 3 to 4 pages long then it is likely the inspector is unqualified.
Continuing Education
You want an inspector who is keeping up with current industry standards. A quality inspector will want to keep his knowledge and skills up to the highest standards.
Other Qualifications
Ask if the inspector has additional training and certifications in other areas such as radon, pest inspection, mold, asbestos and lead. As these are not included in a typical home inspection but are issues that you might want to investigate.
In an attempt to save money many home buyers try to bypass this step in the home buying process or they search for a home inspector based on the cheapest price alone. A word of caution, a quality home inspector who is committed to providing the best service may cost more than the average inspector. The choice is yours, invest a little now to make certain that you have chosen the right home or possibly pay dearly later in costly home repairs that you were unprepared for.
Licensing
Are they licensed? Not all states require a home inspector to be licensed. However, If your state does require a license, request the full license number (including letters if applicable). When you make your inquiry with the state, you will be able to determine if they are new, experienced or an apprentice.
Insurance
A home inspector who is committed and takes his job and responsibility serious will carry Errors and Omissions and Liability Insurance. Ask for proof of the insurance.
Formal Training
Ask if they’ve had some training from a recognized training school. Until recently many states did not require formal training for home inspectors. Many inspectors were builders and electricians and learned on the job, however, no one profession does a quality inspector make.
Experience
You would definitely prefer an inspector with years of experience but more importantly one who performs at least 200+ home inspections annually. So ask for both years of operation and the number of inspections they complete per year.
Association Membership
Are they members of reputable associations that will hold them to high industry standards? Inspectors who have paid the fee, taken the training and testing are committed to provide the best quality service. The American Society of Home Inspectors (ASHI) or National Association of Home Inspectors (NAHI) have a strict code of ethics and continuing educational requirements to maintain membership. There are other associations but not all them have strict membership requirements.
The Inspection
Ask how long the inspection will take to complete. A thorough inspection will take 2-4 hours on an average sized home (1500-2500 sq. ft). Anything short of 2 hours is probably not as thorough.
The Report
When will you receive the report and what type of report will you receive? Will you receive it within 24 hours, by mail, or email? Will the report be a checklist, written summary, or a computer generated report with pictures. The computer generated report with pictures is highly recommended. You may want to request a sample report. If it is only 3 to 4 pages long then it is likely the inspector is unqualified.
Continuing Education
You want an inspector who is keeping up with current industry standards. A quality inspector will want to keep his knowledge and skills up to the highest standards.
Other Qualifications
Ask if the inspector has additional training and certifications in other areas such as radon, pest inspection, mold, asbestos and lead. As these are not included in a typical home inspection but are issues that you might want to investigate.
In an attempt to save money many home buyers try to bypass this step in the home buying process or they search for a home inspector based on the cheapest price alone. A word of caution, a quality home inspector who is committed to providing the best service may cost more than the average inspector. The choice is yours, invest a little now to make certain that you have chosen the right home or possibly pay dearly later in costly home repairs that you were unprepared for.
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