The Opposite of Buying Down Rates Wait a second! Isn’t borrowers’ goal to pay the lowest interest rate they can on their mortgage? Yes, but — especially for first-time home Buyers — there’s the added consideration of closing costs. On a $200,000 home, a typical amount would be 3%, or $6,000. Conserving Cash A popular...Read More
Price & Other Terms What is the Seller’s objective in multiple offers? If you said, “obtain the best offer,” you’d only be half-right; the better answer is, “obtain the best offer from the strongest Buyer.” “Eyes on the Prize” (Closing) That second, broader criterion takes into account not just the selling price, but such things...Read More
“Why Should I Help Pay the Buyer’s Closing Costs??” To the “Greatest Generation,” Millennials (roughly ages 18 to 30) can seem spoiled and irresponsible. To Millennials, the “Greatest Generation” — those who were alive during World War II — can appear stubborn and unreasonable. How does that generation gap play out in residential real estate deals?...Read More
Did the Appraiser Goof? A client trying to refinance his mortgage recently ran into a not-uncommon problem: a low appraisal. My client was convinced that the appraiser goofed because — amongst other things — the appraiser listed the home as only having one Bathroom, not two. Unfortunately, the second Bathroom is in the basement. Because...Read More
Who Should the Listing Agent Meet Personally? Test your knowledge of modern residential real estate practice, and answer the following multiple choice question: Q: Who should the listing agent (representing the Seller) meet at the home? A. The Appraiser working for the Buyer’s lender; B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection; C. The...Read More
Practice Tip for Agents Whose Listing Sold in Multiple Offers “Whoever has the gold, makes the rules.” –The Golden Rule What trumps The Golden Rule (at least temporarily)? What I’ll call “The House Key Rule”: whomever controls access to an MLS-listed home controls the sale. That’s particularly relevant in the wake of multiple offers, when...Read More
