Please note that the limit now on conventional loans is $729,500. This limit is expected to be reduced to $625,000. Also, you will need to budget some funds for closing costs. Thirty year fixed rate mortgage is approximately at 4%.

Call me…love, Robin

1. Shopping for a house, deciding on value/ location/budget;

2. Once you’ve chosen the house you like, you need to
negotiate a fair price with the seller;

3. At this point, you need to have the house inspected by a structural engineer. This will cost you several hundred dollars.

4. Occasionally, an adjustment is made in the purchase price based on defects found in the inspection.

5. A written “information sheet” is exchanged between the buyer & the seller. This sheet has names, addresses, telephone and fax numbers of all parties, as well as purchase price, deposit due at contract (usually 10%), mortgage contingency & approximate date of closing.

6. Within 2 weeks of the exchange of information sheet the parties enter into a contract. Sometimes the lawyers need to debate some “fine points” & smooth out some rough spots. This may take a few extra days.

7. The mortgage is firmed up with the bank.

8. The closing takes place – usually at the bank where the new mortgage is obtained. A closing typically lasts about two hours. The lawyers are there along with the buyers/ sellers/bank representative/ title rep & real estate broker.

Some people try to get through these steps without a real estate broker. But the process is not so simple! A smart, experienced real estate broker can be a big help in getting you through the sale smoothly.

Give me a call if you have any questions!

The real estate market has its F.U.D. buyers, as well. I pride myself on my ability to answer all their questions and address their concerns. This is a time-consuming process which requires knowledge, expertise, and patience. Sooner or later most F.U.D. buyers end up finding their dream house. After all, they are house hunting for a reason. They need to live somewhere! If they work with me, then I will help them find it.

Call me. Love, Robin

When word gets out about the pending deal there is a chance that somebody will tell the sellers something like, “you could have got more for your home”. This can happen because it does no good for competing real estate brokers to witness a sale in which they will earn no commission. If the competing brokers can “muddy the waters” and prevent the sale from being consummated then they would still have a chance to sell it themselves!

Alternatively, competing brokers have been known to reach out to the buyers in an effort to “bad mouth” the new home. This is just another attempt at capitalist intervention. However, I think of it more as “sour grapes”. The seller usually is aware of his home value.

Similarly, the buyers usually have been shopping for awhile and they too recognize value. Nevertheless, unsolicited intervention by mean spirited people (although, not all competitors behave this way) can be disconcerting. I try to prepare my clients for this possibility.

Call Me…Love Robin

Smaller lots can be a bit more complicated to evaluate. The 30×100 lots usually have different parking parameters – car ports, and/or shared driveways. They tend to be worth about $500K on the scale mentioned above (again, for identical houses). However, price “compression” sometimes occurs on these more affordable homes. This means that the scale difference of $100K can get a bit “squashed” – perhaps it is as small as a $50K difference among equal houses on smaller lot sizes. Nevertheless, the parking issues can make such listings more difficult to sell.

Similarly, lots larger than 60×100 are worth more on the above scale. However, due to the relative scarcity of these lots and our “buyers” market, larger properties can be more difficult to value.

Call me for a FREE market analysis… Love Robin

Occasionally, some buyers are “almost” cash buyers. They have well above the usual 20% down payment. In such instances, when the house doesn’t comp out, it may not be a big issue –- although it has been known to be a factor.

Most people know that the banks are very conservative in their mortgage lending. When a house doesn’t comp out the buyers can “take it with a grain of salt”. However, it’s better to do a deal with a CASH BUYER –- if at all possible.

Call me. Love, Robin.

by Robin Shapiro

Here are some interesting facts from a recent real estate listing: the house was in need of A LOT OF WORK. It had been on the market for OVER a year. A very strong buyer emerged who did not care about the house’s condition. The buyer met the seller’s asking price. Guess what? The seller stalled. The seller started calling other brokers (at least two that I am aware of), trying to find another buyer who would pay more!

Suddenly, after a year on the market, the seller thought that he/she was going to find ANOTHER buyer – and one who would pay SLIGHTLY more. What if a second buyer appears, but doesn’t like the inspection? What if the second buyer can’t get a mortgage? What if the first buyer finds another house or otherwise decides to move on to greener pastures? Is the seller playing with fire? You decide.

Call me… Love, Robin

Even if the seller gets lucky and finds an uninformed buyer, there is an excellent chance that the deal will not close. Why? Any buyer who needs a mortgage would find the bank’s appraisal too low to justify the size of the mortgage needed to complete the deal.

Some real estate brokers who are inexperienced in our local market, or very hungry for new listings, are too ready to take these pie-in-the-sky listings. Other brokers may take such listings in an example of “over promise and under deliver”.

If you are interested in selling your home and if you want an accurate free market analysis, then give me a call. I always try to get the best price for my clients within the framework of the current real estate market.

Call me. Love, Robin

On the other hand, in an open listing, the seller allows a property to be shown by one or more brokers. It is misleading and dishonest for a broker to deliberately advertise an open listing as if it were an exclusive listing. Unfortunately, it is hard for the public to uncover this deception. However, the truth can easily be discovered during the normal sale process – but it is important for the prospective buyer to double check this before visiting the property.

Once the buyer visits the property with this broker, he will be locked into dealing with her on this listing – and WHO WOULD WANT TO DEAL WITH SUCH A PERSON?

Every few years, our community is faced with “threatening challenges”.

Old problems include the Neponsit Health Care Facility, development of Gateway National Park, and parking regulations. More recent issues were changes to our residential zoning laws, and the placement of cell phone towers. Any one of these issues could revive at anytime.

The neighborhood associations require small yearly dues to cover cost of postage, stationery, etc. The number of dues paying members in an association is directly proportional to its’ political influence. Therefore, it is important for every family to join the appropriate association. As a member you can attend meetings and make your voice heard. If you are not yet a member, you should send in your check!

Neponsit Property Owners – Pete Sammon

Rockaway Park Homeowners & Residents – Bob Endahl