“It’s not having the ability to see into the future, what matters today is the experience to see problems before they become issues and delays.”

Having trouble closing an accepted offer on your house? Most people, buyers and sellers have seen that problem over the past few months. Stricter lending laws have made closing a much more difficult task in 2016. This is a challenge for great Real Estate Agents to rise to the top.

One of the goals these days is to pass the appraisal with no issues or flags. This is the area great Real Estate Agents need a reliable, experienced team of experts. There are two ways to approach this challenge. One is on the buyer’s side. The other is on the listing, or seller’s side.

Small items can be more than a thorn in the side of Real Estate Agents and well as Buyer’s and Seller’s. Today a Real Estate Agent has to be able to look at a long list of potential issues, identify possible problems, and rectify them before they become major problems. Missing one little detail can delay a closing by weeks. Little issues have been costing sellers hundreds of dollars in last minute repairs. In some cases, those issues have resulted in denied loans. In today’s market, that equates to the loss of hundreds, maybe a $1000 loose or more for Buyers.

How to avoid those problems. You need a team of excellent lenders, inspector, and at times, contractors. Selling a home today reminds me of my days as a project engineer. When we first started a now job, we’d identify the set process for that particular project. We then followed the written procedure to the letter. Every step was outlined and followed step by step to ensure success.

Coping with Changes in Real Estate Today

Today there are four types of sales that will close. Cash offers. The perfect home with no issues. Properties with small issues the seller can resolve, or has money to pay contractors to resolve and loans involving repairs completed after the sale and closing. This places the repairs in the hands of Buyers. Repair loans require the most amount of works and preparation.

203K Rehab Loans

203K loans can be tough to close. In many cases, 203K and other rehab loans fail, because lenders and Real Estate Agents fail to follow the proper procedures. There is a set procedure. Trying to skip steps can and will result in additional cost and time. Substantial delays may result in the loss of the sale.

Today more than ever, a great team, proper planning, and the right procedure are the key to success. The old system only works for the perfect homes, and seller’s with the ability to make necessary corrections and repairs. Even in those cases, minor issues can cost sellers hundreds of dollars. At the very least, small issues may lead to unforeseen delays. Avoiding those issues should be the goal of every Real Estate Agent. The days of a quick 10 minute visit, sign the listing contract, handshake, and out the door Listing Agents are in the past.

Even in the cleanest, best maintained homes, options should be considered. Very important options that could save time and money as the sale progresses. The particular process depends on the condition of the home. The list of potential issues is too long to display here. The fact of the matter is, that list comes from experience, and is rather fluid, or changes as those new lending rules settle in. I can tell you one thing. Make sure you deal with an experienced Real Estate Agent who makes it a point to attend every inspection. If they haven’t accumulated that knowledge and experience over the years, they’ve placed themselves on a long, steep learning curve.

 

Home Buying. What are the steps? 

Home Buying Steps

Make a list of your needs and desires.  A new home should have everything you need and most of what you desire.

  • Begin your search early.  Keep up to date on current market conditions and price trends, interest rates and loan programs.
  • Know your limitations.  Don’t get involved with repairs and updates beyond your scope of experience and your budget.
  • Gather a team you know you can rely upon.  This will include a Real Estate Agent, a Lender and an Inspector.
  • What are your hopes and dreams in a new home.  What are the features you need most?  Is the kitchen the most important room?  What features will prompt you to buy, finished basement, 2 car garage, location, updates?  Let me know what you want, and I will find it for you.

Looking for the perfect home may be an experience of a life time.  It can have its up and downs.  Here are a couple of hints to keep the process is perspective.

Dennis Herman

Real Estate Broker

 

Wouldn’t it make sense to work with a local Real Estate Agent who lives, works, shops in Sheboygan and knows the market trends?  With all the factors effecting market prices an experienced, local Agent is the smart thing to do.
I do not specialize in finding the bargain basement deal of the century, but I am very good at finding the best value on the market when you need it.
Contact me to find your next home in the following Sheboygan subdivisions:
Harmony Hills, Carter’s Crossing, Quail Haven, Lilly Creek Highlands, River Heights, WESTON HILLS, Ridgefield, Timber Stone, Spencers Pass, Brook Falls, Taylors Wood, Creekwood Highlands, and more!
Serving these Cities, towns, and villages

Adell, Cascade, Cedar Grove, Elkhart Lake, Fond du Lac, Grafton, Kiel Ootsburg, Plymouth, Port Washington, Sheboygan, Sheboygan Falls, Random Lake, Waldo, West Bend

Also
Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Shorewood, Wawautosa, West Allis, Whitefish Bay, Cedar Grove, Butler, Elm Grove, Lannon, Menomonee Falls, Sussex and other local areas.

Home Buying

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Serving these Cities, towns, and villages

Adell, Cascade, Cedar Grove, Elkhart Lake, Fond du Lac, Grafton, Kiel Ootsburg, Plymouth, Port Washington, Sheboygan, Sheboygan Falls, Random Lake, Waldo, West Bend

Also
Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Shorewood, Wawautosa, West Allis, Whitefish Bay, Cedar Grove, Butler, Elm Grove, Lannon, Menomonee Falls, Sussex and other local areas.