This list is deemed reliable but not guaranteed.

This list is not guaranteed but deemed reliable.

Please verify the location of the homes as there are sometimes mistakes. It is not guaranteed and but deemed reliable.

1. “It’s a Couple Thousand Bucks”

Unfortunately many agents try to be too helpful.  I have dealt with a lot of bad roofs and can usually guesstimate pretty close on the cost of a new roof but I don’t.  I always get written bids because it is horrible to find out later your costs went up because they found another issue that has to be fixed before the work can be completed.
Update: Right on cue a friend got a three bids for his roof that were all $3,000 or more than I would have expected.

2. Use My Mortgage Guy

Some people think there are kickbacks between the Realtors and loan officers but it is a violation of Respa laws which can carry a $10,000 fine.  I want you to use one of my guys because I think they will treat you fairly and actually get the job done.  The same with my inspector and title officer

Until the crackdown in the last few years it seemed like almost every deal closed late.  It was so bad I always prepared my seller for that likelihood.

In the comments on the WiseBread article someone said that they would never use the mortgage person referred by the Realtor.  That’s just paranoia.  I usually give my clients the names of 2 or 3 people and tell them to meet with them and see who they like best.  In the last few years we have went from 15,000 loan officers to only 3500.

3.  Interest Rates Aren’t Going Anywhere

I have a friend who works for a large bank and he actually sets the daily interest rates for the bank.  He has never told me where rates would be beyond six months because it is impossible to know.

Since 2007 I have heard economists say we are three quarters (9 months) from a turnaround.  We may finally be there but they were wrong.  I relay what I am hearing in the news to my clients but always say anything can happen.  You’ve heard the commercials for ten years. “Interest rates are at historic lows and they can’t stay here for long because __________ is going to happen.”  By the way I would never refer one of those companies .

4. You’re Outgrowing Your House

Are you kidding me?  The author has a 2500sf home plus a finished basement and the Realtor suggests that?  The author should have ran.  That was a clear comment explaining his priority was to himself.

I have talked a few people out of buying because I didn’t think it was right for them.  One client just looked at me for about 20 seconds and said, “But you’re a Realtor, why would you tell me to rent?”  Because I thought it was the right advice and it was in the end.

I’m like a presidential advisor. I tell you what I know and believe based on my experience and you make the final decision.

5. We’ll Price The Home At $440k and Target $420k

Pricing is tough right now.  Before the run up in 2005 I could pinpoint a price.  I was often the low guy when I went to listing appointments then I became the high guy because I saw the prices were raising.  Not it is a range that’s pretty soft.

If you bring in 10 Realtors and 10 appraisers to value your home you will come in with 20 different values.  If it was just a science then Zillow would be all we needed.  We are essentially guessing, based on previous buyer’s actions, what another home will sell for with different buyers.

Takeaways:

Some agents are just sales people. Get you in and get you done.

Agents are too helpful which can harm you.  Much like a friend giving you advice on fixing your computer or car.  We sometimes overstep our experience levels.  In these dealings verify, verify, verify.  Get multiple bids, get multiple loan quotes, interview several Realtors.

The property investor from East Sussex has taken out an interest-only £200,000 mortgage and hopes to meet the £958 monthly repayments with income from rent as he joins a growing army of retired people hoping to cash in on buy-to-let schemes.

Most lenders set a limit at 75 years for mortgage applicants but a handful, including Woolwich, and Bristol & West, have no such restrictions. This has led to a rush of applications from older investors.

Jonathan Moore, of Mortgages for Business, an independent adviser based in Sevenoaks, Kent, told how he brokered the mortgage for the unnamed 102-year-old, one of hundreds he has arranged for pensioners. “This is a new phenomenon.  Obviously there is an element of risk if property prices and rental income suddenly fall but there is no sign of that at the moment,” he said.

Richard Stone, 75, from north London, owns 10 houses and has taken out a £120,000 mortgage. The retired math teacher admits such a commitment at his age can be “quite stressful”.

Charities supporting the elderly have warned that the stress of taking out a large loan could affect health and urge pensioners to seek advice before making such a financial commitment.

Gordon Lishman, the director-general of Age Concern, said: “It’s crucial that people think about the long-term implications.”

What is eminent domain?

The Fifth Amendment grants the federal government the right to exercise its power of eminent domain, and the due process clause of the Fourteenth Amendment makes the federal guarantee of just compensation applicable to the states. State governments derive the power to initiate condemnation proceedings from their state constitutions, except North Carolina, which gains its power through statute. The constitutional and statutory provisions require federal, state, and local governments and subdivisions of government to pay an owner for property taken for public use at the time the property is taken.

The power of eminent domain was created to authorize the government or the condemning authority, called the condemnor, to conduct a compulsory sale of property for the common welfare, such as health or safety. Just compensation is required, in order to ease the financial burden incurred by the property owner for the benefit of the public.

Most often you hear about eminent domain when it involves expanding roads and freeways.  Portland has some history with that when they added Tom McCall Waterfront and removed Harbor Drive downtown.  Revolutionary and progressive at the time, what makes it even better is that it worked.

So should they use eminent domain to take the land from the Biggi family?  As many as 19 properties were codemned for the new Cowboy’s Stadium. I hope there are other events happening besides the 8 regular seasons NFL games.  New York is a developer’s paradise if the government likes their proposal.

I don’t think the government should be able to strong arm someone into selling.  I don’t think a stadium is a public necessity especially for a team that averages 5,000 ticket holders each game.  What do you think?

Photo via http://www.flickr.com/photos/paparutzi/461770692/

USDA loans were designed to help homebuyers in rural areas but as you see in the video above, what is still considered rural has some beautiful homes and parks.

In our travels we found the gorgeous Villebois neighborhood was partially in the USDA approved areas, as well as a development in Tigard just south of Beef Bend.  Much of Sherwood is USDA available and anything west of Hillsboro is leaving you Cornelius and Forest Grove.

USDA loans will jump in with other programs in October to require mortgage insurance but it looks to still be less than what’s required for FHA loans.  (And that is odd to me since they are both government backed loans. Why not have the same system? Oh, it’s the government.)

If you want to find some of these homes and learn about the boundary map contact us today. If you want to learn about USDA loans contact Jason Hillard, the Homeloan Ninja.