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Seaport Real Estate Group Blog

 Chances are good your buyers are not approved at all…they’ve only been pre-qualified

Shocking headline, isn’t it?  Hard to hear the truth sometimes, but I am going to tell you that in my experience, the bulk of Pre-Approval letters being given to Real Estate agents by Loan Originators are just plain worthless.  They are being written to get the buyers a house, but the protection/reassurance the seller is looking for that tells them the buyers really are qualified does not exist.  Welcome to Fantasy Island.

My intention in writing this is two-fold: first, to let you know about this situation, and second, to give you some suggestions for getting a comfort letter that is worth the paper it is printed on.

Frequently a Realtor will refer me one of

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Written by Robert H. Ruth

Thanksgiving is like a fixed rate mortgage

I have to admit that my favorite Holiday is Thanksgiving.

I love the food: turkey and dressing …mashed potatoes slathered with gravy …mmm!

I love going for a run or a long walk in the late morning, and the smells that greet me when I come home are intoxicatingly good. Maybe the crisp, late fall air that I come in from enhances the aromas from the kitchen.  

I also love the traditions of Thanksgiving, knowing that the roasting pan we use belonged to my mother in law. I can’t help but think that it holds not only the flavors of the turkey, but the memories of all those Thanksgivings past, and I feel like she is still at the table with us, sharing her love and stories of

1,927 Views, 1 Comment

How much does it take to be kind to someone? How much does it cost to be compassionate?

With everything going on in the world today, it can be incredibly difficult to see the good in a lot of things. Too often we are quick to express our anger and our disdain for others. We get into fights with each other over politics, we think the worst of people when they don’t say “thank you” after holding the door open for them. Just the other day, I was discussing with a co-worker about an incident I encountered with someone. All I could think to say was, “what is wrong with people?” Then it hit me…I was asking the wrong question.

Kindness isn’t something new. In fact, Aristotle said, “It is the characteristic of the magnanimous man to ask no favor but to

2,879 Views, 2 Comments


Written by Robert H. Ruth

 

Second home season is officially here!  While buying a primary residence is a substantial commitment financially, with long ranging impacts, purchasing a second / vacation home is an even larger commitment, so careful deliberate planning is paramount if you are in the market to purchase a second home this year.   Here are five important issues to consider when contemplating a second home purchase:

 

How familiar are you with the area?

  • Buying a home as an annual vacation destination or to use on weekends or Holidays is a very serious commitment. You better make sure you like the area you are purchasing in because you’ll be spending a huge amount of your free time there. Many buyers I work with have

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Written by Robert H. Ruth

Every year since 2013 the National Association of Realtors (NAR) has published a report looking at trends among buyers and sellers in the Real Estate Industry from the previous year. I’ve always eagerly anticipated this report because it provides excellent insights into the composition of the Real Estate marketplace. This year I thought I’d share some of the more significant findings that are pertinent to home buyers since that is the focus of my blog posts here. If you want to see the report for yourself, I have provided a link for you to download a pdf version here: CLICK HERE

The introduction of the report has much useful information about the composition of buyers in the Real Estate marketplace .  Here are what I

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Help your buyer clients fully understand homeownership

    Did you know that homeowners will spend between 1 percent and 2 percent of their home’s value on upgrades and upkeep annually? This percentage is in addition to their mortgage payments and typical monthly expenses. In this video, Tim Bray shares more on the true cost of owning a home. Below, you’ll find an infographic that shows how often various home maintenance tasks need to be performed. Real estate agents can use this information when discussing affordability with clients and share the infographic as well.     Infographic designed by Brittany Carr © 2018 - click here for a high resolution PDF
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These terms are utilized all the time by real estate professionals in describing properties. Tim Bray and Seaport Real Estate Group pull back the curtain and expose the true meanings. Take a look!!

 

 REAL ESTATE TERMS REDEFINED

  1. RELO -Up to 15% off the list price because the seller is being subsidized by a corporate relocation company.
  2. COZY – Small and cramped
  3. GOOD BONES – This place needs to be rehabbed
  4. LOCATION, LOCATION, LOCATION – Focus on location typically means that that structure is less than adequate, and focus is being placed on its positive attribute. Location.
  5. INVESTORS TAKE NOTICE – Ok, this property needs a massive cash infusion to bring life back to the old girl.
  6. PRIDE OF OWNERSHIP – This owner has put their
1,017 Views, 0 Comments

Written by Robert H. Ruth

This is a topic I discuss with borrowers most every day, so I thought you’d like to know the components of your credit score.  According to Fair Issac Corporation (FICO), “the score is calculated from many different pieces of data in your credit report, and the data is grouped into the 5 categories below.” Here they are with the approximate weighting assigned to each category:

 

  • Payment History : 35%
  • Amounts Owed :  30%
  • Length of Credit History:15%
  • New accounts Opened :10%
  • Mix of Credit :10%
  • Total: 100%

Let’s see what each category represents:

Payment history: 35%

This tells whether you have paid your credit card accounts on time in the past.  If you make all your payments on time each

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INCOME - What Happens if it Disappears?! Tyler Gracey​ sits down with Pamela Gracey​, Owner of Gracey Benefit Solutions, LLC​ to discuss how proper planning can help avoid a personal financial crisis. Statistics show that the majority of individuals are not prepared if they become hurt or sick and can't work. What happens to your income? How will you pay your bills? Pam talks about some options that can provide financial security and peace of mind.

Click here for more information on Covering Your ASS(ets) video!

www.facebook.com/GraceyBenefitSolutionsLLC

 


Tyler Gracey
tyler@seaportre.com

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Written by Robert H. Ruth

What is a concession?

A concession is some benefit usually offered from the seller to the buyer that helps in the negotiation to buy a home.  The concession is typically financial in nature, and is in essence, a type of deal sweetener for the buyer. In the real estate finance industry, concessions are also known as Interested Party Contributions (IPC’s).  For this article, I wanted to explain the 2 most common types of IPC’s: financing concessions, and sales concessions.

 Financing Concessions

These IPC’s are paid on the borrower’s behalf by the seller to help facilitate the transaction. Financing Concessions typically cover closing costs for the buyer who is financing the purchase with a mortgage. They are

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