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Tips & Advice

Found 78 blog entries about Tips & Advice.

Written by Zat Rana, author at Design Luck

In 1993, Joan Ginther won a $5.4 million Texas Lotto jackpot.

More than a decade later, Ginther walked home with another multi-million dollar payday in 2006. She did it again in 2008, and once more in 2010.

Her combined winnings? More than $20 million. Odds of her winning the fourth multi-million dollar jackpot? One in 18 septillion.

A septillion is a one followed by 24 zeroes. The universe contains up to one septillion stars, and if you add up each grain of sand on Earth, you still get a smaller number. It’s fair to say that, statistically, it shouldn’t have happened.

How did Ginther do it?

She refuses to talk about it. For all we know, she may have cheated or it could have been pure luck.

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What’s the Difference Between a Seller’s Market and a Buyer’s Market? As we begin 2019, if you are about to start looking for a home, you may come upon these terms. Beyond a simple definition for each of these, it is very important to know the different factors that define each, and how the different markets can impact a buyer.  This article will examine these areas.

Seller’s Market Defined

A seller’s market exists when there are many more buyers seeking to purchase than there are homes available on the market. Stated differently, there are less houses available to satisfy a larger pool of buyers in the marketplace. This lack of listing inventory leads to rapid (at times excessive) price appreciation, very quick closings, many cash buyers,

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 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

1,215 Views, 1 Comment

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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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
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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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Tyler Gracey sits down with Erik Johnson and Charles Gorrondona of Harbour Mortgage Group to discuss FIVE key points that either STREAMLINE or DERAIL a buyer's ability to obtain a mortgage. Consulting with a reputable lender ahead of time will help set the stage for the buying process down the road. Applying for a mortgage may feel frightening and like uncharted territory - It doesn't have to be!

Click here for more information on First Time Home Buyer Tips!

Tyler Gracey
tyler@seaportre.com

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