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Posts Tagged ‘how do I get top price’

Buyer BEWARE: Mortgage Loan: Terms Change At Signing

Buyers told one thing at PreApproval and PreQualifying appointment— for instance, 5% interest on 2nd loan.

At signing/closing of transaction they discover the 2nd is actually at 8%, not 5%.

You can call this Bait-and-Switch or you can call this MORTGAGE FRAUD.

The buyer’s are caught between a rock and a hard place. They can refusing to close all together, or hold up closing to try and iron it all out, or accept the transaction with the higher interest rate.

Meanwhile the buyer’s furniture is in the moving van, their rental is already sublet, and the seller’s furniture is in the moving van and the home has been cleaned spotless, ready for the new buyers.

Now the buyer’s can’t get any lower interest rate than that anywhere else so there is no point in holding up closing for two weeks to run it through another mortgage company, but that particular loan officer gets the business. (They do this to outshine all the other competition at the  pre-approval/pre-qualifying period several weeks/months prior.  Remember, IF IT SEEMS TOO GOOD TO BE TRUE… IT IS.)

This makes me REALLY mad. Hope it makes you mad too!

How to make sure this doesn’t happen to you:

BE sure to get a GFE (Good Faith Estimate from your loan officer in advance). Make sure the loan and rate you are quoted is in black and white and you keep it in your possession.

Review it with other reputable loan officers as you shop for your mortgage officer. They will be QUICK to point out that it is TOOOOOOO Good to be True.

Have your real estate broker/agent advise the loan officer that they report suspicious bait-  and- switch or fraudulent behavior (let them be the ‘Bad Cop’ for you).

I always tell my clients, “Listen, I’ve got your back. I have a very low tolerance for this behavior.”

Warmest,  Julie Hutton

‘I would love to get one of your friends or family into their dream home!

Please call me if you know of anyone who it thinking of buying or selling a home.

 I PROMISE to make you proud!’  – Julie

 Realtor

Sales & Marketing Specialist

Coldwell Banker Bain

8525 120th Ave NE, Ste 100

Kirkland, WA 98033

425-260-4440

 Julie@JulieHutton.com

www.JulieHutton.com

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Wells Fargo Securities ANNUAL ECONOMIC OUTLOOK 2011*

*email me for the full 28 page report  Julie@JulieHutton.com

Executive Summary: (Julie’s review & Hot Points)

  • Growth in the coming year will remain modest, containing risks that could potentially hinder (real estate) performance
  • 2011 trends in real estate to turn positive for the first time since the beginning of the recession.
  • Mortgage rates remain low and housing affordability remains high.
  • 40 year Legacy of Decisions: We are faced with a legacy of decisions made, or often postponed, over the last forty years.
  • Households are right-sizing their debt load and this behavior will likely persist for several more years for many households.
  • Still plenty of troubled projects that need to be disposed of… prices for distressed projects are likely to fall further once lenders become committed to cleansing their portfolios.
  • (Because of) continued government intervention and oversupply, the market still cannot indicate the true values of real estate. (true values still unknown)
  • We have entered an atypical recovery.
  • (New economic reality) demands a new approach to decision-making.
    • Decisions traps: (old ways of projecting future trends based on traditional historical perspectives.) Restrictive assumptions and methods.
      • Path dependence (from historical perspectives) translates into slower assessment and adaption to the new economic realities that economic agents face.
      • Home prices have declined more than would have been forecasted using the traditional methods.
    • High degree of risk aversion on the part of lenders.
      • Home prices depressed or declining.
      • 20% of all home mortgage applications have been declined because the appraisal has fallen too far below the market price agreed upon by the buyer and seller.
      • Housing slump is making it more difficult for homeowners to sell their current home and relocate.
      • Home prices are now expected to decline toward the lower end of the six to eight percent range.
      • Reaching the bottom in home prices further out until mid-2011.
      • Over Supply: 10.2 monthly supply of existing homes on the market toward the end of 2010.
      • 23% of mortgages are currently underwater and foreclosures remain a serious problem in many states.
        • Delinquencies and foreclosures have been far more severe given the depth of the recession.
        • 2.2 million homes were in foreclosure in 2010
        • Mortgages on 2.2 million home were 90 days or more past due.

If you don’t have time to read all 28 pages, just read Julie’s EXECUTIVE SUMMARY. It will give you a thumbnail picture of the financial picture based on some of the brightest Ph.D’s from Wells Fargo Securities Economic Group (see the last page for their information).

Truth is… nobody REALLY knows. It’s a whole new economic world out there. <grins>

Hope this is helpful information for your future decision making.

 

Warmest, Julie

 

Julie Hutton

Realtor

Sales & Marketing Specialist

Coldwell Banker Bain

8525 120th Ave NE, Ste 100

Kirkland, WA 98033

425-260-4440

Julie@JulieHutton.com

www.JulieHutton.com

Getting Your Home to SOLD (1:32) http://www.youtube.com/watch?v=Yp5QuB3YpDM

Facebook Profile http://www.facebook.com/pages/Kirkland-WA/Julie-Hutton-Real-Estate/95502741259

Julie Hutton’s BLOG https://juliehutton.wordpress.com/

Linkedin http://www.linkedin.com/in/juliehutton

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Immaculate, updated home on large, serene park setting in coveted Glenhaven area.

Beautiful kitchen granite counters w/quality slide-out drawers. Milgard windows. Master: California Closet and marble floor/vanity & private deck. Gas log fire, New carpet, Skylight. Laundry in lower level/once a kitchen. Close in yet quiet.

Prof. landscaped w/ TWO slate patios, hot tub, sprinkler. Exceptionally well-maintained and upgraded. Newer Cedar roof, sewer line, electrical panel. .7 mile to public beach.

Until we connect again…

Warmest, Julie

 

Julie Hutton

Realtor

Sales & Marketing Specialist

Coldwell Banker Bain

8525 120th Ave NE, Ste 100

Kirkland, WA 98033

425-260-4440

Julie@JulieHutton.com

http://www.JulieHutton.com

Getting Your Home to SOLD (1:32) http://www.youtube.com/watch?v=Yp5QuB3YpDM

Facebook Profile http://www.facebook.com/pages/Kirkland-WA/Julie-Hutton-Real-Estate/95502741259

Julie Hutton’s BLOG https://juliehutton.wordpress.com/

Linkedin http://www.linkedin.com/in/juliehutton

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Warmest, Julie

 

Julie Hutton

Realtor

Sales & Marketing Specialist

Coldwell Banker Bain

8525 120th Ave NE, Ste 100

Kirkland, WA 98033

425-260-4440

Julie@JulieHutton.com

http://www.JulieHutton.com

Getting Your Home to SOLD (1:32) http://www.youtube.com/watch?v=Yp5QuB3YpDM

Facebook Profile http://www.facebook.com/pages/Kirkland-WA/Julie-Hutton-Real-Estate/95502741259

Julie Hutton’s BLOG https://juliehutton.wordpress.com/

Linkedin http://www.linkedin.com/in/juliehutton

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Call or email to discuss how we will market and SELL your home. Julie Hutton 425-260-4440

Julie@JulieHutton.com

 

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The right price AND a beautiful, visually appealing home creates a sale. Every time!

Here is an example of beautiful staging for a CAMWEST Home by our good friend, A Liengboonlertchai (Originally from Thailand and trained as an attorney—long story) of Simplicity Décor in Kirkland.

A (his real name) says, “Simplicity Décor didn’t happen overnight, but has been a dream of mine for many years.

Even when I was a young child in Thailand, I loved to look at interior design and architectural magazines.

Later, I loved to play with color and decorate my home. But I didn’t know whether I could ever translate that love into a career.

To make a long story short, after law school and pursuing a career in law for many years, I realized I needed to pursue my true love.”

And creating beauty seems to be “A’s” true love AND oh my gosh does he do a-bang-up-job of it. Just take a quick look at this video (only 1:48) to get a great idea and then go visit his store in downtown Kirkland.

Great staging and beautiful eye candy for the buyers is what creates a sale for the homeowner.

Until we connect again… May your days be filled with gladness!—Julie

A Liengboonlertchai
Home Decor Store Owner, Interior designer
Simplicity Decor
126 Park Lane
Kirkland, Washington 98033
425-803-0386
www.simplicitydecor.com
www.twitter.com/asimplicity
http://www.facebook.com/pages/Kirkland-WA/Simplicity-Decor/84250956042?ref=ts

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