The Total Team Real Estate and Mortgage Blog

The Reality of Listing Real Estate

2009-12-01T06:55:00.002-05:00

There is plenty of inventory in the market for buyers, thus creating a buyers market. Good for the buyer but what about the seller? Well, reality can be harsh sometimes and for the seller today, many times there not hearing what they want to hear. When you decide to sell your home, for whatever reason, the value is determined by a realtor, based on what similar homes in a close proximity of yours sold for recently as a major factor. Many other things factor is as well, the year of your home, condition, location and desirability to name a few. What can happen in any market is happening now it seems more than ever. Sellers are asking for at least two realtor's to come to their home and do a CMA (Comparative Market Analysis) which is by far, the most in depth way to determine the actual value of your home. There will likely be a minor difference in opinion between realtor's, however, it should be pretty close if done correctly and by competent realtor's.

Herein lies the problem, based on a lot of listings we're seeing and from our own experiences. Let's simplify the issue. Realtor one comes out and and generally asks in the first few minutes what you think you'd like to sell your home for. You've got a number in mind and discuss it with the realtor. OK, now the realtor will let you know if your in the ball park based on their personal opinion and takes the information they need to do a full CMA and after a couple of days and hours of in depth analysis, comes up with a value of $215,900. The realtor can provide you with the tools used to determine the value and discusses the information they used regarding the determination of value and you can decide to list the home with them or have a second or even third realtor provide you with a CMA (we recommend a 2nd opinion for your personal concern) and decide who you feel will do the best job in your interests. For our scenario, we'll consider only a second realtor. The process is the same, however, when you get your CMA from realtor #2, the value is significantly higher. For our scenario, we'll say 15K higher. This should be a matter of concern for you immediately. Keep in mind, the realtor's are competing for your business and a difference of 15K is something you need to consider. But who's closer to the right number?

To determine that, it's time for you to do some homework. Compare the CMA's and think back to your original number you discussed to sell with both realtor's. Is one value exactly or close to what you wanted originally? Are the CMA's both done professionally and using a majority of the same information in determining value? Look on the internet for homes similar to yours and see what they're listed for currently. Many times but certainly not always, it might seem the lower number is the reality of the situation and the higher number has some major differences in what homes were used for comparison.

Now, you need to make a decision. List at the higher price and hope someone pays the price? List at the lower price and enhance your opportunity for a quicker sale? This decision lies with you alone. Keep in mind the old saying that "If it seems to good to be true, it probably is". Look around and consider the reasonability of both or more numbers if you have them. We're not insinuating that the lower number is always the correct number, what we're asking you to do is take a common sense approach to listing your home and consider what's important to you. You may have all the time in the world and want to list at the higher price to see if someone bites at it. That again is completely up to you. You also need to consider the market and the inventory available. Is your home going to be passed by strictly because it's priced over market value and there are many others to choose from. The short answer is yes. When it comes down to it, you need to pick the realtor you feel comfortable with and not the one who told you what you wanted to hear. You control the situation but keep in mind, you are signing into a business relationship with a realtor and signing a binding contract for typically at least 6 months. Who do you want to be in business with? That, my friends, is completely up to you. Good luck!

Why a buyers agent is more important than ever!!!

2009-11-24T08:08:00.007-05:00

Wow, it's been a while but we've been so busy trying to deal with all the changes in both the real estate and mortgage market, frankly we've been consumed. However, we feel confident that we've ironed out the wrinkles through trial and tribulation and it's time to get back to what we're here for, informing you and giving you sound advice to decide what's the best route for you to go regarding buying a new home. We'd like to start by letting you know now more than ever, if you decide to go out and start the process, the most important thing you can do is find a respectable buyers agent to protect you. Now, there's something you need to be aware of in doing this. Buyers agent's consider you one of two things. You're either a "customer" or a "client". The difference? Well, that is subject to opinion as far as we're concerned at The Total Team. If you have what we would consider a top shelf buyers agent, they wouldn't ask you to consider the client option until you find a home you'd like to make an offer on. The reasoning behind this is best quoted from one of the best buyers agents I've had the pleasure of doing business with in 11 years of being a mortgage officer. Marilou Strickland, Owner/Broker of Lamprey River Real Estate in Raymond N.H. explains it like this..."it's like buying a car, let's try it out and see how you like it". It can't be put any more simply than that. If you sign a contract up front and find the realtor doesn't meet your expectations, you may have difficulty moving on for a limited amount of time. That is if you've signed a contract to become a client as opposed to being a customer where no contract is signed. The way Marilou looks at it is that you're a client regardless of a contract and treats you as such. The realtors obligation to you differs between client and customer to the extent of them acting as your sole partner and making sure you have all the information required as a new home buyer where if you're a customer, there only real obligation is honesty. Wouldn't you expect that regardless? Of course you would and should. Once you've found the home, sign the contract as a matter of standard business practice with your realtor. If you've gotten to that point and have a home in mind, you really should know all you need to about the realtor and be more than comfortable doing so. That's what we've got for you today so think about the great deals that are available both with mortgage's and real estate today. It's most certainly a buyers market and quite possibly, time for you to own your own home. Please call Scott @ 603-396-1841 or Rob @603-370-0711 if you have questions or would like a free consult regarding either mortgages or real estate. If you'd like to speak with our good friend Mary who I mentioned above, call her at 603-759-3931 and let her prove to you why she's one of the best in N.H. Have a great Thanksgiving and we'll be back in a few days with more info on navigating the everchanging market and any changes you need to be aware of. Thanks for stopping by our little slice of the web!

Financing and Lending Turmoil

2009-06-24T08:13:00.004-04:00

It's been almost a full month since we've updated you and mainly, there just hasn't been much news to inform you with so we've laid low. However, there is a trend we're seeing that is making things difficult to finalize the purchase of your new home and we'd be remiss not to tell you about it, our job from the beginning is to guide and protect you from the pitfalls of any market and this needs to be mentioned. The guidelines we have used for years regarding pre-approving customers are changing sometimes daily and I mean this in a literal sense. What this forces us to do is consider every conceivable issue that could come up in the process to assure you don't get to your commitment date and find out the approval doesn't stand any longer. This is much easier said than done. The examples are many but allow me to give you just one. A borrower comes to me as a trusted friend and associate and would like to take advantage of the current market. Being that I feel very confident in what I do, I move ahead and get all the information needed and turn in the loan for the pre-approval. The information is run through the FHA decision engine and comes back approved. I confidently send my client out to find there new home and they did, quickly. We get the remainder of information that is pertinent and chose an investor with the premium rate available that day. To my surprise, the loan is denied in a few days due to credit score. Keep in mind the FHA decision engine approved this loan knowing the scores but obviously found merit in the rest of the findings. The reason for the denial? The lender has adopted their own set of rules and DO NOT have to use FHA guidelines. They can stipulate anything they want above and beyond the FHA guide and there's not a thing that I or anyone else can do it. Unfortunately, when these changes are made, nearly every other lender out there follows suit. What this does is leave my borrower in a position either with a deposit or the loss of a home they desperately want, not to mention the fact that my credibility is quickly brought into question. This blog is not to scare you from attempting a home purchase, it's only intention is to let you know to be very cautious of a pre-approval you get from someone asking if your credit is good and just faxing you over a letter saying your all set. There are many things to be considered and questioned so that you know what is solid and what is not. Even then, there's no way to determine the fact that a rule change may hit while you are in process to purchase and be an issue. Scott and I are taking every possible measure to see this doesn't happen in the future and will keep you updated as things ease up. Until then, call or e-mail and ask us any questions or voice any concerns you have regardless of who you are working with and we'll take all the time you need to get a better understanding of your personal situation.

Should I wait???

2009-05-19T20:28:00.004-04:00

Ok, this market has been difficult enough to navigate with all the propaganda you've heard and seen whithin numerous media outlets. Now, with the $8000 tax credit and the possibility of being able to use it for down payment, it would seem that the longer you wait to buy your new home, the better it will be for you. The one thing that no one tells you is this, just because the government comes up with a program to aid the housing market, the unfortunate reality is that they cannot force lenders and investors to make them available. For instance, in 2008 the "Hope for Homeowners" program came into effect on late November and was designed to help homeowners who were in danger of foreclosure. Great idea, the problem being, none of the lenders or investors wanted to hold any of the notes on these loans and ultimately, we never heard a thing more about it. We forget quickly but are some of you remembering hearing of the program right now? So, why am I trying to bring you down? Actually, it's quite the opposite. The thought here is that over time, every product or service has promised to get better than worse. The fact is, now is the best time to buy a house bar none in at least 15 years. Don't be the "what if" customer, trust me. I've heard so many people (including myself) say "what if I would have bought then?" or "what would my payment be now if I'd financed my house when the rates were that low"? You can go on and on thinking what if and woulda, shoulda, coulda for the rest of your life. I'm not trying to be harsh, I'm trying to help you from making the same mistake me and many of my friends and fellow proffessionals made. It's time to look around and see if there's something you like out there. Remember, a buyers agent is essential to you and more so in this market. Don't go out there with no one looking out for you. Enjoy the sun and the heat!!! It's gonna be an awesome day!!!

Buyers Market??? Split Market???

2009-04-30T07:11:00.006-04:00

Wow, it's been a crazy month and I haven't really had anything much to offer so forgive me for being a while with updates. Today though, I have some information that will suprise some of you. We're seeing a trend lately in this "buyers market". Let me give you an example, there are several clients we personally know have who are making offers on homes in the $100 to $200K range as of late. The homes generally are bank owned and in need of some in need of repair. Price range is great though and prompting buyers to make their move. The thing is, offers are being made and we're commonly being told that someone already came in at the asking price, so, if we'd like to make an offer over that, please do! What I'm saying in a nutshell is that the "buyers market" in this price range isn't so much today. At least not in this part of the state. This means we're seeing something I don't recall in my time in real estate and mortgages. We're actually seeing a split market! 200 to 300K is not moving as quickly as the under 200k market, but we're seeing movement there too, offers are being made and often accepted but at full price. The real "buyers market" is in the price range over 300K. Those properties just don't seem to be moving or if so very little. Don't let this opportunity pass you buy folks, the trend is slowly starting to change, but it could flip completely very quickly. Go ahead and find your house now, wouldn't it be nice to buy your home now and have it DOUBLE in value over the next 5-10 years. Show us a stock that can near promise that kind of return and we'll buy it!!!

Reality hits the Real Estate Market...

2009-04-08T10:03:00.001-04:00

Well, Spring has finally arrived and it's about time! If you've been house shopping recently, you may have found a trend a bit different than you expected. I personally have buyers out shopping who are finding the same thing. The trend is something we've not been used to and seems to be increasingly more common. Houses are selling! Forgive me if I sound sarcastic, in all reality this is what is happening over the last 30-60 days and the proof is everywhere.

What we're finding is that banks are listing foreclosed and short sale homes aggressively and holding to that number. There may be some wiggle room for assistance with closing cost's or reasonable offers excepted, but many buyers are finding that when they go back to make that second offer that the home is sold already. The fact is, two counties in N.H. have sold more homes than have been listed in the last two months. It's been a while since we've seen that. So, if you've been waiting for the market to bottom out and getting ready to start your search for a home...get moving. It's going to be a busy Spring and realtor's are aware of it. Mortgage companies are gearing up for it as well. Lending practices have changed dramatically and realtor's phones are starting to ring, so while you are out looking at homes, here are some things to keep in mind.

1. Bank owned and foreclosed properties are almost always going to be a lengthy transaction. In some cases I've heard, as long as 3 months until the buyer was able to move in. Plan on this and be happy with the deal you get, your investment is sure to pay off over the next 5-7 years. Which, statistically is the length of time first time buyers are in their first home.

2. Don't expect to "steal" the home of your dreams. You've found the house you want and due to the state of the market you ask your realtor to offer $20,000.00 less than the listed price. You may not even get a response on an offer like that although your realtor is required to make it, you may in fact, just insult the selling party and they can chose not to deal with you at all. This is not to be taken lightly, I'm absolutely telling you the truth. The seller can chose simply not to deal with you and that's that.

3. Don't even attempt to make an offer without a strong pre-approval from a mortgage officer/company you feel comfortable with. In fact, go one step further and ask for a pre-commitment from your lender and realize that it's worth it's wait in gold in this market. With good reason too, a pre-approval means someone looked at your credit and got some income figures from you to base their personal decision on whether or not they can get you a loan. It's become much more difficult to gain a mortgage approval than many of us were used to. I personally prefer to get all the information from my customers as if they have found a home and run the loan through the program I think will work for them to actually get an approval. It's like having cash in your pocket and can often mean your offer is accepted over the person with the "pre-approval" only, in some cases, even if your offer is slightly less.

So, I've provided you with a bunch of information today and as always, this blog is based on our opinion and what we're seeing daily in the market. Make your offer when you find the home you love, because while your thinking it over, someone else has likely made their offer and it's being accepted and written up. This is where we're heading and though the increase in homes may not be much, it's our opinion, based on what research we've done, home prices will be going up slightly over the next year. $5,000 may not seem like much when you're considering spending $150,000 on a home, but ask yourself this, is that $5000 better in your pocket or someone else's? As always, our contact info is listed above, don't hesitate to get in touch. Stay well, soon enough we'll see tree's budding and green grass ;)

How low can it go??? For how long???

2009-03-25T08:26:00.001-04:00

At the risk of being repetitious, I've had one lingering thought since my last blog that has been keeping me awake at night (literally some nights) regarding you and the refinance or home buying market today. I'm not going to bore you with what the Fed. is doing and how mortgage backed securities just recently became a lucrative investment for investors and blah, blah, blah....here's the reality of all that you're hearing and reading on the news and in print. The housing market is starting (albeit extremely slowly) to come back around whether or not there is a Republican or Democratic President, the sun is shining, it's finally spring or whatever excuse you hear from the talking heads. One thing for us to consider is that (the following is fact), N.H. was really one of the least affected area's in the U.S. by this housing crunch by far...don't think it's true? Look on the Internet anywhere in FLA. to see what you can buy housing for down there. Again, as I often mention, this is our opinion on the market and based on the current trends we're actually dealing with from day to day in real time. The American people have only so much patience and if you ask me, it's us who will end the recession, not a government backed stimulus package or who the Secretary of Treasury is...no to offend again, our thoughts only. But, if we're right...here's the deal. We are consumers at heart and it's very likely we've all cut back in one way or another for at least a year or two at this point. Some of us have lost jobs, homes and far more in some cases. What's happens in our opinion is this, say what you like about the state of this country or the economy but one thing historically remains true. We are, at the very least, resilient. We can only take things for so long before we say "enough"! We're heading in that direction folks. Where does this all come together? We're getting tired of it all and I hear it everyday. People have started to find ways to overcome whatever their personal situation and moving on with their lives. We're tired of waiting. If you think the investors and lenders don't pay millions of dollars to watch what we do and when we do it, think again. They check our tolerance in different ways in different markets and in mortgage and real estate by adjusting rates to see how we react. The price of real estate follows the trend and before you know it, the home you've been watching just went up 5K instead of down. Tough way to find out the market has bottomed out huh? We're getting ready to say enough and that means sellers as well. Many have reached their threshold and will now hold firmly on price (including bank owned properties) because of this reason alone. We're stubborn and when we say enough is enough, we mean it. Take this into consideration while your waiting for the rate that's being promised to you on the radio or go on the web to find the home you've been eyeing is currently listed as sold all of the sudden. Think of it this way as I leave you on this sunny (but chilly) day of Spring...take a situation in your life in which you have been challenged, how far could you be pushed before you pushed back or halted the situation by whatever means it took. We've all been there...how much more can we as a country take? I have a feeling we're at the breaking point, follow your heart folks,but, don't let it cost you 5 grand or more. It can't pay you back ;) Enjoy your day and as always, contact info is at the top of the page, let us know of any specific questions we can help with, we're not attorney's so all advice is free!!!

Do I qualify for the $8000 tax credit for new homeowners?

2009-03-18T13:27:00.003-04:00

It seems that different sources will provide you with different information regarding who and how to qualify for this much talked about home buying tax credit. I've done some research and think I've nailed it down for you. I'll give you the basics and the link to National Association of Homebuilders where I found what I thought was the best website and most easy to navigate (meaning it's NOT a federal or govennment website). They know the deal, because they have to. So, here are the basics.

$8,000 Home Buyer Tax Credit at a Glance:

The tax credit is for first-time home buyers only.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The link to answer more of your questions is here http://www.federalhousingtaxcredit.com/2009/home2.html

I urge you to go there and read it before you go shopping if this is a major part of your buying decision due to the fact that it's not always what it seems. For instance, as you read above, the first rule is that you have to be a "first time homebuyer". The definition for that is listed as this..."The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse."

That's not what I would think a first time home buyer would be, but, they make the rules and that could be an $8000.00 advantage to you. Temps in the 40's and 50's for the next 4-5 days...Spring does happen! Have a great day!!!

Great deal on great house...Handyman Special

2009-03-13T10:30:00.002-04:00

Wow, for those of us who've been around a while, it's been a long time since we've seen verbage like that. Some of you reading this may have never even heard or seen the terminology! The early to mid 1990's was a time when people bought homes that needed work or updating and the consumer knew going into it. But, they bought them anyway...strange I know, but true (stay with me here guys). They knew something we all know and just need to be reminded of. Since we started recording the ups and downs of the real estate market (opinions vary on when that started...1930's or 50's) one thing has proven to be true time and time again. Real estate is by far, the most secure investment that you can make with the highest percentage of return to the consumer BAR NONE!!! Ask someone who bought a home in 1991 for $85,000, lived in it for ten years and then sold it for $250,000!!! 10 years to make $165,000? Terrible prospect isn't it? Of course it's not...the simple fact is that those folks (some made far more than that, trust me) bought at a great time and benefited from the pitfalls of the real estate market tremendously. You, actually are in a better position than home buyers in the early 90's due to the fact that, not only are homes priced very aggressively due to being bank owned, foreclosed or the economy has unfortunately required the owner offer a short sale, but, rates are at all time lows too!!! This doesn't happen folks...at no time in history (that I'm aware of) has the consumer been able to have both, it was either high rates and low housing prices or the other way around. Don't be one of those people (myself included) who said..."I think I'll wait and see what happens with the market". Well, I did, and the housing market went through the roof (almost over night) creating a situation that required me to rent for the next 10 years and pay someone elses mortgage. Talk about pie in my face. The deals are out there, homes are priced to sell and FHA is offering great mortgagae programs. So do yourself a favor, call me about a 203K mortgage plan (which allows you to finance in repairs and updates with only 3.5% down) and call Scott for help as a buyers agent (this is crucial for your protection) and let them know what you'd like to see for homes (chances are very likely that they'll be a lot to choose from) have a look at some listings and listen to your realtor. Find a house that you'd like to make a home and move your family into it, enjoy the pleasures of owning your own home and your piece of the American dream...live your life and enjoy all that goes with it. Who knows? Down the road you might make a couple hundred thousand dollars :) Then again, you could wait to see what the market will do... Enjoy the sun and the weekend, they're expecting 50 degree temps!!! As always, thanks for your time!

Buyers Market+Buyers Agent=Great Deal

2009-03-06T07:02:00.007-05:00

Ok...time to deal with some reality. I hate it too, but, let's deal with the world we live in right? I'd love to tell you that the adds and commercials you see and hear regarding "(Buy a foreclosed home for $300!)" are true, but come on, we're not dummies. Let's not spend any more time on that. The fact is that there are some really great deals are out there right now whether you're looking at a foreclosed, bank owned home or new construction. The thing we need to keep in mind in this buyers market,is that EVERYONE is aware of that fact. That means the sellers, builders, banks and even regular consumers who have their homes listed currently. Now, while some folks do have their homes listed way overpriced, there are generally 3 reasons for that. The seller doesn't believe the economy is in crisis (anythings possible I guess), the realtor wanted the listing so badly that they just told the seller what they wanted to hear to get it, (look to see how long it's been on the market) or the seller really just doesn't want to sell the house. Again, keep in mind, these are our opinions, based on what we've dealt with throughout our careers. Ok, moving on, the sellers who live and breathe in our world (reality) have their homes priced aggressivelly to begin with and it's likely there's not a lot of "wiggle" room. That's not to say that a reasonable concession or offer would be denied, it does mean however that you're not likely to be approved for an offer 30K less than the home is listed. Often times, banks that own properties won't even respond to the offer if it's "insulting". The same goes for the majority if the builders out there that have survived this long. The reason they're still in business is because they have already lowered the prices of there homes drastically and the proof of that is to look at a listing that they had up a year or two ago for a similar home. That will be an eye opener I'm sure. Work with a buyers agent if your in the market and listen to them when they try to help with offers and advice. They work for you and they know the market in their area better than anyone. Let them guide you and remember, more times than not, just about the only sure thing in investment history and futures is real estate. Ask Donanld Trump. Now's the time folks, don't wonder when the market is really going to bottom out only to find out the home you've been watching just went up $5,000. Reality...that's the deal. Take avantage and good luck out there, we're pulling for you!!!

FHA Mortgages...the new (old) way to finance?

2009-03-05T06:32:00.008-05:00

Hello and welcome. Today I think the necessary thing to discuss is FHA mortgages and why they are, once again, a strong consideration for a home buyer in the current market. I could write all morning and bore you to tears with the reasons to consider FHA but let's go over some positives and negatives of the programs offered. Currently, FHA requires only 3.5% down for a purchase and allows gift funds for that purpose. As far as I'm aware, no other lender in the industry is currently allowing gift funds or as little down. Rates are closely comparable to conventional terms and the monthly mortgage insurance payment is often less than half of what a conventional mortgage insurance would be. Another benefit is that the seller is allowed to give a 6% seller concession toward closing cost's, pre-paid's and escrows, double the amount that is allowed on conventional loans that require a minimum of 5% down. What this means to you is that you could need quite a bit less at closing if the purchase and sales is written up and offered with these things in mind. Lastly, FHA is willing to underwrite loans with much lower credit scores (as low as 580 in some cases) than conventional loan programs and will actually approve them. Ok guys, what's the catch? Well, keep in mind this is our opinion and others may dispute this but here are the negatives we think deserve your attention. One major consideration is that while the monthly mortgage insurance premium is much lower than conventional, FHA does require a one time up-front mortgage insurance premium. This can be pretty hefty considering it is 1.75% of the purchase price so quite simply, a $200,000 home would require a mortgage fee of $3500.00! While this is a significant number to say the least...it's important to know that FHA will allow that to be financed in to the mortgage without the borrower being penalized in anyway if doing so. It also does not affect your loan amount based on the 3.5% down. Still, something you need to be aware of. Another thing that would be considered a negative to some buyers is that you often are required to explain any past negative credit or recent inquiries on your credit report in writing. I think the majority of us would find that acceptable but in the recent past, many loan programs haven't required any explanation or even asked about these things. I suppose the final thing I would mention is that FHA does require a home inspection and water test if the well is private. My opinion is that you should do this regardless of the type of loan you get to buy a home. Some may not agree, again...we all see things differently. I've really only touched on some of the rules and regulations of the FHA mortgage, but...in this market it's something you and your realtor may want to behold...a good mortgage officer will make the transaction go off without a hitch! As always, contact me using the information above for more details or questions and enjoy the sun today, believe it or not, Spring is on it's way!!!

From this to....this??? The Total Team can show you how!!!

2009-02-24T05:52:00.011-05:00

As we wander through the everyday anomoly that is our economy, some things still remain. If you want to buy a house and feel secure in your job, you're going to buy a home and there's nothing that can stop you....right? But, what about all the reports of people who were recently denied a mortgage for what seemed like a sure thing. The radio has tons of adds saying it's no problem but, that's not what you're hearing is it? There could be numerous reasons and it's probable that you'll never know the reality of the denial (credit issues, income, job irregurality, etc). The conventional mortgage approval process has flipped completely on it's side from what it was even a year ago at this time. Debt to income ratio's have become as strict as they we're 25 years ago and credit standards have changed dramatically as well. One thing that has remained steady though, Federal Housing Administration loans and the ability to put little down and own a home. Scott and I wait (rather impatiently) for the other proverbial shoe to drop, but indicators seem to shine in another direction. In fact, it seems to get better than worse. FHA has programs that will actually allow you to finance in repairs on a home that you like but may need some attention physically or updating to make it to your liking. A great product if you find a home in a neighborhood you desire at prices that we'll likely never see again. Make the home you find yours as easy as deciding on a general contractor and determining your hearts desire. As I've said before...there are a great deal of homes in this market priced more than reasonably. Even more astounding, F.H.A is still willing to look at a file and manually underwrite based on hardships that can be legitimately documented. It's not the norm and I know it sounds to good to be true, it's not. It's not our job to waste you're time or ours for that matter. Call us and we'll schedule an appointment to sit down and discuss details, questions and concerns you may have. Remember above all...real experience matters. Thanks for visiting and look for our contact info at the top of the page, we'll be waiting to hear from you!

Love him..hate him

2009-02-19T08:48:00.009-05:00

Whatever your opinion of Donald Trump, there's probably one thing we can all agree on. The man knows real estate. My job is to look daily at all types of news sources to gather information that will help YOU decide whether the time is right to consider the purchase of a home. Yesterday, as we all waited anxiously to hear about the mortgage bailout plan, I was looking through the stations and came across an interview with Mr. Trump. He was saying what an opportune time it is to purchase a home and the deals available are tremendous. I was intrigued so I looked a little further, below are a few of quotes from his blog in May of '08...

"If you’re one of the fortunate few who is looking to buy, you could hardly be in a better position. Shop around, find a house and make an offer. Chances are, any good deal will get accepted and if you have decent credit you should be able to get financing."

"I think the housing market is going to get better and it’s going to get better fairly quickly. The market is depressed and that’s when you want to go in. So if you have the money, now’s when you want to go out and buy."

"But that’s just my opinion. After all, what does Donald Trump know about real estate"

Well, I can't argue with that. if you'd like to read the entire blog, check it out here http://www.trumpuniversity.com/blog/post/2008/05/afraid-to-buy.cfm

As always, thanks for taking some time to visit and let me know if there are any questions I can help with, my e-mail is at the right on the top of the page. Enjoy your day!!!

Will it work??? Quite possibly...

2009-02-18T14:30:00.005-05:00

It would seem on it's face that this is a positive thing for the majority of Americans that are facing foreclosure due to acceptable reasons. If you bought a home well beyond your means and can't afford it, don't look for any help from the Obama Administration. Sounds fair to me...conversely, if you've been laid off and have a prior history of being a responsible borrower, there is a possibility that you can qualify for one of the scenario's provided. One major thing to be aware of, if you are not in a position currently (back to work, out of the hospital, etc.) to afford a new plan now, there isn't much that can be done. Let's face it, if you can't afford it, you can't afford it. So, if you do qualify what next? That remains to be seen until the plan rolls out in 2 weeks but here are some possibilities. The lender could make numerous arrangements with you so you can stay in your home. These include lowering your current interest rate, working together with the adminstration to lower your principle balance or stretching the term of your loan to make it more affordable. The idea behind the lowering of the principle balance is to reduse your debt to 31% and make your mortgage much more affordable. The costs involved will apparantly be shared by government funds and the lending initutions themselves.
If a lender is not willing to go by the rules set by the administration, they will not be allowed to participate.. The Obama Aministration will also be working with Fannie and Freddie to offer lower interest rates for people who want to purchase new homes and this is critical in my opinion. Getting the housing market moving again is absolutely necessary. Although the price for these programs is $25 billion higher than expected, Presidant Obama suggests that it's necessary to ensure the plan is succesful.

"This plan will not save every home," he said. "But it will give millions of families resigned to financial ruin a chance to rebuild."

Obama said the goal is to target families who are "underwater or close to it" and help those who "played by the rules and acted responsibly."

It seems the President has a true grasp on what needs to be done...as always, time will tell. I'll keep you updated as I find out information and as always, don't hestitate to contact me with specific concerns or questions. Thanks for your time and have a great day!!!

Could today be the day?

2009-02-18T07:41:00.003-05:00

The discussion today will be all about refinancing. President Obama will be speaking regarding the current state of the mortgage market and perhaps announcing that he has a plan to help those in need from foreclosure with lower rates and better refinancing terms. If this happens, anyone who has been struggling to keep their home will likely be able to breathe a sigh of relief. Let's keep our fingers crossed and hope for the best...this could be exactly what we've been hoping for. I'll be paying close attention and be back as soon as we know details.

Are you ready to start looking?

2009-02-15T08:30:00.007-05:00

It's getting pretty crazy out there regarding real estate and mortgage financing. Currently, there are over 6000 homes in NH listed as foreclosed or bank owned. The economy is up and down and the talking heads change their stories from channel to channel and day do to day. One thing we know for sure though. It's a great time to buy a home. Mortgage rates are at all time lows and homes haven't been this agressively priced in a LONG time. If things are good for you in the employment arena and you've been thinking of owning your own home...time to make your move. Home buyers in the market now are finding fantastic deals on all different types of houses. Call Scott or Rob with any questions/concerns you have and feel confident going into the market knowing you've got an experienced team working for you and not the seller. Get represented by "The Total Team". Enjoy the sun today and thanks for stopping by...see you soon :)

Here's a link to a video tour of a home in Nottingham Scott has listed currently if you like the area. If you need land...don't miss this one. http://www.youtube.com/watch?v=Y3V7I41DCCE

Rob Carlberg can be contacted at robcarlberg@yahoo.com or call 603-370-0711

Scott Campbell can be contacted at dscampbell@metrocast.net or call 603-396-1841

The Total Team

2009-02-13T08:20:00.006-05:00

This blog page is dedicated to you, the home buyer. Everything you will read here will be geared toward you getting the best real estate deal and the specific mortgage product that fits your needs and not the needs of the bank. Both Scott and I have extensive experience in real estate, mortgages, construction and rehabitation of properties. You'll find quite a few real estate and mortgage brokers that will promise you experience, but, what is experience and how is it rated? Is it a piece of paper that someone went to class and studied for? Is it someone who provides loans for people buying homes? It seems to us that as we continue to navigate this irregular market that the word is used rather loosely in many situations. We, on the other hand, feel we have the right to use the word regarding what we do. Why? Let me explain... Scott Campbell, Associate Broker with Lamprey River Real Estate in Raymond N.H. has over 15 years working in real estate, home financing and an extensive background in the construction and rehab trade. Being a home owner himself and living in a home that was built in the 1860's...you find the need to do pretty much any home repair you can think of. My name is Rob Carlberg and I'm a Senior Mortgage officer at MAG Mortgage Corporation in Salem N.H. I've have been around construction all my life and specialized in construction financing for the past 8 years,as well as a total of 11 years in the mortgage industry. Between Scott and myself, we have the knowledge to provide you with complete confidence in the real estate market and have the background to back it up. I don't want to bore you with that though. We'll prove that to you as we move you along through the home buying process, but...here's why we think this will be importatant to you. This is demonstrably the best time to be shopping for a home. Rates are low as well as house prices! Typically, over the last 40 years, the homebuyer was lucky enough to only have one of these options. The market is currently flooded with foreclosures and bank owned homes that are being sold for prices that will likely guarantee a strong return as an investment. These homes may not be perfect in minimal to major ways, remember the term "fixer upper"? There are financing programs that will allow you to put little money down and allow you the extra funds to make the changes/repairs you want, all at current martket rates. Don't look at homes in this market without real experienced professionals that truly care about you. I'll get specific on this in the future, for now, call me or Scott with any questions and we'd be happy to show you why we feel we have the right to call ourselves experts. Scott can be reached at 603-396-1841 or e-mail at dscampbell@metrocast.net. I can be reached at 603-370-0711 or robert.carlberg@maghomeloan.com . Visit our YouTube Channel at http://www.youtube.com/user/businessrobbo to see what it's all about.