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Lori Lincoln- Taunton to Attleboro MA Rehoboth, Dighton, Swansea, Attleboro

Bullet proof you transactions and property seasoning issues

Yesterday I recieved an offer on one of my listings. My seller is a real estate investor who just bought the property in September. They bought it as a bank owned fixer-upper.

It took some good money and some paid and unpaid labor to not only make this property livable, but also make the home desireable.

I've had this home on the market since Oct 10.

Here's what could go wrong:

This morning I started on the contract and it hit me.. this is a VA loan..there could be a 90 day seasoning issue on ownership. (This means the property hasn't been owned by the same homeowners long enough)

Long story longer.. I did my research and learned that a the VA doesnt' use this 90 ownership rule...However, underwriters could require this rule.

Also, I did learn that FHA requires 90 day+++ property ownership

If you are a buyers agent, research the property ownership prior to writing an offer.

If you are a sellers agent who has listings that are lower priced, remember that the most likely buyer would be an FHA or VA first time home buyer. Advise your sellers to enlist a home inspector prior to listing with you.

Your sellers should address all saftey issues, insect issues, mechanicals in good working order, structural, mold or potential mold problems and more.

(I found myself fixing a floor 3 weeks ago, because the bank deemed it a trip hazard!)


Tell your sellers that it may take awhile to sell the property, get it under agreement, but the hardest part of what Realtors do is keeping and holding it all together.

Every transaction has its issues. Our job is to "bulletproof" the deal as best as we can.

Just wanted to share this with both professionals and potential buyers and sellers... Just want to encourage you all to think things through before a contract is written.

Thank you for viewing my blog

Lori Lincoln, Keller Williams Realty

508-878-0917

lorilincoln@kw.com

http://www.LincolnTeamRealEstate.com

Lori and her team sell homes in Taunton, Rehoboth, Swansea, Seekonk and surrounding cities and towns.

Taunton-Rehoboth Real Estate- When "As IS" really isn't "AS-IS. Important to Read

When "As is" Really doesn’t mean as is.. important read for Buyers, Sellers, For Sale By Owners, Realtors and others: Don’t let this happen to you!

When an inspection is ordered by the buyers bank, be sure you know what you’re up against, especially a government assisted loan.

Case in Point:

Buyer agrees to buy the (non bank owned/not a short sale) property “as is, where is”, heat works, plumbing is okay, home inspection is satisfactory. .. then.. without warning.. the bank wants the property inspected by a third party.

Here comes the dread:

Safety issues are found.. bank’s inspector will not allow a closing until

the floor trip hazards are fixed, , rust on the furnace, water under the furnace, a plumbing leak, chipped paint and other “small” items.

Seller makes all fixes according to what the bank mandates, the day before closing, bank re-inspects, and the property fails..bank wants the seller to replace the floors in the entire home! So here we go again!.. now what?

And.. the buyer buys all new fixtures for bathroom, home improvement items etc..

Yes this happens. Thousands of potential dollars more spent on fixes on a property priced at a below market price. . was suppose to be “as is”. .

Hard Lessons:

Seller and Buyer must know way before an offer is submitted that “as is” isn’t necessarily “as-is”.

Seller should have a thorough home inspection prior to listing the property and make all recommended repairs regardless of the asking price.

Protect your clients and give them a list of all things that can go wrong prior to submitting or accepting an offer on a property.

Lori Lincoln

Keller Williams Realty

lorilincoln@kw.com

508-878-0917

http://LoriLincolnTeam.com

Yes, Banks are Lending Money. so why not just buy your home?

Everywhere I go lately, speaking with those who would like to purchase homes. There is a misconception out there that needs to be addressed:

Myth:

Banks don't have money to lend or are so strict that nobody can buy a home.. NOT TRUE!

Banks ARE still lending money to buy homes. Mortgages aren't easy to get for those with poor credit and/or no money to put down... BUT, BUT..

Your credit doesn't have to be perfect, but cannot be extremely scarred either. You do need some money down on most loans.. generally 3-5% minimum.

Yes you can still buy a home.

Don't you owe it to yourself to explore your options? Interest rates are low, home prices are low. Interest Rates will go up. As I always say.. it is a buyers market, not a waiters market.

If you keep trying to time the market, you are likely to loose. Ask those that have tried.

Think of your new home as a place to live, you need to live somewhere.. why make the landlord rich?

Think of your new home as a LONG TERM Investment.

Home is a great place to be.. call me for my list of well located, priced right properties.

Thank you for viewing my blog.

Lori Lincoln

Keller Williams Realty

lorilincoln@kw.com

Lori Lincoln sells homes in Taunton, Rehoboth, Swansea, Somerset, Dighton Massachusetts and surrounding cities and towns. Free foreclosure listings, FREE "Your First Home" by Gary Keller.. when you call for a no obligation consultation.

FREE HOME SEARCH AT http://LoriLincolnTeam.com

view my blog at http://southcoastmahomes.activerain.com

Taunton Area Home Sellers- Must Know Information-Home Sale Appraisals

Important information:

If you are selling your home or considering selling your home, you must know now how bank appraisals are being analyzed.

I spoke to an appraiser for a property under agreement yesterday. She has been in the business for 27 years. She said all of the banks are forcing the appraisers to subtract at least .5% from each comparable home for every month that has passed. Generally an appraiser needs 5 comparable properties to justify value to the buyers bank.

If the property being sold appraises for $200,000, and there aren't any recent comparables, she must subtract value. If comparables are 6 months old, this could add up to about 3%.

It is also common for the buyers bank to want 2-3 different opinions of value from 2-3 appraisers.

Today, contracts are written subject to appraisal which can give the buyer an "out".

Here's What to do:

If your budget allows, call a good real estate appraiser for a more exact market value. Real Estate agents can give you a general idea of what your home is worth, but appraisers are more exacting.

Deep Clean your home and get in tip-top shape ( dings or holes in walls, paint, flooring, replace old storm doors, fix-it work) Appraisers also use the condition of homes to determine value.

Be sure to price your home below current market value to ensure quick sale and a smoother transaction, and know that you will be at market value at the time of closing.

Contract a professsional Realtor for a quicker sale- most buyers use agents. Most agents will show the MLS agent listed homes first. Don't try For Sale By Owner in a buyers market. Most regret it and end up hiring an agent in the end, only to have to list for a lower price because of market decline.

Be a smart seller. At the end of the day, you will be relieved and glad you did.

Lori Lincoln is a top producer at Keller Williams Realty. Lori sells homes in Greater Taunton Massachusetts and surrounding communities.

For More information go to http://www.LoriLincolnTeam.com

email: lorilincoln@kw.com

direct: 508-878-0917 or text message for a free 20 page booklet on selling your home.

Thank you for reading my blog

Taunton Massachusetts- Don't Worry, its a waste of time

There are several mixed messages about real estate lately. If you are confused, you are in the company of many.

The Rescue/Bail-out plan has been approved, but the way the funds will be used will take some time.

One thing we cannot do is sit an worry about the economy, housing, stock market etc.. It is a waste of time.

You can only control what's in your power to control.

Live your life as if you have always lived it.

As for your finances, you know what to do

1. Cut back on unneccesary spending

2. Save your money

3. Look at your budget and cut where you can.

4. Enjoy your life. .. I said that already!

Lori Lincoln is a Realtor for Keller Williams Realty, serving Bristol County Massachusetts and Surrounding cities and Towns

You can reach her at 508-878-0917

email is: lorilincoln@kw.com

website: http://www.LincolnTeamRealEstate.com