Tag Archives: Real estate broker

5 Things NOT to do during the Closing Process!

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You’ve gotten your pre-qualification, found a home and now your Lender is working on finalizing your loan…it is important that you NOT do the following 5 things…

# 1 – Change your Marital Status:

How you hold title is affected by your marital status. Be sure to make both your Realtor, Lender and Title Company aware of any changes in your marital status so that the documents can be prepared correctly.

# 2 – Change Jobs:

A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process as your Lender may call your employer to re-verify your employment just prior to funding the loan.

# 3 – Switch Banks or move your money to another institution:

After the Lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.

# 4 – Pay off existing accounts unless your lender requests it:

If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.

# 5 – Make any large purchases:

A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your not qualifing for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.

As your Realtor, I will remind you of these things, your Lender should remind you as well.  I’m excited about Turning your Dreams into an Address!

Closing-On-A-Home-300x229image credit to Tim Pierce, http://www.flickr.com/photos/qwrrty/3446221502/

 

Vicki Reed

Is your Realtor serving you?

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As I work with Buyers, I’m often baffled by the lack of information on listings…you know, the Multiple Listing Service or as it is know in Indy, the Broker’s Listing Cooperative (BLC) or just MIBOR (Metropolitan Indianapolis Board of Realtors).  Information from this source is what feeds the internet…Trullia, Zillow, Realtor.com and a host of others…95% of Buyers find their next home ONLINE!  Are you certain your agent is getting your home online in the best possible way?

In addition to active properties, I am often trolling the expired listings in specific neighborhoods that my clients are interested in…who knows, it may be the perfect home for my Buyers and the Homeowners may still be interested in Selling!  I recently found an expired listing in the mid $200,000 price range, over 2,500 square feet and the agent had only 8 pictures of the living area, nothing upstairs, backyard and no virtual tour…and you wonder why this property never sold?

When considering who to hire when Selling your home, ask a lot of questions, not just about what they do to sell homes in general, but specifics!  How many pictures do you use?  Do you use a virtual tour?  Do you work with a lender partner?  Besides putting a sign in my yard, what will you do to sell my home?  ASK THE QUESTIONS!  Remember, YOU are hiring ME to represent you in the best possible way in the sale of your biggest asset!

The BLC allows for 24 photos AND a virtual tour…how many photos has your agent put on your listing?  The quality of those photos?  It is not necessary for your agent to hire a professional photographer, we’ve been in the business a while and understand the best way to take photographs and are generally quite good at it.  There are only 500 characters available for describing you property, but we want to make everyone count!

What about information packets in the home?  I always create a packet of information with the sales disclosures, a list of upgrades and features of the home, school, church and shopping information.  This same information is uploaded to the listing.  I also add a stand-up display for the home flyer along with bottled water and snacks for prospective buyers.

I want to Sell your home, I will work to serve you.  I am part of the Number 1 Real Estate Company in the Nation, you not only have me working for you, but every Keller Williams agent in the country.  Click here for videos about my service…then call me!

BDWFMwOCEAEeHw_

Vicki Reed

 

When was “you’re welcome” replaced with “no problem”?

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As a Realtor, I spend a lot of time out and about…coffee shops, restaurants, even drive-thru’s and have made a startling discovery…when I say “thank you” to someone for a service provided the standard answer is no longer “you’re welcome” or even “my pleasure“, it has been replaced with “no problem”…really?  My friend Don Allen of Union Savings Bank and I had this discussion over a recent breakfast and he made a comment to the wait staff about it and it went right over their head!

This happens frequently when a service has been rendered.  I don’t actually think that I create a problem for someone providing a service, I believe it is part of their job. When somebody says “no problem” or “not a problem” then it makes me think that person really did think that my request for customer service was a problem, and it’s irritating.  Saying “no problem” suggests that the customer was a potential problem and – thank goodness – things turned out okay. I don’t know about you, but I don’t like to think of myself as a potential problem customer or an interruption or a disruption or a hassle.

Sure, some customers always seem to have a problem. And some customers may not always approach with the respect deserved. They may let their emotions get the best of them, or may even let their bad moods impact their interaction, but the customers are not the ones getting paid to do a job.

We have jobs and careers because of our customers/clients, tasks and everything else we may be working on can wait. So, the next time a customer/client says “thank you”, say “my pleasure” instead.  If that doesn’t feel comfortable for you, stick with the tried and true “You’re welcome.”

As a Realtor, I try to always respond with “my pleasure”, because it truly is “my pleasure” to make certain that my clients have the best possible experience whether Selling or Buying (or both) a home with me.  Who do you know interesting SELLING a home…BUYING a home…or INVESTING…in real estate in the next 30 days?  Let me treat them the way a Client should be treated!

thank_you_you're_welcome

Vicki Reed

We found the home of your dreams…what’s next?

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We’ve found your new home, negotiated the deal, now the real work begins!

As your Realtor, I will deliver the Earnest Money check to the Seller’s Agent – remember, this check will be cashed!  The funds you put down varies with the price of the home – good rule of thumb is 1% of the purchase price…$175,000 home = $1,750.00 Earnest Money.  Earnest Money is a deposit made to a seller showing the buyer’s good faith in a transaction.

I will notify your lender and provide them a copy of your Purchase Agreement. You will work with them to complete your loan process.  It is important that you respond to all of their requests as quickly as possible!  We cannot close on the purchase of your new home until they say we can!

It is important that you schedule a Home Inspection as soon as possible! The clock starts ticking immediately on our time to schedule, complete and request any inspection repairs, 12 – 15 days is standard for most Purchase Agreements.  I recommend Iron Gate Inspection Services, it is not necessary for you to be present for the entire inspection, but you should be there for the last hour so that the inspector can review the report and home with you, and as your Agent, I will stop by the Inspection as well just to make sure everything is going well.  We will work together to review the Inspection Report and formulate an Inspection Response. This is the second round of negotiations.  The key to Inspection Response negotiations is that we share the entire report with the Seller’s Agent and be reasonable in our repair requests.

Closing…finally! Again, until your lender provides “clear to close”, we are at their mercy!  We generally have an idea about when it will be, I will keep and eye process to make certain we are always in compliance with the Purchase Agreement.  I will notify you of when and where the closing will be scheduled and as we near the date…how much money you may need to bring to closing.

The most frequent questions I get about Closing are:

How long will it take to sign all the paperwork?
The closing itself generally takes from 30 to 60 minutes – sometimes longer depending on wire transfers and paperwork.

What do I need to bring to closing?
Buyers and Sellers both need a form of photo ID and any money you owe should be in the form of a cashier’s check – if over $10,000, funds are required to be wired.

As your Agent, it is my job to protect you, fight for you and navigate the process of purchasing a new home…and I am great at my job.  Contact me today and let’s get you a new home!

House shopping

Vicki Reed

Do you know about Meetup.com?

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As a Realtor, I’m always looking for networking opportunities and struggle because a lot of them cost significant dollars to join and only allow one of each profession among their ranks.  Several years ago…before my move to the Real Estate biz…I found Meetup.com because I was bored with my life and looking for things to do that would shake things up a bit!

Meetup.com has groups for anything you can imagine and if you can’t find something that interests you, you are encouraged start a Meetup of your own.  Founded in NYC following 9/11 (click here to read a message from the Founder), Meetup was created to use the internet to get off the internet and actually meet and interact with others who have similar interests but that you might never have met.  There are groups for Moms, Singles over 40, Live Theater Lovers, Movie Buffs, Bikers, Hikers, Christian Women in Business, and even groups who like Beer!  I encourage you to see what is there that might interest you!

I have used it for several things over different times in my life over the last few years, now I use it to find networking opportunities and master mind groups for small business.  At Keller Williams Indy Metro NE, I created a group of Independent Agents, MAX T Agents (Maximizing Independent Agents Extreme Talents), we support each other, back each other up, share business ideas and best practices and more and more lately we’ve been talking about networking opportunities and where to find them.  I always suggest Meetup.com and am surprised how few people know about it!  Business networking is defined as “a socioeconomic activity by which groups of like-minded business people recognize, create, or act upon business opportunities.”  These are generally small groups who meet for a specific purpose, some weekly, some monthly, but always worthwhile.

So for all of you out there complaining that you do don’t have anyone to do anything with…check out the groups on Meetup.com…WordPress (the host of this blog) even has one in Indy!  I’m thinking of starting one for First Time Home Buyers…what do you think?

networking2

Vicki Reed

Instead of “State of the Union”, how about the state of Indiana Real Estate?

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The Metropolitan Indianapolis Board of Realtors (MIBOR) announced yesterday that Indianapolis home sales in 2012 are up 18.5% over 2011!  Fellow agents in my Keller Williams Realty office are complaining that homes are moving so fast that their appointments are being cancelled before they can see the properties because the home sellers have accepted an offer!  Click here for the full Indianapolis Star article and here for the MIBOR press release…NOW IS THE TIME!!!!

Are you interested in Buying a new home?  Inventory is lower, prices are heading higher, and interest rates are still really low…NOW IS THE TIME to get pre-qualified (click here to start the process with a lender I trust) and let’s start shopping!

Are you interested in Selling then Buying a new home?  Get the best of both markets by selling and up-sizing or down sizing NOW!  Not sure what today’s market value is for your home?  Contact me for a FREE Comparative Market Analysis and let’s discuss your options…just because we meet doesn’t mean you have to sell, it is part of weighing your options to make sure we do exactly what you need done.  Have plenty of equity in your current home?  I work with Don Allen at US Savings Bank who offers “bridge” loans to help you get into your next home.

I am here to help you reach whatever your home dreams are…buying, selling or both.  Your priorities are mine, I work very hard to get the absolute best deal for you and to Turn your Dream into an Address…visit my website VLR Real Estate for more information on who I am and what I can do for you.

Buy-a-Home-in-Dayton-or-Sell-a-Home-or-Condo-in-Dayton

Vicki Reed

Power in the Pre-Qual…

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Is 2013 the year you make the leap to homeownership?  Before you start looking, it is important that you consult with a mortgage professional as soon as possible!  Check out this video by Don Shanley with the Shanley Team at Inlanta Mortgage “What to Expect if you are a First Time Homebuyer” and visit my website to complete the application (click here)…it’s that simple!

Why do I recommend working with Don Shanley and his team of experts?  Simple…they are as Client Service driven as I am.  I had a previous client interested in purchasing a home, they emailed me on SUNDAY morning that they had completed the application, by 2:00 p.m. SUNDAY afternoon, they had been contacted and their situation discussed and they knew exactly what they needed to do to qualify to purchase a home by 2014…that is CLIENT SERVICE.  Click here to be introduced to the team at Inlanta Mortgage.

So back to Pre-Qualifying…this will tell you how much of a loan you can qualify for and the monthly payment amount you are able to afford, this gives you the first number, the second number is how much you want to spend.   Why are these numbers different?  They aren’t for everyone, but reality is that when I bought my home 6 years ago, I qualified for a mortgage of $190,000!  As a single woman, the idea of spending that much on a home meant no vacations, no dinners out, well you get the idea…I decided that I wanted to spend $125,000 and ended up purchasing at $123,000.  The pre-qualification process outlines your finances – your debt, income, employment, and cash available for down payment, among other things. It’s quick and basic.

Working with a Realtor (that would be me!) and with your pre-qualification letter in hand, the advantages are yours once you find the house you want to make your next home.  Your pre-qualification will make your offer look even better to the seller, they don’t have to worry that they are wasting their time, they will know that you are ready to buy their home!

Are you ready?  Just want to see what properties are available?  You can search on my website for homes, just click here to get started!

homes-for-sale

Vicki Reed

Wish # 9

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My ninth wish is that we open ourselves to receiving help from others when we need it and not being shy about asking for help from our family and friends.

How many times have you said to your family and friends “what can I do to help?”  Most of the time the response is “thank you so much, but I’ll/we’ll be fine”…but the reality is that you could really use the help!  Why are we so willing to offer help to others but not accept help for ourselves?

As a Realtor, my schedule is more flexible than most, I can help my friends by meeting repair or delivery people at their homes for them – they all have wi-fi, so I can work there as easily as my own home or office.  But when they have offered to help me, I tend to try to handle it all myself.

So my wish is that we all be more open to accepting help when offered, times are tough and we all need our friends.

helping-handsVicki Reed

Wish # 2

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My second wish is that everyone feel loved and valued.  I am very blessed in my life…I have family who is supportive and encouraging in everything I do, and friends (The Group) who listen to frustrations and celebrate the victories as they come.  As an adult, I was fortunate to have known all of my Grandparents, the last to pass only a month ago and just before her 98th birthday, despite her diminished capacity, we made certain she knew she was loved and valued by those whose lives were touched by her generous and giving spirit over the years.

I believe one should feel this way in their career as well, I have been a Realtor for 2 1/2 years and moved to Keller Williams Realty (Indy Metro) this year and have truly found a home, I have never worked with a more genuine group of people, received encouragement for ideas that are a little out of the box for Realtors (MAX T Agents!), and the care and support of other agents.  We are all working toward the same goal to build careers worth having, businesses worth owning, and lives worth living.  Click here (Wi4C2TS_poster) to view the Keller Williams Belief System.  If you are thinking about a career change (or Company change if you are a Realtor), contact me, let’s talk.

As I said, I’m blessed with great family, great friends and career I love…tell me your wish…email, call or text me!

Vicki Reed