Player FM - Internet Radio Done Right
Checked 5+ y ago
Hozzáadva hat éve
A tartalmat a Donald Payne biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Donald Payne vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
Player FM - Podcast alkalmazás
Lépjen offline állapotba az Player FM alkalmazással!
Lépjen offline állapotba az Player FM alkalmazással!
Real Estate Podcast with Donald Payne
Mind megjelölése nem lejátszottként
Manage series 2402416
A tartalmat a Donald Payne biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Donald Payne vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Don Payne Group - your professional Real Estate Agents.
…
continue reading
24 epizódok
Mind megjelölése nem lejátszottként
Manage series 2402416
A tartalmat a Donald Payne biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Donald Payne vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Don Payne Group - your professional Real Estate Agents.
…
continue reading
24 epizódok
Minden epizód
×R
Real Estate Podcast with Donald Payne
Last time, my guest Bree and I discussed multiple-offer situations and what constitutes a “highest and best” offer. Lately, Bree has been hearing the term “escalator clause,” and today she had a few choice questions to ask me about what they are and why both homebuyers and sellers should know about them. So what is an escalator clause? An escalator clause is a clause in a particular contract that is meant to help guarantee that the buyer using it has the highest offer. Essentially, the clause states that the buyer will pay a certain amount above the highest offer the seller receives. For example, you could write an escalator clause that says you’ll pay, say, $1,000 more than the bidder with the highest offer, up to a certain point. These are often done in markets like ours, where inventory is in short supply. This usually means that there will be multiple offers on any given property; the escalator clause helps to give a buyer a competitive edge against other buyers. “The escalator clause helps to give a buyer a competitive edge against other buyers.” What are your options if a competitor exceeds your price cap? You could make yours a backup offer. Suppose the seller of the home you’re bidding on decides to accept another offer. In this case, you could ask the seller to keep your offer in mind as a backup in case their deal with the first buyer falls through. Anything can happen, and if that deal falls through, then you’ll be right there to pick up the contract with the seller. The listing agent wouldn’t have to relist the home on the market, and you’d get the home you desire. If you have any questions about escalator clauses or anything else to do with real estate, don’t hesitate to reach out to me. I’d love to hear from you.…
As the market heats up, homes that are priced well and are in good condition tend to attract buyers like bees to nectar. This is generally good news for sellers, since it means that they can get a good price for a home, but these scenarios can also become overwhelming to navigate. Today, my special guest Bree is here to ask a couple of key questions about how to handle multiple-offer situations: 1. How should sellers respond to receiving two or more offers on their home? The first thing to do is create a sense of urgency in your buyers. To do this, set a deadline for all the competing buyers to submit their highest and best offers. I recommend adding this deadline to your MLS listing, too, so that all interested buyers know when to submit their final offers. If you receive a large number of offers for your property—say, 10 or more—try organizing them all in a spreadsheet. On this sheet, we like to label the offers, write out their respective terms and prices, the type of financing each buyer plans to use, the timeline to close, and the earnest money deposits associated with each. This way, you can get a good feel for what each buyer’s strengths and weaknesses are and have an organized method of comparing them to one another. Once you’ve made a decision, be sure to notify all the other parties and their agents. “With their offers entered into a spreadsheet, you can get a good feel for what each buyer’s strengths and weaknesses are and have an organized method of comparing them to one another.” 2. What should buyers do to enhance their offer and increase their chances of getting it accepted? First, homebuyers need to make a decision about what their highest possible offer will be. Next, remember to keep the offer simple—some buyers use or waive certain contingencies in order to better position themselves in the seller’s eyes. For example, some will waive the inspection repair requests, others will increase their earnest money deposit to show how serious their offer is, and still others may offer to pay the difference between the list price and their offering price if the appraisal comes in short. In Columbus, the seller pays the title charges to transfer title to the buyer, so some buyers may offer to pay part or all of that fee. Finally, if it seems likely that the seller is going to accept an offer other than your own, I highly encourage buyers to ask the seller to consider them as their first backup offer, in the event that the accepted buyer’s part of the deal falls through—you never know what could happen until the deal closes. If you have any more questions about handling multiple-offer situations, don’t hesitate to reach out to me. I’d love to speak with you.…
Hello everyone and welcome back to another segment of “Facebook Live Friday!” I’m joined again today by my friend Bree to answer some questions on “debt-to-income ratio,” which is a term that buyers should become familiar with before setting out on the home buying process. Q. What is debt-to-income ratio? Debt-to-income ratio is what your lender will use to compare your gross, or pre-tax, income against your debt load to determine what you can afford with a mortgage and all other debt obligations considered. From that, they’ll come up with a monthly mortgage payment that should be within your budget. Q. What are the debt-to-income ratios for FHA loans? Right now, the debt-to-income ratio for an FHA loan is 31% on the front end and 43% for total debts on the back end. If your credit score is higher than 640 or 650 and you can show you have cash reserves put away, your lender might be willing to manually underwrite your loan and come up with a more favorable payment. “It’s very important to contact a mortgage lender who will help you determine what you qualify for.” Q. You mentioned “front end” and “back end” in the context of ratios. What do those terms mean? I mentioned 31% on the front end, which is the percentage of your monthly income that will be allocated to a mortgage. This serves as the threshold for your mortgage affordability on a standard FHA loan. As for the back end, the 43% includes all other debt obligations you have, such as any car loans, student loans, and/or credit debt. And again, those percentages can be adjusted based upon your credit score and cash reserves. That’s why it’s very important to contact a mortgage lender who will help you determine what you qualify for. I thank Bree for joining me and asking some crucial questions about debt-to-income ratio and how it relates to the home buying process. If you have any further questions about the specifics of debt-to-income ratio and the process of working with a lender, please contact me by email at DonaldPayne@VisionRealty.com, by phone at 614-323-4348, or you can go to my website at VisionRealty.com. I’d be happy to help!…
In the latest edition of Facebook Friday, I answered some questions about our current market, how things look for buyers, and how they can win: What do you do to help buyers win in this competitive market? One of the most impactful things we like to do is reach out to listing agents to find out exactly what their seller is looking for and what we need to do to make a competitive bid. We’ll have a conversation with them to feel out exactly what the seller is looking for in an offer to better our chances of winning. “It’s important to have a good sense of the market stats and comparable sales.” What’s the difference between a pre-qualification and a pre-approval? When you get pre-qualified with a lender, they’re going to pull your credit, look at your income, and get an idea of whether or not you can pre-qualify for a certain amount. A pre-approval, on the other hand, will involve the lender verifying your credit and income through tax documents and sending that information to their underwriter to get you fully pre-approved for a loan. In a competitive seller’s market like we’re in now, a pre-approval letter goes a lot further in getting a seller to accept your offer. What kind of offer should I make in this market? It’s important to have a good sense of the market stats and the comparable sales, but properties in April sold at 98.2% of their list price.You’re going to have to put an offer together that’s pretty much at list price if not higher. You’ll also need to include as few contingencies as possible and maybe shorten some timelines for a quicker sale. Putting a strong earnest money deposit down helps you stand out as well. If you have any more questions about buying a home, selling a home, or anything else related to real estate, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.…
Against the backdrop of our challenging market right now, I’ve been asked this question time and time again: How do I buy and sell a home at the same time? Today I’ll go through a few steps that should be helpful for those looking to sell their current home and buy a new one all at once. Before you do anything else, you need to obtain a pre-approval letter from a lender, which will allow for your budget to come into focus. Without one, you won’t know exactly what you can afford. It’s also a must-have once you find the right home. When that happens, you’ll need to show the seller your pre-approval letter to demonstrate the strength of your offer. Secondly, get your home on the market immediately to advance your position and draw prospective buyers’ eyes to your property. Starting from the time you find the home you’re most interested in, there are three approaches you can take: “Before you do anything else, you need to obtain a pre-approval letter from a lender, which will allow for your budget to come into focus.” Buy your next house first and sell your current one later. Sell your home outright, find temporary housing, then buy your new home.Close on your current home and purchase your next simultaneously. There’s a chance you’ll have to include a contingent sale clause in your contract with the seller, and they might ask for a concession known as an escape clause. This gives that particular seller an out in the event that they receive another offer that doesn’t come with a contingency clause. To help that along, one loan product you can speak about with a lender is a bridge loan, wherein you’re able to take the equity out of your current home and purchase another under a blanket, interest-only loan. Be sure to contact me if you’d like more information on this. For any other questions related to today’s topic, bridge loans, or anything else with regard to real estate, please reach out to me. I hope to hear from you soon!…
R
Real Estate Podcast with Donald Payne
Hello everyone and welcome back to “Facebook Fridays!” Today’s focus is on homebuyers’ requests for remedy repairs, and I’ll be answering a few pressing questions from Bree on the topic. Q. What types of questions should a buyer ask their agent when requesting remedy repairs? A. When requesting remedy repairs, the first thing a buyer should aim to address are matters of health and safety. What constitutes health and safety issues? Say, for example, you had a radon inspection performed on the home and the levels exceeded those set by state regulations. In this instance, it’d be perfectly acceptable for you to request that the seller remedy the issue. Another example might be if the roof is leaking in the attic—an issue that wasn’t detectable during your initial walk-through. At the point that you become aware of it, though, you’re justified in requesting a remedy repair. Now, if the issue does catch your attention during the walk-through, be sure to include a request for repair in your offer to purchase up front. As a buyer, issues such as these should be at the top of your list when it comes to the request for remedy repairs. “Issues concerning health and safety should be at the top of your list when it comes to the request for remedy repairs.” Q. Is it up to me, the buyer, to know all of this or should I rely on an agent who has experience and savviness in negotiating the request for remedy repairs? A. Given that the remedy request and purchasing a home is a business transaction, having an agent who can expertly represent you is very important. An experienced agent can help temper some of the emotions that both a buyer and a seller might feel during the process. In sitting down with both parties and speaking in plain terms about what needs to accomplished per the inspector, an agent who’s been in several of these situations can move the process forward and closer to closing. I thank Bree for joining me and posing some crucial questions about the request for remedy repairs. If you’re interested in buying or selling a property, please give me a call at 614-447-3175 or email me at DonaldPayne@VisionRealty.com. I look forward to hearing from you!…
If you’ve been thinking of selling your home, take note: Today I’ll be sharing the top five reasons to put your home on the market right now. 1. Low inventory levels won’t last forever. Those who list right now have the chance to stand out above the crowd. There aren’t many listings available right now, but this will change soon, so don’t delay if you want to capture the low-supply, high-demand conditions we’re seeing right now. 2. You stand to make a very handsome profit. In 2012, the average sale price for Columbus was $167,200. By the end of 2018, the average jumped up to $227,600. The numbers don’t lie: Today’s sellers have a great chance of earning top dollar for their homes. “Today’s sellers have a great chance of earning top dollar for their homes.” 3. Homes priced below $300,000 are at a premium right now. If you’ve got a home that would fall within this price range, you could enjoy a particular advantage by listing today. Why? Well, there simply aren’t enough homes available in this range, and builders aren’t often building homes as affordable as this. 4. Mortgage rates are still low. Though they have crept up slightly in the last few months, today’s rates are still incredible. Buyers know this won’t last forever, though, and are therefore eager to find the perfect home as soon as they can. 5. Millennials are flooding the market. An increasing number of millennials are entering the market. This has translated to a boost in demand, which means more money in your pocket at the end of the day. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.…
Have you received a property valuation in the mail from the Franklin County assessor recently? Every five years or so, the county assessor takes a look at your home’s condition and the condition of the surrounding area and gives an estimation of its value. If your property’s value has gone up, your property tax will also go up. If your property’s value has decreased, your property tax will also decrease. If you don’t agree with your estimation, you can file an appeal, but the deadline to do so is April 1. If you’re filing as an individual homeowner, you can appeal through the county’s website. If you’re filing as an LLC or a legal corporation, you’re required to retain legal counsel during the process. “If you’d like to appeal your valuation and you need assistance gathering comparable sales, just give me a call and I’d be happy to help you.” Keep in mind that when you file your appeal, you’ll need to show comparable home sales. Also, if you purchased your home recently and the valuation is higher than what you paid for it, you’ll need a copy of the purchase contract and the closing statement. If you’d like to appeal your valuation and you need assistance gathering comparable sales, just give me a call and I’d be happy to help you. If you have any other questions about this or any other real estate topic, don’t hesitate to reach out to me as well. I look forward to speaking with you.…
It’s very important to fill out a residential property disclosure if you’re a homeowner. If you’re planning on selling, you should fill it out yourself and disclose anything that has happened to the property in the last five years. For example, it’s important to explain any major issues, such as pipe bursts or remodels, and make sure you have the proper documents and receipts. An unresolved issue can prompt a renegotiation, which you definitely want to avoid. “It puts the buyer at ease when they are aware of any past issues up front.” Filling out this form is very important in order to get the highest and best possible price for your home. It also puts the buyer at ease when they know everything about the home up front. Disclose how old your appliances are as well. They may be a little older, but if they are working fine and you’ve had them serviced recently, there shouldn’t be a renegotiation because of it. If you have any questions about your residential property disclosure or anything else relating to the sale of your home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.…
R
Real Estate Podcast with Donald Payne
On today’s episode of “Facebook Live Friday!” I’ll answer a few mortgage questions homebuyers might have when closing on a home. After purchasing or refinancing a home, who do you pay? Typically, you pay your mortgage company. Before you do so, though, contact your loan officer to make sure you have the right billing instructions. Mortgage scammers are out there, and you don’t want to fall prey to them. If you get a phone call from someone telling you where to direct your payment, for instance, they might be trying to scam you. Lenders don’t ordinarily do that type of thing. Why do lenders sell your loan? Oftentimes, when lenders fund your loan, they use lines of credit and sell them on the secondary market to Fannie Mae or Freddie Mac in order to “keep the system circulating,” so to speak. “Once you close on a house, your information is recorded at the county courthouse, and that information is public information.” How can you verify your new mortgage company is a legitimate company? Contact your loan officer and ask them if your loan has been sold and who it’s been sold to. Sometimes they’ll tell you this at closing, sometimes they won’t. In any case, you should receive a notification in the mail concerning this information, but it’s better to be safe than sorry. Do mortgage companies publish your information after you close on a house? Not exactly, but once you close on a house, your information is recorded at the county courthouse. After that, it’s considered public information. If you have any more questions about this or any other real estate topic, don’t hesitate to call or email me. I’d be happy to help you.…
Once you’ve found the house of your dreams, you’ve made an offer, and you’ve been through the inspections, it’s time to go through the mortgage process. However, you should keep these tips in mind in order to avoid derailing your transaction: 1. Don’t apply for additional credit. I know it’s tempting to buy appliances or furniture at this time, but don’t apply for credit until after your sale has closed. Lenders do not want you to be borrowing money at any time after your offer has been accepted. The lender can pull your credit at any time during the process. If there’s a big purchase in there, it could cause your mortgage to be denied. “The lender can pull your credit at any time during the process.” 2. Do not make any large deposits to, or withdrawals from, your account. Even if you’re getting a financial gift from a family member, you should always contact your mortgage loan officer. There needs to be a paper trail with any large deposits or withdrawals. 3. Don’t change jobs. If you are switching careers or have a different income stream during the loan process, that can change things dramatically too. If you have any additional questions about what to do and what not to do during the mortgage process, I advise you to reach out to your lender for specific advice. If you need a recommendation for a good lender or if you have any other real estate-related questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.…
Welcome to the latest episode of “Facebook Live Fridays.” This time, we’re answering a few common questions about selling your home during the holiday season. Are fall and winter good times to put your home on the market? Absolutely. Things have slowed down in our market a little bit, but buyers are still looking and inventory is still a little light. If you put your home on the market, it will catch the attention of serious buyers. Do the holidays make things harder for sellers? Perhaps, but your home can still be sold during the holidays. Like I said, the market does slow down a little bit this time of year, but any buyers who are, for instance, moving in from out of town will definitely look at your property. In fact, I bought my own house one week before Christmas. “If you stage your home correctly and price it competitively, any time is a good time to list it.” What are buyers typically like during the holiday season? If you give your home a nice holiday ambiance during showings, with music playing and cinnamon cooking and a fireplace going, that will help make buyers feel comfortable and warm and possibly more apt to make an offer. Which fall and winter months are the best to list in? Does that even matter? September and November are typically good months to put your home on the market, but if you stage your home correctly and price it competitively, any time is a good time to list it. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.…
Today I’d like to talk with you about how to sell your home during the fall season. There are six things you need to do to sell your home for the highest price possible. 1. Clean up your yard. Make sure your leaves are raked and that your trees and bushes are trimmed. Also, if you can, plant fall foliage such as mums or cabbage. These can provide great color to make your yard look great from a curb appeal perspective. 2. Dress your windows. In Columbus, we’ve had a lot of rain that has left spots and smudges on windows. Wash your windows and make sure they’re bright and airy so that light shines through them when buyers walk through your home. 3. Have your furnace checked. Make sure your furnace filter is clean so the air circulating your house smells great. It also prepares your home for an inspection later. “Consider adding fall foliage such as mums or cabbage to create a great curb appeal.” 4. Prepare your fireplace. For starters, get your fireplace chimney swept. Also, light a fire when potential buyers come to look at the property. A fireplace is a great selling point and lighting creates great ambiance for those looking at your place. 5. Prepare food. Bake some cinnamon cookies or put out fresh apples to give an autumn ambiance to your property as you prepare to sell. This way when potential buyers walk in they will feel comfortable and look at the home as theirs. 6. Play soft music and turn on all the lights. This way when buyers walk through they can see everything and feel warm and cozy. As a bonus, postscript tip, don’t turn down any showings. All showings are important, and although I know that sometimes it can be inconvenient, it only takes one showing to sell your home. If you have any questions about this, or if you’re interested in speaking with me about buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.…
I recently sat down for an interview on Facebook Live, during which I answered a few common questions about the real estate market. I wanted to share those questions and answers with you today. What type of properties are hot right now and what’s driving that demand? Right now, homes that are priced under $300,000 are pretty hot, as well as homes that are updated. Buyers like to walk into properties and not have to do anything. If kitchens and bathrooms are re-done, those homes are flying off the shelf. What’s driving that is our low inventory (1.8 months). A lot of buyers are searching for these kinds of properties. What types of homes are not hot right now and why is that? The upscale homes are moving, but with spending an average of 100 days on the market, they’re not moving quite as fast as the rest of the market. “Our median price has gone up by about 8% already this year.” What’s the median price in the area? Right now, it’s around $212,000. We’ve gone up about 8% so far this year, again due to the low inventory. If buyers see something, they need to move fast. If someone was looking to break into the market for the first time, where should they start? I think the first thing that you need to do is get with a good Realtor. Then you need to make sure you’re pre-approved with a reputable lender. If you see a property you like, make a move on it immediately because tomorrow will be too late. If you have any questions for me about the market, your home’s value, or anything else relating to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.…
R
Real Estate Podcast with Donald Payne
Whether you’re a buyer or a seller, knowing how to navigate a multiple offer situation is very important in our current market. Here’s what I had to say about this topic in a recent Facebook Live interview. In your current market, are you seeing a lot of multiple offer situations? Yes, we are seeing quite a few multiple offer situations. Right now, we only have 1.8 months of inventory. There are more buyers out there than there are sellers, and they’re writing multiple offers. In our market, cash is usually king, but the highest-priced offer isn’t always the one that gets accepted. Sometimes it can depend on the conditions and contingencies in the contract. Should buyers be pre-approved in this environment? You have to be either pre-approved or able to show proof of funds. Sellers won’t even look at offers that don’t show documentation of the buyer’s ability to close. If you’re a seller and you expect multiple offers for your home, what should you do before listing the property? Set a timeline for when you’ll start accepting offers. At that point, sit down with your agent and review the best ones. Remember—the highest-priced offer isn’t always the best one, so look closely at the terms and contingencies of each offer to really determine which one’s best for you. “Sellers won’t even look at offers that don’t show documentation of the buyer’s ability to close.” If you receive multiple offers within the first couple of days, should you decide right away or wait for more offers to come in? That depends on what type of offers you get. Most of the time, sellers will extend their timeline by 24 to 48 hours and announce that they’ve received multiple offers so it gives other potential buyers a chance to submit their best offer. What kind of circumstances would make it a good idea not to take the highest offer? If the highest offer in question has a lot of contingencies or isn’t as “clean” as other offers, you may not want to accept the highest offer. In a multiple offer situation, buyers should try to make their offers as lean as possible in terms of contingencies, so if your highest offer has a lot of contingencies, you might be better off going with another. If you have any other questions about dealing with multiple offer situations or our market in general, feel free to call, email, or message me on my website. I’d be happy to help you.…
Üdvözlünk a Player FM-nél!
A Player FM lejátszó az internetet böngészi a kiváló minőségű podcastok után, hogy ön élvezhesse azokat. Ez a legjobb podcast-alkalmazás, Androidon, iPhone-on és a weben is működik. Jelentkezzen be az feliratkozások szinkronizálásához az eszközök között.