Welcome to Montgomery County. A beautiful County filled with great people, tons of things to do, a perfect location close to the hustle & bustle of Philadelphia, weekend hikes & winter skiing in the Poconos, & a short drive to the beauty, peacefulness & tranquility of the Jersey Shore. It really is a great place to call home. However, Montgomery County has one of those black sheep, also shared with its neighbors in the Commonwealth. Real Estate taxes. What were they thinking when they came up with this system?
So you did the right thing. You were able to get pre-approved for financing and everyone tells you it is as good as buying with cash. Then you start looking at houses and your agent tells you that the property you want to see is ineligible for the type of financing you are approved for. What gives???
It’s smart, it’s legal, it varies with loan products, but a full seller assist (seller credit, seller concession, etc) may not be possible with certain properties. Before they met me, a client wanted to purchase a foreclosure in Montgomery County, PA. They were approved for a mortgage, they had the down payment, but their real estate agent said the bank would not provide a seller assist greater than 3% of the sale price, and they needed a 6% seller assist to cover their closing costs. The agent stated that that was out of the question and they could not make the numbers work. Well, they lost out on that opportunity and were referred to me by a past client of mine whom they had been complaining to about the scenario. So what can be done to overcome this problem in the future?
A Reverse Mortgage is one of the best financial tools out there today. It is amazing what you can do with them and the quality of life that can be had once they are put in place. There are many misconceptions that we will clear up and to start, here are some actual stories to review.
All this talk about a fiscal cliff on the news, in the paper (what is that), online, CNN, MSNBC, etc. So what is it, how does this affect you, your family, your finances? Chances are, one of these expiring tax breaks will affect you so here is a breakdown of what is going on. [Read more…]
At least 88% of prospective home buyers use the internet as an informational resource during their real estate search (Realtor.com). With popular real estate syndication sites such as Realtor.com, Trulia.com and Zillow.com as well as social media networks, consumers are able to proactively find properties on their own. It doesn’t stop at the computer. 63% of online searches result in a property walkthrough.
What do these developments mean for real estate photography? The pressure is on. Real estate agents need photography that stands out and appeals to the ultimate decision makers, home buyers. [Read more…]
When you are clicking through real estate web sites, real estate magazines, flyers and other ad mediums looking for Montgomery County homes for sale, I am sure you have come across many different styles of homes. Single family, town house, row home, twin home, carriage home, condominium, etc. You may have even come across town homes listed as condos, or even single homes as a condo. So what exactly is the difference?
I get this question frequently…exactly who can go on the deed to a property in Montgomery County PA. The answer is relatively simple….anyone! [Read more…]
Change, the one constant in life. Especially in the world of mortgages! I remember when we had “mirror-test” underwriting. Hold a mirror up to the borrower’s nose & if it fogs up, they get a loan! Well, those days are gone, as they should be. But unfortunately, certain regulators feel the way to correct things of the past are to make it more expensive. Makes sense, right? (sarcasm) [Read more…]