Bonnie Fagoh
April 2000
Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)(813) 390-7606
Copyright © 2000 Realty TimesAll Rights Reserved.
Buyer Beware - Of Other Buyers! You've found your dream house, so you'll make an acceptable offer and live happily ever after... unless another buyer beats you to the punch! In a competitive marketplace, this can not only happen, but can potentially have a far greater impact than any negotiating gambit the seller would hurl your way. Yet, more buyers erroneously fear the seller more than they do other competing buyers! That's why it's important to make sure your offer strategy includes a strong stance against other potential buyers and their offers. There are several factors that make buyer competition a threat in today's real
Mortgage RatesNational averages as of March 31, 2000:
30 yr. fixed: 8.02%15 yr. fixed: 7.66%1 yr. adj: 6.63%30 yr. jumbo: 8.37%
Get today's rates
estate market. First, in a competitive market with relatively few quality properties available, "dream home" category homes will become hot properties - often as soon as the for-sale is planted in the yard. Most buyers want
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Wondering What Your Home Is Worth?Let me show you.
How Dangerous Is It To Overpay For That Home? I n today's fast-paced seller's market, it's not uncommon for prospective buyers to find themselves in a bidding war over a house. And while it may appear an innocent move (after all, the lucky bidder gets the house!) there can be dangerous downstream effects. For example, the Petrees are in a bidding war for the house they really want and are willing to give the seller his inflated selling price of $195,000 (market value is more like $189,000) plus cave in to his demands to pick up $500 of his closing costs. It's obvious that they've thrown money away in the $500, but that's just the tip of the iceberg. By overpaying for the house, it costs them more money for the down payment on the mortgage, more in closing costs (since many mortgage costs are based on a percentage of the mortgage), not to mention thousands of dollars more in interest over the years due to the larger mortgage. All told, overpaying for the house could cost the Petrees an additional $10,000 if they own the house for ten years. But there's more. Because they purchased at an inflated price, their
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A Place Called Home, And How the Meaning has Changed I t's not enough to say that American homebuilders must build better homes and better neighborhoods these days. And it's not enough to churn out floor plans based on the 'Beaver Cleaver" concept of a working dad, stay-at-home-mom and 2.5 kids. Homebuilders are beginning to take the new versions of the American family and study them as never before, in order to determine appeal to a diverse consumer base. One of the most compelling reasons for this may be what, in essence, the American home is now being used for - one, or even two telecommuting parents, a national wellspring of home-based businesses, home schooling, or the proverbial empty nest. It's safe to say that the tradition of self-determination in this country has produced a challenge not only to the IRS, but also to homebuilders trying to accommodate the new and many uses of the American home. The home merely as the domain for eating, sleeping, family discourse and holiday celebrations is fast becoming an anomaly. Says Sherry Ahrentzen, in a recent BUILDER magazine article, "Technology allows us to shop at home via mail-order catalogs, cable television, and the Web. We watch movies off our satellite dishes and VCRs. And major industries such as health care and insurance are delivering their services into the home."
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Mortgage Payments GotYou Down? W hat if a tough-to-make mortgage payment becomes an impossible one? Is the only option foreclosure and the potential loss of your equity? Hardly. One thing most lenders learned from the savings and loan debacle is that working with mortgage consumers is important for the long-term welfare of lending institutions and the economy. But it's up to borrowers to proactively contact the lender and seek alternatives at the first sign payments fall behind. (It's interesting to note that while most lenders are happy to talk with you at any time about your loan, some loan types won't allow the lender to work out payment alternatives until the borrower has missed two payments in a row.) But eventual alternatives are available to borrowers with late payments (depending on the type of loan and lender.) These could include making interest-only or partial payments for a time and/or adding late payments to the back of the loan term. When working out payment alternatives, it's to your advantage to negotiate late fees and penalties that have accrued on delinquent amounts since they can easily total several months of additional mortgage payments added back into the loan.
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Bonnie Fagoh E-mail: bonniefagoh@century21beggins.com Web: WWW.TAMPACOASTALHOMES.com 813-390-7606
Century 21 Beggins Enterprises813-390-76066542 U. S. Hwy. 41 N.Apollo Beach, FL 33572
Equal Housing Opportunity
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