A mortgage broker is different than dealing with a bank.
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If you walk into @Chase bank, you need to match their criteria in order to get a loan. If you don't, they will reject your loan application.
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On the other hand, a mortgage broker will shop you around to several different banks. If you don't match the criteria for one lender, no problem, they take your application to another lender.
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They keep doing that until they find a lender willing to work with you and that has the lowest rates.
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This tactic is mostly used by people with complicated financials.
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However, regular home buyers can use a mortgage broker as well. I did when I bought my home.. and I feel I got the best deal in town.
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If you are happy with @chase bank, then stick with them.
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If not, working with a mortgage broker might be a good option for you.
Cancel your real estate agents contract to avoid paying double commission.
If you fire your real estate agent and hire another one right away, you may have to pay double commission when your new agent sells your home.
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Why? Because you may still be under contract with your original agent, and you are still on the hook to pay them a commission.
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Here is what you have to do in order to break free from your original agent and avoid paying double commission.
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1) Ask your original agent to put in writing that the contract you two have has been terminated. There is a one page form provided by the California Association of Realtors that can be used.
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2) Wait until the listing contract expires. The listing agreement says when the contract ends. Look for that date and wait until that time passes. Then you are free and clear to hire another agent after that date.
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If you do not do either one of these, you are still under contract with your original agent. That means when your new agent sells your home, you have to pay the new agent her commission, and the original agent his commission.
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READ YOUR LISTING CONTRACT!
Episode 19 of The #AskDanielLosAngeles Show
On this episode, I answer the following 4 real estate questions:
1) What fees do I have to pay when selling my house?
2) I'm going to fire my real estate agent! If I sell my home through a different Realtor, do I have to pay any type of commission fees to my old agent?
3) Should we get our loan pre-approval letter from a bank or do you suggest going to a loan broker instead?
4) How do loan contingencies work when buying a home?
We have over 14,500 followers on Instagram... come join us!
Make sure the "Google Street View" is set for your home listing
For your home's listing on the MLS, did you know your agent can edit how your home looks on Google Street View?
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When you click on the Google Street View button for one of my listings, you will be placed in front of the home, looking at the property from the best angle. You can then maneuver up and down the street just as if you were standing there. It's awesome!
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I can't tell you how many times I click on another agents Google Street View button for their listing and it places me in the alley, behind that home.
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That really irritates me!
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I want to see the front of the house and the street! Most buyers do as well. It has to look perfect or else a potential buyer could decide to pass on viewing your home.
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Make sure your agent sets it up properly on the MLS so that all the other websites like Zillow, Trulia, etc, also show up looking good on their Google Street View.
Your home has dropped $20K the last 3 months
Property values are going down. I know because in the last few weeks I have sold 3 homes, have one in escrow about to close, and just got a offer rejected on another property.
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I understand the nuances of the Los Angeles real estate market.
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3 months ago you could have sold your home for $20,000 more than what you could get today.
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Read that last line again.
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The value of your home will continue to go down now that we are in a buyers market.
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If you want to get the most money possible for your home, now is the time to sell.
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I can help you sell your home for top dollar.
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Lets talk. 818-445-7953.
Home seller counter offers are used to change the terms of the buyers purchase agreement
Let's say you get an offer on your home. All the terms and contingency periods of the offer look great, but you want more money.
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Use a counter offer!
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When you counter someone, that means you have accepted all of the terms of the buyers offer, except for the items you list in your counter offer.
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So if everything about the offer looks great except for the $900,000 offer amount, your counter offer will simply say "Purchase price to be $1,000,000".
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Now the buyer knows exactly what you do not like about their offer.
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The buyer can then accept, reject, or counter you back.
Are battery operated smoke detectors good enough?
If you are preparing to sell your home, you should install the smoke detectors now and get it over with.
A retrofit company can do it, an electrician can do it, or you can do it yourself.
This needs to be signed off on BEFORE you close escrow.
To sell your home, you must install smoke detectors in the bedrooms and hallway
If the buyer for your home ends up having a terrible house fire, and you did not have smoke detectors installed prior to closing escrow, YOU ARE IN BIG TROUBLE!
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Part of the retrofit requirement when selling your home is that you have to have smoke detectors in each bedroom and in the hallway leading up to the bedroom.
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Also, if your home is 2 stories, you have to have at least one upstairs and downstairs.
you will get more money for your home in 2018 vs 2019
Homes are selling for $20k - $30k less than what they did just a couple of months ago.
Where will it be in 6 months as we go deeper and deeper into a buyers market?
Let's put a home selling game plan together now before the value of your home goes even further down.
Call me (818) 445-7953
Use a home seller property questionnaire to avoid a lawsuit
You have to disclose everything that is wrong with your property to the potential buyer of your home.
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If you don't, and the buyer finds out you were hiding something, prepare for a lawsuit.
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The easy way to disclose what is wrong with your property is to fill out a "Seller Property Questionnaire".
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This 4 page form asks you questions about defects to your property and allows you you to explain in detail what the defects are.
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By telling the buyer up front what is wrong with your property, you avoid a major headache... and lawsuit.
Home sales data from 6 months ago is useless
If you saw a similar home that's just like your home sell 6 months ago for $900K, you are probably thinking your home is worth $900K.
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And in the past few years, you would be correct to assume that.
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However, the market has drastically changed from 6 months ago.
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That data is now useless!
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Since we have turned into a buyers market, your home will not sell for the same amount the comparable home sold for 6 months ago.
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Less home buyer interest, higher interest rates, and more housing inventory will not get you the same price your neighbor got just 6 short months ago.
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You now have to price your home below the recently sold comparable properties.
Favorite Burbank home to sell this week
Original asking price: $749,000
Sold price: $888,000
Do you think adding old pictures of the home from the 1950's helps or hurts the marketing campaign? Leave a comment saying "helps" or "hurts".
You're wasting time when shopping for a home without being pre-approved first
Imagine, after 2 months of searching for a home to buy, you come across a beautiful 3 bedroom 2 bath in the neighborhood you love. And it only costs $800K! What a deal!
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So your agent says go get pre-approved and let’s put in a offer! Right away, you say!
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So your lender has all the needed documentation, and she sits you down and says congratulations, you are approved to buy a home for $700,000!
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Wait!
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What?!
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The home you want to buy is $800,000!?!?
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SORRY, YOU LOSE.
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All that time wasted searching for a home only to find out that you can't even get a loan to buy it.
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This could have all been avoided had you just been pre-approved for the loan fist.
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Now that you know this info, what are you going to do to avoid falling into this problem?
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1) Get pre-approved by a lender
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2) Go shopping for a home that has an asking price that you can afford.
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It's that easy.
Robocallers want to buy your home at a 15% discount
We have all received the call before... a pre-recorded message of a person saying they want to buy your home, all cash, for top dollar. 🤳
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Now, you know in your heart it's a scam... but in the back of your mind you are thinking... what if it's real?!🤞🏻
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Now although it could be a complete scam, chances are it's actually legit.😬
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That company will make a offer on your home, they will close quickly, and with very little headaches.🤗
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The catch?🤔
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You will have to sell your home about a 15% discount. 🤦🏻♂️
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That company will then immediately sell that home to a house flipper at about a 5% profit. The flipper puts a little money into the property and then sells it at a profit.🤑
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You see, everyone wins... except you. You did not make as much money as you could have.😯
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So next time you get a robocall, think 15% discount!😡
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Would you sell your home to a robocaller?
Here is how Redfin's "Hot Home" works
As soon as you reach "Hot Home" status, and Redfin emails your agent the link to send out the offer deadline, make sure they do it!!
Always use the "Hot Home" status to your advantage.