Why Using a Realtor to Purchase a Home is a Great Investment

When you utilize a Realtor to assist you in the purchase of a house, one of the first things you will realize is the peace of mind during the complete process of buying a house. Acquiring the services of a buyer’s agent will provide you an amazing amount of value, such as the services provided, information by an expert in the real estate field, and most importantly, a Realtor will maximize your negotiation leverage to ensure that you will obtain the best deal possible. A good Realtor always tries to minimize your initial cash investment and makes sure that the buyer fully understands that real estate is a borrowed-money business.

Buyer’s agents utilize their real estate experience and skills to negotiate the lowest price possible for the buyer and the best terms. Remember, you make money in real estate when you buy, not when you sell. That means you must buy real estate using wholesale prices, not retail prices.A buyer’s agent offers his or her technical knowledge of a real estate transaction. This knowledge includes the proper method for filling out the often complex contract or sales agreement and how to write the contingency clauses that are of great benefit to a buyer.

The services provided by a competent Realtor include a research of any code violations (such as illegal room additions or garage conversions), zoning violations, open permits, and last but not least, if there are any outstanding liens on the subject property. By bringing these issues to light, a buyer’s agent will eliminate any future problems and headaches if you decide to buy the property. For example, if a person buys a home without a Realtor and fails to note any open permits, a code inspector from the Building Department will come back to the property after it was sold to verify that the repairs were completed property! This means any repairs or upgrades will need to be completed and it will cause additional expenses on the property to the new owner. A Realtor's expertise will prevent that situation from ever happening.

A professional Realtor will guide you in your investment by filling out all the real estate forms necessary to finalize the transaction quickly and correctly. When the verbal negotiations are over, it's time to put everything in writing, and it is the buyer’s agent who will put it in writing and that translates as a definite power in the final negotiations.

Remember, by purchasing a house with a buyer’s agent you will get the full benefits of a skilled negotiator and a specialist with current skills in the real estate market to make the deal go smoothly and less stressful.

If you would like a free consultation and more information, please contact me, Michael Emilio Rodriguez by email and by telephone at 1-800-343-2993 x182.

How to Get Organized When Moving to a New Home

When you’re moving to a new home, it can be a stressful experience for most people. It’s a pretty big project. But if you take the time to prepare yourself and take the proper steps beforehand, you can save yourself some major headaches. Here are some tips to organize yourself before the big move:

• Make yourself a detailed checklist of everything you need to take with you. It’s a good idea to purchase a notebook just for this purpose.
• Purchase moving supplies in advance. A great list of moving supplies to have on hand are markers, boxes, tape, pocket knife, scissors, plastic storage bins, newspapers, and blankets. A hand truck would be EXCELLENT to have in this situation (makes transporting the boxes around a lot easier). Boxes can be found at your local supermarket (ask an attendent) while wardrobe boxes are a great idea to purchase for your clothes.
• Having a garage sale to sell off unwanted items (or even donating items) is a good idea while you still have time before you pack. When it comes to deciding whether to keep or get rid of something, it’s a good idea to follow the two year rule: If you haven’t used it in two years, get rid of it!
• Keep detailed records of your moving expenses. Your expenses may be tax deductible depending on the reasons for your move.
• Create a floor plan of your new home to aid during packing and on moving day.
• If you have important files on your computer, make sure to back them up on disk. Make sure you have a plan on how you’re going to move your computers, as they are very delicate pieces of equipment.

If you would like a free consultation and more information, please contact me, Michael Emilio Rodriguez by email and by telephone at 1-800-343-2993 x182.

Getting Prequalified For Your Home Loan

Getting prequalified for a mortage determines how much you can afford to pay for your home. It allows you to act as quickly as possible when you find the right home, especially when there are other interested buyers. Very importantly, it also shows the seller that you are serious about purchasing the property and that you are able to afford it.

Here are the steps to become prequalified for a mortgage:

1. Ask around and get a referral for a mortage broker. Getting a referral from your Realtor is a great place to start.

2. There are two pieces of financial information that you should have on hand. These are your gross monthly income and the total payments that you make per month (these monthly payments include car payments, credit card minimum payments, etc).

3. Finding your debt-to-income ratio is usually done along with your lender but you may wish to do this on your own also. Add your monthly debts together and compare that number with your income to find your total debt-to-income ratio. If your percentage is under 36 you're in great shape. If not, don't worry, there are ways to overcome this.

4. Your lender will take a look at your credit report with your authorization. This includes your FICO (Fair, Isaac and Company) score. This score is a system used by lenders to calculate how good your credit is.

5. Final step, have your lender write up a prequalification letter. This letter will state that your financial information is satisfactory. You are now officially prequalified and it's now time to find your dream home!

If you have any questions, please contact me, Michael Emilio Rodriguez by email and by telephone at 305-235-2621 x182.

How To Find the Best Mortgage For Your Home

1. Prequalification is definitely the first step when you decide you want to buy a home. Getting prequalified is an easy process and gives you peace of mind when shopping for your home. Prequalification begins the process of formally applying for a mortgage, and gives everyone a clear roadmap of the financial direction they are headed. Your mortgage broker (ask your Realtor for a recommendation) will give you a written prequalification done easily for you at no cost and no obligation, even over the phone!

2. You must know what is the monthly amount that you feel committing to. Talk to your mortgage broker not only about what level you qualify for but also about what you want to pay out each month and be clear on this. Find what this monthly dollar amount translates into in terms of value of home. This ensures that you won’t be wasting time looking at homes not in your price range.

3. Think about your long term goals. How long do you feel you will be owning this home? Is your income going to be changing (up or down) in the near future? In what direction are interest rates moving? These questions help determine the right mortgage amount for you.

4. Find out what prepayment privileges are available and the payment frequency options. Making frequent payments (weekly or even biweekly) can literally take years off the length of your mortgage. This will also lessen the amount of interest you pay over the term of the mortgage.

5. Two very favorable options in a mortgage are portable mortgages and assumable mortgages. Portable mortgages are permitted to be taken with you when you buy your next home. This is great because unless you’re buying a home that is much more expensive you won’t have to go through the entire mortgage process again. Assumable mortgages are great because the buyer of your home can take over your mortgage when you move to your new home. This is a powerful tool at the negotiating table which makes your home very desirable.

6. Just as you shouldn’t buy a home without a Realtor, you should also work with a mortgage broker. Mortgage brokers make an immense difference in the cost of your mortgage. What’s even better? Just like a Realtor when buying a home, you receive the services of a mortgage broker with no cost or obligation.

If you have any questions or would like more information, please contact me, Michael Emilio Rodriguez by email and by telephone at 305-235-2621 x182.

Buying Your First Home

I just received an email on a very interesting topic:

“Hi Mike, I’m looking to buy my first home in the South Florida area. Do you have any advice for first time homebuyers?" SR – Hialeah, Fl

I’ll start off by saying buying your first home can be both the scariest and most thrilling moment of your life. Being that a home is usually the largest asset and largest purchase BY FAR that most people will ever make in their entire lives, it boggles my mind that so many people won’t invest the time to learn about the homebuying process and preferably hire a professional that will use their vast knowledge to make the process go much smoother and without the headaches.

First thing. Money. Income and debt usually determine the kind of mortgage you can obtain. Cash generally is needed for the down payment and closing costs.

Second. Make a wishlist. Pretend you’re grocery shopping, only that instead of canned goods, you’re shopping for your home. Make a list of everything you want and don’t want in a home. Number of bedrooms, number of bathrooms, garage(s), and areas where you want to live or don’t live are great places to start.

Third. Start shopping! Go out with your wishlist and start looking for houses. My recommendation? Enlist the help of a real estate professional. They know the real estate law, the market, the locations, and the real estate process. Remember, the buyer does not pay the real estate commission! So you’re getting a real estate professional on your side… AT NO COST! And since a real estate transaction can be a complex, confusing, and often maddening process, you’ll be glad you have a professional at your corner!

If you’d like more information, make sure to contact me, Michael Emilio Rodriguez by email and at 305-235-2621 x182.