 7 Homebuying Mistakes to Avoid: If you’re on the housing search, sidestep these homebuyer pitfalls -by Susan Johnston for Us News & World Report
"For most people, a home is the largest purchase they’ll ever make, so choosing the wrong property can have disastrous implications for their wallets and well-being. Still, many homeowners feel a strong sense of pride in putting their mark on the property, building equity and having a place to truly call their own. Whether you’re a seasoned or first-time buyer, here’s a look at seven homebuying mistakes to avoid. 1. Using the wrong real estate agent. Just because your sister’s college roommate’s friend just got a real estate license doesn’t mean she’s the right agent for you. San Francisco real estate agent Herman Chan suggests vetting agents and looking for someone who does real estate full time and knows the local inventory. “You can lose an offer if you’re not responsive in a couple of hours,” he says. Request the agent’s sales data, and find out how he or she communicates. Chan recommends asking questions like these to gauge the agent’s tech-savyness: “Is it OK if I text you? Is it OK to DocuSign things? If I can’t make an open house on Sunday, can you shoot me a video?” If you prefer to check texts and emails on your phone, you may not want an agent who insists on faxing contracts. 2. Shopping before you get preapproved. Before you get serious about buying real estate, find out how much mortgage you qualify for and get a preapproval letter from your lender. “If you fall in love [with a property], write that offer and then find out you can’t afford it, it’s an emotional roller coaster you can’t afford,” Chan says. Many agents won’t even take buyers to showings until they have a preapproval letter for that very reason. Read the other 5 tips here!
0 Comments
Desperate buyers line up to snap up 1,992 to 2,685 square feet new homes from $800k - $900k in Southern California. Will scalpers can get in on this?! More from AOL Real Estate: In a flashback to the kind of homebuying frenzy not seen since 2008, house hunters have pitched a line of tents in Huntington Beach, Calif., in the hope of buying a brand-new home. Around a dozen pre-qualified homebuyers have literally set up camp by the still-under-constructionBrightwater Capri development in Huntington Beach -- and they've already been there for a week.  With the market sizzling, CBS has me on this morning to talk real estate in San Francisco Hermanity-style. Enjoy!
Did you know that home inspections are not regulated by the state? It's kinda scary to know any Joe Schmo could call themselves a home inspector and advice you on the biggest purchase of your life. (Even I could claim I'm a home inspector...I can't hammer a nail to save my life! Gotta protect my Lee Press-Ons). To ensure you get a qualified inspector, make sure:
Let's say you are in the middle of buying a house, but find out mid-way that the place needs a new $50,000 foundation? You are under contract and might lose your deposit money! How do you avoid this mess? Be sure your purchase agreement has an inspection contingency period for you to do your due diligence. Without that clause, the seller might keep your deposit for damages if you try to back out. It can get nasty quick! Contingent Upon Inspection Definition -- powered by ehow After searching high and low for your dream home, you can't keep it to yourself, right? You have to show off, er, I mean share it with your friends and family! Here are some of my ideas for eHow.com. How to Announce a New Home Purchase -- powered by ehow   Gay Parent Magazine interviews me about real estate for the LGBTQ community. What's my #1 tip for gay/lesbian buyers? Why it's the Year of the Landlord? What about homophobic sellers? Any advantage to owning property as gay married couple? For my answers, click here for full issue (see pg 17). FYI, big file.
It's not just celebs like Elton John, Ricky Martin, Neil Patrick Harris, Rosie, etc. but I can't believe so many of my gay friends are poppin' out babies. Maybe I'll be next...if I ever find Mr. Right. Although I can't wait forever. At this rate, I might have to do it solo! I can't let these cheekbones go to waste!  Cash Buyers Squeezing Out Traditional Home Seekers (NPR), Cash Buyers Are 'Mopping Up Inventory' (Realtor Magazine), Cash Buyers Lift Housing (WSJ). Clearly, it's all about the Benjamin's! I can personally attest to this from my SF/Silicon Valley clients. The amount of dough in this area is unbelievable! As the main portal to Asia and mecca of tech industry, all cash offers are dominated by Asian and tech buyers. Who are the primary all cash buyers in your market?
 I blogged last September about my friend Adam's company ClearHouse which offers un-biased pre-inspections. I'm a huge advocate of knowing the condition of a property upfront. It can save a deal from painful surprises & tense negotiations mid-transaction!
In 5 months, ClearHouse was not only written up on AGbeat.com ("ClearHouse adds transparency to home inspections, improves process"), but made their top 60 Genius Brands to Watch in 2012. And now they have just given a clean crisp make-over to their website with new videos and FAQ! Check it out. Kudos!  What with the job market so tough and the ever increasing cost of living, how do you kids afford to buy a home? It's darn near impossible, unless you scrimp and save through your 20's (who wants to live off Top Ramen?), or live w/ parents to save on rent (Social/sex life tanks!) or if you're a trust fund baby (Jealous!).
CNN Money spotlights 5 scenarios where parents help kids buy homes, ranging from paying out right in cash to lending money to their kids interest free. I've noticed this trend in the market, especially in more pricey areas like San Francisco, whose average sales prices is near $700k. Do you think this is a function of Baby Boomer spoiling adults kids? Or wise investment decision for their kids?  The rental market is on fire! Many homeowners got burned from the foreclosure crisis, so now they would just rather rent. Lots of Millenials can't find a good paying job to buy a house, so they have to rent. And people in general have lost faith in the value of owning a home. Don't have to be brain surgeon to see we've become Generation Rent!
If you are on the prowl for rental property, now is the time to jump into. Due to the aforementioned factors, rents are rising as demand for rentals increase. Owning rental property can be advantageous, but it can also be a headache, especially with tenants. Read my new article on Yahoo! Finance: How I Avoid Common Problems With My Tenants. You'll be chummy with your renters like Mr. Furley before you know it! 
What a great interview with the Epoch Times!
Since their readership is primarily Chinese, they asked me about social media as it relates to real estate to the Asian market. I said that culturally Asian clients tend to be private low-key and it goes against their tendency to overly share...but sharing is the whole premise of social media. It is important for Asian agents and clients to remain open to receiving and dispersing information this way to stay on top of the ever changing market We also discussed the importance weighing all factors in buying and selling a property. A good neighborhood does not guarantee a sale. Nor does a perfect condition home. With buyers being so picky (and especially with all cash buyers and/investors from Asia), it's got to be a great area, turn key condition, and attractive price for them to pull the trigger. Otherwise, they'll pass & wait for another good buy to hit. Oh, can I just say this is my new favorite portrait! The lines, color, lighting and my hair are epic! 謝謝 to photographer Will Taylor for making me prettier than I really am. (It's no surprise he shot with world famous photographer David LaChapelle this summer!) If any of you deal with Asian clients, what has your experience been like? Let's compare notes!  This may ruffle some feathers in realtor circles, but hey, that's never stopped me before! How many times have you heard an agent proclaim to much fanfare that they are an Area Specialist? When I hear that, I can't help but roll my eyes. Read why in my latest column for Agent Genius Local expertise is good, right? There is something to be said about local knowledge, but honestly folks, isn’t the term “Area Specialist” just a marketing angle for some agents? These self-anointed neighborhood experts brand themselves out the wazoo to their farm. To drum up business, they talk up how they know this zip code like the back of their hand, how they know every nook & cranny within a five block radius, how they are the go-to agent for all the locals, blah blah blah. They live, breath & reproduce in that neighborhood! OK, I get it. For some agents, that is their hook, which is fine and dandy. Everyone’s got their schtick. But, how many times have you seen a self-dubbed “Area Specialist” get riled up for you taking a listing in “their” farm? They get possessive about anyone stepping onto “their” turf. (Excuse me, I don’t see your name on street sign!) And yet despite their PR about the importance of working with an Area Specialist, they’ll snap up a listing across town without batting an eyelash. It just comes off to me as a sales gimmick, a mere marketing ploy. Because if they practiced what they preached, then they wouldn’t take that listing outside their area. You can’t have it both ways, folks! The inherent problem Ergo, that’s the inherent problem with labeling yourself an “Area Specialist.” You convince a buyer to work with you because you know the area the best. But what if their search ends up in a neighborhood clear across town? Your cred is shot. Based on your logic, they should no longer work with you. Are you really going to give up the last six months of work you put in? Doubt it. On the listing side, I don’t know a single Area Specialist who’d turn down a million dollar property because it is outside their geographic bubble (all of a sudden they aren’t an “Area Specialist,” they’re a “Luxury Specialist”). My point is that agents who flagrantly label themselves as Area Specialists run the danger of painting themselves into a corner. They end up looking like hypocrites the second they do business outside their area. Am I wrong? If you can stomach anymore, my other articles for Agent Genius can be found here. Enjoy!  LogoTV viewer writes to Hermanity: QUESTION: The house we're buying has chimney damage. My agent says we should focus on our loan instead? Is that right? ANSWER: Yikes, your agent just wants to sweep the chimney under the rug & focus on his commission! Watch my video for the 3 steps you need to take ASAP! Remember guys, you are the client. Your agent is supposed to always have your back & protect your best interests. A great realtors does what is right for you, not for their wallet! Have you come across any agents who were looking out for themselves more than you? Vent here!  Wow! That hour just flew by! What a blast being interviewed by Priscilla Leona, host of entertainment talk show Question Reality! With past celeb guests like pop star Ari Gold & Project Runway's Jack Mackenroth it's no wonder there is 6 month wait list for her show. In our informative & campy chat, we discuss the real estate & entertainment industries: *Will Herman be the next host for Property Virgins on HGTV? *Are the agents on Bravo's Million Dollar Listing any better than us normal agents? *If you're an actor/model, can you juggle a real estate career part time? Listen to the full interview here! Did you learn anything? LMK!  Ever come across a helicopter seller? Hovers over you in each room, chirps in your ear non-stop , praises their house to high heaven? Give it a rest! Q: Whenever a buyer makes a private appointment to see my house, I make sure I am there to answer all their questions. After all, I know my house better than anyone! Well, a buyer asked for a second visit, but he just wants himself and his agent there and not me. What is up with that?! -Jonah A: Sometimes a seller and buyer will meet briefly during a showing – but personally, I prefer they don’t! Read the rest of my sassy sage advice here   Depending on who you ask, mixing business with pleasure is sometimes called networking....and sometimes it is called a train wreck! There are definite pros and cons to using a friend for business. Read my advice column for this reader on 365gay LogoTV Online.
Question: For our loan, should we use our banker down the street? We’ve known him for years so we trust him. But should we still shop around? – Jillian in Alabama Have any of your friendships soured over a business deal? Let me know. Gimme the gossip! This is a commonly asked question I get from buyers, and I am sooooo glad I got a chance to answer this for LOGO's viewers.
VIEWER QUESTION: We're buying a new construction house. Do we still need to do an inspection? HERMANITY ANSWER: I don't get this. People are willing to spend 1/2 a million bucks for a house, but can't bear to spend couple hundred dollars for an inspection. It's small price to pay for peace of mind folks.... Want to learn how an inspection can get you more from the builder/developer? Watch til the end of my clip for my hot tip! Have you ever waived an inspection and lived to regret it? Post your comments here or on LOGO's site here. My first video for TV cable channel LOGO's website dropped tonight! I'm giddy to partake in Ask An Expert (By the way, I love the company I am keeping below!)   My article for 429 Magazine about the 7 things LGBT buyers should be aware of when purchasing a home. Read it here.
1. The Right Representation 2. Vet your Agent 3. Branching out Beyond the Gayborhoods 4. Location: Better Safe than Sorry 5. Different forms of ownership 6. Downpayment dilemma 7. Get it in writing! Another video response to a viewer question. This viewer is asking me about buying a place with her mother-in-law. What do you think? Have you bought property with your in-laws? Let me guess...you're divorced now.
At any rate, I predict only disaster! (Although I'm not married so technically, I really have no point of reference!) |
As Seen On
Archives
July 2016
Categories
All
Blogroll
Real Estalker |
