Real Estate Jokes

The funniest day of the year has arrived. In honor of April Fool’s Day, here are a few real estate jokes to take your mind off that housing market stress.

Seller to Agent: You’ve done such a great job describing my house in your real estate listing that I’ve decided to keep it!


Agent: Why do you have your front door leading right into the dining room?

Seller: So my relatives won’t have to come all the way inside.


A broker was dismayed when a brand new real estate office, much like his own, opened up next door and erected a huge sign which read BEST AGENTS.

He was horrified when another competitor opened up on his right and announced its arrival with an even larger sign reading LOWEST COMMISIONS.

The broker panicked, until he got an idea. He put up the biggest sign of all over his own office. It read MAIN ENTRANCE.


Home sick is what you feel every month when the mortgage is due.


If you want to know exactly where the property line is, just watch your neighbor cut the grass.


Why didn’t the hipster real estate agent show the oceanside mansion?

It was too current.


How do you save a drowning real estate agent?

Take your foot of his head.

Buying Short Sales in Wilmington, NC

Buying Short Sales in Wilmington, NCBuying a short sale in Wilmington, NC, or anywhere for that matter, is not as simple as a usual real estate transaction, and those aren’t exactly easy-breezy themselves.  Not any real estate agent can help you with a short sale either; you’ll want to make sure you’re working with an experienced short sale agent.  (Call Nilesh at 910-622-0319 for one of those if you’re in Wilmington, Leland or the surrounding areas).

Even though you’ll definitely want to have some help, we’ll outline the process of buying a short sale in Wilmington, NC here for you.

Find a short sale

Obviously, the first thing you’ll need to do is find a short sale to buy.  You can look on this website, search popular online real estate listing websites or even check courthouse records to find pre-foreclosures.

Research

A downside to short sales is that they’ve often been somewhat neglected and will need a little fixing up.  Make sure you are able to get a good look at the house to gauge how much money and effort you’ll need to put into it.  You’ll also want to find out what you can about the house and the seller.  What is the property worth?  Are there liens on the property?

Get financing

You’ll want to make sure your financing is lined up once you’ve settled on how much you want to spend on the short sale home.  Once the agreement is done lenders want to move along quickly to sell the home, sometimes closing in as little as three weeks.  If you don’t have all your money lined up, you might miss out.

Talk to the lender

When getting in touch with the lender, make sure you’re not talking to the collections department- their only concern is getting back lost money.  The department you’re looking for might be called loss mitigation or recovery.  Either way, make sure you’ve got signed (preferably notarized) permission from the current homeowner to discuss their mortgage with their lender.  The lender may have a short sale application for you to sign.

Propose and negotiate

There’s a lot that goes into the short sale proposal, and this is one of the areas where a short sale expert will help you out.  We won’t go into all the details here, but there will be a package ranging from the sales contract to the settlement statement.  Once that’s submitted, the lender will probably reject your offer and give you a counteroffer.  Make sure you have your negotiation tactics ready, including knowing the max you’re willing to pay for the short sale property.

Close it

Once everything has been agreed upon between yourself, the seller and the lender you sign some papers, shuffle some money around and congrats: you’ve got a new home at a discounted price!

This is, of course, just a brief overview of the process of buying a short sale.  A lo of complications can arise throughout, and moving quickly, as we said before, is essential.  If you’re interested in buying a short sale in Wilmington, NC, Nilesh will be glad to help.  Give him a call at 910-622-0319.

Waterford of the Carolinas; Top 6 reasons why your home as not sold

Waterford of the Carolinas; Top 6 reasons why your home as not sold….

 Mortgage interest rates are near a record low and people are buying homes every day. So, why is it that some home sell right away while others sit on the market for months and  months.?
 
1. Overpricing. The number-one reason a house or condominium does not sell is because it is over-priced. If you listed your home with the real estate agent who recommended the highest list price, they probably “bought” the listing. Now, they may be reluctant to admit that your home is over-priced.
 
Do you wonder why you’re not getting any offers? Today’s savvy home buyers will either not look at over-priced properties, or when they do, they make offers that are much lower than the market value. Home buyers are very smart and they often know more about home values than real estate agents. If your home has been on the market for more than 30 days, it’s time to review a new market analysis to check the list price against other active listings and recent sales. Then, adjust your price accordingly.
 
2. Condition of the home. The second major reason homes do not sell is their physical condition. Few home buyers want to purchase fixer-uppers. Most want a home to be in near-perfect, “model home” condition. Does your home need a fresh coat of paint or new carpeting? Is your yard and landscaping appealing? Are the windows sparkling? Is the garage clean? Have you put off making needed repairs? Take time to put your home into tip-top condition, so that all a buyer has to do is turn the key in the front door and move in.

3. Bad location. No matter how appealing a home might be, if it’s in a bad location it will not sell, or it will sell for substantially less than comparable homes in good locations. Negative location factors include bad schools, busy roads, high crime areas, poorly maintained neighboring homes, lack of public transportation, poor shopping, power lines and poor parks. The only way to compensate for a bad location is to reduce the price.
 
4. The listing agent. Few sellers realize that their listing agent could be the reason their home does not sell. Some agents are known among their colleagues as “difficult agents.” The result is that other agents do not want to show the listings of those agents unless there is nothing else to show prospective buyers. Sellers may never know that their listing agent is not liked by other agents and is hurting the home sale. Experienced, cooperative, friendly, enthusiastic and accessible listing agents are a major asset to their clients.
 
5. Poor marketing plan. Some real estate agents get the listing agreement signed, put it into the MLS and sit back to wait for other agents to bring a buyer. That’s not enough to sell a home. The best agents have a written marketing plan and they follow it to be sure the property sells.
 
Although the MLS is a powerful sales tool, other resources are essential. The best agents have Internet sites to market their listings. They also arrange broker tours, advertise each listing regularly, send out “just listed” announcements and actively network their listings with other agents. Contact Nilesh Jethwa for his marketing plans.
 
6. Difficult to show. A common saying in real estate is “If you can’t show it, you can’t sell it.” The more a home is shown, the faster it sells. And, usually the quicker the sale, the higher the selling price. The message is clear, make your home easy to show by installing a lock box. If a lock box is not feasible, ask your real estate agent to set up a procedure that will make it easy to show your home.
 
SUMMARY:  The key reasons some homes do not sell, even when the real estate market is doing very well, can be overcome with savvy marketing. Real estate agents like to show listings that are priced right, in good condition and easy to show. If your home is not selling, talk with your agent to find out why. Have your agent ask other agents who have shown your home what they think of it. For example, a modest price reduction might be all your home needs to convert it from “for sale” to “sold.”

 

POSTED BY:  NILESH JETHWA;  WATERFORD OF THE CAROLINAS REAL ESTATE

 

Nilesh Jethwa is a local REALTOR of the Wilmington and Leland area. With years of experice in  Waterford of the Carolinas. Nilesh’s enthusiasm, knowledge of the area and his personal concern for the client’s interests combine to make me an outstanding resource for your real estate transaction. I work extensively to help Buyers and Sellers meet their real estate goals..

To contact Nilesh Jethwa please click here!!

 

Creative ways to buy a home in Wilmington, NC

CREATIVE WAYS

TO BUY A HOME IN WILMINGTON, NC

 

If your credit situation is less than ideal, here are a few options for purchasing a new home:

 

1.       Research and speak with your real estate agent and lender about local, state, and national down payment programs that may be able to cover part or all of your down payment if you

Qualify.

 

2.       Arrange financing through the seller for part of or for the entire purchase price.

 

 

3.       Find a shared equity partner for your home.  A family member, friend, or third party-investor buys a portion of the home and shares any appreciation when the home is sold.

 

 

4.       Secure a loan from a family member or ask a family member to cosign on your home loan.

 

 

5.       Lease with the option to buy, which will allow you to rent for a period while you collect enough for a down payment. You will likely be able to apply part or all of the rent paid to the final purchase price.

 

6.       If you have good income and low debt, apply for a second short-term mortgage to allow for a higher down payment.

 

To learn more on how to Improve Your Credit Score Please Click Here!

 

Posted by: Nilesh Jethwa Wilmington and Leland NC Real Estate

 

 

Nilesh Jethwa is a local real estate agent in Wilmington and Leland NC. To contact Nilesh Jethwa please click here! Don’t forget to ask for his Custom Home Buying Package!!

 

 

 

 

 

The top reasons why your home as not sold Wilmington, NC

Mortgage interest rates are near a record low and people are buying homes every day. So, why is it that some home sell right away while others sit on the market for months and  months.?
 
1. Overpricing. The number-one reason a house or condominium does not sell is because it is over-priced. If you listed your home with the real estate agent who recommended the highest list price, they probably “bought” the listing. Now, they may be reluctant to admit that your home is over-priced.
 
Do you wonder why you’re not getting any offers? Today’s savvy home buyers will either not look at over-priced properties, or when they do, they make offers that are much lower than the market value. Home buyers are very smart and they often know more about home values than real estate agents. If your home has been on the market for more than 30 days, it’s time to review a new market analysis to check the list price against other active listings and recent sales. Then, adjust your price accordingly.
 
2. Condition of the home. The second major reason homes do not sell is their physical condition. Few home buyers want to purchase fixer-uppers. Most want a home to be in near-perfect, “model home” condition. Does your home need a fresh coat of paint or new carpeting? Is your yard and landscaping appealing? Are the windows sparkling? Is the garage clean? Have you put off making needed repairs? Take time to put your home into tip-top condition, so that all a buyer has to do is turn the key in the front door and move in.

3. Bad location. No matter how appealing a home might be, if it’s in a bad location it will not sell, or it will sell for substantially less than comparable homes in good locations. Negative location factors include bad schools, busy roads, high crime areas, poorly maintained neighboring homes, lack of public transportation, poor shopping, power lines and poor parks. The only way to compensate for a bad location is to reduce the price.
 
4. The listing agent. Few sellers realize that their listing agent could be the reason their home does not sell. Some agents are known among their colleagues as “difficult agents.” The result is that other agents do not want to show the listings of those agents unless there is nothing else to show prospective buyers. Sellers may never know that their listing agent is not liked by other agents and is hurting the home sale. Experienced, cooperative, friendly, enthusiastic and accessible listing agents are a major asset to their clients.
 
5. Poor marketing plan. Some real estate agents get the listing agreement signed, put it into the MLS and sit back to wait for other agents to bring a buyer. That’s not enough to sell a home. The best agents have a written marketing plan and they follow it to be sure the property sells.
 
Although the MLS is a powerful sales tool, other resources are essential. The best agents have Internet sites to market their listings. They also arrange broker tours, advertise each listing regularly, send out “just listed” announcements and actively network their listings with other agents. Contact Nilesh Jethwa for his marketing plans.
 
6. Difficult to show. A common saying in real estate is “If you can’t show it, you can’t sell it.” The more a home is shown, the faster it sells. And, usually the quicker the sale, the higher the selling price. The message is clear, make your home easy to show by installing a lock box. If a lock box is not feasible, ask your real estate agent to set up a procedure that will make it easy to show your home.
 
SUMMARY:  The key reasons some homes do not sell, even when the real estate market is doing very well, can be overcome with savvy marketing. Real estate agents like to show listings that are priced right, in good condition and easy to show. If your home is not selling, talk with your agent to find out why. Have your agent ask other agents who have shown your home what they think of it. For example, a modest price reduction might be all your home needs to convert it from “for sale” to “sold.”

 Posted Nilesh Jethwa Wilmington, NC

Nilesh Jethwa is a local real estate agent in Wilmington, NC. To contact Nilesh Jethwa please click here!

Negotiating Tips For Sellers, Wilmington NC

Negotiation is an important tool of the real estate business. To be a successful home seller you should have a basic understanding of negotiation methods, knowing the motivation of the other party and adapting to their style. You can strengthen your position as a home seller, by following these four negotiation tips.
 
1. Get your home into top condition. If your home is on the market with obvious defects such as paint, repairs, cleanup, carpets and landscaping, you can be certain prospective buyers will either not look at it, or if they do and they make an offer, it will be low.
 
Examine your home carefully. If you spot anything that a buyer can criticize, your negotiating position will be weakened. For example, if your home has peeling paint, you can be sure buyers will lower their offer by much more than a paint job would actually cost you. To negotiate from a strong position, always get your house painted inside and out before putting it on the market. See Nilesh Jethwa’s  
home staging program for more information on preparing your home for sale.
 
2. Know the market value of your home. After getting your home in the best possible condition, improve your negotiating position by determining the true market value of your home. One way is to hire a professional appraiser to evaluate your home and provide an expert opinion of the market value. The cost will be several hundred dollars for a complete appraisal, depending on the size of your home and the difficulty of appraising it. Choose an appraiser who is properly licensed and is experienced in your area.
 
Another way to determine the market value of your home is to interview several real estate agents about listing it for sale. As part of their listing presentation, each agent will prepare a written “comparative market analysis.” This report will show the recent sales prices of similar nearby homes as well as the list prices of other homes currently on the market. By comparing the reports submitted by the agents, and by checking out the comparables they use, you’ll be able to determine the market value of your home. Be sure to throw out any inflated price opinion given to you by an agent who is trying to “buy” the listing.
 
3. Relax and be patient. Another way of stating this rule is, “The one who cares the least, wins.” For example, if you must sell your home quickly because of a job transfer or to avoid a pending foreclosure, buyers will take advantage of your vulnerable situation. Give yourself plenty of time by putting your home on the market early. Sellers who get the top prices for their residences are those who have their homes in excellent condition and who do not have to sell it by a deadline.
 
They can afford the “I don’t care” attitude, so they only have to sell if they get the price and terms they really want. A good real estate agent will support you when you take this position even if it takes a little longer to sell your.

 

Posted by Nilesh Jethwa Wilmington, NC Real Estate

Nilesh Jethwa is a local real estate agent in Wilmington, NC. If you would like to contact Nilesh Jethwa or receive his free monthly market reports please click here!

Home Buying Process…. Wilmington, NC

Home Buying Process….

Here are a few tips to help you get started on your way to purchasing a new home!

1. Lender pre-approval: Begin by getting pre-approved by a reputable lender.
o Your agent should recommend three lenders to you.
o Find out what lender can offer you the best “package” to fit your needs.
o Be aware of lender fees, closing costs, down payment, interest rate, discount points, etc.

2. Do independent research: Know and understand your market and what you can afford, don’t over-extend yourself. Your agent and lender can help to guide you in the right direction.

3. Work with a reputable real estate agent: Find that reputable Realtor who will guide and help you in the buying process from start to finish. Look for someone who:
o Sits down with you and writes a Home Buying Plan. In my experience this has saved my clients time and money!
o Is technically savvy
o Well informed about neighborhoods and communities in their local market
o Makes time for you, remember YOU are the customer!

4. Know your top 3 “must have’s”: Make sure your agent is aware of you must have’s (this is a helpful time saving tip). Be flexible and remember there is no house.

5. MLS Prospecting System: Make sure your agent sets you up on the MLS Prospecting System if you have internet access. This database will open you up to all the homes for sale within your specified search criteria. You will recieve automated email updates as new homes come onto the market. This will make things easier for both you and your realtor.

6. Major Repairs: Be aware of major repairs or updates that are needed when looking at homes. These items will have a major impact on the purchase price. Some examples:
o Furnace/Air
o Electrical issues
o Pest infestations
o Mold
o Water damage
o Roof
o Plumbing
o Structural issues and more
Your agent can help to guide you on these issues and help find a local contractor to give estimates and/or treat the issues.

7. Making an offer: When making an offer, your agent should run a market analysis of the area, street and similar home sales to help you set an offer price. The agent can also find out what repairs the sellers have done so that you understand what they have spent on the home.

8. Be open to negotiations!

Posted by Nilesh Jethwa, Wilmington NC Real estate
Nilesh is a local Realtor of Wilmington, NC if you would like to contact Nilesh Jethwa click here!

Measuring The Value Of Your Home….

Whether buying, selling or refinancing, you want to determine a fair price for you home.
How do you know when fair is fair?

Having worked with many buyers and sellers in the Wilmington, Leland, Hampstead, and Castle Hayne area. This is a subject that is always brought up, and rightfully so. I truly believe that it is imperative for a seller and buyer to always have a complete picture of their local market. A Comparative Market Analysis also know as CMA is an important tool that can help you determine the estimated value of your property by comparing “apples to apples.” Since market value is determined by what a willing-and-able buyer will pay, a CMA can establish market value by comparing it to similar properties.

 

 If you are a seller, A CMA Can help you Determine:
 *Recent selling prices for homes similar to yours.
• The length of time these homes were on the market before they sold, and the length of time it will likely take for your home to sell.
• The homes you would be “competing with” should you decide to put your home on the market right away.

If you are a buyer, A CMA can help you decide:
• What to offer on a listing you want to buy

If you are refinancing:
• A CMA will give you some indication of what to expect when you have your home formally appraised.
What to look for in a CMA:
To get a complete picture of you local real estate market, have a real estate professional bring you up to speed with a CMA. The data in the CMA report should include:

* Currently available property. This means your “competition”. Remember that how you price your home relative to the competition is critical to your success. It’s good idea to visit open houses in your area to see how your home compares aesthetically.

* Pending Sales. These sales represent the most recent sales activity and will serve as “benchmarks” for the price of your home. When analyzing this data, your real estate agent will likely disregard rumors about homes selling for inflated sales prices. The actual sales price, which might not be made public until after the sale closes, could be quite lower than anticipated.

* Sales that occurred within the last 6 months.Your real estate agent will analyze these sales to determine current marketing conditions, but if the market is changing rapidly, he or she might shorten the time frame to three or four months. For each listing in your CMA, your real estate agent might find out how long it took to find a buyer for the home and if the listings took months to sell, or if the seller had to lower their price to attract a buyer. This category should include only listings that have “closed,” that is, when the title of the property has changed hands from sellers and buyers.

* Expired listings. These are listings that did not sell during the listings period and usually indicate the market’s “high water” mark. If a home doesn’t sell during a listing period, it’s likely that it was priced too high for the market.

Conducting a CMA on your own is often complicated and time-consuming. Why not save yourself the trouble and ask a local real estate agent to conduct the analysis? I have easy access to local listings and sales data in Wilmington, Leland, Hampstead, Castle Hayne, and surrounding areas. Your agent familiarity with the local market can affect the accuracy of a CMA, Particularly in a neighborhood with a lot of market variability.

 

To contact Nilesh Jethwa click here.

 Posted by Nilesh Jethwa, Wilmington, NC 

 Adapted from the Buffini and Company