Josiah Boone

Buying Real Estate – Putting it All Together

Josiah Boone — Thu, 13 Oct 2011 20:07:07 +0000

An old friend emailed me out of the blue today. His email read,

“Good morning Josiah. How were your Holidays? My girlfriend and I are going to start looking for a house. Our lease is up in May and we would like to have an idea of what we want by that time…possibly even buy if we can find the right home.”

It went on to say, “We are both first time home buyers, so this is new to both of us.” And, “Where do we go from here?”

What a good question, “where do we go from here?” Well I recommend that you get in contact with your Realtor. If you don’t have one, find one. You want someone that you trust, someone that values your business but does not necessarily need it.

Your Realtor should be an excellent source of information for you, should help you arrange your financing, help you locate a home, negotiate a fair or better-than-fair price for you, and guide you through the process of finalizing the home sale.

This video will help you understand a little bit more about the home buying process and what your Realtor will do for you.

For current, up-to-the-minute listings, current mortgage rates, mortgage qualifier tool and more visit my website www.josiahboone.com. If you have any questions leave a comment, email, call, or IM me, I’m always hear to help!

10 Mistakes that Sellers Make

Josiah Boone — Thu, 13 Oct 2011 19:43:48 +0000

I love my job, I get to go out and look at homes almost every day. But it has always struck me as odd that nearly every time I do I find something on the outside or inside of the home that dramatically reduces my opinion of the value of the home.

Now, I’m pretty objective and after doing this for years I know I have become somewhat immune to the pet odor, nic-nacks, dirty carpets, and other things that ruin the impression and value of a home. But what about the buyer that I’m showing the home too?

I know from personal experience that anything I see, smell or otherwise notice my buyer is noticing 10 fold. After all, this could be the house they ultimately end up living in, raising their family in, retiring in…..you get the point.

In this video you’ll see 10 common mistakes that sellers make and why you should avoid them. If you won’t do it for yourself, and ultimately your bottom line will you do it for me? Please!

Short Sale & Foreclosure Comparison

Josiah Boone — Thu, 13 Oct 2011 19:40:26 +0000

“What is the difference between a short sale and a foreclosure ?” “What affect will a short sale or foreclosure have on my financial future?”

These are great questions to ask.

So let me explain to you some of the key differences and compare them in a few different categories.

Short Sale: Basically when a person needs to sell their home for less than what they owe on the house.

Foreclosure: When a homeowner is not making timely payments the bank or lien holder may decide to take back possession of the home through the process of foreclosure.

When it comes to your Credit Score:

While a successful short sale can effect your credit score for approximately 12-18 months, a foreclosure may affect your credit score for over 3 years. A short sale may lower your score by about 50 points, while a foreclosure could lower your score by about 200-400 points.

When it comes to your Credit History:

When you accomplish a successful short sale it’s possible that it may not be reported on your personal credit history, but with a foreclosure your credit history could reflect this for 7 or more years.

When it comes to your Future Employment:

When seeking new employment most employers require a credit check. Having a short sale on your credit report may not create a problem for your employment, however having a foreclosure on your report, could be detrimental.

If you are facing the tough decision about whether to consider a short sale or risk having your home foreclosed on, please let me know. I’d be happy to help you navigate through the details of each option and help you determine which option may be best for you.

Information provided by: Pacific Northwest Title

The Mystery of the FSBO Illusion Revealed

Josiah Boone — Thu, 13 Oct 2011 19:38:24 +0000

As an agent it seems as though I hear about a couple or individual that is planning to sell their home FSBO almost every day. Generally the reasoning is that, “Hey, it’s not rocket science and I’d sure love to save myself the fee.” which does make some amount of sense on the surface. But are you really saving any money? In the same way that a FSBO owner is trying to save money, so too is the buyer. Any savvy buyer knows that a FSBO is not paying a fee to a broker, so why would they pay a price that is comparable to that of a home that has broker representation (which is what the FSBO used to arrive at their price)? You’re right, they wouldn’t.

So for example if a FSBO is priced at $200,000 and is priced comparatively to other homes listed with brokers with a 6% real estate fee built in, the FSBO Illusion would tell you that you’d save $12,000 in fees. But again the buyer knows this and they want a piece of the action right? I sure would! So if there is no representation on either side therein lies the FSBO Illusion; there are no savings! Ultimately the savvy buyer and the FSBO seller negotiate a price of $188,000 since the price is not inflated to cover the cost of professional help. The FSBO simply sells their home for less and in the process does a whole lot of work marketing, opening the door to strangers, potentially opening themselves up to significant legal issues, and countless hours of paperwork to save $0.00 dollars. Oh yeah, did I mention that statistics show that on average a Realtor nets the seller 16% more for their home? Pretty simple math, huh? The FSBO Illusion… Don’t be fooled.

10 Stupid Mistakes that Buyers Make

Josiah Boone — Thu, 13 Oct 2011 19:37:27 +0000

Mistake Number 1

Not choosing an agent who is committed to forming a strong business relationship with you.

HOW TO AVOID IT
Making a connection with the right real estate agent is crucial. Choose a professional who is dedicated to serving your needs- before, during and after the sale.

Mistake Number 2

Making an offer on a home without being pre-qualified.

HOW TO AVOID IT
Pre-qualification will make your life easier. Take the time to talk with a bank or mortgage representative. Preferably one that your agent referred to you. They will ask you specific questions with regard to your income, debt and other factors that will help you determine the price range that you can afford. It is one of the most important steps on the path to home ownership. Not to mention that many agents and sellers will require that you handle your financing up front.

Mistake Number 3

Not knowing the total costs involved.

HOW TO AVOID IT
Early in the buying process your mortgage representative should give you an estimate of your closing costs. If they don’t, be sure to ask for one.

Mistake Number 4

Limiting your search to open houses, ads or the internet.

HOW TO AVOID IT
Many homes listed in magazines or on the internet have already been sold. Your best course of action is to contact your agent. They have up-to-date information that is unavailable to the general public, and they are the best resource to help you find the home you want.

Mistake Number 5

Thinking there is only one perfect house out there.

HOW TO AVOID IT
Buying a home is a process of elimination, not selection. New properties arrive on the market every day, so be open to all possibilities.

Mistake Number 6

Not considering long-term needs.

HOW TO AVOID IT

It is important to think ahead. Will your home suit your needs 3-5 years from now? How about 5-10 years?

Mistake Number 7

Not following through on due diligence.

HOW TO AVOID IT
Make a list of any concerns you have relating to issues such as crime rates, schools, power lines, neighbors, environmental conditions, etc. Then, attempt to find the answers and be sure that you’re comfortable with the answers
(or lack thereof).

Mistake Number 8

Not having a home inspection.

HOW TO AVOID IT
Trying to save money or time today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers will never even notice.

Mistake Number 9

Not examining insurance issues.

HOW TO AVOID IT
Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.

Mistake Number 10

Not purchasing a home protection plan.

HOW TO AVOID IT
This is essentially a mini insurance policy that usually lasts one year from the date of the sale. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to you agent to help you find a plan that fits your needs.