Real Estate Agent Interview Checklist - How to Interview & Choose the Best Real Estate Agent For You

Many people contact me to ask me how to choose the best Real Estate Agent. Choosing the correct Agent can be a daunting task, especially in this economy. With so many foreclosures, short sales, REOs and distressed properties in the market, it makes a potential home buyer's head spin! I have compiled a "checklist" of sorts and put it here for you, Mr. or Ms. Future Homeowner, to use when trying to decide on a Real Estate Agent.

Here is a list of questions and topics you should definitely discuss with an agent you are considering using:
As my Agent, what are the services you will provide me?

This question is meant to be open ended. That Agent sitting across from you is going to make a commission of the sale/purchase of your next home. You will want to know exactly what he or she has to offer. From a sales plan, if you are a seller to a detailed report of the area you are looking to buy in, if you are a Buyer; your Agent should be able to anticipate and address each and every one of your needs and concerns.

What is your plan of action with regard to locating a home for me to purchase?

As a Buyer, you know basically what you want.. but you do not what you do not know. That means your Agent should fill in those blanks. Your Agent should be ready and capable of doing research for you. Do you have children? Your Agent should be prepared with information on the appropriate schools in the area. Are you a jogger? Your Agent should be prepared to show you points of interest that will be in your neighborhood.

How much time will you give me?

We, as Real Estate Agents, LOVE TO TALK. More than talking, we love to talk about ourselves and what we can do. Make sure that when you are having this conversation with your prospective Agent, he/she can talk about what he/she can do FOR YOU and not what he/she has done in the PAST. You do not need to know how he/she did last year, you want to know what he/she is doing this month and how much time he/she has to devote to your needs. An Agent with 20 listings and 10 prospective buyers may not be able to give you the same level of service that an Agent with 2 listings and 2 buyers will be able to give you. Remember, you are looking for a HOME not a pair of shoes...you don't need to scrape the bottom of the bargain bin on this one!

What is the price range you propose for me?

Now this may sound odd to you. Why would you ask your Agent about price ranges when he/she has no idea about your financials. This is where the benefit of working with an Agent that is affiliated with a Broker who has a standing relationship, and in some cases even a dedicated representative, at a Direct Lender comes in handy. When you work with Agents that have outstanding working relationships with Lenders, you get the best of everything in one shot. Your Agent will be able to work with his/her representative at the Lender to make sure your pre-approval letter is ready to go when making offers. When you know how much loan you can get, you know how much home you can buy!

As a Buyer, you will not be paying your Agent, because Buyer's Agents' commissions come from the Seller's proceeds. Even so, you will still need an Agent who will be able to represent your needs accurately and efficiently, while providing you with EXCELLENT customer service. If you encounter an Agent that is not treating you well, GET RID OF HIM/HER - there are too many Agents out there who will be MORE than happy to serve you to the best of their abilities.

Mitra Karimi, President Crestico Realty http://www.crestico.com

Hope For Homeowners

The Hope for Homeowners program is what is being broadcast as the last hope for America's Homeowners. Do you have a question about it? Read on for more information!

As of November 19th, 2008 many changes have been made to the lending system in this country. Primarily, the loan to value ratio (LTV) has been increased from 90% to 96.50% for borrowers whose monthly mortgage payments are no more than 31 percent of their monthly gross income. Next, the process to remove subordinate liens has been simplified. Payments made up front are now allowed to motivate lien holders to give their consent and release the liens; thereby making more borrowers eligible for the program. Also, the terms of financing have been expanded and now incorporate 30 and 40 year amortization schedules, thereby reducing payments amounts.

The "HOPE for Homeowners Act of 2008" creates a new Federal Housing Administration program that will back FHA-insured mortgages to borrowers that are facing problems and stress as a result of their housing situation. New mortgages that will be offered by FHA-approved lenders will encourage and implement the refinancing of abusive, unfair and malicious loans to dramatically improved terms that will allow distressed homeowners who are having difficulty making their mortgage payments some breathing room and enable them to keep their homes and families intact.

If you or anyone you know is facing difficulties when it comes to making their monthly mortgage payments, NOW is the time to act. If you have any questions regarding how this program could work for you, contact your local real estate agent who can help you start saving your future today!

Mitra Karimi, President Crestico Realty http://www.crestico.com

Fannie Mae and Freddie Mac - Who Are They and Why Do We Need Them?

The National Association of Realtors has a message it would like to get across and that message is that "America needs Fannie and Freddie." Who are these people that we have been hearing a lot about in the news lately? They are Fannie Mae and Freddie Mac.

According to Realtor Frances Martinez who was the speaker representative at a House Financial Services Subcommittee hearing on June 3, 2009, "Fannie Mae and Freddie Mac serve an important role in expanding homeownership and providing a solid foundation for our nation's housing financial system...Unlike private secondary market investors, Fannie and Freddie remain active in housing markets during downturns, using their federal ties to facilitate mortgage finance and support homeownership opportunities for all qualified borrowers."

Fannie and Freddie are government sponsored organizations that basically insure the success of our nation's housing system, the cornerstone of our economy. Fannie and Freddie work to make sure that all Americans have and will continue to have access to the fair and affordable mortgages. Just think, without Fannie and Freddie, when the market crashed, there would have been no alternative and all housing sales would have essentially come to a dead stop and this would have thrown our country into a deeper economic crisis.

All in all, Fannie and Freddie basically guarantee that there will be a secondary mortgage markets where people can safely and securely buy their homes and achieve the American dream. Getting a mortgage can be a scary thing. Thankfully, we have a country, a government and a system in place to make sure that the days of predatory lending and fraudulent behaviors in the lending industry are behind us.

Mitra Karimi, President Crestico Realty http://www.crestico.com

Short Sale Real Estate Agents - A Tall Order

The state of today's housing market leaves us all with something to be desired... but what we crave most is a GOOD DEAL. Whether you are a current homeowner, a former homeowner or a future homeowner; knowing what a short sale is and how you can make it work for you can help you save and make tons of money!

Now, if you're a homeowner facing foreclosure, this may be a great way for you to save yourself from the pain and drama of going through a foreclosure. If you're a buyer - you're in luck! Buying a short sale may save you tens of thousands of dollars on your dream home! If you're a current homeowner, not facing foreclosure, buying a short sale may just be that second home (and extra income) you can use to help you retire sooner!

To get started, you will need an agent. But not just ANY agent will do. You will need a specialist. Not just any agent can be a short sale specialist, although many will call themselves just that. You need an agent who is an EXPERT negotiator to deal with a short sale.

First, let's explain what exactly, this type of transaction is. Basically imagine a homeowner owes $500,000 on his home but can no longer make the payments and foreclosure is around the corner. You, as a buyer, can make an offer to the Lender that owns the bank for $400,000 and if you get approved, you've save the homeowner from foreclosure and pocketed a nice $100,000 savings! Extending yourself to distressed homeowners is a great way to be most successful at securing an approval. We have found that homeowners who are more than three payments behind on their mortgages are generally more amenable to such a transaction (and so are their lenders!).

Your agent will be KEY in getting an approval from the bank for you, which is why you must pick the right one! The agent handles negotiations with the bank and make sure that you are truly getting your money's worth.

For more information on how to find the best agent for you, click on the link below!

Mitra Karimi, President Crestico Realty http://www.crestico.com

Making Home Affordable: Obama’s New Program To Help Distressed Homeowners Facing Foreclosure

Making Home Affordable: Obama's New Program To Help Homeowners

President Barack Obama has introduced many ideas and programs in efforts to provide guidance and aid to the millions of struggling homeowners in this country. The sub prime mortgage crisis, fueled by the greed and often negligence of the lending industry's major players has left millions of homeowners facing the worrisome prospect of losing their homes.

On February 18, 2009, President Obama introduced the nation to his housing plan. This plan involves several programs which are designed to help over seven million families potentially facing foreclosure to avoid the grief and stress of a foreclosure by giving them options. These options will include either refinancing or modifying their existing mortgages in hopes of ultimately making those mortgages become affordable and bearable once again. Additionally, Obama's program intends to reinforce and revitalize the federal government's commitment to Government Sponsored Entities, Fannie Mae and Freddie Mac, leaders in the secondary mortgage market.

On March 4, 2009, President Obama's administration released news and information that detailed the intricacies of the program and provided guidance on the Making Home Affordable Program.

While there are several characteristics and facets of this program, the main points for homeowners to know are listed below.

1. The Home Affordable Refinance Program. Under this program, eligible borrowers may refinance loans that Fannie Mae or Freddie Mac (the government sponsored enterprises, or GSEs) own or guarantee. The program can help homeowner-occupants who are current in making loan payments and have loan-to-value ratios (LTVs) above 80 percent but not more than 105 percent. Cash out refinancings are not permitted. The program ends in June 2010.

2. The Home Affordable Modification Program. This is a $75 billion program with lender, servicer, investor, and borrower incentives to make it work. The program is limited to homeowner-occupants who are at risk of default or already in default and who have loans at or below the maximum GSE conforming loan limit of $729,750 (or higher for 2-, 3-, and 4-unit properties). Loan modifications under the program may be made until December 31, 2012.

3. More Support for the GSEs. President Obama also announced more support for the GSEs, including doubling of potential Treasury investment from $100 billion to $200 billion for each GSE, to maintain their positive net worth. The plan also raises the cap on mortgages that the GSEs may hold in their portfolios by $50 billion to $900 billion.

Ultimately, this program intends to set this country back on the path to growth, profitability and success. Hopefully, with the government's continued support and diligence on the part of homeowners, we, as a nation, will begin to see the signs of recovery soon.

The Mortgage Crisis: Who Fannie and Freddie Are and Why We Need Them to Help Us With Our Mortgages

The National Association of Realtors has a message it would like to get across and that message is that "America needs Fannie and Freddie." Who are these people that we have been hearing a lot about in the news lately? They are Fannie Mae and Freddie Mac.

According to Realtor Frances Martinez who was the speaker representative at a House Financial Services Subcommittee hearing on June 3, 2009, "Fannie Mae and Freddie Mac serve an important role in expanding homeownership and providing a solid foundation for our nation's housing financial system...Unlike private secondary market investors, Fannie and Freddie remain active in housing markets during downturns, using their federal ties to facilitate mortgage finance and support homeownership opportunities for all qualified borrowers."
Fannie and Freddie are government sponsored organizations that basically insure the success of our nation's housing system, the cornerstone of our economy. Fannie and Freddie work to make sure that all Americans have and will continue to have access to the fair and affordable mortgages. Just think, without Fannie and Freddie, when the market crashed, there would have been no alternative and all housing sales would have essentially come to a dead stop and this would have thrown our country into a deeper economic crisis.

All in all, Fannie and Freddie basically guarantee that there will be a secondary mortgage markets where people can safely and securely buy their homes and achieve the American dream. Getting a mortgage can be a scary thing. Thankfully, we have a country, a government and a system in place to make sure that the days of predatory lending and fraudulent behaviors in the lending industry are behind us.

How To Start The Home Buying Process

Starting the Home Buying process

Choose a professional who specializes in residential real estate. She or he should have specific knowledge of the local real estate and mortgage markets.

Consider references carefully. An experienced, confident Agent can provide you with names of recent buyers in your market with whom he or she has worked.

Select a professional who will listen to you. Your Agent should be interested enough in you to find out about you and your housing needs and preferences.

Select a professional who puts service first. Strong customer service is key in today's real estate business. For Crestico Real Estate Agents, this service goes above and beyond giving buyers only what they expect and need. Your Crestico Real Estate Agent can show you any house that's for sale in your market - not just the homes listed by our company. If you see a house for sale that you like, arrange a viewing through us.