#10 – Real Estate Appraisal Hacks to Get Under Contract
Don’t get outbid or underfunded due to appraisals. You might bid $20,000, $30,000, $50,000 or even $100,000 over the asking price, and it may seem obscene to you. But, if I pay $100,000 over asking, and overvalue, how long will it take to make that value back? You’ll still make it back and quickly. Denver Metro appreciate lately at double digits during the past couple of years. Will you purchase this and is this the height or is this a bubble?
We have a strong economy underneath to help ensure you will make back that additional money you spent to secure the home of your dreams. Prices of homes will not come down. Builders can’t build their way out of this because of supply chain issues.
The largest group of home buyers is 30. We have the next 2 to 3 years of supply issues to contend with. So you may be asking, “How do I get in? What are some of the hacks I can use?”
Let’s talk about appraisals.
#9 – Increasing Your Dollar Per Hour #TNBTCO
Do you know what your dollar per hour is? How do you value yourself and your time? Do you have a fear of delegation? These are just a few of the key points that this incredible panel will be speaking on at THE NEXT BIG THING. With how quickly our market moves, it’s crucial to learn time (and money) saving tactics to increase your dollar per hour.
#8 – When should you back out of a deal?
Back out now? Or stay in the game? Well, the politician’s answer is, “It depends.” Every home and buyer situation is different, so this question should be assessed as such. If you or your buyer are unsure about anything in the inspection report, are unsure of any conditions, or feel it’s just not the right move, have an “A-Team” on standby to answer questions and assess situations on a case by case basis. Get some quick tips to determine the best course of action in this episode of the Double Comma Club, “When should you back out of a deal?”
In this episode you’ll also get a taste of Nicole’s dream in an unlimited future ala Kenny Rogers.
#7 – The Advantages to Renting
Some people are better off renting. You’ll have to decide where you are today. You can go back and forth from owner to renter and back again. Please consider these big points. This episode covers:
Homeownership advantages
Disadvantages to buying
Renting Advantages
Negatives to renting
#6 – When Does It Make Sense to Buy Down The Interest Rate?
Sure you can buy your rate down, but does that actually benefit you the most? What about eliminating some debt on something with a high rate of interest or a high balance? What about mortgage insurance? Do you need it or can you buy your way out of that with the money you would have used to buy your points down? There are so many factors to consider and no one right answer. PLEASE listen to this episode to have a better list of options before you make that decision.
#5 – Lending: Reverse Mortgage Style
Agents, do you want more listings? Who do you know who is retired, nearing retirement, in an age-inappropriate home, and has equity which gives them options? Our Retirement Mortgage Specialist, Gabe Bodner joins me today and we are discussing how you can help your clients take advantage of a Reverse Mortgage, and get you more listings, especially in the crazy low inventory Denver market!
#4 – Why Are Interest Rates Rising and Affecting Affordability?
In this episode, we talk about how volatile interest rates are and what you can do to avoid the heartbreak of not qualifying for the home of your dreams. 80% of Americans 75% of their net wealth is in their singular home. What about the number of people in the 80% that don’t have a home? They just lost 75% of their opportunity to build their net wealth. They are relying on their 401K, basic savings.
What if the jump in interest rates put you at the 50% balance to debt ratio. Your options thinned out quickly. You are now high risk, with less available for a percentage down, so the interest rates are higher. You need to be strategic and bring all the options out to explore them so you can get the house of your dreams.
The situation with Russia and Ukraine is affecting the markets and the interest rates. You need to have current information and not rely on an older lender letter. You will be heartbroken when you no longer qualify for the home you are searching for. Make sure your interest rate is secure.
Interest rates are going up with the Fed too. Rates jumped up last week to over 7%.
It’s a fair question… why are interest rates rising? A combination of international politics putting a strain on inflation and large flights of safety to sell stocks, it’s causing turbulence in our market. When rates jump and move around so quickly, it affects affordability. Knowing the effects of conforming, high balance and jumbo loans are important so you can advise your clients on their next move! Listen to this episode for helpful tactics and information from Nicole Rueth.
#3 – DMAR Feb 2022 – Will Mortgage Rates Break 4% in 2022?
Interest rates have been on a downward trend since 1981 when the 30-year fixed rate hit 18.5%. Just three years ago they were almost 5%. Now, news cycles are headlining rates jumping from 2.625 to 3.25% in 2021 and climbing from 3.25 to 3.5% in 2022.
If you bought your first home in the ’80s, ’90s, or even 2000s, you’re laughing out loud when the words “jumped” and “climbing” are used with rates in the low 3’s.
The low rates in 2020 and 2021 both propelled and offset the insanity which was extreme housing demand with a limited supply. I don’t have to remind you of what happened, but it does beg the question…
Where do we go from here?
#2 – Give Your Buyers an Edge in a Competitive Market
This episode is for agents AND sellers. With inventory so tight, we have to be on point with our lending solutions because BUYERS NEED AN EDGE. Here’s what that looks like appraisal gap insurance, appraisal waivers, earnest money guarantees, and loan objection waivers. PLUS all the creative loans to match the opportunity.
What is a TBD underwrite? This is where you disclose the loan, gather all income and asset documentation, we completely underwrite that file for a particular TBD purchase price, with estimated insurance, taxes and amount down, qualify to verify income and assets, then all you need is the property. That can give you the ability to waive the loan objection. Would this help you the buyer gain an edge? You bet it will!
Nicole and her team are specialists in this to help your buyers, agents. Buyers, ask your agent to get help with this. There are more tips in this episode that will help you purchase the property you have found. This will tell people you are good as cash when it comes to the loan.
We still need to go through the inspection and appraisal process, but as a verified cash buyer you have a huge advantage. She also covers appraisal gap insurance and the logic behind it.
There are bonus tips for credit repair.
#1 – She Started a Business with the Equity in Her Homes
This story of using real estate to fund a dream makes me smile each time I think about it. I’m joined by my friend Olivia Kuynevicius, an agent with MilehiModern. It demonstrates the power of real estate and the opportunities owning a home creates. On this episode of Financing The American Dream, I and my dear friend Olivia spotlighted her client Cynthia, who just opened a coffee shop in Denver, Colorado… using the Equity in her Homes! Owning real estate quite literally opens so many doors toward financial well-being, you just have to see it for yourself! Join us for this episode spotlighting Cynthia Diaz, Owner, Tonantzin Casa de Café in Denver.
