How To Prepare For The Spring Selling Season

Your Real Estate Today
Saturday, March 10th

Sandy Dickinson of Summit Funding joins Paul to discuss how to prepare for the spring selling season and answer listener questions.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Advice provided on the following program is on an. Individual basis as they should not consider today's discussion as a recommendation for any investment and she carefully evaluate before investing. DC surely listen each. Who's talking eleven. Would you each. Hello and welcome to include illustrates a Graham poll Jamison. Your post. Pleasure whether a senator glad to be talking about my favorite subject on this sunny bright Saturday. It is of course about real estate so thank you for tuning in if you're a long time listener welcome back if you're a first time Lesnar. Welcome. We're glad to have yeah. And we're gonna talk today about real estate we are alive I'm here with sandy Dickinson was so much funding hey sandy thanks for being able admitted that he analysts love it. Yeah I love having yet. We our lives so here's kind of how it works if your first time. 704. 57011107045701110. John moral graciously pick up the phone he doesn't have much time. Briefly given your quick question a return phone number in case we lose you. And if you have a real estate question I'll mortgage question. And and property investment question. Anything having to do with real estate and mortgages that we can answer for you we will. And that's the purpose of a spin here we certainly got lots of talk about so stay with us. But Jon get your question you'll come on the air or less we'll talk about it and I'm sure if you're thinking that somebody else's student so here's a number again 704. 5701110704571110. Okay. All right. Sandy I was thinking about what you are we're gonna talk about this weekend and some of that is that is about preparedness. How can we get ready. For this spring market that's getting ready to come and so from. Your perspective I wanna I wanna spend a little bit of time talking about how to prepare. For the mortgage and there's some real key things. Before or when you're getting ready to talk to the lender that you wanna have. Ready and things you wanna do. But I also found just a few trivial facts are that we throughout their first man yeah as well as OK all right. Do you know. That if you stay out in the cold. Shiver and for fifteen minutes. That you burn as much. Fact. As one hour of exercise. My. Am I now. So if you have a walk in freezer to. Forget about the exercise bike just climb. Is not the people not knowing not where a little bit and then that's your there are there are. All right here's another one. Prehistoric. Women who were surprisingly. Strong. Neolithic women. From some 7000. Years ago had arm bones are eleven to 16%. Stronger. Then those of the modern elite female athletes in their twenties. This means that prehistoric women that were nearly 30%. Stronger. Math. It would. Yeah well. I'm I don't wanna know the men statistic didn't publish it so I can already guess what that is okay. And more last but not least somewhat like this one some shall not. However I have to do like. Dogs. Are smarter than cats. The cerebral cortex of adult brain contains significantly more neurons. The cells associated with thinking planning and complex behavior. Then does the cerebral cortex of a cat. Dogs have about 530. Million quartet called neurons. Cats about 250. Million. Humans about sixteen million. Hence. Dogs are twice as Smart. As cat. I'm surprised. As to catch fish fell. In Sydney Games include it and now safely and I'd. I. Well there's street smarts and and they're Smart Smart. Road trip that's so so you know Smart is a relative term. Then. Have been called. A Smart jumper and it left many times. Okay. All right. Couple of other quick tidbits about the hottest trends and everybody always wants to know I didn't want our hot trends for 2018. In the areas of the kitchen. Okay are you ready for this up and casing and this is gonna shock him again. Granite. Is out. That granite how would you know what sin. Marble. Hill I did like mom and you would have thought. Marble. Would be over the top. And it cost about sixty dollars a square foot. Which. Is not very different than granite that would that would be more expensive to courts. Is also. Try to pin there and it's about that same price. Bart. You can buy some quarks up to a 115. Dollars a square foot so marble start to look better now I guess my question would be. As long as it's not that marvel at a court has arisen that everybody has in their banker whom you may remember that. Yeah it does college and a man that in real marble that would be. Marble spelled MA RB EAL and bet you know cut alike to break overall X gold robe backs you know those were probably well it would be art other. Art kitchen trends that are Gant and here's another one that doesn't especially meaning kitchen trend but I guess that means could be in the kitchen. They cute character guy had had a good run. Potted palms and fiddle leaf pigs are in. So they're going for the more leafy plants now. How about that I like that okay. Bid adieu to the cold light cabinets. Right. The medium hue and light wood cabinets are supposed to be in for 2018. Particularly with flat fronts and clean lines. To create a warmer. More welcoming atmosphere. And one quick way not to have to redo those cabinets the most expensive way which is replacing them is to look at doing the re faced now. People don't know that reefs face that's pretty good stuff. I think there's a guy on WBT that it's called America would brief face I think they're one of the advertisers they did one of the houses for us. They did a really good job you really can't tell. But they do great okay and here's another one it says trade your bar cart for a coffee cart. Why don't have either only eat there an 81 I did see a bar carton house yet another house the other day. Atomic get rid of it in time for coffee at Torrey and sell and so you probably don't care. All right other kinds of things. Matte metal hardware will be coming him. Matt metal hardware is a great compliment they say to the previously selected to. Medium wood cabinets. Aren't. Also. If you can't afford cabinet re facing you wanna get rid of those white cabinets. You can add a little color to the room with paint instead accent colors in strategic places for example. Painting island cabinets are calling blue can add vibrancy. And texture to a room that might otherwise steal and inviting. Prices for those kinds of paint jobs can range from 356. Dollars to 958. Dollars. It seems cheap but yeah. They trade some candidates won did you how'd that turn out as ticket NASA can't you know if painting runs were fashionable. My paint and got off. Hey can come and you know a lot of people give a lot of grief and then we're gonna start the next segment with you sandy. A lot of people. John how much time we have here. Okay how he wants me to wrap up many right everybody hates. The brass I like the brass and it still has a good anti germ qualities too and some are active all right so get ready for your landing work out. About it we'll be right back here around 11101993. Deputy. That's pretty fun stuff. Let's retro electoral whatever old music. Welcome to the show your real estate today if you're just popping and I'm Paul Jamison your host. We Jamison realty with Keller Williams Jamison property management here was Sam at that sandy Dickinson was summit funding sandy and I are. Sharing would you anything having to do Israel state 7045701110. If you wanna talk with us that's great. If you don't you can also call in and give yourself a question John he'll pass it around us like Anthony did. What's touches question first let's move into account some other things are Anthony wanted to know sandy the difference between the VA. And other loans. OK Anthony says Vietnam's. Are for veterans are on some windows of that trends. So com they're great loans because there 100% financing. Thumbs up pretty lenient on ratios meaning. That you can have a little bit higher debt than some other suns. They still like good credit but their but they'll accommodate. A little bit lower credit as long Michelle last twelve months and then on time. And they don't have a monthly mortgage insurance which is nice say do have a funding fee. In some cases had a one time thing it's a one time favorites financed and with the loans you don't have to come up with edit closing. But if you get some disability from the VA a date wave FC. Oh that's not shout yes super nice. If he can get one their their trip to clients. I think come. You know one of the amber we have this is a part of the things were talking about today. Is the beauty of you know those that are gracious enough to serve our country and I need to know that they deserve these benefits and if you're a veteran out there. You need to use these benefits yes absolutely air for you you've earned them an eleven gun on me they're great they're great loans for great people so. I'm always always glad to see a veteran come around them and use those benefits. All right so sandy let's kind of kick off preliminarily have out. Getting ready. For. I'm alone some of the things that you feel like. People need to look things that would raise red flags are things that that. That you wouldn't normally think would matter. In it in Iran. Yeah there's a lot of surprises for people know like what. Some low for instance large deposits we have to SARS so we have to know where they came from so we have some people. That have taken their money out of the bank account and they're just accumulating hit home because they don't wanna spend it. But she can't just put that in the banks and that would be out deposit that we couldn't source who couldn't even use that money that happens a lot now for some reason. If you get if you get money from. Flood insurance claim or bonus or whatever and you put an account that's fine as we can SARS that is but if someone gives you money. It it we have a lot of rolls around Matt so calm somebody usually. I they we have come a family member is it funny that we else's sometimes or an indifference and and friends are always allowed. Well they can give you money but we can't always count it okay. OK so so what is considered a large deposit how much I would say anything. More than about. Bomb minor 1% of alone or 50% of your monthly gross income. That's pretty much a standard role for us and done. And make sure that if if you'd have just opened an account with money can't source say is let it sit there for a couple months. Once it sees and what because we only go back two months and is not a big issue. Her. Seems and money. There's jokes and that like a salted money or something I just can't stop my head from thinking about the jury prominent on the season money is money that set an account for a couple months yet. The pac board. OK also old one about things of the past. Things again like credit issues from the past how far back you go. You well surprisingly. We go back pretty far. We had one recently wasn't VA guy. And he had a foreclosure in 2004. And it's still was on his VA certificate of eligibility. Luckily on a loss or the deficiency that was on there. Wasn't so big that we couldn't do what we call bonus entitlement still get a Milan. Kinda but we look at it I mean we'll look at foreclosures seven years we look at bankruptcies up to four years. Com we look at. Tax liens and telling we checked GAAP. OK so it's typically seven to ten year window at a minimum Alex that the senate can't sit after a parent. And then some of the other thing sandy like your actual spending habits and knowing your credit status have. Current credit report. Does is the most key and ink com. Check your credit if thumb if you have something on there it and it medical collections pop on so easy. And where where where really I am able to help you get as off. Com but you need an added there you need to click it takes thirty about thirty days Claremont so. Com and you have to have money to pay them off. You know it's interest doing so anyone we're talking with the new tenants. And I can speak from the side of the business where someone is applying for rental home and I look at their credit and it's. 59. Peak in her five between me. And then I look at. What has affected their credit report and a lot of times it's a handful. Of thirty dollars twenty dollars or fifteen dollar machine that Taylor. Current and I mean we're talking there was one that had I think it was ten different charges all told. Was 300 dollars. But it affected their credit as such should do a great depth. They probably would have had relatively perfect credit if and when that. Guess so you can't ignore those who can't charge she just can't. A lot of people here that occurred at medical collections don't count they totally camp so you're on don't ignore that as we don't discarded as a weak and we did pay attention to what you pay your debts or not. Eve he's been if you don't know of it there. Yeah you know that's interest thinks so let me ask you a question it's been a sidebar from that. Do you see a lot of commercials about. Being able to pull your credit for free. And that it really doesn't affect your credit score and those kinds of things is that true or is that. Yes so there's something caught up softball. And then there's a hard pull we do hard pulls. If it's a soft pull it doesn't show up as an inquiry so you can look at your credit without hurting your credit. Com credit karma. Free credit report dot com annual credit report dot com there's several out there. They may not always give me the scores or their scores won't come coincide with our scores but you can see the overall. Credit history and it's amazing thing. That's glaring. Collections or whatever. Hibbert aren't they selling your data. The reason why it's free online because they're shelling your data right so let's say you go to credit karma and you do us. Poll I put them. Well they're gonna take that data there's such that they're making money on users to the word free is. Ambiguous there restaurant let's you know there are selling your date. So for would not clear credit now I don't put it. I don't put certain info in their electric email address so calm. And your phone number I don't put those in so that they can't sell your data that I was so that's something new for. Assets really good. That's really good so. Tom what about and lastly in this section have had one about getting. Being proactive about the paperwork can album I guess the biggest thing is tax returns and. Yes a lot of people are paid the less now they don't keep that pace that dining get their pay stubs little and keep them. Tax returns you really should keep. I'm I've always heard seven years I keep mine seven yeah I keep my Tom including W two so put those someone there. And not be able to drag amount only ask we don't always have to have tax returns now but we always. Need at least savvy to use tax returns for self employed or commission people here and non bank statements we want PDF versions of your bank statements. You can print goes off. Brownback pages ball page is even at Atlanta they possessing on. I'm like sandy what he wanted Torre says intentionally left blank so why intentionally left it out and she says I got I have add to catch that it out April oh okay. Well you know those kind of proactive things are important. Because they prepare you for war. A lot of the things are to come and some of the things we're gonna continue to talk about today reflect that we're gonna talk about. John some things. Trade line's credit cards and things like that the a lot of people that sound and the antithesis. Of being ready to get a lot. My guess you know. No if you were doing that for my comment or he was doing and that's to tell me I've only got about twenty seconds what the hell let's go to John. All right so after the break. We'll take whatever calls come in 704571110. And we're gonna talk about more preparedness for alone. And preparing for the house so the show your real estate today here on 993. WBT stay right Linux welcome back he show you you'll stay today's call him in the surreal feeling Kelly wins Jamison property management. There was sandy Dickinson with some of funding takes any help from the fact that. 7045701110. If you wanna talk without sending things have ended do with real estate mortgages. Investment that's why we're here. Good to talk about a couple things we're gonna talk about preparing their house. For sale were coming in to it's pure season AA. And also. Some more preparedness for your lending some things you may not think about. So. Just briefly kind of go on through some things in and sums to some topics and why I feel like it's important. Are fixing the small stuff. You know a lot of times what. An M I'll tell you this because I know what in my own house you know what that stuff it. You absolutely do. No you know what it is you see it all the time it it's nagging little stuff man that you know you got to take care. And a lot of times you can pan handyman to come and I just told Cindy about how un handy I am. And you know. Can get a handyman because when I try to fix especially things with the water involved. It cost two to three times whatever father my Dallek editing my wife for years she would also say anything having to do a tree limbs. Tour plants. I tried to save 400 dollars by cutting a tree limb off and it cost me 171000. Because I fell off the latter with a runner chainsaw. Broke my ankle. And just got. Decapitated myself so. I don't I'm not allow letters anymore so anyway. We have these things up so that I said that I tried you know self. So fixing a small stuff it does come up and inspections. And if you can knock that stuff out it takes an awful lot of pages out of your home inspection report okay. Get rid of the oversized furniture. That is a big deal especially if your rooms are not. Very very large and even if they are you wanna make sure it began talked to a staging consultant. Prior to I'm not wanting to generalize but I'm. Telling you so are oversized furniture can be a real obstacle to people seeing. Mirror their own things there clearing out all the clutter. Very easy to talk about I've got to clients who have a house that there was is going on the market is on the market today. Over in Madison park it. We have six groups come through in the first twenty minutes but they have the baby. It's really hard to. Not to. Have clutter when you have kids let's change however. It's just needs to be out for a period of time everybody will survive there's ways to manage corner hide clutter. Plastic billions are you forums. 70457. Or 1110 if you wanna know a good place to buy plastic goods cheap compared. Our update and freshen your decor. Franz. It's time to take down the Christian stuff hits yes that's right it's got to go at a time ago Christmas stuff gotta go light's gotta go. And turn to our need to say more about that and I. Amount and down and Paul's people like their Christmas lights yeah that Alpharma shelf. Mean he's a go or you mention on a bench we didn't know what he's got to go. Okay. Start focusing on curb appeal fresh mulch. Mailbox. For on entry. All of those things that put forth that first impression. Start getting that stuff done order your mulch pitcher's stuff ready. Get ready to rock and roll. Repainting and neutral colors. Did you know that only 26%. Of the population. Like jail. Feeling so I really like yellen who say well you're not one inch four and I don't like blue's most people like it. Yeah well. Not. I. I would say. And I had a house that was some. Recently repainted it was so dramatic when they changed it from yellow to. The agreeable grave it'll look like a completely different just polish it up into us and it looks bright nothing better look at minute. Freshly painted the right collar bone and white trim house in Jewish artist gratin I was forcing an ounce which. Okay well you're you're getting in vogue. Okay also. One of the things they suggested that I will reshape a little bit is says create a story. A stories okay. As long as it's brief what I would rather create is and what I do is I put a little flyer on the island that says. Good to know. Good to know Izzo is a way of communicating the reason why they like it there. In a way. They give you information and facts and art are useful. Remember we're not focusing on why the seller likes it. We're focusing on why the buyer likes it and that's strategic. Till that. Different group so make sure you're talking to the record okay. All right so let's switch over now to the room and we'll come back to this stuff from the next segment. Let's go to. Some more preparedness comments. Credit cards. I didn't think. Credit cards were such a big part of our home page that they're big part of our Little Rock hit him. Because we love them but we only level most low bounces and yeah. Yet they keep them open at gives you amazing credit if you do that. Whoa wait a minute. You know why hey I've got all these credit card some Ahmad pats. 2530. I'm not commit date myself. And thirty years. Why do I wanna keep those on the use of. Other days there's controversy and that but if he won the highest credit score. The more available pretty you have. The better than scoring algorithms like it. But the old do they also measure how old some of those credit lines are hers out of gas so if you have really new credit ache can it can hurt your score. It says stay away from new credit. Maintain those old credit cards and dumb and keep bounces low. When you say low what does that mean under 30% of the available limb okay. So sandy you've seen this happen before. Where we're at the closing table. And the credit gets polls. And their phone rings. If at and it says he's stepping way you can. From the table and why. Before closing within adding seven to ten days prior to closing. Got at least conventional loans require us to do a refresh report it's not a hard pole at the South Pole. But it lets us now if you have new inquiries. If you have higher balances. Com and so if you have an inquiry we have to go back and investigate and have an updated credit report. Showing a supplement showing whether there was any new credit. So don't by the appliances don't buy your furniture for the new house dot com don't shop for cars up so worse oh yeah. I know when they pull up to the closing in a brand new car coincidence that the staff and should utter. The Horry Horry but how long after they close can they do that stuff. Thing is it's recorded OK so once it gets recorder would account a year you're clear it get it to get our act America. All right so that's one of the ones I would have never thought the more credit cards old credit card you had. The better that was for your credit that just doesn't seem. Have they well. I guess they figure if they haven't closed to money must've been pretty good yeah I guess. Okay then. Go with that one all right so. Was I supposed to stop three minutes ago. I can stop whenever I OK and then okay so we're gonna have okay aren't so one more quick thing and. Getting it we talked earlier about getting your things in order. Are we talking still about the same thing we talked about with taxes. Bank statements. Pay stubs. All of those paperwork so if I come to you will all that stuff that makes it faster for me. It does it makes it much faster. Your ID should be current. Yeah and you you don't want an old driver's license. Not an expired and that's that's. Just just an old one. And make sure you save your money unite gonna buy a house is going to be fees associated with that it even if you stand down payment but. I am lenders like you to have a little money in the bank today. Or ask like how much. A few months worth of payments in addition to whatever you need to 'cause. So that they don't feel like they're wiping you out and that if you have hit a bump in the road with some of financial which you always do within at least it won't their would be prelude to the point we can't make your payment. You know so. It really helps to talk to you early so they understand what those expectations are right that's right. I mean it says to know your lender and understand your lender so here's the first thing I'm gonna say after the break why is it important to know your lender. All right so we'll be right back to show you real estate today. Stay with us here on 1110993. Debbie BT will be right back welcome back. Like the shirt you're real stake today we'd love to hear from you and number 7045701110. 7045701110. If you are. For regular listener or just listening for the first time feel free to call sandy sandy in and higher here. Standings with some of funding and of course our men. Real state both buying selling and investing in property management so if you have questions about your home should you do this should give Texas ginger refi this. 7045701110. We'd love to hear from you. I we're talking today about preparedness. And very. Excited about what's come with a market that's coming and the activity today we have several open houses all over. The Charlotte north and South Carolina today and there are extremely active that's good news that's Ken star felicity I'm half then you're out exploring today to. And yes so. I'm one of the things that I was talking about before the break was creating a story. And creating that story. Is it is good to. But again it needs to be in the eyes of the potential buyer. Another thing in preparedness make sure the front door works. Is that aggravating. So you got your hands full of paper. You get your own rock park ski. And coming up to the door he's trying to beat Ku. And I don't look professional. And you can't get in the front door. And I. I can't tell you the number of times that's happened the war. They have a storm door. But I can see the. Even lock box and inside. And they don't last about a day like they have big bear had been told their kids go rock opera they've locked up and they blocked up. To the extent Jake can't get in and the house looks so everybody can hear the music on the inside smelled cookies but you can't get too. To make sure you did and I can tell you a lot of people never go in their front door. So they don't see or using key eight years don't test it. Mattel. Person who removed her pet paved. That's the best are our PP more rural rural Japan. Art. Here are some others. Talked to your lender. And let me tell you this now why am I saying talked to a lender if you're warming to sell. Some homes. But let's talk right now specifically. I'm mostly town homes or condos. Are not always subject to certain types of loans sand hatchet Terry is why it. What differences in my. Well condos in particular are a little higher risk or at least perceived as a higher risk for lenders so. Kinds of rules they have to be warned to bowl meaning there's out roles such as not one entity can them more than 10% of the NN's. We can't have spent so much commercial space. From there look we look at the budget and a certain amount and I can't be rented the right. Investor ratio. Delinquency. On HO lady is from others serve risk factors that we have to assess in order for you to buy a Condo. So you wanna make sure the country you're buying is going to be marketable when your ready to sell it. Right so if you're getting ready to sell and you have a Condo or town home you're gonna wanna be able to disclose. That it's eligible for an FHA VA. Type. Yeah well first night you want to be able to tell tell the buyers eight years we its financing. Right. So are there are some. Condo town home complexes that are. Eligible for. Investors to implement. And best guess there's some if they have time restoration as singer Bennett's and it's difficult to eight to 11 PM and. Yeah and more importantly. Two Sandy's point doing some of that research upfront. Is she if you are buying it as an investment and all of a sudden you close and you go in and you put a for rent sign in the window and the nature always send you a notice he says. Sorry not happen and you can't let that you and it hit him. Well row. That and seasonal rentals a lot of them don't allow seasonal rentals yeah a lot of them when you read the CCR's are covenants and restrictions are HO way. You'll see that some have like there's a neighborhood in. Matthews called gridlock they have a minimum rental period. Where that you have to lest you again. Soon kilowatt setting there's only two co ops in the city now finally is there on a measure difficult. The finance yeah where they truly are because you're buying a share about hole. Yeah it's kind of like Kara carving up a rump roast. Dion and in case I didn't match. Yeah. That your mother gets stuck with the independent. Okay all right. From an investment standpoint. One of the first things I tell people if they're looking an investment property is talk to your financial advisor. A lot of financial advisors don't really understand investment property. And I'll tell you. It's not my job I don't I do not on a daily basis work with stocks bonds and mutual funds but. You'll find most. Professional. Financial advisors see real estate is a very good part of your well balanced mix. If they don't you might wanna go then yes because. Do you remember who are we serving right. So. Second would be if you if you're in hunt for a real terms make sure. That you find a real turtle it has its experience in investment that not only works with investors but has investments of their own. Which key apnea. Has that experience okay. And then also enough and maybe you'll do the next show about this understand. What realistic returns really look like. I think a lot of people watched television. And they don't see realistic or don't understand realistic. There are many good returns out there. If things don't always work the same as they do on TV let's change history a deterrent. Sandy back to you and our and the amount of time we have left when we talk about financing whether it's foreign investment. Or to purchase a home. We talked about understanding how you operate. And one of the things I think is important as we see a day where things are handled on the phone. Where you can press a button and launch into a mortgage. That nothing beats its face to face. Local. President. Communication. From somebody on a consistent basis. Yeah that's true so you're gonna want biggest purchasing your life thank you as well it's not the easiest process either. I mean there's a lot of it's like walking through a minefield. And you don't wanna stand in a bad spot. So it if is if you have someone there at ten rejected. You know to be apart and had to go through with thin and when you hit a bomb ticking gets out of it it makes a difference so you apply them if you planned mine are. With some some of these other companies then they top they immediately passion off to another person. And you kind of lose that so mom no it's imparted. I want you get that approval to. You wanna be reasonable about what you can afford just because you could qualify for it doesn't mean you should give it. Right so we always talk about what he's comfortable with Paymah wise because it's you know he might loved it. Far 500000 our past but you might none of that payment and you know wannabe. House floor. Mean does certainly does make a difference and then you know what type on a mortgage do you want. Yes so mom there's several out there are so it's it's good tee it to get. Comparisons. Com. And we do all kinds so sometimes I'll give you hey here's here's the perk of a conventional here's a perk of an FHA here's a perk of a different kind south. Com and you content and make good decisions based on that. Right and I'm always the proponent on the on the investment side when Sandy's working well me I encourage my clients. To go with a thirty year so that they can amortize it themselves. And control that investment based on what's happening with that property and then yeah you know you can always make extra payments exactly as it sought. Not something that your limited to hate speaking of that water rates rates and. They're in the high floors for the most part in summer in the fives to pump room gas what about Jumbo. Kimbo is at some hint that I've forced to yeah. For the most it isn't your credit scores stuff but that's you know if you have the perfect scenario. You're look at mid to high forced all right and how to people get into a truce and a 7045770144. At summit. I think it's 704577. Heroin or four hard and if you wanna talk to me 846. Done. 846. 3663. That's called Jamison Jamison realty. Put Keller Williams Jamison property investments and Jamison property management thanks for being with us on this beautiful sunny today. Thank you so much god bless you talk to you next week for sure you're real estate today take care. It EDT.