Archive for August 14th, 2007
Homebanc Raleigh Mortgage Update
August 14th, 2007 Categories: Mortgage and Finance
A couple of weeks ago I posted an article on a special promotion HomeBanc Mortgage company was offering to borrowers in the Raleigh area. Since that post, a few things have changed.
First, and foremost, HomeBanc has exited the mortgage origination business and has sold many of their assets to Countrywide Mortgage. This sale included loans in process as well as some HomeBanc employees and facilities.
The Raleigh mortgage office on Creedmoor Road is still in place and many of the loan officers are still there. Many of these people are friends of mine and I can tell you they are very relieved and hopeful regarding what has happened.
The mortgage industry as a whole is experiencing severe pressures from the sub-prime meltdown that I’m sure you have been hearing about almost daily in the national business news. Several other mortgage companies have had to dissolve their business and suddenly stop funding loans. Not a pleasant experience if that happens to you on the day of closing. HomeBanc’s solution, to sell assets to Countrywide, seems to be a much better alternative for clients as well as employees.
The article I posted mentioned a $1,000 Home Depot gift card for loans applied for by the end of August and closed by the end of November. That offer is formally off the table. However, some of my contacts there will still honor the offer in the form of a $1,000 closing cost incentive. Give me a call or email me if you want to take advantage of this and I’ll get you connected with the right person.
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The Secret to Saving Money When You Sell Your Raleigh Home
August 14th, 2007 Categories: Real Estate Tips, Selling a Home
The secret to saving money when you sell your Raleigh home is to focus on walking away with the most money in your pocket when it’s all over. Selling a home in Raleigh, North Carolina is not much different than in other areas with regards to the seller’s perspective. When I go on a listing appointment I’m fully prepared to answer three questions. 1) How much is my home worth? 2) How much do you charge? 3) How long will it take to sell?
There is a more important question that surprisingly doesn’t get asked right away. Sometimes it doesn’t get asked at all. Amazingly, I usually have to volunteer to estimate how much a homeowner will net from the sale. It seems like this bottom line figure would be the most important, doesn’t it?
The price your home sells for, the time it takes to sell, and the commission paid to your agent all work together to determine your bottom line. Notice that the commission is the only one of the 3 elements that can be determined up front. The other 2 elements, selling price and time to sell, are variable and can amount to substantially larger sums of money.
I recently listed a home where the seller had interviewed 3 other real estate agents. One of the other agents openly advertised a fee 22% lower than what I charged. Feeling pretty darn good about beating three of my Raleigh real estate agent peers for the listing, even though my fee was higher, I asked the obvious question. Why did you choose me?
Without hesitation my new clients smiled and said, “your marketing is way better than the other agents we interviewed and we feel like this will ultimately get us a higher price for our home.” These homeowners understood the magnitude of the two variable elements, selling price and time to sell, and made the connection between better results and better marketing. They also understood that if their home’s price had to be reduced $5-10K, because of poor marketing,that would quickly wipe out a few thousand dollars “saved” on the commission.
When you want to save money selling your home in Raleigh, or any where else for that matter, focus on what you will net rather than what you will pay your agent. It’s not magic that when you pay someone less, they typically do less. Make sure your agent can clearly demonstrate what he will do to get top dollar for your home and make sure he understands the market well enough to accurately price your home. Accurate pricing will keep you from wasting valuable marketing time and avoid the inevitable price reductions that come as a result of overpricing.
For a free analysis of your home’s value, click here and the information will be emailed to you within 48 hours.
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