Dennis and Trisha buy their first home

Dennis and Trisha just bought their first home and were so pleased with our service they’re even going to invite me to their wedding! You better not have a buffet at the reception Trish, or I’m going to have to eat someone at the end of the line out of any food…

Here’s a testimonial written by Trish:

I have no hesitations at all in fully recommending Joey Marino. We had no idea what kind of home we wanted, and several times took up several hours of Joey’s days trying to figure it all out. Joey was totally patient with us, was very honest, and amazingly generous with his time and effort. Joey went completely out of his way more than once to ensure we were able to get our home. I truly believe no other realtor would go to the lengths that Joey did to make it happen for us. I cannot thank him enough for all that he has done. He has made the first-time-home-buying experience an easy and completely satisfying one. THANK YOU, JOEY!!!!! You’ve made a dream come true!

Thank you guys, and I truly enjoyed working for you. May your new house bring you many many years of joy and may you invite me to all your pool parties!

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November 19th 2009
7:30 PM

for all college students!

PRESENTED BY: Malone University’s SIFE & FREE Enterprise

This small seminar will present in-depth, informative conversation about how to purchase your first home including getting prepared, getting financing, finding a home, how to find a good deal, the lending process, $8000 tax credit, the current market, what to expect throughout the whole buying process and much more.

Featured Speakers:

• Mike Stoffer of Stoffer Mortgage
• Joe “Joey” Marino III, Realtor with Whipple Realty
• Lloyd Mortin of Stoffer Mortgage

For more info contact:
Julie Szendrey ~ 330-471-8336 ~ Email

Directions:

Malone University
Johnson Center
2600 Cleveland Ave. NW
Canton, OH 44709

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UPDATE: There is more and more talk every day about this extension. Nancy Pelosi mentions a possibility of extending it to all home purchases, while other bills have been introduced to extend to the end of 2010 with a gradual reduction.

With the tax credit deadline fast approaching, the tax credit is almost out of reach. The inventory of available homes are starting to dwindle as first time buyers are getting all the good deals as soon as they come available.  Any new buyers may as well forget about good deals that can be found with foreclosures or short sales because they take too long. There is barely enough time to find a home and get financing in our area. If you’ve planned on buying and taking advantage, you better act now.

I feel that the market is being helped by this “cash for houses” plan and to see it go will also see a downturn in the housing market and economy. With 1,400,000 new buyers this year thanks to this stimulus, it’s going to be sad to see it go.

Take action and write to your congressmen to extend this stimulus until the market is working on it’s own.

**There is no official approval for an extension or new tax credit for next year.

This is an article by the Canton Repository on the possibilities of an extension and the current market.

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This means if you do not have an accepted purchase agreement on a home by September 30th, 2009, it may be too late!

So how do you find your first home quickly and easily?

Get started today by using a free buyer’s agent to find and purchase your new home.

A buyer’s agent can help you by:

• Searching the market for properties that meet your needs.
• Showing you all prospective properties in one meeting.
• Keep you informed on the buying process.
• Negotiate for you when making offers.
• Give you factual market information on your potential new home.
• Make sure the deal is moving along smoothly and quickly.

Call or fill out this quick form to get started:

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The purchase transaction will have to be closed before December 1st, 2009. However, once you have an offer accepted, it can take a couple months to close on a deal. It used to take 30-45 days to close on a deal, but that number has been increased recently.

• Understaffed lenders aren’t able to handle files as quickly as they used to, so loan underwriting takes much longer than before.
• Recent regulations criminalizing all direct communication between appraisers and mortgage brokers adds another few days to weeks on to the transaction.

Right now, it’s not unusual to see a sale go 45 to 60 days or longer before closing! This means if you don’t buy before September 1st, there is a chance you won’t close in time.

  Don’t miss out on this once in a lifetime opportunity. Prices are low, interest rates are low, and there’s a lot of homes to chose from. It’s a lot easier and cheaper to buy a home than you may think.

How to save time finding a home:

• Find a buyer’s agent.
  - A free buyer’s agent can show you all properties you might like in one or two days.
• Search extensively online and find the best choices
  - You can save time by eleminating the least likely possibilities so you don’t have to visit too many homes. Start searching now!
  - Install Dwellicious.com and save all the properties you find from all the sites to one location.
• Don’t search way out of your price range.
• Have your preapproval letter, good faith estimate, and earnest money ready for an offer.

Call or email today for a free consultation.

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10 (different) reasons to own a home instead of renting.

1. You can move in and out when you want to, you don’t have to wait till your lease is up.
2. No one has to approve the colors you paint your walls.
3. You actually could be paying less monthly in your own home than similar rentals. Enough to make a difference.
4. You don’t have to inform anyone that your living arrangement has changed.
5. Want new lighting fixtures? Not a problem.
6. Typically, your mortgage payment doesn’t ever increase, unlike rent. (Unless you get an ARM)
7. Staying in your home longer, means you can become more involved in the local community.
8. You don’t have to ask anyone to fix your shower head, just do it yourself.
9. Help build your credit by paying on time.
10. Most importantly: You don’t have to ask anyone if you can have a pet!  Please adopt.

Are you a first time home buyer? Get started with my first time home buyer’s guide.

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• A first time home buyer is someone that has not owned a property as their principle residence in the last three years.
• In order to qualify you must make less than $95,000 singly or $170,000 as a couple.
• You must live in your new home for 3 years or more.
• The tax credit is actually 10% of the purchase price or $8000 dollars, whichever is less.
• You can not purchase a home from your or your spouses family.
• You can file for your tax credit now if you haven’t filed your 2008 taxes.
• The $8000 does not have to be repaid!
• You must close on the property before November 30th 2009.  It may take 60 days to close making Sept 30th the last day to find a home.

Call or fill in some basic information below to start looking now!

In order to make home buying easier and have free representation, you should find a free buyer’s agent!

Call today in Stark and Summit counties to get started looking. Joey Marino ~ cell:330.412.2221 ~ joey@whippleauction.com

Check out www.federalhousingtaxcredit.com for more details.

First time home buyer’s get started here.

**I am not an accountant or tax professional. Please contact one concerning the details of this tax stimulus.

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The Buyer’s Agent:
So, now you know how much home you can afford and you’ve saved up for a down payment. The time has come for you to find your first home!

Before you start searching, you want to find a buyer’s agent. It is important for you to have your own representation when purchasing a home. If you call the agents that have the property listed, they are obligated to be looking out for their seller’s best interest. The main reason agents put their names on their listings’ signs and ads, is because their commission gets doubled if they sell their own listing.

You can get a buyer’s agent, like myself, absolutely free because the commission is paid for by the sellers and is split. Not many people know this. It is their obligation and duty to make sure that you get the best deal possible and negotiate with the selling agent for you.  A good buyer’s agent can also help you find a property that suits your needs because they am constantly watching the market and know what you are looking for. They also have tools to update you on potential properties automatically via email.

Probably the biggest benefit of having a buyer’s agent, is that you can tell them what properties you would like to see, and they can show them all to you at one predetermined time. Otherwise, you would have to call every single agent, set up multiple appointments at times convenient for all of them, and meet motivated salesmen trying to double their commission.

One little known fact, as a buyer you are responsible for turning on utilities and inspecting the property with professionals. You usually have 5-15 days to do this in. A good buyers agent can make sure this gets done correctly and on time.

Another thing to keep in mind is, most agencies charge a transaction fee. This is a $175-$200 fee, in Canton, Ohio area, that is charged at closing and is totally not necessary. My company and I do not charge this fee, saving you money. Ask your potential agent if their brokerage charges this.

The Search:
Of course, the internet is a great way to look for a home. This generation of home buyers is lucky because we can view lots of details about a property right from home. It used to be, you had to sit down with an agent at their office and flip through a black and white “catalog” of homes. I can still remember my parents doing just this. Here are a few sites to look for a home:

• JoeyMarino.com ~Coming VERY soon~
• WhippleAuction.com
• Realtor.com
• Trulia
• Zillow

Tips for finding the perfect home:

• In this buyer’s market, it’s not a bad idea to search a little above your price range and offer lower.
• Determine exactly what you want and need. Bedroom count, garage spaces, basement, large kitchen, dining room, air conditioning, first floor laundry, etc.
• Keep resale value in mind. A three bedroom home is easier to sell than a two bedroom and so on. Also, a pool can be nice, but those with small children generally don’t buy houses with a pool.
• Consider maintenance on the property. If you have a 2 acre yard, remember you have to mow that. Long driveways need plowed. Wood siding needs painted every few years.
• Watch the taxes and keep in mind which areas are higher than others.
• If you have any questions about a property, ask your buyer’s agent to find out.

The Showing:
This is where the fun begins. When you are ready to look at your first home, it’s as easy as a phone call and a drive. You can probably get 2 or 3 showings in an hour depending on the distance from one another. Make sure all parties involved in the purchase go to the showing. Look in every nook and cranny to make sure you notice anything wrong.

Try to imagine yourself living in each home. Think about where you want to put your furniture, what color you would paint the walls, what is the best angle for viewing the TV. Vocalize what you like and don’t like, this way your agent gets a better idea of what you are looking for. Take the kids along and ask them which one is their favorite. Imagine how you would decorate or where you would work on the bike. Wonder if there is enough room in the driveway or sidewalk to teach the kids how to ride a bike. Ask yourself if you could see yourself living in this home 5 or 10 years down the road. Could you host thanksgiving dinner or host a euchre game? What would you change about the landscaping, or would you leave it like it is? Think about the dog (or future dog) and if there’s enough room for him/her to run around. Could you hold a family barbeque? Could you throw a football in the back yard? Most importantly, could you live there?

While it is a fun process to look for a home, it can be a little nerve wrecking. This is probably going to be the largest investment you’ve ever made. Often, first time home buyers get so nervous about buying the right property for them, they over analyze every home, and never end up finding anything they like. Remember that this is only your first home, and you can sell any time and move on to bigger and better. One thing to keep in mind is that when the real estate market bounces back, you could be sitting on a lot of equity because you bought during a low priced market.

Call or email me today to buy your first home! 330-412-2221 joey@whippleauction.com

Part 4: The offer! – Coming Soon!

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          $100,000 purchase price
          -    $3,500 down payment
        -------------
             $96,500 loan amount
         /    $1,000
        -------------
             $96.50
        x      $5.68
       -------------
              $548.12 principal and interest per month

Don’t forget taxes and insurance (which vary for each property),  and mortgage insurance.

          $548.12  P&I
           $76.31  Monthly taxes
           $37.50  Homeowner's insurance
      +    $50.00  Mortgage insurance
       ------------
            $711.93  estimated monthly payment

All this can be worked backwards so you know how much home you can afford based on the maximum total monthly payment.  So, if you don’t want to pay more than X dollars a month, then you can afford a Y thousand dollar home.

Choosing the lender
There are a few options out there for borrowers. Your first option is to decide whether you are going to borrow from a bank or mortgage broker. The main difference between the two is that a mortgage broker usually has a wide variety of loan programs from many different or a select few lending institutions. Where as a bank has a select set of loan programs from one lending institution; the bank they work for.

What does this mean?  If you go into your local bank and ask for a mortgage, they are going to sell you a their loan. Your payments will be going to that bank.  If you go to a reputable mortgage brokerage, they can shop from a wide variety of lenders to give you the best rate and terms.  This also gives the mortgage broker the flexibility of finding the right program for your unique situation.  Mortgage brokerages typically hire services from local small businesses like appraisers, helping the local economy, where as corporate banks typically keep everything in-house.  I would recommend using a mortgage broker because they have less overhead so they tend to have lower costs, more competitive rates, are less restricted, and are more personable and understanding.

Make the call
Now you need to determine if a lender will sell you a loan based on your credit scores, household income, and other factors.  Call your friendly neighborhood loan originator and ask them to pre-qualify you for a loan.  This will take a few minutes of your time where they will ask you about how much you make, collect social security numbers, and the like.  It is important that you answer honestly because you will have to prove everything you say when it is time to get approved for your loan.  They will punch your numbers into their fancy computers and check your credit.  Then they will let you know what you qualify up to and quote you a current interest rate. You could request a good faith estimate from these lenders to see their costs so you can compare to other estimates, however you will need to take some documentation and go to their office so they can accurately create one for you.

Whipple Financial Services, LLC is a great mortgage broker.  Call Joe at 330-477-6762.  ~~~ MB.802575.000

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What makes this the best time to buy?

• Prices are incredibly low
• Interest rates are so low that borrowers are saving hundreds of dollars a month
• The quantity of available homes is mind boggling
• The government now has tax credits and down payment programs for first timers

The question I come across most often from first time home buyers is “How do I get started?”. This series of blogs will get you up to speed on what you need to do to get prepared and walk you through the whole process.

Step 1: Get your hands on some cash.

The days of 100% financing are gone like the wild west. You will most likely need some sort of down payment. Keep in mind there are Ohio government programs like OHFA that you could qualify to get most of your down payment paid for. The lowest down payment I have seen lately is 3.5% of the purchase price for FHA financing. Conventional is right behind that with 5% for good credit.

To put that into perspective, lets say you buy a $100,000 dollar home (which is a lot of home in my market) you will need minimum $3,500 for a down payment or $1,750 for a $50,000 home. Most lenders accept gifted money as well, so if you can borrow from Mom, Dad, Grandparents, Uncle Rob, that will work. There are also government programs to help you with the down payment. OHFA is a state program in Ohio that will pay your down payment and charge you a slightly higher interest rate on your loan.

There are a few additional items you may need to pay for, but many costs can be paid for by the seller if you ask them to. These fees are unique for every market.

• Appraisal – Approximately $150 – $400 depending on which appraisal the lender requests.  The appraisal is required by your lender to make sure your new home is worth what you are borrowing.  Most of the time, the appraisal comes in at or above the purchase price. You will likely be paying for this.
• Inspections – I will be going more into detail about inspections in this series, but you may wish to get your new home inspected by professionals. There are a few typical inspections. These include general home inspections($200) and wood destroying insect inspections($50-$75). There are other inspections available if you are concerned such as mold, radon gas, and lead based paint.
• Title Fees – approximately $500 – $1500 depending on your purchase price and loan amount. In order to own the property, you will need to transfer the title to your name. This is done by a third party title company.
• Lender Fees – Varies depending on the lender and the loan amount. You can work with your loan officer to keep these down.
• Homeowner’s Insurance – Your first year will need to be paid by or at closing if you are getting financing.

Again, you can ask for the seller to pay for your closing costs and inspections at the time of the offer. So in essence, you might only require the money for part of the down payment, appraisal, and homeowner’s insurance. If the seller is unwilling to pay the closing costs, you could always raise the purchase price on a counter offer so they net the same amount. This way you don’t have to pay out of pocket for most of the costs of the transaction.

There is something called earnest money deposit that you could put forward with your offer to show you are earnest in purchasing the home and will be applied to your costs at closing. This can help to get your offer accepted, if the seller sees you are willing to risk money.  If you rescind on your offer for no apparent reason, this money is forfeited to the seller. If you fail to get financing, the inspections are unsatisfactory, you lose your job, or any other good reason for breaking the contract, you will get this money back. This deposit can be any amount you chose and is optional, however, many foreclosed properties have a minimum amount required for acceptance.

It’s a good idea to have the first couple months of mortgage payments saved up also. You can also recoup the costs of buying a home if you purchase one in 2009 thanks to the stimulus package. First time home buyers are eligible if they or their spouse haven’t owned a home in the previous three years. They are eligible for $8000 tax credit that you don’t have to pay back if you own the home for more than three years.

Step 2: Getting Prequalified with a Lender

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