WHEN IS THE PRICE RIGHT ON SELLING MY HOME & GETTING A MORTGAGE

In Appraisal, Finances, financing, Home Buying, Loan Programs, Mortgage Loans & Rates, Preparation by Jo Garner0 Comments

WHEN IS THE PRICE RIGHT ON SELLING MY HOME & GETTING A MORTGAGE

Have you considered selling your home but don’t know what price to ask for it? Today on Real Estate Mortgage Shoppe we will be covering some great tips on getting to the right price to avoid wrong  results.  I will be covering some helpful rules-of-thumb to follow when you are trying to decide on the best mortgage terms for your purchase loan or mortgage refinance.

What do YOU want to accomplish with YOUR mortgage?  Let’s stay connected!  Subscribe at www.JoGarner.com  for Real Estate Mortgage Shoppe weekly podcasts with show notes. 

To Your Success,

Jo Garner, Mortgage Loan Officer NMLS#757308 (901) 482-0354 Jo@JoGarner.com

www.JoGarner.com Sierra Pacific Mortgage 46 Timber Creek Dr. Cordova, TN 38018

___________________________________________________________________________

WELCOME TO REAL ESTATE MORTGAGE SHOPPE!

Good morning, Memphis!  Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer.  You can connect with me at www.JoGarner.com.   Our general topic is WHEN IS THE PRICE RIGHT ON SELLING MY HOME & GETTING A MORTGAGE. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com  Call us while we’re live today March 28th, 2020 at (901) 535-9732.

INTRODUCING SHERRY BLADES, ADARO REALTY

By telephone today, for the very first time, we have Sherry Blades of Adaro Realty. Sherry is a native Memphian who has been serving her residential real estate clients since 1976. Sherry has earned many certifications and is a life-time member of the Multi-Million Dollar Club.   Sherry, you LOVE helping people purchase their homes. Take a moment and tell our listeners a little bit about yourself and what you do for your clients.  (Sherry has about 1 minute or more to intro herself and talk about what she does for her clients.)

TOP STEPS TO TAKE IN GETTING THE RIGHT MORTGAGE TERMS

(Jo) Getting the price right is like the opening play in sports or the first move in chess. It really determines what strategy you use for the rest of the process.   In the mortgage business, the loan program you choose is crucial for how you plan your finances for the years that you make payments on the mortgage.

Step 1:  Evaluate what you are spending and how much money actually goes into your bank account each month throughout the year.   Some of the financial gurus out there suggest that you keep your house payment not more than 25%-31% of your gross income.  Your house note includes principal and interest, property taxes, home owners insurance, mortgage insurance (if you have to pay it), and any neighborhood association fees.

Some of the same gurus suggest keeping total monthly debt with the house note and  including your car payment, credit card payments, installment loans, personal loans, and other loans under 43% of your gross income. Consult with your own certified financial advisor on this.

Hint to the Wise–Mortgage underwriting software sometimes will approve your loan with a total income-to-debt ratio up to 50% or more.   That is not a fun way to live.   By keeping your payments lower, you will have room in your budget to enjoy fun adventures and exciting vacations and not be strapped financially to the house.  

Step 2:  Evaluate what is the maximum money you can put down on buying a home.  The same financial gurus you hear out there recommend keeping an adequate emergency fund at all times— 90 days living expenses if you have a stable salaried job or up to a year of living expenses or more if you are self-employed or a 100% commissioned employee.

If you are short on funds, we can pull out the golden shovel and go treasure hunting.   It might be with you like it was for a self-employed gentleman that called me about his house plans. He said, “I want to keep my cash working for me in the business. Where can I find more money for move-in costs?” 

We dug around for family gifts. We looked at borrowing against a retirement fund, down payment assistance programs, low down payment loan programs with zero to 5% required down payment, tax refunds.  But for this self-employed borrower, he ended up using the cash value on an old whole life insurance policy that he forgotten that he had. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY.   Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com  or just call me at (901) 482-0354. 

(Jo) We are talking today about WHEN IS THE PRICE RIGHT ON SELLING MY HOME & GETTING A MORTGAGE.  Sherry Blades of Adaro Realty, I have been talking about getting the right terms on a mortgage.  You have a lot of wisdom to offer us today when its time to sell a home.  (Sherry introduces herself and talks about how she got started in real estate in 1976 and what she loves about serving her residential real estate clients)

(Jo) You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer.  What do YOU want to accomplish with your mortgage? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today.   When we come back Sherry Blades, Realtor,Broker with Adaro Realty, will be giving us more tips on how to determine the best price for your home. See you back in just a moment. 

____________________________________________________________________

THE LOOK BACK MEMPHIS TRIVIA CONTEST

2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you  by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by Googling “JIMMY OGLE PINK PALACE”.  View at JimmyOgle.com. .  The Look Back Memphis Trivia Contest is  sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project or you can do the big project in phases . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer.  If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.

Garner # 175 * 03/28/20

Abe Plough

Question:  I opened my own business at the age of 16, with a loan of $125 from my father.  Who am I?

Hint:  I was born in Tupelo, MS and moved to Memphis with my family at age one.
 
Hint:  In 1920, I added St. Joseph’s Aspirin to my business portfolio.

Hint: My company merged with the Schering Corporation in 1971.

Final Hint: I was often known as ‘’Mr. Anonymous’’ for my philanthropic efforts in Memphis.  Who am I?

Answer: Abe Plough received his only other formal education at St. Paul Street Grammar School, from which he graduated. After school and on weekends he worked at the George V. Francis drug store without pay because he wanted to learn the drug business. Moses Plough lent his son $125 to start his own business, Plough Chemical Company, in 1908. At age sixteen Abe Plough was owner, manager, and only employee of the new business, located in one small room above his father’s store. Using dishpans for mixing the chemicals, his first formula was for Plough’s Antiseptic Healing Oil, a “sure cure for any ill of man or beast.”

Success came almost immediately for the new enterprise. Within two years it doubled in size, entered the patent drug business, and branched out into cosmetics. Adding aspirin to his line of products in 1920, Plough bought the St. Joseph Company, a step he called his “first on the road to the big time.” Plough, Incorporated, moved in 1951 to 3022 Jackson Avenue. The business reported net sales of $254.5 million by 1954, a figure that doubled by 1962. It merged in 1971 with Schering Corporation, primarily a manufacturer of prescription pharmaceuticals. Plough was Chairman of both Plough, Incorporated, and Schering-Plough.  Plough retired from business in 1976 to devote his talents and energies to his other chief interest, philanthropy.

His generosity to the community is legendary. His many gifts were often made as “challenge grants,” his stated goal “to help the greatest number of people in order to do the most good.” His legacy lives on not only in the business he created, which bears his name, but also in his deeds of generosity and leadership.

Bonus: Jimmy Ogle will be giving four distinct tours of Elmwood Cemetery on Saturday, April 25. To register, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retired from walking tours in Memphis.  Twelve of his Memphis History lectures from the Pink Palace entitled Making Memphis – Storytelling by Jimmy Ogle, and now more than ten hours Downtown Walking Tours may all be viewed for FREE on the internet at . . .
You Tube  Jimmy Ogle.                                                          View JimmyOgle.com for more info!

___________________________________________________________

TOPICS COVERED BY SHERRY BLADES, ADARO REALTY

THE PRICE IS RIGHT!

When the price is right, the buyer sees the value and buys it!

* How Much is this Home Worth???

  Methods to determine price

  1. Comparative Market Analysis

  2. Upgrades vs Maintenance

  3. Market Conditions

  4. Location

  5. Condition

* Incorrect Pricing Leads to:

  1. Frustration

  2. Expired Listings

  3. Low Offers

* Correct Pricing

  1. Satisfaction

  2. Successful Sales

  3. Quick Sales

  4. Full Price Offers and Multiple Offers

* Old Mindset

  1. “Let’s List High because we can always come down

___________________________________________________________

3rd segment:  TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER  

  1.  What are some good rules-of-thumb to use in determining the maximum comfort level on a house note and move-in costs when buying a home? (covered in first segment)
  • Should I rent or should I buy a home? Should we buy a home or rent?  Brent and Bella Beaumont’s story-MULTIPLE EXIT STRATEGIES

MULTIPLE EXIT STRATEGIES –BRENT AND BELLA BEAUMONT’S STORY

Brent and Bella had been renting an apartment in an neighborhood that seemed to be attracting more crime. When they first got married and moved into the apartment the rent was less than $900/month but now it was over $1,000 per month.  When Brent and Bella got the news they were going to have their first baby, the apartment, they realized was too small for their growing family.   The payment was too large. 

How were they going to find a bigger home with a smaller payment?  They wanted to be in a good area where their children could go to the same schools that Bella attended growing up  The other challenge was they had very little in savings to put down on a house. 

The decision to rent vs buy? Brent and Bella didn’t think they had a choice.  But, they talked with a realtor who explained to them that, right now, in the Memphis area, they really could find a bigger home in an area where they wanted their children to grow up with a smaller payment and for less than $1,000 to pay at the closing table.

The realtor showed Brent and Bella several homes and they made several offers. Finally, the seller on a nice 3 bedroom home accepted their offer and even agreed to pay the Beaumont’s closing costs.  Their realtor pointed out two advantages of buying the home they were purchasing. As their loan officer, I pointed out two more advantages that would give the Beaumont’s, not one, but multiple exit strategies so they would never have to feel stuck.

The first advantage, the realtor pointed out, was that in the neighborhood where Brent and Bella had decided to buy, home values had traditionally increased in value over time.  That meant that 3 to 5 years down the road, they could probably sell the home and buy another home if the need arose to move.

The second advantage, the realtor pointed out after she researched the area, was that the property the Beaumont’s were purchasing was located in a strong rising rental market.  If the trend of rising rent rates remained steady, the Beaumont’s would also have a choice of buying a new home later on and using this property for income-producing rental income -just in case the home selling market was tougher a few years down the road when and if the Beaumont’s decided to move to a different home.

The third advantage, as their mortgage officer I got to point out to them, was that the mortgage program they were using was a government FHA assumable loan. That meant, if the Beaumonts could not sell their home outright in a future market and they did not want to use the property as an income-producing rental, they could allow someone to qualify with their mortgage company to take over payments or assume their mortgage instead of the future buyers having to get a new loan.  If mortgage rates were much higher in the future when the Beaumont’s decided to sell, they buyers might even pay the Beaumont’s more upfront for equity to have the privilege of qualifying and taking over the existing much lower interest rate mortgage.

The Beaumont’s had three possible positive exit strategies on buying their first home.  They could enjoy that peaceful feeling of being free and not stuck.   They got some down payment assistance from the city of Memphis and some gift money from parents too and bought their home with about $500 down. They moved into a much larger home than the former cramped apartment with a fixed interest rate payment a couple of hundred dollars less per month than what they had been paying rent.  A very SWEET deal for the Beaumont’s and their sweet little one on the way.

Note : If you do not plan to remain in the geographic area more than 2-3 years, you may want to consider renting. But if you believe you will be in the area longer than 3 years, consider purchasing your home.

Compare the money you pay for lender’s mortgage insurance-Discuss with your lender:

Compare the costs of lender’s private mortgage insurance.   Lender private mortgage insurance does not help you. It helps the lender. Compare the terms on loan programs that minimize or eliminate private mortgage insurance and other upfront and monthly loan program insurance or funding fees. The amount you pay varies greatly from one loan program to another.

  • Words to the Wise on a Mortgage Refinance-
  1. Recapturing your closing cost:  If you are planning to refinance your existing mortgage, calculate how long your monthly cost savings on the payment will recapture the closing costs you paid or rolled into the loan to refinance.   If you plan to owning the house for 5 years or more, you need to see recapture costs in less than 18 months.     
  • Here are four common goals I hear from my clients want to achieve:
  • Refinancing a mortgage you already have to get a lower rate and a lower mortgage payment
  •  Refinancing to lower the rate and shorten the term on your mortgage (getting rid of your mortgage sooner)  This brings some great bragging rights to the borrower.  When you are shortening the term on your mortgage, you calculate the time it takes to recapture your refinance closing cost differently, but typically you are saving a lot more money by getting rid of several years off your mortgage term.
  •  Refinancing to roll in other higher interest rate debt into one low, fixed rate mortgage.   (Then let’s put together a simple method for you to make strategic prepayments to get rid of the mortgage sooner with the least money out of your pocket.) (short story of the self-employed borrower who added into a cash out mortgage the high interest rate credit card balances that had gradually build up over the years. He could refinance his mortgage and also pay off these high interest, variable rate debts to a lower, fixed rate mortgage. They turn around and set up a plan to pay the mortgage off early)
  •  While you are sticking close to home for the next couple of weeks, it is the perfect opportunity to get a FREE mortgage check-up and have a licensed mortgage loan officer analyze your current mortgage position, available equity, and high interest debt to determine if refinancing would create a financial gain for you and your family.  What do YOU want to accomplish with YOUR mortgage. Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today.    Call me at (901) 482-0354 or email me a Jo@JoGarner.com  If the deal does NOT work for you today, let’s determine the terms that would work and I can register you on my Rate Watch program. Then I can call YOU when the rate and terms work for YOU.

REAL ESTATE TIP OF THE WEEK (Sherry Blades shares a real estate related money-saving or time-saving tip.  Consult with an experienced realtor who can prepare for you a  Comparable Market Analysis to get to the right listing price for your home)

ANNOUNCEMENTS:  

  1. Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday April 1st, 2020 join us at Talk Shoppe in our online event room. Go to www.TalkShoppe.com and click on Upcoming Events Tab for the website address.  Bradley Harris, editor and Past District Governor District 43 Toastmasters “If you cant spel it, your in the wrong busyness- The power of precision in your professional English”    Facts and fun with Bradley Harris.  

2. Talk Shoppe events are free thanks to supporters like Bill Emmerling of Vista Point.  Are you, a family member or friend living with a physical, mental or intellectual disability? Vista Points offers special needs trusts to care for your loved ones now and for the future.  Contact Bill Emmerling of Vista Points  billemmerling@vistapoints.org  Bill Emmerling spelled with 2 “M’s”

3.  Talk Shoppe welcomes Earl Leake of Leake Agency Insurance.  Earl Leake specializes in getting   your business and its assets protected with insurance.   Thank you Earl Leake for financially making it possible for our business community to get free education and networking at Talk Shoppe’s weekly events.  Contact Earl Leake of Leake Agency Insurance at 901-737-9352.

4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.   

5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN.  IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE:  REAL ESTATE MORTGAGE SHOPPE  RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.

QUOTE CORNER:  

Anonymous “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” -Franklin D. Roosevelt

____________________________________________________________________________________

REJOINDERS: 

  1. Marx Sterbcow, Sterbcow Law Firm, New Orleans, Louisiana
  2. Ella Harris, West TN Representative for Tennessee Housing Agency www.thda.org
  3. Clint Cooper of Redeemers Group (Germantown, TN) Home Foundation Repair www.redeemersgroup.com

Transitional Music: “Theme from The Price Is Right;”  “Sold The Grundy County Auction Incident” John Michael Montgomery; “Signed, Sealed, Delivered” by Stevie Wonder;  “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

________________________________________________________________________

ABOUT SHERRY BLADES, REALTOR WITH ADARO REALTY   

          

*  Native Memphian

*  Affiliate License   1976

*  Broker’s License  1980

*  Member of MAAR  1981 to Present

*  Life Member of the Multi-Million Dollar Club

*  Residential Sales

I have one daughter, two granddaughters, and one grandson.

I love to travel, dance, write, study different cultures and religions: I love animals, Meditation, yoga, eating healthy.

going to personal growth seminars.

I especially love chocolate and spa days.

Most of all, I love assisting people with all their real estate needs!!!

Adaro Realty

890 Willow Tree Circle Ste 8

Cordova, TN 38018

Office (901) 751-6675

Direct (901) 336-3204

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.JoGarner.com    (901) 482 0354  jo@jogarner.com  twitter @jogarner  NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc)

“Whatever YOUR  personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on  hitting your goals .”

As a mortgage loan officer, my job is to help you get to the  benefits you want from your financing terms.  What is most important to you? I can help you find the financing terms that will help you get to what you want.   What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

 Different clients have different priorities in life—some are buying their first home with very little down payment funds.  Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

 Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country.  She offers conventional, FHA, VA or other loan programs for refinancing and purchases. 

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home  purchase financing.  

Jo Garner  has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine  and was personally mentored in San Diego, California  by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge. 

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner  is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com  Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com  

Have you considered selling your home but don’t know what price to ask for it? Today on Real Estate Mortgage Shoppe we will be covering some great tips on getting to the right price to avoid wrong  results.  I will be covering some helpful rules-of-thumb to follow when you are trying to decide on the best mortgage terms for your purchase loan or mortgage refinance.

What do YOU want to accomplish with YOUR mortgage?  Let’s stay connected!  Subscribe at www.JoGarner.com  for Real Estate Mortgage Shoppe weekly podcasts with show notes. 

To Your Success,

Jo Garner, Mortgage Loan Officer NMLS#757308 (901) 482-0354 Jo@JoGarner.com

www.JoGarner.com Sierra Pacific Mortgage 46 Timber Creek Dr. Cordova, TN 38018

___________________________________________________________________________

WELCOME TO REAL ESTATE MORTGAGE SHOPPE!

Good morning, Memphis!  Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer.  You can connect with me at www.JoGarner.com.   Our general topic is WHEN IS THE PRICE RIGHT ON SELLING MY HOME & GETTING A MORTGAGE. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com  Call us while we’re live today March 28th, 2020 at (901) 535-9732.

INTRODUCING SHERRY BLADES, ADARO REALTY

By telephone today, for the very first time, we have Sherry Blades of Adaro Realty. Sherry is a native Memphian who has been serving her residential real estate clients since 1976. Sherry has earned many certifications and is a life-time member of the Multi-Million Dollar Club.   Sherry, you LOVE helping people purchase their homes. Take a moment and tell our listeners a little bit about yourself and what you do for your clients.  (Sherry has about 1 minute or more to intro herself and talk about what she does for her clients.)

TOP STEPS TO TAKE IN GETTING THE RIGHT MORTGAGE TERMS

(Jo) Getting the price right is like the opening play in sports or the first move in chess. It really determines what strategy you use for the rest of the process.   In the mortgage business, the loan program you choose is crucial for how you plan your finances for the years that you make payments on the mortgage.

Step 1:  Evaluate what you are spending and how much money actually goes into your bank account each month throughout the year.   Some of the financial gurus out there suggest that you keep your house payment not more than 25%-31% of your gross income.  Your house note includes principal and interest, property taxes, home owners insurance, mortgage insurance (if you have to pay it), and any neighborhood association fees.

Some of the same gurus suggest keeping total monthly debt with the house note and  including your car payment, credit card payments, installment loans, personal loans, and other loans under 43% of your gross income. Consult with your own certified financial advisor on this.

Hint to the Wise–Mortgage underwriting software sometimes will approve your loan with a total income-to-debt ratio up to 50% or more.   That is not a fun way to live.   By keeping your payments lower, you will have room in your budget to enjoy fun adventures and exciting vacations and not be strapped financially to the house.  

Step 2:  Evaluate what is the maximum money you can put down on buying a home.  The same financial gurus you hear out there recommend keeping an adequate emergency fund at all times— 90 days living expenses if you have a stable salaried job or up to a year of living expenses or more if you are self-employed or a 100% commissioned employee.

If you are short on funds, we can pull out the golden shovel and go treasure hunting.   It might be with you like it was for a self-employed gentleman that called me about his house plans. He said, “I want to keep my cash working for me in the business. Where can I find more money for move-in costs?” 

We dug around for family gifts. We looked at borrowing against a retirement fund, down payment assistance programs, low down payment loan programs with zero to 5% required down payment, tax refunds.  But for this self-employed borrower, he ended up using the cash value on an old whole life insurance policy that he forgotten that he had. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY.   Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com  or just call me at (901) 482-0354. 

(Jo) We are talking today about WHEN IS THE PRICE RIGHT ON SELLING MY HOME & GETTING A MORTGAGE.  Sherry Blades of Adaro Realty, I have been talking about getting the right terms on a mortgage.  You have a lot of wisdom to offer us today when its time to sell a home.  (Sherry introduces herself and talks about how she got started in real estate in 1976 and what she loves about serving her residential real estate clients)

(Jo) You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer.  What do YOU want to accomplish with your mortgage? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today.   When we come back Sherry Blades, Realtor,Broker with Adaro Realty, will be giving us more tips on how to determine the best price for your home. See you back in just a moment. 

____________________________________________________________________

THE LOOK BACK MEMPHIS TRIVIA CONTEST

2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you  by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by Googling “JIMMY OGLE PINK PALACE”.  View at JimmyOgle.com. .  The Look Back Memphis Trivia Contest is  sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project or you can do the big project in phases . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer.  If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.

Garner # 175 * 03/28/20

Abe Plough

Question:  I opened my own business at the age of 16, with a loan of $125 from my father.  Who am I?

Hint:  I was born in Tupelo, MS and moved to Memphis with my family at age one.
 
Hint:  In 1920, I added St. Joseph’s Aspirin to my business portfolio.

Hint: My company merged with the Schering Corporation in 1971.

Final Hint: I was often known as ‘’Mr. Anonymous’’ for my philanthropic efforts in Memphis.  Who am I?

Answer: Abe Plough received his only other formal education at St. Paul Street Grammar School, from which he graduated. After school and on weekends he worked at the George V. Francis drug store without pay because he wanted to learn the drug business. Moses Plough lent his son $125 to start his own business, Plough Chemical Company, in 1908. At age sixteen Abe Plough was owner, manager, and only employee of the new business, located in one small room above his father’s store. Using dishpans for mixing the chemicals, his first formula was for Plough’s Antiseptic Healing Oil, a “sure cure for any ill of man or beast.”

Success came almost immediately for the new enterprise. Within two years it doubled in size, entered the patent drug business, and branched out into cosmetics. Adding aspirin to his line of products in 1920, Plough bought the St. Joseph Company, a step he called his “first on the road to the big time.” Plough, Incorporated, moved in 1951 to 3022 Jackson Avenue. The business reported net sales of $254.5 million by 1954, a figure that doubled by 1962. It merged in 1971 with Schering Corporation, primarily a manufacturer of prescription pharmaceuticals. Plough was Chairman of both Plough, Incorporated, and Schering-Plough.  Plough retired from business in 1976 to devote his talents and energies to his other chief interest, philanthropy.

His generosity to the community is legendary. His many gifts were often made as “challenge grants,” his stated goal “to help the greatest number of people in order to do the most good.” His legacy lives on not only in the business he created, which bears his name, but also in his deeds of generosity and leadership.

Bonus: Jimmy Ogle will be giving four distinct tours of Elmwood Cemetery on Saturday, April 25. To register, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retired from walking tours in Memphis.  Twelve of his Memphis History lectures from the Pink Palace entitled Making Memphis – Storytelling by Jimmy Ogle, and now more than ten hours Downtown Walking Tours may all be viewed for FREE on the internet at . . .
You Tube  Jimmy Ogle.                                                          View JimmyOgle.com for more info!

___________________________________________________________

TOPICS COVERED BY SHERRY BLADES, ADARO REALTY

THE PRICE IS RIGHT!

When the price is right, the buyer sees the value and buys it!

* How Much is this Home Worth???

  Methods to determine price

  1. Comparative Market Analysis

  2. Upgrades vs Maintenance

  3. Market Conditions

  4. Location

  5. Condition

* Incorrect Pricing Leads to:

  1. Frustration

  2. Expired Listings

  3. Low Offers

* Correct Pricing

  1. Satisfaction

  2. Successful Sales

  3. Quick Sales

  4. Full Price Offers and Multiple Offers

* Old Mindset

  1. “Let’s List High because we can always come down

___________________________________________________________

3rd segment:  TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER  

  1.  What are some good rules-of-thumb to use in determining the maximum comfort level on a house note and move-in costs when buying a home? (covered in first segment)
  • Should I rent or should I buy a home? Should we buy a home or rent?  Brent and Bella Beaumont’s story-MULTIPLE EXIT STRATEGIES

MULTIPLE EXIT STRATEGIES –BRENT AND BELLA BEAUMONT’S STORY

Brent and Bella had been renting an apartment in an neighborhood that seemed to be attracting more crime. When they first got married and moved into the apartment the rent was less than $900/month but now it was over $1,000 per month.  When Brent and Bella got the news they were going to have their first baby, the apartment, they realized was too small for their growing family.   The payment was too large. 

How were they going to find a bigger home with a smaller payment?  They wanted to be in a good area where their children could go to the same schools that Bella attended growing up  The other challenge was they had very little in savings to put down on a house. 

The decision to rent vs buy? Brent and Bella didn’t think they had a choice.  But, they talked with a realtor who explained to them that, right now, in the Memphis area, they really could find a bigger home in an area where they wanted their children to grow up with a smaller payment and for less than $1,000 to pay at the closing table.

The realtor showed Brent and Bella several homes and they made several offers. Finally, the seller on a nice 3 bedroom home accepted their offer and even agreed to pay the Beaumont’s closing costs.  Their realtor pointed out two advantages of buying the home they were purchasing. As their loan officer, I pointed out two more advantages that would give the Beaumont’s, not one, but multiple exit strategies so they would never have to feel stuck.

The first advantage, the realtor pointed out, was that in the neighborhood where Brent and Bella had decided to buy, home values had traditionally increased in value over time.  That meant that 3 to 5 years down the road, they could probably sell the home and buy another home if the need arose to move.

The second advantage, the realtor pointed out after she researched the area, was that the property the Beaumont’s were purchasing was located in a strong rising rental market.  If the trend of rising rent rates remained steady, the Beaumont’s would also have a choice of buying a new home later on and using this property for income-producing rental income -just in case the home selling market was tougher a few years down the road when and if the Beaumont’s decided to move to a different home.

The third advantage, as their mortgage officer I got to point out to them, was that the mortgage program they were using was a government FHA assumable loan. That meant, if the Beaumonts could not sell their home outright in a future market and they did not want to use the property as an income-producing rental, they could allow someone to qualify with their mortgage company to take over payments or assume their mortgage instead of the future buyers having to get a new loan.  If mortgage rates were much higher in the future when the Beaumont’s decided to sell, they buyers might even pay the Beaumont’s more upfront for equity to have the privilege of qualifying and taking over the existing much lower interest rate mortgage.

The Beaumont’s had three possible positive exit strategies on buying their first home.  They could enjoy that peaceful feeling of being free and not stuck.   They got some down payment assistance from the city of Memphis and some gift money from parents too and bought their home with about $500 down. They moved into a much larger home than the former cramped apartment with a fixed interest rate payment a couple of hundred dollars less per month than what they had been paying rent.  A very SWEET deal for the Beaumont’s and their sweet little one on the way.

Note : If you do not plan to remain in the geographic area more than 2-3 years, you may want to consider renting. But if you believe you will be in the area longer than 3 years, consider purchasing your home.

Compare the money you pay for lender’s mortgage insurance-Discuss with your lender:

Compare the costs of lender’s private mortgage insurance.   Lender private mortgage insurance does not help you. It helps the lender. Compare the terms on loan programs that minimize or eliminate private mortgage insurance and other upfront and monthly loan program insurance or funding fees. The amount you pay varies greatly from one loan program to another.

  • Words to the Wise on a Mortgage Refinance-
  1. Recapturing your closing cost:  If you are planning to refinance your existing mortgage, calculate how long your monthly cost savings on the payment will recapture the closing costs you paid or rolled into the loan to refinance.   If you plan to owning the house for 5 years or more, you need to see recapture costs in less than 18 months.     
  • Here are four common goals I hear from my clients want to achieve:
  • Refinancing a mortgage you already have to get a lower rate and a lower mortgage payment
  •  Refinancing to lower the rate and shorten the term on your mortgage (getting rid of your mortgage sooner)  This brings some great bragging rights to the borrower.  When you are shortening the term on your mortgage, you calculate the time it takes to recapture your refinance closing cost differently, but typically you are saving a lot more money by getting rid of several years off your mortgage term.
  •  Refinancing to roll in other higher interest rate debt into one low, fixed rate mortgage.   (Then let’s put together a simple method for you to make strategic prepayments to get rid of the mortgage sooner with the least money out of your pocket.) (short story of the self-employed borrower who added into a cash out mortgage the high interest rate credit card balances that had gradually build up over the years. He could refinance his mortgage and also pay off these high interest, variable rate debts to a lower, fixed rate mortgage. They turn around and set up a plan to pay the mortgage off early)
  •  While you are sticking close to home for the next couple of weeks, it is the perfect opportunity to get a FREE mortgage check-up and have a licensed mortgage loan officer analyze your current mortgage position, available equity, and high interest debt to determine if refinancing would create a financial gain for you and your family.  What do YOU want to accomplish with YOUR mortgage. Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today.    Call me at (901) 482-0354 or email me a Jo@JoGarner.com  If the deal does NOT work for you today, let’s determine the terms that would work and I can register you on my Rate Watch program. Then I can call YOU when the rate and terms work for YOU.

REAL ESTATE TIP OF THE WEEK (Sherry Blades shares a real estate related money-saving or time-saving tip.  Consult with an experienced realtor who can prepare for you a  Comparable Market Analysis to get to the right listing price for your home)

ANNOUNCEMENTS:  

  1. Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday April 1st, 2020 join us at Talk Shoppe in our online event room. Go to www.TalkShoppe.com and click on Upcoming Events Tab for the website address.  Bradley Harris, editor and Past District Governor District 43 Toastmasters “If you cant spel it, your in the wrong busyness- The power of precision in your professional English”    Facts and fun with Bradley Harris.  

2. Talk Shoppe events are free thanks to supporters like Bill Emmerling of Vista Point.  Are you, a family member or friend living with a physical, mental or intellectual disability? Vista Points offers special needs trusts to care for your loved ones now and for the future.  Contact Bill Emmerling of Vista Points  billemmerling@vistapoints.org  Bill Emmerling spelled with 2 “M’s”

3.  Talk Shoppe welcomes Earl Leake of Leake Agency Insurance.  Earl Leake specializes in getting   your business and its assets protected with insurance.   Thank you Earl Leake for financially making it possible for our business community to get free education and networking at Talk Shoppe’s weekly events.  Contact Earl Leake of Leake Agency Insurance at 901-737-9352.

4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.   

5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN.  IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE:  REAL ESTATE MORTGAGE SHOPPE  RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.

QUOTE CORNER:  

Anonymous “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” -Franklin D. Roosevelt

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REJOINDERS: 

  1. Marx Sterbcow, Sterbcow Law Firm, New Orleans, Louisiana
  2. Ella Harris, West TN Representative for Tennessee Housing Agency www.thda.org
  3. Clint Cooper of Redeemers Group (Germantown, TN) Home Foundation Repair www.redeemersgroup.com

Transitional Music: “Theme from The Price Is Right;”  “Sold The Grundy County Auction Incident” John Michael Montgomery; “Signed, Sealed, Delivered” by Stevie Wonder;  “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

________________________________________________________________________

ABOUT SHERRY BLADES, REALTOR WITH ADARO REALTY             

*  Native Memphian

*  Affiliate License   1976

*  Broker’s License  1980

*  Member of MAAR  1981 to Present

*  Life Member of the Multi-Million Dollar Club

*  Residential Sales

I have one daughter, two granddaughters, and one grandson.

I love to travel, dance, write, study different cultures and religions: I love animals, Meditation, yoga, eating healthy.

going to personal growth seminars.

I especially love chocolate and spa days.

Most of all, I love assisting people with all their real estate needs!!!

Adaro Realty

890 Willow Tree Circle Ste 8

Cordova, TN 38018

Office (901) 751-6675

Direct (901) 336-3204

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.JoGarner.com    (901) 482 0354  jo@jogarner.com  twitter @jogarner  NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc)

“Whatever YOUR  personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on  hitting your goals .”

As a mortgage loan officer, my job is to help you get to the  benefits you want from your financing terms.  What is most important to you? I can help you find the financing terms that will help you get to what you want.   What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

 Different clients have different priorities in life—some are buying their first home with very little down payment funds.  Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

 Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country.  She offers conventional, FHA, VA or other loan programs for refinancing and purchases. 

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home  purchase financing.  

Jo Garner  has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine  and was personally mentored in San Diego, California  by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge. 

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner  is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com  Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com  

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