SELLING A HOME, BUYING A HOME AND GETTING A MORTGAGE-PUTTING THE RIGHT PROFESSIONALS ON YOUR TEAM
Today we are going to be talking about 6 reasons you never want to sell a home without a realtor. We will cover some helpful criteria for home buyers to use when deciding which realtor and which lender have on their team of professionals.
Welcome to Real Estate Mortgage Shoppe where we offer you solutions to your real estate and financing solutions. If you have a question, comments or real estate conundrum, please contact me so I can make sure you get the information you need for your specific situation. (901) 482-0354 jo@192.232.195.219
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To Your Success,
Jo Garner
Good morning, Memphis! Welcome to our 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. Today’s episode of Real Estate Mortgage Shoppe is sponsored by Joe Rojas and his Elite Team at Fearnley Martin and McDonald. Talk with Joe about getting your real estate loan closed at (901) 289-5821 Our general topic is “SELLING A HOME, BUYING A HOME AND GETTING A MORTGAGE, PUTTING THE RIGHT PROFESSIONALS ON YOUR TEAM.” If you have a question or comment and you’re on Twitter, make them to #JoGarner or call me directly off the show at (901) 482-0354. You can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732 on August 27th, 2016,
Today we are going to be talking about 6 reasons you never want to sell a home without a realtor. We will cover some helpful criteria for home buyers to use when deciding which realtor and which lender have on their team of professionals.
Sitting at our coffee table this morning is a lady who definitely knows all about the benefits of using a realtor to handle your real estate transaction. Melanie Blakeney is the Chief Executive Officer of the Memphis Area Association of Realtors and before coming to Memphis she was CEO of realtor boards in Lousiana and Oklahoma. It’s such a pleasure having you on the show. Please tell our listeners a little about yourself and Memphis Area Association of Realtors. <Melanie introduces herself and talks about Memphis Area Association of Realtors>
<Melanie introduces Kent Anderson.> <Kent Anderson talks about his 20 + years working as a realtor in partnership with his wife in the Memphis area.>
(Jo) Yesterday, both realtors and lenders and several home buyers and sellers were listening closely to the economic news from the Federal Reserve. The price on mortgage rates inched up just a little based on some commentary from the speakers. The heavy deluge of economic data coming out next week will be the determining factor on which way the price on mortgage rates go. So, MAKE YOUR PLAN. WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. 30YR FIXED – 3.375 – 3.75%; FHA/VA – 3.0 – 3.625%; 15 YEAR FIXED – 2.75%-3%. For anyone out there who would like to compare some numbers on YOUR mortgage financing, one of my favorite pastimes is doing the numbers and comparing them to nail the best scenario. You can call me now while we’re live at (901) 535-9732 or you can call me personally after the show at 901 482-0354 or connect with me at www.JoGarner.com
<Melanie starts covering some of the benefits of using a realtor >
<Kent makes comments here specifically about the advantage of having realtor who can read between the lines when communicating with other realtors and reading their ads >
(Jo) Realtors are amazing people. A good realtor has to be so much more than a real estate market consultant. Realtors are wear the teacher hat, the decorator hat, the therapist hat and the ones who really love what they do wear their love for the profession where everyone can see their passion for what they do in the real estate business. I have worked closely with realtors almost my entire life. You know you have a good one when they spend the extra time first listening and trying to understand what YOU value in a home, a neighborhood and still stay within in your comfort zone on a house payment or down payment.
When I was trying to buy my very first house many years ago, I felt so overwhelmed with all the choices of homes I had seen. I liked so many of them. When we finally stopped for a break, I asked my realtor a question she probably got asked a lot. “ Which house do I choose? I like them ALL.” She said something I have remembered to this day. She said, “Buy the house that you will enjoy making the payment on the most.” Lots of wisdom there. Realtors have so many services and skills to offer home buyers and sellers. As a lender I never cease to be amazed at the lengths some realtors will go to serve their clients.
(Jo) Over the years I have worked with hundreds of my mortgage clients. Just like the realtor, as a mortgage lender, I learn a lot about my mortgage clients as I walk with them on the home buying journey. It is a big investment. Many of these clients over the course of my 25 year mortgage career have come back multiple times when they are ready to buy a house or refinance one. The customers that seem to have the smoothest transactions are the ones who have on their team experienced, reputable real estate pros. A good lender, realtor, real estate attorney and others as needed. When you are choosing the mortgage lender you want to use, the same rule applies to lenders as realtors— Rule #1 make sure the lender is really spending the extra time to determine what is important to you, the borrower, not just trying to sell you a loan. Questions a good lender will ask you are these: “What is your maximum comfort level on a house payment?” “What is your maximum comfort level on a down payment?” “Do you foresee anything drastically changing in your finances over the next 5 years?” A good lender will want to make sure the terms on your mortgage work for you, not just for today, but for years to come.
[2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Jimmy Ogle offers free historic walking tours downtown in the spring and fall. For information about Jimmy Ogle, go to www.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 . 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 # 87 08//16
TRIVIA ANSWER: The Peabody Ducks
TRIVIA HINTS: We live in a royal residence in Downtown Memphis. Who are we?
Hint: My ancestors began working in Downtown in the 1930s.
Hint: We work six hours per day, seven days a week.
Hint: We entertained over 200,000 people annually.
Final Hint: We have appeared on The Tonight Show with Johnny Carson, Sesame Street, the Oprah Winfrey Show and have been featured in People magazine.
Answer: The Peabody Ducks. Back in the 1930’s Frank Schutt, General Manager of The Peabody, and a friend Chip Barwick, returned from a weekend hunting trip to Arkansas. The men had a little too much Tennessee sippin’ whiskey, and thought it would be funny to place some of their live duck decoys (it was legal then for hunters to use live decoys) in the beautiful Peabody fountain. Three small English call ducks were selected as “guinea pigs,” and the reaction was nothing short of enthusiastic. Thus began a Peabody tradition which was to become internationally famous.
In 1940, Bellman Edward Pembroke, a former circus animal trainer, offered to help with delivering the ducks to the fountain each day and taught them the now-famous Peabody Duck March. Mr. Pembroke became the Peabody Duckmaster, serving in that capacity for 50 years until his retirement in 1991.
The ducks, accompanied by the King Cotton March by John Philip Sousa, daily proceed across a red carpet to the hotel fountain, made of a solid block of Italian travertine marble. Nearly 90 years after the inaugural march, the five ducks still visit the lobby fountain at 11 a.m. and 5 p.m. each day.
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Spring and Autumn of each year, with the next Tuesday Tour being on Jefferson Avenue at 11:45am on Tuesday, September 6 at Main Jefferson; the Fairgrounds Walking Tour at 7pm on Sunday, August 28 (assemble at the Coliseum). The D’Army Bailey County Courthouse Tour (indoors): one Thursday each month at 12:00 noon – the next being Thursday, September 15. Go to jimmyogle.com for more information.
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QUESTIONS ANSWERED BY MELANIE BLAKENEY:
SIX REASONS NEVER TO SELL YOUR HOME WITHOUT A REALTOR:
1. Realtors know how to read the abbreviated real estate ads. They can also read between the lines because they work in the business every day. “4BR/2BA DIY Handyman special.” Realtors have all the right forms and disclosures and they know exactly what needs to be completed and signed and when things need to be done to keep the transaction on track.
2. They have turbocharged searching power. A Realtor can help you find those hidden gems.
3. Realtors know the details of various local neighborhoods better than the layperson. They are a walking data bank of knowledge of what type houses are available and at what price and they know the competition.
4. Realtors are trained and experienced at the negotiating on behalf of their clients. They know which negotiating tactics will work best for their client. They are also savvy about the negotiating tactics used by others. They also know when to bargain regarding home inspections, factors coming up on the appraisal, home warranties etc
5. Realtors are connected to a wide market reach. They are connected to other local realtors, the internet, social media platforms and real estate groups that keep them in the know on any opportunities or changes affecting their clients or homes just coming on the market.
6. Realtors adhere to a strict code of ethics in carrying out their fiduciary duties.
MELANIE TALKS BRIEFLY ABOUT THE BENEFITS FOR REALTORS FOR BEING A MEMBER OF MEMPHIS AREA ASSOCIATION OF REALTORS. MAAR offers education, state-of-the-art technical tools, other resources and guidelines for professional ethics to their member realtors. The support and resources given to member realtors by Memphis Association of Realtors empowers their realtors to better assist their home buyers and sellers.
QUESTIONS ANSWERED BY KENT ANDERSON
1. What are some tips on how to choose the best realtor?
A. Pick a realtor with a good reputation and plenty of experience helping real estate buyers and sellers under the new Know Before You Owe real estate lending guidelines. If your realtor is experienced, he/she can save you thousands of dollars and many hours of frustration just by knowing how to guide you around pitfalls
B. Pick a realtor who knows well the specific neighborhoods that interests you.
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QUESTIONS ANSWERED BY JO GARNER:
1. How would you advise someone on how to find the best mortgage lender?
-The lowest rate is rarely ever the best deal, however, you do want a competitive rate. So it pays to shop. Since the new Know Before You Owe regulations are in place as of October 3rd, 2015, it should be a little easier to shop between mortgage companies because most all of forms have the same layout. However, the wording can be very confusing on some of these mortgage estimate forms. For one thing, sometimes the government forms show closing costs AND the prepaid taxes and insurance that goes into the escrow account to pay your taxes and insurance all under the label called closing costs. But the portion paid for property taxes and insurance is really NOT closing costs. It is your money going into an escrow account with YOUR name on it to pay YOUR taxes and insurance. For this reason, -You want to compare the closing costs and not the prepaid taxes and insurance to be paid at closing. The taxes and insurance will be what they’re going to be regardless of which mortgage company you use. If you’re trying to compare which estimate is the best estimate between mortgage companies, if you will fax or scan it to me, I am happy to help you get to all of the numbers. You can reach me on the air at 901 535- WREC 901 535-9732. Or call me directly off the air at 901 482-0354 901 482-0354 or connect with me on the blog www.JoGarner.com.
2. Which loan officer spent the time to find out what your personal comfort level is on a mortgage payment? Which loan officer took the time to try and find a mortgage product that allows you to put down the least with still only paying the least or nothing on private mortgage insurance for the lender?
3. Check the mortgage lenders reputation online with different platforms.
4. Ask the loan officer if he will be your representative throughout the entire loan until closing. If the loan officer is passing your loan AND YOU off to different departments and does not have complete control of your file throughout the entire loan application, then YOU don’t have control of your file either. Ideally you want a loan officer that you can call and talk with throughout the entire loan process. Your realtor will appreciate it too.
REAL ESTATE TIP OF THE WEEK (Kent Anderson offers real estate tip) Kent suggested using this low-rate environment to get your home financing on a fixed rate15 year term instead of a 30 year term. He used the example of a $100K loan 3.75% 30 yr loan with a $463 P&I payment. In the beginning part of the loan the mortgage borrower would be applying toward principal about $150/mo, giving them a little bit more equity each month. On a 15 year fixed rate mortgage at 3% interest, the P&I payment is about $690/mo but the borrower is socking away over $400/mo toward building their equity each month giving them A LOT MORE equity toward the beginning of the loan.
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at the University of Phoenix 65 Germantown Center 1st floor Cordova, TN. This Wednesday August 31st, 2016 Talk Shoppe presents: “The Mastermind Principle: based on the book Think And Grow Rich by Napoleon Hill.
Talk Shoppe events are free thanks to supporters like John Keller, investment advisor with Edward Jones Company in Bartlett. You can talk with John about ABOUT your investment plans at 901 569-5009.
And also thanks to sponsors like Troy and Lynn McDonald of Erin McDonald Insurance Agency. You can talk with Lynn McDonald at (901) 849-7101.
2. Today’s episode of Real Estate Mortgage Shoppe was brought to you by Joe Rojas and his Elite Team at Fearnley Martin and McDonald. Talk with Joe about getting your real estate loan closed at (901) 289-5821
4. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
5. Real Estate Mortgage Shoppe reminds you that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
QUOTE CORNER
Anonymous: “My mom is a realtor. Realtors are very strong. She can flip a house.”
Mark Twain “Buy land. They’re not making it anymore.”
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REJOINERS:
Don Hutson, of US Learning and author of Selling Value www.DonHutson.com
Jackie Woodside, author of Calming The Chaos www.JackieWoodside.com
Joe Rojas, Elite Team at Fearnley, Martin and McDonald Title Company (901) 289-5821
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Transitional Music: Hall and Oates “You Make My Dreams Come True” ; “I’ll Be There For You” the Rembrants ; “Home” by Phillip Phillips; “Memphis” by Johnny Rivers for Look Back Memphis Trivia Contest
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ABOUT MELANIE BLAKENEY, MEMPHIS AREA ASSOCIATION OF REALTORS
CEO, Memphis Area Association of Realtors.
Prior to coming to Memphis, she was CEO of the Lafayette, Louisiana Board of Realtors and before that, the Norman, Oklahoma Board of Realtors.
Melanie Blakeney, RCE | CEO
Memphis Area Association of REALTORS®
P: 901.818.2428 | F: 901.761.4003 | melanie.blakeney@maar.org
Follow us on Twitter | Find us on Facebook
ABOUT KENT ANDERSON, REALTOR
Bachelor’s degree in finance and economics.
Realtor for 20 years.
Broker license.
Partner with my wife, Tammy.
Always rank in top 25 agents of company based on sales volume.
Ethics and service are key to our success.
Currently serve on Memphis Area Assoc. of Realtors Board of Directors.
Kent & Tammy Anderson
Brokers & Vice Presidents
Crye-Leike Realtors, License #243150
3030 Forest Hill Irene Road
Germantown, TN 38138
Office: 901-757-2500
Cell: 901-359-2533/901-359-2532
Direct Fax: 901-653-2272
TN License # 256610 #263182
MS License # 17603 #20109
kent@kentanderson.net
www.kentanderson.net
Top 1% of Agents in Shelby County
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they 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. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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 20 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 20 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 She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com