SOMEONE WANTS TO BUY MY HOME… WHAT ARE MY NEXT STEPS?

Have you ever received a postcard in the mail from someone wanting to buy your home? Maybe you got an unsolicited call on the phone from someone wanting to pay you cash and close quickly if you will sell them your house. Today realtor Pat Goldstein and I will be sharing some stories of how homeowners we know handled the situation of taking the next steps when they decided to take the plunge and sell their home.

What do YOU want to accomplish with YOUR mortgage? Let’s talk! Call me at (901) 482-0354 or email be at Jo@JoGarner.com Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com .

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 SOMEONE WANTS TO BUY MY HOME… WHAT ARE MY NEXT STEPS? Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live today September 18, 2021 at 901 535 9732

Introducing Pat Goldstein, realtor with Crye-Leike.

Back in the studio we have the “gold standard in real estate,” Pat Goldstein of Crye-Leike Realtors. Pat Goldstein has been in the real estate business for over thirty-five years. She knows real estate in the Mid-South and North Mississippi. She has been known to “find a needle in a haystack” for homebuyers with specific needs. Pat helps homeowners make wise decisions when they are ready to sell. (Pat has about 1 min or so to introduce herself and talk about services she offers her clients)

(Jo) As we move into discussing what to do when someone wants to buy your home and you’re not sure what to do next… Let me share Addison’s story…

Addison dropped the mail on the kitchen table and quickly jerked up the little yellow postcard that read, “I want to buy your house. All cash. Quick closing.” A few days earlier, Addison’s employer had offered her a big raise and a chance to relocate to a city closer to her family. This little postcard sounded like the perfect way to sell her house with no hassles and get to her new life quicker.

Her next call was to her realtor friend for advice on what her next steps should be. Here are some steps her realtor suggested Addison take.

Step One: Find out what the buyer planned to do with her home after buying it.

Logical Assumptions

If this was a developer about to develop the area, she should explore further if the upcoming development would help or hurt her home value. If it would eventually hurt her home’s value, she might consider taking the offer right away.

If the person offering to buy her home planned to flip it for a profit or hold it for rental for a while before reselling the house, then Addison would know they were only buying her home to make money on it as quickly as they could. More than likely, she was about to get a lowball offer and would be forfeiting a lot of her home equity in the interest of selling fast.

If the person offering to purchase her home specifically wanted to buy and live in her neighborhood, chances were good they would offer her closer to top dollar.

Step Two:

Value and Condition

Determine Value of the Home. Addison asked her realtor friend to do a thorough market analysis to determine the house’s value and how long it would take to sell it if she listed it on the market.

Assess Condition of the Home. Addison made a list of repairs that her realtor said lenders usually require to be fixed before closing. The home improvement contractor gave Addison an estimate on the costs to repair the rotted wood, the leaky roof, and the sheetrock upstairs where the roof had been leaking.

Step 3:

What are the costs to move?

The investor on the postcard offered Addison $200,000 for her home in as-is condition.

Her realtor friend said she could sell her home for $250,000 or more.

Cost for real estate commission $15,000 and $12,000 for repairs to the contractor.

Addison’s family lived in the city and state where she wanted to move. They connected her with a realtor who started researching Addison’s cost to buy a home there. She helped her estimate the monthly payments on her new home and the costs to move. Addison would be living closer to family and, she would be making more money.

Addison wanted more than anything to know she was making the right choice. So she listed her home for sale with her realtor friend with the understanding that if her house did not sell quickly, she could get out of the listing agreement and go with the all-cash investor.

(Jo) Realtor Pat Goldstein of Crye-Leike Realtors, can you get started letting us know some of the options you see your clients take when someone wants to buy their home but they don’t know where to go next? (Pat shares story about couple who called her to ask about an offer to purchase they received from a letter in the mail. Pat did a comparable market analysis on their home to discover that they could get approximately $20,000 additional profit if they listed their home. This home was in great condition with no needed repairs so her client went the option to list their home for sale instead of taking the cash offer made via the letter. Pat pointed out that for a home that required expensive repairs, the cash offer from the letter may have been the better deal because they were not requiring any repairs to be completed.)

You’re listening to Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. Connect with me at www.JoGarner.com When we come back Pat Goldstein, realtor with Crye-Leike will be sharing more examples of what people do next when someone wants to buy their house Call us live in the studio at (901) 535-9732.

2^nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. Our 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.

ANSWER: ( KLONDIKE NEIGHBORHOOD AND/OR SMOKEY CITY)

Question: My neighborhood was named for an 1890 Gold Rush. Who am I?

Hint: This neighborhood is one of two North Memphis communities among the first African-American neighborhoods in the city of Memphis.

Hint: This neighborhood sits between Jackson and Chelsea avenues, from Manassas Street on the west to Watkins Street on the east. Uptown is nearby; so is the redevelopment surrounding Crosstown Concourse.

Hint: The neighborhood we are discussing has a significant place in African-American history and culture in North Memphis, neighborhoods where some of the city’s civil rights leaders called home.

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TOPICS COVERED BY PAT GOLDSTEIN, REALTOR WITH CRYE-LEIKE

QUESTIONS:

What are the three most important steps a homebuyer should take the moment they decide to sell their home?
What are your top bits of advice for a home seller when preparing their home to sell for top dollar?
What type repairs do lenders usually require to be completed on a home before lending the money to a buyer?
What are some good rules of thumb for picking the best offer when there are multiple offers from people wanting to buy your home?
What are common scenarios you see people use when they sell their home before knowing for sure where they will move?

TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:

Consider where you will go and what it will costs:

Scientists say that most people make decisions based 90% on their feelings and 10% on logic. Selling a home and buying a new place to call home brings a lot of emotion with the decision. It is one of the biggest financial decisions you will ever make. Take time to seek good counsel and consider where you will go when you sell and the cost of the move.

Thinking Outside the Box When the Best Laid Plans to Buy and Sell A Home Run Into the Unexpected-Ronnie and Remy Renner’s Story

Ronnie and Remy Renner were not planning to sell their home and move. But, Ronnie’s employer made him a deal that he and Remy could not refuse. Ronnie had worked hard to earn this promotion. Just like in the earlier story about Addison, Ronnie and Remy would be able to move closer to their parents, their old friends and nieces and nephews.

Remy wanted to stay in their current home for a few months so their daughter could graduate with her friends from high school. It was clear they could not sell their current home yet. Ronnie could not wait or he would miss the opportunity his employer was offering him. He took the promotion and moved back to his home town. To save money, he moved in with his parents.

Ronnie did not get serious about house-hunting until a couple of months from their daughter’s graduation. When Remy came to visit and they went house shopping they found two or three houses they really liked. They made offers and surprisingly, even in a very competitive market, the seller on one of the homes accepted their offer.

Timing was not on their side, though. The sellers on the home the Renner’s were buying needed to sell the home quickly, but Remy was still working and their daughter still had another month to go before graduation.

“If we try to buy now and not sell our home, it won’t be easy carrying two house notes,” Ronnie pointed out.

“Right,” agreed Remy. “Don’t forget that we need to profit from the sale of our current home to put down enough money on the new home just so we can afford that note.”

The Renner’s had sought the help of a realtor friend to sell their current home. She offered up an idea that Ronnie and Remy felt good about using. It made some financial sense too. They would list their home for sale to someone who would buy it and agree not to move in for a month. Remy and Ronnie agreed in the contract to pay rent for a month to the person who bought their home and they would move out after their daughter’s graduation and allow the new buyers to move in.

The Renner’s would have the down payment they needed to put down on the new home because they would have sold their old home. This would make their mortgage payments more affordable because they could sell their home before buying the new home. The lender pointed out that mortgage interest is the opposite of rent. When someone rents, they pay the rent up front to live in the house throughout the rest of the month. But, on a mortgage interest for the current month is not paid until the following month. If the Renner’s could close on the first part of the month (example in the month of May) and not have a house payment until July 1^st, this would save the Renner’s having to make two house notes in June.

The person buying the Renner’s home could allow Remy Renner to remain in the home for a month and Ronnie and Remy would pay the buyers rent for that month Remy stayed in the old home. The person buying the Renner’s house got a mortgage that allowed them to buy the home as a primary residence as long as they moved in and occupied the property within 60 days of closing. The Renner’s would be out in 30 days so everything was working out.

I am sharing the Renner’s story with you because I want to encourage you, whatever your real estate situation is, to think outside the box. For the Renner’s, the plan that looked to work out perfectly took an unexpected path. The home inspection for the house the Renner’s had agreed to buy revealed a very serious flaw in the foundation. The foundation problem, a structural engineer told them would take tens of thousands of dollars to fix. The seller was not even aware of the foundation problem. Due to the unexpected foundation problem, the Renner’s had to terminate the contract to purchase that home.

They still were under contract to sell their current home out of state, so Remy and the daughter rented back from the new buyers for one month, as agreed, so the daughter could graduate. Ronnie remained living with his parents and was soon joined by Remy and their daughter. Together they continued searching for their new home. They did find another home to buy, and now they had the funds to close and never had to make two house payments at the same time.

Someone Wants to Buy Your Home-What Next Step Will You Take?

Remember Addison’s story we shared in the first part of the show? What if you were in Her situation? What if you got the postcard in the mail offering to buy your house giving you the opportunity to move to a new and better life? What steps would you take?

Of course, we always suggest you seek advice from your certified financial or legal advisor. These are the three steps like the ones Addison took:

Step One: Find out what the buyer planned to do with your home after buying it.

Logical Assumptions

If the person offering to purchase her home specifically wanted to buy and live in her neighborhood, chances were good they would offer her closer to top dollar.

Step Two:

Value and Condition

Determine Value of the Home. Seek counsel from a reputable realtor or licensed appraiser to do a thorough market analysis to determine the house’s value and how long it would take to sell it if you listed it on the market.

Assess Condition of the Home. If your home has a lot of repairs needed, it would be helpful to know the cost of completing the repairs. If you decide to sell your home to someone needing a mortgage, most mortgage programs will require repairs affecting structure, sanitation or security of the home to be repaired before the purchase can be completed. Repairs commonly required to be completed before closing by mortgage programs: Repairs needed related to rotted wood, peeling paint, electrical, plumbing or heating and air condition systems, mold, drainage problems, foundation problems, problems with the roof.

Step 3:

What are the costs to move?

Compare what your net profit would be selling to the investor that sent you the post card vs what your local realtor estimates you can profit if you listed your home on the market, paid the realtor and completed the repairs on your house.

What will it costs you to move?

What will it costs you on a monthly payment and down payment to move to a home where you would prefer to live?

Consider the costs of remodeling your existing home with an equity line loan or on a fixed rate cash out refinance to fund the remodeling project.

REAL ESTATE TIP OF THE WEEK (Pat Goldstein has about a minute to share a real estate related money-saving or time-saving tip. Pat offers a tip for home sellers. When you have multiple offers, the highest price offer is not always the best offer. Create a simple spread sheet to list of the details of the offer including price, number and type of contingencies, strength of the mortgage company’s preapproval letter and flexibility on possession. You will be able to discern the offer that will work best for you as the seller when you see all of the details on the spreadsheet. ):

ANNOUNCEMENTS:

Talk Shoppe offers free networking & education to anyone interested in real estate or in business or in health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1^st floor Memphis, TN (Clark Tower). You can also join the even on zoom. Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday September 22, 2021 Daniel Irwin, Director of Public Relations of the Mid-South Better Business Bureau will be presenting “Scam School-Top Scams in the Mid-South”

Talk Shoppe events are free thanks to sponsors like Darlene Kemps of VistaPoints.org. Vista Points is a non-profit special needs trust company, helping you protect and provide for a special needs loved one through a special needs trust. Make sure your loved ones get the care and provision they need for one day when you can’t be there.

Thank you to Talk Shoppe sponsor Taylor Morse of Cartridge World of Collierville, saving you 30% or more on your printing costs. Contact Taylor Morse of Cartridge World of Collierville at 901 853-3230.

The weather is cooling and the market is getting a little nicer for buyers even though it is still great for sellers. Today is a great day to go look for a house to make into your new home.
Get your copy of Jo Garner’s new book “Choosing the Best Mortgage-The Quickest Way to the Life You Want.” An essential mortgage guide with stories of people finding the right loan and overcoming common barriers. If you will be buying a home or if you are a real estate and financing professional helping others make financial decisions, you can have your own copy and a few for you clients.

Buy on Amazon and Barnes and Noble or www.JoGarner.com/best-mortgage-book

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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:

The quote of the week: “Home is not a place..it’s a feeling.” Curiano.com

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REJOINDERS:

Ed Hill, Senior Consultant with Masters Roofing in Memphis, TN 901 273-6594
Leah Anne Morse, of All Things New (organizing your move to downsize, upsize or hold an estate sale) (901) 488-9733
Greg Inman of Next Day Access. Equipping the home of an aging or handicapped loved one with wheelchair ramps, grab bars and stair lifts to give them better access to their home. kellyinman@nextdayaccess.com

Transitional Music: “What Now?” By Rihanna; “Games People Play” by Alan Parsons Project; “The Future Looks Good” by OneRepublic; “Memphis” by Johnny Rivers for our Look Back Memphis Trivia Contest

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PAT GOLDSTEIN, CRYE-LEIKE REALTORS

“The Gold Standard in Real Estate”

(901) 606-2000

Helping homebuyers and sellers in West TN and North Mississipi.

Pat’s tip: When you are buying a home or selling a home, use full-service professionals. Use a full-service realtor like Pat Goldstein. Use a full-service lender. Hiring experienced and full-service professionals can help you because they take care of you on the transaction with behind-the-scenes details.

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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

P: (901) 482-0354 | E: Jo@JoGarner.com

P: (901) 482-0354 | E: Jo@JoGarner.com

SOMEONE WANTS TO BUY MY HOME… WHAT ARE MY NEXT STEPS?

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