Real Deal

“ We do not have money for down payment ” Yes I get that a lot from buyers who were qualified for a loan but just do not have the funds in hand for a down payment or closing costs. Don’t panic, there are programs out there and in fact I’ve closed a lot of transactions where my buyer didn’t need to put a single centavo on the table and was still able to pay off one year HOA/Condo fees. Sounds too-good- to-be- true? Yes but it’s true, considering seller pitched in on closing costs. The Law of Equilibrium of course applies in one way or the other. Let’s face it, conventional loans require from five percent to 20 percent downpayment. Not all qualified buyers have that money in hand. An average home of $300,000 requires $15,000 down payment for example and about three percent closing cost or $9,000. We are talking $24,000 there; that’s a lot of money for most people who’re just starting. It does not mean if you do not have that, you cannot pursue buying a house. There are programs fo...

Interested to buy properties in the Philippines? Yes you may but you have to brace yourself as it is entirely a different scenario and processes compared to what we have here in the U.S. Yes, it is a very wise investment I should say. I have wanted to buy a condo at The Fort Bonifacio Global City. My two sons who were based in Manila since 2008 and 2012 respectively work and train in the area. Very convenient for them since almost everything is walking distance. You know how bad traffic is everywhere so this is really a big factor. BGC as what they call it short for Bonifacio Global City is considered high end area that surpassed the status of Makati nowadays. The municipality of Makati once tried to claim a portion of BGC for this obvious reason. I want to kick myself for not buying at least one at that time when the pre-selling price was just a million pesos or two. Nowadays it is on a whopping 8.5 million pesos for a decent one bedroom with very small kitchen, bath and ...

  When I meet potential buyers who have been renting for quite a while but fully qualified for a loan; I feel bad for the lost years they have been paying the mortgage for the landlords and earning equity for them. The irony of it is there are lots of people trying hard to buy a home but due to previous unfortunate situations cannot get approved for a loan. They have to wait years to maintain good credit scores again before it happen. I have to admit it’s not a smooth ride from getting loan pre qualifications to approvals; searching online and drive around on weekends; meeting with your real estate agent to look for potential homes. The stress and excitement of submitting an offer until either accepted or denied. The start of inspections, appraisals, more negotiations along the way until the nerve wracking final approval from the loan. The walk through moment, transferring utilities, changing address and the whole process of moving in. Then you ask yourself, is this real...

View Full Article Here Most homebuyers and sellers utilized the internet on simplest purchase even on home buying and selling process. Tons of information out there and sometimes you think there is no need for professionals to help you. One of my pet peeves is when someone thinks a real estate professional’s job is to find a home for you and go to closing. Then get that hefty commission at closing. Another one is when builders tell clients that they get more price reduction if there is no real estate professionals involve. The job is not as simple as that. There’s a lot more behind the scenes before you go to the settlement table. Like when you are watching a movie and what you see is how good or bad the movie is. You do not realize that a specific scene may take hours or days of hard work by the staff.   As a home-buyer and seller you have to make sure you are well protected in your most precious and important purchase in your life. The job is a team work among b...

Pre-approved or pre-qualified Rodney Jaleco   15 days ago Opinion   Leave a comment   36 Views Pre-Approved or Pre-Qualified? Know The Difference Do you already have a pre-approval letter from your lender or pre-qualified on the mortgage loan?  Huh?  This is usually the reaction of my potential buyer clients on my initial phone calls with them.  I can’t blame them as same reaction I had when I bought my first home.  I had no idea what my realtor was talking about.  Due to social media nowadays, a lot of buyers are well informed and sometimes get too much information; the more they get confused. Let’s make it simple by starting with the basic. You have a good stable job and earning well; took care of your credit for years so most likely you know you can be a good candidate to buy a property.  Before even looking or surfing on the internet; contact a loan officer or go to your bank for a pre-qualification or pre-approval process....

Real Deal: Open House Sunday http://manilamail.us/open-house-sunday/ By Jocelyn P. Porteria, Realtor We hardly see open house signs nowadays but there are still some out there. Social media has taken over traditional house showings and open houses because searches are available online wherever you are. Buyers and sellers can do their own research and most times they think they are savvier than real estate agents. Well, that’s where non-licensed buyers and sellers are wrong because there’s more than meets the eye. It’s called years of professional experience. It’s true that some Realtors ® don’t do open houses anymore because information is readily available online. Though I tend to somewhat agree with that notion, realtors and clients alike should not underestimate the value of creating personal relationships and interaction. The fact is social media has helped in streamlining house searches. When buyers call me, they have already researched online pinpointing the exact locati...

HOME BUYERS AND SELLERS BEWARE!!!! Buying and selling your home is not just an event.  It’s a process, and with this process you have to watch your back, be very vigilant and careful not to trust anyone unless you know them and have proven record they are really in the business and directly involved in the process of buying and/or selling your home. BEWARE!! I just received a call from my daughter who just purchased her house few weeks ago.  Her friend been in the same process of buying a home called her in panic and asking for help as they were about to settle in a house that they put an offer over a month ago.  They were at the settlement table and comes the moment that they need to give them a certified check for the down payment and closing costs.  Per buyers, funds have been wired a month ago.  Everybody looked at each other with that “who has it” look on their faces.  Nobody has it.  After few questions, they learned that buyers received...