Check your credit.
Determine what your income qualifies you for.
Find out how much money you will need for down payment, and closing costs.
Understand what are closing costs
Research what costs can be negotiated
What loan programs are available
What is the best option for you, cost wise
How can you improve your buying power
What is the difference in going conventional Vs. FHA or government programs.
https://www.creditkarma.com/error/maintenance
Saturday, September 26, 2015
Wednesday, September 9, 2015
Table of Contents
Table of Contents
(Understanding the Contracts, Disclosures, and related forms)
Videos--
A. Click Image to connect directly to Playlist on Youtube
2. Introduction to Tax Star, and MLS Information Sheet.
(More Contract Training Videos to me updated, soon. Please check back.)
Additional Training Topics...
C. Completing a CMA
Wednesday, August 19, 2015
Completing a CMA. Part Two Identifying Homes That Did NOT Sell
III. Now we will find homes that did not sell. Note, in a hot market, you may not find any. That is fine.
A. The MLS search is the best place to find these homes. There is no official place to search for "for sale by owner" homes that did not sell. So we will focus on listed homes. Note, you now have options to search for residential, high rise, multiple dwelling etc. Highlight, and chose the appropriate type of property.
C. Same as in the tax search, you will continue to enter:
- Closed dates.
- Living area.
- Year built.
- Garage, etc.
D. You may get a list of homes. You may get zero results. If you get a list print it. If you get zero, you may expand your search to the map search. Or, you may make a note that there were zero comparable homes that did not sell.
E . Now, since you are now using the regular MLS search, you will be given the option to chose MLS information sheet, and/or tax record. Print, and save both. You may need to cross reference them.
As, you get more experienced, you may feel you do not need to print both. While you are training, I recommend you print both. You will decide for yourself, as you gain fluency.
A. The MLS search is the best place to find these homes. There is no official place to search for "for sale by owner" homes that did not sell. So we will focus on listed homes. Note, you now have options to search for residential, high rise, multiple dwelling etc. Highlight, and chose the appropriate type of property.
B. You are now using a different search area, from tax. The MLS will ask you to enter 'Property Subtype', and 'Status', as first items. (In tax records, we could have entered that information, too. In tax records, those entries are located lower down the page.) Go ahead and enter your requirements. With practice, you will feel comfortable to use either both search methods. You will go back, and forth with ease.
- Closed dates.
- Living area.
- Year built.
- Garage, etc.
D. You may get a list of homes. You may get zero results. If you get a list print it. If you get zero, you may expand your search to the map search. Or, you may make a note that there were zero comparable homes that did not sell.
E . Now, since you are now using the regular MLS search, you will be given the option to chose MLS information sheet, and/or tax record. Print, and save both. You may need to cross reference them.
As, you get more experienced, you may feel you do not need to print both. While you are training, I recommend you print both. You will decide for yourself, as you gain fluency.
Tuesday, August 11, 2015
Introduction to CMA's and BPO's
Introduction to CMA's and BPO's
What are the differences?
What are the similarities?
What are the differences?
What are the similarities?
Recently, Realtors have started using the phrase 'Broker's Professional Opinion' to replace the term CMA. When you look in your Transaction Desk, as provided by GLVAR, you will notice the 'CMA' form does not appear. However, in Fusion, the term CMA still appears multiple times. This can be confusing for a new agent.
For the most part, the two terms mean the same thing. Either way, you will be analyzing a home. And, you will be evaluating a home's value in the current market. Keep it simple in your mind. Tell yourself, they the basically the same thing. However, remember 'BPO' tends to carry a higher expectation of information. For a 'BPO', you will do considerable more research. 'BPO's are more deeply detailed than 'CMA's.
Many Realtors still use the term 'CMA', when presenting an analysis to clients, or potential clients. When Realtors use the term 'CMA' they tend to have a more relaxed informal approach. The Realtor may choose to use the Fusion Cloud 'CMA'. Or, the Realtor, may design his/her own format. And, still other Realtors will be very informal. The very informal Realtor may simply print the client sheets as provided in the Fusion MLS. and let the client make up their own mind, for pricing.
One major difference in a CMA, over a BPO is that the Realtor will control the format or design, for a 'CMA'. The Realtor will decide how detailed the report will be. The Realtor will decide if the report will address matters such market conditions, what repairs are needed, is the area a high rental rate neighborhood, what is the rate distressed properties? Or, the Realtor may choose to compare recent sales prices, only.
In our CMA lesson, we will start with basic comparative sales information. We will focus on size, age, and proximate sales. 'CMA's generally are focused on location, sales prices of comparable homes, and physical condition. 'CMA's do not discuss how close the home is to schools, golf courses, nor churches. That could imply steering. Focus on the home characteristics, like brick walls, finished driveways, etc.
As professionals, we can not ignore obvious signs of distress. For example, we will point out old roofs, large concrete cracks, visible mold, non working pool pump, and leaks. These factors are obvious. Pointing out obvious defects are part of risk management, and due diligence. However, we will not make estimates. We will not provide opinions for repairs, and costs. We will not go deeply into detail. 'CMA's are not intended to replace a home inspection, nor an appraisal. Usually, all the information can be found in the Fusion MLS. A Realtor can opt to use the Quick CMA produced in the Fusion system.
Most mortgage companies will use the term BPO, over CMA. Mortgage companies tend to expect more information, than the average private person. Many mortgage companies, and lenders will ask you to use their company form. The company form will have specific questions. Therefore, you will find that people will use the term BPO, they have a higher expectation of information.
As the lessons progress, we will delve into more detailed information. We will create 'BPO's,we will research comparable sales, just as we did with a 'CMA'. In addition, we will research into information that is not provided in our Fusion MLS site. For example, we will address pay off information, 2nd mortgages, liens. We will more closely analyze the physical condition, and chronological age of the home. We will address surrounding foreclosures, repair costs, neighborhood rental rates, and sales trends. We will analyze how these factors affect the re-sale value of a home.
Monday, August 10, 2015
Completing a CMA - Las Vegas, Nevada - - - - - - Part One Identifying Homes that Sold
Your CMA report will consist of four searches.
1. Chose the subject property and its characteristics.
(That is the home you are finding the value for. That is the home
to be sold, bought, appraised, etc.)
2. Homes that sold in the last 6 months.
3. Homes that were listed but did not sell.
4. Homes that are currently listed for sale.
A good CMA will clearly show the following:
1. The estimated sales value
2. The market trend. Has the market been increasing, decreasing in value?
3. How much competition will you have, to sell your home?
I . Establish the subject property. This will be the property you intend to do the analysis for.
D. In your CMA report, you will make note of the sales prices. You will use the current sales prices as a gauge for your recommended sales price, or home value. Things that can you can use to adjust your price up, would be pools, larger lot, new roof, a seller's market, etc.. Things that could bring a price down, would be distressed physical condition, smaller lot, buyer's market trend.
If you do have at least 3 homes that fit your criteria, you may skip step #2. Go on to step 3.
However, if you can not find at least 3 homes that sold within six months, expand your search outside of the subdivision. Expand your search to a one mile radius, of the subject property. Go on to step #2.
1. Chose the subject property and its characteristics.
(That is the home you are finding the value for. That is the home
to be sold, bought, appraised, etc.)
2. Homes that sold in the last 6 months.
3. Homes that were listed but did not sell.
4. Homes that are currently listed for sale.
A good CMA will clearly show the following:
1. The estimated sales value
2. The market trend. Has the market been increasing, decreasing in value?
3. How much competition will you have, to sell your home?
I . Establish the subject property. This will be the property you intend to do the analysis for.
1 . Find the tax record. You can find the tax record in the Fusion MLS. Or, you can pull the tax record from the Clark County Assessor's Office website (you can review my lesson,). From the tax record will need to make note of specific details, as follows:
A. You will need to know the subdivision name and subdivision number.
B. You will need to know the major physical characteristics of the home.
- Living area, lot size, garage square footage
- Construction material
- Year built
Also make note of permanent additions. For example, check for pool, casita, basement, carport, fireplace, etc.
C. If you have visited the home, compare your visual inspection with the tax report. Make note of anything that deviates from the tax report. If you have not visit the home, ask the owner if there have been any changes. If you have no access to the information, do the best you can from the tax report. Make a note, on the beginning of the report if the home was physically inspected, or not.
This information will be part of your permanent records. The comparable report will be based on homes of these similar characteristics.
2. If possible make a physical visit to the home.
A. Make note of cosmetic upgrades. For example, is the home professionally painted in neutral colors, what material was used for counter tops, is the bathroom upgraded with an upgraded tub, or toilets? Make note if the landscaping is finished. Is the patio covered, or upgraded with fans, etc. Is the carpet in need of replacement?
B. Also, if visit the home, check for leak stains on walls, and under the faucets. Make note of cracked pavement, age of water heater, or anything else that would make you think the home is distressed.
C. Make note if the home sits on a golf course. Note if the home has mountain views, golf course views, city light views, or pool views. Also check for water frontage, harbor decks, lake, or ocean views.
II. Find tax records of comparable homes sold within the last 6 months.
1. Using the MLS system, search in the tax record section. See image.
On a side note; In the Clark County Assessors Office website, you can search home records by subdivision. But, the county website does not allow you to search by close date. You can find the information. But, you would have to check the records date, one by one. It is much more tedious to find these records, using the county records.)
A. Continuing with the Fusion MLS system, enter your criteria information. Search for homes similar, to the subject property. This will be your first comparable search. Focus on:
- Subdivision. Search homes in the same subdivision
- Same style. Compare same style homes, For example, detached single family homes to the same.
- Exclude different style homes. Condos should not be compared to single family homes.
- Comparable Size. For living area, search homes 100 feet smaller, and 100 feet larger
- Comparable Age. Search homes in proximate age, no more than 6 years difference
- Similar garage. If subject property has two car garage, comps should have two car garages
B. Print the list of the results.
C. Next, bring up the detailed page, for each home. Print and/or save the individual record of each home, You will need to cross reference information. Therefore, I recommend printing both records. Keeping good records of your researches is a good practice.
A. You will need to know the subdivision name and subdivision number.
B. You will need to know the major physical characteristics of the home.
- Living area, lot size, garage square footage
- Construction material
- Year built
Also make note of permanent additions. For example, check for pool, casita, basement, carport, fireplace, etc.
C. If you have visited the home, compare your visual inspection with the tax report. Make note of anything that deviates from the tax report. If you have not visit the home, ask the owner if there have been any changes. If you have no access to the information, do the best you can from the tax report. Make a note, on the beginning of the report if the home was physically inspected, or not.
This information will be part of your permanent records. The comparable report will be based on homes of these similar characteristics.
2. If possible make a physical visit to the home.
A. Make note of cosmetic upgrades. For example, is the home professionally painted in neutral colors, what material was used for counter tops, is the bathroom upgraded with an upgraded tub, or toilets? Make note if the landscaping is finished. Is the patio covered, or upgraded with fans, etc. Is the carpet in need of replacement?
B. Also, if visit the home, check for leak stains on walls, and under the faucets. Make note of cracked pavement, age of water heater, or anything else that would make you think the home is distressed.
C. Make note if the home sits on a golf course. Note if the home has mountain views, golf course views, city light views, or pool views. Also check for water frontage, harbor decks, lake, or ocean views.
II. Find tax records of comparable homes sold within the last 6 months.
1. Using the MLS system, search in the tax record section. See image.
In the criteria section, you should specify your close dates. Start with a six months back, search. The MLS tax search is the easiest way to find pertinent sales information, for myself. See image.
On a side note; In the Clark County Assessors Office website, you can search home records by subdivision. But, the county website does not allow you to search by close date. You can find the information. But, you would have to check the records date, one by one. It is much more tedious to find these records, using the county records.)
A. Continuing with the Fusion MLS system, enter your criteria information. Search for homes similar, to the subject property. This will be your first comparable search. Focus on:
- Subdivision. Search homes in the same subdivision
- Same style. Compare same style homes, For example, detached single family homes to the same.
- Exclude different style homes. Condos should not be compared to single family homes.
- Comparable Size. For living area, search homes 100 feet smaller, and 100 feet larger
- Comparable Age. Search homes in proximate age, no more than 6 years difference
- Similar garage. If subject property has two car garage, comps should have two car garages
B. Print the list of the results.
C. Next, bring up the detailed page, for each home. Print and/or save the individual record of each home, You will need to cross reference information. Therefore, I recommend printing both records. Keeping good records of your researches is a good practice.
--------------------------------------------------
D. In your CMA report, you will make note of the sales prices. You will use the current sales prices as a gauge for your recommended sales price, or home value. Things that can you can use to adjust your price up, would be pools, larger lot, new roof, a seller's market, etc.. Things that could bring a price down, would be distressed physical condition, smaller lot, buyer's market trend.
If you do have at least 3 homes that fit your criteria, you may skip step #2. Go on to step 3.
However, if you can not find at least 3 homes that sold within six months, expand your search outside of the subdivision. Expand your search to a one mile radius, of the subject property. Go on to step #2.
2. In the MLS tax search, expand your search to homes within the radius of one mile. You will be using the MLS map.
A. To minimize errors, start with a fresh search.
B. Once again enter the closed date. Continue with size, and type of home (SFR, condo, etc.), and garage. Remember year built should be within 6 years. This is the same as you did in the search by subdivision .
C Find the street of the subject property, on the map. Approximate the subject location, and pan out about one mile. See image.
Sample 'CMA's :
http://www.carboncreek.com/samplecma.pdf
http://www.come2hamptonroads.com/art/pdf/CMA.pdf
http://www.home-buy-sell.com/cma/cmasampl.pdf
A. To minimize errors, start with a fresh search.
B. Once again enter the closed date. Continue with size, and type of home (SFR, condo, etc.), and garage. Remember year built should be within 6 years. This is the same as you did in the search by subdivision .
C Find the street of the subject property, on the map. Approximate the subject location, and pan out about one mile. See image.
D. You will repeat the process of printing your results list, and the individual home tax record.
Next, you will identify homes that were listed but did not sell. Click here.
Sample 'CMA's :
http://www.carboncreek.com/samplecma.pdf
http://www.come2hamptonroads.com/art/pdf/CMA.pdf
http://www.home-buy-sell.com/cma/cmasampl.pdf
Monday, August 3, 2015
Finding Real Estate Ownership Records With the Clark County Assessor's Home Page
How to find someone's home:
There are multiple ways of finding home/property ownership records. In today's post, we will work with county records.
1. In Nevada, go to to the Clark County's Assessors home page. On left menu bar, click on Property Records.
You will be directed to the Records Search Page.
A. On the left side of the page, you have the option of searching by parcel number, owner name, property address, etc,
B. Click on the appropriate link, for the information you have. For example if you know the home owner's legal name, click on owner name.
C. You will be redirected to the Property Records Page.
For the sake of practice, let's presume you have you have owner's legal name. You would type in the legal owners name in the appropriate box. Try to spell it correctly. If you are unsure of the spelling, you may check the box for the phonetic name match. The website will match you to similar names. Also, note you have the option of checking for past ownership records. Simply check the appropriate box.
If there are multiple properties for homes for that particular name you may have click on parcel number, and use your common sense to find which is the right property, you are looking for.
Practice with this site. With a little practice you can use this site for many research projects.
There are multiple ways of finding home/property ownership records. In today's post, we will work with county records.
1. In Nevada, go to to the Clark County's Assessors home page. On left menu bar, click on Property Records.
A. On the left side of the page, you have the option of searching by parcel number, owner name, property address, etc,
B. Click on the appropriate link, for the information you have. For example if you know the home owner's legal name, click on owner name.
C. You will be redirected to the Property Records Page.
For the sake of practice, let's presume you have you have owner's legal name. You would type in the legal owners name in the appropriate box. Try to spell it correctly. If you are unsure of the spelling, you may check the box for the phonetic name match. The website will match you to similar names. Also, note you have the option of checking for past ownership records. Simply check the appropriate box.
If there are multiple properties for homes for that particular name you may have click on parcel number, and use your common sense to find which is the right property, you are looking for.
Practice with this site. With a little practice you can use this site for many research projects.
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