Frequently Asked Question: How much money do we need? One of the most often asked questions from home buyers we hear is "How much money do we need to buy a home?"  Yes, there have been lots of different mortgage products that cater to those buyers with little money for a deposit. And it has just been announced that loans with 3% down are being considered and offered. However, this is not the end of the story. When you buy and sell a house there are what are called closing costs, agent commissions, transfer taxes, title insurance, mortgage fees, insurance, and inspection costs to name a few. These for buyers on the Main Line often come to about 6.5% of the offer price of the home. So, on top of your deposit/down payment you need the funds for these closing costs. Some lenders and mortgag... 01/14/2015

Old Forge Crossing Sales data for 2014 2014 saw twenty two sales of homes in Old Forge Crossing and condominium development in Devon, PA, Tredyffrin Township. These range from 1 bedroom apartments to 2 bedroom town homes. Some of the second floor apartments have a den over the stairway which adds some square footage. There is a number of different floor plans and additionally some of the apartments have wood burning fireplaces as well. Old Forge Crossing is an FHA approved condominium association so FHA financing is available for buyers with limited funds. We currently have a one bedroom condo for sale in King's Mews for $169900. The data below shows the original list price of each unit and its sold price, net price if different indicates where a seller has made a concession towards clo... 01/13/2015

Frequently asked question: Who pays you? One of the questions we get often is who pays you? Many consumers are aware that a real estate agent gets paid and it is a percentage of the purchase price of the home but is there a difference if you are a seller or a a buyer? Many buyers still believe they as a buyer are going to pay the commission in some way. Well in reality as a buyer you do because you buy the home and fund the transaction either with cash or through a mortgage. If you don't buy and close on the contract then no one gets paid. As I have explained previously, real estate agents get paid for success and nothing else, although that may change in the years ahead. For example, how about paying your buyer agent a retainer fee, which is brought to settlement if you purchase a home... 01/12/2015

Frequently Asked Question: Do you reduce your commission? Real estate is this funny business where customers want to hire you but before they do they want you to reduce how much your are going to be paid. I don't know how many of my clients' bosses ask them to reduce their take home pay before take on a job. I understand no one likes to pay more than they have to pay. I also understand that the price for selling a home in America is high compared to other countries. I posted a blog yesterday about how much we charge which explains the process and how a real estate agent gets paid. This is worth reading because it explains some of our answers to today's question. As a real estate agent or in our case a Realtor, we get paid only if we are successful in meeting our clients goal or purchasi... 01/09/2015

Frequently Asked Question: How much do you charge? One of the questions we get asked most often by both Main Line Real Estate sellers and buyers is "How much do you charge?" Well, actually it depends because real estate commissions are negotiable. I jokingly respond "As much as I can get!" But seriously, it can vary on the price of the home, and if you are a buyer or seller. Also you need to understand how the commission is divided between the agents and the brokers as well. Many people think the agent takes the whole commission and pays it into their bank account. Usually there are two agents representing one or two brokers in the transaction, a listing broker and a buyer broker. The listing contract actually spells out how the commission for selling the house is going to be divided. T... 01/08/2015

Frequently Asked Question: How long is the real estate buying process? Many home buyers ask this question and it really depends on you the buyer. I have had one buyer the second home I showed them was it, they did not want to look any further and I had to cancel the rest of the afternoon's appointments so we could go write an agreement of sale. I have also had other buyers who had to get to now the area and then the types of homes we have for sale in each before they felt comfortable making an offer. How to speed up the process One way to speed up the process of buying a home is to make sure you are ready to make an offer. This can begin months in advance with checking your credit reports to make sure the information is correct and there are no incorrect reports included. Once you have ... 01/07/2015

Frequently asked question: What is a seller assist? When writing an agreement of sale or as many people refer to it making an offer on a home, there are many different terms, in both senses of the word, to the contract you are drawing up. Terms such as contingencies, and seller assist. All of these terms are negotiable. So as a buyer you draw up an agreement that is favorable to you, but which at the same time is of interest to the seller. During negotiations, some terms of the agreement will be adjusted such as price, deposits, inspection periods and settlement dates for example. One of these negotiable terms is a seller assist. Usually a mortgage company will allow you a certain amount of assistance in buying a home from the seller. This can range from 3 to 6 % of the purchase price a... 01/06/2015

Looking for a Realtor? There are many real estate agents out there, not all are Realtors. What is a Realtor? A Realtor is a real estate agent who is a member of the National Association of Realtors and as such a member of both their State and Local Realtor Association as well. As a Realtor they are expected to abide by a code of ethics which is of a higher standard than the duties required by the Pennsylvania Real Estate Commission. As a licensed real estate agent, the state allows you to sell real estate anywhere in the state. However, no one can know all the intricacies of buying and selling real estate across the entire state of Pennsylvania. So, most agents practice in their local area developing a knowledge of that area and the vagaries of each development for example. Some Realtor... 01/05/2015

Does the USA even need an MLS? And why the heck is the seller paying my agent? Have you ever been asked by a buyer why the seller is paying you and where your loyalties may lie as a result? It does seem odd that the seller should be paying for the buyers agent. Do you owe the seller any loyalty because they are paying you? Whilst it does allow a buyers' agent to present his services as FREE, is that truly correct. We have all heard the argument that in fact it is the buyer who pays everyone, because without a purchase no one gets paid. As a buyer's agent I bring value to the buyer, I provide a fiduciary care to the buyer and can answer his questions truthfully, so why would my buyer want me to be paid by the seller, would he rather be paying for his own service? Whilst I am not conflict... 12/04/2014

9 Tips for Mold Prevention People often think mold only grows in the summer, but if the conditions are right, mold can grow anytime of year. Here are 9 tips for preventing Mold.   1) Never store paper products or cardboard in attics or basements. Store these items in plastic bins with lids.2) Maintain attic and basement relative humidity at 55% or less.3) Make sure your attic has vents and a fan, preferably one activated by humidity levels.4) Never use a dehumidifier which requires emptying. Always buy a unit with a pump.5) Immediately repair plumbing leaks and dry out and wet building materials.6) Prevent buildup of clutter inside closets or rooms. It prevents air flow and blocks your view of any potential problems.7) Perform annual inspections of attic, crawlspaces and basements for m... 12/03/2014

When is the right time to prepare your home for selling in the Spring market? Selling real estate can be all about timing. As many people know, the Spring Market is generally the best time to list a home for sale as the most buyers are looking. The last two years on Philadelphia's Main Line the market has started the year with a bang then slowed and some would say fizzled later in the year. So, yes, the Spring Market is what you are aiming for. When then is the best time to prepare your home for sale, because as they say "The early bird gets the worm". My answer is to start preparing now for the spring market. If you wait you may find several buyers are already taken when you eventually get your home on the market. Arrange to get a home inspection completed and hire a contractor to fix ... 11/24/2014

3 Things to know about your Main Line septic system before listing your home for sale   There are several areas along and around the Main Line where septic systems are common. If you own one of these homes before you sell you may want to watch this video to understand what you need to know to prepare your home for sale. An interview with TJ Dell'Arciprete of Delaware Valley Septics LLC, by Nick Vandekar, Selling the Main Line with Long & Foster Real Estate.   Here are the three things and the three reasons why your system may need an Hydraulic Load Test. 1) Pump System Annually 2) Prelisting inspection, only $350.00 3) Three reasons why your system may need an Hydraulic Load TestA) The house has been vacant for 7 days or moreB) The number of inhabitants is doubling C) The inspection rev... 11/05/2014

  Top Mistakes to Avoid When Buying or Selling a Main Line Home   Attending an Open House or New Construction without me. Builders prefer you to be unrepresented. It is cheaper for them. And at the same time, they have experience selling homes; whilst you don't buy as many homes as they sell. So they are in a stronger position if you are unrepresented in the transaction. As for Open Houses, you sign a buyers agency contract and that contracts you to pay your agent and their broker, whilst in Pennsylavania this is usally paid by the seller, if the selling broker refuses to pay because you toured an open house alone, you may be liable to pay our broker. Buying a House you cannot afford. One of the reasons we ask clients to get a mortgage pre-approval is so they know exactly what they can ... 10/22/2014

What your Main Line real estate agent cannot tell you.   There are lots of things your Main Line real estate agent cannot tell you. They may surprise you, but there are good reasons why and they can explain this to you. For example, you want to know about school districts? Sorry, we cannot comment on school districts. First it is highly subjective, what you may consider good, I may not, your child's needs are not average, they are specific, so how can I comment on a school district if it is good or not. I can point you to websites that will help you analyze the local schools and give you contact numbers so you can arrange a tour, but no I cannot comment on schools. You want to know about crime. Sorry, I am not allowed to comment on that as well. I may be accused of steering you from one... 10/20/2014

Investors, financing just got easier!   One of the issues for investors on the Main Line is getting financing for their purchases. Different lenders have different overlays for how many mortgages you can carry, how much money you need to put down credit scores and what you can use for income. Prosperity Home Mortgage just announced some great news for investors.   ·        Conforming Fixed rate investment loans with as little as 15% down! Borrowers may be able to qualify using rental income without previous rental experience.   ·        Conventional Renovation investment loans with 20% down allows financing cost of substantial repairs. ·        Non Warrantable condo investment loans with 30% down.  Don’t let an investment opportunity fall apart because the property is Non-Warrantable. S... 10/14/2014

Selling a house is easy... I was reading an article over the weekend how tech companies are trying to set up systems to remove the real estate agent from the transaction and lower costs for the seller. Of course the savings when you delve deeper are more limited. First you need to hire a photographer, many agents pay for this out of their own pockets, then you need a real estate attorney to handle the paperwork, your agent would naturally handle and provide all the required paperwork for you, and finally if the buyer comes with a buyers agent you need to provide compensation. (Even in this tech model the buyers agent is paid by the seller not by the buyer.) Then, you need to be available to answer phone calls, to attend showings, to negotiate, and to continue to answer phone calls and q... 10/13/2014

Now is the time to make offers on Main Line Bank Owned Properties Yes, you read that correctly, if you are looking for a deal along the Main Line on a Bank Owned Property, whether you are an investor, or looking to live in a bank owned property NOW is the time to make an offer. I have found from experience with clients making offers on bank owned properties through the year there are certain times when you can get a better deal. End of month, end of quarter and NOW, end of year! The people at the banks dealing with these properties want to clear their books, so at the end of a month, end of a quarter they are willing to take less than the guidelines to clear the decks for the new homes they are going to be dealing with. So, here we are middle of October and those same personnel at the b... 10/11/2014

Frequently asked questions when buying a Main Line Home If you are buying a Main Line home outside of Philadelphia you may find things work a little differently to buying a home elsewhere, be that another country, another state or another city in Pennsylvania. We have developed a list of Frequently Asked Questions and answers, accessible on our website Selling the Main Line. Let us know if you have any questions not covered here. We will be happy to help you find your Main Line home be it a first time purchase, or a luxury mansion, contact us for more details. 10/08/2014

What are basis points? Buyers today, especially first time buyers have lots of questions. It is interesting to see what questions they come up with. Why do we all use so much jargon? A client today emailed and asked me the above question after having emailed our mortgage provider and asked several other questions, basically about locking a loan. The mortgage provider's reply included the term "basis points". Why not just say so much per cent? Why use a new term the buyer may not understand. This is why the consumer is confused, we change and intermix terms, and depending where you are different terms can refer to the same thing. For example, down money, earnest deposit, hand money, flesh in the game, first deposit are examples given recently by an attorney for the same amount of money g... 10/06/2014

This weekend is a busy one for events and happenings on the Main Line. Lots of fun and great events to attend this weekend. Firstly, THE PAOLI BLUES FEST  Saturday October 4th Noon - 6 pm, bands, vendors, LIVE music and food and drink. Look for us me I will be there with some friends from our office. Stop by and sign up for the opportunity to start a new sport, Squash courtesy of Berwyn Squash and Fitness Club, get a racket, goggles, ball, your first lesson and month long family membership free. We will also have other give aways so stop by and say Hi! Event is in Paoli at the Village Shops.     Also starting at 10.00 am, the St David's Church Country Fair, in St David's, there is an auction, all sorts of booths with food, games, and a tag sale as well for clothes, antiques, etc. Fun ev... 10/03/2014