Living Beaverton - Your guide to everything Beaverton

head_left_image

Finding your first home – Learn from others mistakes

In the past year I have picked up four new clients that called be after they said their agent, just didn't understand them and they lost them their dream home. This concerns me a lot when I get this kind of call. The first time home buyer usually just needs some additional coaching and just a basic understanding of the process of buying a home.

If you are a first time home buyer, I want you to come to my office, sit down with me and discuss your situation, what you are looking for, and time lines. Then we can put on paper, what you need to do before we can find you that dream home. This way, we don't get in to another situation where you feel the agent didn't listen to you and you lost your dream home.

After sitting down with you, we'll order a copy of your credit report through a mortgage broker. Then we'll start to discuss what you are looking for in a home and what your timelines are. If I think your timelines are unrealistic, I will tell you so. When someone calls me who has never bought a home and says they would like to see a home they saw on my website, the first thing I ask is, are you pre-qualified with a mortgage broker and when was the last time you saw a copy of your credit report?

If they say don't have a pre-qualification letter and I can't remember the last time I saw my credit report, I tell them they are not ready to buy a home with me then. I explain to them that most mortgages are higher than they have to be because people don't get a copy of their credit report. When I used to work for a credit card company in the 1990's we saw that 51% of credit reports had errors on them. These errors can take up to 90 days to fix and if you don't take the time to fix them it can either cost you your dream home or cost you $200-$500 a month in extra mortgage payments.

Once you have the credit report fixed, a pre-qualification letter in hand, and you now know how much you home you can afford, you can now go online and start looking for your dream home. If you do all this, you won't be disappointed because your mortgage broker has to tell you that they can't get you the loan until you fix the credit error or they just can't get you the loan because of your credit score.

For more information on buying your first home, please call or e-mail me anytime and I will send you a notebook for first time home buying and get you free tickets to my next first time home buying seminar.

 

 

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

 

3 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 30 2007 11:38AM

OK – I did it! Pool side open house

A few weeks ago, I wrote a blog about a condo conversion project and if I should stop sitting in the model unit and start sitting by the pool. Well, yesterday it was 85° and I decided to just do it!

I must say that I look pretty darn good in a Speedo. (Just kidding!) But, it was nice and we did have quite a few people through and it looks like we are going to be signing another contract based on one of my pool side clients.

I think I will stick this pool side thing out until the weather fades and work on my nice tan. I am still debating on trying to target market college sororities to the benefits of condo living and pool side life. I'm not sure the wife will go for that, but I'm just trying to think outside the box on advertising, you know.

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

6 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 29 2007 04:47PM

Think about your family before you purchase your next home

I was talking to my dad the other day about our new investment property that we have started to move into and
he was saying how much he liked our new house.

I said "I thought you loved our old house?" He said "I did, except I hated the stairs" In the past 2 years
including one as recent as late June, my dad has had both knees replaced and stairs were getting harder and
harder for him to climb. So he was very happy to find out we bought a one level home.

So, I guess after we get done remodeling this property, our next few investment properties will be one level
homes. This way old pops can come over and visit without making his visit a painful one.

Do you think about your aging parents or yourself when you look at property?

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

7 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 28 2007 11:53AM

HOA risk management and your pool

Today we got a lock on our pool area, after I pointed out that the neighboring condos didn't have a pool and families were walking over and using ours.

The reason this was so important to do is if one of the kids had gotten hurt, or worse drowned, our HOA and its insurance policy would have been held liable for someone who didn't even have the right to use it.

So if you are a member of an HOA, please make sure you know who is using your facilities before it is too late.

 

 

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

4 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 27 2007 10:39PM

Buying fixer properties and turning them for a profit

There are many ways you can buy properties and sell them for a profit and one of the biggest is buying a fixer property, fixing it up and selling it. But, you can even make more from the property if you sell it on a lease option.

I, myself, have just bought a fixer condo that in less than one year, with only about $5,000 in repairs, I will be able to lease option for a two year period and make close to a $35,000 profit.

This is how it works. First I am lease optioning the property with the right to fix it up and then purchase the property at a set price. The price is $17,000 less than current market  value and then I will purchase the  property on a traditional loan. Then, I can take out the equity and put a down payment on my next fixer. I also get all the tax benefits for the next two years while I am lease optioning it to someone else.

During that time I will be making $100 a month positive cash flow from the lease of the property, getting the mortgage deduction on my taxes, and then selling the property for $32,000 more than I bought it for at the end of the lease term. The $35,000 profit I plan to make on this property doesn't even include the tax deduction or if the buyers decide not to purchase the property at the end of the lease.

For more information on making money from lease option fixer properties, please feel free to contact me
anytime.

 


Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

10 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 27 2007 11:29AM

You are so ugly that you would need to tie a steak around your neck, just to get the dog to play with you!

Well I'm starting to see more and more of these homes coming on the market. So what are these sellers doing to sell their ugly homes?

                                          

You got it! Wrapping a steak around the homes neck, so buyers and agents will even look at them.

I've seen it all now, I think? From free satellite for a year, 1 year's HOA paid, willing to pay for a 3-2-1 buy down, and even the pay the buyers closing costs up to 4%. These are just the steaks for the buyers.

The buyer's agents are getting free trips, cars and even 5% BAC, but we still hear that it is the price that sells he home. Are we still sure of that anymore? It could be, to some buyer, just the amount of the monthly payments could make it interesting.

So do you use a steak to get buyers to look at your listings?

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

10 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 27 2007 12:32AM

Are you a For Sale by Owner – I can help

If you are selling your home on your own, I would like to congratulate you on joining me in the real estate business. I can understand that at times it can be frustrating and this is why I would like to help you.

I am not asking to list your home, I am just asking you to let me help you. You need help with marketing and I am an expert in marking homes and getting buyers to call. I will help you get buyers to call you!

What is in it for me? You can only sell your home to 1 buyer and if you have 150 buyers call you a month, I would love to have the opportunity to help those other 149 buyers find their dream home.

How do I get these calls for you? I will teach you how to write a Craigslist ad that will get you calls to a 1-800 call capture system. This system captures the information of each and every buyer that calls on your home and even tracks which ad the buyer is calling from. This information is sent to you on a daily basis.  Imagine the impact you can have if you can have the information of every buyer who calls about your home.

If you have a buyer call on your home in the first week and they come see your home, but decide that your home is overpriced, you have lost that potential client. But, if you have all their contact information on file because they called on your home, then you can now just call them back and tell them about your price reduction. You may have your home sold a lot sooner than you think with a program like this.

I've have sold many homes to buyers that loved a home that they called on, but was out of their price range. So, when there was a price reduction and it was now in a range that they could afford we got them into the home. Most home owners and even agents, just dismiss these people as a person that will never buy the home. That is the problem when people forgot how to listen. They didn't say they didn't like the home, they said they can't afford it.

So don't lose all those potential buyers for your home.  Get it sold faster and for top dollar! I will teach you how to get a call from every person who pulls a flyer or reads your ads! If you have the name and number of every person who is interested in your home, don't you think that would help you sell your home faster?

You live in Washington County, Multnomah County or Clackamas County, Oregon and would like more information on using my 1-800 call capture system to get your home sold faster and for top dollar with no cost or obligation, please call me today.

 

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

1 comment • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 26 2007 03:34PM

I now remember why I hate moving!

As a lot of you know, we recently bought an investment property for myself and my family to live in and fix upover the next year. I also got a reminder from my wife today that I said something 2 years ago when I moved.

"If we ever do this again, remind me to hire movers! THIS SUCKS!"

My back hurts, I feel I'm getting nothing done in real estate, and every time I turn around I swear there is a new box that wasn't there a minute it ago. Full of stuff that I have never seen before in my life. It is like I've gone to someone else's garage sale, but they put it up in my living room.

At the rate is going, I'm worried I'm going to open another box and find a neighbor kid that we may have accidentally packed trying to rush things. The only screams I've heard are my own kids, asking are we done yet?

I don't think it really would have changed things had we hired movers, since the part I am hating is not having a living room, phone, internet or everything that I learned I need to survive. I think I may have even scared the neighbor when my son left the door open tonight. He saw the piles of everything and I pretty sure ran as fast as he could back to his place, in fear that he may become just another missing persons report.

Calgon take me away!

 

 

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

14 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 26 2007 02:15PM

Avoiding foreclosure with a short sale

I've been dealing with a seller recently that has been approached by one of these "We Buy Houses" people. The snake oil salesmen are back at it again with these people... Promising them the world!

If you are in a situation that you need to sell your house be very careful and talk to a real estate agent that has dealt with a short sale and the loss mitigation department of the bank.

Here is what they were promised and it was amazing to me. They were promised if they sell their home with a real estate agent that they would have to pay 7-10% and they would lose all that equity in their home, where as if they sold it to them, they wouldn't have to pay a cent.

But, if you read the fine print of their paperwork, it states they negotiate with the bank to buy it from them for 70-75% of what it is worth and then they sell it quickly at 90-95% of the appraised value. This way they guarantee they have a quick sale and a hefty profit for them selves.

Now, it is true the home owner doesn't have to pay a dime to a real estate agent or the bank. But what they don't tell you is that if you had any equity in the home that you would lose that even if it was 10-15%. You pay nothing, but you also get nothing and most of the time they lie to you about what your home is worth. They ask you what you think your home is worth and if the number they have in mind of buying for and that number match, they will try to purchase it.

Now, here is what they never tell you, even in the fine print, and it really can get you into trouble at the end of the year. If your home is worth $250,000 and you owe $230,000 and just to avoid paying a real estate agent you sell it to a person that negotiates with your bank to get the price lowered to say, $200,000, then at the end of the year you get what is called a 1099 from the bank for the difference. So when you go to turn you your taxes, that $30,000 between what is owed and what the person bought it for now becomes income on your taxes. So you are paying for someone to buy your home, just at a later time, and you never get to see that $30,000. (Consult your CPA for more information on foreclosure and the 1099 and how it may affect your tax liability)

For more information on selling your home prior to the bank taking it back, feel free to contact me anytime.

 

 

Creative Financing

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

7 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 26 2007 12:36PM

I’ve lost my wife right in the middle of our move

Yes everyone, my wife has left me for a 17 year old boy named Harry Potter. Lucky for me, I should get her back in a couple days. (She can finish a book that fast!)

She says "Now you know how I feel when you are on Active Rain at 10pm" Ouch!

OK - Everyone if you promise not to tell we can still hang out be friends and blog together. - ROFL

 

 

Creative Financing 

Todd Clark - broker
Kastings & Associates
(503)524-9494
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com

 

18 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • July 24 2007 10:48PM