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Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Thu, 11 Mar 2010 12:12:41 -0600

Q: What are the most common mistakes you see novice Investors make?

A: There's a lot of mistakes that I've made myself, and that I've seen others make. From my experience, the most common mistakes I see are:

Falling in love with the property
Always using the best case scenario
Not performing solid due diligence
Not planning
Forgetting to consider how this deal helps your other financial objectives (the big picture).

For now, let's talk about love. When I say investors make the mistake of falling in love with the property, I mean they want to make the property look like they would have it if it was their own home. Maybe they do this because they've done renovations to their own home already and think they now have the expertise to do it to an investment property.

Don't let your emotions get the best of you. If you find yourself getting excited, you need to calm down and get some separation between the emotion and reality. Looking at the numbers is a good way to do this. Asking one of your Team members for their opinion is another way to do it.

This is simple - it's not a marriage, it's an investment:

Don't fall in love
It's all about the numbers.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

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What Lenders Say, What Buyers Hear, and Why You Should Care What the Difference Is

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Wed, 10 Mar 2010 13:50:51 -0600

Recently, I've been working with a Buyer who was Pre-Qualified for a VA Loan. (My Buyer agreed that I should share her story in the hopes of educating others). My Buyer had a past Bankruptcy, about 5 years ago. After the Bankruptcy, she was late on two mortgage payments, which was about 4 years ago. Clearly, she was experiencing some financial distress. She subsequently sold the home and has maintained a clean credit history since.

Now she's saved enough money, and is ready to purchase another home. She went to a lender and got Pre Qualified for a VA Loan. The lender told her that based on her situation, that she was Pre Qualified, but that the loan may or may not go through.

Based on what a Lender is seeing from my Buyer, they told her they could do the loan, and provided her with a Pre-Qualification Letter. This is where my Buyer stopped listening, and that was her error, she knows. Because this does not mean that the Lender will do the loan.

My Buyer, however, hears this as Lender legal-speak, and proceeds to look at homes under the assumption that she has been approved for a loan. Together, we find a house. Now that we are approaching underwriting, the truth is out.

My Buyer meets all of the VA Loan Programs qualifications for income, assets and credit history and score. But because of her past financial difficulties, this loan cannot be automatically underwritten - it must be underwritten manually. We are finding out that Lenders are backed up with manual underwriting, and these loans typically take much longer to fund, if they fund at all.

Here are the real questions: Was my Buyer really Pre Qualified? Should she have waited to look at houses until she got an approval? (The problem is that you have to have a house under contract in order to get an approval). The answer is probably. The issue is not that she doesn't meet VA Guidelines; the issue is that, unlike the past, the Lender is concerned that this loan could not be sold on the secondary market.

What we as Realtors need to understand, and what we must convey to our Buyers and Sellers is that when a Lender says that a Buyer is Pre Qualified or Pre Approved but that the loan may or not fund, unlike loans of the past, this time they mean it.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Top Seller Tuesdays – Spend a Little, Get a Lot! Weekly Advice for Preparing your Home for Sale

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Tue, 09 Mar 2010 11:55:04 -0600

A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

Make sure stairways are safe by freeing them of toys or slippery mats, securing the handrail, and installing good lighting.

If you'd like more information about preparing your home for sale, feel free to contact me.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Market Report Monday - MarketWatch Video, January 2010, Batlimore Maryland and DC Suburbs

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Mon, 08 Mar 2010 10:23:28 -0600

If you have any questions about this video, feel free to give me a call, or click here to request more information.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Featured Listing Friday – 302 Greyhound Road – 5 Bedroom Essex Home on Turkey Point – 400 Feet of Waterfront on Greyhound Cove – Water Views on Three Sides – 2008 ‘Custom Home of the Year’

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Fri, 05 Mar 2010 13:25:07 -0600

5 Bedroom Essex Home on Turkey Point – 400 Feet of Waterfront on Greyhound Cove – Water Views on Three Sides – 2008 ‘Custom Home of the Year’
$2,225,000

This home is for those who demand the very best in a waterfront lifestyle.

5 Bedrooms
5 ½ Bathrooms
2 Master Bedrooms
Laundry Room on Bedroom Level
Covered 2 Story Gazebo
Full Scale Office with Several Workstations, Kitchenette and Boardroom
7500 Finished Square Feet
Swimming Pool
Real 24’ Working Lighthouse with Panoramic Water Views
Rockaway Beach Neighborhood, where Turkey Point becomes Seneca, just steps to Turkey Point Park

Click here to request more information.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Thursday Q & A – Your Maryland Real Estate Investing Questions Answered

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Thu, 04 Mar 2010 07:55:47 -0600

Thursday Q & A - Your Maryland Real Estate Investing Questions Answered

Q: How are you able to have a full time job and manage multiple Real Estate Investments?

A: Before you ever get started in Real Estate Investing, the first thing you need to do is have members on your team. These are people with expertise and knowledge in their field that are aware of your goals, and are willing to help you reach them.

This might give you an idea of what your team should look like:

Real Estate Professionals
Title Company
Appraiser (until you gain experience)
Property Management Company

Legal Consultants
Attorney
Insurance Advisor

Financial Consultants
Mortgage Banker
Financial Advocate
Accountant

Contractors
Engineers / Contractors
Home Inspector
Handyman

Support System
Partner, Spouse, Family
Business Owners
Other Real Estate Investors

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

A Balancing Act - Selling Your Own Property as a Realtor

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Wed, 03 Mar 2010 10:53:14 -0600

Recently I was near the completion of one of my rehab projects. This is a hobby I really enjoy in addition to residential Real Estate Sales. I was almost ready to put it on the market when I was approached by a lady from the neighborhood. She said she had always admired the home and wanted to look through it. Of course, she loved it and wanted to buy it and said she could pay cash.

I'm a Realtor, and of course I was going to list the home in the MLS, and pay a co-op fee. Also, in the state of Maryland, I must disclose in the contract of sale that I am a Realtor and the owner.

We set up a meeting to do a contract. The Buyer says she thinks my price is very fair and she knows the prices in the neighborhood. She comes to our meeting with a deposit check and bank statements to prove she can pay cash.

I'm excited and nervous at the same time. I'm excited because this looks like it's going to be a quick sale. I'm nervous because I want her to feel like she's being treated fairly and honestly. I told her she had the right to choose a Realtor to represent her, and if she chose to do so that I would pay for that Realtor's commission. I made it clear that I would not be able to represent her as the Buyer in this transaction. She said she would prefer to just deal with me directly and continue without representation.

Here is where some Realtors might just go about signing the contract and getting the absolute best deal they could get for themselves. It is the perfect scenario - a cash Buyer who is willing to pay full price and not wanting representation of their own. Being thorough, I still opted to go over all of the comps in the neighborhood with her. Even though she already knew about the recent sales, I felt it was important that we review them together. I agreed to her requests to get a Home Inspection and a Termite Inspection, and I offered to pay for half of her closing costs. I also went over what representation means, and made sure she understood that she was entering this transaction without representation.

This is always a balancing act as a Realtor. Most consumers are unaware of the laws in the state of Maryland regarding Real Estate representation, and all of the ramifications. Here in Maryland, the laws are very clear.

If you're a Homeowner looking to sell your home and you hire a Realtor - lucky you! These are the steps and risks your Realtor takes on your behalf, using all of their experience and knowledge of the laws and statutes to save you time, money and potential negative consequences down the road.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Top Seller Tuesdays – Spend a Little, Get a Lot! A Series of Weekly Tips to Help You Prepare Your Home for Sale

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Tue, 02 Mar 2010 12:37:39 -0600

A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

If your wall-to-wall carpet looks fine except for a couple of worn spots, have it professionally cleaned and cover the imperfect areas with small rugs.

If you'd like more information about preparing your home for sale, feel free to contact me.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Maryland Real Estate Market Activity February 22, 2010, New Listings, Pending Sales, Days on Market

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Mon, 01 Mar 2010 10:31:40 -0600

Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Maryland Real Estate Market Activity, February 22, 2010, New Listings, Pending Sales, Days on Market

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Featured Listing Friday - Home on Pleasant Valley Drive in Catonsville, Woodbridge Valley Neighborhood, on more than Half an Acre

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Fri, 26 Feb 2010 10:18:43 -0600

Beautiful Woodbridge Valley Home in Catonsville
349,900

4 Bedrooms
2 ½ Bathrooms
Wood floors
Gourmet Kitchen with Breakfast Area
Replacement Windows and Doors
Finished Lower Level with L-Shaped Recreation Room
Beautiful Landscaping, Rear Fence and Covered Patio
Lot Size is more than Half an Acre
Immactulately Kept!

Click here to request more information

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Real Estate Investing - Thursday Q & A - Your Maryland Real Estate Investment Questions Answered

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Thu, 25 Feb 2010 07:38:38 -0600

Q: How do I get started in investing in Real Estate?

A: We're all getting blasted with emails about how to invest, particularly in foreclosures. It doesn't matter what type of investment you choose to do - the offers are out there on the TV, radio, email....

Before you spend any money on books and cd's and videos and memberships and subscriptions....give me a call. I'll share with you my knowledge, experience and expertise for free. No obligation. No commitment.

Why would I do this? To spare you the headache, heartache and expense of going down the wrong path.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

News You Can Use - My Thoughts on the Housing Recovery

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Wed, 24 Feb 2010 13:05:19 -0600

When it comes to the economy, any good news is worth talking about. Looking over recent articles, it's great to see some positive headlines. Although, all you have to do is take a closer look to see that the financial forecast is heavily laced with caution, concern, and continued fear.

An MSNBC article from Tuesday is a great example: The headline reads "Home prices gain for seventh straight month". Good news, right? The article begins by stating that "the U.S. housing market continues its bumpy recovery." But for all of the very small gains cited by this article, the following excerpts are how the story ended:

"But there are still obstacles that could derail recovery...First, consumer confidence took a surprisingly sharp fall in February...Also, roughly roughly 5 percent of homeowners with a mortgage are in foreclosure...And, some economists fear that demand and prices will fall after two federal tax credits expire in April."

and finally...

"The most likely outcome is that it will take years to work through the glut of foreclosures, keeping home prices bouncing around the bottom for quite some time."

It's not sounding so great anymore.

So what does this mean for you? Be optimistic. Look at your own situation, not just the news. Even in this economy there are people working, and there are people thriving. You can get caught up in the fear, or determine what's best for you and your family.

In an "up market", if you wanted to move up to a bigger home, you would be able to sell your home for more, but you would be paying more too. In a "down market", although you may not get as much for your home, moving up costs much less as well. In fact, moving up may cost less during a down market!

So does it really matter if we are in a down market, or an up market? The difference is really whether or not you let the news dictate the decisions that you make.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Top Seller Tuesdays – Spend a Little, Get a Lot! Weekly Tips for Preparing your Maryland Home for Sale

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Tue, 23 Feb 2010 07:56:35 -0600

A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

If possible, plan to put your home on the market during peak real estate periods - spring and autumn. Planning and preparing your home now will help it to be market ready in spring.

If you'd like more information about preparing your home for sale, feel free to contact me.

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Carroll County Real Estate Market Update, January 2010

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Mon, 22 Feb 2010 12:48:37 -0600

Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Carroll County Real Estate Market Update, January 2010

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.

Featured Listing Friday - Brand New Catonsville Custom Home in Westchester Oaks

Tim McIntyre (Ellicott City Realtor, Catonsville Realtor) — Fri, 19 Feb 2010 10:26:11 -0600

Brand New Custom Catonsville Home in Westchester Oaks
$549,000

Unbelievable attention to detail in this custom built home in the heart of Catonsville
Generously sized gourmet kitchen features granite countertops, professional stainless steel appliances, 42” cabinets.

4 Bedrooms
4.5 Bathrooms
Family Room with Gas Fireplace
Finished Lower Level complete with a Full Bath, great for a Recreation Room!
Formal Dining Room and Breakfast Room
Master Suite with Luxury Bath complete with a 2 person soaking tub and separate shower
All Bedrooms feature walk in closets
Main Level Laundry Room complete with shelving and sink
Near Hilton Area of Patapsco State Park, Catonsville Community Park and Banneker Historical Park

Click here to request more information

Tim McIntyre, GRI
Facebook friends click here to see the full post.
Visit my website at www.timsellshomes.com.