Home Buying and Selling Archives - Page 2 of 3

Are You a Real Estate Professional? We are Hiring!

Do you love the exciting and fast paced atmosphere of real estate? Bascomb Real Estate Group is hiring a Real Estate Broker, a real estate professional, to join our team and add value to our and your business. You will be tasked with educating our clients on the homebuying process; growing our customer base by generating leads; counseling clients on market conditions; home buying strategies; and contributing to the continued growth of the firm. You will also be in charge of creating lists of real estate properties and presenting purchase offers to sellers. This is a great opportunity for someone looking to grow their career in real estate with a brokerage that is focused on the value and commitment we offer our clients.

real estate professional

Real Estate Professional Responsibilities:

Provide guidance and assist sellers and buyers in marketing and purchasing property for the right price under the best terms.
Generate client leads to buy and sell the property.
Determine clients’ needs and financial abilities to propose solutions that suit them.
Intermediate negotiation processes, consult clients on market conditions, prices, mortgages, legal requirements, and related matters, ensuring fair and honest dealing between buyers and sellers.
Perform comparative market analysis to estimate properties’ value for sellers.
Serve as a buyer’s agent providing the required support needed to ensure the client finds the home they seek.
Prepare necessary paperwork (contracts, leases, deeds, closing statements etc.….) as needed.
Create lists for real estate sales, with information on location, features, square footage, etc.…..
Cooperate with appraisers, escrow companies, lenders, and home inspectors.
Develop networks and build a list of resources to include: attorneys, mortgage lenders, contractors, inspectors, and partner brokers.
Promote sales through advertisements, marketing, open houses, and listing services.
Remain knowledgeable about real estate markets and best practices.
Ensure continuing education is always current including state and local licensing if applicable.

Real Estate Broker Requirements

Must be a licensed real estate broker.
Strong customer service skills.
Must be in good standing with the local Realtor board, or an inactive broker who can immediately move his/her license.
Experience with sales.
Strong interpersonal skills.
Good knowledge of the local markets and properties.
Possess a valid driver’s license.
Must be willing to work with first-time homebuyers and low to moderate-income communities in addition to ‘traditional’ homebuyers.
Must adhere to the mission and values of the brokerage.
Must have possessed your broker license for at least one year.
Able to work independently and in a professional manner.

Real Estate Broker Desired Skills and Qualifications:

Prospecting Skills
Problem Solving
Territory Management
Legal Compliance
Negotiation skills
Lending background a plus
Spanish speaking is a plus

Bascomb Real Estate Group is a certified black/woman-owned business committed to our communities and the positive growth of its citizens. Our brokerage is dedicated to providing a positive and productive place to work and grow for our brokers and staff while serving the mission of the company. As a growing firm, we are looking for dynamic brokers wanting to be a part of an amazing team making lasting impacts in the community.

This real estate professional position offers a very competitive commission split; access to an expanding network; flexibility around scheduling including working part-time; working virtually with no desk fees; continuing education opportunities; and the opportunity to join a dynamic, growing brokerage.

First Time Homebuyer Credit Programs: Buyers Now is the Time!

Fall is upon us, which signifies a slowing in the heated seller’s market of the past several months. With that comes the most opportune time for buyers to get in the market, the month of October! Listings are staying on the market longer AND pricing is slowing and leveling off. This season gives buyers more options in the marketplace. In addition, this is also the best time to take advantage of Down Payment Assistance (DPA) programs available or any first time homebuyer credit programs. These are not just for first time homebuyers but anyone looking to purchase a new primary residence.

There are so many misconceptions about buying; you must save 10%-20% to even think about buying. NOT TRUE!!! There are multiple first time homebuyer credit programs that require as little as 3.5% down and DPA programs can cover it! As a buyer, you do need to have the cash for an earnest money deposit and an inspection, which I highly recommend. Outside of that, the money is out there for you to buy today! Just go to our website www.bascombrealestate.com/buy/ and click on the link ‘Down Payment Help’ to see which programs you qualify for, then give us a call!

Pacific Northwest Weather: Goodbye Sun, You’ll Be Missed

pacific northwest weather

We have seemingly reached the end of our summer, and we don’t need a date on the calendar to let us know here in the Pacific Northwest weather. Our constant companion the rain has returned to the region to welcome us into fall.

I don’t dread the rain and cold, I am a sweater, coat, and boots kind of woman; but I must admit, I do like seeing the sun a time or two during the fall and winter. But, don’t let the disappearance of the sun stop your spirit of motivation! The coming of fall tends to start the hibernation process for folks, particularly in this region.

Don’t let the weather derail the great plans you put in place during the spring and summer. Continue to work on the to-do lists you have created and the long and short-term goals you put in place, including buying a home! The fall/winter brings a slowing in the market people don’t like to buy homes in the rain and on shorter days, but this is the perfect opportunity for buyers as there is less competition in the marketplace. Sellers, you too have an opportunity during this time to sell your property without the worry of inflated offers a lender may have a problem with or aggressive buyers and agents. This is the time when the savvy buyer and seller thrive considering the current Pacific Northwest weather, so give us a call and make the fall/winter your time to act!

How to Prepare for a Prime Lending Mortgage

prime lending mortgage

Unless you are independently wealthy, using the financing to buy a home is the option for most consumers. Mortgage lending has changed drastically due to the housing crash in 2007. The market did not immediately recover which resulted in stricter lending standards. But, don’t let this preclude you from buying a home. There are many programs available for everyone, such as the prime lending mortgage. There are also many factors you must consider if you are interested in a mortgage loan. Here are the top 4 things you should consider when shopping for a mortgage.

Select a Mortgage Suitable for your Financial Situation

One of the major benefits of buying a home is the tax deductions that you can realize once you are a homeowner. In addition, you must choose the correct mortgage product suitable for your financial situation. For example, a fixed-rate mortgage will give you a higher starting rate. However, your principal and interest payments stay the same. While an adjustable-rate mortgage’s interest rate tends to be lower, it has periodic adjustments throughout the life of the loan affecting your monthly payment. Be mindful of the entirety of the mortgage you are selecting. It is important that you do a personal accounting of your finances and consults a great mortgage loan officer.

Reduce your Debt-to-Income Ratio

If you are applying for a mortgage, lenders always look closely at your debt-to-income ratio. Debt-to-income ratio is the ratio of your monthly debt payment divided by your gross monthly income. It is one way for the lender to measure a person’s ability to manage their monthly payments and debts and their capacity to repay the loan.

Minimize Your Borrowing

More often than not, applying for new credit can have a huge effect on your credit report, which in turn impacts your eligibility when applying for a mortgage. If you know you will be applying for a mortgage in the near future, be sure to suspend any further inquiries on your credit until after your home closes. Inquiries and new accounts can and will affect your credit score and debt to income.

Educate Yourself

Knowledge is power. When dealing with a mortgage, you must be fully aware of your financial capacity, what you need, what you can afford, and what type of mortgage is perfect for you. You can conduct your own research regarding prime lending mortgage or consult your real estate broker regarding a good referral.

Homeownership is a dream for most but does not have to be difficult to achieve. If you are prepared prior to shopping for your home, it makes the process that much smoother. Buying your home is the single largest investment most Americans will make, so the best thing to do is to assess your preparedness and give us at Bascomb Real Estate Group a call!

Is it Spring in Seattle???

Our weather gets a bad wrap up here in the Pacific Northwest. It seems the dreaded gray takes over a good portion of our time here! But this week has provided some much-needed sun (it is indeed spring in Seattle), along with longer days and the opportunity to get outdoors and see what our region has to offer.

Here are a few things you can get out and do now that the sun has reminded us it still cares:

If you have a yard, I am certain your grass mysteriously took over your yard over night like mine has. This is a great opportunity to get some gardening started (or have someone start it for you).
Take a walk; this is such a novel idea for some of us who are not the outdoorsy type, I NEED THE SUN!
Take a ferry ride; this can be a great, quick, inexpensive getaway on Puget Sound. If you ride at dusk, the city skyline is such a beautiful site as you sail into the harbor.
Buy A House! With spring in Seattle in the air, we are moving into a very healthy market. You can be in a new home before the summer is out.
Sell Your Home! If you are looking to upgrade due to life changes, or you are ready to downgrade as empty nesters, now is the perfect time to start!

Bascomb Real Estate Group

Fair Housing Amendments Act of 1988 in King County (Years Later)

Fair Housing Amendments Act of 1988

2018 has served as a pivotal year in this country’s history. We mourned 50 years of the loss of a beloved leader, Dr. Martin Luther King Jr. President Lyndon Johnson signed into law the Civil Rights Act also known as the Fair Housing Act the same year just days after Dr. King’s murder. Fair Housing Amendments Act of 1988 was signed into law. This amendment “prohibits discrimination on the basis of race, color, religion, sex or national origin in housing sales, rentals or financing.”

Here in King County, we have seen monumental changes in housing, particularly in who owns their home and who doesn’t. Homeownership has always been the American way to build roots; wealth; legacy; and sustainability. But, how far have we come in 50 years in our community?

This graph only reinforces the importance of homeownership in a community. Some may think it is merely about buying a home, which is true in some cases. But, in reality, homeownership can be the single most important indicator of future health for you and your family. In what way? Just by owning your property. The term ‘asset poverty’ denotes a household’s inability to access wealth resources that are sufficient to provide basic needs in times of emergency for a period of three months.

This month, Bascomb Real Estate Group would like to continue the conversation around the Fair Housing Amendments Act of 1988 and black homeownership in King County. We would like to talk about how we can begin a pendulum shift in our community around the barriers to reaching one of the most basic of American goals, owning your home.

Which Best Describes the Benefit of Renting a Home?

Which best describes the benefit of renting a home

If you’re currently renting and not certain if buying fits into your financial and/or life plans, here are just a few pros and cons for you to consider. Which best describes the benefit of renting a home?

Renting

Pros

No long-term commitment to your living space
Landlord responsible for most issues regarding the property
Flexibility in choosing the type of living space you choose
Flexibility in geographic locations

Cons

Higher probability of being transient and needing to move more often
Subject to the landlords’ rules regarding your living space
Rent is subject to increase
High move-in fees with no return on your investment

Average rent in King County for 2 bedroom apartment – $1,750*

If you’re owning a property, the following should be noted.

Owning

Pros

Fixed and stable housing costs with a low likelihood of increases
Building equity through homeownership
Ability to put down roots in your community long-term
Low down payment options and support that becomes an investment in your property

Cons

All property issues are your responsibility as the owner
Decreased ability to move
Price can limit your ability to live in your chosen area
Property tax increases can increase the mortgage payment

In conclusion, there are ways to identify which best describes the benefit of renting a home, or buying one. Both have their pros and cons, but at the end of the day, your financial situation will decide what’s best for you at the time being.

Average mortgage in King County for 2 bedroom condo – $1,268**

Gives us a call to discuss your specific situation to determine if it is a good time for you to buy!

*Statistical data provided by Renthop.com

**Statistical data provided by the Northwest Multiple Listing Service

First Time Homebuyer Tax Credit: Do’s and Don’ts

first-time-homebuyer-tax-credit-dos-donts

This Wednesday we are going to wrap up our discussion on first time homebuyer tax credit and cover the do’s and don’ts around your credit when purchasing.

DO’s:

1. Pull your credit to see where you stand, every consumer in America is entitled to a free credit report every year www.annualcreditreport.com.
2. Contact a credit repair company if you feel you need a little extra help (we have great referrals).
3. Contact the three bureaus – Experian, Trans Union & Equifax if you find an error to begin making corrections.
4. Pay all your credit lines and loans on time.
5. As questions of your real estate broker and/or lender if you are unsure.

DON’Ts:

1. Have your credit pulled (inquiries) for any reason while you are purchasing a home, only your lender should be accessing your credit during this time.
2. Open new accounts of any kind for any reason.
3. Buy any large items either using your credit (auto loan purchase); or your current credit cards or lines (large purchase charged on your account). Wait until your transaction is closed and you have your keys in hand before making any purchases.
4. Pay your bills late.
5. Co-sign for anyone for anything, this will end up on your credit report.
6. Use Your Credit During Your Purchase!

We hope this segment was useful, if you have any questions about first time homebuyer tax credit feel free to leave a message in the comments section or shoot us an email at customerservice@bascombrealestate.com. Have a great week!

Why Credit Tradelines are Important in Homebuying?

This week we are going to continue our conversation around your credit. As discussed last week, if you are in the market to buy now, very soon, or sometime in the future, it is wise to start here. Let’s talk about credit tradelines.

Your credit mix is also important when a lender is reviewing your qualifications to buy a home. Just having the right credit score will not guarantee approval, your credit mix is just as important. The term ‘credit mix’ encompasses the items that make up your credit as well as the age of your credit report.

Your credit tradelines are very important; generally speaking, a good mix is 2 – 3 unsecured tradelines lines, i.e. credit cards, lines of credit etc….; 1 – 2 installment loan(s), i.e. a car loan and/or fixed rate loan with the occasional student loan mixed in for a good number of us! For your credit lines, you should try and keep your balances at 30% of the line amounts. An example of this is if you have a credit card with a limit of $2,000, you want to keep the balance at no more than $600 while you are shopping for a home.

The age of your report is also important, you may have a great score and all the tradelines lines needed, but if your credit is only 1 year old, additional questions may be asked. To verify your credit age, confirm how old your oldest tradeline is, that will determine the age of your credit. Until next Wednesday, have a great week!

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First Time Homebuyer Tax Credit (Homebuying Misinformation)

Knowledge is power as the adage goes. The more information you have about first time homebuyer credit, the higher the likelihood that the decisions you make are going to benefit you and those you care for. Knowledge cannot be taken away, usurped, or destroyed once obtained, and building wealth in the community is central to consolidating that power. As potential homebuyers, you deserve to know the correct information about homebuying.

Every Wednesday we will provide answers to some of the questions most asked and the misinformation most conveyed to me about home buying. We will also use this forum to address questions you may have about buying property, whether it be lending, credit, saving, what you need, or what you don’t need, and share insights around the process with the community. We will start with one of the most common comments I hear:

I can’t afford to buy a house.

You can’t afford not to. Rents in the Puget Sound region from Everett to Lakewood are skyrocketing. With renting comes required deposits; first and last months rent to potentially be provided, and application fees to be paid. All of this goes towards adding equity and security to someone else’s property. This kind of money could be put towards starting on the path of building your own wealth and security with homeownership. Imagine that!

First time home buyers, especially, are met with challenges when it comes to purcashing their first home. The “first time homebuyer credit” for instance, is one of the most common questions we get. Our response? With down payment assistance, hardship loans for bad credit, and lender-specific credits, money is not the biggest barrier to buying, misinformation is. Contact Bascomb Real Estate Group, one of the premiere boutique real estate agents in Seattle Washington. Let us help you stay informed!