Joe Wathen's Real Estate of Howard County and Surrounding

The Rules for Being Human

1. You will receive a body.  You may like it or hate it, but it will be yours for the entire period this time around.

2. You will learn lessons.  You are enrolled in a full-time, informal school called life.  Each day in this school you will have the opportunity to learn lessons.  You may like the lessons or think them irrelevant and stupid.

3. There are no mistakes, only lessons.  Growth is a process of trial and error, experimentation.  The "failed" experiments are as much a part of the process as the experiment that ultimately "works."

4. A lesson is repeated until it is learned.  A lesson will be presented to you in various forms until you have learned it.  Then you can go on to the next lesson.

5. Learning lessons does not end.  There is no part of life that does not contain its lessons.  If you are alive, there are lessons to be learned.

6. "There" is no better than "here."  When your "there" has become a "here," you will simply obtain another "there" that again, looks better than the "here."

7.Others are merely mirrors of you.  You cannot love or hate something about another person unless it reflects to you something you love or hate about yourself.

8. What you make of your life is up to you.  You have all the tools and resources you need; what you do with them is up to you.  The choice is yours.

9. The answers lie inside you.  The answers to life's questions lie inside you.  All you need to do is look, listen, and trust.

Author Anonymous

DOES IT MAKE SENSE to pay a full commission to your real estate agent in today’s market? Sellers, buyers and even agents are debating what should be charged to assist a consumer in completing a real estate transaction. Forget what the actual amount of the commission is. The bigger question is whether you should pay a ‘full fee’ when hiring a real estate expert to guide you through the complexities of today’s rapidly changing housing environment.
If a full fee was the rule in 2006 when completing a deal was so much simpler, why would you now consider cutting the fee of your agent in today’s tumultuous market? You are depending on this person to help you reach your goals in a sale or purchase. In 2006, buyers were willing to pay almost anything to a seller just to get into a home. Banking entities seemed to be willing to mortgage any property for any buyer. The process was rather simple.
Today, a person looking to buy or sell should be willing to pay a full fee for at least two reasons:
You need an expert guide if you are traveling a dangerous path
The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a buyer willing to pay fair market value for your home at a time that there are mass inventories of foreclosures and short sales will take a true real estate professional. The cost and ability to effectively market your home to attract the right buyer’s is a huge differentiator in today’s real estate field. Finding reasonable financing can also be tricky in today’s lending environment.
Top experts in any profession do not discount their fees; especially when the job is becoming much more difficult.
You need a skilled negotiator
In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes. Today’s market is not the time for the discount part time agent to shine, the true professional backed by a strong organization will have the tools and skills required to prevail.
When an agent is negotiating their commission with you, they are negotiating their own salary – the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal. (On a personal note one of the best sales line I will always remember came when I was selling our home in Boston, MA. I mentioned to one of the agents I was interviewing to list it that the first agent was willing to knock off 1% of her fee if I went with her, without missing a beat the agent I was now talking with said “yes I know, I take many of my buyers to her listings because she only knows how to sell a deep discount”)
Bottom Line
We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money!

IMPORTANT ANNOUNCEMENT ABOUT HOMEOWNERS UNDERWATER ON LOAN.

FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers

HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product. HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.

Borrowers do not need to use third party companies that advertise themselves as "mortgage experts" or "foreclosure specialists" to apply for a HARP loan. Before calling such companies borrowers should talk first with their mortgage lender.

In general, borrowers must meet the following criteria:

• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

• The current loan-to-value (LTV) ratio must be greater than 80%.

• The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

Borrowers who owe more on their house than the house is worth will be able to reduce the balance owed much faster if they take advantage of today’s low interest rates by shortening the term of their mortgage.

If the borrower refinances under HARP and their new loan is a fixed rate mortgage, there is no maximum LTV. If the borrower refinances under HARP and their new loan is an adjustable rate mortgage, their LTV may not be above 105%.

Timing will vary by mortgage lender. The Enterprises will be sending operational instructions to lenders by November 15th. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 125 should be operational during the first quarter of 2012.

http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

Recent testimonial. Just a note on how I may help you or someone you know purchase a home in this great buyers market.

My wife and I wanted to take the time to let you know about the outstanding experience we had working with your agent, Joe Wathen, in the past few months. We currently live in Europe, but will be returning to the USA in the spring of 2012 to the fantastic home Joe helped us buy. In the beginning, buying a house from half way around the world had seemed like a daunting task to us, but Joe made it easy. He acted as our eyes and ears in Maryland and his attention to detail and customer service went above and beyond all of our expectations.

Traditional home buyers are able to visit houses they might like to purchase. We did not have that luxury from Europe, but that didn’t stop Joe. He used all the resources at hand to help us “see” the home we wanted to buy and to keep our home buying process on track. Some of the far-reaching and innovative ways he helped include:
• Video-taped the entire house we wanted to purchase inside and out and then uploaded the videos to YouTube. This was the first view of our new home! He even went back to the house to video tape a second time to find answers to some of our questions.
• Took numerous photos of the house and uploaded those to the Internet.
• Used Skype to talk long-distance.
• Lined up all the inspections and services needed for closing. Since we do not live in the local area, Joe also met with the termite inspector, roofing specialist, and lawn care service on our behalf.
• Solicited quotes for housing repairs and maintenance.
• Kept in close contact with our mortgage lender, the title company and the selling agent to ensure the selling process stayed on track.
We weren’t the only ones impressed with Joe’s service. We received several positive comments from the title company personnel and the home inspector about how pleased they were to have Joe working on the sale of this home.

Joe’s attitude and service reflected a total commitment to our home buying experience. We would highly recommend him to all of our friends and associates. We are so happy we went with Bob Lucido's RE/MAX team again!

Sincerely,
David Costello Diane Costello

cc: Joe WathMy wife and I wanted to take the time to let you know about the outstanding experience we had working with your agent, Joe Wathen, in the past few months. We currently live in Europe, but will be returning to the USA in the spring of 2012 to the fantastic home Joe helped us buy. In the beginning, buying a house from half way around the world had seemed like a daunting task to us, but Joe made it easy. He acted as our eyes and ears in Maryland and his attention to detail and customer service went above and beyond all of our expectations.

Traditional home buyers are able to visit houses they might like to purchase. We did not have that luxury from Europe, but that didn’t stop Joe. He used all the resources at hand to help us “see” the home we wanted to buy and to keep our home buying process on track. Some of the far-reaching and innovative ways he helped include:
• Video-taped the entire house we wanted to purchase inside and out and then uploaded the videos to YouTube. This was the first view of our new home! He even went back to the house to video tape a second time to find answers to some of our questions.
• Took numerous photos of the house and uploaded those to the Internet.
• Used Skype to talk long-distance.
• Lined up all the inspections and services needed for closing. Since we do not live in the local area, Joe also met with the termite inspector, roofing specialist, and lawn care service on our behalf.
• Solicited quotes for housing repairs and maintenance.
• Kept in close contact with our mortgage lender, the title company and the selling agent to ensure the selling process stayed on track.
We weren’t the only ones impressed with Joe’s service. We received several positive comments from the title company personnel and the home inspector about how pleased they were to have Joe working on the sale of this home.

Joe’s attitude and service reflected a total commitment to our home buying experience. We would highly recommend him to all of our friends and associates. We are so happy we went with Bob Lucido's RE/MAX team again!

Sincerely,
David Costello Diane Costell

Wall Street Journal and Forbes Magazine both say it is a great time to buy a home!

People ask us all the time if now is a good time to buy a home. But, when we say it’s a GREAT TIME, they often wonder if we are saying that because we benefit when people buy and sell property. Below is a little third party help that your clients might find more believable. Click on the blue lettering and it will take you to the article referenced.

Wall Street Journal & Forbes: It’s Time to Buy A Home


The Wall Street Journal
Last week, in an article entitled It’s Time to Buy That House, the WSJ told their subscribers:
“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.”
In an article two weeks ago, MarketWatch.com (the on-line blog for WSJ) told their readers:
“Now could be the best time in history to buy a home.”
Forbes.com
In a report to their subscribers, Capital Economics reported that:
“The previous declines in house prices and the more recent drop in mortgage rates to record lows have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment.”
Why is this important? Last week, Forbes explained to their readers:
“If rents simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation).”
They went on to explain the advantages of homeownership during retirement:
“Even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement…
At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference not to mention the impact of NOT having to pay a mortgage. How much less would you have to save for retirement if you didn’t pay the mortgage?”
Bottom Line
When the iconic financial newspaper and the iconic financial magazine say that it now makes financial sense to purchase a house, perhaps it’s time to buy a home.
No Worries,

Join me at Open House today 1-3 at 9400 Tiller Dr, in Mt Hebron of Ellicott City, Md. Lovely 4 bedroom home on large level yard, shed, carport, updates, teen or In-Law suite in lower level, gorgeous hardwood floors, freshly painted and much more. Great location off 29 and 70 for Balt/Wash and Ft Meade BRAC commutes.

If you weren't sure if this were the best time to buy a home then read this Forbes article below...

http://blogs.forbes.com/robertlenzner/2010/09/27/john-paulson-sell-bonds-buy-stocks-double-digit-inflation-coming/

If you weren't sure if this were the best time to buy a home see the Forbes article below...

http://blogs.forbes.com/robertlenzner/2010/09/27/john-paulson-sell-bonds-buy-stocks-double-digit-inflation-coming/

Media reports vs polls

The media can’t sell advertising space if they aren’t preaching the gloom and doom story of the moment. Don’t let your potential buyers fall for the latest media buzz. The fact is, many Americans think now is a good time to buy. With reduced sales prices and mortgages still artificially depressed, we have an opportunity to build wealth that we may not see again. Don’t believe the T.V. and don’t believe me, rather, check out what the 3 largest surveys of the American Public are reporting.

When determining people’s feelings about buying a house, we prefer to trust polls and surveys which report on what people are actually thinking instead of taking the word of a ‘talking head’ on television or a newspaper trying to draw subscribers. A perfect example: the three separate surveys which have come out in the last few weeks discussing what Americans really think about the value of buying a home.
1. The Gallup Poll which showed that 69% of Americans think this is a good time to buy.
2. Fannie Mae’s National Housing Survey which reported that Americans believe that homeownership is the investment with the most potential. They chose owning a home over other traditional investments such as stocks, mutual funds and bonds.
3. The Pew Research Center study Home Sweet Home says that 81% agree that buying a home is the best long-term investment a person can make.
Bottom Line
There are many experts telling us what people currently think about homeownership as an investment. We’ve decided to listen to the people themselves.

If you have well and septic, could FHA force you to hook up to public utilities?

It was brought to my attention by Allan Tayman, a mortgage lender with C & F Mortgage who is working on an FHA buyer on one of my listings that is under contract and discovered something a bit unsettling. Because the home which is currently on well and septic is located in a public water and sewer district, FHA stipulates that the seller must hook up to public utilities if the total cost of the hookup is less than 3% of the sale price. Luckily it isn’t. But if it were less, it would have cost the whole deal.

It may be good to check this out in advance if you have listings on well and septic just to be sure this doesn’t happen to you.

Baltimore Area homebuyers picked up the pace in January, pushing sales gains into the double digits and giving the local real estate industry hope that the market is finally on the mend, without the stimulus of federal tax credits that ended last year. By Jamie Smith Hopkins, The Baltimore Sun
See the entire article at

http://www.baltimoresun.com/business/real-estate/bs-bz-baltimore-home-sales-january-20110210,0,7133014.story

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