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Save On PMI

If you have owned your home for more than five years, here is a tip that might save you thousands of dollars. Homes purchased with a loan greater than 80% require Private Mortgage Insurance, PMI.

The premium is typically one to two percent of the mortgage at closing and approximately ¼ to ½% per month for the renewals.

When your equity has increased to 20%, in most cases, you are no longer required to have the PMI but you will have to petition them to have it removed. One way for your equity to increase is to reduce the principal down to 80% of the original purchase price.

However, this usually takes 12 or more years unless you are making additional principal contributions.

The most common way for your equity to increase is for the value to increase. The difference between the unpaid balance and what it is worth is your equity.

The mortgage company may require a new appraisal to prove the current worth but before you spend the money, ask them if they’ll accept the assessed value.

Just give me a call at 585-393-9919 and I’ll supply you with the assessed value and sales of comparable homes in your area. If there is anything else I can do for you, please let me know. Our if you have any questions about Real Estate in Canandaigua feel free to contact me.

Questions to Ask Your Canandaigua Real Estate Agent Part 2

Do you have a performance guarantee?
If I am not satisfied with your performance, can I terminate our listing agreement?
In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance. I appreciate the importance of win-win business relationships: the agent does not benefit if the client does not also benefit.

How will you get paid?
How are your fees structured?
May I have that in writing?

In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.
How would you develop pricing strategies for our home? Read more

Questions to Ask Your Canandaigua Real Estate Agent

Do you have a Website that will list my home?
Can I have your URL address?
Who responds to emails and how quickly?
What’s your email address?
Many buyers prefer to search online for homes because it’s available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent’s Website or on their company’s site.
By searching your agent’s Website you will get a clear picture of how much information is available online.

How will you keep in contact with me during the selling process, and how often?
Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent’s systems.
What do you do that other agents don’t that ensures I’m getting top dollar for my home? What is your average market time versus other agents’ average market time? Marketing skills are learned, and sometimes a real estate professional’s unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.

Will you give me names of past clients?
Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.

Are you a full-time professional real estate agent?
How long have you worked full time in real estate?
How long have you been representing buyers?
What professional designations do you have?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.
Do you have a personal assistant, team or staff to handle different parts of the purchase?

What are their names and how will each of them help me in my transaction?
How do I communicate with them?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people. You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?

Do you have a Website that will list my home?
Can I have your URL address?
Who responds to emails and how quickly?
What’s your email address?
Many buyers prefer to search online for homes because it’s available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent’s Website or on their company’s site. By searching your agent’s Website you will get a clear picture of how much information is available online.

How will you keep in contact with me during the selling process, and how often?
Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent’s systems.
What do you do that other agents don’t that ensures I’m getting top dollar for my home? What is your average market time versus other agents’ average market time? Marketing skills are learned, and sometimes a real estate professional’s unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.
Will you give me names of past clients?

Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.

If you would like more information about Canandaigua Real Estate….
Please feel free to contact me anytime at 585-393-9919

How To Price To Sell And Still Make And Profit, Part 2

Practicing good seller’s etiquette
Let’s face it: When your house goes on the Canandaigua Real Estate market, you’re not only opening the door to prospective buyers, but also sometimes to unknown vendors and naïve or unqualified buyers. As with any business transaction, there is an expected protocol to how sellers, buyers and their respective agents interact. Should you find yourself in a sticky situation, alert your agent so he or she can address and remedy the problem.

The aggressive agent
When your agent puts your house on the market, typically all promotional materials state clearly that your agent is the primary contact for buyers and buyers’ agents. However, sometimes a buyer’s agent will contact a seller directly to try to either win over their business or cut the seller’s agent out of the deal. This is not reputable behavior and you should report it to your agent immediately if it happens to you.

The unscrupulous vendor
Have you ever started a business or moved into a new house and suddenly found your mailbox full of junk mail? Unfortunately, this also can happen when you put your house on the market. When you sell your home, it necessitates all kinds of new purchasing decisions and less-than-ethical vendors are keenly aware of this. Though MLS organizations enforce rules on how posted information is used, some companies have found ways to cull information from various sources to produce mass mailing lists.
If you find yourself regularly emptying your mailbox of junk, let your agent know. He or she can tap the appropriate sources to prompt an investigation into the matter.

The naïve buyer
Yard signs, Internet listings and other advertisements can generate a lot of buzz for your home. Some prospective buyers - particularly first-timers - will be so buzzed to see your home that they’ll simply drop by.

If this happens, no matter how nice these unexpected visitors are, it’s best not to humor their enthusiasm by discussing your home or giving an impromptu tour. Instead, politely let them know that your real estate agent is in charge of scheduling tours and provide them with the agent’s contact information. If you attempt to handle these surprise visits on your own, you might inadvertently disclose information that could hurt you during negotiations down the road.

If you would like more information about Canandaigua Real Estate….
Please feel free to contact me anytime at 585-393-9919

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