Listen Up Home Buyers Advice & Tips from True Buyer Agents

Ramez Fahmy Branch manager and lender with Caliber Home Loans talks with Victoria Ray Henderson on Listen Up Homebuyers!

:45 rates are going up as they did in 1992

:1:05 the current rates are still historically low but not what we’ve been seeing during the pandemic

1:47 Are we in a bubble or is the market going to crash?

2:14 All clients today have been fully vetted not like in the past

2:30 The movie the Big Short gives a good example of what happened before when the market bubble happened

3:08 Some buyers are modifying their home search due to the interest rate increase

3:39 Inflationary signs

4:25 What are you comfortable qualifying for? What are you comfortable paying every month?

6:19 Don’t get caught up in the competitive market

6:15 Escalation Clause explanation

7:11 FOMA fear of missing out

7:58 Waiving the appraisal? Explanation

8:29 What if the appraisal comes in under the sales price?

9:12 Ramez Fahmy explains how waiving contingencies need to be a decision made after consulting with your lender

10:00 What does an appraiser do?

10:41 The importance of choosing a lender who is communicative and local to the market

11:48 What about online lenders?

12:15 How quickly will your lender get you to settlement?

13:00 Provide the lender with your documents

14:00 Listing agents frequently call the lender to ask questions about the contract deadlines

15:32 VA Loans

16:04 VA financing has no maximum amount which means home purchases can be as high as the buyer can qualify for-zero down a 2 million dollar property

17:34 The VA appraisers

On an FHA or conventional loans use local lender panels

VA has its own panel of appraisers

Many of the VA appraisals are coming in the same amount of time as the conventional and FHA loans

18:46 Change the hearts and minds of listing agents

19:23 The VA funding fee

21:00 People need to educate themselves on the loan process

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

:50 Overview of common definitions in real estate with Rich Rosa president of the National Association of  Exclusive Buyer Agents  & Victoria Ray Henderson 

What is a down payment,  earnest money deposit, fair market value, market value, and assessed value

1:11 Rich Rosa on deposits and how they work in the Boston, Rhode Island areas

1:40 the two contract processes in Massachusetts

1:53 what is a purchase of sale agreement?

2:27 FHA loan you’ll put 3.5% down payment

2:37 first time home buyer programs in Massachusettes

2:47 VA Loans

Earnest Money Deposit and the Deposit

3:13 Earnest Money Deposit in the Washington DC Baltimore areas

3:53 What happens to the earnest money deposit if the transaction falls apart?

4:28 In the Massachusetts area it’s different

5:02 at some point you are in the transaction and you cannot wake up the morning of closing and say, “I’m not buying the house”

5:35 Listing office holds the deposit in Massachusetts

7:00 Rich talks about the down payment which is different from the deposit

8:55 Difference between pre-qualification and pre-approval

9:54 Pre-Offer Loan Commitment explained

10:45 When would you waive an appraisal contingency?

11:20 Buffet table example of the options available to home buyers

12:03 What is an underwriter?

13:00 What is a use of occupancy agreement or a post-occupancy agreement?

14:00 What are the limits of the post-occupancy agreement?

15:25 How should a property be delivered to the buyers? What is the meaning of broom clean and free of debris?

16:24 Fair market, assessed value, and appraised value, what are the differences?

16:53 Rich on tax assessments

17:45 What is an appraisal?

18:23 What is a comparative market analysis?

19:08 How does an appraiser appraise a property?

19:36 What is an appraisal contingency?

20:44 Maryland Homestead Tax Credit

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

:15 Victoria Ray Henderson introduces Daetara Johnson with Joseph W McCartin Insurance. 
:55 Overview of why people need homeowners insurance
1:30 When do you pay for homeowners insurance
2:00 How do I know what homeowners insurance I need?
2:30 Condos, single-family, townhouses, log cabins require different types of homeowner insurance
3:31 What questions does an insurance agent ask of the homeowner?
4:00 Do you have pets, especially dogs? Liability claims for dog bites could hurt your chance of getting homeowners insurance
4:39 Claim history is the number one reason people are denied coverage
5:00 more about liability insurance coverage
5:40 Why are people denied homeowners insurance? Are there homes that cannot be covered?
6:25 Climate change and the impact it has on homeowners insurance
7:00 Can flooding cause a property to be uninsurable?
7:30 Difference between a flood and a water incident
8:10 The state of Maryland requires sewage backup coverage
9:40 Homeowners insurance or hazard insurance, what is the difference?
10:00 Home values are on the rise, do I need to contact my insurance agent?
11:00 Should I contact my insurance agent if I am remodeling my home?
11:30 Does work need to be permitted to be covered by homeowners insurance?
12:15 What is a storm deductible?
13:30 What does the Guaranteed replacement cost?
14:32 Replacement cost vs guarantee cost
15:07 Pricing is based on the replacement cost not the market value of your property
15:30 Homeowners insurance is not a maintenance policy
16:00 Too many claims can cause a surcharge
16:20 water losses and roof claims are the biggest claims

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Jeffrey Dee is the President and CEO of Habitat for Humanity Metro Maryland

Jeffrey talks with Victoria Henderson owner & broker of HomeBuyer Brokerage in Washington DC, Virginia & Maryland. 

:50 What is Habitat for Humanity?

:1:29 Do you rehab houses or all new construction?

2:10 Zero interest on a 30-year loan

2:24 How does Habitat find land in the current competitive market

3:17 Does Habitat receive gifts of land?

3:45 Local governments sell land to Habitat for one dollar

4:02 Current Habitat project at Randolph and Veirs Mill Road intersection in Montgomery County Maryland

4:55 How does Habitat finance its projects?

5:50 Habitat Restores, all over the country,  accept donations and that revenue helps create affordable housing

6:40 Who helps build the projects?

7:20 Habitat For Humanity started in 1976

8:12 How many hours of sweat equity are needed from the homeowners?

9:00 New owners take classes, they are set up for success

10:00 How are new homeowners trained so they can volunteer on the building site?

10:35 Habitat houses take longer to build

11:15 How do you determine who gets the opportunity to buy a Habitat home?

12:00 Habitat takes chances on families that would otherwise not have an opportunity to buy a home

12:40 How do people who can’t physically do work contribute to sweat equity?

13:14 People build wealth by owning a home

13:30 Families demonstrate their willingness to work and partner with Habitat to have a home

14:00 Grateful for Habitat for Humanity

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

On this episode of Listen Up Homebuyers! We talk about exclusive buyer agents. What is an exclusive buyer brokerage? How is this different from traditional real estate brokerages?

Rich Rosa is co-founder and co-owner of Buyers Brokers Only, LLC, an exclusive buyer agent real estate firm with offices throughout the Greater Boston area, New Hampshire, and Rhode Island. Rich is the president of the National Association of Exclusive Buyer Agents. He talks with Victoria Ray Henderson, a broker with The Buyer Brokerage in McLean Virginia.

1:00 How does the real estate industry work?  There are buyers and sellers and sellers hire listing agents to sell their homes. Buyers can hire a buyer's agent. There are different types of buyer agents. So there are buyers, sellers, listing agents, and buyer agents. 

1:03 How does the real estate system work? There are buyers and sellers. There are listing agents and buyer agents. 

1:57 Most traditional real estate firms focus on getting listings. They have agents that represent both buyers and sellers. This is dual agency and it happens with either a single agent working with both seller and buyer or two agents in the same brokerage working with a buyer client and a seller client.

2:45 Designated agency is when two agents in the same brokerage represent a buyer client and a seller client

3:34 more on designated agency when the broker designates one agent to represent the seller and one to represent the buyer

4:12 What is a buyer's agent?  Found in traditional real estate brokerages you could be buying a home where a listing agent is representing the seller. 

4:50 Exclusive buyer agents only represent home buyers. They work with brokerages that do not represent sellers and therefore avoid the potential conflict of interests that arises when you are buying a house listed by the brokerage where someone is representing the seller. 

6:20 When a brokerage can have both the buyer and listing agent commissions in-house 

7:04 An example of the conflict of interest in real estate transactions

7:30 this type of representation in law is illegal -not allowed due to the conflict of interest

8:05 Why avoid dual and designated agency?

9:01 The listing agent is obligated to get the highest price and best terms for their client, the seller

9:30 Have an experienced agent who will ask questions and look out for homebuyers

10:25 Advice for people attending an open house-don't tell the person there anything about your personal needs

10:48 If you have an agent, tell the person at the open house you are represented. 

11:25 Ask questions but don't get into why you like the house etc

12:20 What is a fiduciary? A term used in the financial industry and means that person is obedient to you the homebuyer, duty to disclose, 100 loyal to you the homebuyer

13:00  In-house bonuses for agents to sell their brokerage listings

13:50 Working with a friend who works for a traditional brokerage-same situation as not working with a friend. The conflicts of interest are still there in these situations

14:40 Do your research, interview agents, find someone who won't be afraid to tell you not to buy a house. 

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Host Victoria Ray Henderson talks with Chris Osaka the Chief Executive Officer for TOMU 

Studio, 1 bedroom, and 2 bedroom villas delivered to customers. The TOMU Modular construction 

TOMU was named in Washington Business Journal as a business to watch in 2022

What is Japandi Design? 

TOMU in Urban Turf regarding upscale modular homes
 

:25 What is TOMU?

:50 workplaces changes with people moving out of the cities

1:30 the modular units include electricity, plumbing

1:50 floorplans of TOMU are similar to what you would find in an upscale hotel

2:27 Chris Osaka’s background marketing for Nike and Hilton

Created concepts for Nike stores

3:14

4:10 The 3 products are called Villas

4:18 The style is a Japanese Scandinavian concept blending with nature

5:20 The exterior and interior features of the high design Villas

6:00 minimalist not spartan in design, expansive windows and living space

6:30 energy efficient and built to be on-grid or off-grid

7:36 Connecting with local cities and counties and how these can fit in a traditional neighborhood

8:20 work in partnership with local general contractor

8:55 what project are you working on how?

10:00 mechanics of the Villas, wiring, plumbing

10:25 three modules 8 by 20 feet each

11:15 simplify the conduits and suppress the major systems in a singular module

12:15 How does this work with ADU or accessory dwelling unit rules in cities and counties?

13:09 matching the design and engineering for the required site specs

14:30 working on well & septic and the model unit is built with this design

14:55 West coast has a broader understanding of modular homes. Chris is bringing this awareness to the rest of the county

15:34 higher quality modular home built in an indoor environment where materials are protected while being constructed

16:13 Lenders and appraisers

16:50 Inspired by the changes around the pandemic and the opportunity to build housing for people looking for second homes or additional space on a property

17:50 offering an option to homebuyers who want to get out of the city

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

1:20 TiAndra on high end and cost-conscious kitchen and bathroom designs

1:25 understand how you want to use the space and how you’ll use it in the future

2:10 great resource is Bob Villa from This Old House  for residential design

2:44 11,000 for a high-end bathroom renovation up to whatever your budget allows

3:30 bringing in designers and consultants and contractors will add to the cost

3:46 pulling permits to do a new bathroom may require permits and this will add additional costs and time

5:50 move around in the space to know how you use the room and make sure the room flows the way you use it

6:22 think of the flow and how you want to start your day

7:15 how to renovate to age in place consider clearances for wheelchair use, walk-in shower without a curve, built-in benches

9:00 supply delays right now residential and commercial lasting weeks and sometimes months due to the pandemic

10:27 as soon as you know you love something put your order in

10:44 Caitlin on more budget-conscious ideas for bathrooms

11:33 watch for sales from the big box stores to save on sinks, cabinets, and more

12:15 wallpaper that is humidity proof can be used in a bathroom for an update

13:00 have a contractor in mind as your backup in case you start a project that gets too complicated

13:50 typical cost to renovate a basic kitchen

14:30 the open kitchen concept is changing and separate rooms are more popular now during the pandemic

15:00 How will you use the space? Need space for all family members?

15:35 panel ready appliances and windows and doors may work for your space

16:20 When houses are staged it creates the stagers idea for the space, not the home buyer

17:43 cost-conscious ideas for a kitchen

18:10 painting cabinets and lighting makes a big difference and fits on a budget

18:59 buy wet rated fixtures for bathroom fixtures and UL listed products

19:45 more lighting ideas   

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Listen Up Homebuyers! The only podcast offering advice & tips from the National Association of Exclusive Buyer Agents naeba.org

Home inspector Glenn Grutta owns Vector Home Inspection in Massachusetts. Glenn has 25 years of experience as a home inspector and a background in construction.

4:45 What questions to ask when interviewing a home inspector

1. How long have you been an inspector?
2. What’s your background?
3. What report will you provide?

5:22 Like Sherlock Holmes, home inspectors deconstruct a home which takes experience

6:27 Who should buyers bring along on the inspection?

7:07 Don’t bring cousin Eddy the contractor to the home inspection

8:40 Problems found in new construction

9:42 some of the worst issues are found in new construction

10:31 What is code and what you need to know

11:15 Common sense inspection-- Glenn recommends upgrading to current codes like GFCI outlets in bathrooms and kitchens

11:45 Buyers should bring a list of questions-stay engaged during the home inspection

13:00 Inspector provides the condition of the property and informs the buyer of the severity of the condition of the property.

14:15 What happens during the home inspection?

15:17 Listing agents should not be present during the home inspection

17:00 Do homebuyers and their inspectors have access to everything they need to inspect?

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Listen Up Homebuyers! The National Association of Exclusive Buyer Agents with host Victoria Ray Henderson, a real estate broker with The Buyer Brokerage in McLean Virginia talks roofs with Brian Carpenter, owner of Semper West Roofing. Semper West serves roofing clients in Maryland & Virginia. Victoria Ray Henderson only works for homebuyers in Washington DC, Maryland & Virginia.

Brian Carpenter, Semper West Roofing
:45 the most common type of shingle used in the Greater Washington DC/Baltimore/Northern Virginia area
1:21 architectural laminated shingles are the most common shingle in the United States
1:45 most manufacturers offer the same lifetime warranty
2:00 most important is what is under the shingle
3:00 how do you know a roof needs to be replaced
3:15 leaks are not necessarily a failing roof-could be caused by penetration points around the chimney, plumbing vent pipes
4:00 how to evaluate a roof and obtain a roof replacement estimate
5:45 make sure someone is actually getting up on the roof to do the estimate
6:02 slate and metal roofs
6:52 Tesla's solar shingle-not panels
8:02 get several estimates from roofing companies
9:12 Is there a national standard for roofing companies?

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents. 

Kad Mendoza  talks about market conditions in November 2021 in Atlanta Georgia. Kad talks about what to look for that is wrong and right while touring properties. He offers advice on how to put together a winning offer. 

Kad walks through the home buying process from pre-approval to settlement day. 

Victoria Ray Henderson is the host of Listen Up Home Buyers. She is a broker in Washington DC, Maryland and Virginia with The Buyer Brokerage. Her website, HomesBuyHendersons offers advice and tips for homebuyers. 

Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. 

Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents.