Short Sale Data

Short Sales Lose Favor With Lenders?

DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 27, 2013

As home prices rise, lenders are showing less willingness to grant short sales, RealtyTrac reports.

The number of short sales has been gradually dropping the last few months. Short sales represented 5.3 percent of all sales in October, down from 6.3 percent the previous month and down from 11.2 percent last October, according to RealtyTrac data.

The National Association of REALTORS® recently reported in its October existing-home sales report that short sales tend to sell at an average discount of 14 percent below market value………http://realtormag.realtor.org/daily-news/2013/11/27/short-sales-lose-favor-lenders

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Small Business Saturday

In the hustle and bustle of the Holiday Season, some of the coolest places to shop are right on Main Street USA. Most of us will get online or visit the big chain store, yes they do employ people, to get your Holiday shopping done, but WAIT! Do you really want to sit behind a computer or visit the big concrete building 30 minutes away? Sure,that is one way to shop, but I want you to go walk the streets of your downtown and visit the local establishments. I promise, you’ll be surprised by the selection and knowledge these stores have to offer.There is nothing wrong with shopping at the mall or online, but give your downtown a try. A busy and thriving downtown benefits the whole community!!!

This Saturday, November 30, is Small Business Saturday in my local area of Berlin MD, Ocean City MD, and Salisbury MD. This is just another event that makes living on the Eastern Shore great. Once you visit, you’ll want to call this HOME!

Mitchell David

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Are You Pre-Qualified or Pre-Approved

The mortgage world has always been a confusing and frustrating place for the novice buyer, but in today’s mortgage world the most experienced buyer is left scratching their head. This is due to the financial crisis of 2007-2008, which turned the entire banking world upside down. Pre-crisis many buyers would call a lending institution and get Pre-Qualified for a loan quickly, that was typically enough for the buyer to be considered serious. In today’s world, a buyer isn’t considered serious unless they are Pre-Approved. Yes, there is a difference and it’s quite significant.

Pre-Qualifying for a mortgage loan is a pretty easy process, even by today’s banking standards. A buyer can be pre-qualified by calling a lender on the phone or going online, depending what the lender allows, and answering a few questions, the information given by the buyer is not verified. There will be questions about the buyers income and assets, and in some cases a credit check will be ordered. Most lenders will not charge for this service, unless the credit report is ordered. This process is not considered comprehensive, therefore there are no guarantees for loan approval. It is for the buyer to have an idea on what they can afford. As a seller the pre-qualification letter means nothing to you.

The Pre-Approval process entails more work and time than the Pre-Qualifying process, however it is not overly difficult. The lender will verify all the information requested and order a credit check. The lending institution will typically charge the buyer for some of the services, make sure those charges are explained at the beginning.  At the completion of the process, the buyer will be approved for an amount of money and interest rate. While this is a comprehensive review of the finances, there is no guarantee by the lending institution of a loan. There will be additional conditions, like an appraisal, that will need to be met before a loan can be secured. A Pre-Approved buyer can be confident going into a contract that their personal finances support the home purchase.

As a Real Estate Agent, I always recommend my buyer to get Pre-Approved and make it part of the offer. Neither of the processes guarantee a loan, however, being Pre-Approved is drastically superior than being Pre-Qualified. Whether you’re buying or selling make sure a Pre-Approval is part of the deal.

Mitchell David

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Rocket Takes OFF

I was at M.R. Ducks in Ocean City MD when I saw my first Rocket launch. I was staring into the night sky hoping to catch a glimpse of the Rocket taking off from Wallops Island VA.  It was definitely something i’ll remember for a long time. There was another launch two nights ago from Wallops Island VA, click onto the link to view….

Enjoy….Mitchell David

http://www.delmarvanow.com/article/20131120/ESN01/311190048/

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Ocean City MD is a Year Around Destination

Ocean, Sand, Boardwalk, and Tan bodies remind me of Ocean City MD. Every summer I get to enjoy the smells, tastes and sounds of the Beach Lifestyle. Trust me, you won’t forget the taste of Thrasher Fries mid-summer, while sitting on the Boardwalk people watching. I’m already getting excited for next summer, however, the fall and winter are just as enjoyable.

On my Facebook page I have been posting cool things to do in Ocean City or the surrounding areas for the winter, Berlin MD is one of my favorites.  To be honest, when I first started looking for things to post I wasn’t to optimistic. I’m a routine guy and I love the quiet time in the winter with family and friends. I wasn’t out looking for “things” to do, but I want my clients to understand the Eastern Shore of Maryland isn’t a one trick pony. I mean, Who can’t get excited about cotton candy and sand? I wanted more!!! They deserved more!! So looking I went.

Truly, there are to many to mention all of them. So instead of writing about all of them, i’ll provide some links. Please visit

https://www.facebook.com/oceancitymdpropertiesonline,

http://www.berlinchamber.org/,

http://ococean.com/,

http://mdcoastdispatch.com/,

http://shorebread.com/,

http://www.snowhillmd.com/visitHere.cfm,

http://www.downtownsalisbury.org/

I hope you “fall” in love with the Eastern Shore of Maryland. You can always visit our website to check out ALL the listing in the area.

Mitchell David

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Open House

A Real Estate Agent is hired to either sell a property or find property for a client. This is their mission, duty, or fiduciary responsibility to the client. Most transactions do not take place overnight, so a competent Real Estate Agent will use different techniques and strategies to bring a transaction to a close. One of the most common ways for a listing agent to get traffic to the home is an Open House.

An Open House is just that, Open for the public to view. No appointment necessary, get in whatever mode of transportation you’re  using and show up. Typically, the listing agent will be on-site, however, some companies and agents use the “new agents” to sit for the Open House. The key is to make sure whomever is representing the client is knowledgeable of the home for sale. By knowledgeable, I don’t mean reading off a mls listing hand-out, I mean look Professional to the prospective buyer by having information easily accessible and communicate it confidently.

Don’t expect the Agent to stray to far from the facts when answering questions, it isn’t their job to give opinions. Does that Sound harsh? It’s not that they wouldn’t love to tell you their opinion, but when it comes to buying a selling a house their opinion is worthless. In some cases, their opinion can get them in legal trouble. What? Lets use a quick example; Potential buyer asks,”how is the area?” Agent says “area is safe.” What is the Agent comparing “safe” to?  The buyer buys the house and the next week it gets burglarized. Has the Agent opened them-self up for a lawsuit??  Maybe or maybe not, the courts will decide.The better answer is “I have information to the local police website and there you will find  the answers you’re looking for.” The question got answered, maybe not the way you wanted, by an Agent who had the information readily accessible. Don’t always rely on the Agent for an answer you can easily access.

In most cases, an uninformed Real Estate Agent doesn’t exude confidence. Trust me, a buyer will notice this and move-on to the next Open House. A potential buyer just walked out the door. The agent just failed the seller!!!!

Enjoy the Open House for what it is and remember, the Agent wants to answer every question, but sometimes you may have to do a little work.

Mitchell David

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