Real Estate News And Views

Realestatelicense.com has created this blog to keep you informed on recent real estate news, views, and topics. Real estate is a very dynamic field. Everyday there's something new and exciting happening in the world of real estate. Use this blog to stay on top of current real estate events, news, and views and support your real estate license and career. As a licensed real estate professional, you need to know this information.

4 Big Closing Mistakes

When you took your real estate license course, you learned how to close the deal on a home. Yet, some mistakes can cause you to blow the whole deal. Here are four big closing mistakes to avoid.

1. Missing important deadlines.

If you're not organized, you could cause your client to miss an important closing deadline. Avoid this major faux pas by making a list of every task that must be completed throughout the contract. Assign personal due dates to each task that are at least three days ahead of the real due dates. Set electronic reminders one week in advance to make sure you're on track.

2. Scheduling home inspections at the wrong time.

Once the contract is signed, your buyers need a certified home inspector right away. If there are problems, there's time to fix them or renegotiate new terms. On the other hand, if there's a contingency, like a $5,000 flooring credit, be wary of spending money on a home inspection until the contingency is met.

3. Not staying on top of lenders and escrow officers.

Call your client's lender and escrow officer regularly to make sure everything is right on schedule. Form a close network of professionals you trust and help your clients choose the best lender or escrow officer. There's nothing more frustrating than a lender or escrow officer who lacks a sense of urgency or doesn't return emails and phone calls.

4. Not keeping clients in the know.

You know purchasing a home is an emotional experience. Your clients will appreciate your efforts in keeping them up-to-date with the closing process. Don't worry them with small details you know you can handle, but do share larger issues that could deter a smooth closing.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: Accredited Real Estate School, real estate tips

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Meet USPAP Requirements Online

Once you complete your appraisal license course, you're one step closer to obtaining your license. So what's next? Meet your 15 hour USPAP requirement online.

USPAP, which stands for Uniform Standards of Professional Appraisal Practice, are the accepted standards for professional appraisal practice in North America. The USPAP course is a crucial part of an appraisal education because students gain an understanding about appraisal service standards for real estate, personal property and business. Plus the USPAP course isn't optional - it must be completed in order to become a licensed appraiser.

The Appraiser Qualifications Board's 2008 appraisal license regulations set higher educational standards than in past years. On one hand, this gives appraisal students a greater opportunity to master important details of their new profession. On the other hand, spending excess amounts of time in class can be tedious, not to mention unreasonable for those who juggle a job at the same time. That's why meeting your 15 hour USPAP requirement online is not only convenient, but smart.

In a class setting, the USPAP can be met within two days, but the classes will last approximately eight hours each. Eight hours of any given topic is rough and this learning style doesn't suit everyone. Online, you can break up the subjects and study them at your own pace in the comfort of your home whenever you choose.

When choosing your online USPAP course, make sure it's provided by an accredited online school with the proper credentials. Online schools with educational and technology support departments will help make your online experience a positive one. Another great benefit is that most online schools allow students to begin their course the same day they enroll.

Why travel in traffic and sit in a crowded classroom at a set time for hours-on-end? Find an online school and start working towards your new appraisal career today.

By Danielle Macklin, Allied Schools, www.realestatelicense.com

Labels: Appraisal License, uspap

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8 Older Home Upgrades That Pay Off

Make sure your older home stands out among the new home competition. Beat housing market challenges with these eight upgrades and you just might sell your home faster.

1. New Roof

On arrival, potential buyers will immediately inspect your home's curb appeal. This includes the roof. So if shingles are flapping in the wind or broken tiles threaten to fall, consider investing in a new roof. A 20 year roof, rather than a 30 year roof, can help save costs. Even if problems aren't as obvious, having an inspection report readily available to soothe buyer roof concerns can only help move the process along quicker.

2. Siding

From the 1930's through the 1960's, asphalt siding was a popular, but ugly choice. Consider adding a fresh coat of neutral paint, or replace it all together. Vinyl siding is more common today, but can easily trap water leading to structural damage, mold and insect infestations if not properly maintained. If you suspect problems, you'll need a certified home inspector to check it out.

3. Double Pane Windows

Double pane windows aren't just a luxury anymore - they're the standard in windows buyers expect. So replace those old school aluminum sliders. Not only will you boost your home's overall curb appeal, but helping potential buyers cut heating and cooling costs is a major selling point.

4. Copper Plumbing

Many older homes were outfitted with galvanized pipes which corrode over time. Although pipes may be the last thing on your buyer's mind, the issue will come to the forefront once the inspection report becomes available.

5. Termite Inspection Report

Even the most inexperienced buyer will have the foresight to request a termite inspection. Why not just get it out of the way? Termite inspections are typically cheap and especially important for older homes.

6. Electrical

Cell phones, computers, PDAs - these marvels of technology are all relatively new. Most older homes aren't equipped with enough electrical power to support all these gadgets. Consider upgrading your electrical system to at least 100 amp.

7. Furnace

If your furnace is 15 to 20 years old, it's probably time for a new one. Most furnaces installed before 1992 are only 60-80% efficient, sending the remainder of the wasted energy up your chimney or vents. Selecting an energy efficient furnace could be a huge selling point, especially in colder regions where heating costs soar. Many of today's furnaces have impressive efficiency ratings in the 90 percentile range.

8. Water Heater

Continue to appease cost savvy buyers by replacing old water heaters. Replacing a 15 year old water heater with an energy efficient one can cut 30 to 50% of a home's energy use.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: Home Inspector, How to sell your house

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Renew Your Real Estate License Online

Once you obtain a real estate license, you need to keep it current. Take care of it the convenient way. Renew your license with an online real estate school!

Your real estate career keeps you busy. When your clients need you, how will you assist them if you're stuck in a real estate license renewal class on the wrong side of town? The answer is simple - online education.

Online education gives you the power to build your career as a licensed real estate agent while meeting renewal requirements from the comfort of your office or home. Plus you can complete your renewal requirements when it's convenient for you. So why spend several hours in a class room when you could meet your goals more quickly at your own pace?

Once you make the decision to obtain your real estate license online, make sure you pick the right real estate school. Here's what you should look for:

1. National Accreditation
2. State-Approved Course
3. Industry-Leading Materials
4. Student Support
5. Money-Back Guarantee

An online renewal is the perfect compliment to your busy career. Staying on top of your real estate education and renewing your salesperson license doesn't get any easier.

By Danielle Macklin, Allied Schools,www.realestatellicense.com

Labels: Online Real Estate School, Real Estate License Renewal

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Help Your Clients Choose the Best Lender

Once you complete your real estate license course, you should be prepared to help clients avoid typical buyer pitfalls. This includes choosing the wrong lender.

For example, let's say your buyers received three offer letters from three different lenders. Now they want your opinion. Should they go with the lender offering the most appealing interest rate? Maybe not. Before your buyers place their trust in any lender, do a little investigative work first.

Different circumstances require different lenders

Just because a lender touts a widely known reputation doesn't mean it's the best fit for your client's circumstances. There are lenders who specialize in working with first time buyers, buyers with small down payments or poor credit and more. Working with a lender who has expertise in your buyer's situation could improve their experience and possibly lead to a more reasonable interest rate.

More choices are always better

There's a huge variety of loan options out there, so your buyer's lender should offer an array of choices as well. From the classic fixed-rate loan to jumbo loans and option ARMS, a good lender will match your buyer with a mortgage that compliments their financial status and risk level.

Analyze fees too

Most potential homebuyers become consumed with the hunt of finding the lowest interest rate. But are there extra fees associated with the loan offering that too-good-to-be-true rate? Be smart and request a "good faith estimate" from your client's potential lender. This estimate should provide an overview of all costs associated with the entire term of their loan. Make sure to also ask the lender about other potential fees, like penalties or locking in a rate. Overall, you want your clients to feel confident when choosing a lender. If you feel they're omitting important information, encourage your buyers to move on.

Customer service with a smile

Is the lender paying attention? If your buyers request a 30-year fixed rate and the lender pushes something else, than beware. There's nothing wrong with making other recommendations, but the lender should immediately address your request as well. Additionally, the lender should provide your clients with answers to their questions in a manner that is helpful, informative and patient. If they rush them out the door at that time, don't expect the lender's responsiveness to get any better later down the road.

Get referrals

Ask family, friends and co-workers if they've had any good - or bad - experiences with lenders. Pay attention and even take notes if you have to. It's also a good idea to check out the web, as it's a popular sounding board for upset individuals ready to share their stories with the world.

More than likely, your buyers will appreciate your lender expertise and help you defy market challenges by referring you on to their own personal network.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: Accredited Real Estate School, Real Estate, real estate license course

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How to Become a Real Estate Agent

Want to be your own boss and make your own schedule? If that sounds good, and you consider yourself an ambitious people-person, maybe it's time to enroll in a real estate license course.

Although requirements to obtain a real estate license vary from state to state, most require you to:

1) Be at least 18 years of age
2) Complete required real estate license course work
3) Pass your state's real estate license exam

Your required real estate qualification courses should be completed at a school with the proper accreditation or at a private real estate school with state approved courses. And times have changed. To obtain a real estate license, students use to have one choice - spend several hours per week attending class. Although this is a good fit for some, it's not the most efficient option for all.

While advancing your future, you may need to care for your family and/or hold down a job. That's why some choose to obtain their license from an online real estate school. Online classes are self-paced and can be completed from the convenience of home during your free time. Plus, a well-established school offers student support, so you always have answers to your questions. It's a convenient and cost-effective way to further one's career while attending to other important responsibilities.

Once a real estate license is obtained, new and exciting opportunities become available. You can help people with buying and selling homes, as well as leasing homes, buildings and land. You can also choose to specialize in areas or property types. For example, if you love horses, you could use your knowledge to specialize in ranch style homes on multi-acre horse property. There are limitless options - and it's all up to you!

Some licensed agents go on to get their real estate broker license. With a broker license, you can manage your own real estate office or even start your own real estate company. Requirements vary for each state. For example, to obtain a real estate broker license in California, you must have at least two years experiences as a full-time licensed agent within a five-year period.

Many states require continuing education to renew your real estate license(check with your state for renewal requirements). This is a great way to make sure you're selling techniques are current and that you're knowledge is at the forefront of the latest industry trends.

A career as a real estate agent may be the rewarding challenge you've been looking for. Verify requirements by checking with your state's real estate licensing commission, get started and become a success story!

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: california real estate license requirements, How to become a real estate agent, Real Estate Agent

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Your Buyers Need a Certified Home Inspector

Agents, think back to your real estate license course. Remember home inspection? It's a crucial process that protects your client, as well as adding to your credibility.

As a professional real estate agent, it's your duty to make sure the biggest investment of your client's life isn't falling apart. Otherwise, you could be committing real estate career suicide - no one wants to work with a negligent agent. Instead, provide every assurance your buyers crave. This includes the expertise of a licensed home inspector.

A home inspector provides an unbiased opinion as to the overall condition of a home in a report. This detailed report could be your red flag to look for another property, a warning for problems to come or minor situations that can easily be fixed. The home inspector's report can also be used as a negotiating tool. An inspector gets paid for their services whether or not the sale of the house goes through, so they have no stake in the outcome of the inspection.

So what does a licensed home inspector inspect? They visually evaluate a home's systems, components and structure including: foundations, floors, windows, drainage, insulation, garage doors, chimney, piping, wiring, heating, air conditioning, and more. Home inspectors also look for violations of building codes.

"Before you buy, you should hire an independent home inspector to carefully review the house and give you a written report," cautions Benny Kass, a practicing attorney in Washington, DC and a Yahoo! real estate expert. "Also, many states have laws requiring sellers to disclose known defects. Finally, on the day before you go to settlement (also called escrow in some states), you should go to the house and carefully inspect it yourself. Do not do this at night, because you will not be able to see all of the possible problems."

Align your clients with a trusted home inspector. If you don't have any sources, ask fellow agents for recommendations. You can also contact the National Association of Home Inspectors or visit their website at www.nahi.org.

By Danielle Macklin,Allied Schools,www.realestatelicense.com

Labels: Certified Home Inspector

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5 Buyer Pitfalls Real Estate Agents Help You Avoid

Purchasing a home is an exhilarating and overwhelming experience. Challenges may pop up, but certain mistakes can be avoided with the help of an agent on top of their real estate agent license.

1) Not knowing how much house you can afford.

Most agents advise clients to get pre-approved before beginning a home search. Why? Because buyers need to be realistic and look for homes in a price range they can comfortably afford.

Liz Pullman Wagner, author of 8 Big Mortgage Mistakes and How to Avoid Them recommends, "Limiting your housing costs, which include mortgage, property taxes and homeowner's insurance, to 25% of your gross income."

2) Messing around with your credit.

Agents will warn you - never close a credit card, especially if you plan on applying for a home loan within six months. "The credit score looks at the amount of available credit you've used on each card, but the more important number is the total across all of your cards," says Kimberly Lankford, a writer with www.kiplinger.com. "This ratio goes up whenever you close any accounts." According to Lankford, the lower your ratio, the better shape you're in.

Keeping an old card open shows a good history of managing credit. You can't erase bad credit history by closing an old credit card account, but it can hurt your good history.

3) Buying when you're not ready.

Do you have a crystal ball to predict a change in your job status or unforeseen health problems? Probably not. That's why a real estate salesperson will advise a buyer to have a financial cushion to ensure the mortgage is always covered. Additionally, if you're planning on having kids soon, getting a divorce, moving in the next few years or have a low credit score, you may also want to hold off on buying.

4) Not knowing the neighborhood well enough.

Work with an agent who thoroughly knows the community you're interested in - it's even better if they live there! Talk to neighbors, drop by the area at different times of the day to see what it's like and enlist the services of a real estate appraiser that's on top of their appraisal license courses. What if the college kids down the street throw loud parties, the street is a favorite commuter short-cut or the empty lot behind you is the future home of a night club? Find out!

5) Not researching licensed home inspectors.

A licensed home inspector is there to represent YOUR best interests. Talk to your real estate agent about recommendations and do your own research too. That way, one of the biggest investments of your life won't turn out to be sliding down a hill, infested with mold or something worse.

Yahoo! Real Estate columnist Ilyce Glink encourages buyers to make sure their inspector is licensed, bonded and insured. She also suggests accompanying the inspector to see the issues first hand, if any, yourself.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: Real Estate Agent, Real Estate Agent License, real estate agent training

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Work with a Licensed Real Estate Appraiser Before You Buy

You just located your dream home. Is the $350,000 asking price fair? Protect your personal interests by seeking the opinion of a real estate appraiser who has successfully completed their appraisal license course..

Protect your interests

If the real estate appraisal reveals your dream home is worth far less than the asking price, negotiate with the seller. If the seller is firm, consider walking away. If you pay $350,000 for the property now, but it appraised for only $275,000, how will you break even if you need to sell? Depending on where you live, market conditions can change and leave you with far less than what you originally paid on your investment. A real estate appraisal will help you make a more informed decision before you buy.

You can't get a loan without it

If you need to finance your home purchase, your lender will require a real estate appraisal before you can purchase the home. Just like the buyer who wants to protect their best interests, so does the lender. A lender does not want to lend a buyer more money than the home is worth.

What to expect

When the real estate appraiser arrives, they typically look at the land, all structures, any improvements and the surrounding neighborhood. They will also review county records (and any other necessary documentation) for data of comparable homes nearby. Based on the collected data, the appraiser provides their unbiased opinion as to the value of the property in the form of an appraisal report. The appraisal report will include three important numbers: the approximate value of the land, the approximate value of the structures on the land and the property's approximate total value. The report should also include an overview of your home, neighborhood and current comparable sales in your vicinity.

Depending on the real estate appraiser's experience and schedule, an appraisal can typically be completed in a day or less for a residential property. The cost for a real estate appraisal will vary from market to market, so contact appraisers in your area to find out their rates.

Selecting a real estate appraiser

If you're working with a licensed real estate agent, they should be able to provide you with a referral. Additionally, your lender may have a panel of real estate appraisers to complete the job.

To find your own appraiser, look in the phone book or online at state and county appraiser websites. Another option is to contact professional associations like the American Society of Appraisers or the National Association of Real Estate Appraisers. Make sure your chosen real estate appraiser is licensed by the state and demonstrates in-depth knowledge of the appraisal process. An appraisal report provided by an unlicensed appraiser is not valid and won't be taken seriously by any lender.

To buy or not to buy

Once the appraisal report is available, thoroughly review the information with a licensed real estate agent. Their experience and advice should help you make the best decision on whether purchasing the home is a smart or rocky investment.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: real estate appraisal school

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