Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

I started my housing career back in 1999 in the Manufactured Housing Industry based in the Lehigh Valley, Pa area..so I have extensive experience in this field and would like to share this knowledge with you.  Hope it helps clarify things for the consumer as well as the Real Estate Agents Throughout the US.

What Are Modular Homes? They are NOT Mobile Homes!

• Modular homes are built in sections at a factory.
• Modular homes are built to conform to all state, local or regional building codes at their destinations.
• Sections are transported to the building site on truck beds, then joined together by local contractors.
• Local building inspectors check to make sure a modular home's structure meets requirements and that all finish work is done properly.
• Modular homes are sometimes less expensive per square foot than site built houses.
• A well-built modular home should have the same longevity as its site-built counterpart, increasing in value over time.

Additional Local Resources: Modular Construction Tour , Modular Home Consumer Guide

What Are Manufactured Homes? AKA Mobile Homes - BUT No longer Called Trailers!

• Formerly referred to as mobile homes or trailers, but with many more style options than in the past.
• Manufactured houses are built in a factory.
• They conform to a Federal building code, called the HUD code, rather than to building codes at their destinations.
• Manufactured homes are built on a non-removable steel chassis.
• Sections are transported to the building site on their own wheels.
• Multi-part manufactured units are joined at their destination.
• Segments are not always placed on a permanent foundation, making them more difficult to re-finance.
• Building inspectors check the work done locally (electric hook up, etc.) but are not required to approve the structure.
• Manufactured housing is generally less expensive than site built and modular homes.
• Manufactured homes sometimes decrease in value over time.

ADDITIONAL RESOURCES: Industry Terms , Manufactured Home FAQ's , Wikipedia Link, Lease Land Financing Resource

I hope this information helps you!

Keep Watch on my Blog for more information on Manufactured/Mobile Home communities located in the Lehigh Valley, PA Area.  I will be gathering a list of communites in both Lehigh & Northampton counties.

PLEASE REPORT TYPOS

Have you been contemplating how to...Clean up your credit? YOU're NOT ALONE IN THIS BOAT!

• Would you like to start Working toward buying a home?
• Not sure where to start?
• Do you think you have the perfect plan on accomplishing this goal?
• Do you know anything about how FICO rates your credit?
• What affects your credit score? 
• What are the dos and don'ts in repairing your credit?

NOT SURE......KEEP READING!

I felt the need to write this blog because I made the same mistake recently.  There are many reasons in life why someone's credit may be effected in a negative way and really when it comes down to it...it's usually  a situation  you had no control over....But, whatever the reason in your life...THERE IS ONLY ONE WAY TO FIX YOUR CREDIT and this is  with the guidance of a Mortgage Professional.  A professional trained in helping you reach your goals...not only now but in the future.

That's right! I thought...what better way to fix my credit than to pay everything off?  Close all my old credit accounts that are not being used and actually get rid of all credit lines..this way I would not be tempted to use them at all?!  That was a great plan and I was going to stick with it!

WRONG....WRONG....WRONG!

THAT WAS NOT ONLY A BAD PLAN, BUT it would have actually hurt my credit score .....Not help me!

I should have taken my own advice, always seek the guidance of a professional trained in the area you need help. The specialist I turned to is , Melissa Falcone  a true Mortgage Professional...she can help you set goals, show you exactly what you need to do to work toward fixing your credit and do all the things to raise your score. NOW, you are actually working toward a positive credit repair program, not a negative one.  Unlike many people I have met in the Mortgage Industry, Melissa is willing to work with you even if you are not ready to purchase a home right now....that's truly someone who cares about your future.  Like Real Estate Professionals...Mortgage Professionals get paid on commission. You would think just that alone would make for a more reliable source of advice, not so. Like Real Estate Professionals not all Mortgage Professionals work with the same convictions.  Melissa and I agree that, since purchasing a home and all that is involved with the process it is so very important, and affects our clients lives so greatly, we not only want to work for you in just one transaction, but to  develop a long term relationship with our clients...our friends. It just makes sense to keep working with people that truly understands your situations and has taken your best interest to heart.

Just a few pointers I have learned from Melissa;

•1)    You should have 2 major trade lines, "Major credit cards"..but, do not charge more than 50% of the balance.  It is actually better to stay below 30%.

•2)    You do not want to close all credit card accounts. Lenders like to see history...so if you close an old account, you could be hurting yourself.

Everyone's situation is different, so it is important to obtain Melissa's guidance on an individual situation.

Other Resources:

My Fico Website

Understanding Your Credit

Link to Melissa Falcone

Moriah's opinion on what Buyers in the Lehigh Valley (Lehigh and Northampton County), PA area should consider when making an offer on a home.

1) YOU ARE THE BOSS! YES, Buyer's everywhere....IF it does not feel right to you.  KEEP ASKING QUESTIONS of your Real Estate Agent UNTIL you get it and then ask more questions until it is clearly understood. REMEMBER THE REAL ESTATE AGENT IS WORKING FOR....YOU!

2) The offer you make on a home has to do with much more than PRICE.  ALL TERMS of the agreement need to be considered.  CAREFULLY! READ IT ONCE....NO READ IT TWICE and then think about the effect it will have on you if the other party accepts it OR does not accept it!

3) BUYER'S Do not make an offer WITHOUT your Agent providing you with "Comps" on what the last few properties sold for! This will compare recently sold homes with the home you want.  Any good BUYER'S AGENT should be doing everything they can to show you why you should not have to offer full listing price.  If there is no other Buyer's making an offer...there is no reason to offer full price at FIRST.  Your highest and best offer can wait for negotiations to start with the seller.  If you are advised there are other offers on the table,  THEN DO NOT MESS AROUND! GIVE YOUR HIGHEST AND BEST OFFER!

4) DO put down as much money as you can for a deposit.  We are not purchasing shoes for $19.99 - You are asking the Seller to purchase their home and take their home off the market for 3 weeks or more until all other conditions are met.  The more money you put down the more you can be trusted, since this makes it less likely you will just walk away from the deposit. KEEPS YOU HONEST.  Best part, is if all conditions of your offer can not be met, then you get your money back!   

5)Unless you are an investor - GET A HOME INSPECTION, Termite, Central Air tested, well water and septic tested and make the offer conditioned on this! But, make sure you choose option 2.  Which keeps you HONEST! This means that no matter what the results say on your inspections that you must  negotiate with the seller before walking away.  The point is buying the home right?  But, you do not want to get stuck with buying a home that is a "lemon" or has a major mechanical situation when you made your offer conditioned on the fact that all major mechanic issues where in working order. THERE ARE other options for testing like Radon, Lead-based Paint issues etc. everyone feels different about these issues. By the way: Option 1 means you can walk away from purchasing the home no matter what the results of your tests say.

6) If you are getting a Mortgage - Ask for Mortgage Contingency! supply a Pre-qualification letter with your offer.  Also, there is no reason why it should take longer then 20 to 21 days for a Mortgage Approval from the day your offer get's accepted.  WORK WITH SOMEONE you can trust and that works FAST! Click Here for the BEST Mortgage Consultant in the Lehigh Valley Area. 

YOU SHOULD BE WORKING WITH A REAL ESTATE AGENT THAT TELLS YOU THEY WILL BE PROVIDING YOU WITH THE BELOW SERVICES...BUT, If you have no clue...ASK THEM TO DO THE FOLLOWING!

7) REQUEST that your Real Estate Agent calls you with daily updates during your home negotiations with the Seller.  There is no reason to go through a day without speaking with your agent until your offer gets DECLINED or gets accepted.

8) REQUEST before you make your offer for your Real Estate Agent to call the Seller's Agent (WHICH BETTER NOT BE YOUR AGENT!!!!!) That you are interested in making an offer, are there any offers on the table or coming in? Let them know when the offer will be hand delivered with the deposit check! Ask if there are any special Terms in the Agreement that the Seller's are looking for?  Example: Expected or Request Settlement time? This is usually an easy way to get on the seller's "good side".

This should not be taken as everything to consider when making an offer...only some of the most important asspects that I most often see that others are just not having done or doing as part of their offer.  I feel if no one tells you anything about making an offer...these would be the TOP areas you should consider.

I hope this helps you!  PLEASE REPORT TYPOS

All Real Estate Agents are NOT THE SAME!     

I am specifically speaking of Real Estate Agents who specialize in helping Buyers' only.

1)      A Professional should be FULL TIME - Do you want someone who is Part Time and not serious about their Real Estate Career? Aren't you serious about finding a home?

2)      A Professional should offer you a list of References, without YOU having to ask! Better Yet, They should give you contact information to Current clients.  Asking current and past clients a few simple questions my help you decide whether or not you want the agent working for you.

• Does the agent have follow-up services? If so what are these services?
• What about their negotiating skills? 
• How about going over the agreement of sale, did the client feel comfortable with the way it was handled?
• Then call recently closed clients.

3)      Interview, Interview, Interview - In person, at least 2 to 3 Exclusive Buyer Agents, before starting to look at homes or even start the home buying process. The professional you select should be given the same consideration as if you where selecting your Attorney or Doctor.  Remember, this is one of the biggest decisions in your life and one of the most stressful.  Why wouldn't you take your time to qualify the best agent for YOU?

4)     Claims of having years and years of experience DOES NOT necessarily make for a referable agent.  References will tell you everything.  I have been in the business personally for 10 years as of 2008 and I have honed my negotiating skills and constantly taken ongoing education to sharpen my skills for negotiating. I feel this is an ongoing process. Some Agents I have met and worked with, having over 20 years experience, do not agree that this is of the importance that I put on it.

5)      Just because a person has a bunch of letters behind their name (ABR, SRES, GRI) or claims to be a Million Dollar producer or be a Top Selling agent...Does not mean they have the services you require. Education does not mean anything if you do not implement what you have learned.

6)      YOU NEED TO CALL THE AGENT'S REFERENCES AND CURRENT CLIENT'S...Very Important!!!!    

7)      If you are a Buyer - You should work with an Exclusive Buyer's Agent.  Why wouldn't you work with someone who specializes in helping only buyers?  Well, for the same reason you go to an allergist or an orthopedic surgeon....or bring your kids to a pediatrician.  Enough Said There.

8)      BUYERS BEWARE OF WORKING WITH A Dual Agency. Dual Agency is when you work with the same agent that is representing the seller of the home you want to purchase. They represent the seller NOT YOU. You should hire A BUYERS' Agent before you start looking at homes.  Do not talk to the seller's agent about your needs and desires...they have the obligation to tell the seller everything you said!

9)      You should be working with an Agent who will disclose all Sellers' Incentives offered to them in the MLS under the Agent Remarks Section AND they should offer to rebate this to you at settlement! See Newsweek Article on this situation.

If you think you are having a problem finding an Exclusive Buyers' Agent in the Lehigh Valley (Lehigh & Northampton County) PA Area that measures up to the previous do's and don'ts...LOOK NO FURTHER!

YOUR FRUSTRATION IS OVER!

YOU'VE FOUND ME...MORIAH YOUR NEW FOUND FRIEND AND BUYER AGENT FOR LIFE!   

I hope this helps!

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