StreetCurb 12.02.14

MORE THAN50 REASONS TO FOLLOW UP

10 WAYSTO BE A MOVOTOSUPERSTAR

SUPPORT LINKS FOR FOLLOW UP

BRIDGE LOANS are Back!

The Intersection of Real Estate and Technology

whatNOT TO DOwhile obtaining a mortgage

Volume 1 Fall / Winter 2014

FIRST EDITION!

3The Intersection of Real Estate & Technology

SUPPORT LINKSFOR FOLLOW UP

WORD SEARCH

10 WAYS TO BE A MOVOTO SUPERSTAR

BRIDGE LOANS

CO-OP LIVING

MORE THAN50 REASONS TO FOLLOW UP

WHAT NOT TO DO WHEN OBTAINING A MORTGAGE

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IN THIS ISSUE...

Publisher/Owner: Street and Curb Agency, LLC 242 N. 22nd Street, Suite A

Philadelphia, PA 19103

Stephen Carvelli, President

Editor | Stephen Carvelli > [email protected] | Lori Lozinski > [email protected]

Graphic Design/Layout:

Windmill Studio, LLC 426 Rosemont-Ringoes Road

Stockton, NJ [email protected]

MARKETING/ADVERTISING INQUIRIES:

[email protected] 267-515-5820

STREET AND CURB AGENCY, LLC242 N. 22nd Street, Suite A , Philadelphia, PA 19103

www.movoto.com

FALL / WINTER 2014 EDITION 1

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Welcome to Street and Curb... where Real Estate and Technology meet.Today’s real estate industry is in flux--and this is good.

Our real estate world is flooded with changes--Not only are we facing changes to mortgages and regulatory laws--but we are also seeing changes to listing inventory with distressed properties and short sales. These alterations to our marketplace are demanding enough, but we are also experiencing a more profound change--a change to our customer.

Buyers and sellers alike are becoming smarter. The internet provides them with data, insight, commentary, and even a greater confidence in entering the marketplace. The real estate professional’s superiority of knowledge about the marketplace is being challenged, and this challenge must not only be met--but also embraced.

We--as agents and brokers--must meet the customer on the tech driven playing field--and prevail. We need to become smarter and work harder for our clients. We must learn about technology and how it can work to achieve our objective of buying or selling a home.

It is hoped that Street and Curb will help you to learn that change is good, and knowledge of this change is even better.

Stephen Carvelli

from the EDITOR

The Intersection of Real Estate & Technology 5

In General1.Touch base with them.

2. If you know that they or a family member has been sick, in a car accident, or lost their job, check in with them

to see if they’re ok and to show that you care.

3. (If lost job) ask what they’re looking for and let them know you will keep your eyes open.

4. Ask if they would like you to send links to properties of interest.

Follow-up that creates value is critical in the early phase of the home buying process. Your aim is to build rapport and become your client’s go-to person. Whenever you send information to a client, always follow up with a “Did you get it?” call.

MORE THAN 50 REASONS TO

Follow Up!

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5. Call for feedback on properties that you’ve sent.

6. Check to see if their time frame for buying has changed.

7. Reconfirm what they’re looking for. 8. Comment on their recent activity

on Movoto. 9. Ask to show a property they have

visited several times on Movoto. 10. Set up a meeting to: 11. Reconfirm their motivation

for moving.1 2. Set expectations about how you

like to work with clients. Send them your agent brochure.

13. Mention a recent article about their employer or what they do for a living.

14. Call and ask if they have any special needs that you can investigate for them.

15. Ask about their experiences with past agents.

• Meet with a lender • Review the home buying process • Explain how you will work with them • Look at full MLS data • Go over financing options • Free buyer consultation • Map out neighborhoods, etc.

Buying Process16. Ask if they know how they want

to purchase.17. Explain the process of buying a home.

Send information about the steps.

18. Offer to give them blank contract forms to review.

19. Explain how inspections and property repairs work when they make an offer.

20. Reconfirm “must have” and “like to have” features in the home they might buy.

21. Discuss long term goals for the home they want to purchase (eg. staying or leaving long or short term).

22. Tell them you have a city cost of living resource for them.

23. (If this is a first purchase) Invite them in for an information session on what to expect.

24. Offer to show them how to use Movoto.com features like favorite homes, save searches or offer to do the searching for them and place properties in interest in their Favorites and alerts.

25. Suggest they drive by specific homes. You can also let them know you’ve driven by some homes and ask if they’d like to see them.

26. Offer to get condo docs or other restrictions.

27. Notice changes in or additional saved searches. Verify if their parameters have changed.

Financial 28. See if they have met with a lender

for if they would like you to set up a phone conference/meeting with one.

The Intersection of Real Estate & Technology 7

29. Explain a FICO score on a credit report.

30. Ask if they would be interested in repairing or improvig their credit report. Send them a link or information to assist.

31. Inform them about financing trends, including rates, down payment, and mortgage insurance.

32. Discuss changes in the financing market that might affect them.

33. Tell them about new financing programs that might be of inter-est (e.g., first-time home buyer programs, bond programs, down payment assistance, etc.)

34. See if they would like you to send a mortgage calculator. See the Movoto Support Links for follow-up.

35. Ask if they would like to have a payment calculator to use. See the Movoto Support Links for follow-up.

Neighborhood & Market Data 36. Inquire about neighborhoods they

are searching in and ask what attracted them to those specific ones. Send them neighborhood information.

37. Tell them about other neighbor-hoods that have similar amenities to where they are looking.

38. Tell them about alternate neighbor

hoods close to where they work.39. Ask if they would like a market

analysis on a favorite property. 40. Talk about how interest rates

are going up or down. 41. ( After adding Movoto widgets)

Send them to your personal web-site to access Chalk scores and other information.

42. Educate them on the market and then follow up with information or links to articles.

43. Explain buyer’s and seller’s markets. Highlight each market’s impact on their offer price and number of offers they can expect to make.

44. Tell them about where to access crime stats on properties of interest.

45. Ask if they would like any info on youth sports, hobbies, points of interest, daycare, parks, golf courses, churches, hospitals, or any other appropriate needs or interests.

Verify their children’s ages. 46. Give them transportation informa-

tion for homes they have viewed on Movoto.com.

47. Inform them about clubs or groups of interest in the area where they are looking.

48. Inform them about special events in areas in which they have interest.

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E G A T R O M W R H C O S R A O O U T K F G U M R I E S E P E B D S N N E M E E A A T R R T R E O S A F I C O L L O T O V O M

Special InterestsIf a Renter:49. Ask if you can touch base from time

to time.50. Verify how long their lease is

or will be.If a Seller:51. Verify if they have a house to

sell. Offer to do a market analysis.52. Discuss when is the best time

to sell your home.

If an Invester:53. Go over investment criteria so

you can be proactive in helping them find a property that fits their parameters.

54. Ask if they are interested in information on the 1031 Tax Free Exchanges.

Word Search Find the following words goingvertically, horizontally, and diagonally.

MORTGAGE (example)

FEDERALMOVOTOHOMELOANFICOSTREET

Unscramble the leftover letters to spell“_ _ _ _ _ _ _ _ _”

CURBCREDITLOTAGENTSGROUPREO

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In GeneralCity Datahttp://www.city-data.com/Neighborhood Walk Scoreshttp://www.walkscore.com/cit-ies-and-neighborhoods/

FinancialMortgage Affordability Calculatorhttp://www.homepath.com/calcula-tors_pop/index.html?type= affordability&ht=900Monthly Payment Calculatorhttp://www.mortgagecalculator.net/Common Sense about Improving Your Credithttp://www.experian.com/blogs/ask-experian/2009/08/05/improv-ing-your-credit-is-amatter-of-com-mon-sense/Keeping Up with Your Credithttp://www.creditkarma.com/How to Repair and Improve Your Credit Scorehttp://www.myfico.com/CreditEdu-cation/ImproveYourScore.aspx

Each support link is an additional reason to follow- up with your client, and add value to the relationship. Added value makes you their go-to person when they are ready to buy. Just copy the link and paste it in an email to your client.


How a FICO Score is Calculatedhttp://www.myfico.com/ CreditEducation/WhatsInYour-Score.aspx

Buying ProcessSteps in Buying a Homehttp://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_homeTen Questions to Ask Inspectorshttp://realtormag.realtor.org/sales-and-marketing/hand-outs-for-customers/for-buyers/10-questions-ask-home-inspectorsWhat a Home Inspection Should Coverhttp://realtormag.realtor.org/sales-and-marketing/hand-outs-for-customers/for-buyers/what-home-inspection- should-coverHow to Buy a Home with Low Down Paymenthttp://publications.usa.gov/epubli-cations/low_down/low_down.htmHow to Buy a Home with Low Down Payment (En Español)http://publications.usa.gov/epub-lications/low_down/low_down_sp.htm

Selling ProcessHow Much Value Does Regular Maintenance Add to Your Homehttp://www.houselogic.com/home-advice/maintenance-repair/value-home-maintenance/Questions to Ask an Appraiserhttps://www.isa-appraisers.org/find-an-appraiser/questions- to-ask-an-appraiserGetting Ready to Sellhttp://www.realtor.com/basics/sell/prephome/getready.asp


GET YOUR COVERAGE RIGHT1

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UNDERSTAND THEMOVOTO REFERRAL PROCESS2


TIMING IS EVERYTHING:BE QUICK & RESPONSIVE3

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FOLLOW UP, FOLLOW UP,FOLLOW UP!4


MEET AS MANY CLIENTSAS POSSIBLE5

UPDATE YOUR CLIENT LISTSEVERAL TIMES A WEEK6

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UTILIZE THE AGENT RESOURCES PAGE ON MOVOTO.COM7

ASK FOR HELP WHENYOU NEED IT8


GET TO KNOW YOURAGENT SUCCESS PARTNER

EVERY REFERRAL IS APOTENTIAL BUYER

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CONTINUED....10

Sources:1 Kellog School of Management Lead Response Management Study, 20072 How Much Time Do You Have Before Web-Generated Leads Go Cold? Lead Response Management Research Summary, Mareting Sherpa’s Business-to-Business Demand Generation, 2007

3 NAR 2013 Profile of Buyers and Sellers


Then consider a bridge loan. Bridge Loans are designed to allow a borrower to purchase a new single family house while they are in the process of selling their existing home. A bridge loan is a 1-year balloon loan, interest only monthly payment, with the principal due at maturity or upon sale of current home, whichever comes first.

The customer must be selling a primary residence and buying a new primary residence and they can use up $700,000 equity from their current home. Just remember that your customer will need to qualify for the new mortgage with their current mortgage payment and the bridge loan payment.

Bridge Loans:

Do you have a client that is buying a new house and they have to wait until their current house has sold to use the proceeds for the closing on their new purchase?

T H E Y A R E B A C K !

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Co-op’s are a great option for starting out or downsizing. Sometimes the co-op is a cheaper option. It is also a great for people who travel a lot. Purchasing a co-op is different from the norm but not all that scary.

If you haven’t shown or thought about co-op’s other than passing your license test or completing continuing ed; here is a reminder of what you need to know and share with your clients about buying a co-op.

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Co-Op Living


A co-op purchase is similar to buying a con-dominium. Your client will still need to qualify for the mortgage based on credit, income and assets. The lender will need to collect infor-mation from the co-op related to its financial stability and legal status. Make sure you ask the lender if there are any deal breakers for them in approving a co-op, then check with the board to see if they exist. Some lenders will not approve co-ops that charge a flip tax or have a high rental concentration. As long as the co-op docs meet the investor guidelines, the lender will issue an approval of the co-op which is necessary for the mortgage approval.

But wait — it’s not over yet! In order to purchase a co-op your client must be approved by the co-op’s board both person-ally and financially. This process is completely outside of the lender. A co-op board can require a potential buyer to provide such items such as past years tax returns, bank statements, and sometimes letters of reference. The co-op may also pull a credit report and do a background check on your client. The co-op will then either approve or decline your client based on their own review. Your client will need to provide a copy of their co-op approval in order to obtain mortgage approval.

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We were two weeks from closing and my clients were denied their

mortgage!!!

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No New Credit: Even if your client has handed you their final loan commitment, that does not mean they are 100% done with the process. A week or so before closing all lenders must re-pull a new soft credit report. This will not hurt your client’s credit score. It will only show the lender if the client has obtained any new credit in the last 60 days. Adding new credit can lower credit scores and increase the client’s debit to income ratio which quite possibly will alter their approval status.

Wait until the last minute to liquidate assets needed for closing: Make sure all your assets are inline and ready to go sooner than later. It is not uncommon for a client to be using investment funds for the purchase of a new house. It is also not uncommon for that same client to not want to liquidate those funds until right before the closing. Before a loan can go to closing the buyer must show a clear paper trail of enough liquid funds in one account for the down payment and closing cost and verify where it all came from. The days of they have a million dollars and could pay cash for the house, doesn’t work anymore.

Change your Employment status: Do not change employment status!!! Clients cannot switch from working as a salaried W2 employee and decide they want to open their own business and become self-employed even if it is the same line of work. If someone is out of work (maternity, disability) they will always need to be back on the job before the closing date and may need to show 30 days’ worth of pay stubs.

While no lending institution ever looks to deny any customers, there are instances where it is just unavoidable. Below are some helpful hints on What Not To Do while obtaining a mortgage.

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Advertise with us!267-241-1073

Aa

Windmill Studios, LLC

Michael Lozinski Music & Sound, Guitar [email protected]

Lori Lozinski Graphic [email protected]

426 Rosemont-Ringoes Rd., Stockton, New Jersey 08559

Integrity Title Agency, Inc.

110 Barclay Pavilion East Cherry Hill, New Jersey 08034

Toll Free: 866-994-9980 www.integritynj.com

Call

Them!

Great Se

rvice! Monica Lee

Agent Success Partner @ Movoto LLC

650-241-3048 (Direct)

StreetCurb 12.02.14

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