Anthony Joseph Real Estate LLC

Posted by Anthony Joseph Real Estate LLC on 3/14/2018

ďShort salesĒ may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, ďWhy is this taking so long?Ē Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction. 

If Youíre Buying A Short Sale Property

If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The sellerís bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.

The First Step

The sellerís bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The sellerís credit score will also be reviewed. A bank would not approve a short sale if, letís say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.

The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, youíll appreciate a good short sale listing agent. 

Make Sure Everything Is In Order

Thereís a lot of paperwork to sign in order to get a house. Thereís even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received. 

Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last monthís bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.          


Remember Youíre Working With Two Banks

When youíre purchasing a home thatís a short sale, youíll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you arenít, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch. 

Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the sellerís control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.      

Posted by Anthony Joseph Real Estate LLC on 3/7/2018

Once you decide to buy a home, you need to buckle in because youíre in for an emotional roller coaster. You need to be prepared for any type of situation. Youíll need to hunker down and save a significant amount of money for a downpayment. Securing the financing for your home will be at the top of your list. You just donít want to find the home of your dreams only to find out that your offer is rejected, leaving you in a giant puddle of letdown. 

If you have already experienced the pain of having your offer rejected on a home, fear not. Below, youíll find some of the most common reasons why offers get rejected and what you can do about it. 

You Canít Afford The Home

If you try and get a house that you canít afford, chances are that your offer will be rejected. You need to find a reasonable price point to shop for a home. Make sure that your real estate agent understands your budget and wonít show you homes that are above your budget. If you know you wonít be able to resist, you definitely shouldnít risk finding a home that you love and is above your budget. 

There Was A Better Offer

Especially in highly competitive markets, itís easy for bidding wars to arise. A ďwarĒ may be avoided if buyers offer an amount far above the asking price. You always want to keep your offer as close to the asking price as possible. Never assume that other buyers will bid lower than the asking price. If you think like a seller, youíll have a better shot at getting the home of your dreams.     


Donít Ask For Too Much

Nothing annoys a seller more than too many contingencies. Many buyers can get carried away here. Itís a good idea to speak with your realtor about the reality of what you hope to get in return for purchasing the home. Your agent can help you to figure out whatís a necessity to ask to be done in the home and what isnít. 

You Didnít Get Pre-approved

Getting that pre-approval letter is oh so crucial to finding the right home. The seller wants the process to go as smoothly as you do. That means you need to get pre-approved before you even head into the field to search for a home. Some sellers may also only consider bids made by buyers who have been pre-approved. 

If you do your research, youíll be able to compete in any type of housing market. All you have to do is be prepared!  


To get your offer accepted on a home you love, you need to do your homework. As a buyer, you want to keep the needs of the seller in mind. Although you want the best deal for yourself, you're more likely to get a property that you want if you compromise a bit. 

Categories: Uncategorized  

Posted by Anthony Joseph Real Estate LLC on 2/28/2018

You may see homes listed as in a search for a home that are denoted as a ďHomepath property.Ē You may wonder what this means and if youíre even eligible to buy the property. It is a specialized program, so youíll want to be informed on what it means to use it and what the process is. 

Fannie Mae Programs

What was formerly known as a Homepath property is now known as The Home Ready Mortgage by Fannie Mae. With the Homepath program, people are able to find and purchase homes with a bit more ease and less financial risk. If youíre buying your first home, this could be the perfect way to get it. This program offers a list of foreclosed properties with really good deals on them. Repeat buyers can also find some great deals through this program, so it has something for everyone. It has so many benefits for anyone who is looking to buy a home.     

How To Get A Homepath Property

Fanie Mae does require that you place a bid through a realtor. The program is designed for buyers to better understand the risks with buying foreclosed homes, while giving them a better opportunity to purchase a foreclosed home. Since foreclosed homes are sold as-is, thereís a risk that the home actually has some serious damage that needs to be repaired at a high cost. This is where a realtor comes in, as they can help buyers to understand ho much work a property may need and the exact risks involved.  

Low Down Payment

  Even if a home through the Homepath program requires extensive repairs, itís not an opportunity that you should should shoot down right away. Unlike traditional mortgages where youíll typically need 20% down to purchase, Fannie Mae only requires that buyers place as little as 3% down. This means that with the low cost of the available homes and the small down payment required, buyers can save thousands of dollars in total. Of course, this savings can help buyers to make the required repairs to the home. 

Eligibility Requirements

Thereís not many stringent requirements to be eligible to buy a Homepath property. Most people actually can be found to be eligible for these purchases. The biggest requirement is that before buyers reach the closing table, theyíll need to take an education course. This allows buyers to get assistance with the closing costs.  

Learn More About Homepath

If youíre looking to buy a home at a low cost, you should definitely talk to your realtor about the Homepath program. They can also explain more about specific eligibility requirements. Itís easy to make use of this program, so start saving right now and search for a Homepath property.

Categories: Uncategorized  

Posted by Anthony Joseph Real Estate LLC on 2/21/2018

When choosing a house or condo to live in for the next several years, comfort, convenience, and affordability are among the most important factors to keep in mind. A fourth item that many real estate agents would add to that list is "location."

The location of your next home is crucial for many reasons -- not the least of which is future resale value. Ideally, you want the value of your home to appreciate over time, which will help improve your financial situation. Whether you decide to upgrade or downsize in your next real estate purchase, the equity you've built up can benefit both your lifestyle goals and real estate objectives.

In addition to the investment features of picking a good location for your next home, there are also several other worthwhile advantages.

  • A reasonable commute time, preferable under a half an hour, will help reduce your stress level, enable you to spend more time with your family, and reduce the amount of wear and tear on your vehicle. A short commute can also help you save money on gas, highway tolls, depreciation, and insurance. One way to reduce your driving time is to look into telecommuting possibilities at your job. Even if you have a relatively long commute to work, that can be offset by having the freedom to work from home a couple days a week. Fortunately, more and more businesses are realizing the mutual benefits of allowing or even encouraging telecommuting. While it may be necessary to prove to your employer that your productivity won't suffer when you're working from home, doing so can save you money, lower your stress, and improve your overall quality of life. Let's face it: There are a lot more fulfilling things you can do with your time than getting stuck in traffic jams and feeling frazzled when you return home every night!
  • A convenient location can also mean proximity to shopping, entertainment, recreation, family, friends, and places of worship. Being close to medical, dental, and veterinary services can also make your life a lot easier -- especially when you need to get there quickly.
  • From a health and fitness standpoint, it also pays to live within a short distance to public parks, tennis courts, golf courses, bike paths, gyms, and bodies of water for swimming, kayaking, and other aquatic sports.
  • For younger families, being close to childcare resources -- whether it be a daycare center or nearby (and available) relative -- can also be a major factor in getting to work on time, making sure your children are properly cared for, and minimizing chaos in your life!
While there are dozens of priorities to keep in mind as you search for the ideal location, determining what matters to you the most will help make sure everything falls into place when you settle into your new home.

Posted by Anthony Joseph Real Estate LLC on 2/14/2018

If this is your first time buying a home, you might be worried that you arenít asking enough questions. Or maybe youíre concerned youíre not asking the right questions--the things that matter the most when making a financial decision as important and life-changing as buying a home.  

While everyoneís situation is unique when buying a home, there are some questions that all buyers could benefit from asking. These questions will help you learn more about the home, how competitive the house is, and how much work youíll need to put into it.

Since time is usually of the essence for people buying a home, it makes sense to ask questions early on so that you donít waste too much time exploring an option that isnít ideal for your situation.

In this article, weíre going to give you 5 important questions to ask when you talk to a seller and their agent so that you can be prepared to make the best decision for you or your family.

1. How flexible is the asking price?

While few sellers or agents will outright tell you if theyíd accept a lower offer, itís still a good idea to ask this question, as it will open up a conversation about the sellerís feelings toward the home and whether theyíre pricing high with the hopes of receiving slightly lower offers.

2. How many offers has the home received?

It may seem counterintuitive, but most agents and sellers will be quite happy to tell you if theyíve received other offers. They know that once you know the current offer youíll have to either come up with a higher offer or move on. Itís a win-win for you and the seller, as it equips both of you with information you need to make the best choice.

3. Why are the sellers moving away?

This question can be personal, so if you receive an answer that suggests itís a family matter, donít press for too many details. However, some sellers and agents will let you know exactly why the house is for sale. From this simple question, you can learn the sellerís timeline for making the sale, details about the schools or neighborhoods, and any other reason that might drive someone to move out of the neighborhood.

4. Are there any problems with the house that you know of?

Although youíll have an inspection contingency in your contract if you do decide to make an offer on the home, itís better to know if there are any issues with the home before going through the bidding process.

Most sellers understand this and will be upfront about any problems with the home, including repairs that need to be made now or will need to be made soon after you move in.

5. What is the average cost of utilities?

Buying a home comes with a lot of added costs and fees. However, many people forget about the changes in the cost of utilities that comes with buying a home--especially if youíre moving from an apartment where some utilities may have been included.

The seller will be able to give you a good estimate on the cost of electricity, garbage removal, internet, heat, and more.

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