Goldie Sommer has been an attorney for over thirty years and a real estate agent for over fifteen years. She has a lot of experience in real estate industry.
There are multiple factors that have an impact on the price of residential real estate in an area.
Changes in a community itself or nearby communities can influence the value of real estate. For example, a neighboring town may be building a new office building that will bring a lot of jobs to the area. This means that the area will get a lot of new residents that will need housing.
Goldie Sommer is a Licensed Real Estate Agent and a Lawyer
People that move because of their jobs are likely to have kids. This is why they will be looking for homes located in neighborhoods with highly rated schools, parks, and entertainment options for families with children. All these factors will have an impact on both rents and sales figures.
If your area is getting an influx of senior citizens, homes located close to hospitals and other medical facilities, entertainment, and restaurants will start growing in price. The United States Census Bureau has a free website that offers all kinds of information about all zip codes in the United States, including age, income, family size, gender, ethnicity, population change rate, education levels, and much more.
Most people living in an area are not happy when the area starts to have a population boom. Roads become congested, schools become overcrowded, and the quality of life starts to suffer. Existing population then uses the local government to protect the area from explosive growth. This usually results in significant increases in land development and construction prices which, in turn, lead to soaring prices of existing real estate. This is something that Goldie Sommer saw happen in the Greater New York area many times.
Also Read: The 8 Biggest Factors that Affect Real Estate Prices
Goldie Sommer is an attorney who has conducted over ten thousand real estate transactions during her career.
Real estate contracts can be very confusing. Many of them consist of multiple pages and contain language that is hard to understand. The key to understanding every contract and every item in the contract is preparation. If you take your time to read the contract before you sign or negotiate it, you’ll be in a much better position.
You always want to have a written contract when buying, selling, or renting real estate. There are several reasons for this. First, a contract needs to be in writing to be enforceable. This reduces the number of potential misunderstandings and issues. While you can buy a house or rent an apartment without a written contract, you can’t do anything in case the deal doesn’t turn out the way you originally thought it would. Next, covering as many issues as possible in a written contract helps all involved parties have the same understanding of the deal. Finally, you want to have a way out of the deal in case something unexpected happens.
Also Read: Goldie Sommer – Attorney and Real Estate Agent Specializes in Short Sales & Foreclosure Negotiations
Your attorney will review the contract carefully to protect your interests. If you attorney is using a preprinted form contract, is it important the form corresponds to the type of transaction that you are about to make. For example, a contract that covers a residential sale needs to have inspection and financing clauses as part of it, which experienced attorneys such as Goldie Sommer will always point out to you.
Goldie Sommer has been helping her clients short sell their homes for many years.
Buying real estate properties from distressed owners can be very lucrative, but it also comes with a number of complications and special regulations.
While someone’s foreclosure may be an opportunity for you, it is a big problem for the homeowner in distress. Some real estate investors who buy foreclosure properties use strategies that are insensitive, not tactful, disrespectful, and sometimes even outright illegal. While at times you can make a quick profit using such strategies, it is much more effective to conduct business ethically and respectfully. Many real estate investors and agents who build positive reputations while dealing with foreclosures get a lot of new business through referrals and recommendations, which makes life easier for them and their clients in the long run.
The secret to doing business with a party in distress is very simple: treat others the way you would like to be treated in a similar situation. There are several sources of leads you can use to find homeowners in distress. The first one is homeowners who fall behind on their mortgage and apply for a second mortgage hoping to catch up with their delinquent payments. Second mortgages are public records that you can use to obtain leads.
Also Read: Goldie Sommer – Dealing with Distressed Homeowners
The second source is an ad in which you can promise a fast closing and a cash transaction. You can also partner up with other house buyers and use them as a source of leads. Finally, you can get referrals from bankers, lenders, and your professional network, which can be very large if you spend as much time in the industry as Goldie Sommer did.
Goldie Sommer is an attorney and a real estate agent who specializes in short sales and foreclosure negotiations.
If you own a home, it is usually easy to borrow money using the home as collateral. It is also relatively easy to borrow money when buying a home. Banks are willing to lend a bigger percentage of the asking price to residential property buyers than to commercial property buyers because of the lower risks. Sometimes it is so easy to borrow money that homeowners borrow more money than they can pay back to the bank. A person may also lose his or her job, face a medical condition, or a number of other unfavorable life circumstances. When a homeowner stops making payments, both the homeowner and the bank have a problem.
Banks and other lenders are not interested in foreclosing properties. They are not in the property management business. They are in the business of lending money. In many cases, banks lose money when they foreclose loans. They then need to maintain the property, before selling it, which is also not something they are interested in doing.
When a homeowner loses a house in foreclosure, his or her credit score takes a big hit. When the homeowner can borrow again, the interest rate is usually much higher than before. Banks view loans to those who had a foreclosure in the past as extremely risky. This being said, the homeowner may not practically experience the negative effects of foreclosure on the credit score for some time. However, the effects of losing a family home and having to move abruptly are usually traumatic to any person.
Regardless of the reasons for the foreclosure, the key to a successful transaction is how you deal with the distressed owner and the issue. This is something Goldie Sommer experienced time and time again during her career.
In order to succeed in short sale work, it requires good negotiating skills and creativity. Goldie Sommer must convince the lender that her client and the bank have a mutual interest in selling this property in short sale. There have been times when she has been able to get relocation or concession fees to her clients, paid by the bank.
Her largest short sale involved a mansion where the outstanding loan balance was $5.5 Million and the sellers were losing the home due to illness and reduction of income. Goldie Sommer successfully negotiated a sales price of $1.25 Million and the lender waived the deficiency balance for the sellers.
After 2008, when the housing market in the United States collapsed, Goldie Sommer has worked with a lot of homeowners who faced foreclosures of their properties.
Many homeowners who are facing foreclosure are not even willing to admit that they have a problem. They are looking to borrow more money to pay for the loans that they already have, which is rarely a sound strategy. The only scenario in which borrowing more money does work is when old payments are rolled back into a new loan with lower payments. Refinancing loans with delinquencies is often very expensive and comes with high-interest rates and processing fees.
Generally speaking, trying to help those who think that they don’t need help is often impossible. This is why you do not want to spend too much time talking to people who are in denial about their problems.
If someone admits that they have a problem, start with explaining the consequences of a foreclosure. Outline how a poor credit score can lead to higher interest rates in the future, how they will lose their equity and have to move out of the home eventually.
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Most sellers, even in distress, expect you to come to their home. To test their motivation and willingness to negotiate, you can ask them to come to you. Tell them to bring all their house-related paperwork, including title insurance, loan documents, closing documents, and any refinancing correspondence. A review of these documents will give you the information you need to make a decision about being interested in getting involved with the homeowner and the situation. If it doesn’t, get help from an attorney like Goldie Sommer.
Goldie Sommer is an attorney and a licensed real estate agent, which means that she understands real estate on a deep level.
Most real estate contracts are associated with closing costs such as the tax to record the deed or note, title insurance, appraisals, mortgage closing fees, and so on. Start with finding out about the legal requirements in your state. Next, find out if there are customs in your area as to how closing costs are divided between the seller and the buyer. The buyer is often required to pay a lot of the fees, but they are negotiable and can add up to a substantial amount.
Just as a buyer can ask for a credit associated with necessary future repairs of the property, the buyer can also inquire about a credit towards the closing costs of a new mortgage.
Your lender will give you a Good Faith Estimate as to your closing costs and your attorney should go over them with you. Goldie Sommer reviews all fees that the lender charges with her clients.
Also read: Goldie Sommer – Dealing with Distressed Homeowners