Should I use Quicken or USAA for my mortgage?
We never recommend Quicken, Rocket or USAA or any other online lender. The perception that they have better rates, better products or faster service is based on some slick marketing and rather deceptive narratives.
What Quicken or other online lenders won’t tell you (besides the fact that they have the same, or worse, rates and fewer loan products) is the following — in any competitive / multiple offer situation, the first thing a seller and listing agent will do is toss out contracts where the buyer is using an online lender and choose the other contract.
Why? Because USAA and Quicken have no vested interest in the deal closing. Whereas a local lender, whose reputation can be irreparably damaged when a loan fails to close, will make sure that every possible avenue is explored to not only get the loan closed, but on the specified date and with no hassle.
If you want your contract to win the offer sweepstakes on that perfect home, use a local lender whose reputation within the real estate community is strong.
Is there a good or bad season to buy/sell in?
Each season brings different conditions:
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- Spring is when the market generally heats up, meaning that more buyers enter the market. For the seller, this is great! But for the buyers, the lack of inventory means bidding wars and accelerating pricing.
- Summer tends to be a bit more balanced with a few less buyers, but it also means a few less houses to choose from.
- Late fall into winter means even fewer buyers and fewer choices.
If you are selling and buying, then it doesn’t really matter, as whatever market you are selling into is the same one you are buying into. But that said, there are a myriad of other factors that can impact the decision (moving from one market to another, moving up or moving down, contingent contracts, etc.) so consult with us to discuss options.
Isn’t Zillow the same as MLS?
Nope, not at all.
Zillow receives a partial feed from MLS for many of its listings, but it is in no way all of them. Also, there tends to be a lag between when the listing goes into MLS and when it ‘might’ appear on Zillow. In the hyper-competitive and inventory-starved market, being even day late means either missing an opportunity or getting involved in a bidding war.
Don’t deny yourself your access to the best info.
How do I get access to MLS?
We can give it to you through a client portal.
MLS is a closed database for agents, but (as agents) we are allowed to grant access to our clients.
The process is no more than a conversation about wants and needs and we can set it up to be delivered directly to your inbox — and in REAL TIME. In other words, the minute the new listing hits that matches your parameters, or a price change occurs, or a listing comes back on the market, you get a notice. We can also communicate through the back end, favorite listings, make notes, and arrange showings.
It is a really great system.
But I am pre-approved through Quicken, or Lending Tree, or Rocket Mortgage …
No, you aren’t.
You might be pre-qualified, but being pre-approved means something entirely different. In a pre-approval, your income(s), debts and credit scores have been verified. In a pre-qualification, all you are doing is answering a series of questions — none of which are substantiated through verification.
If I had one piece of advice for any buyer, it is to use a local lender. The rates are virtually the same and you the likelihood of a seller choosing your offer goes up over the others who try to use these nebulous online lending websites.
Is this a good time to buy?
We think it is.
Yes, prices are going up and yes, inventory is low, but rents are rising too and cities like Richmond are growing at some of their fastest rates ever — and that puts pressure on house prices. Waiting will likely mean higher pricing and higher interest rates.
Think of it this way, those who bought only two years ago have already seen a substantial increase in their equity.
What are your favorite neighborhoods?
We like to think that our favorite neighborhood is your favorite neighborhood.
The hallmark of any good agent is a sort of objectivity about areas, neighborhoods or houses. Since we have done so many renovations and own rental properties, we can help you understand what goes into a good house — but what area is best for you depends on your needs, not our opinions.
Do we have neighborhoods that we like? Yes, of course we do! But it is our job to help you find the right place for you, not us.
Do you have inspectors and lenders you work with?
A lot of buyers feel that agents send clients to lenders, or inspectors who give them kickbacks — this could not be any further from the truth. Any kickback is illegal and the practice of getting paid for a referral is largely non-existent these days.
We tend to recommend the service providers who we have great experiences with. From attorneys to inspections to contractors — we use the ones who are experienced professionals with a great track record.
The only ‘kickback’ we get is great service for our clients.
Why shouldn’t I call the name on the sign to see the house?
The reasons are many but it boils down to this: The name on the sign is the representative of the seller. If you call them to see the home, you
a) don’t have any representation,
b) might jeopardize your buyer’s agent’s right to receive the commission or
c) end up paying two commissions
We could spend hours on all of the reasons why, but when you call the name on the sign, even if you think you are saving time, you can end up creating a lot more work and stress it the long run.
The house is brand new. Do I still need an inspection?
Yes. 100%. Absolutely. For sure.
Just because a home is new, does not mean that there are not issues. A new home superintendent cannot possibly see all of the work that the sub contractors do and it is fairly common to see issues that need to be addressed prior to closing. Most home inspectors offer a modified version of a home inspection for new homes. We highly recommend it.
Does the other party have to respond to my offer by the time and date we have specified?
Each offer should have an expiration date and time on it and no, it does not force the the other party to respond in that time. Most feel that the expiration date/time means the other party is required to answer by then — and that is incorrect — it simply means that an offer can not be accepted after the expiration and be enforceable on the other party. Sometimes, a buyer or seller who had their offer expire still may accept it if they feel it is their best interests to do so. But a party cannot cannot be bound to an expired offer.
We are thinking of moving to ____________ and want to know more about the market there, does your MLS work there?
It depends.
Our MLS covers from the Chesapeake Bay to just shy of Charlottesville and from Petersburg to just shy of Fredericksburg. So if you are looking to move from Deltaville to Flat Rock, then yes.
But generally speaking, if you are moving more than a few hours away, then you are probably going to end up needing access to another MLS. And we probably can find a good agent to refer you to so ask us, and we can help.
Can we restrict showing times?
Yes, you can, but any barrier you put up to making your house available is not a good thing. Yes, agents will call with little to no notice and ask you to show, and they will show up later (or earlier) than they said and it can be frustrating, but it is a part of the process. Generally speaking, the easier you can make the home to show, the better your chance to get the quick sale at the price you are looking to get.
