We just did a relocation for my Husband’s job. I couldn’t have been more pleased with my Realtors. One helped get my house sold and the other Realtor in another state literally worked with me for 6 months. Got me stats on everything. I got my full offer on my existing house and under contract in 9 days. Professional Photographer, amazing turnout for the open house. This was in May of this year. We moved to Texas. My Realtor in Texas was Awesome too. I looked at about 50 houses over 6 months. There are good realtors out there. I too also interviewed 3 different Relo Agents to sell my house. 🙂
She had a house scheduled for me to see every 30 minutes. She was in her late 50’’s Informed my Husband and I to wear good shoes. She drove. She would start us at 9am. We’d be back at our hotel by 6pm. I Loved It. Sooo much energy from her. Awesome to see someone love their job like that. Pro Relocation Agent through my Husband’s company.
@@marciamakoviecki3295 Personally I would keep seeing as many homes as I needed to find the perfect one for me. If a realtor can’t provide their services for that, then I’d get another one. A good realtor is worth their weight in gold if she/he knows what you’re looking for and not take you to places that are not on your wish/want list.
We had a scoundrel realtor sell our inherited house out from under us on basis "changing neighborhood". This realtor was insisted on us by the estate attorney handling the property. In future, would fire the realtor on the spot. Public needs to know to report inappropriate actions to the local realtors association ethics board; complaints need be filed in 180 days. Or file complaint with your state's attorney general office of consumer complaints. Best to act at time of the inappropriate action so it can be stopped before a sale is completed.
@@VanityDivined Long story; old house in bad shape, realtor could not sell after 2 yrs. We made decision to demolish house, keep land; realtor found buyer 1 week before demolition, cash at $20K under value; discussed plans to demolish, realtor argued we should sell, never get a better offer, changing demographics, take the cash and get out; estate atty involved chastised me for arguing with a respected realtor; thought we were getting advice from a seasoned realtor; realtor acted as buyer and seller agent, double commission; house was next door to other family, nothing but problems with new neighbors; better to have joined the land to the relative's.; land could be sold at later date if needed. learned our lesson; even "experts" do not have the best answers; stand your ground even if expert recommends othwrise; admittedly unusual circumstances, realtor did not respect our wishes. Today, would fire realtor immediately when he argued about our decision
Grow up dude. You inherited a house so it’s not like you had no idea as to the neighborhood. And if you didn’t, look around and do some diligence. Don’t be some Ukrainian and expect the real estate agent to be your daddy. Take some responsibility for your own actions.
@@VanityDivinedExactly. It’s just another simpleton who wants to blame someone. I’m not a realtor, but I know it’s not an easy job. They are salesmen. It’s their job to get you a house or to get your house sold--society is just filled with Karen’s who want to piss and moan about everything
@@RootBeerGMT Long story; house was in bad shape, more to repair than worth; next door to relatives; after 2 years , realtor could not sell the house; we made decision to demolish the house, keep the land; realtor suddenly found buyer at $20K under value, recommended we take the deal, never get a better offer; realtor actually argured with us; estate atty scolded us for arguing with realtor; thought we were getting good advice from a seasoned realtor. New low ball neighbors nothing but problems; Retrospect, best solutin was demolish house, keep the land, join to relative's property, pay taxes on unimproved land, no upkeep needed on unimproved lot. Family very upset that this option was not presented to us initially; more upset that realtor/atty disrespected our wishes when we had a better idea. Feel strongly realtor was only interested in selling the property; he had no insight into helping the family preserve the inheitence . WE originally had a family friend realtor helping us; disavowed by estste atty as "lacks qualifications" , but was very aware of family dynamics involved. She was critical of his actions, noting realtor basically forced a low ball offer on us and would not accept our demolition decision; notable realtor got double commission as seller and buyer agent. The realtor did NOT act in good faith on our behalf, and used his position as "seasoned realtor" to force his decision on us.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Regarding refinancing. Take into account the bank designs their mortgage loans so that the majority of the payments go towards paying their interest in the early part of the loan. So, when you refinance, look at the interest you've already paid on your mortgage. And then look at the interest you'll pay over the life of the loan you're considering. Is it worth it?
This is the most commonly misunderstood concept in borrowing that I heard throughout my 42 years in lending. Comments that loan interest is "front loaded" suggest a belief that the bank is structuring a loan to rip off their customer; this is simply not true. Here's the way to think about it: If you put $10,000 in a savings account at 4%, you'd expect to earn about $400 that year, right? But would you be ok still earning $400 a year 20 years down the road (after leaving your interest in the account each year)? No, you'd expect to be paid interest on the full balance as it grows. That's the way it works on loans, which earn interest interest according to a Federally-mandated "simple interest" formula. A loan is in many ways just a reverse savings account. Interest is earned or paid based on the actual principal balance outstanding each day. Before sometime in the 1980's banks did have a little more flexibility and many used the 'Rule of 78s' method of charging interest, which was a slightly accelerated interest accrual, but only on certain consumer loans - and not on mortgages. Now they all use simple interest, which is great for borrowers.
Simple 30% smaller than you need and 50% cheaper than you can afford. Simple house, good materials and not in a dangerous area in your opinion after research. Flood, hurricane, earthquake, and sinkhole. Etc.
@@mikimikemike1 the day you would be promoting attorneys like Michael KechMark to make $40 an hour instead of charging 40% of 418 million for representation is the day I would agree with you. Till that day screw you and him
Great advice Jackie. I wish I had this kind of advice when I first started buying my first, second and third home. I learned the hard way on how to negotiate with both buying and selling one of my homes. Thanks for waking so many buyers up. Great video ❤
I bought a house private sale and I paid 15k over what the bank claimed the house was worth because I also didn't buy mortgage insurance. The thing is, the banks DONT CARE if you over pay for a house if you buy mortgage insurance. If you dont, they make you pay even more down. So instead of buying insurance I put 25% down. This purchase made the news because someone bought a house 15k "over asking" (price was actually reduced twice) what the BANK thinks its worth. I paid $750 for a lawyer, no home inspection. Private sale. Got the house with basic furnature included and the materials to finish the basement were ordered and stockpiled in tbe basement. It was estimated perfectly. All the materials including replacement electrical and weatherstripping for doors. It took Me 7 years to finish the work. Everything there was exactly the right materials. Renter moved in upstairs the day I took possession. I was working out of town,tge seller passed the keys off to my first renter. Didn't miss A day of rent. That's the flexibility of private sale when you don't get put in a box by realators.
For many locations it is easy to see actual sales prices of neighborhood properties by searching in, say, Zillow. (NOT Zestimates!). I would do this personally before looking at a house. (More difficult in rural or custom-build areas.)
I see an interesting phenomenon for the last summer. Houses in Zillow were jacked up price to all time high for a month or two then cracking down to the base line with label cut price. It is just a manipulated to call attention buyer (who still refuse the overpriced)
Had a horrible experience relocating across the country in 2022. Our buying agent in PA (moving from AZ) lied about so many things during the process. Being 2000+ miles away, we relied on him to help us but he made it so stressful. My late husband was 80 at the time and I was 74. Long story short...we had to spend $83,000 on a house that had never been kept up since it was built in 1969. The day of closing, this unscrupulous agent was at the signing to collect his money. He was an older guy and retired right after this transaction. How do you vet agents when it's so far away and you won't be able to actually be there to look at homes? I'm going back to AZ to be closer to family and I don't want a repeat performance from another agent like him. My husband died suddenly in October, 2023 so I'm alone in this process.
Two things come to mind. If there's no way to get a personal referral, one thing I did was to see which agent(s) is (are) active in the market - who is doing listings in the area. At least that tells you that a lot of people are trusting them. I did this when selling a home once. I had noticed one agent whose name seemed to be on every other 'For Sale' sign in town, so I called him. He got my house sold and everything went great - I was very happy. I think this would work as a seller or a buyer. If you're going to get a mortgage, you could also contact a lender in the area and see who they recommend. Lenders will NOT recommend anyone that they know is bad.
We have heard everything you described many times which leads me to believe 'good' realtors are hard to come by. The multiple offers tactic on homes that have been sitting for months is the most infuriating and caused us to immediately terminate our efforts with what we viewed as a scam and scammer realtor.
Salt Lake City - multiple offers on homes that have been sitting on the market. I was really that is not true. Thank you for the advice. I really appreciate the insight.
Of course, there are bad realtors just like in any other profession. Teachers, lawyers, judges, cops, doctors, etc. I always felt a realtor can't "sell" anything. The buyers have to feel it, love it and see themselves in it. A BMW sales person may be able to sell a Beemer over an Audi, but a home is different.
Big up ya self. Yeah, man, it is very simple, no? Good build, cheaper than what you can afford and think small. Very very simple to get a house. Americans do not understand that.
Great brief overview of major alarm bells!........I would, however, urge you to start discussing in detail SPECIFIC flat fee amounts and SPECIFIC commission amounts for buyer's agents. We're all confused about these things, those of us contemplating buying, post-NAR. It feels like the Wild West.
The market and interest rates are going to determine how things go. As a future seller if you put in a decent offer Ill pay 1/2 of your agents %......but if you lowball me by $50k and still ask for agent money...your offer wont even be considered. I think Every transaction is going to be unique.
@@tex3687 I think that the "uniqueness" will alienate some buyers, like me --- markets like convenience and predictability, not confusion. But thanks for your comment and it's still unclear how things will shake out, how new norms of bidding and compensation will emerge.
I did mortgage loans for 6 years and most of this excellent advice also applies to working with a lender. The vast majority of lenders - and realtors - that I have known were honest, caring, hard-working people. They are usually "people people" that you can easily become personal friends with, so they are easy to talk to. The majority, that is. I've also seen some of the tactics Jackie described here. Long ago I realized there are people in every industry that do what they do to SERVE others, and they get paid almost as a byproduct of that (like Jackie!). Then there are people who are in it for themselves only - for the paycheck. That second group can make the whole group seem bad - they aren't! I also used to work a lot with first-time buyers, having remembered my own experience 30 years earlier and feeling 100% lost as a buyer. They are the most appreciative when all is said & done.
Our landlord died and his son wants to sell, we're terrified we're about to be priced out of our home. After a few years of living here we know how much updating the house will eventually need. It's nerve wracking being pressured to buy or going out into the insane rental market after years of affordable renting in this house. Ugh.
Jackie. You are smart, pragmatic, and clearly an honest person. Great Jersey girl! I bet you are a top agent! You know your stuff. I would want you as my agent if I need to move and buy in your area of NJ. From one Jersey person to another.
I ended up with a loan amount of $203,500 when I closed on a townhome in September of 2023. Zillow estimates it to be worth $229,000 only a year later. I've been told not to trust Zillow for estimating home values.
Zillow will value a property at anything they are paid to value it at. Houses that have not sold in many years will be more accurately valued at what comp sales have been. Homes listed for sale on their site will be revalued at the asking price or higher.
We’re using Hillary at JFK living in New Jersey. She’s outstanding. Before the law was passed we toured two houses one day with two different agents. One walked us in and went to chat with the seller (who he was also representing and didn’t tell us) and just let us walk around the house on our own. Hillary has actually guided us and been ruthless with evaluating the homes condition and how closely it matches our needs. She’s actually discouraged us from seeing homes she’s known we wouldn’t actually like and has really advocated for us an encouraged us to “compromise but not settle”. Highly recommend!
Stay away from smarmy, flashy realtors that are hypebeast. My realtor was an older, calm, down-to-earth woman and knowledgeable. She also gave me solid advice about paying down my mortgage quickly.
@@JackieBaker We will have him run comps on it rural comps are very tough to do they want 150k only has an acre I think their asking price is way too high It's been in the market about a year & it's not perfect but has no neighbors close by
Thank you so much for the information! Would you considered doing a second video explaining things like that but from the other side; what to look for a real state agent when selling a house? Thank you again!
I found your video today very interesting. You are an experienced, trustworthy woman with feet on the ground, and I appreciate your insight. I've watched many of your videos and have always enjoyed them. You provide valuable, honest information, and I thank you for that. I finally subscribed. I'm not 'complaining' about you, young lady, but the industry in general. I feel the real estate industry is packed with slimy/disgusting/gross cheats and scum bags. I've been lucky and have a wonderful realtor. Most realtors are useless lying snakes in the grass-no wonder the real estate industry is going the way of landlines. That is the end of my rant. Please don't be offended! :>)
@@JackieBaker And what they don't realize, as you well know, is that they'd actually earn more money if the made the customer the priority - especially in the long run.
yes they certainly can be. we ran into one that openly shared bids on a house the last time we bought a home. our realitor told us after we lost the bid. basically he was calling other agents and seeing if they had a client that could beat the offer before an agreement could be made. I heard this was common during covid. we had to learn to push for 24 hour acceptance or pull our offer.
My agent told me exactly what to offer...15k over...never mentioned comps. Actually he didn't even see the house. His wife showed it to me. All she did was unlock the door and stand there.
I don't think all realtors are bad, but I've dealt with a quite a few who were sleazy. And saw tactic 2 a lot. I asked for 250k or less rural, and they kept on sending me 300k plus in the suburbs/city.
Thanks Jackie! Two agents tried to pressure me by saying: You have to make an offer tonight. The owner of this property will make the decision tonight. I didn't make any offer😄
what about the third-time buyers? I get so exhausted hearing about first time buyers. "A House has been on the market for a couple months?" Where!?!?! :-)
How do you honestly know if the agent is really working for you. I imagine a lot of "buyer agents" are not really going to be working as advocates. Back in the late 80s I helped a realtor create something called "Buyerside," and the goal was to have agents go through a certification process... he got tons of blowback and basically gave up. And, now here we are. Selling agents and listing agents who can act as a buyer's agent with the stroke of a pen. So, we're not first time buyers. But I want an advocate. How do I know? PS I just found your videos and you're terrific. Sharing...
I am increasingly seeing houses that have been on the market for quite a while and indicate ‘motivated seller’ and yet they are not dropping the price or are dropping tiny percentage. What gives?
Idk. I’m looking in multiple areas. I’m assuming that it’s ok to have a buyer’s agent for each area? Have had good luck with running across decent agents (I feel like anyways lol). Didn’t always interview 3 but I think you can tell fairly quickly if they are advocates or not. One agent right off the bat told me at least one con about my first property choice. Lol. We went to view it anyways and she was accurate. 😬 She was also friendly and communicated well, showed me properties in my range and so on. Gave me good tips about various locations/towns. I wish all of them were like her. She was happy also to answer all of my “vetting” questions and the fees were explained clearly ahead of time. I never felt pressured or pushed or rushed.
....most realtors are ruthless sharks.... and I reiterate not all, but I"m fully aware how greedy and unethical most are. I had done transactions where things went very bad, at the end I punished them by forbidding and showings and let the sales contract with them expire. Then just for sweet revenge I listed with the agent next to their desk....
Might want to clarify. Having a buyers agent isn't required. 'If' buyers want an agent to represent them they will need to sign a contract with a real estate agent that specifies what they will pay the agent for that representation.
If you're looking for a home in multiple places/cities, due to money you have, not knowing anyone from the area, and prices in my price range disappear in a day, how do you interview, with so few homes. Finding a realtor to show me the homes and negotiating short term contracts, is the most difficult part of home shopping. Because if these FEW homes, disappearing fast, are not desirable in this area. I have to be able to, be released or negotiate contract short enough, to look in another area, which they don't service, Since the new law went into effect, that is more challenging than it already was. Please help
right. There is no law saying you must sign a buyers agent agreement. If you want a buyers agent, you must sign an agreement. But you do not have to have one. People, please do not let a realtor trick you into signing a buyers agent agreement if you don’t want or need one.
in the 1990s we ended up with a pushy realtor who kept on insisting on us to buy the house we did buy. We only realized his valuable advise 30 years later. just because some one is pushy does not make them wrong
What did he say about your home that was spot on? Just curious was it in an up and coming neighborhood or something specific about the home a view maybe or was it something else?
@@bartsullivan4866 we were too naive looking for a perfect house that never existed. 30 yrs later I realize he was right. the memories you make makes the house perfect it didn't matter which one we would pick and he had always told us "you just need to sign the paper and you will start building your life. You just need a house doesn't matter which one just sign the damn papers already"
Realtors are not the problem. They are in sales and they get blamed for everything. It’s not the agents job to be your lawyer, accountant or banker. Buying a house is a big deal. Buyers and sellers need to be realistic. Most don’t want an agent-they want a magician.
4:44 “when this first came out” wait wait wait…we were right. Sortmeber 18th is the beginning of use being right, we bought so now we just refi. We avoided competition. We were right
I just want to give you a bit of avice for your sound. When you add those effects to your voice, you should lower the volume of it, make it roughly match the volume of the voice without the effect. I like your videos but having that jump on volume all the time startles people and it becomes annoying. Keep to good work.
Lol, okay Jackie. Some might say you are exploiting people by fear mongering and flagellating other reap estate professionals in an attempt to build trust with strangers. Some might say this is the oldest sleazy salesman tactic known to mankind.
Zillow. Pull up a map of the neighborhood. Draw a circle around the area you want comps. Adjust filters to “sold” over the last X number of years (or months). Adjust filter for the type of property (condo, single family, any other type). Do not forget to adjust to SOLD. Otherwise, you are just looking up asking prices, which are useless.
I'm not here to support a realtors lifestyle. Your services are not that valuable to me. Stop acting like greedy salesman only looking out for your pockets. People are fed up with it.
Christ Died (FOR YOUR SINS) WAS BURIED ROSE AGAIN (The Third Day) Accept this truth and you shall not perish but have everlasting life by he who is The Life, Jesus the Christ!!! " Jesus said unto her, I am the resurrection, and the life: he that believeth in me, though he were dead, yet shall he live: And whosoever liveth and believeth in me shall never die. Believest thou this?" John11:25-26 and if you reject this then that's okay too, jesus said: "And if any man hear my words, and believe not, I judge him not: for I came not to judge the world, but to save the world. He that rejecteth me, and receiveth not my words, hath one that judgeth him: the word that I have spoken, the same shall judge him in the last day."John12:47-48
Is this a hustle or a scam? Lender says to fill out their online application and they'll do a soft pull. I agreed to the soft pull to see what I can afford. It's a VA loan and I have great credit. I got a call the next day claiming that they need to do a hard pull to tell me my affordability. To me the soft pull is just a bait and switch because it should tell my affordability.
We just did a relocation for my Husband’s job. I couldn’t have been more pleased with my
Realtors. One helped get my house sold and the other Realtor in another state literally worked with me for 6 months. Got me stats on everything.
I got my full offer on my existing house and under contract in 9 days. Professional Photographer, amazing turnout for the open house. This was in May of this year. We moved to Texas. My Realtor in Texas was Awesome too. I looked at about 50 houses over 6 months. There are good realtors out there. I too also interviewed 3 different Relo Agents to sell my house. 🙂
50 houses! No matter how lovely you are, that's horrid.
She had a house scheduled for me to see every 30 minutes. She was in her late 50’’s Informed my Husband and I to wear good shoes. She drove. She would start us at 9am. We’d be back at our hotel by 6pm. I Loved It. Sooo much energy from her. Awesome to see someone love their job like that. Pro Relocation Agent through my Husband’s company.
@@marciamakoviecki3295
Personally I would keep seeing as many homes as I needed to find the perfect one for me. If a realtor can’t provide their services for that, then I’d get another one. A good realtor is worth their weight in gold if she/he knows what you’re looking for and not take you to places that are not on your wish/want list.
LOVE LOVE LOVEEEE THIS WOMAN!!! ❤❤❤ YALL BETTER APPRECIATE HER CAUSE THERE'S NOT A LOT OF HONESTLY AUTHENTIC KNOWLEDGEABLE AGENTS LEFT FR!
Thank you!!! I so appreciate you!!! ❤️
@JackieBaker As always, Thank you ❤️
Yes
Dittos to that! I third that motion!
We had a scoundrel realtor sell our inherited house out from under us on basis "changing neighborhood". This realtor was insisted on us by the estate attorney handling the property. In future, would fire the realtor on the spot. Public needs to know to report inappropriate actions to the local realtors association ethics board; complaints need be filed in 180 days. Or file complaint with your state's attorney general office of consumer complaints. Best to act at time of the inappropriate action so it can be stopped before a sale is completed.
@@rayzimmerman2242 How did they sell your house without your permission?
@@VanityDivined Long story; old house in bad shape, realtor could not sell after 2 yrs. We made decision to demolish house, keep land; realtor found buyer 1 week before demolition, cash at $20K under value; discussed plans to demolish, realtor argued we should sell, never get a better offer, changing demographics, take the cash and get out; estate atty involved chastised me for arguing with a respected realtor; thought we were getting advice from a seasoned realtor; realtor acted as buyer and seller agent, double commission; house was next door to other family, nothing but problems with new neighbors; better to have joined the land to the relative's.; land could be sold at later date if needed. learned our lesson; even "experts" do not have the best answers; stand your ground even if expert recommends othwrise; admittedly unusual circumstances, realtor did not respect our wishes. Today, would fire realtor immediately when he argued about our decision
Grow up dude. You inherited a house so it’s not like you had no idea as to the neighborhood. And if you didn’t, look around and do some diligence. Don’t be some Ukrainian and expect the real estate agent to be your daddy. Take some responsibility for your own actions.
@@VanityDivinedExactly. It’s just another simpleton who wants to blame someone. I’m not a realtor, but I know it’s not an easy job. They are salesmen. It’s their job to get you a house or to get your house sold--society is just filled with Karen’s who want to piss and moan about everything
@@RootBeerGMT Long story; house was in bad shape, more to repair than worth; next door to relatives; after 2 years , realtor could not sell the house; we made decision to demolish the house, keep the land; realtor suddenly found buyer at $20K under value, recommended we take the deal, never get a better offer; realtor actually argured with us; estate atty scolded us for arguing with realtor; thought we were getting good advice from a seasoned realtor. New low ball neighbors nothing but problems; Retrospect, best solutin was demolish house, keep the land, join to relative's property, pay taxes on unimproved land, no upkeep needed on unimproved lot. Family very upset that this option was not presented to us initially; more upset that realtor/atty disrespected our wishes when we had a better idea. Feel strongly realtor was only interested in selling the property; he had no insight into helping the family preserve the inheitence . WE originally had a family friend realtor helping us; disavowed by estste atty as "lacks qualifications" , but was very aware of family dynamics involved. She was critical of his actions, noting realtor basically forced a low ball offer on us and would not accept our demolition decision; notable realtor got double commission as seller and buyer agent. The realtor did NOT act in good faith on our behalf, and used his position as "seasoned realtor" to force his decision on us.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Regarding refinancing. Take into account the bank designs their mortgage loans so that the majority of the payments go towards paying their interest in the early part of the loan.
So, when you refinance, look at the interest you've already paid on your mortgage. And then look at the interest you'll pay over the life of the loan you're considering. Is it worth it?
That is why you make extra principal payments early in the loan. Adding just a few dollars per month will take thousands off of the total price paid.
This is the most commonly misunderstood concept in borrowing that I heard throughout my 42 years in lending. Comments that loan interest is "front loaded" suggest a belief that the bank is structuring a loan to rip off their customer; this is simply not true. Here's the way to think about it: If you put $10,000 in a savings account at 4%, you'd expect to earn about $400 that year, right? But would you be ok still earning $400 a year 20 years down the road (after leaving your interest in the account each year)? No, you'd expect to be paid interest on the full balance as it grows. That's the way it works on loans, which earn interest interest according to a Federally-mandated "simple interest" formula. A loan is in many ways just a reverse savings account. Interest is earned or paid based on the actual principal balance outstanding each day. Before sometime in the 1980's banks did have a little more flexibility and many used the 'Rule of 78s' method of charging interest, which was a slightly accelerated interest accrual, but only on certain consumer loans - and not on mortgages. Now they all use simple interest, which is great for borrowers.
Simple 30% smaller than you need and 50% cheaper than you can afford. Simple house, good materials and not in a dangerous area in your opinion after research. Flood, hurricane, earthquake, and sinkhole. Etc.
that sounds like a lot
sinkholes? eeek. Fl & AZ...buyer be ware.
yes $40 an hour cap. at $1000 for buyer agent
@@mikimikemike1 the day you would be promoting attorneys like Michael KechMark to make $40 an hour instead of charging 40% of 418 million for representation is the day I would agree with you. Till that day screw you and him
If other agents hate you…. No worries WE LOVE YOU ❤❤❤❤
Older? How young do you think she is? 😊
❤️❤️
@@LookyLooRealEstate I’m 46 FYI. Good day.
Great advice Jackie. I wish I had this kind of advice when I first started buying my first, second and third home. I learned the hard way on how to negotiate with both buying and selling one of my homes. Thanks for waking so many buyers up. Great video ❤
Love this Jackie!! Keep helping people get educated behind real estate!!
I bought a house private sale and I paid 15k over what the bank claimed the house was worth because I also didn't buy mortgage insurance. The thing is, the banks DONT CARE if you over pay for a house if you buy mortgage insurance. If you dont, they make you pay even more down. So instead of buying insurance I put 25% down.
This purchase made the news because someone bought a house 15k "over asking" (price was actually reduced twice) what the BANK thinks its worth.
I paid $750 for a lawyer, no home inspection. Private sale. Got the house with basic furnature included and the materials to finish the basement were ordered and stockpiled in tbe basement. It was estimated perfectly. All the materials including replacement electrical and weatherstripping for doors. It took Me 7 years to finish the work. Everything there was exactly the right materials.
Renter moved in upstairs the day I took possession. I was working out of town,tge seller passed the keys off to my first renter. Didn't miss
A day of rent.
That's the flexibility of private sale when you don't get put in a box by realators.
@@rustyscrapper you worked for 7 years on a house while it was rented? Didn’t the renters get annoyed? That sounds hard.
For many locations it is easy to see actual sales prices of neighborhood properties by searching in, say, Zillow. (NOT Zestimates!). I would do this personally before looking at a house. (More difficult in rural or custom-build areas.)
I see an interesting phenomenon for the last summer. Houses in Zillow were jacked up price to all time high for a month or two then cracking down to the base line with label cut price. It is just a manipulated to call attention buyer (who still refuse the overpriced)
Had a horrible experience relocating across the country in 2022. Our buying agent in PA (moving from AZ) lied about so many things during the process. Being 2000+ miles away, we relied on him to help us but he made it so stressful. My late husband was 80 at the time and I was 74. Long story short...we had to spend $83,000 on a house that had never been kept up since it was built in 1969. The day of closing, this unscrupulous agent was at the signing to collect his money. He was an older guy and retired right after this transaction. How do you vet agents when it's so far away and you won't be able to actually be there to look at homes? I'm going back to AZ to be closer to family and I don't want a repeat performance from another agent like him. My husband died suddenly in October, 2023 so I'm alone in this process.
Two things come to mind. If there's no way to get a personal referral, one thing I did was to see which agent(s) is (are) active in the market - who is doing listings in the area. At least that tells you that a lot of people are trusting them. I did this when selling a home once. I had noticed one agent whose name seemed to be on every other 'For Sale' sign in town, so I called him. He got my house sold and everything went great - I was very happy. I think this would work as a seller or a buyer.
If you're going to get a mortgage, you could also contact a lender in the area and see who they recommend. Lenders will NOT recommend anyone that they know is bad.
We have heard everything you described many times which leads me to believe 'good' realtors are hard to come by. The multiple offers tactic on homes that have been sitting for months is the most infuriating and caused us to immediately terminate our efforts with what we viewed as a scam and scammer realtor.
Salt Lake City - multiple offers on homes that have been sitting on the market. I was really that is not true. Thank you for the advice. I really appreciate the insight.
Thank you for this information. It validates my experience with some realtors. I will be on the lookout for the good ones.
Thank you for calling them out
Of course, there are bad realtors just like in any other profession. Teachers, lawyers, judges, cops, doctors, etc. I always felt a realtor can't "sell" anything. The buyers have to feel it, love it and see themselves in it. A BMW sales person may be able to sell a Beemer over an Audi, but a home is different.
Yes, they're really just project managers.
Tuned in from Jamaica 🇯🇲 Great tips as always 🎉
Big up ya self.
Yeah, man, it is very simple, no?
Good build, cheaper than what you can afford and think small. Very very simple to get a house. Americans do not understand that.
Awesome! Thank you!
Great brief overview of major alarm bells!........I would, however, urge you to start discussing in detail SPECIFIC flat fee amounts and SPECIFIC commission amounts for buyer's agents. We're all confused about these things, those of us contemplating buying, post-NAR. It feels like the Wild West.
The market and interest rates are going to determine how things go. As a future seller if you put in a decent offer Ill pay 1/2 of your agents %......but if you lowball me by $50k and still ask for agent money...your offer wont even be considered. I think Every transaction is going to be unique.
@@tex3687 I think that the "uniqueness" will alienate some buyers, like me --- markets like convenience and predictability, not confusion. But thanks for your comment and it's still unclear how things will shake out, how new norms of bidding and compensation will emerge.
As a consumer and home owner, I thank you for the presentation. Buyer beware of salesmanship.
Thank you for the information, Jackie!!
You are so welcome!
Thank you for being honest with us.❤
The automotive world has used car salesmen......real estate has realtors
@TEX3687 What industry are you in?
@@LookyLooRealEstateroach
I did mortgage loans for 6 years and most of this excellent advice also applies to working with a lender. The vast majority of lenders - and realtors - that I have known were honest, caring, hard-working people. They are usually "people people" that you can easily become personal friends with, so they are easy to talk to. The majority, that is. I've also seen some of the tactics Jackie described here. Long ago I realized there are people in every industry that do what they do to SERVE others, and they get paid almost as a byproduct of that (like Jackie!). Then there are people who are in it for themselves only - for the paycheck. That second group can make the whole group seem bad - they aren't! I also used to work a lot with first-time buyers, having remembered my own experience 30 years earlier and feeling 100% lost as a buyer. They are the most appreciative when all is said & done.
Our landlord died and his son wants to sell, we're terrified we're about to be priced out of our home. After a few years of living here we know how much updating the house will eventually need. It's nerve wracking being pressured to buy or going out into the insane rental market after years of affordable renting in this house. Ugh.
One of the many downsides to being a renter.
This was a beneficial video. I am so glad I found you!
Thank you for sharing this information. It really sounds complicated.
Jackie. You are smart, pragmatic, and clearly an honest person. Great Jersey girl! I bet you are a top agent! You know your stuff. I would want you as my agent if I need to move and buy in your area of NJ. From one Jersey person to another.
I ended up with a loan amount of $203,500 when I closed on a townhome in September of 2023. Zillow estimates it to be worth $229,000 only a year later. I've been told not to trust Zillow for estimating home values.
Zillow will value a property at anything they are paid to value it at. Houses that have not sold in many years will be more accurately valued at what comp sales have been. Homes listed for sale on their site will be revalued at the asking price or higher.
You do know that Zillow almost went bust based upon their “algorithm” right?
We’re using Hillary at JFK living in New Jersey. She’s outstanding.
Before the law was passed we toured two houses one day with two different agents. One walked us in and went to chat with the seller (who he was also representing and didn’t tell us) and just let us walk around the house on our own.
Hillary has actually guided us and been ruthless with evaluating the homes condition and how closely it matches our needs. She’s actually discouraged us from seeing homes she’s known we wouldn’t actually like and has really advocated for us an encouraged us to “compromise but not settle”. Highly recommend!
Stay away from smarmy, flashy realtors that are hypebeast. My realtor was an older, calm, down-to-earth woman and knowledgeable. She also gave me solid advice about paying down my mortgage quickly.
We are looking at a home tomorrow with a Realtor & 1 or 2 others as 1st time home buyers thanks for this information 😁
Glad it was helpful!
@@JackieBaker We will have him run comps on it rural comps are very tough to do they want 150k only has an acre I think their asking price is way too high It's been in the market about a year & it's not perfect but has no neighbors close by
I love an ethical person and U R 1.
Thank you!
Thank you so much for the information! Would you considered doing a second video explaining things like that but from the other side; what to look for a real state agent when selling a house?
Thank you again!
Sure thing!
I can't even get a realtor to call me back when they said they would. Next!
Ugh
Yeah the idea of common curtesy and if they are your realtor do they want to make a sale or not.
5:50 a refi at my bank is going to cost around $$2.5k. Let’s put a number on it don’t make it sound scary
I found your video today very interesting. You are an experienced, trustworthy woman with feet on the ground, and I appreciate your insight. I've watched many of your videos and have always enjoyed them. You provide valuable, honest information, and I thank you for that. I finally subscribed. I'm not 'complaining' about you, young lady, but the industry in general. I feel the real estate industry is packed with slimy/disgusting/gross cheats and scum bags. I've been lucky and have a wonderful realtor. Most realtors are useless lying snakes in the grass-no wonder the real estate industry is going the way of landlines. That is the end of my rant. Please don't be offended! :>)
Thank you for your honesty. I agree there are some shady agents out there that are in it for the money only. It's pretty sad.
@@JackieBaker And what they don't realize, as you well know, is that they'd actually earn more money if the made the customer the priority - especially in the long run.
agents are bums
yes they certainly can be. we ran into one that openly shared bids on a house the last time we bought a home. our realitor told us after we lost the bid. basically he was calling other agents and seeing if they had a client that could beat the offer before an agreement could be made. I heard this was common during covid. we had to learn to push for 24 hour acceptance or pull our offer.
Not Jackie
My agent told me exactly what to offer...15k over...never mentioned comps. Actually he didn't even see the house. His wife showed it to me. All she did was unlock the door and stand there.
Who wrote the contract? Who negotiated? Who coordinated with the attorneys, title, mortgage?
Jackie you are the best. Thank you for honestly educating us
Thanks for the info! Wish you were in my area lol
I don't think all realtors are bad, but I've dealt with a quite a few who were sleazy. And saw tactic 2 a lot. I asked for 250k or less rural, and they kept on sending me 300k plus in the suburbs/city.
Thanks Jackie!
Two agents tried to pressure me by saying: You have to make an offer tonight. The owner of this property will make the decision tonight.
I didn't make any offer😄
what about the third-time buyers? I get so exhausted hearing about first time buyers. "A House has been on the market for a couple months?" Where!?!?! :-)
Fired two of them. Going in unrepresented with better prospects already
Very informative 👍
How do you honestly know if the agent is really working for you. I imagine a lot of "buyer agents" are not really going to be working as advocates. Back in the late 80s I helped a realtor create something called "Buyerside," and the goal was to have agents go through a certification process... he got tons of blowback and basically gave up. And, now here we are. Selling agents and listing agents who can act as a buyer's agent with the stroke of a pen. So, we're not first time buyers. But I want an advocate. How do I know? PS I just found your videos and you're terrific. Sharing...
I am increasingly seeing houses that have been on the market for quite a while and indicate ‘motivated seller’ and yet they are not dropping the price or are dropping tiny percentage. What gives?
Idk. I’m looking in multiple areas. I’m assuming that it’s ok to have a buyer’s agent for each area? Have had good luck with running across decent agents (I feel like anyways lol). Didn’t always interview 3 but I think you can tell fairly quickly if they are advocates or not. One agent right off the bat told me at least one con about my first property choice. Lol. We went to view it anyways and she was accurate. 😬 She was also friendly and communicated well, showed me properties in my range and so on. Gave me good tips about various locations/towns. I wish all of them were like her. She was happy also to answer all of my “vetting” questions and the fees were explained clearly ahead of time. I never felt pressured or pushed or rushed.
THANK YOU or reminding people that re-fis are NOT FREE!!
😅 her editing is on point
3:02 hey everyone. Umm duh. You’re in charge here, you’re the one paying aka the one with money
First party re: agents: Accurate.
All my agents have always just wanted to "help". 😅🤬😋
Super helpful! Thank you!
....most realtors are ruthless sharks.... and I reiterate not all, but I"m fully aware how greedy and unethical most are. I had done transactions where things went very bad, at the end I punished them by forbidding and showings and let the sales contract with them expire. Then just for sweet revenge I listed with the agent next to their desk....
Question: how do you terminate a buyer's agent contract?
Just email them. You should have it in writing.
Might want to clarify. Having a buyers agent isn't required. 'If' buyers want an agent to represent them they will need to sign a contract with a real estate agent that specifies what they will pay the agent for that representation.
Thanks for the advice.
The word I'd use is: 'Succubus'
😊
I had a boss that looks like the guy in the thumbnail. He was in insurance sales if you could believe it lol
Would you answer a question like, "do you think this offer would be good, or do you think we could offer something less?"??
So Realor done got crooked
😅😢
My future is not your retirement plan. Younger generations - REFUSE to buy until it becomes more equal to what future generations had.
Of course you will do the same. Your house will not be your retirement plan.
Thanks!
Thank you so much!!
If you're looking for a home in multiple places/cities, due to money you have, not knowing anyone from the area, and prices in my price range disappear in a day, how do you interview, with so few homes.
Finding a realtor to show me the homes and negotiating short term contracts, is the most difficult part of home shopping. Because if these FEW homes, disappearing fast, are not desirable in this area. I have to be able to, be released or negotiate contract short enough, to look in another area, which they don't service, Since the new law went into effect, that is more challenging than it already was. Please help
We don’t need a buyers agent anymore
right. There is no law saying you must sign a buyers agent agreement. If you want a buyers agent, you must sign an agreement. But you do not have to have one.
People, please do not let a realtor trick you into signing a buyers agent agreement if you don’t want or need one.
Some realtors can be greedy and bad realtora but not all reators. I have heard Lenders say that more , marry the house, date the rate.
in the 1990s we ended up with a pushy realtor who kept on insisting on us to buy the house we did buy. We only realized his valuable advise 30 years later. just because some one is pushy does not make them wrong
What did he say about your home that was spot on? Just curious was it in an up and coming neighborhood or something specific about the home a view maybe or was it something else?
@@bartsullivan4866 we were too naive looking for a perfect house that never existed. 30 yrs later I realize he was right. the memories you make makes the house perfect it didn't matter which one we would pick and he had always told us "you just need to sign the paper and you will start building your life. You just need a house doesn't matter which one just sign the damn papers already"
I thought if the seller offers to compensate the buyers agent, then the buyer will it have to pay
Realtors are not the problem. They are in sales and they get blamed for everything. It’s not the agents job to be your lawyer, accountant or banker. Buying a house is a big deal. Buyers and sellers need to be realistic. Most don’t want an agent-they want a magician.
4:44 “when this first came out” wait wait wait…we were right. Sortmeber 18th is the beginning of use being right, we bought so now we just refi. We avoided competition. We were right
I closed on house number 4 late august because I knew I was right
Good solid info.
Glad it was helpful!
I met a few good realtors and a lot of trash realtors
Also, the seller does not need to pay for title insurance. The buyer should be paying for their own. This is one of the biggest scams.
Wish you were my agent
I just want to give you a bit of avice for your sound. When you add those effects to your voice, you should lower the volume of it, make it roughly match the volume of the voice without the effect. I like your videos but having that jump on volume all the time startles people and it becomes annoying. Keep to good work.
Lol, okay Jackie. Some might say you are exploiting people by fear mongering and flagellating other reap estate professionals in an attempt to build trust with strangers. Some might say this is the oldest sleazy salesman tactic known to mankind.
Where can we find out COMPS for ourselves? Ty.
Zillow. Pull up a map of the neighborhood. Draw a circle around the area you want comps. Adjust filters to “sold” over the last X number of years (or months). Adjust filter for the type of property (condo, single family, any other type).
Do not forget to adjust to SOLD. Otherwise, you are just looking up asking prices, which are useless.
@@alyross2850 thank you very much
It cost to
sorry boomers, im not going to buy an overpriced shack. My future is not your retirement plan.
I'm not here to support a realtors lifestyle. Your services are not that valuable to me. Stop acting like greedy salesman only looking out for your pockets. People are fed up with it.
Christ Died (FOR YOUR SINS)
WAS BURIED
ROSE AGAIN (The Third Day)
Accept this truth and you shall not perish but have everlasting life by he who is The Life, Jesus the Christ!!!
" Jesus said unto her, I am the resurrection, and the life: he that believeth in me, though he were dead, yet shall he live: And whosoever liveth and believeth in me shall never die. Believest thou this?" John11:25-26
and if you reject this then that's okay too, jesus said:
"And if any man hear my words, and believe not, I judge him not: for I came not to judge the world, but to save the world. He that rejecteth me, and receiveth not my words, hath one that judgeth him: the word that I have spoken, the same shall judge him in the last day."John12:47-48
Was he a realtor? If not, stfu
I asked real estate agents very good questions. 90% can't answer them properly.
I checking a house that has been in the market since March and the price is higher now
Is this a hustle or a scam? Lender says to fill out their online application and they'll do a soft pull. I agreed to the soft pull to see what I can afford. It's a VA loan and I have great credit. I got a call the next day claiming that they need to do a hard pull to tell me my affordability. To me the soft pull is just a bait and switch because it should tell my affordability.