The Savvy Realtor with Angie Cole

Don’t Let These Down Payment Myths Turn You Away From a Mortgage

When buying a home, you might hear a lot of rumors or myths about what you need for the down payment. Believe it or not, home buying could be easier than you thought, especially when considering down payment programs or financing options. Angie will dispel a few common myths when it comes to your down payment.

Here's a full rundown of what's on this episode:

0:38 – Introduction to home-buying myths

  • Setting expectations helps with the home buying process.
  • New study shows millennials spend $100,000 in rent by age 30.

 4:15 – MYTH: You need at least 10-20% for a down payment.

  • How much Americans put down on average is lower than you might think.
  • There are even 100% financing options that exist.
  • A higher down payment has benefits that could save you money.
  • What’s the difference between 5% down versus 10% down?

7:02 – MYTH: Down payment programs are only for first-time homebuyers.

  • Explaining the Down Payment Assistance program and how it can be used.
  • Although you are getting down payment assistance, you do have to pay it back.

10:01 – MYTH: It’s difficult to qualify for down payment assistance.

  • These restrictions do apply.
  • Some require a certain credit score, a max income limit, and a particular debt-to-income ratio.

11:02 – MYTH: You can’t use gifts, grants, or loans for your down payment.

  • Find out which gifts can be used and what’s needed if you do.
  • City of Raleigh has up to $20,000 of down payment assistance money to give but does have stricter guidelines.

10 Home Features That Might Help Sell Your Home Faster

Angie goes through a list of features some say will make your home sell faster. But which ones are really worth having and which ones are more about personal preference? Do you have any of these in your home (or on your wish list)?

Read the rest of this entry »

Mailbag Edition: Fixer Uppers, Cash Pits, Marketing & Budgets

When is a home a fixer upper worth buying and when does it become a money pit? How do you set a budget for buying a house and how does Angie’s team market a home to sell? Angie will answer all of these questions and more on today’s podcast answering your questions from the mailbag.

SHOW NOTES

0:38 Did you see this? The tower house.

  • Unique house for sale in upstate New York is on a lake that is shaped like a lighthouse or “Rapunzel” tower.
  • A huge spiral staircase brings the homeowner up to a beautiful view of the lake might make for a fun vacation home.
  • Angie has seen some unique things as she’s toured thousands of homes in the area. Ones that stand out include seeing dramatic murals in homes before as well as some maxed out basements here in the Triangle.

4:59 Mailbag: Fixer Upper

  • Joey has looked at a few homes with minor issues like carpet stains or ugly countertops. Is there a fine line between a fixer upper and a cash pit?
  • It depends on the buyer and how savvy you are and if you’re willing to put in sweat equity.
  • If it’s just more cosmetic like floors, counter tops, and fresh paint then you should be open to those changes.
  • Make sure you are buying the home at the value of its true condition.
  • You can always hire a professional to do some of these things too, so don’t let this scare you away.
  • There’s always something you will want to change.
  • Overestimate the amount of time and money it will take to make the repairs.

10:11 Marketing a home for sale 

  • Darcy asks what are some of the outside-of-the-box ways you use to help people sell their home?
  • Angie has the radio show and podcast, with the ability to market a home they are selling.
  • She also has a professional stager to make your home show the best.
  • A professional photographer is key. They also create floor plan drawings.
  • Angie’s team also uses social media advertising with targeted ads.

11:49 Home buying budget

  • Grant from Garner is trying to set a house buying budget and doesn’t want to end up house poor. Is there good guideline to follow?
  • Angie suggests not going off of the pre-qualification number that the lender gives you but the monthly payment you can make.
  • Tell the mortgage lender your monthly budget then ask for the purchase price.
  • One of the preferred lenders for Angie’s team is Ned Liggon, and they have a useful mortgage app for your smartphone. Text LENDING to 555888 if you want to download the app.

14:51 Basement update

  • Darlene in Fuquay-Varina says they have a huge empty basement, but she isn’t sure what to do with it. They will probably sell it in a year or two, so what should they do?
  • Angie says it depends on the surrounding homes in their neighborhood. The largest and most expensive home in a neighborhood likely won’t get a lot of value out of it.
  • If finishing off the space won’t push you to the highest price in the neighborhood, it’s probably worth making it into a living space like a bonus room or maybe another bedroom.

Learning From Past Mistakes Working In Real Estate

Nobody is perfect. And you’re going to make mistakes anytime you do something new. On this podcast, Angie looks back to the beginning of her career to reflect on what she’s learned and how she’s grown along the way. Then she’ll answer two of your questions from the mailbag.

 

0:38 Did You See This? Scams…

  • Police and an agent caught a fake buyer who used fake income verification documents, which is loan fraud.
  • Unfortunately, Angie also experienced a scam with a seller who was “traveling out of the country” and had a few red flags. It turns out the lot was illegally deeded over with a fake attorney. They caught it just in time and the police took over the matter. 
  • Another common scam is homes for sale being reposted online by someone else as if they were for rent.

 9:22 Keep personal opinions out of the conversation

  • Angie has learned to hold her tongue on things that are subjective. She tries not to influence clients by commenting (from a place of her personal tastes) about décor, size, etc…
  • Pointing out thinks like a busy road or resale value are important to share, but commenting on colors and layouts is kept to a minimum because it’s about the buyer’s preferences, not the agent’s.

 11:49 Communicating with clients

  • A long time ago, Angie did not clearly understand the contingent sale addendum.
  • She miscommunicated that to the client. She sold the home for free to make up for the error and learned the importance of being precise with details and communicating effectively with clients.
  • Thankfully, the client continued to use Angie and her team for future home purchases.

 14:03 The only constant is change 

  • Angie started with new home sales which is completely different from her line of work now.
  • The North Carolina Real Estate Commission sends out new contract rules every year. You have to make sure you’re on top of things like that for the benefit of your client.

 15:37 Saying “no”

  • Angie is a “yes” person and a people pleaser, but over time she learned to say “no” when working with clients. It’s an important part of giving clients honest feedback.

 19:04 Mailbag: Mortgage insurance

  • Corban says a friend told him to avoid paying mortgage insurance on a loan. What can he do to avoid that?
  • Putting down 20 percent or more of the home price allows you to avoid paying mortgage insurance.
  • Mortgage insurance is the lender’s protection in case you default on the home.
  • If you don’t pay 20 percent initially, you’re not locked into the insurance forever. You can eliminate it in most cases once you build up over 20% in equity later on.

 20:37 Moving in six months

  • Susan from Cary says her husband is relocating for work in about half a year. When is the best time to start the process of selling a home?
  • Angie says that it’s never too soon to start that conversation.
  • The professional stager can be sent out earlier and you have more time to get your to-do list taken care of.

Get In Touch:

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The Host:

Angie Cole - Contact - Call: 919-538-6477

Show Transcription:

Note: This is an automated transcription. Please forgive the robots as they tend to make some mistakes...

Speaker 1: It's time for the savvy real tour podcast I'm Walter Salt alongside Angie Cole, the owner and broker in charge of a coal realty, serving you throughout the triangle, teaching you about the ins and outs When it comes to buying or selling a home, you confined the team online by going to a coal realty dot com. That's a c o L e realty dot com or by calling 919578312528 That's 0 919578312528 919578331 to 8. And now it's time for one of the top real tours in the Triangle. Angie Cole and the savvy real tour podcast It's time for Did you see this here on the savvy real tour? Looking at some of the interesting and fun news that we find throughout the real estate world, Sometimes it's, ah, on the bizarre side. Sometimes it's on the more interesting side. This is on the kind of dumb criminal side. Angie, you know, lots of radio shows have that that dumb criminal segment, so why not have us jump into it on our program here today, cops and an agent catch a fake buyer this news came to us from the Louisiana area where a woman was arrested. She used fake income verification documents and was trying to buy a multi $1,000,000 home. And a local realtor spotted some of the red flags and alerted authorities. So kudos to the real tour and the woman was arrested and sounds like they avoided getting scammed in that situation. Got me curious. Have you ever had to deal with a scammer before?

Speaker 2: I have, unfortunately, and, you know, first of all, that one woman. I mean, that's that's loan fraud is what that isthe. So I don't know that necessarily. The Realtor would have been scanned, but it's more of the the banks right here. You have to give true documentation over for them to verify. So But, yes, I went tio R actually had a piece of land a lot in a beautiful neighborhood in Wake Force that was listed and on the market and all of this sudden, so we actually we get a buyer for this home, and it's someone that one of my buyers special choses representing that buyer, super excited about building their dream home, and whenever it's time to get the due diligence money handed over to the cellar that I'm representing. Something started to seem funny, you know, he was talking about Oh, he's getting his bank's changed around. And it just It was very sketchy on DH. Let me remind you that this cellar was not local. Was stated he was travelling out of the country. But the funny part wass You know, I did my due diligence, and I checked on the deed like I'm supposed to. And this was legitimately the cellar, right? So it wasn't like I didn't double check. This person was truly, indeed the cellar. Well, I started get a little bit suspicious just how things started to pan out. And pretty much I could tell that this guy was just looking for us to send him money, right? And very ah, lot of questions about money up front. So anyway, I did a little bit investigations, and I think this night we need to be my 2nd 2nd job. But I

Speaker 1: am sleuthing.

Speaker 2: I s So I went into MLS and I looked at where this lot was sold in the past. I contacted that agent who represented the buyer who would have been the last seller. Right? I know this all seems confusing, but contacted that agent and a C h. And I said, Hey, just let you know I had this home and a lot. This is my client. I said, you know, do you know? You know, I see that it was never listen in MLS, but looks like there was a transfer of hands from your client to my client. You know? Do you know what happened there? And she was like, Wow, I'm surprised that they didn't wouldn't come to me tow lister property. Right? And this was supposed to be there forever. Home, like, eventually they were going to build on this lot. And then it's right is the red flag because my listing manager had mentioned me that when she was out there putting a rider on the sign that the next door neighbor said, Wow, they're selling like everyone was shocked. Right? So that agent that I reached out to this very long with his story, but the agent that I reached out to she ended up passing along the true confront the true owners. Contact info for me to reach out. Reached out to them, and they were in shock. So come to find out, this piece of land was illegally deeded over to this new person that I was representing. Hey, was all fraud in a scam. And I mean, FBI investigation got into it and come to find out. I mean, there was a fake attorney. I mean, it was all fake. Now, it truly did get recorded with the courthouse somehow, but it was all completely fraud. And come to find out this gentleman did this in more than one county on DH. So I don't know the outcome of it, because it was best for me to kind of step back, and you know, that that was on a whole nother level. But talk about scam, right? And the buyers for this, you know, the new buyers. Of course. We're just I mean, just to straw and bummed because they were so excited about building their dream home. But thank goodness we never went to closing because I don't know that the true sellers would ever be able Teo, retrieve their property back if it passed through that many hands. So crazy crazy story, right?

Speaker 1: Could you could you imagine being the the actual owners, but you haven't built your property yet. And then, like

Speaker 2: a

Speaker 1: couple of months later, you show up and there's already a house. But

Speaker 2: there's a new home on your life, you know. And that's exactly what happened because they live at a state. They had no idea and no way of knowing, right? So

Speaker 1: I got a lot of that would have been Wow

Speaker 2: ho, Mike! And the sad part is, I don't know that there would've been anything that could have done at that point, right? I mean, they could have legally gone off after this so called cell, or somehow, But, you know, there's no way to get back your land. I don't think at that point when it's now been sold off to a new person,

Speaker 1: that's a B right there. That's a lie.

Speaker 2: I mean, it really was, and it's, you know, when I get back through it, But I mean, they even said there was like, you know, the investigators and everything. I mean, of course, I had the cops call on me and they were, they said, I mean, there was nothing you could've done differently. you know, But it's It's crazy. It's crazy world we live in.

Speaker 1: Well, that is really interesting. You had a little bit of impersonation going on. We had some fun. We have awesome. Yeah. Show all sorts of stuff in there. So it was

Speaker 2: a

Speaker 1: really interesting story. Well, that's pretty cool. I mean, not cool that it happened, but cool that you guys discovered it, Of course, So sure, sure. Go. Well, don't try and scam anybody, okay? Just stop doing that. Dan, who edits our show? Angie, who creates the podcast version of the program, puts it online. You know that the back end wizard of the program hey, was selling something on eBay just this past week and found a buyer really quickly and was all excited. And then they asked for him to include a $200 gift card when he ships the device. And then he'll add an extra $200 to the to the sale price when he submits payment. And Dan Dan said the best line. He said, I don't mind you trying to scam me, but now you're just insulting my intelligence,

Speaker 2: right? Like I'm not that stupid. Come on, we We see a lot in the real estate market, so, you know, be way our tenant. Beware. Where scammers will take active listings has happened to us several times, will take active listings. They then post them on maybe Craigslist or Zillow as being for rent. And they'll tell these people would just go out to the property, Take a look around, you know, pretty much. I mean, you would think someone to be smarter than this, but I clearly I think a lot of people have fallen for it, you know? But once in a blue moon, people like, why is there for sale sign in the yard? You know, with other girls, you know, info wanted. But they are posting it as being the owner that is running out the property. And, yeah, go out there. Take just walk around. That a we'll mail you the keys. I mean, so it's, you know, once again, just just be cautious of scammers for sure.

Speaker 1: They find all sorts of weird little ways. Teo, try and insert themselves into the situations. Good to know you're on the lookout for him and beat him back whenever they come at us. so that's that's fantastic. If you want to work with a real estate agent who's keeping those scammers at bay, that's a terrible transition, but we're going to roll with it anyway. Give Angie a call. You could get in touch any time at 919538 64 77. If you want to call or text Angie to get in touch and find out about buying or selling your home learned the ins and outs of the process is. All you have to do is call or text angy at 91953864757 Well, luckily, Angie in that situation, you did not have to learn from a mistake. You figured it out as you were going through and got it right the first time around. But we know that nobody's perfect. And whenever we start out in, you know any mode of our careers, you know anything you're doing for the first time or doing new in life, sometimes you'll make mistakes. And so I just wanted to see if maybe we can have a little humility on today's show. Also, see if we can maybe underscore the importance of experience on the program today. And maybe we can look back to the beginning of your career and see some areas where maybe you realized now, looking back many years later that you either made a mistake or just maybe not even a mistake. But just how you've sort of evolved over time with your experience to become a better agent. You you game for this?

Speaker 2: Yeah, let's do this

Speaker 1: s So let's talk about preparation. First of all, can you maybe tell me about a time way back at the beginning, when you were either underprepared or I guess you could have been over prepared. Or maybe you overthought a situation with a buyer or seller.

Speaker 2: Yeah, sure. You know, when representing buyers we have tio. Well, it's our job and our role to share our expertise right to, you know, give guidance as faras material facts, you know, point out locations. Areas may be things that could hurt them when it comes to future resale. Right. But, you know, I have put a sock in my mouth before by just giving too much personal feedback, you know, because my opinion, as far as the look or the style of the home versus their opinion can be completely different. And, you know, that's something that has a real estate agent. We need to make sure that we're not overstepping our boundaries on given opinions, too too much. You know where they're for the advice to educate them, to share our you know, our expertise but not give our personal opinion. So, you know, before I have maybe made a comment like, Oh, this kitchen's a little small. They're like, Oh, I thought it was perfect, you know, And I I don't know, you know, specific instances because I've learned, you know, I've been doing this for 12 plus years now, So I've learned a lot throughout this, you know, decade plus that I've been in real estate, so I don't know specific, you know, instances. But I know definitely in the very beginning, there's been times where almost I've said things that almost could be insulting because they loved it or, you know, maybe not even insulting. But it almost made them question There, there, You know how much they loved a home because of something I said

Speaker 1: It sounds like you almost used to show the homes as if it was going to be your home and not their home. And

Speaker 2: yes, yes. Yeah. So you know, once again it it's, you know, our our job, Teo. Kind of. You know, buyer beware, make you aware of situations or you know what? For example, you know, this home backs up, Tio a busy ride. You know, this is something you might be okay with, but the next buyer might not. And I just want to put that out there. But you decide how you want to handle it, you know? But when it comes to given, you know, be back on colors and lay out, You know, we have to be cautious on how much of our personal, ah feedback we give.

Speaker 1: Just taking some of the opinion out of it. Sounds

Speaker 2: yes. Yes.

Speaker 1: Now, I know you're a master communicator today, but did you make any mistakes in the past when it came to communicating with clients?

Speaker 2: Oh, yeah. I have one client. Mike who? Mike. We've actually had the pleasure of helping him. I think 445 times. No long, long time ago. I didn't clearly understand how the contingent sale addendum worked and there's, you know, with with paperwork and all of the real estate paperwork that we get into. I mean, there are so many different, you know, exclusions. You know, this thing overrides that. I mean it. Get a little I mean, it's where you need to get a real estate attorney involved, right? To makes you clearly understand what this statement means. But, yeah, I communicated that the contingent Sela dende um red one way and it indeed did not. I pretty much stated that Oh, we can accept this offer and should a better offer coming along, you can move forward with the other offer, and that's more of II was taken. The what I've learned in new home sales when I was an onsite agent because they always have are not always missed time. They have a kind of a first writer refusal, but it doesn't work that way with resale homes. And so I end up selling Mike's home for free because I made a big, big era and we received another offer on his home on, and we had been on the mark for a little while to bits under contract. Received a second offer that was a cash sale, and it was actually above where our current offer. Wass and Mike couldn't move forward with that offer. As I had explained he could she should that situation arise? So, yeah, I ended up selling his his home for free, to make up the loss that he would have had. So there's definitely been two mistakes with communication, you know where you know I didn't communicate something properly as faras maybe in a den, dumb or something. But you know, we live and we learn we make those mistakes and we correct them were needed. And that's exactly where I what I did. And Mike, we have still after that. He even then used us to buy, so it's all good. It worked out that way. Yeah, there can be mistakes with communication

Speaker 1: and that just it's good to have those lessons early on because then you may get better for many, many years to come, and I know that that's what you guys have certainly been able to do. It's one thing to make a mistake, another thing to then learn from that mistake, which is a very positive thing, and I would imagine Angie to that for a lot of agents. You know, not even just focusing on on you here. Just agents in general. It's a constant learning process because kind of like your career, arc when you started out, you know, sort of on the buy side, Then you've gotta learn the sell side When you kind of flipped over to that side and then you became a you know,

Speaker 2: a

Speaker 1: broker and leading a team. And now you've got multiple employees. And so now you're a business owner in addition to being on agent. And so it's just kind of there's all these different layers that any agents going toe as their career changes and grows there constantly being exposed to new processes and new rules and regulations. And I was a

Speaker 2: new home sales in the very, very beginning. And you know, the way that that process works is completely different from resale. And we have to also remember that our contracts, you know, the North Carolina Real State Commission. Actually, every year they send out new contract agenda. Not all of them are updated, but you know fairly often, for example, this past year, the new thing that was put into a lot of the documents was wire fraud addendum. So going back to scamming you know, this is a big thing that was updated last year, but our paperwork is constantly being changed and updated the overall contract. I think its been goodness maybe about seven plus years ago that it was actually completely changed. A sparks how the due diligence period is now. You know something that we we work through, but yeah, there's constant changes. We have to always make sure that we are, you know, getting the education that we need so we can advise our clients properly.

Speaker 1: Great point, Sanji. One more little example. Here's we talked about just learning from past mistakes. I tend to be a pretty agreeable person, so it's hard for me to say no to people. Many times it's It's something I have to actively work. You know? I'd like to tell people yes, make them happy, you know? I know I know this about myself. So I would imagine working with clients. You're a pretty positive person as well. Was it difficult for you to kind of learn the word no or to disagree with a client, not just kind of tell them what they want to hear.

Speaker 2: 100%. And I'm a yes person anyways, You know, I always like to be a people pleaser. I like for everyone to be happy. I don't like disagreements, So that's just me as an individual. So that, of course, you know, feeds into my profession as well. But over time I have learned to say no. And I would say times that have really stuck out to me, that I've been just more positive and confident about saying no is working with a client, you know, working with a client and has to be a win win, just like they might be interviewing agents. And they might choose me as their agent. But you know what? If I feel like I wouldn't be the best representation for them, you know, maybe they are not in line with my ideas, my thoughts, just a way of doing business. You know, I can say no to them. So that's a mistake that I've made in the past, where you know, every client that came along, I felt the need to work with. And now that's not the case. Now I love our business. You know I'm in this business, of course, because it's my profession. I love what I d'oh, but there are, unfortunately some clients that we have interactions with that. You know, it's not a positive experience, and sometimes, you know, we have to fire the client. I did that recently, you know, But it needs to be a win win. So I am definitely a yes person and always, you know, yes. When helpin out, I go above and beyond for our clients. But, you know, sometimes we just have to put our foot down to say no. That's not the way that we operate. You know, that's not in line with our culture. And you know what? Let's part ways.

Speaker 1: Yeah, it's sometimes is necessary to do, and that's got to be on the same page. You need to enjoy the relationship, and it's all a big part of the process. Hopefully, that was helpful segment for you as a listener and thinking about working with an agent, thinking about buying or selling your home in the future. If you've got any questions, you want to talk to Angie about the process, you can see she's learned a lot over her time. That's how she's built such an incredible team at a cool realty. And it's interesting to look back at some of the mistakes that the beginning of her career and then how you learn from those mistakes and move forward. We've all certainly fallen into that boat, and obviously the goal. You learn from those mistakes so that you can limit them going forward. And that is what Angie and her team have certainly done. Fun segment. Thanks for playing along and being being so helpful there. Angie, if you've got questions for Angie and caller text 919538 60 for 77 That's 9195386477 Angio Show you how she and the team will help you get your home sold for top dollar or help you get into your dream. Home strategies and communication tools All the things that they utilize these days to help those dreams come true for clients, So if you want to reach out again, call or text. Angie 919538 64 77 more coming up on today's show State in This is the savvy real torque with magical way. It's

Speaker 2: time for the mail bag we want

Speaker 1: to hear from you or been says a friend of mine told me to try to avoid paying mortgage insurance on my loan. What do I need to know about that? And how can I avoid?

Speaker 2: Yeah, so the norm is if you invest or put in 20% into the home price, you then can avoid paying mortgage insurance. So that's 20% down. Payment will eliminate pain that mortgage insurance and the whole point of mortgage insurance is protection to the lender. So they're collecting a little action every single month. And you know they get to put that away because the less that you're putting down on your homos faras the down payment, the more likely that you would be to default on the home. Because more than likely, you're not as qualified as a buyer versus someone who financially can put down 20% into the home. Now there are some other loan programs where you can eliminate that mortgage insurance as well. But the known is 20%. And just remember that, you know, although in the beginning maybe you don't put down 20%. Maybe you put down, you know, 5% after you owned the home for quite some time, and you get to that point where you've paid off 20% of the home. You can get it, re appraise, work with the lender, refinance, and you then can eliminate that mortgage insurance at that point. So it doesn't always have to be something that you do from the very beginning.

Speaker 1: It's a great question. Corbett. Thank you for submitting that one to us for sure. Susan's got another question here as well as we get ready to wrap up for this week's program. Susan's from Carrie and says, My husband is going to relocate for work in about half a year. When's the best time to start the process of selling our current home? And what are the first steps to consider?

Speaker 2: Yeah, Susan s O. Congrats. You know, on the reload that's super exciting, but it is never too soon to start the process when it comes to selling your home. There's often times that I meet with sellers and they say, Angie, you need to have my home on the market in the next week, and we can make that happen. But many times you know they are away is out. Maybe they're six months out, maybe their year out. And it's never too soon to start that conversation because, you know, once we go through our listing presentation with you and give you guidance on the steps of the process immediately, we can send our professional stage. You're out. She can give you your to do list. So then you don't feel overwhelmed and just bombarded with Oh, my goodness. Now I have to get back home. Show ready Really, really fast because it's all last minute. Instead, we can go ahead and send her on out, even if you're, you know, looking to sell your home six months in the future. So, you know, if you're thinking about selling your home, whether it's now or even a year from now, start the process of meeting with a real estate agent. And so our team, we would love to meet with you and do a listing presentation with you. And the whole point of that is we could tell you more about ourselves, tell you about our teams set up and how we operate, go through our marketing plan and then, of course, share with you comparables and in that proceed sheet, because that's probably most important to you.

Speaker 1: You've been listening to the savvy real tour podcast on Walter Store Hold alongside Angie Cole. She's the owner and broker in charge of a coal realty here in the triangle. And if you have questions for Angie, we invite you to go online to a coal realty dot com. Listen to pass podcast episodes on the website, read the block and all the great information, including the option to find a home right there on the website. That's a coal realty dot com, and you can also call Angie with your questions. 919578 31 28

How To Choose A Real Estate Agent (And Other Questions From The Mailbag)

What should you look for in a real estate agent before you begin working with them? Are HOAs good or bad? What does it mean to buy a house “as is”? Angie will answer these questions and more as we go through the mailbag.

Full show notes here: https://www.acolerealty.com/blog/how-to-choose-a-real-estate-agent-and-other-questions-from-the-mailbag/

Read the rest of this entry »

Buying A Flipped Home

You might have seen the pictures and thought the flipped home looked amazing--but what should you be looking out for when buying a flipped home? Angie Cole and her team also talk about good communication, tiny houses on Amazon, and home improvement on today’s podcast.  

For the full show notes, visit https://www.acolerealty.com/blog/buying-a-flipped-home/

Featured Foundations:

0:39 Did You See This: Amazon House

  • You can now buy a tiny house on Amazon.
  • Easily assembled apparently but no installation or plumbing. This might not be the house you want to live in.
  • There are some things you don’t buy from Amazon, and a house might be one of them.

 4:58 What Should a Buyer Look for in a Flipped House?

  • Make sure the person who flipped the house is a licensed contractor.
  • Any person who has been doing this for a while will have warranty information, receipts, and product information.
  • Anything that has been changed as far as electrical, plumbing, structural changes, or even an HVAC system needs a permit pulled and closed out. 

 9:11 Buying Blitz: Communication

  • What kind of communication should a buyer expect with their Realtor?
  • Open and honest is best, and the Realtor might let you know if it is not a good choice for you.
  • Expectations should be set from the beginning about calls, texts, and emails.

 11:25 Closing Recap: New Home in Fuquay 

  • James and Carla, who met Angie through the radio show, just bought a home in Fuquay-Varina and sold their home in Garner.
  • The sale of their home went quickly, and their new home is a beautiful custom-built home.

 16:04 Mailbag: Home Improvements

  • Drew in Fuquay just purchased his first home and would like to do some renovation work. Is it a bad thing to make a bunch of changes?
  • Be careful when it comes to over-improving your home.
  • You do not want to be the nicest, most expensive home on the block because you typically won’t get all of that money back out of it.
  • But if you are going to be there for a while, enjoy your home and have fun with the changes you want.
  • You need to make it your own, so if you enjoy making improvements then go for it. 

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Show Transcription:

Note: This is an automated transcription. Please forgive the robots if they made any mistakes...

Walter:                It's time for the savvy real tour podcast. I'm Walter Storholt, alongside Angie Cole, the owner and broker in charge of a Cole realty serving. You. Threw out the triangle, teaching you about the ins and outs when it comes to buying or selling a home. You can find the team online by going to eight Cole realty.com. That's a c o l e t.com. Or by calling (919) 578-3128 that's (919) 578-3128 and now it's time for one of the top realtors in the triangle, Angie Cole and the savvy real tour podcast. Before we move further on into the program, every once in a while we'd like to have this little segment called, did you see this where we talk about something kind of bizarre, interesting in the real estate world and Angie, did you know that you can buy a house on Amazon? Now? I did. You can buy anything and everything on Amazon these days.

Walter:                This certainly checks another box on the list, right? I mean, it's, it's pretty wild. Um, the, the link that I came across here, we'll talk about that one in particular, but it did say under recommended viewing there, there are multiple, you know, different kinds of homes for sale it looks like. But in particular this one though I came across, this is a, uh, w what are they called, mini homes or what's the small houses? Tiny homes. Tiny, tiny house. But I, I feel like we were actually watching that a show yesterday evening, but I feel like this is even a, a step down from a tiny house, right, because you're, you're missing a lot of the features that a tiny home even has. Cause a tiny home really is like more like an art. They're usually transportable right there. A little bit more like the traditional tiny home concept is you can pick it up, move it around.

Walter:                It's uh, it's, it's kind of like an Rv, but even more luxurious than a traditional, like our RV. Is that sort of the tiny home? Sure. Yeah. Not, not all tiny homes or you know, transportable and on the go, but most I would say they are, they made them that way. Um, but you know, they typically have a bathroom, a kitchen, electricity, you know, kind of all of the essentials of living in a home. Um, but this, uh, this house on Amazon's a tad bit different. Yeah. So a couple of details. It's a a 172 square feet, but here's the thing, and the reviews are pretty bad. There are three customer reviews now this is preached total of three, three, three, and they're all one star reviews, which is not good. Um, this is a kind of pitched as a very easy to assemble, like in just a couple of hours.

Walter:                You've got a quote unquote house built. But here's the funny thing is people reviewing it. So like, well, a couple of problems. There's no kitchen, there's no bathroom, there's no insulation. They and there's no wiring. Hmm. But it's kind of what you do get the free shipping. This home, you do get the state, the free shipping from Amazon. So, yeah, I guess that's a minute. Yeah, I read, I read it takes a, and even puts in quotations simple tools at two takes only two people to construct this and you know, just using simple tools, just eight hours

Angie Cole:         thanks to the step by step directions. Gosh, I mean I, what do you do with this?

Walter:                Dang. I don't know. It's pretty uh, pretty interesting to look at though. It's really to me seems just more like a souped up garden shed.

Angie Cole:         Yeah. And it's kind of cute, but I mean, once again, I don't know, it seems like if it was a warm day and get really steamy and hot in there closed area.

Walter:                Yeah. So I don't know, maybe it's, maybe you could find some other purposes for that building, but you seem almost like you'd be benefited by just having a simple, you know, outdoor shed or something like that. I agree. I agree. Pretty interesting to see though that the tiny homes have made it to Amazon and maybe there are better ones. If we were to look around a little bit, maybe there are better kits out there that you can buy to build these things, but there's one that's like a two story kit that you can buy a and that one gets three stars. So this one gets three rule, three reviews that are all five stars. Wow. Maybe that was a little better. That one's 1300 square feet as I'm clicking around here. So it looks like a legitimate two story house. I just don't know about buying a kit and building a home from a kid just doesn't seem right. Does it?

Angie Cole:         Right. Yeah. Now this, there's some things you don't buy from Amazon and this might be one, right?

Walter:                A house might be one of those. That's a good point. Yeah, exactly. Anyway, I thought that was kind of funny to look at, by the way, to $7,000 for that first one we were talking about. So I think you could buy some really nice, just good old sheds for that amount of money. For sure. Uh, let's talk about flipping homes on today's show with Angie. You know, you talked about the tiny home show that you were just watching, uh, homeless, uh, shows like flip and flop are still really popular these days. And you know, you might be hearing or seeing a lot more commercials about house flipping seminars in the area or even the, um, you know, you'll see the road signs all the time and we're not going to get into the flippers perspective on this show, but we really want to talk about what it would look like as a buyer if you are buying a home that has been flipped and we just want to spend a couple of time, a couple of minutes talking about that. So what's kind of the first thing that we might want to be thinking about Angie, if you're kind of giving somebody tips, if you've got a buyer who's considering a home and it looks like one that has had a quick turnaround and has been flipped, that's all great. Good. That now it looks really fancy and pretty, but we want to still make sure it has good bones, right?

Angie Cole:         Most definitely, you know, I would make sure to maintain a number one would be, you know, make sure that that house flipper, the person that did the work is a licensed contractor. You know, we want to make sure that we're not just putting kind of lipstick on a pig. You know, you probably heard that saying before, um, you know, it's important to make sure that it was indeed quality work that was done to the home. Um, and it's not a, not a makeshift because what will happen is you'll move in and over time things will start to fall apart. You'll start to see issues and problems and that that's the last thing that you want to deal with when it comes to buying a home that you should be enjoying and loving and a, so make sure that you know, the person that did the work is indeed a licensed contractor

Walter:                to some of that stuff.

Angie Cole:         Is it reasonable to ask for and expect to them to have receipts and warranty information on the products and upgrades they did? Most definitely. I mean, any person that has been doing this for awhile, we'd know to keep all of that, those items together. I mean, even a lot of just standard sellers, you know, they have that drawer full of all of their, you know, warranty information, all their brochures or pamphlets. Um, and so yeah, I mean definitely request that, you know, work the work that was done, there's receipts for it, you know, they share all the warranty information on all the products and upgrades. Um, just because that's stuff that you will need later on down the road potentially as well. And we really want to make sure that the large work was permitted. Right. Um, oh yeah, most definitely. So, you know, actually anything that has been changed as far as electrical, plumbing, any type of structural changes, you must pull a permit for.

Angie Cole:         All those options are changes. I mean, even if there's been a change in an HVAC system, there should be a permit that has been pulled. So definitely go to the county website. You can also call into the permitting department and they're super, super helpful. Um, but yes, make sure that any type of improvements where those items have been moved, those mechanicals, there were permits that were pulled and actually closed out. I have seen in the past where there's been major renovations done to a home, although the initial permit was pulled, the permits still open. It was never then what's called close. So that means that the county inspector did not pay him back by four in inspection to double check that the work was done it properly to make sure our permits had been pulled and they've also been closed out.

Walter:                Okay. That makes a lot of sense. So make sure that you're kind of dotting those i's and crossing those t's when it comes to all this work as if you don't, maybe it's when you go to sell the home that now these things surface and become a problem for you years down the line and you don't know.

Angie Cole:         Yeah. And you have to remember too, if permits were not pulled, um, whenever it comes time for you to sell your home for areas where permits were not pulled, you can not include that in the heat of square footage. Um, as, as licensed real estate agents can actually get in trouble if we disclose this square footage improperly in the multiple listing database. Um, and so areas that did not have the permits pulled, we can not include that into the heat of square footage and that really changes the overall value of your hem. So make sure that you are protecting yourself when it comes to purchasing a flipper.

Walter:                It's a really great point and a, and again, make sure you've got inspections that have, uh, you know, gone into that whole process as well to make sure the work was done not only legally but correctly as well. If you have any questions about what it's like to buy a home from a home flipper and you want a team that can help kind of guide you through that process. You're looking to buy a home here in the triangle that's maybe been flipped. The EIKO realty team certainly is there to help you out. Give him a call at (919) 538-6477 that's (919) 538-6477 or you can text that number as well and go back and forth with Angie and she can get you on the right path to buying your next home. (919) 538-6477 again, is that number to call or text stick with the swarm around the corner here on the Saturday. Realtor, what do you call? Buy a home is a daunting task. Don't miss out on key information that will help you along the way. It's the buying blitz with Vicky, deeper Alfio of a Cole realty. Vicki, what kind of communication should a buyer expect with their real tour?

Angie Cole:         My hope is that that communication is always very open and honest. I try to set that expectation from the beginning with my buyer clients. I'm going to be very frank with you if I don't think that this is a good choice for you, I'm going to tell you now you're an adult. You make your own decisions, so you can certainly make that decision to move forward. Even if I'm saying I don't think it's a good choice, but I think that's my due diligence to you as my client is to make sure that I'm open and honest with you.

Walter:                So that's sort of the, the tenor of the communication that you'd like. What about the modes of communication?

Angie Cole:         You know, it depends. I find that it varies from person to person. So again, I set that expectation from the beginning. I ask my clients, how do you like to be communicated with? I also remind my clients that because I am in the car most of the day that you know, text and phone calls are the quickest, but I'm the kind of personality that I won't go to bed at night with an unanswered email. So sometimes I'm up at midnight still answering emails from that day. Right? So just again, I think it's setting the expectation with your agent and with the client to make sure that you're communicating the best that you possibly can. So if you're thinking about purchasing your home and you want to understand the next steps, it's a great guide that you can receive from start to finish. And to take you through the home buying process, you can text the word contract to the phone number five five five eight eight eight. So once again, to receive a downloadable home buying guide to your smartphone, just text the word contract to the phone. Number five five five

Speaker 3:           eight eight eight

Walter:                will packer's blue devils and tar heel fans can all agree on at least one thing. Hey Cole realty is the team to choose here in the triangle when it comes to buying or selling a house. So let's lace up the shoes. Grip the bat, toss a big scan back to Angie Cole on the savvy realtor. You're listening to the savvy. Yeah, real tour with Angie Cole, a local realtor here in the triangle of course, has a great team that has just had great success throughout the area. I'm using the word great a lot because it's appropriate and Angie and her team have helped more than 600 families that buy or sell their homes in just the past three years. Uh, she was voted as the number one real estate agent in Raleigh by Midtown magazine and number one in wake county by the Indy weekly just last year.

Walter:                And if you want to find out more information about what it's like to work with Angie and the team, you can go to a Cole realty.com that's a c o l e realty.com. And learn about what it's like to work with one of the best real estate teams here in the triangle. And each week you're on the program. We have a closing recap where we talk about one of the successes that a recent home buyer or seller experienced, uh, when they worked with Angie and the team, maybe some of the challenges they faced, how Angie and the team helped them overcome those challenges. And Angie, who we talking about this week? Yeah. So I want to give a huge shout out and congrats to James and Carla. Um, and it's only fitting that we met them through the radio shack. Well how about that? Yeah. So you know, thank you for listening and for actually contacted me.

Walter:                So we had the opportunity of meeting with them and not only did we help them with buying a home in fico away, they actually closed on their new custom built home. I'm about to I believe was two to three weeks ago. But also we help them with selling the home and Gardner and when it came to selling their home, we ended up getting multiple offers for them. So it's super, super quick and they close on their sale this week. So just a huge congrats to James. And Carla, they were absolutely amazing to work with. I was so just um, you know, just, it was such a pleasure of being connected with them through the radio show and being able to assist them with both their by and their sales side. So I know they are super excited, super happy to be in their new home in [inaudible] and there, you know, pleasantly surprised with the outcome of their sale is very cool.

Walter:                Congratulations guys. And thanks for calling into the show and getting in touch with Angie and uh, going through that process and glad that you got a successful home closing both on the buy and the sell side. That is fantastic. So if you want to see what it's like to work with Angie and her team, once again, I do encourage you to go to a Cole realty.com. It's a great place to start your search for a home or to get in touch with the team via the web. You can also call or text Angie directly. That's right. You could just sending a gea text, start a conversation that way. (919) 538-6477 that's (919) 538-6477 call Angie, call at that number of talk about what you're looking to do when it comes to buying or selling here in the area. And last but not least a great way if you're thinking about selling in particular, a great first step to take if you're not, maybe not ready to pick up the phone and call or have that direct conversation, but you want to kind of take those first steps when it comes to selling your home in gender that a lot of folks do this each week here on the program.

Walter:                And that's finding out, you know, how much their home is worth, what they're potential value is. Tell us a little bit more about that. Yeah, most definitely. So, you know, that's one of those things that sellers always ask us as well, what is my home worth? You know, because oftentimes it doesn't make sense for them to make a move unless they can net a certain amount. Right? So, um, if you are thinking about selling your home and you want to get an idea of what your home is worth in today's market, I would love to share with you our neat tool that

Angie Cole:         we have. And it's as simple as pulling out your smart. So on your smart phone, just text the word listing to the phone number five five five eight eight eight. And from there we are going to text you back with the link. Make sure that you click the link, you input your dress. And from there we will share with you what your home is worth. So once again, if you're thinking about selling your home and you want to get an idea of what your home is worth in today's market, just text the word listing to the phone number five five five eight eight, eight.

Walter:                That's all you have to do. Very easy to find out that potential home value. Again, just text the word listing to the number five five five eight eight eight. We'll text you right back with a quick link that you put in your homes information into and you'll find out that potential home value. It's that easy, only takes 20 or 30 seconds to complete and you'll be well on your way to getting that great information. Great. First step, if you're thinking about selling your home in the near future, just text the word listing to the number five five five eight eight eight which work can we get the on it today is it showed you're tuned into the savvy realtor with Angie.

Speaker 4:           Cool. We're on the way.

Walter:                It's time for the mail bag. We want to hear from you. Drew in Fickaway has a question for us. Drew says, I recently purchased my first home. It's just me and my dog reno. I plan on being here for a while and I'd like to do some renovation work. I know you've talked about being careful over upgrading a home, but I just want to do it for fun. Would I really be shooting myself in the foot if I made a bunch of changes? Yes.

Angie Cole:         Do I feel like there's not a right or wrong answer to this. I'm with answering your question. So you know I, oh, I do say be careful when it comes to over improving your hand and what I mean the areas you never want to want to be the nicest, most expensive home in on the block in your neighborhood because typically you will not get all that money back out of it. But on the flip side, if you plan on being there for a while, you need to enjoy your home, right? So, you know what I would say, run with it and have fun as long as you set arrive. Now set that expectation for you that when it's time to sell your home, you might not get the full value back out of the improvements that you put into your home. But you know what? A home is just that. It's called a home for a reason and you need to make it your own. So if you enjoy doing improvements, doing renovation work, you know, enjoy it and you know, make it a home for you and your dog.

Walter:                That's a really good point. Angie and a drew, I mean, you know, have some fun, right? I mean, I guess there's a big difference Angie, between hey, I'm going to paint the walls. Like that's not going to price you out of your neighborhood versus I'm going to add an elevator and sure, you know, a, a 6,000 square foot addition into the backyard that I'm going to be the biggest home and the, you know, foreseeable distance in the zip code. Well then that might be, you know, shooting yourself in the foot a little bit there. Right?

Angie Cole:         Yeah, yeah, exactly. And I,

Walter:                you know, it's more of if your next step is to quickly sell your home or to do all of these types of improvements or changes in order to sell, that's when I say, oh, let's stop. Let's stop what we're doing right there. Let me give you some feedback. Let me give you some guidance based on your neighborhood and what it can support. Um, but you know, if you're going to be there for a while, make it your own, enjoy it. If that's something that you, that your hobby, you know, that you love doing as far as renovations and, and you know, just kind of improving your home, you know, have at it, you're, you know, it's, it's a home for a reason. Yup. It's a really great point. Thank you for the question. Drew. Again, if you want to submit a question, you can do that by going to a cold realty.com you've been listening to the savvy real tour podcast. I'm Walter Store Holt's alongside Angie cold. She's the owner and broker in charge of eight Cole realty here in the triangle. And if you have questions for Angie, we invite you to go online to a Cole realty.com listen to past podcast episodes on the website, read the blog and all the great information, including the option to find a home right there on the website. That's a coal real t.com and you can also call Angie with your questions. (919) 578-3128.

Real Estate Facts In Today’s Market

“Location, location, location!” You’ve heard that one, right? What other real estate facts or phrases apply in today’s market? Angie explains whether we can trust these commonly heard real estate statements.

For a recent blog post, click the link: https://www.acolerealty.com/blog/real-estate-facts-in-todays-market/

When To Sell Your Home And Other Questions From The Mailbag

Are you wondering whether you should sell your home in the spring or summer? Do you have an understanding of the costs that come with selling your home? Have you ever considered building a pool in your backyard? Angie tackles these questions from the mailbag. She'll also highlight one of her favorite Wake Forest neighborhoods.

For a recent blog post, click the link: https://www.acolerealty.com/blog/when-to-sell-your-home-and-other-questions-from-the-mailbag/

Critical Steps To Selling Your Home

Maybe you're ready to sell your home but have no idea where to start. Angie gives a step-by-step guide for what to do, making it as seamless as possible. From finding a real estate agent to receiving the best possible offer, these basic steps will help you sell your home for the right price.

For a recent blog post, click the link: https://www.acolerealty.com/blog/critical-steps-to-selling-your-home/

5 Real Estate Pet Peeves

After years of working in real estate, Angie has developed a few pet peeves with the industry. These five pet peeves can add stress to the buying and selling process, so make sure you're not committing these egregious actions.

For a recent blog post, click the link: https://www.acolerealty.com/blog/5-real-estate-pet-peeves/