Aug. 8, 2018

What to Know About Reverse Mortgages

I was recently joined by special guest and reverse mortgage specialist Carlos Camargo to talk a little bit about reverse mortgages, including what they are and when using one is advantageous.

 

Here’s an outline of what we talked about, with timestamps so that you can skip ahead to the section(s) that interest you the most:

 

1:00- What is a reverse mortgage?

1:55- How someone on a fixed income can benefit from refinancing with a reverse mortgage.

3:00- How a reverse mortgage can be used to actually purchase a home.

5:58- The age requirements for a buyer to obtain a reverse mortgage.

7:10- The role that equity plays in terms of qualifying for a reverse mortgage.

9:10- The most confusing part about reverse mortgage qualification.

10:30- How interest rates play a role in reverse mortgages and home values.

12:55- Who benefits most from a reverse mortgage?

15:15- How a reverse mortgage can provide monthly “income” to homeowners.

22:30- Why fixed-income retirees aren’t the only ones who can benefit from reverse mortgages.

24:50- Why sitting down with someone like Carlos in a free consultation to go through your options is important in the process of making the right decision.

27:00- How lenders like Carlos calculate equity different in reverse mortgages than with traditional mortgages.

28:30- Why the current market is very conducive to reverse mortgages.

33:10- Some final thoughts from Carlos for anyone considering a reverse mortgage.

 

 


Reverse mortgages are a useful tool for senior homeowners. Here’s how they work and how you can use them.


 

If you have any questions for me about reverse mortgages or about anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Aug. 6, 2018

How to Find a Great Deal When Buying a Home

One of the many things the Morales Real Estate Group is hearing from our buyers is that there’s not enough inventory in the marketplace. For what inventory is on the market, the prices are skyrocketing. There are, however, a few things you can do as a potential buyer to make sure that you find a good deal when you locate a property that matches your criteria.

First, you need to be ready. Make sure that you are ready in terms of your finances and qualifications; that way, when a good deal appears in the marketplace, you’re able to pull the trigger quickly. A lot of times, those good deals sell in a day or two. Do what you can to make sure that you’re in a position to make an offer as soon as you locate a deal you’re interested in.

Next, make sure you work with an agent who has access to off-market deals. Many agents you’ll find will only have access to what’s listed on the MLS, so work with a team who can use their resources to find properties that aren’t listed on the MLS. In order to do that, you’ll need a team who makes a lot of outgoing calls or who is consistently looking for potential inventory for the buyers they work with.  If you’re able to find something not found on the MLS—supposing, for example, the seller didn’t want to list it for some reason—you can often find a good deal.

 


Do what you can to make sure that you’re in a position to make an offer as soon as you locate a deal that you’re interested in.


 

That said, you need to ascertain whether or not your agent has such access during the hiring process. Typically, these kinds of agents are big listing agents who consistently list and sell properties. They are the types to talk with a wide range of sellers before they put their properties on the market.

The Morales Real Estate Group recently had some success in this area. Some of our buyers were frustrated working with other agents; we were able to find them off-market deals and put a deal together before the property came on the market. The buyer is extremely happy that they didn’t have any competition and that we were able to work something out with the seller. It was a win-win situation.

If you’re looking to buy or sell a home or are seeking a good opportunity in the marketplace, don’t hesitate to reach out to us. The best Realtor in Oxnard has you covered.

 

Posted in Real Estate News
July 26, 2018

Don't Miss this Opportunity to Join 1 of Ventura County's Top Real Estate Teams

A job opportunity has just appeared on our team. The Morales Real Estate Group is growing, and you could be part of the exciting future that’s on our horizon. Right now we’re seeking someone to fill the role of closing coordinator. 

This job involves managing the fine details of each transaction for our team and taking those transactions from contract to close. Even if you aren’t already a real estate professional, this position could be right for you. 

Above all else, we’re looking for someone who is dedicated, ambitious, and has a positive attitude. So if you’re interested in joining our team, where you’ll receive great benefits, great pay, and be part of an outstanding collaborative environment, please apply here. 


The Morales Real Estate Group is growing, and you could be part of the exciting future that’s on our horizon.



As part of the Morales Real Estate Group, you’ll be working among some of the top agents in Ventura County.

If you have any other questions, would like more information, or need any assistance in applying, feel free to give us a call or send us an email. We look forward to hearing from you soon.

 

Posted in Community News
July 16, 2018

We’re Honored to Be Ranked Among the Top Teams in California

I want to take a moment to say thank you to everybody who supported or encouraged us in 2017.

Nominated by RE/MAX headquarters, the Morales Team and myself have received an award for being among the top 20 real estate teams in California for commissions earned. We currently rank No. 18 in the state!

I know that there are thousands of agents out there, so to be even in the top 20 is a huge accomplishment for us.


We currently rank No. 18 in the state of California.



I’m aware that we couldn’t have done this without all of our friends, neighbors, family members, past clients, and anyone else who has taken the time to support and motivate us to be a better version of ourselves.
Thank you all, from the bottom of our heart.

If you ever need anything or have any questions, we’re always here to help. Just reach out to us and we’ll be glad to speak with you.

Posted in Real Estate News
May 29, 2018

What’s Going on in the Ventura County Real Estate Market?

Today I am going to give you the May 2018 market update for Oxnard, Camarillo, and Ventura County as a whole.

For the most part, most of Ventura County and much of Southern California has seen a drop in inventory. Demand has stayed strong, however. In Ventura County as a whole, the inventory dropped about 1%, while sales dropped by about 5% and average home prices are up by 5%.  

Certain areas of Ventura County have some slightly different numbers, however. For example, Oxnard saw a drop in inventory of 17%. This means that there are 17% fewer homes for sale right now than there were at this time last year. 

At the same time, sales have only decreased by 6.4% in the last year. From last year to this year, the Oxnard real estate market has increased by 9%. In Camarillo, we saw a 6% increase in prices year over year.

 


Different areas of Ventura County have different levels of supply and demand.


As you can see, different cities in Ventura County have different levels of demand, which makes the situation different for many buyers and sellers in this area. 

If you’re interested in learning more about any of these markets, or about the Santa Barbara County or Los Angeles County numbers, don’t hesitate to reach out and give us a call or send us an email. We would love to hear from you soon.

Posted in Real Estate News
May 29, 2018

What Technique Can Help Buyers Win in Multiple Offer Situations?

Today I’m excited to be joined by one of our lead buyer specialists, Freddy Hernandez, to talk about how to compete and win as a buyer in multiple offer situations.

The reason we wanted to discuss this is that, as many of you may know, our market’s current inventory shortage is creating a highly competitive real estate environment. So, what must a buyer do in order to separate their offer from the others and increase their chances of getting accepted?

According to Freddy, the first step buyers should take is to identify what the seller is looking for. The best offer isn’t always the one that boasts the highest price. Sometimes, a seller may be more interested in having a short, simple escrow period than netting top dollar.

Different sellers are looking for different things. This is where having a great agent by your side comes into play. A Realtor working on your behalf will be able to communicate directly with the listing agent, and will therefore be able to relay important information about the seller back to you. Establishing this line of communication is critical.

Next, working with an agent will also help ensure that your offer gets structured correctly. Writing an offer with the seller’s priorities in mind will greatly improve your chance of success.


The best offer isn’t always the one that boasts the highest price.


 

The last transaction Freddy worked on, for example, was successful because of this technique. The sellers were sick and wanted a quick close. So, Freddy was able to help his buyer win out against the others by offering the seller what they wanted.

If you have any questions for Freddy, you can reach him by phone at (805) 397-8035.

And, as always, if you have any other questions or would like more information from me, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Posted in Selling Your Home
May 10, 2018

Why Accountability + Commitment = Success

 

How do accountability and commitment work together to play a part in our daily lives?

 

First, let’s focus on commitment. Grant Cardone recently said at his 10X Growth Conference that people often think about the details of something instead of committing to it first. Whenever we have a great idea, instead of committing to it, we think about why it can’t happen, why it won’t happen, or all the things that can go wrong with that idea.

 

When I look back on my life, many of the great things that have happened to me happened because I was able to make certain commitments.

 

When I first signed up for coaching a few years ago, the $1,000-per-month fee that was required represented a good portion of my income. I knew there was value in coaching, though, so I had the choice of either postponing that decision or committing to it and having faith that it would work out.

 

There’s a popular book you may have heard of called “The Power of Broke,” and I once thought about writing a book called “The Power of Commitment” that would’ve talked about the different things that come when you make big commitments.

 

For example, whenever I purchase a rental property, it happens because a great opportunity has come to me—the opportunity being a good property at a good price with a good amount of cash flow. I haven’t always had my ducks in a row when purchasing a rental property, but I make those commitments. By doing so, I’ve come across more good opportunities.

 

Now let’s move onto accountability. When you make a commitment, it’s always good to have people holding you accountable to it.

 

In my case, there was a time when I wasn’t going to the gym very often. There’s an agent on my team named Freddy Hernandez who’s very consistent with going to the gym every morning, so I decided to make a commitment and tell Freddy that I would pay him $100 for every time I showed up late to the gym or didn’t show up at all. That was a commitment on my end that included accountability. I gave myself a penalty if I didn’t do something I said I would do.

 

When you make a commitment followed by accountability, it eliminates your options. For me, it eliminated the option of going to the gym a little later or not going at all. If you don’t do what you say you would do, you get penalized. It forces you to keep your word even when you don’t feel like it.

 


Make strong commitments in your life and then figure out how they’ll happen.


 

Thus, the best things in my life have happened to me because of making a commitment and having accountability. When I got married to my wife, I made a commitment to her for the rest of my life, and it’s one of the best commitments I ever made.

 

So remember to make strong commitments in your life and then figure out how they’ll happen.

 

As always, if you have any questions or you’re thinking of buying or selling a home in Ventura County, give me a call or send me an email and I’d be happy to help you.  I want to be your real estate agent, your family’s real estate agent, and I want to provide anyone I can advice that will help them grow personally and professionally.

Posted in Real Estate News
April 10, 2018

Be Ready for the Right Opportunity in Our Ventura County Market

If you’re a homebuyer in our Ventura County market, it’s important that you be ready when the right opportunity comes along.

I was recently talking with a couple fellow agents about how many times we hear buyers say things like “The marketplace is too high” or “Prices are too high.” While it’s true that the marketplace is substantially higher than it was a couple years ago, you can still get a great home by being pre-approved and waiting for the right opportunity.

As I told the agents I was speaking with, there are good opportunities in every single marketplace. Whether you’re at the top of the marketplace or the bottom, it’s all a matter of being ready for those opportunities. You can wait for prices to come down, but we don’t know when that will happen or by how much.

Instead, try being an active participant in the marketplace. Shop for real estate every single day and be financially ready. By this, I mean speak with a mortgage professional and have them pre-approve you. Good opportunities don’t last very long. They’re on the market typically for just a few days at most. They sell quickly and usually attract a lot of competition.

 


Whether you’re at the top of the marketplace or the bottom, it’s all about waiting for the right opportunity.


 

As soon as the right opportunity arises, pull the trigger, act fast, and don’t second-guess yourself by not giving the seller what they want and possibly prolonging the negotiation process. By trying to save $5,000, you leave the door open for another buyer to swoop in and steal the property from under you.

They don’t come every single day, but there are good opportunities in the marketplace, so be ready for them.

If you have any questions about our market or you’re looking to buy a home, don’t hesitate to reach out to us. We’re here to help.

 

March 22, 2018

How Do I Stop My House From Being Foreclosed On?

One of my agents is in a transaction and the property is in foreclosure. His buyer is trying to close on the property before it gets foreclosed on. He asked, “What happens if the property gets foreclosed on while we’re still in escrow?”

They are scheduled to close on the house on Monday, but on Monday at noon, the house is scheduled to be foreclosed on.

If the bank forecloses on the property before you are able to record the closing on the property, then you will lose the house to foreclosure.

One of the things that some sellers have done to freeze the property is file for bankruptcy. I am not suggesting that you file for bankruptcy, but if you are in a situation like this, talk to a bankruptcy attorney and see if this is an option for you. I have seen other sellers do this if they have a foreclosure.

Since this property is scheduled to close on Monday, we just need a couple extra days. If the bank is not willing to allow them that extension to close, they could file for bankruptcy. When you file for bankruptcy, all of your assets are frozen, which means that even if the bank wanted to, they could not foreclose on your property.


Talk to a bankruptcy attorney to see what your options are.


 

Talk to a bankruptcy attorney to see if this option would work for you.

If you are facing foreclosure and are interested in selling your property or want to know what your property is worth, I can definitely provide you with a market analysis. A lot of people in foreclosure don’t realize how much their property has gone up. They don’t think they have enough equity to sell when they actually do.

 

If you have any questions, just give me a call or send me an email. I would be happy to help you!

Posted in Selling Your Home
March 6, 2018

How a First-Time Homebuyer Can Beat a Cash Offer

 

We recently had a property that was a complete fixer-upper. This property had about five or six cash offers, and a couple of people who were owner-occupied that wanted to buy it.

 

This property needed so much work. There were broken windows, graffiti, holes in the wall, and a number of other problems. Under normal circumstances, this kind of property would only be available to cash buyers.

 

However, there is a great loan product called the FHA 203(k) loan, which is basically a renovation loan that allows a first-time homebuyer to make an offer on a fixer-upper property. They finance all of the renovations so that you can fix the property according to your taste. You get to pick the contractor.

 


The FHA 203(k) loan is a great opportunity for first-time homebuyers.


 

In this case, the first-time buyer used the FHA 203(k) loan and offered the seller more money than the highest cash offer. Let’s say that the highest cash offer was $200,000; the first-time homebuyer ended up offering $10,000 or $15,000 more, which caused the seller to accept their offer.

 

This was a great opportunity for the buyer. Now the buyer has a property they were able to purchase at a low market value, and they get to fix up the property to their own tastes. The lender lets them borrow $40,000 to renovate the property, and the buyer gets to pick all of their upgrades.

 

Even after the buyer paid a bit more and invested $40,000 to fix it up, they will still have equity in the property.

 

If you or someone you know is interested in buying a fixer-upper property, make sure you ask your loan officer about the FHA 203(k) loan. If you have any other questions about buying a home, just give me a call or send me an email. I would be happy to help you!

 

 

Posted in Real Estate News