Philadelphia exempts itself from lead paint law

Worthwhile read about the Lead base paint rule that only effects landlords that rent to non-subsidized tenants.

Home Buyer’s Checklist

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.
In this final video of our February topic the Home Buyer’s Checklist, we will continue our discussion on what to do after the home seller accepts your offer. Below is the full Home Buyer’s Checklist. If you want me to talk about a certain topic in the future please email us.
Home Buyer Checklist

• Get a copy of your credit report and correct any errors
• Reduce your consumer debt – pay down credit card balances.
  • Pay off the debt with the highest interest rate first.
• Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
• Can you afford the down payment (FHA 3.5%, conventional 5-20%)? Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
• Get familiar with basic mortgage terms
• Shop around local and national banks for best rates and programs.
• Get pre-qualified for a mortgage loan
• Research neighborhoods that you want to a house (drive & online)
  • Location, schools, crime, etc.
• Interview real estate agents who specialize in the neighborhoods where you want to buy a house
• Get pre-approved for a mortgage loan
• Visit homes and make notes/pictures
• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
• Have real estate agent write the offer
• Complete all mortgage loan application requirements
• Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
• Get agreement on repairs to be made by the Seller
• Inspect repairs and handle other details prior to closing day (settlement).
• Hand over a certified check for the down payment and pick up the deed for your home.

You Put an Offer on a House and the Sellers Accepted! Now What?!? Below we will continue our discussion regarding things that the home buyer will need to do before settlement.

To read more and watch the video visit

Community Input on Rezoning of the old Coke Site in Bridesburg

When you are driving on interstate 95 from the Navy Yard into Bucks County, most all residential neighborhoods are to your left except one. Bridesburg is unique, servered from the delaware river not by highway, but by industry, and the ruins that remain there.

The industrial site, home of the former Philadelphia Coke Company, was changed from industrial zoning to an experimental Waterfront redevelopment zoning district in 2007. A development company planned to build a 720-unit housing development on a portion of the 67-arce site, but then later fell though. Now, the bulk of the site sits empty, zoned RMX-2, a residential mixed use category.

To read more of this story...

Home Buyers Check List Video Part 2

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.

In this video of our February topic the Home Buyer’s Checklist, we discuss things you need to do before buying a home. Below is the full Home Buyer’s Checklist. If you want me to talk about a certain topic in the future please email us..

Home Buyer Checklist

• Get a copy of your credit report and correct any errors
• Reduce your consumer debt – pay down credit card balances.
  • Pay off the debt with the highest interest rate first.
• Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
• Can you afford the down payment (FHA 3.5%, conventional 5-20%)? Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
• Get familiar with basic mortgage terms
• Shop around local and national banks for best rates and programs.
• Get pre-qualified for a mortgage loan
• Research neighborhoods that you want to a house (drive & online)
  • Location, schools, crime, etc.
• Interview real estate agents who specialize in the neighborhoods where you want to buy a house
• Get pre-approved for a mortgage loan
• Visit homes and make notes/pictures
• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
• Have real estate agent write the offer
• Complete all mortgage loan application requirements
• Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
• Get agreement on repairs to be made by the Seller
• Inspect repairs and handle other details prior to closing day (settlement).
• Hand over a certified check for the down payment and pick up the deed for your home.

Today’s videos discuss the bullet points:
Once you find a house you like, have your real estate agent determine the price you should offer.

• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
  • Your real estate agent will do a lot of the work with the access they have. But if you want to do your own research you can look at Zillow.com and it will tell you what houses recently sold in the neighborhood. You can compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
    • If your house is dated you should offer less than a newer renovated home.

Have real estate agent write the offer

• Have real estate agent write the offer
• Once you find the home you want to buy, the next step is to write an offer – which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s shoes and imagine his or her reaction to everything you include. Your goal is to get what you want, and imagining the seller’s reactions will help you attain that goal.

You Put an Offer on a House and the Sellers Accepted! Now What?!? Below are things that the home buyer will need to do before settlement:

Follow up with your mortgage lender or broker
Let your mortgage lender know that the offer was accepted and tell them to order the appraisal and get the final mortgage approval ready. Make sure a check for the mortgage loan will be available at the closing. Mortgage documents and check should be delivered to the Closing Attorney, Escrow Agent or Title Company officer prior to closing day.

Mortgage loan application requirement was covered in a previous video. Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all the data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow. Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors. To ensure that your mortgage application will be processed as quickly as possible, it’s important to bring all the proper information to your loan application interview.

We will continue with this video series topic next week. Stay tuned.

Contact a real estate professional before you decided to sell. If you are in Pennsylvania contact me at www.CMTrealestate.net.

Subscribe to CMT Real Estate’s Youtube Channel
contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

Philadelphia Real Estate Tax: AVI Calculator

No more reading or waiting to see to see what your new property taxes in Philadelphia will be. Use the AVI calculator to estimate your Philadelphia real estate taxes under the new Actual Value Indicator.

Navy Yard in Philadelphia unveils updated master plan

If all goes according to an updated master plan, in ten to fifteen years the number of people working at the Philadelphia Navy Yard will double to 20,000 and could reach 30,000. The employees will work in a mix of manufacturing, energy, technology, and research jobs, among other types. There will be companies located within neighborhood-like districts, which will include a mix of re-purposed historical buildings and environmentally conscious new ones. They will all be linked to each other and the river with a series of parks, trails, and bodies of water. Great for Philadelphia real estate.

To read more...

4% Interest Rate on a Checking Account?!?!

Interesting idea to park some of your cash besides the mattress…
How do financial institution do it?

• Attract the type of customers that community banks and credit unions want: people who lower their costs and generate revenue.
• Save around $2 a month when an e-statement replaces a paper one
• Make money every time you use your debit card
• People who use online banking are more self-serve and that helps reduce overhead costs

To learn more...

US Sues S&P Over Pre-Crisis Mortgage Ratings

The U.S. government says Standard & Poor’s, a credit rating agency, knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis. They gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments.
The case is the government’s first major action against one of the credit rating agencies that stamped their approval on Wall Street’s soon-to-implode mortgage bundles. The Justice Department, which has long been criticized for failing to act aggressively against the companies that contributed to the crisis, marked a milestone.  To read more...

Philly Homeowners: Will Your Real Estate Taxes be Increasing or Decreasing

Philly Homeowners: Will Your Real Estate Taxes be Increasing or Decreasing

• More than 36,000 property owners will see their tax bills increase by at least $1,000 a year under a shift to a new property-tax system.


• But more than 180,000 property owners will see their tax bill drop, including a few hundred by more than $5,000.
• The data showed that a total of 281,163 property-owners will see their tax bills increase and the change would affect 2014 tax bills.

To read more visit....

Home Buyers Check List Video #1 of 5

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.

This is our first video of our February topic the Home Buyer’s Checklist, things you need to do before buying a home. Below is the full Home Buyer’s Checklist. Today we discuss the first two bullet points: Credit Reports and paying down current consumer debt. If you want me to talk about a certain topic in the future please email us.
Home Buyer Checklist

• Get a copy of your credit report and correct any errors
• Reduce your consumer debt - pay down credit card balances.
  • Pay off the debt with the highest interest rate first.
• Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
• Can you afford the down payment (FHA 3.5%, conventional 5-20%)? Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
• Get familiar with basic mortgage terms
• Shop around local and national banks for best rates and programs.
• Get pre-qualified for a mortgage loan
• Research neighborhoods that you want to a house (drive & online)
  • Location, schools, crime, etc.
• Interview real estate agents who specialize in the neighborhoods where you want to buy a house
• Get pre-approved for a mortgage loan
• Visit homes and make notes/pictures
• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
• Have real estate agent write the offer
• Complete all mortgage loan application requirements
• Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
• Get agreement on repairs to be made by the Seller
• Inspect repairs and handle other details prior to closing day (settlement).
• Hand over a certified check for the down payment and pick up the deed for your home.

To learn more and watch the video, click here.

Death of the Refi?

Mortgage rates for homes today are very low, but U.S. borrowers have a very short memory. They forget that the rate on the 30-year fixed, which sits around 3.6 percent today, was a full percentage point higher a year ago, and above 5 percent in January of 2010. The purchasing power gained through today’s low rates have arguably helped fuel the recovery in home sales. Low rates have also sparked a boom in mortgage refinancing, which in turn has put more spending money in consumers’ pockets.

On the Mortgage Bankers Associations weekly report from a week ago, there was a 10 percent drop in refinance applications. On a 30-year fixed moved from 3.62 percent to 3.67 percent.

To read more of this story...

Pending Home Sales Fall Due to Dwindling Supply

Signed contracts to buy existing homes fell 4.3 percent in December from the previous month, according to a monthly index from the National Association of Realtors.

Much of last year’s gains in existing home sales was driven by investor demand for foreclosures and other distressed properties. Millions of dollars, largely in cash, from private equity, flowed into the market, pushing supplies down dramatically and even causing bidding wars in some of the previously hardest hit markets.  To watch the video....