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California Real Estate Podcast with Andrea Manroe

Andrea Manroe

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Andrea Manroe - your professional Big Block Real Estate Agent.

  • The 4 Demands You Should Make to Your Agent

    There are four demands you need to make to your agent when buying a home so you get the home you want and pay the right price for it.
    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 

    What four demands should you make to your agent when buying a house?

    First, talk to them about price. Make sure they help you understand how they’ll get both the seller and the bank to agree to the offer you’re making on the property you want. It’s important that you go in ahead of time understanding the negotiation phase of the seller’s counteroffer and you understand that the bank has to perform their appraisal and agree that the purchase price of the property is what they’re willing to lend on it.
    Make sure they help you find the right house. Second, make sure they understand your timetable and how soon you need to be out of your current property and into a new one. It can be time-consuming to both sell an old property and buy a new one. Buying a new property means dealing with escrow periods and needing time to both look for a new home and then move into it. Discuss with your agent your plan for how you’re going to work out the logistics of your time in order to move into your new property.

    Third, make sure they have good negotiating skills and do a good job explaining the different phases of the negotiation process with both the buyer and the seller.

    Finally, make sure they help you find the right house, even if that means you give them permission to tell you the truth—even if it’s something you don’t want to hear. Make sure they listen to what you’re asking for in your “needs” list for your new house and they’re in tune to whatever else you want.

    If you have any questions about what demands to make of your agent or you’re thinking of buying or selling a home in San Diego, don’t hesitate to message me or give me a call. I’d love to work with you!
    18 August 2017, 9:29 pm
  • Why the Right Contractor Is Key

    When choosing a contractor, there are a few things you need to consider before making your final call.   Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 

    There are a few steps you should take to properly vet a contractor for your remodel project.

    First of all, it’s always a good idea to choose a contractor who has been referred to you by a friend or a professional. Looking at that contractor’s prior work can give you a good idea of what the finished results in your own home will look like.

    The Internet can also be a great resource for getting to know a contractor and their ability. Do your homework on them by checking out reviews such as the ones on Yelp! or Angie’s List. While you’re checking out their reviews, also look to see if the contractor is part of any contractor associations.

    Additionally, make sure you get more than one bid for the project. In fact, you’ll probably want three, or even four, bids before you choose the contractor.
    Choose a contractor who has been referred to you by a friend or a professional. When you do get these bids, make sure the items within them are consistent. Comparing bids that are “apples to apples” will make it easier to choose. Looking at similar bids is the only way to truly see if they are comparable.

    Also, when you sign the bid, make sure there is an agreed-upon payment schedule. It also may be worth it to use the same contractor for multiple jobs, since you will already know what to expect from their work.

    If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
    4 August 2017, 7:30 pm
  • 6 Things to Keep in Mind When Moving to a New Area

    Whether you are moving to a new city or a new neighborhood, there are six things you need to remember before you begin the moving process.
    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 

    Whether you are moving to a new city or simply a new area, there are a few tasks that you need to remember before you make your move.

    1. Check if the bank you use has a branch in your new area.     If there isn’t a branch in your new area, then you need to research which bank to move your accounts to.

    2. Consider your medical needs. Have your current doctor forward your prescriptions to a pharmacy in your new area. Make sure you keep that doctor’s phone number in your contacts so that if your new doctor needs past medical records, you will be able to call with questions. You should also see if your medical insurance transfers to your new area and look for doctors and hospitals that accept your insurance.

    3. Don’t forget to transfer other things like gym memberships, home security, or any other associations that you pay a fee for. Transfer those to your new address and get copies of your children’s school records. Keep in mind that some memberships come with a cancellation fee if you leave early, so factor those fees into the cost of your move.
    Factor cancellation fees into the cost of your move. 4. Raid your kitchen about a month before you move. Consider using the items in your pantry and freezer early so that your move will be more efficient.

    5. Check your vehicle. If you need to drive a long distance during the move, make sure you get an oil change and that the tires are safe.

    6. Turn off your utilities and switch them to your new address. Some providers, especially cable companies, may have a wait time before they can come out to your property. Make sure that you call early so that you don’t have to wait for any services or utilities to turn on at your new house.

    If you take care of these six things, your move will be much less stressful. If you have any other questions about moving or buying a new home, just give me a call or send me an email. I would be happy to help you!
    20 July 2017, 7:34 pm
  • 3 Things Every First-Time Homebuyer Should Know

    Buying your first home can be an incredibly exciting time. However, it requires a huge commitment and a sizable investment.
    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 


    I want to share my three top tips to help first-time homebuyers protect themselves during this crucial period:

    1. Know what you can afford

    Your mortgage is only a part of what you will need to pay when you buy a home. Homeownership comes with plenty of other expenses, including closing costs, taxes, property insurance, maintenance costs, and homeowner association fees.

    Once you have a clear idea of how much all of these items will cost, you can compare it to your current monthly expenses. Then you can figure out the kind of home you can honestly afford without getting carried away and without getting bogged down in debt.

    2. Choose your lender wisely

    Choosing a lender is not something you should base only on the lowest rate. A competent and trustworthy lender will offer you advice on how to improve your credit and also help you take advantage of special homebuyer programs that might benefit you.

    But how do you find the right lender specifically for you? It's often best to get recommendations from friends who have already worked with a lender or from a real estate agent you trust.
    An inspection will cost about $300, but it can save you thousands. 3. Don't overlook the details

    There are many details that go into buying a home, and missing any of them can be a costly mistake. I always advise buyers to get a professional inspection done on their home, separate from the appraisal. An inspection will set you back about $300, but it can save you thousands of dollars down the line, and it can even prevent you from making a decision to buy a home that you would later regret.

    A second example is understanding the fine print in the various contracts you will be signing. If there's anything that isn't clear to you, talk to your real estate agent and have it spelled out.

    The process of buying a home can be intimidating, and that's why professional real estate agents are there to help. These three quick tips are only the start of the things you need to watch out for when buying your first home.

    If you need more advice or you are ready to start looking for a home, give me a call or send me an email. I love working with first-time homebuyers, and I can help you get your perfect new home with minimum hassle.
    16 June 2017, 2:54 pm
  • 5 Ways to Secure a Down Payment

    Today I want to share five great ways to get the down payment you need to purchase your dream home. 
    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 

    There are five creative ways you can get the down payment you need to purchase your dream home.

    First, if you’re getting married, crowdsource instead of doing a wedding registry. You can raise money for your down payment by using sites like Kickstarter or Feather My Nest.

    Next, you can ask the seller to help with closing costs. There are a few different options with seller concessions, so make sure you ask your real estate agent what the best strategy is to get that extra financial nudge from a seller.

    You can also look into government options. HUD housing offers different down payment and closing costs assistance depending on what you qualify for.

    You should also check with your employer to see if they offer Employer Assisted Housing or EAH, which can help with down payment assistance. Access to EAH sometimes depends on the area you are looking to buy in, but it’s worth checking out.

    Finally, check with your lender. They might be able to find a down payment assistance program that will work for you.
    You don’t need a 20% down payment to purchase a home. It’s a common belief that you need 20% for a down payment. However, you could get into a new home for as little as 3.5% down. To get a better idea of what your options are, make sure you talk to your lender and your real estate agent.

    If you have any questions about purchasing or selling a home or you have any other real estate questions, don’t hesitate to give me a call or send me an email. I’m always happy to help!
    14 April 2017, 8:30 pm
  • 6 Questions That Answer “Should I Buy My First Home?”

    It is time to buy your first home or continue to rent? I’ll help you answer that today. 

    Thinking of selling? Get a free home valuation
    Thinking of buying? Search all homes for sale on the MLS 
    When deciding between buying your first home or continuing to rent, there are six questions you need to ask yourself.

    1. Are you financially ready? You’ll need money for a down payment and for closing costs, so you need to make sure that is set aside. It’s also a good idea to take a look at your credit score. Homebuyers can get loans with scores as low 620, but a score of more than 700 will get you the best rates. 

    2. Are you prepared to make compromises? When buying your first home, you might not be able to afford to live in your dream neighborhood or get the optimal amount of space. You need to be ready to look at different neighborhoods and compromise on space.
     
    3. Are you emotionally ready? Homeownership is very different than renting. If problems arise, they are your responsibility. Several things can pile up all at once that require your attention and finances. Make sure you’re ready to handle the stress.
     
    4. Will owning pay off in the long run? The good news is your mortgage payment might be less than your rent, but even if it isn’t, you’ll be building your wealth in the long run instead of your landlord’s.
    You need to be ready to look at different neighborhoods and compromise on space. 5. Have you outgrown renting? If your family is growing and you need more space, upgrading to a larger rental might not be in your budget. Instead, you can purchase a home that has the space you need.
     
    6. Has your income increased? If you’ve recently seen an increase in your income, buying is a great option for a tax shelter.

    If you are looking to buy or sell a home or if you have any other questions, please don’t hesitate to give me a call or send me an email. I’m always happy to help!
    3 April 2017, 5:53 pm
  • What Should Homebuyers Look for When Buying a Home?

    If you’re in the market to buy a new home, what are the important things you need to look for?

    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 
    If you’re a homebuyer out shopping for a new home, what should you look for in that home?

    First, you should keep the resale value of the home in mind, or the price and affordability for future buyers. You should then consider the neighborhood it’s located in and the size of the home.

    Next, look for a structurally sound home. Look at the “guts” of the home and not just the design or the materials used in the construction. Examine factors like the plumbing, the electrical framework, and how much life is left in the roof. And don’t forget to order a thorough home inspection.
    Hire a real estate agent that will help you know what you need to know. Also, consider what kinds of costly repairs may be required on the property and how that will play in negotiations. Look at the condition of the roof, the plumbing, the electrical system, the heating and air conditioning systems, etc.

    Finally, you need to hire a real estate agent that will show you what things you need to look for when buying a new home.

    If you have any questions about this topic or are in need of an agent to help you buy or sell real estate, please don’t hesitate to give me a call or shoot me an email. I’d be glad to help you.
    7 March 2017, 4:51 pm
  • What Is an FHA Loan and How Can It Benefit You?

    If you’re looking to buy a home, you might consider taking out an FHA loan. I’ll go over what an FHA loan is and why it might be a good option for you as a buyer. 


    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 
    If you’re looking to buy a home, you’ve probably heard the term “FHA loan.” Today I’ll go over what an FHA loan is and how it can benefit you as a borrower.

    An FHA loan is a mortgage that is insured by the Federal Housing Commission that requires a lower down payment on the condition that buyers pay property mortgage insurance as a part of their monthly mortgage payment.

    The property mortgage insurance allows lenders to offer loans to borrowers at much more attractive interest rates with lower down payments. You can qualify for an FHA loan with a lower credit score as well.

    The minimum down payment on an FHA loan is 3.5%, but it can be as high as 5%. Borrowers can use their own savings, a gift, or a grant for their down payment. The FHA does allow borrowers to get assistance from their lender, the builder, or the seller to help with closing costs. Although, if the lender helps with closing costs, they typically charge a higher fee on the loan.

    The FHA is an insurer, not a lender, so it’s important to get your FHA loan from a qualified FHA lender.

    FHA loans also require a two-part mortgage insurance. The first part is paid at the close of escrow, which is equal to 1.75% of the purchase price and can be rolled into your loan. The second part is paid during the life of your loan.

    The FHA also has a special loan product for borrowers who are purchasing a private property that may need repairs called the 203K.
    The FHA is an insurer, not a lender, so it’s important to get your FHA loan from a qualified FHA lender.
    If you are looking to buy or sell a home, or if you have any other real-estate related questions, please don’t hesitate to give me a call or send me an email. I’m happy to help!

    22 February 2017, 5:06 pm
  • What You Need to Know About PACE & Hero Loans

    Have you ever considered seeking PACE or Hero Program financing for your home? It's a great government incentive, but it's important to know the finer details before taking on this loan.

    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS  

    Today I wanted to take a moment to talk about PACE loans—also known as Hero loans.
     
    PACE financing stands for 'property assessed clean energy' and provides local governments the opportunity to provide financing for homeowners that want to do projects that are either energy efficient, water efficient, or integrate renewable energy products into their home.
     
    In California, the Hero Program is the most well-known opportunity for homeowners to receive this type of financing. It's considered a tax lien in first position on the property, meaning upon the sale of the home, it will be paid prior to any other creditors involved in the property being paid. This even includes the lender on the home mortgage.
     
    “
    PACE financing lets local government loan money for energy-efficient home projects and features.
    ” This first position is important because the Federal Housing Financing Agency won't allow Freddie Mac and Fannie Mae to lend on houses that have Hero liens in the first position on the mortgage. This is very important because it can make it difficult for homeowners to refinance on the property or new owners to get financing when the home is sold.
     
    Additionally, it's important for people who get Hero financing to contact their mortgage lender right away so they can start taking money to pay that lien into an impound account. If not, you could get behind in your payment and end up having to pay double each month in order to catch up.
     
    I hope this helped you understand PACE financing better. If you have any other questions about this financing or you're thinking about buying or selling a home, don't hesitate to give me a call or send me an email today. I look forward to helping you!
    14 December 2016, 7:21 pm
  • Merry Christmas and Happy New Year!

    In addition to wishing you a merry Christmas and a happy New Year, I want to thank you for supporting my business.
    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 

    In light of the holiday season, today’s message is one of thanks.
     
    First, I want to wish you a very Merry Christmas and a Happy New Year. Second, I want to thank you for supporting my business throughout 2016. I appreciate your referrals very much, and I look forward to doing business with you in the future.
     
    If you’re looking to buy or sell real estate in San Diego in 2017, just visit my website and we’d be happy to get in touch with you. Thanks again, and Merry Christmas!
    14 December 2016, 5:34 pm
  • How Do Mello Roos Taxes Work?

    Why is it important to know about Mello Roos taxes? If your home was built after 1982, they affect how much you pay each month on your mortgage.
    Thinking of selling? Get a free home valuation Thinking of buying? Search all homes for sale on the MLS 

    Mello Roos taxes are a topic that every home buyer should be aware of when looking for a property. Mello Roos taxes are a result of the after effects of Proposition 13 being passed in 1978. Because of this proposition, local governments were restricted in the funds they received for property tax increases.

    Therefore, in 1982, in order to find another source of funding, California passed the Community Facilities Act, which enabled local governments to impose Mello Roos taxes, typically on new developments.

    Mello Roos taxes are “parcel taxes.” Each parcel of property (or lot) is required to pay their portion annually, and the Mello Roos taxes are determined by the original purchase price of the property.

    The original agreement was between property developers and the local government, but the developers passed that tax on to the home buyer and each successive buyer after that until it has been paid in full. Typically, Mello Roos taxes take 20 to 30 years to pay off and because they are a parcel tax, it’s important to know that they are paid in addition to your regular property taxes; they are not part of them.

    “
    Mello Roos taxes are parcel taxes.
    ”
    When you’re looking for a property, if you are trying to find out whether you do in fact have to pay Mello Roos taxes, listen to this. Mello Roos taxes can be referred to as “CDFs,” “other fees,” or “total fees.” Sometimes they are part of your HOA fees too, so it’s important to know how much your HOA fees are and how much the Mello Roos taxes are.

    Your Mello Roos taxes will ultimately affect how much you can afford to pay for a property. Calculate any potential Mello Roos taxes to make sure you can afford them. Don’t make an offer on a property without considering what potential Mello Roos taxes could do to your payment.

    If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
    18 November 2016, 4:45 pm
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